[Table_Info1] 广钢气体(688548) 电子 [Table_Title] 证券研究报告 / 公司点评报告 短期利润承压，产能扩张+供应稳定促进电子气体增长 报告摘要： [Table_Summary] 事件： 2025 年 4 月 22 日，公司发布 2025 年第一季度报告，实现营收 5.48 亿 元，同比+18.95%，环比-9.37%；归母净利润 0.56 亿元，同比-15.95%， 环比-15.33%；扣非归母净利润 0.49 亿元，同比-24.42%，环比-18.49%。 点评： 产能释放支撑收入增长，行业扰动压制利润表现，盈利拐点有望临近。 2025Q1，公司营收同比持续增长，主要受益于电子大宗气体多个新增产 能项目的陆续投产。受毛利率下滑及费用率上升影响，扣非归母净利润 同比大幅下滑。毛利率同比下降 4.99pcts 至 25.75%，公司在更高营收下 毛利润基本与去年同期持平，主要由于氦气业务影响，氦气售价下降导 致该业务毛利率下滑超 30%。不过，2025Q1 整体毛利率环比回升 1.36pcts，表明氦气业务负面影响已基本出清。期间费用方面，销售/管理 / 财 务 / 研 发 ...

华利集团公布1Q25 业绩：营业收入53.5 亿元（yoy+12.3%）；归母净利润为7.6 亿元（yoy-3.3%），盈 利能力短期承压主因新工厂产能爬坡影响，我们预计公司后续将受益于产能提升推动业绩释放，其中新 客户的拓展与老客户的份额提升将持续巩固竞争优势，维持"买入"评级。 产品延续量价齐升，导入新客户持续贡献增量 从量价角度来看，1Q25 运动鞋销量0.49 亿双（yoy+8.24%），人民币单价109 元（yoy+3.8%）；我们 认为量表现优于价主因公司战略性拓展新客户阿迪达斯、NewBalance 与On 等持续贡献增量，预计随着 2Q25 旺季到来业绩将实现进一步亮眼增长。 工厂产能爬坡短期拖累盈利能力，1Q25 经营效率稳步改善1Q25 公司净利率同比-2.3pct 至14.2%，毛利 率同比-5.5pct 至22.9%，主要原因为新工厂投产初期效率爬坡，员工人数增至18.4 万人 （yoy+17.0%）。 费用方面，报告期内公司期间费用率同比-2.0pct 至5.4%，其中销售/管理/研发费用率分别同 比-0.1/-1.5/+0.2pct 至0.4%/3.7%/1.8%，管理费用率同比下 ...

部分新客户表现优异销量增长带动收入增长双位数，新厂爬坡拖累毛利率。2025 年第一季度公司实现 营业收入53.53 亿元，同比增长12.3%，主要受阿迪达斯、昂跑、NB 等新客户订单销量增长驱动；归母 净利润7.62 亿元，同比下滑3.2%。毛利率同比下滑5.5 百分点至22.9%，主要受新投产工厂效率爬坡影 响，继2024 年上半年和下半年各投产2 家成品鞋工厂之后，2025年第一季度2 家成品鞋工厂已经投产。 期间费用率同比优化2.0 百分点，其中财务费用率同比下降0.6 百分点至-0.5%，主要受益于汇兑收益增 加，今年Q1 汇兑收益为900 万，去年同期损失1700 万；此外管理费用率同比-1.5百分点至3.7%。在毛 利率承压影响下，营业利润率同比-3.4 百分点至17.6%，归母净利率同比-2.3 百分点至14.2%。 销量保持高个位数快速增长，新老客户结构更加均衡。拆分量价来看，Q1 销售运动鞋0.49 亿双，同比 +8.2%，Asp 约108.4 元人民币，同比+3.8%（美元口径约+2.7%），单价提升预计主要源于高单价品牌 占比提升。分客户看，预计阿迪达斯、昂跑、NB 等新客户订单销量增速 ...

福莱特 20250429 摘要 • 福莱特一季度扭亏为盈，净利润达 1.06 亿元，得益于光伏玻璃价格上涨 及内部降本增效措施。但受光伏玻璃价格同比大幅下降影响，营收同比下 降 28.76%至 40.79 亿元，综合毛利率降至 11.72%。 • 公司在产产能为 19,400 吨/天，国内包括安徽四期和南通项目，海外印尼 项目预计今年 6 月开工，2027 年投产。全年出货量受新增产能节奏影响， 具体时间待定。 • 一季度出货情况良好，但预计 5 月组件端需求将略有下降，导致玻璃需求 波动。公司库存约 20 天，低于行业平均水平。光伏玻璃价格正在协商中， 预计 5 月初确定。 • 公司实施多项降本增效措施，包括管理、行政及生产运营端，效果积极。 石英砂和纯碱价格稳定，天然气价格回归淡季水平，一季度费用同比下降。 • 越南工厂主要出口美国，受关税影响较小，越南产能约 2000 吨，对集团 影响不大。北美收入占比约为 6%，主要为越南直接出口美国部分。 • 行业内新增产能有限，国内总产能约 9 万多吨，海外约 1 万吨。组件端需 求预计 55~60GW，供给较为充裕。公司有 7,000 多吨待点火产能，点火 节奏 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 80.82 RMB [7][8]. Core Views - The company reported a revenue of 5.35 billion RMB in Q1 2025, representing a year-over-year increase of 12.3%, while the net profit attributable to the parent company was 760 million RMB, down 3.3% year-over-year. The short-term pressure on profitability is attributed to the ramp-up of new factory capacity. However, the company is expected to benefit from capacity improvements and the expansion of new customers, maintaining its competitive advantage [1][5]. - The company has strategically expanded its customer base, including partnerships with Adidas, New Balance, and On, which have significantly contributed to revenue growth. The company anticipates further impressive growth as the peak season approaches in Q2 2025 [2][5]. - The company's net profit margin decreased by 2.3 percentage points year-over-year to 14.2%, and the gross profit margin fell by 5.5 percentage points to 22.9%, primarily due to the initial efficiency ramp-up of new factories. The workforce increased to 184,000, a 17% year-over-year rise. The company’s inventory was 3.67 billion RMB, up 12.5% year-over-year, and accounts receivable reached 3.31 billion RMB, up 15.3% year-over-year, indicating a focus on stocking for production expansion [3][5]. - The company acquired three Vietnamese shoe companies for a total of approximately 67.4 million RMB to optimize production resources, which are expected to enhance production capacity synergy within 1-2 years, thereby increasing the company's market share in global footwear manufacturing [4][5]. - The profit forecast for 2025-2027 is maintained at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, respectively. The company is assigned a PE ratio of 21.8 for 2025, based on a comparable company average PE of 12.7, reflecting its strong customer base and industry leadership [5][6]. Summary by Sections Financial Performance - Q1 2025 revenue was 5.35 billion RMB, a 12.3% increase year-over-year, while net profit was 760 million RMB, a decrease of 3.3% year-over-year [1]. - The company’s net profit margin decreased to 14.2%, and gross profit margin fell to 22.9% due to new factory ramp-up [3]. Customer Expansion - The company has successfully expanded its customer base, notably with Adidas, New Balance, and On, contributing to an 8.24% increase in sneaker sales volume to 49 million pairs in Q1 2025 [2]. Capacity and Acquisitions - The company acquired three Vietnamese shoe companies to enhance production capacity, expected to yield benefits within 1-2 years [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, with a target PE ratio of 21.8 for 2025 [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company's revenue faced short-term pressure with a slight decline of 2.17% year-on-year, resulting in a net profit attributable to shareholders of 99 million yuan, down 24.17% year-on-year [2] - The company's gross margin decreased to 25.93%, a decline of 2.54 percentage points year-on-year, primarily due to changes in accounting standards and intense price competition in the machine tool industry [3] - The company is in a capacity expansion phase, with ongoing projects to enhance production capabilities and international market presence, which is expected to strengthen its leading position in the industry [4] - The profit forecast for 2025-2027 is maintained at 641 million, 760 million, and 896 million yuan respectively, with corresponding dynamic P/E ratios of 16, 13, and 11 times [4]

证券研究报告·公司点评报告·通用设备 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] [投资要点 Table_S ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 25Q1 风电集装箱齐发力，业绩高增超预期 [Table_Title2] 麦加芯彩(603062) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603062 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 55.97/27.28 | | 目标价格： | | 总市值(亿) | 50.25 | | 最新收盘价： | 46.53 | 自由流通市值(亿) | 17.63 | | | | 自由流通股数(百万) | 37.89 | [Table_Summary] 事件概述。公司发布一季度报告。25Q1 实现营收 4.24 亿元，同比+40.50%；归母净利润为 5014 万元， 同比+77.35%，归母扣非后净利润 4643 万元，同比+104.93%。经营性现金流 2334 万元，去年同期为- 1.28 亿元，同比大幅改善。基本每股收益 0.47 元，同比+80.77%。公司盈利能力较去年同期有显著提 升， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has maintained high revenue growth, with a reported revenue of 4.095 billion yuan in 2024, representing a year-on-year increase of 47.56%. The net profit attributable to shareholders was 411 million yuan, up 27.51% [5] - In Q1 2025, the company achieved a revenue of 1 billion yuan, reflecting a growth of 21.33%, while the net profit attributable to shareholders decreased by 4.97% to 81 million yuan [5] - The company is accelerating its capacity expansion in Southeast Asia, with plans to raise up to 1.524 billion yuan for various projects, including the production of home appliances and high-performance motors [5] - The automotive motor segment is expected to see significant growth, with revenue from this segment increasing by 104.5% year-on-year in 2024 [5] Financial Summary - The company reported a gross margin of 17.36% in 2024, with the automotive motor segment showing a significant increase in gross margin due to scale effects [6] - The projected revenues for 2025, 2026, and 2027 are 5.248 billion yuan, 6.520 billion yuan, and 7.867 billion yuan, respectively, with year-on-year growth rates of 28.2%, 24.2%, and 20.7% [7] - The earnings per share (EPS) are expected to be 1.35 yuan in 2025, 1.70 yuan in 2026, and 2.10 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 14.8, 11.7, and 9.5 [7]