华锐精密：一季度业绩向好，关注顺周期复苏-20250429

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the manufacturing sector due to economic stimulus policies [5]. Core Insights - The company experienced a significant decline in profits in 2024, with a revenue of 759 million RMB, down 4.43% year-on-year, and a net profit of 107 million RMB, down 32.26% year-on-year. However, the first quarter of 2025 showed a strong recovery with a revenue of 222 million RMB, up 30.48% year-on-year, and a net profit of 29 million RMB, up 70% year-on-year [2][3]. - The overall tool segment saw a revenue increase of 57.09% in 2024, indicating potential for future profitability as the company focuses on expanding its product offerings and improving performance [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 39.46%, down 6.01 percentage points, and a net margin of 14.06%, down 5.79 percentage points, reflecting the pressure from declining sales volumes in key product categories [3]. - The company is projected to achieve net profits of 153 million RMB, 191 million RMB, and 241 million RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23X, 19X, and 15X [5][10]. Market Outlook - The report highlights that the tool industry is expected to be a priority sector for cyclical recovery, driven by improved downstream demand and the company's ongoing product enhancements [3][5]. - The company is actively increasing its investment in new product development, particularly in integrated tools and tool systems, which is expected to help it reach a breakeven point and contribute positively to earnings [4].