Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.66 CNY, based on a projected average PE of 19 times for comparable companies in 2025 [4][8]. Core Insights - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of 364 million CNY, 406 million CNY, and 454 million CNY respectively, reflecting a growth trajectory despite a revenue decline in 2024 [4][11]. - The gross margin has significantly improved, with a reported gross margin of 46.2% in 2024, up 6.5 percentage points year-on-year, indicating better cost management and pricing power [11]. - The company is actively pursuing opportunities in recycled materials, with successful project deliveries in chemical recycling technology, which is expected to expand into polyester recycling [11]. - The industrial AI solutions segment has shown resilience, achieving a 12% revenue growth despite overall revenue decline, indicating a strong demand for digital transformation in the industry [11]. Financial Summary - The company's revenue for 2023 was 1,250 million CNY, with a projected decline to 1,074 million CNY in 2024, followed by a recovery to 1,206 million CNY in 2025 [6]. - The net profit for 2023 was 290 million CNY, expected to rise to 318 million CNY in 2024, and further to 364 million CNY in 2025, reflecting a consistent growth pattern [6]. - The gross margin is projected to remain stable at 47.3% from 2025 to 2027, while the net profit margin is expected to hover around 30% [6][11].

Core Insights - The company reported a significant increase in gross margin despite a decline in revenue for 2024, with a gross margin of 46.2%, up 6.5 percentage points year-on-year [1] - The company is actively expanding its recycled materials technology, achieving successful project deliveries, including a chemical recycling nylon project [2] - The company adjusted its profit forecasts for 2025-2027, predicting net profits of 3.64 billion, 4.06 billion, and 4.54 billion yuan respectively, maintaining a buy rating with a target price of 21.66 yuan [3] Financial Performance - For 2024, the company achieved total revenue of 1.07 billion yuan, a year-on-year decrease of 14.1%, while net profit attributable to shareholders was 320 million yuan, an increase of 9.6% [1] - In Q1 2025, the company reported revenue of 260 million yuan, down 16.2% year-on-year, with a net profit of 80 million yuan, up 1.7% [1] - The gross margin for Q1 2025 was 45.9%, reflecting an increase of 8.4 percentage points year-on-year [1] Business Development - The company is focusing on chemical recycling technology, with successful project deliveries in the recycled materials sector, including a project with Jiangsu Jiahua [2] - The company’s industrial AI solutions segment saw a 12% revenue growth in 2024, despite overall revenue decline [2] - The completion of the "Textile Industry Big Data Factory Project" supports the evolution of the company's intelligent solutions in the chemical fiber sector [2]

Core Viewpoint - The company is transitioning to a vertical model for industrial AI and has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a comprehensive solution for recycled polymers [1][3]. Financial Summary - The company maintains a "Buy" rating despite a 32% year-on-year decrease in contract liabilities for 2024, leading to downward adjustments in net profit forecasts for 2025-2027 [2]. - The projected net profits for 2025, 2026, and 2027 are revised to 399 million, 442 million, and 488 million yuan respectively, with corresponding EPS of 1.25, 1.38, and 1.53 yuan [2]. - Revenue for 2024 is expected to be 1.074 billion yuan, a 14% year-on-year decline, while net profit attributable to shareholders is projected at 318 million yuan, a 10% increase [2]. Business Development - The company has completed the "Textile Industry Big Data Factory Project," which is now operational, and has upgraded its industrial AI integrated solutions to focus on vertical models and industry-specific applications [3]. - Revenue from industrial AI integrated solutions reached 67.22 million yuan in 2024, reflecting a 12% year-on-year growth [3]. - The company has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a series of solutions for recycled polymers [3].

Core Viewpoint - Sanlian Hongpu reported a decline in total revenue for Q1 2025, but demonstrated improvements in profitability metrics, indicating effective cost control and operational efficiency [2][3][7] Business Performance - In Q1 2025, Sanlian Hongpu achieved total revenue of 260 million yuan, a decrease of 16.16% compared to the same period last year. However, the net profit attributable to shareholders reached 80.295 million yuan, an increase of 1.66% year-on-year, with a non-recurring net profit of 79.7341 million yuan, up 0.7% [2] Profitability - The company's profitability improved during the reporting period, with a gross margin of 45.93%, an increase of 22.54% year-on-year, and a net margin of 30.95%, up 19.02% year-on-year, indicating high added value in its core business and effective profit conversion [3] Costs and Expenses - Sanlian Hongpu's total selling, administrative, and financial expenses amounted to 19.3284 million yuan, accounting for 7.43% of total revenue, which represents a 47.27% increase compared to the same period last year, suggesting increased investment in market share expansion or internal management [4] Cash Flow Situation - The operating cash flow per share was -0.17 yuan, a significant decrease of 343.09% from 0.07 yuan in the same period last year, indicating cash flow pressure in operational activities. Accounts receivable increased from 6.2947 million yuan to 11.1751 million yuan, a rise of 77.53%, which may contribute to cash flow tightness [5] Solvency and Capital Structure - The company's cash assets remain healthy, with monetary funds of 859 million yuan, although this represents a 9.42% decrease from the previous period, it is still at a reasonable level. Interest-bearing liabilities were 54.0386 million yuan, a decrease of 10.04% year-on-year, indicating a reduced debt burden [6] Summary - Overall, Sanlian Hongpu faced revenue decline in Q1 2025 but showed strong performance in profitability, particularly with significant growth in gross and net margins. However, the deterioration in cash flow requires attention, and future efforts should focus on managing accounts receivable and optimizing cash flow [7]

证券研究报告 三联虹普 (300384 CH) 毛利率持续提升，看好工业 AI 发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 建筑施工 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 10.7/3.2 亿元，同比 -14.1%/+9.6%，24 年业绩略低于我们预期（3.3 亿元）主要系 Q4 订单结 转节奏影响。25Q1 公司收入/归母净利 2.6/0.8 亿元，同比-16.2%/+1.7%， 收入下滑但毛利率同比提升，我们认为公司有望受益于 PA66 和再生材料下 游景气，工业 AI 业务有望为公司带来新成长，维持"买入"。 24 年工业 AI 业务实现增长，Q4 毛利率同环比明显提升 24 年公司新材料及合成材料/再生材料及可降解材料/工业 AI 集成应用解决 方案实现收入 7.1/2.8/0.7 亿元，同比-10.2%/-27.5%/+12.4%，毛利率分别 为 48.7%/39.8%/43.1%，同比+7.3/+7.9/-19.6pct，新材料和再生材料业务 收入下滑但毛利 ...

证券研究报告 三联虹普 (300384 CH) 本报告来源于"慧博投研",请勿外传! 毛利率持续提升,看好工业 Al 发展 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 建筑施工 | 公司公布 24年及 25Q1 业绩:24 年收入/归母净利 10.7/3.2 亿元,同比 -14.1%/+9.6%. 24 年业绩略低于我们预期(3.3 亿元)主要系 Q4 订单结 转节奏影响。25Q1公司收入归母净利 2.6/0.8 亿元,同比-16.2%/+1.7%, 收入下滑但毛利率同比提升,我们认为公司有望受益于 PA66 和再生材料下 游景气,工业 Al 业务有望为公司带来新成长,维持"买入"。 24年工业 Al 业务实现增长,Q4毛利率同环比明显提升 24 年公司新材料及合成材料/再生材料及可降解材料/工业 Al 集成应用解决 方案实现收入 7.1/2.8/0.7 亿元,同比-10.2%/-27.5%/+12.4%,毛利率分别 为 48.7%/39.8%/43.1%,同比+7.3/+7.9/-19.6pct,新材料和再生材料业务 收入下滑但毛利率明显提升或受项目结 ...

007 证券代码：300384 证券简称：三联虹普 公告编号：2025- 北京三联虹普新合纤技术服务股份有限公司 关于召开公司 2024 年年度股东大会通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第五届董事会第十一次会议，审议通过了《关于召开公司 2024 年年度股东大 会的议案》，决定于 2025 年 6 月 16 日下午 14:30 召开公司 2024 年年度股东大会。本次 股东大会采取现场投票和网络投票相结合的方式召开，现将本次股东大会有关事项通知 如下： 一、召开会议基本情况： 1、会议召集人：公司董事会 2、会议召开的合法、合规性：经公司第五届董事会第十一次会议审议通过，决定 召开公司2024年年度股东大会，召集程序符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 3、会议召开方式：现场投票与网络投票相结合的方式 公司将通过深圳证券交易所交易系统和深圳证券交易所互联网投票系统向公司股东 提供网络形式的投票平台，股东可以在网 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-006 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届监事会第七次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 北京三联虹普新合纤技术服务股份有限公司（以下称"公司"）第五届监事会第七次 会议于 2025 年 4 月 24 日上午 10 点在公司会议室以现场结合通讯形式召开。会议由监 事会主席吴清华主持，应与会监事 3 名，实际参会监事 3 名。 本次会议的通知于 2025 年 4 月 15 日发出，会议的召开符合《公司法》和《公司章 程》的规定，会议召开及表决合法、有效。 经公司第五届监事会第七次会议充分审议，通过了以下决议： 表决结果：3 票同意，0 票反对，0 票弃权。 此议案尚需经公司 2024 年年度股东大会审议批准。 二、审议通过了《关于<公司 2024 年度财务决算报告>的议案》 经审议，监事会通过了《关于<公司 2024 年度财务决算报告>的议案》。具体内容 详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 一、审议通过了《关于<公司 2024 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-005 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届董事会第十一次会议决议的公告 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）第五届董事会第 十一次会议于 2025 年 4 月 24 日以现场结合通讯形式召开，本次会议由刘迪董事长主 持，应与会董事 7 名，实际参加董事 7 名，公司部分监事及高级管理人员列席了会议。 本次会议的通知于 2025 年 4 月 15 日以邮件发出，会议的召开符合《公司法》和《公司 章程》的规定，会议召开及表决合法、有效。 经公司第五届董事会第十一次会议充分审议，一致通过了以下议案： 一、审议通过了《关于<公司 2024 年年度报告全文及摘要>的议案》 经审议，董事会通过了《关于<公司 2024 年年度报告全文及摘要>的议案》。 具体内容详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 本议案中的财务报告部分已经公司董事会审计委员会审议通过。 表决结果：赞成：7 票，反对：0 票，弃权：0 票 此议案尚需经公司 2024 年年度股东大会审议批准。 二、审议通过了《关于<公司 2024 ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-011 北京三联虹普新合纤技术服务股份有限公司 关于2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1. 公司 2024 年度利润分配方案预案为：以公司 2024 年 12 月 31 日的总股本 319,007,265 股为基数向全体股东每 10 股派发现金 2.20 元人民币（含税），共计派发现 金 70,181,598.30 元（含税）。 一、审议程序 2. 公司现金分红方案不涉及《深圳证券交易所创业板股票上市规则》第 9.4 条相 关规定的可能被实施其他风险警示情形。 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了公司第五届董事会第十一次会议，审议通过了《关于<2024 年度利润分配预案> 的议案》，本议案已经审计委员会审议通过，并同意提交公司董事会审议。 公司于 2025 年 4 月 24 日召开了公司第五届监事会第七次会议，审议通过了《关于 <2024 年度利润分配预案>的议案》。 本议案尚需 ...