Core Viewpoint - The report from Cinda Securities indicates that Hars will see gradual improvement in profitability, driven by internal growth, external expansion, and accelerated brand development [1] Financial Performance - The company expects its net profit attributable to shareholders to be between 0.55 billion and 0.81 billion yuan for 2025, representing a year-on-year decline of 80.9% to 71.5% [1] - The median net profit for Q4 is projected to be approximately -0.32 billion yuan [1] Revenue and Cost Factors - Q4 revenue may face slight pressure due to high base effects, contributing to a decline in profitability [1] - The decrease in profitability is primarily attributed to exchange rate fluctuations, high initial costs of overseas production capacity, and insufficient amortization of fixed costs during the ramp-up period, with initial costs being over 20% higher than domestic levels [1] Future Outlook - The industry is expected to remain in a favorable cycle, with the company positioned as a core global supplier [1] - Orders for 2026 are anticipated to be optimistic, and as overseas production capacity ramps up, profitability is expected to improve gradually [1] - The company's brand has significant growth potential, which could become an important incremental revenue source [1] - The rating is maintained at "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see gradual improvement in profitability, driven by both internal expansion and brand growth [2] - The company forecasts a net profit attributable to shareholders for 2025 to be between 0.55 billion and 0.81 billion yuan, representing a year-on-year decline of 80.9% to 71.5% [1][2] - The company is positioned as a core global supplier, with optimistic order outlook for 2026, supported by ramp-up of overseas production capacity [2] - The brand's transformation into a fashionable accessory is expected to drive significant revenue growth, with a goal for brand revenue to approach manufacturing revenue by 2028 [3] Financial Summary - Total revenue for 2023 is reported at 2.407 billion yuan, with a projected increase to 4.975 billion yuan by 2027, reflecting a compound annual growth rate [4] - The net profit attributable to shareholders is expected to decline sharply to 0.071 billion yuan in 2025, before rebounding to 0.272 billion yuan in 2026 and 0.386 billion yuan in 2027 [4] - The projected P/E ratios for 2025, 2026, and 2027 are 56.2X, 14.6X, and 10.3X respectively, indicating a potential recovery in valuation [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see gradual improvement in profitability, driven by both internal expansion and brand growth [2] - The company forecasts a net profit attributable to shareholders of between 55 million to 81 million yuan for 2025, representing a year-on-year decline of 80.9% to 71.5% [1][2] - The company is positioned as a core global supplier, with optimistic order prospects for 2026, supported by the ramp-up of overseas production capacity [2] - The brand's transformation into a fashionable accessory is expected to drive significant revenue growth, with a goal for brand revenue to approach manufacturing revenue by 2028 [3] Financial Summary - Total revenue for 2023 is reported at 2,407 million yuan, with projections of 3,332 million yuan for 2024 and 3,278 million yuan for 2025, reflecting a year-on-year growth rate of -0.9%, 38.4%, and -1.6% respectively [4] - The net profit attributable to shareholders is projected to be 250 million yuan in 2023, decreasing to 71 million yuan in 2025, and then recovering to 272 million yuan in 2026 and 386 million yuan in 2027 [4] - The gross profit margin is expected to decline from 31.2% in 2023 to 26.2% in 2025, before stabilizing around 28.1% by 2027 [4] - The projected earnings per share (EPS) for 2025 is 0.15 yuan, with a significant recovery to 0.58 yuan in 2026 and 0.83 yuan in 2027 [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002615 证券简称：哈尔斯公告编号：2026-003 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 （一）业绩预告期间 2025年1月1日—2025年12月31日 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： □扭亏为盈 □同向上升 R同向下降 二、与会计师事务所沟通情况 本次业绩预告的相关数据是公司财务部门初步测算结果，未经审计机构审计。公司已就业绩预告有关事 项与年报审计会计师事务所进行了预沟通，公司与会计师事务所在本报告期的业绩预告方面不存在分 歧。 1、外部环境压力：受国际贸易环境趋复杂及客户短期产品结构调整影响，公司收入与毛利阶段性承 压；自有品牌处于快速成长期，尚需一定量的品牌投入，致短期利润受影响。 2、战略性投入的成本体现：公司为持续推进全球化战略布局、夯实长期竞争力，正按计划建设并投产 泰国生产基地。运营初期，因供应链搭建、本地化团队建设等一次性投入较多，叠加产能仍处于快速爬 升阶段，固定资产折旧等刚性成本尚未被充分摊薄，导致短期内成本费用增幅 ...

Group 1 - The company expects a positive net profit for the year 2025, but it will show a downward trend compared to the previous year [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] Group 2 - External environmental pressures, including a complex international trade environment and short-term product structure adjustments by clients, are impacting the company's revenue and gross profit [2] - Strategic investments, such as the establishment of a production base in Thailand, are leading to significant initial costs due to supply chain setup and local team development, which are affecting short-term profitability [2] - Currency fluctuations, particularly the appreciation of the RMB against the USD, are putting pressure on gross margins and foreign exchange gains/losses [2]

Core Viewpoint - Hars (002615.SZ) forecasts a significant decline in net profit for the fiscal year 2025, indicating potential challenges ahead for the company [1] Financial Performance - The net profit attributable to shareholders is expected to be between 54.8 million yuan and 81.6 million yuan, representing a year-on-year decrease of 71.52% to 80.88% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 56.3 million yuan and 83.1 million yuan, reflecting a year-on-year decline of 70.37% to 79.93% [1] - The basic earnings per share are estimated to be between 0.12 yuan and 0.18 yuan [1]

中证智能财讯哈尔斯（002615）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润5480万元至8160万元，同比下降71.52%-80.88%；扣非净利润预 计5630万元-8310万元，同比下降70.37%-79.93%；基本每股收益0.12元/股-0.18元/股。以1月29日收盘价计算，哈尔斯目前市盈率（TTM）约为46.57倍-69.34 倍，市净率（LF）约2.27倍，市销率（TTM）约1.12倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 120 题 90 60 30 18:28 12.56 18 1981 10:41 0 -30 3d.8 -60 2020-12-37 2021-12-37 2022-12-37 : <1-06-30 022-06-30 3-06-30 3-12-37 *-06-31 2n- 100 ହି ୨୦ 80 70 60 50 44666 446 40 35:07 33.35 30 29:06- 26.91 20 10 3,85 0 2020-12-37 1 2021-06-30 2027-12-37 ...

南财智讯1月29日电，哈尔斯发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为5480 万元—8160万元，同比预减71.52%—80.88%；预计2025年全年归属于上市公司股东的扣除非经常性损 益的净利润为5630万元—8310万元，同比预减70.37%—79.93%。业绩变动原因说明：1、外部环境压 力：受国际贸易环境趋复杂及客户短期产品结构调整影响，公司收入与毛利阶段性承压；自有品牌处于 快速成长期，尚需一定量的品牌投入，致短期利润受影响。2、战略性投入的成本体现：公司为持续推 进全球化战略布局、夯实长期竞争力，正按计划建设并投产泰国生产基地。运营初期，因供应链搭建、 本地化团队建设等一次性投入较多，叠加产能仍处于快速爬升阶段，固定资产折旧等刚性成本尚未被充 分摊薄，导致短期内成本费用增幅显著。3、汇率波动影响：公司外销产品主要以美元结算，人民币兑 美元汇率升值，对毛利率和汇兑损益带来一定压力。 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2026-003 浙江哈尔斯真空器皿股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日—2025 年 12 月 31 日 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： 扭亏为盈 同向上升 同向下降 | 项 目 | 本报告期 | | | 上年同期 | | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：5,480 | 万元-8,160 | 万元 | 盈利：28,654.49 | | 万元 | | | 比上年同期下降：71.52%-80.88% | | | | | | | 扣除非经常性损 益后的净利润 | 盈利：5,630 | 万元-8,310 | 万元 | 盈利：28,046.47 | | 万元 | | | 比上年同期下降：70.37%-79.93% | | | | | | | 基本每股收益 | 盈利：0.1 ...

Core Viewpoint - Under the backdrop of accelerating global trade friction, the company has maintained stable revenue through increased market share with existing clients and the acquisition of new clients, although profit growth is constrained by factors such as ramping up overseas production capacity and domestic brand investments [1] Group 1: Financial Performance - The company is expected to see a steady recovery in profitability in 2026, supported by the advantages of its production capacity in Thailand and the gradual maturity of overseas supply chains [1] - The trend of downstream production transfer is expected to continue, leading to a further concentration of supply share [1] Group 2: Strategic Developments - In 2025, the company plans to undergo a dual upgrade of its brand center organization and capabilities, establishing an independent team for research, production, and sales to achieve an end-to-end closed loop from market insight to product definition and shelf placement [1] - The company has set ambitious goals, aiming for brand revenue to approach manufacturing revenue by 2028, with expectations for high growth in its OBM (Original Brand Manufacturer) business [1] Group 3: Investment Rating - The company maintains a "Buy" rating based on its growth prospects and strategic initiatives [1]