点击注册小程序 查看完整报告 特别申明： 与蒙牛协同推进降本增效，上新加快逐步贡献业绩增量 事件： 妙可蓝多25Q1实现营业收入12.3亿元，同比+6.3%（调整后）；归母净利润0.8亿元，同比+114.9%（调整 后）；扣非归母净利润0.6亿元，同比+110.2%。 并表后奶酪业务收入同比增加明显 1）分产品看：25Q1奶酪/液态奶/贸易收入分别为10.30/0.95/1.01亿元，和蒙牛奶酪并表前的24Q1各业务收 入分别为7.85/0.81/0.82亿元。2）分渠道看：25Q1经销/直营/贸易收入分别为9.59/1.65/1.01亿元，并表前 的24Q1各渠道收入分别为7.35/1.31/0.82亿元。3）分地区看：25Q1北区/中区/南区收入分别为4.64/5.14/ 2.48亿元，并表前的24Q1各地区收入分别为3.74/3.87/1.87亿元。截至25Q1末，北区/中区/南区经销商数量 分别为3662/2424/1960个，总计8046个，较24年末分别增加111/106/32个，总计净增加249个，经销商数量 持续增加。 产品结构优化及积极控费下，25Q1归母净利率同比改善 1）毛利率：25Q1 ...

Export Business Performance - The company's export revenue reached 556 million CNY in 2024, representing a year-on-year growth of 90.22%, accounting for 3.86% of total revenue [2][3] - The company aims to maintain export growth by optimizing product structure and developing high-value specialty steel, while diversifying market presence beyond Southeast Asia [2][3] Industry Outlook and Demand - The steel industry is currently in a cyclical adjustment phase, with a cautiously optimistic outlook for 2025 demand driven by major projects under the "14th Five-Year Plan" and structural growth in downstream sectors like new energy and automotive [3][4] - The company plans to enhance production capacity through smart upgrades and technical innovations, focusing on high-end products to balance capacity utilization and profitability [3][4] Financial Performance - In 2024, the company reported total revenue of 14.416 billion CNY, a decrease of 7.69% year-on-year, with a net profit of 163 million CNY, down 27.75% [4][5] - The net cash flow from operating activities improved to 412 million CNY, reversing from a negative 139 million CNY in 2023 [4][5] Research and Development - The company invested 582 million CNY in R&D in 2024, which is 4.04% of total revenue, focusing on specialty steel and automotive steel [3][4] - Significant breakthroughs in core processes have led to 18 invention patents, and the company aims to continue investing in high-end steel for new energy vehicles and wind power applications [4][5] Strategic Focus - The company is prioritizing quality improvement and transformation during the steel industry's "stock optimization" phase, emphasizing equipment upgrades, green low-carbon transformation, and high-value product development [4][5] - Future growth drivers include optimizing product structure, enhancing supply chain collaboration, and advancing smart manufacturing to reduce costs and improve efficiency [5][6] Environmental Initiatives - The company has invested 3.08 billion CNY in eliminating outdated equipment and upgrading to efficient electric furnaces, achieving a 100% compliance rate for pollutant emissions [6][7] - The company is actively exploring opportunities in energy-saving technologies and has established a nearly 60MW solar project, generating approximately 52 million kWh of green electricity annually [6][7] Competitive Advantages - The company has established a unique competitive advantage in the specialty steel sector, leveraging its location in the Yangtze River Delta and advanced production capabilities to meet diverse customer needs [8][9] - The company’s export growth rate of 90% significantly outpaces the industry average of 22.7%, indicating strong international market competitiveness [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant revenue growth, with a 34.43% year-on-year increase in 2024, reaching 2.663 billion yuan, and a net profit growth of 87.38%, amounting to 226 million yuan [1] - The company is expanding its production capacity and improving its product mix, particularly in high-end products, which is expected to enhance profitability [2] - The company is diversifying into the automotive parts industry, which is anticipated to provide new profit growth points [3] - Future net profits are projected to be 272 million yuan in 2025, 300 million yuan in 2026, and 324 million yuan in 2027, with corresponding P/E ratios of 12.1, 11.0, and 10.2 [4] Financial Performance - In 2024, the company achieved a gross profit margin of 19.58% in Q1, which improved to 22.74% in Q1 2025, indicating a positive trend in profitability [1] - The company’s revenue is expected to grow at a decreasing rate, with projections of 10.0% growth in 2025, followed by 4.5% and 4.4% in 2026 and 2027 respectively [4] - The net profit margin is projected to improve from 8.5% in 2024 to 10.1% in 2027, reflecting enhanced operational efficiency [4] Production and Market Position - The company’s production capacity for stainless steel is set to reach 160,000 tons, making it the leader in the domestic market for small-diameter seamless steel pipes used in ultra-supercritical boilers [2] - The sales volume of alloy steel products increased by approximately 21.68% in the first half of 2024, while stainless steel product sales surged by about 81.06% [2] Strategic Initiatives - The company has acquired a 68% stake in Jiangsu Ruimei Automotive Parts Co., aiming to strengthen its position in the automotive parts sector [3] - The establishment of a wholly-owned subsidiary focused on lightweight manufacturing for automotive parts is expected to enhance the company's resilience and profitability [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][36] Core Views - The company is expected to see a significant decline in net profit for 2024, with a projected decrease of 60% year-on-year, resulting in a net profit of 2.03 billion yuan and revenue of 14.1 billion yuan, down 12% from the previous year [1][6] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 690 million yuan, and intends to repurchase shares worth 200-400 million yuan in January 2025 [1][6] - The sales volume of high-end specialty steel has increased, accounting for 65% of total sales, indicating a shift towards higher value products [2][7] Financial Performance and Forecast - For 2024, the company is expected to achieve revenue of 14.1 billion yuan and a net profit of 2.03 billion yuan, with a significant drop in net profit margin [4][37] - The forecast for 2025-2027 indicates a gradual recovery in revenue, with expected figures of 145 billion yuan, 147 billion yuan, and 149 billion yuan respectively, and net profits projected to rise to 2.85 billion yuan, 3.63 billion yuan, and 4.53 billion yuan [3][36] - The diluted EPS is expected to improve from 0.29 yuan in 2024 to 0.66 yuan by 2027, with corresponding P/E ratios decreasing from 11.6 to 5.2 [3][37] Market Position and Strategy - The company has optimized its product structure, with specialty steel sales now making up nearly two-thirds of total sales, positioning it favorably in the central and southern markets [3][36] - The automotive steel segment, particularly through its joint venture with ArcelorMittal, has shown resilience and stability, focusing on high-strength automotive steel products [2][7]

Core Viewpoint - Huangshan Capsule (002817.SZ) reported a revenue of 473 million yuan for 2024, a year-on-year increase of 2.31%, but with a decline in net profit. The company has shown significant growth in its two high-end products, indicating a successful optimization of its product structure despite industry challenges [1][2]. Group 1: Financial Performance - The company achieved a net profit of 49.25 million yuan and a non-recurring net profit of 47.16 million yuan, reflecting a decline compared to the previous year [1]. - Revenue from enteric-coated capsules reached 73.74 million yuan, growing by 25.23%, while plant-based capsules generated 53.69 million yuan, with a growth of 64.37% [1][3]. - The revenue distribution among the three main product categories is as follows: gelatin capsules (73.15%), enteric-coated capsules (15.52%), and plant-based capsules (11.33%) [3]. Group 2: Product Development and Innovation - Huangshan Capsule has established a comprehensive product matrix, including gelatin, enteric-coated, and HPMC (plant-based) capsules, with a production capacity exceeding 40 billion capsules annually [2][3]. - The company invested 14.01 million yuan in R&D for 2024, applying for five new patents and receiving four, enhancing its technological innovation capabilities [3]. - The rapid growth of high-end products is attributed to the company's focus on technological innovation and continuous investment [3]. Group 3: Market Position and Strategy - The company is one of the largest manufacturers of pharmaceutical capsules in China, benefiting from its compliance and technological advantages amid industry consolidation [4]. - Huangshan Capsule is advancing its digital transformation, with over 20 technical upgrades in its workshops planned for 2024 [4][5]. - The company has established a robust marketing network and partnerships with major pharmaceutical companies, enhancing customer loyalty and market presence [5]. Group 4: Global Expansion - Huangshan Capsule is actively expanding into international markets, having achieved FDA DMF registration, which allows for the export of high-end products to Europe and the U.S. [6][7]. - In 2024, overseas sales reached 79.66 million yuan, a growth of 80.85% compared to 2023, accounting for 16.82% of total revenue [7]. - The global hollow capsule market is projected to grow from 6.219 billion yuan in 2023 to 9.405 billion yuan by 2029, with a compound annual growth rate of 5.60% [8]. Group 5: Profit Distribution - The company announced a profit distribution plan for 2024, proposing a cash dividend of 0.38 yuan per 10 shares, totaling 11.37 million yuan, marking the highest cumulative dividend of 19.44 million yuan in its history [8].