【私募调研记录】宽远资产调研华荣股份

Group 1 - The core viewpoint of the article highlights the recent research conducted by KuanYuan Asset Management on Huaron Co., which is projected to achieve a revenue of 1.639 billion yuan in the first half of 2025, representing a year-on-year growth of 17% [1] - The net profit attributable to the parent company is expected to be 198 million yuan, showing a slight decline of 1% year-on-year [1] - The decline in Q2 net profit is attributed to the suspension of the Shandong New Energy EPC project and a reduction in government subsidies [1] - The foreign trade segment of the factory business grew by 53.7%, while domestic trade declined by 20% [1] - New Energy EPC revenue increased by 126%, but the gross margin decreased by 13 percentage points [1] - A subsidiary in Saudi Arabia is expected to be established by September 2024, with orders anticipated in the second half of 2025 and production starting in 2026 [1] - The company has adjusted its strategy to control delivery risks due to rising costs from high customization demands in the intelligent engineering sector [1] - The explosion-proof inspection robot is being advanced through external cooperation for application in hazardous chemical scenarios [1] - Some New Energy EPC projects have been suspended due to policy impacts, but a recovery is expected in Q4 2025, with the annual net profit likely to remain stable [1] - The company maintains a dividend policy of distributing no less than 50% of its distributable profits [1] - Business expenses are payments made to service providers for technical research, exhibitions, and operations [1] Group 2 - KuanYuan Asset Management, established in May 2014, has a registered capital of 10 million yuan and focuses on asset management, industrial investment, corporate asset restructuring, mergers and acquisitions, investment consulting, financial consulting, business consulting, and marketing planning [2] - The core investment research team at KuanYuan Asset has over 10 years of successful experience in the secondary market, consistently ranking among the top in the industry [2] - KuanYuan Asset emphasizes value investing, aiming to identify certain growth opportunities and share in the growth of listed companies, with a focus on stable long-term performance [2]