上工申贝(600843.SH)：2025年预亏1.2亿元至1.5亿元

Core Viewpoint - The company, Shangong Shenbei (600843.SH), is expected to continue facing losses in 2025, with projected net profit attributable to shareholders ranging from -120 million to -150 million yuan, compared to -244.23 million yuan in the previous year [1] Group 1: Financial Performance - The forecasted net profit excluding non-recurring gains and losses for 2025 is estimated to be between -340 million and -370 million yuan [1] - The company’s German subsidiary, DA Company, is experiencing a decline in sales revenue of high-margin products due to poor demand in the European automotive manufacturing and leather processing markets, alongside high energy and raw material costs [1] Group 2: Operational Challenges - DA Company is facing low operational performance with insufficient capacity utilization and increased manufacturing costs, leading to a significant drop in gross margin [1] - To address insufficient orders, DA Company is actively restructuring its workforce and production, resulting in increased severance and integration costs [1] - The general aviation aircraft manufacturing business of SGIA Company is still in a recovery phase and has not yet turned profitable [1] Group 3: Domestic vs. International Performance - While the domestic business is generally profitable, it is unable to cover the losses incurred from overseas operations [1]