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海天精工(601882):内销总体偏弱,产品结构优化
NHPMNHPM(SH:601882) CMS·2025-03-27 02:32

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6][2]. Core Views - The company experienced a slight revenue increase of 0.85% year-on-year in 2024, reaching 3.352 billion yuan, but the net profit attributable to shareholders decreased by 14.19% to 523 million yuan [6][7]. - The report highlights a decline in overseas revenue by 37.41% to 372 million yuan, attributed to a complex international environment and increased geopolitical tensions, while domestic revenue grew by 9.25% to 2.918 billion yuan despite intensified competition in the mid-to-low-end product segment [6][7]. - The company is focusing on optimizing its product structure, with a notable increase in revenue from卧加 (horizontal machining centers) by 16.45% to 573 million yuan, while other product lines showed mixed results [6][7]. - The report anticipates revenue growth for the company in the coming years, projecting revenues of 3.704 billion yuan in 2025, 4.285 billion yuan in 2026, and 4.713 billion yuan in 2027, with corresponding net profits of 609 million yuan, 710 million yuan, and 791 million yuan respectively [6][7]. Financial Performance Summary - In 2024, the company's gross margin decreased to 27.34%, down 2.60 percentage points year-on-year, while the net margin fell to 15.6%, a decline of 2.74 percentage points [6][7]. - The fourth quarter of 2024 saw a revenue increase of 5.23% year-on-year to 859 million yuan, but net profit decreased by 18.31% to 119 million yuan [6][7]. - The report indicates that the company has maintained stable expense ratios, with an increase in R&D investment, reflecting a commitment to innovation and product development [6][7]. Market Position and Outlook - The company is expected to enhance its internal management efficiency and innovation capabilities, positioning itself favorably for long-term growth despite external uncertainties [6][7]. - The report emphasizes the importance of understanding key industries and product breakthroughs as part of the company's strategy moving forward [6][7].