基础化工/化学制品 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《制冷剂景气延续上行趋势，公司利 润释放或将不断向好—公司信息更新 报告》-2024.10.25 ——公司信息更新报告 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 7.0 billion, 8.7 billion, and 10.1 billion respectively, corresponding to PE ratios of 18, 14, and 12 [4]. Core Insights - The company reported a revenue of 4.16 billion in 2024, a decrease of 23.5% year-on-year, and a net profit of 394 million, down 53.4% year-on-year. However, in Q1 2025, revenue increased by 13.5% year-on-year to 943 million, while net profit decreased by 10.4% year-on-year to 111 million [2]. - The data center business showed steady growth, with revenue of approximately 2.6 billion in 2024, a year-on-year increase of 3.5%. The gross margin was 35.3%, down 2.4 percentage points, primarily due to changes in sales structure. The company has made breakthroughs in the internet sector outside its traditional industries, benefiting from the acceleration of domestic data center construction [2]. - The solar storage and charging business saw a significant decline in revenue, down 49.4% year-on-year to 1.36 billion in 2024, with a gross margin of 16.6%, down 8.07 percentage points. This decline was attributed to inventory digestion in the European market. However, there are signs of recovery expected in Q2 2025 as inventory issues are resolved [3]. - The company has made sufficient impairment provisions, totaling approximately 120 million in 2024, with expectations of a high probability of recovery for credit impairment losses. Operational metrics showed improvement, with inventory turnover days decreasing by 31 days year-on-year to 147 days in Q1 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved revenue of 4.16 billion, a decline of 23.5% year-on-year, and a net profit of 394 million, down 53.4%. In Q1 2025, revenue was 943 million, up 13.5% year-on-year, while net profit was 111 million, down 10.4% year-on-year [2]. Business Analysis - The data center and smart power business generated approximately 2.6 billion in revenue in 2024, with a 3.5% year-on-year growth and a gross margin of 35.3%. The company has established a comprehensive solution capability and made significant inroads into the internet sector [2]. - The solar storage and charging business reported revenue of 1.36 billion in 2024, a 49.4% decline year-on-year, with a gross margin of 16.6%. The decline was mainly due to inventory adjustments in the European market, but recovery is anticipated in Q2 2025 [3]. - The company recorded total impairment provisions of about 120 million in 2024, with a significant portion expected to be recoverable. Operational efficiency improved, as indicated by reduced inventory and accounts receivable turnover days [3]. Profit Forecast and Valuation - The forecast for net profits from 2025 to 2027 is 7.0 billion, 8.7 billion, and 10.1 billion, with corresponding PE ratios of 18, 14, and 12. The report maintains a "Buy" rating based on these projections [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong growth in Q1 2025, with revenue reaching 35 billion yuan, a year-on-year increase of 115.6%, and a net profit of 840 million yuan, up 39.0% year-on-year [4][5] - In 2024, the company achieved a total revenue of 109.88 billion yuan, representing a year-on-year growth of 28.76%, with a net profit of 2.93 billion yuan, an increase of 8.1% year-on-year [4][5] - The high-performance computing segment generated 63.22 billion yuan in revenue in 2024, a growth of 26.3%, accounting for 60.3% of total revenue [5][6] - The AIoT business saw significant growth, with revenue of 4.67 billion yuan in 2024, up 187.9% year-on-year [6] Financial Summary - The company expects net profits for 2025, 2026, and 2027 to be 3.78 billion yuan, 4.41 billion yuan, and 5.17 billion yuan respectively, with corresponding EPS of 3.72 yuan, 4.34 yuan, and 5.09 yuan [7] - The projected P/E ratios for 2025, 2026, and 2027 are 17.3, 14.8, and 12.6 respectively [7] - The company’s revenue is forecasted to grow to 133.89 billion yuan in 2025, 154.21 billion yuan in 2026, and 171.63 billion yuan in 2027, with year-on-year growth rates of 21.9%, 15.2%, and 11.3% respectively [10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 584 million RMB for 2024, a year-on-year increase of 17.21%, and a net profit of 108 million RMB, up 71.49% year-on-year. For Q1 2025, the revenue was 84 million RMB, reflecting a 37.51% year-on-year growth, exceeding expectations [2][5]. - Management changes, including the appointment of a new general manager and the chairman's commitment to increase shareholding, demonstrate confidence in long-term performance. The company has set profit targets of no less than 120 million RMB and 150 million RMB for 2024 and 2025, respectively [3]. - The company has experienced diversified growth across multiple sectors, with significant revenue contributions from the power, metallurgy, and coal industries, achieving year-on-year growth rates of 17.9%, 41.4%, and 63.6%, respectively [3]. - Asset quality has improved, with accounts receivable turnover days decreasing by 27.5 days to 266 days in 2024, and operating cash flow turning positive at 72 million RMB [4]. - The company has accumulated over 180,000 remote monitoring devices and more than 30,000 failure cases, indicating a strong competitive advantage and potential for growth in new sectors [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 584 million RMB, a 17.21% increase year-on-year, and a net profit of 108 million RMB, up 71.49%. For Q1 2025, revenue reached 84 million RMB, a 37.51% increase year-on-year [2]. Operational Analysis - Management improvements and shareholding increases by the chairman reflect confidence in future performance. The company has set ambitious profit targets for the next two years [3]. - Revenue growth has been driven by diversification across sectors, with notable increases in the power, metallurgy, and coal industries [3]. Asset Quality and Cash Flow - The company has improved its asset quality, with a reduction in accounts receivable turnover days and positive operating cash flow [4]. - The accumulation of monitoring devices and failure cases enhances the company's competitive edge and growth potential [4]. Profit Forecast and Valuation - The company’s revenue projections for 2025-2027 are 761 million RMB, 1 billion RMB, and 1.307 billion RMB, with net profits of 151 million RMB, 222 million RMB, and 318 million RMB, respectively. The corresponding P/E ratios are 30X, 21X, and 14X [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.173 billion yuan in Q1 2025, achieving a year-on-year growth of 35.40%, continuing its trend of over 35% annual growth in revenue over the past 14 years [2] - The net profit attributable to the parent company reached 313 million yuan, with a year-on-year increase of 25.67% [2] - The significant revenue growth is attributed to a notable increase in shipment volumes of high-end products in advanced logic and memory device manufacturing, with successful mass production of key etching processes [2] - The company has increased its R&D investment, with R&D expenses reaching 687 million yuan in Q1 2025, a year-on-year increase of 90.53%, representing approximately 31.60% of its revenue, significantly higher than industry peers [3] - The company has successfully launched six types of LPCVD film deposition equipment for advanced memory and logic devices, receiving bulk orders worth approximately 476 million yuan in 2024 [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 2.173 billion yuan, with a year-on-year growth of 35.40% and a net profit of 313 million yuan, up 25.67% [2] Operational Analysis - The company is focusing on R&D, with over 20 new equipment projects under development, and has reduced the time to market for competitive new devices to two years or less [3] - The revenue from etching equipment in 2024 was 7.277 billion yuan, reflecting a year-on-year increase of 54.73% [3] - The company has established a subsidiary for the layout of measurement equipment, indicating a strategic expansion into this segment [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 11.8 billion, 15.2 billion, and 19.8 billion yuan, with expected year-on-year growth rates of 30%, 29%, and 30% respectively [4] - Net profit forecasts for the same period are 2.2 billion, 3.1 billion, and 4.2 billion yuan, with growth rates of 36%, 41%, and 35% respectively, leading to P/E ratios of 53, 37, and 28 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 77.773 billion yuan in 2024, representing a year-on-year growth of 6.22%. The net profit attributable to the parent company was 5.975 billion yuan, up 31.98% year-on-year, with a net profit margin of 7.83%, an increase of 1.54 percentage points from 2023 [4][5] - The company is accelerating its globalization and electrification strategies, with international business revenue reaching 48.513 billion yuan in 2024, a growth of 12.15%, accounting for 63.98% of total revenue [6] - The company has enhanced its product competitiveness, maintaining its market leadership in various segments, including excavators, concrete machinery, and cranes [5][6] Financial Performance Summary - In 2024, the company achieved total revenue of 77.773 billion yuan, with a year-on-year increase of 6.22% [4] - The net profit attributable to the parent company was 5.975 billion yuan, reflecting a year-on-year growth of 31.98% [4] - The operating cash flow reached 14.814 billion yuan, a significant increase of 159.53% year-on-year [4] - The weighted average return on equity (ROE) was 8.54%, up 1.69 percentage points from the previous year [4] Product and Market Performance - The company’s excavator revenue was 30.374 billion yuan, maintaining its position as the sales champion in the domestic market for 14 consecutive years [5] - Concrete machinery revenue reached 14.368 billion yuan, ranking as the global number one brand, with electric mixers holding the top domestic market share [5] - The company’s international business has shown robust growth, with revenue from international markets contributing significantly to overall performance [6] Future Earnings Forecast - The company’s revenue forecasts for 2024-2026 are 89.136 billion yuan, 100.359 billion yuan, and 112.093 billion yuan, respectively [7] - The net profit forecasts for the same period are 8.959 billion yuan, 10.645 billion yuan, and 12.935 billion yuan, respectively [7] - The diluted EPS is projected to be 1.06 yuan, 1.26 yuan, and 1.53 yuan for 2024-2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady improvement in performance, with Q1 2025 revenue reaching 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 221 million yuan, up 23.67% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer loyalty [1][2] - The company is committed to R&D, with total R&D investment expected to reach 1.165 billion yuan from 2022 to 2024, and Q1 2025 R&D expenses amounting to 96 million yuan, reflecting a year-on-year increase [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 27.95%, up 3.95 percentage points year-on-year, and a net margin of 15.11%, an increase of 1.3 percentage points year-on-year [1] - The company forecasts revenues of 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [5] Consumer Electronics Sector - The company is expanding its market share in optical components, with new processes for reflective composite filters and mass production of micro-prism products [2] - It is also diversifying into non-mobile phone sectors while strengthening its position in small-sized panels [2] Automotive Electronics and AR/VR - The company is a leader in the AR-HUD industry and is recognized for its technology and product quality, having received a nomination for a global quality supplier award from Jaguar Land Rover [3] - It is advancing its AR/VR capabilities by focusing on reflective waveguide technology and collaborating with leading firms to address mass production challenges [3] R&D Commitment - The company is enhancing its R&D capabilities to cover core aspects of the optical industry chain, aiming to provide comprehensive optical solutions [4] - The R&D investment is expected to significantly contribute to the company's long-term growth and competitive advantage [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [5][9]. Core Insights - The company has demonstrated strong financial performance, with a revenue of RMB 10.78 billion in 2024, a year-on-year increase of 21%, and a net profit of RMB 1.55 billion, up 30% year-on-year [6]. - The first quarter of 2025 showed continued growth, with revenue reaching RMB 2.36 billion, a year-on-year increase of 8.1%, and a net profit of RMB 390 million, up 28.9% year-on-year [6]. - The company is expected to maintain its competitive advantage through its "6*N" strategy, focusing on enhancing consumer loyalty and product upgrades [6][9]. Financial Performance Summary - The company reported a net profit of RMB 1.55 billion for 2024, with a projected net profit of RMB 1.87 billion for 2025, reflecting a growth rate of 20.6% [7][9]. - Earnings per share (EPS) are projected to increase from RMB 3.93 in 2024 to RMB 4.72 in 2025, indicating a growth of 20.2% [7][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 20 in 2024 to 16 in 2025, suggesting improved valuation attractiveness [7][9]. Revenue Breakdown - The skincare segment accounted for 83.78% of total revenue, while the beauty segment contributed 12.64%, and the hair care segment made up 3.58% [6]. - The main brand, Proya, achieved a revenue of RMB 8.58 billion in 2024, a 19.6% increase year-on-year, while the second brand, Caitang, generated RMB 1.19 billion, also up 19% [6]. Market Position - The company maintains a strong market position with a solid brand strategy and product innovation, which has led to increased market penetration and revenue growth across its product lines [6][9].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 易点天下（301171.SZ） 境外收入持续扩张，2025Q1 收入显著高增 股价走势 -30% 6% 42% 78% 114% 150% 2024-04 2024-08 2024-12 2025-04 易点天下 沪深300 作者 业绩概览：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营业 收入 25.47 亿元，同比增长 18.83%；实现归母净利润 2.32 亿元，同比增长 6.81%；实现扣非归母净利润 2.17 亿元，同比增长 30.10%。2025Q1，公司 实现营业收入 9.29 亿元，同比增长 93.18%；实现归母净利润 5594.12 万元， 同比增长 11.67%；实现扣非归母净利润 6124.40 万元，同比增长 30.78%。 境内境外收入同步高增，直接类客户占比持续提升。分地区来看，2024 年公 司实现境外收入 22.01 亿元，同比增长 17.39%，境外收入占总收入比重为 86.43%；2024 年公司实现境内收入 3.46 亿元，同比增长 28.85%，占总 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2024 aligns with expectations, with total revenue of 4.409 billion yuan, down 8.79% year-on-year, and a net profit attributable to shareholders of 416.26 million yuan, down 41.71% year-on-year. The fourth quarter of 2024 saw revenue of 1.135 billion yuan, a decrease of 9.86% year-on-year, but a slight increase of 0.85% quarter-on-quarter. The first quarter of 2025 reported revenue of 1.046 billion yuan, down 8.12% year-on-year and 7.76% quarter-on-quarter, with a net profit of 960 million yuan, down 39.15% year-on-year but up 2.53% quarter-on-quarter [10][11] - The company has adjusted its net profit forecasts for 2025-2026 to 554.42 million yuan and 682.98 million yuan, respectively, due to declining sales from major customers and cost-cutting demands. However, the overseas and robotics businesses are expected to enter a harvest period, justifying the "Buy" rating [3][10] Financial Summary - For 2023A, total revenue was 4.834 billion yuan, with a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.10 million yuan, with a year-on-year growth of 1.83%. The latest diluted EPS was 0.75 yuan, with a P/E ratio of 16.71 [1][3] - The financial forecasts for 2024A to 2027E show a projected total revenue of 4.409 billion yuan in 2024, with a decline of 8.79%, and an expected recovery in subsequent years, reaching 7.575 billion yuan by 2027. The net profit is expected to recover from 416.26 million yuan in 2024 to 802.77 million yuan in 2027, with corresponding EPS increasing from 0.44 yuan to 0.84 yuan [1][3][11]