Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion CNY, a decrease of 4.62% year-on-year [3] - The net profit attributable to shareholders for 2024 was 863 million CNY, down 0.28% year-on-year [3] - Basic earnings per share for 2024 were 1.61 CNY, a decline of 0.28% year-on-year [3] - The weighted average return on equity for 2024 was 21.80%, a decrease of 4.01% year-on-year [3] - In Q1 2025, revenue was 606 million CNY, down 19.09% year-on-year [3] - The net profit attributable to shareholders in Q1 2025 was 118 million CNY, a decrease of 19.58% year-on-year [3] - Basic earnings per share in Q1 2025 were 0.22 CNY, down 19.58% year-on-year [3] - The weighted average return on equity in Q1 2025 was 2.75%, a decrease of 1.12% year-on-year [3] Group 2: Product Overview - The company's main business is divided into two core segments: compressors and vacuum pumps [3][4] - Refrigeration products include commercial central air conditioning compressors, frozen and refrigerated compressors, and heat pump compressors [3] - Air compressors are essential in various industries, including engineering machinery, pharmaceuticals, electronics, and mining [4] - The company is expanding into oil-free air compressor markets, targeting industries with high air quality requirements [4] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and chemical manufacturing [4] Group 3: Future Projections - The company projects a revenue of 3.301 billion CNY for 2025, a decrease of 10.15% year-on-year [4] - The net profit forecast for 2025 is 692 million CNY, down 19.81% year-on-year [4] - The company's performance in the U.S. market is currently low, with minimal direct impact from U.S.-China tariffs [4] - Future trade tensions may adversely affect export business [4]

Group 1: Company Performance and Financial Outlook - The company expects a revenue of 3.301 billion CNY and a net profit of 692 million CNY for 2025, indicating a decline compared to 2024 [6][23]. - In 2024, the company reported a revenue of 3.674 billion CNY and a net profit of 863 million CNY [6][23]. - The decline in performance is attributed to the overall market environment and the downturn in the photovoltaic industry affecting the vacuum pump segment [23][21]. Group 2: Product Development and Market Strategy - The company is focusing on developing refrigeration products towards heat pumps and high-efficiency variable frequency compressors, while air compression products are moving towards oil-free options [4][30]. - The company has achieved full localization of magnetic suspension technology, eliminating risks associated with supply chain disruptions [3][4]. - The semiconductor vacuum pump technology is at par with international standards, with ongoing collaborations with major semiconductor companies [4][30]. Group 3: Market Challenges and Risk Management - The company faces challenges from industry cycles, raw material price fluctuations, and tariff policies, which have been disclosed in the 2024 annual report [7][23]. - Accounts receivable turnover days have exceeded 85 days for three consecutive years, raising concerns about potential delays in payments from semiconductor clients [6][3]. - The company is actively managing credit risks through enhanced accounts receivable management and collection policies [3][6]. Group 4: Investor Relations and Market Perception - The company is committed to improving long-term investment value through stable operations, compliance disclosures, and investor relations activities [6][26]. - The stock price has been under pressure, and the company is monitoring market dynamics closely [12][26]. - There are no current plans for stock buybacks, despite having sufficient cash reserves [32][26].

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, down 0.28% year-on-year [1] - The gross margin and net margin for 2024 were 38.31% and 23.53%, reflecting a year-on-year change of -2.01 and +1.02 percentage points respectively [1] - In Q4 2024, the company achieved a revenue of 818 million yuan, a decline of 13.57% year-on-year, and a net profit of 141 million yuan, down 23.74% year-on-year [1] Group 2: Business Segments - The compressor business showed resilience, with revenue reaching 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, although the gross margin decreased by 0.74 percentage points to 33.09% [1] - The commercial central air conditioning market faced downward fluctuations due to real estate impacts, but the company is expanding its market share through new model development and upgrades, which is expected to sustain growth in the refrigeration compressor segment [2] - The vacuum pump business faced challenges, with revenue of 1.346 billion yuan in 2024, down 18.04% year-on-year, primarily due to a downturn in the photovoltaic industry [2] Group 3: Future Outlook - The company is focusing on the domestic substitution of semiconductor vacuum pumps, which have gained recognition from several domestic wafer fabs and equipment manufacturers, indicating potential growth opportunities [2] - The company aims to enhance its competitiveness in the air compressor market by launching high-end products, particularly oil-free compressors, which have significant domestic replacement potential [2]

Core Insights - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a slight decrease of 0.28% year-on-year [2] - In Q4 2024, the company achieved a revenue of 818 million yuan, down 14% year-on-year and 20% quarter-on-quarter, with a net profit of 141 million yuan, down 24% year-on-year and 48% quarter-on-quarter [2] - For Q1 2025, the company reported a revenue of 606 million yuan, a decrease of 19% year-on-year, and a net profit of 118 million yuan, down 20% year-on-year [3] Financial Performance - In 2024, the company's gross profit margin was 38.31%, a decrease of 2.01 percentage points year-on-year; the net profit margin was 23.53%, an increase of 1.02 percentage points year-on-year, reaching a historical high [4] - The expense ratio for the period was 11.3%, down 3.1 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 5.2%, 6.0%, 4.9%, and -1.5% respectively [4] - In Q4 2024, the gross profit margin dropped to 29.80%, down 11.28 percentage points year-on-year and 11.47 percentage points quarter-on-quarter, primarily due to product mix adjustments and accounting changes [4] Business Segments - The compressor business showed stable growth with a revenue of 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, and a gross profit margin of 33.09%, down 0.74 percentage points year-on-year [5] - The vacuum pump segment faced challenges, with a revenue of 1.346 billion yuan, a decrease of 18.04% year-on-year, and a gross profit margin of 45.83%, down 0.85 percentage points year-on-year, mainly due to overcapacity in the photovoltaic downstream [5] - The parts and maintenance segment achieved a revenue of 258 million yuan, an increase of 21.91% year-on-year, with a gross profit margin of 44.46%, up 1.39 percentage points year-on-year, indicating strong growth in maintenance services [5] Market Outlook - The compressor business is expected to maintain steady growth due to product iteration and expansion into new application scenarios, with a focus on energy efficiency and environmental protection [6] - The photovoltaic vacuum pump business is under pressure, while the semiconductor vacuum pump market is anticipated to benefit from domestic substitution, with a projected market size exceeding 5 billion USD in 2024 [6] - The company is positioned as a leader in domestic screw vacuum pumps, with products already recognized by several semiconductor manufacturers, indicating potential for growth as the domestic market expands [6] Revenue Forecast - The company forecasts revenues of 3.143 billion yuan, 3.256 billion yuan, and 3.503 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 676 million yuan, 704 million yuan, and 773 million yuan, reflecting a year-on-year decrease of 22% in 2025, followed by growth in subsequent years [7]

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion, a year-on-year decrease of 4.62% [2] - The net profit attributable to shareholders for 2024 was 863 million, down 0.28% year-on-year [2] - Basic earnings per share for 2024 were 1.61, a decline of 0.28% compared to the previous year [2] - The weighted average return on equity was 21.80%, down 4.01% year-on-year [2] - In Q1 2025, revenue was 606 million, a year-on-year decrease of 19.09% [2] - The net profit attributable to shareholders in Q1 2025 was 118 million, down 19.58% year-on-year [2] - Basic earnings per share for Q1 2025 were 0.22, a decline of 19.58% compared to the same period last year [2] - The weighted average return on equity for Q1 2025 was 2.75%, down 1.12% year-on-year [2] Group 2: Product Overview - The company's main business is divided into two core segments: compressors and vacuum pumps [2] - Refrigeration products include commercial central air conditioning compressors, frozen and refrigerated compressors, and heat pump compressors [3] - Air compressor products are essential in various industries, including engineering machinery, pharmaceuticals, chemicals, and electronics [3] - The company is expanding into oil-free air compressor markets, targeting industries with high air quality requirements [3] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [3] Group 3: Future Outlook - The 2025 revenue forecast is 3.301 billion, representing a year-on-year decrease of 10.15% [3] - The projected net profit for 2025 is 692 million, down 19.81% year-on-year [3] - The company's performance in the U.S. market is currently low, with minimal direct impact from U.S.-China tariffs [3] - Future trade tensions may adversely affect export business [3]

Core Viewpoint - Hanbell Precise Machinery reported a revenue of 3.674 billion yuan for 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a decrease of 0.28% year-on-year, primarily due to the downturn in the real estate market affecting demand for refrigeration compressors and photovoltaic vacuum pumps [1] Financial Performance - The gross margin for 2024 was 38.31%, down by 2.01 percentage points year-on-year, mainly due to a price war triggered by supply-demand mismatches in the photovoltaic industry [2] - The net profit margin improved to 23.53%, an increase of 1.02 percentage points year-on-year, reflecting effective cost control measures [2] - The operating expense ratio for 2024 was 11.34%, down by 3.08 percentage points year-on-year, with management expenses at 4.03% (up 0.19 percentage points), sales expenses at 3.84% (down 0.88 percentage points), and R&D expenses at 4.95% (down 0.76 percentage points) [2] Industry Outlook - The demand for refrigeration compressors is expected to benefit from growth in the cold chain logistics and heat pump industries, as well as equipment upgrades, despite pressure from the commercial central air conditioning market due to real estate adjustments [3] - The total demand for cold chain logistics in 2024 is projected to reach 365 million tons, a year-on-year increase of 4.3% [3] - The semiconductor vacuum pump market is seeing a trend towards domestic substitution, with the company increasing its marketing efforts in the domestic semiconductor industry and beginning bulk deliveries to recognized semiconductor manufacturers [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 931 million yuan, 1.032 billion yuan, and 1.138 billion yuan, respectively, reflecting a downward adjustment due to unexpected pressures on commercial air conditioning and photovoltaic vacuum pumps [4] - The target price is set at 20.88 yuan, based on a 12 times price-to-earnings ratio for 2025, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the growth of semiconductor vacuum pumps [1] - The company has seen a slight decline in revenue due to the photovoltaic industry's demand, with a revenue of 3.674 billion yuan in 2024, down 4.62% year-on-year [8] - The company is recognized as a leading domestic supplier of semiconductor vacuum pumps, with a market penetration of only about 10%, indicating significant growth potential [8] Financial Performance Summary - Total revenue for 2023 was 3.852 billion yuan, with a projected revenue of 3.699 billion yuan for 2025, reflecting a slight increase of 0.67% [1] - The net profit attributable to shareholders for 2023 was 865.03 million yuan, with a forecast of 867.06 million yuan for 2025, showing a growth of 0.52% [1] - The company's gross margin for 2024 is expected to be 38.31%, a decrease of 2.01 percentage points year-on-year [8] - The company’s cash flow from operating activities for Q1 2025 is projected to be 76 million yuan, indicating a recovery compared to previous quarters [8] Market Data Summary - The closing price of the company's stock is 16.44 yuan, with a market capitalization of approximately 8.79 billion yuan [6] - The price-to-earnings ratio (P/E) based on the latest diluted earnings per share is 10.79 [1] - The company’s total assets are projected to reach 7.837 billion yuan by 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its semiconductor vacuum pump business despite challenges in other areas [4][6]. Core Viewpoints - The company experienced a slight decline in revenue in 2024, with total revenue of 3.674 billion yuan, down 4.6% year-on-year, while net profit remained stable at 863 million yuan, a decrease of only 0.3% [2][3]. - The company's international expansion is progressing steadily, with overseas revenue increasing by 8.3% due to the commencement of operations at its factory in Vietnam [3]. - The semiconductor vacuum pump business is expected to grow, driven by ongoing collaboration with semiconductor equipment manufacturers and the acceleration of domestic substitution [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.74 billion yuan, with a net profit of 8.63 billion yuan and a non-recurring net profit of 8.21 billion yuan, reflecting a slight decline compared to the previous year [2]. - The fourth quarter of 2024 saw a significant drop in revenue to 8.18 billion yuan, down 13.6% year-on-year, and a net profit of 1.41 billion yuan, down 23.7% [2]. Product Performance - The compressor business showed resilience with a revenue of 20.30 billion yuan, up 4.3%, while the vacuum product segment faced challenges, generating 13.46 billion yuan, down 18.0% [3]. - The company is focusing on product iteration and expanding applications in various sectors, including commercial air conditioning and semiconductor equipment [4]. Profitability Forecast - The report projects a decline in net profit for 2025 and 2026, with estimates of 9.3 billion yuan (down 22%) and 10.3 billion yuan (down 25%) respectively, but anticipates a recovery in 2027 with a net profit of 11.4 billion yuan [4][5].

要点 2025 年 4 月 28 日 公司研究 2024 年业绩承压，看好半导体真空泵业务 ——汉钟精机（002158.SZ）2024 年年报点评 事件： 4 月 25 日汉钟精机发布 2024 年年报。2024 年公司实现营收 36.74 亿元， 同比-4.6%；实现归母净利润 8.63 亿元，同比-0.3%；实现扣非归母净利润 8.21 亿元，同比-2.2%。其中，2024Q4 公司单季度实现营收 8.18 亿元，同比-13.6%； 归母净利润 1.41 亿元，同比-23.7%；扣非归母净利润 1.32 亿元，同比-31.3%。 2024 年销售毛利率为 38.3%，同比下滑 2.0pct。 点评：收入小幅下滑，利润基本稳定 受下游需求波动影响，公司全年营收略有下滑，但得益于产品结构持续优化与成 本控制，归母净利润与上年基本持平。海外布局方面，越南北宁工厂正式投产， 海外收入同比增长 8.3%，国际化进程稳步推进。随着产品持续迭代、国产替代 加速落地，叠加海外市场稳步拓展，展望中长期，公司盈利能力有望逐步提升。 压缩机业务稳中有升，真空业务短期承压。分产品来看，2024 年公司压缩机（组） 收入 20.3 ...

发布时间：2025-04-28 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：机械设备 | 公司点评报告 | 最新收盘价（元） | 17.40 | | | --- | --- | --- | | 总股本/流通股本（亿股）5.35 | / 5.34 | | | 总市值/流通市值（亿元）93 | / 93 | | | 52 周内最高/最低价 | 23.15 / 15.55 | | | 资产负债率(%) | 29.7% | | | 市盈率 | 10.79 | | | 第一大股东 | HERMES | EQUITIES | | CORP. | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 汉钟精机(002158) 光伏产品受行业影响承压，半导体真空泵推进批量 供应 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 36.74 亿元，同比-4.62 ...