证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华宏科技（002645.SZ） Q1 利润大幅改善，期待稀土产能落地释放高业绩弹性 Q1 利润扭亏为盈，同比大幅改善。公司 2024 实现收入 55.8 亿元（yoy- 19.0%），归母净利润-3.6 亿元（yoy-123.9%），利润大幅下降，主要系 2024 年度公司对商誉计提减值准备 3.34 亿元。剔除计提商誉减值准备影 响，公司 2024 年度经营业绩较 2023 年已实现大幅减亏。2025Q1，公司 实现营收 14.4 亿元（yoy+18.8%），归母净利润 0.3 亿元（yoy+212.3%）， 受国家政策、市场供需以及国际贸易等因素影响，国内主要稀土产品市场 价格企稳回升，公司稀土资源综合利用业务经营发展势头良好。同时，公 司其他业务板块经营情况稳定，收益较上年同期改善明显。 公司毛利率同比改善，经营管理稳健。2024 年公司实现毛利率 6.6% （yoy+2.8pct），净利率-6.3%（-3.5pct），毛利率同比改善。销售费用率 实现 0.9%（（yoy+0.3pct），管理费用率 3.6%（（ ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华宏科技（002645.SZ） Q1 利润大幅改善，期待稀土产能落地释放高业绩弹性 Q1 利润扭亏为盈，同比大幅改善。公司 2024 实现收入 55.8 亿元（yoy- 19.0%），归母净利润-3.6 亿元（yoy-123.9%），利润大幅下降，主要系 2024 年度公司对商誉计提减值准备 3.34 亿元。剔除计提商誉减值准备影 响，公司 2024 年度经营业绩较 2023 年已实现大幅减亏。2025Q1，公司 实现营收 14.4 亿元（yoy+18.8%），归母净利润 0.3 亿元（yoy+212.3%）， 受国家政策、市场供需以及国际贸易等因素影响，国内主要稀土产品市场 价格企稳回升，公司稀土资源综合利用业务经营发展势头良好。同时，公 司其他业务板块经营情况稳定，收益较上年同期改善明显。 公司毛利率同比改善，经营管理稳健。2024 年公司实现毛利率 6.6% （yoy+2.8pct），净利率-6.3%（-3.5pct），毛利率同比改善。销售费用率 实现 0.9%（（yoy+0.3pct），管理费用率 3.6%（（ ...

Financial Performance - The company achieved significant profit growth in Q1 2025, with total revenue reaching 1.436 billion yuan, an increase of 18.76% year-on-year [1] - The net profit attributable to shareholders was 31.13 million yuan, a substantial increase of 212.29% year-on-year; the net profit excluding non-recurring items was 26.54 million yuan, up 135.75% year-on-year [1] - The gross margin was 9.18%, reflecting a year-on-year increase of 2146.15%; the net margin was 2.31%, showing a year-on-year increase of 263.08% [1] Cost Control - The total of selling, administrative, and financial expenses amounted to 73.43 million yuan, with these expenses accounting for 5.11% of revenue, a decrease of 10.12% year-on-year [2] Cash Flow and Debt Situation - The operating cash flow per share was -0.27 yuan, a decline of 189.74% year-on-year; cash and cash equivalents were 600 million yuan, down 29.03% from the same period last year [3] - Accounts receivable reached 682 million yuan, an increase of 38.70% year-on-year, indicating potential pressure in accounts receivable management [3] - Interest-bearing debt was 1.416 billion yuan, up 32.05% year-on-year, with an interest-bearing asset-liability ratio of 23.26%; financial expenses accounted for 54.63% of the average operating cash flow over the past three years, indicating significant pressure in debt repayment [3] Overall Summary - Overall, the company showed significant improvement in profitability in Q1 2025, but still faces challenges in cash flow management and debt control [4]

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-040 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 关于以债转股方式向全资子公司增资的公告 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。 江苏华宏科技股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 第七届董事会第二十七次会议、第七届监事会第十一次会议，审议通过了《关于 以债转股方式向全资子公司增资的议案》，现将有关情况公告如下： 一、本次增资事项概述 为满足北京华宏再生资源利用有限公司（以下简称"北京华宏"）的经营发 展需要，并优化其资产负债结构，提升市场竞争力，增强盈利能力，公司将应收 北京华宏部分债权 2,000 万元转作对其的增资，本次增资完成后，北京华宏的注 册资本将由人民币 8,000 万元增加至人民币 10,000 万元，公司仍持有北京华宏 100%股权，北京华宏仍为公司的全资子公司。 根据《深圳证券交易所股票上市规则》和《公司章程》的相关规定，本次增 资事项的批准权限在公司董事会的 ...

华宏科技（002645）公告，为满足北京华宏再生资源利用有限公司的经营发展需要，公司将应收北京华 宏部分债权2000万元转作对其的增资。本次增资完成后，北京华宏的注册资本将由人民币8000万元增加 至人民币1亿元，公司仍持有北京华宏100%股权，北京华宏仍为公司的全资子公司。此次增资旨在优化 其资产负债结构，提升市场竞争力，增强盈利能力。 ...

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-038 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 第七届监事会第十一次会议决议的公告 本公司及监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、监事会会议召开情况 江苏华宏科技股份有限公司（以下简称"公司"）第七届监事会第十一次会 议于 2025 年 4 月 25 日以书面专人送达和电子邮件方式发出通知。会议于 2025 年 4 月 29 日以现场与通讯结合方式召开。本次会议由监事会主席王凯先生召集 并主持。会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集和召开符合 《中华人民共和国公司法》和《江苏华宏科技股份有限公司章程》的规定，会议 合法有效。 具体内容详见同日刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于以债转股方式向全资子公司增资的公告》。 经核查，监事会认为：本次以债转股方式向全资子公司增资事项是公司基于 经营管理需要，进一步提高全资子公司整体竞争实力，合理 ...

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | | 江苏华宏科技股份有限公司 第七届董事会第二十七次会议决议的公告 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、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过。具体内容详见同日刊登于《证 券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季 度报告》。 2、审议通过《关于以债转股方式向全资子公司增资的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司董事会战略委员会审议通过。具体内容详见同日刊登于《证 券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《关于以债转股 方式向全资子公司增资的公告》。 三、备查文件 1、第七届董事会第二十七次会议决议 特此公告。 江苏华宏科技股份有限公司（以下简称"公司"）第七届董事会第二十七次 会议于 2025 年 4 月 25 日以书面专人送 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0541 | -0.0479 | 212.94 | -0.1028 | | 每股净资产（元） | 5.6 | 6.12 | -8.5 | 6.55 | | 每股公积金(元) | 2.81 | 2.81 | 0 | 2.81 | | 每股未分配利润(元) | 1.66 | 2.17 | -23.5 | 2.61 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 14.36 | 12.09 | 18.78 | 17.64 | | 净利润(亿元) | 0.31 | -0.28 | 210.71 | -0.59 | | 净资产收益率(%) | 0.93 | -0.75 | 224 | -1.49 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27270.14万股，累计占流通股比： 53.1 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,436,270,011.27, representing an increase of 18.76% compared to ¥1,209,427,249.71 in the same period last year[5]. - Net profit attributable to shareholders was ¥31,133,457.74, a significant turnaround from a loss of ¥27,725,877.35, marking a 212.29% increase[5]. - Basic earnings per share improved to ¥0.0541 from a loss of ¥0.0479, reflecting a 212.94% increase[5]. - The company reported a significant increase in operating profit to ¥35,609,003.98, up 609.90% from a loss of ¥6,983,498.19 in the previous year[8]. - The total profit for the period was ¥35,974,083.78, a 555.39% increase compared to a loss of ¥7,899,624.14 in the same period last year[8]. - Net profit for the current period was ¥33,235,749.78, a significant recovery from a net loss of ¥17,160,627.36 in the previous period[18]. - Total operating revenue for the current period reached ¥1,436,270,011.27, an increase of 18.7% compared to ¥1,209,427,249.71 in the previous period[17]. - Total operating costs amounted to ¥1,430,370,825.84, up from ¥1,323,262,456.93, reflecting a growth of 8.1%[17]. - The company reported a total comprehensive income of ¥33,629,865.62, recovering from a loss of ¥17,160,627.36 in the previous period[19]. Cash Flow - The net cash flow from operating activities was negative at -¥156,872,762.00, a decline of 189.74% from ¥174,810,667.70 in the previous year[5]. - Cash inflow from financing activities increased by 844.02% to ¥170,146,170.26, driven by increased bank borrowings[9]. - The net cash flow from operating activities was -RMB 156,872,762, a significant decrease compared to RMB 174,810,667 in the previous period[21]. - Total cash outflow from operating activities amounted to RMB 1,509,945,600.98, up from RMB 1,181,350,797.16[21]. - The net cash flow from investing activities was -RMB 55,046,486.10, an improvement from -RMB 184,090,789.87 in the prior period[21]. - Cash inflow from investing activities totaled RMB 768,368,416.30, compared to RMB 712,556,437.10 previously[21]. - The net cash flow from financing activities was RMB 91,665,717.55, a recovery from -RMB 105,963,397.08 in the last period[21]. - Total cash inflow from financing activities reached RMB 170,146,170.26, significantly higher than RMB 18,023,579.34 previously[21]. - The ending balance of cash and cash equivalents was RMB 539,043,835.45, down from RMB 743,712,150.13[21]. Assets and Liabilities - Total assets increased by 2.36% to ¥6,088,230,457.24 from ¥5,947,842,330.01 at the end of the previous year[5]. - The company's total assets amount to 6,088,230,457.24 yuan, an increase from 5,947,842,330.01 yuan at the beginning of the period[14]. - Current assets total 3,811,376,782.41 yuan, up from 3,666,946,421.26 yuan at the beginning of the period[14]. - Total liabilities amount to 1,837,416,151.65 yuan, an increase from 1,765,007,210.63 yuan[14]. - Total liabilities increased to ¥2,576,469,206.60 from ¥2,470,283,002.80, representing a rise of 4.3%[15]. - Total equity rose to ¥3,511,761,250.64, up from ¥3,477,559,327.21, indicating a growth of 1.0%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 47,177[11]. - Jiangsu Huahong Industrial Group Co., Ltd. holds 34.54% of shares, totaling 200,884,632 shares, all of which are pledged[11]. Inventory and Expenses - Inventory has increased to 2,059,951,993.22 yuan from 1,831,169,478.44 yuan[13]. - Research and development expenses increased to ¥45,450,309.28, compared to ¥41,510,481.33, marking a rise of 9.4%[18]. - Other income decreased significantly to ¥18,555,590.53 from ¥75,331,697.50, a decline of 75.3%[18]. - Operating costs for Q1 2024 were adjusted to RMB 1,204,484,044.15, an increase from the previous RMB 1,203,632,030.01[24]. - Sales expenses for Q1 2024 were adjusted to RMB 10,678,157.52, down from RMB 11,530,171.66[24]. Goodwill and Financial Assets - The company has a total of 123,300,000 yuan in trading financial assets, up from 99,712,978.97 yuan[13]. - The company’s cash and cash equivalents decreased to 599,967,783.72 yuan from 767,774,730.64 yuan[13]. - The company’s goodwill remains stable at 749,735,521.99 yuan[14].

Core Viewpoint - The company's performance in 2024 was significantly impacted by goodwill impairment, leading to a decline in operating cash flow and overall financial results [2] Financial Performance - In 2024, the company achieved operating revenue of 5.576 billion yuan, a year-on-year decrease of 19% [2] - The net profit attributable to shareholders was -356 million yuan, a year-on-year decline of 124% [2] - The non-recurring net profit attributable to shareholders was -452 million yuan, also showing a year-on-year decrease [2] Business Segment Analysis - The magnetic materials segment benefited from capacity release, generating revenue of 1.335 billion yuan, a year-on-year increase of 143%, with a gross margin increase of 4.45 percentage points to 6.54% [2][3] - The rare earth resource utilization segment turned profitable, aided by stable rare earth prices and cost control, achieving a gross margin increase of 2.18 percentage points to 2.00% [2][3] - The elevator components segment reported revenue of 689 million yuan, a year-on-year increase of 6%, but experienced a gross margin decline of 3.61 percentage points to 20.28% [2][4] - The recycling resources segment saw an overall revenue decline of 37% to 3.503 billion yuan [2] Cash Flow and Future Outlook - The net cash flow from operating activities was 88 million yuan, a year-on-year decrease of 84%, primarily due to increased procurement expenses and reduced government subsidies [2] - The company forecasts revenues of 5.810 billion yuan, 6.114 billion yuan, and 6.440 billion yuan for 2025-2027, with respective year-on-year growth rates of 4.20%, 5.22%, and 5.35% [4] - Expected net profits for 2025-2027 are projected to be 41 million yuan, 77 million yuan, and 118 million yuan, with significant year-on-year growth rates of 111.45%, 89.55%, and 52.68% [4]