宝武镁业(002182)年报及一季报点评：收入稳定增长 镁价下跌致业绩下滑

Core Insights - The company has achieved stable growth in production and sales, with a significant increase in the sales volume of non-ferrous metal smelting and rolling processing for 2024, reaching 449,500 tons, a year-on-year increase of 23.54% [1] - Revenue for 2024 reached 8.983 billion yuan, a year-on-year growth of 17.39%, driven by capacity expansion and process upgrades [1] - The company's gross profit margin has slightly decreased, with the main business gross profit margin at 11.61%, down 1.75 percentage points [1][2] Production and Capacity - The company currently has a production capacity of 100,000 tons of primary magnesium and 200,000 tons of magnesium alloy [1] - Subsidiaries have expanded their production capacity, with new projects adding 50,000 tons of primary magnesium and 100,000 tons of magnesium alloy [1] - The company holds significant white marble ore resources, with reserves of 88.6425 million tons and 578.95 million tons in its subsidiaries [1] Financial Performance - The net profit attributable to shareholders for 2024 was 160 million yuan, a decrease of 47.91% year-on-year [2] - The first quarter of 2025 saw a further decline in net profit to 28.18 million yuan, down 53.58% [2] - The operating cash flow has decreased, with a net cash inflow of 11 million yuan, down 339 million yuan year-on-year [3] Cost and Expenses - The gross profit margin for magnesium alloy products was 11.48%, down 6.6 percentage points, while aluminum alloy products saw a gross profit margin of 11.23%, up 4.94 percentage points [1] - The expense ratio for 2024 was 8.91%, an increase of 0.5 percentage points, driven by higher sales, management, and R&D costs [2] Debt and Investment - The company's asset-liability ratio increased to 54.50%, up 7.10 percentage points, due to increased construction projects and long-term borrowings [3] - Investment cash flow showed a net outflow of 1.784 billion yuan, a decrease of 615 million yuan year-on-year, primarily due to reduced long-term equity investment expenditures [3] Future Outlook - The company is optimistic about future magnesium die-casting orders and expects performance recovery with improved demand [3] - Projected net profits for 2025-2027 are estimated at 273 million, 363 million, and 443 million yuan, respectively [3]