证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构（002541.SZ） 25Q1 扣非业绩超预期，盈利拐点已现 25Q1 营收增速拐头向上，扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元，同增 8.8%，结束连续 4 个季度的收入下滑；实现扣非后归母净利润 1.1 亿元，同比大幅增长 31%，超市场预期，主因 Q1 研发费用率下降； 实现归母净利润 1.4 亿元，同降 33%，同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元，同比/环比提升 14/10 元，单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%，历 经 4 个季度同比下滑后增速回正；钢结构产量同增 14.3%显著加速，结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点，后续公司业绩有望持续向上修复。 毛利率下降，费用率降低，钢材采购增多致 Q1 现金流净流出。25Q1 公 司毛利率 9.83%，YoY-0.76 个 pct，主因钢结构售价跟随钢价下行（25Q1 热轧卷板日均价格 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构（002541.SZ） 25Q1 扣非业绩超预期，盈利拐点已现 25Q1 营收增速拐头向上，扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元，同增 8.8%，结束连续 4 个季度的收入下滑；实现扣非后归母净利润 1.1 亿元，同比大幅增长 31%，超市场预期，主因 Q1 研发费用率下降； 实现归母净利润 1.4 亿元，同降 33%，同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元，同比/环比提升 14/10 元，单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%，历 经 4 个季度同比下滑后增速回正；钢结构产量同增 14.3%显著加速，结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点，后续公司业绩有望持续向上修复。 股价走势 -50% -36% -22% -8% 6% 20% 2024-04 2024-08 2024-12 2025-04 鸿路钢构 沪深300 毛利率下降，费用率降低，钢材采购增 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][9] Core Views - The company's performance in 2024 remained stable, with a notable increase in Q4 and a strong start in Q1 2025, supported by a full order book [1][5][8] - The company achieved a revenue of 1.157 billion yuan in 2024, a decrease of 5.43% year-on-year, while the net profit attributable to shareholders increased by 3.32% to 297 million yuan [4][5] - In Q1 2025, the company reported a revenue of 328 million yuan, a significant increase of 131.09% year-on-year, and a net profit of 104 million yuan, up 270.28% year-on-year [4][5] Summary by Sections Financial Performance - In 2024, the company’s revenue was 1.157 billion yuan, with a net profit of 297 million yuan, reflecting a stable performance despite a slight decline in revenue [4][5] - Q4 2024 saw a revenue of 575 million yuan, a year-on-year increase of 24.25%, and a net profit of 128 million yuan, up 15.81% year-on-year, marking a record for quarterly performance [5][6] - For Q1 2025, the company reported a gross margin of 36.65%, an increase of 8.67 percentage points year-on-year, driven by higher revenue from large projects [6][8] Order Book and Future Outlook - As of December 31, 2024, the company had an order backlog of 4.772 billion yuan, with a significant portion from polyolefin pneumatic conveying systems [6][8] - The company’s new orders in 2024 were approximately 1.351 billion yuan, with a stable domestic order intake despite a decline in overseas orders [6][8] - Ongoing projects are expected to enhance production capacity and expand application areas, with significant investments in equipment upgrades anticipated in the coming years [8] Market and Industry Trends - The petrochemical industry is experiencing rapid project advancements, supported by national policies that promote the application of the company's products [8] - The company is well-positioned to benefit from the ongoing upgrades and expansions in the petrochemical sector, which is expected to drive demand for its products [8]

Core Viewpoint - The company reported significant revenue and profit growth in 2024, with total operating income reaching 60.514 billion yuan, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% [1] Group 1: Financial Performance - In Q1 2025, the company achieved total operating income of 15.666 billion yuan, a year-on-year increase of 49.06%, but a quarter-on-quarter decline of 21.86%. The net profit attributable to shareholders was 0.247 billion yuan, up 138.2% year-on-year and 74.19% quarter-on-quarter [1] - The company's revenue from major business segments in 2024 included modified plastics (32.075 billion yuan), materials trading (12.371 billion yuan), green petrochemicals (11.436 billion yuan), and new materials (3.654 billion yuan), with respective year-on-year growth rates of 18.95%, 61.77%, 22.30%, and 15.73% [2] Group 2: Business Segments - The modified plastics segment remains the largest, with a production capacity of 3.72 million tons per year and sales volume of 2.5515 million tons in 2024, reflecting a year-on-year increase of 20.78% [3] - The company is actively expanding its market share in emerging fields such as humanoid robots and low-altitude economy, leveraging its competitive advantages in modified plastics [3] Group 3: International Expansion - In 2024, the company's revenue from mainland China and overseas was 51.306 billion yuan and 8.792 billion yuan, respectively, with year-on-year growth of 29.68% and 10.73% [4] - The company is accelerating local supply and service capabilities in overseas markets, achieving significant results in the U.S., Europe, India, Vietnam, and Malaysia [4] Group 4: Strategic Development - The company is a leading domestic player in the special engineering plastics sector, achieving import substitution in markets such as LED lighting and new energy vehicles, with sales of 23,900 tons, a year-on-year increase of 16.59% [5] - The company has plans to increase production capacity for various specialty resins, with projects expected to come online between 2025 and 2026 [5] Group 5: Profit Forecast and Investment Rating - The company is expected to see net profits attributable to shareholders of 1.451 billion yuan, 2.069 billion yuan, and 2.460 billion yuan for 2025-2027, with corresponding PE ratios of 19.4, 13.6, and 11.4 [6] - The company is rated as "overweight" based on its competitive position and comprehensive product offerings in the global chemical new materials industry [6]

Core Viewpoint - Hanbell Precise Machinery reported a revenue of 3.674 billion yuan for 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a decrease of 0.28% year-on-year, primarily due to the downturn in the real estate market affecting demand for refrigeration compressors and photovoltaic vacuum pumps [1] Financial Performance - The gross margin for 2024 was 38.31%, down by 2.01 percentage points year-on-year, mainly due to a price war triggered by supply-demand mismatches in the photovoltaic industry [2] - The net profit margin improved to 23.53%, an increase of 1.02 percentage points year-on-year, reflecting effective cost control measures [2] - The operating expense ratio for 2024 was 11.34%, down by 3.08 percentage points year-on-year, with management expenses at 4.03% (up 0.19 percentage points), sales expenses at 3.84% (down 0.88 percentage points), and R&D expenses at 4.95% (down 0.76 percentage points) [2] Industry Outlook - The demand for refrigeration compressors is expected to benefit from growth in the cold chain logistics and heat pump industries, as well as equipment upgrades, despite pressure from the commercial central air conditioning market due to real estate adjustments [3] - The total demand for cold chain logistics in 2024 is projected to reach 365 million tons, a year-on-year increase of 4.3% [3] - The semiconductor vacuum pump market is seeing a trend towards domestic substitution, with the company increasing its marketing efforts in the domestic semiconductor industry and beginning bulk deliveries to recognized semiconductor manufacturers [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 931 million yuan, 1.032 billion yuan, and 1.138 billion yuan, respectively, reflecting a downward adjustment due to unexpected pressures on commercial air conditioning and photovoltaic vacuum pumps [4] - The target price is set at 20.88 yuan, based on a 12 times price-to-earnings ratio for 2025, maintaining a "buy" rating [4]

事件描述 公司发布2024 年年度报告：报告期内，公司实现营业收入11.30 亿元，同比增长10.81%，归母净利润 1.83 亿元，同比增长13.64%；扣非后归母净利润1.76 亿元，同比增长15.82%。业绩符合此前预期。 2024 年，公司主营产品毛利率同比提升1.88pct 至45.22%，主要受益于销售结构优化；2025Q1，受越南 孙公司试生产及费用端影响，盈利能力承压下行。2024 年，公司销售净利率15.85%（+0.33pct）；销售 毛利率为45.16%（+1.84pct）。其中，测试仪器毛利率为42.56%（+1.63pct），主要受益于中高端产品 放量；专业仪表毛利率为50.82%（- 2.21pct），显著高于公司平均毛利率水平；通用仪表毛利率46.02% （+1.95pct）；温度与环境测试仪表毛利率42.34%（+1.88pct）。2025Q1，公司销售净利率为17.05% （-1.88pct）；销售毛利率为42.96%（-1.46pct），主要系越南公司试生产期间尚未形成规模产出，拉低 了公司整体毛利率水平。 公司持续强化研发创新与市场开拓，期间费用率有所提升。2024 年， ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved total operating revenue of 60.514 billion yuan in 2024, representing a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [4] - In Q1 2025, the company reported total operating revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, reflecting a year-on-year growth of 138.2% [4] - The company is the largest global producer of modified plastics, with a production capacity of 3.72 million tons per year, and achieved a sales volume of 2.5515 million tons in 2024, up 20.78% year-on-year [6][10] - The company is actively expanding its overseas business, with revenue from overseas operations reaching 8.792 billion yuan in 2024, a year-on-year increase of 10.73% [6][10] Summary by Relevant Sections Financial Performance - In 2024, the company generated revenue of 60.514 billion yuan, with significant contributions from modified plastics (32.075 billion yuan), materials trading (12.371 billion yuan), green petrochemical products (11.436 billion yuan), and new materials (3.654 billion yuan) [6] - The gross profit margins for these segments were 22.07%, 0.41%, -6.36%, and 15.83% respectively [6] - The company expects net profits to reach 1.451 billion yuan in 2025, with a projected growth rate of 75.95% [8] Market Position and Strategy - The company is leveraging its competitive advantages in modified plastics to capture opportunities in emerging fields such as smart driving and recycling [6][10] - The company is enhancing its local supply and service capabilities in overseas markets, significantly increasing its market share in regions like the US, Europe, and Southeast Asia [6][10] Future Outlook - The company is projected to achieve net profits of 2.069 billion yuan in 2026 and 2.460 billion yuan in 2027, with corresponding P/E ratios of 13.6 and 11.4 [8][10] - The company is also focusing on the domestic production of high-end materials, aligning with national strategies for industrial development [10]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved total operating revenue of 60.514 billion yuan in 2024, representing a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [4] - In Q1 2025, the company reported total operating revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.2% year-on-year [4] - The company is the largest global producer of modified plastics, with a production capacity of 3.72 million tons per year, and achieved a sales volume of 2.5515 million tons in 2024, a growth of 20.78% year-on-year [6][10] - The company is expanding its overseas business, with revenue from overseas operations reaching 8.792 billion yuan in 2024, a year-on-year increase of 10.73% [6][10] Summary by Sections Financial Performance - In 2024, the company reported revenues of 60.514 billion yuan and a net profit of 0.825 billion yuan, with significant growth in various business segments [4][6] - The company forecasts revenues of 69.491 billion yuan for 2025, with a projected net profit of 1.451 billion yuan, indicating continued growth [8] Business Segments - The modified plastics segment generated 32.075 billion yuan in revenue, accounting for 53% of total revenue, with a year-on-year growth of 18.95% [6] - The green petrochemical segment reduced losses, contributing 11.436 billion yuan to revenue, with a year-on-year growth of 22.30% [6] Market Position and Strategy - The company is leveraging its competitive advantages in modified plastics to capture opportunities in emerging fields such as smart driving and recycling [6][10] - The company is enhancing its local supply and service capabilities in overseas markets, significantly increasing its market share [6][10]

国寿安保基金认为，一方面，一季度出口仍然维持韧性，净出口规模再创新高，存在一定的抢出口因 素，给国内经济增长带来了支撑；另一方面，一季度经济的良好开局得益于内需的释放以及一系列前期 政策效果的显现，投资、消费等内需指标均有明显扩张。 2025年4月16日，国家统计局公布了我国一季度经济数据，一季度国内生产总值同比增长5.4%，生产、 消费、投资多项数据超出市场预期。近期美国发动贸易战、关税战，外部形势复杂多变，国寿安保基金 表示，一季度经济的良好开局无疑为后续的稳预期、稳经济工作增强了信心。在贸易冲突不确定性增加 的国际背景下，做好自己的事成为最好的应对手段。 在生产方面，一季度，全国规模以上工业增加值同比增长6.5%，比上年全年加快0.7个百分点，3月份， 规模以上工业增加值同比增长7.7%，比1-2月份加快1.8个百分点。在消费方面，一季度社会消费品零售 总额同比增长4.6%，3月份，社会消费品零售总额同比增长5.9%，比1-2月份加快1.9个百分点。在投资 方面，一季度全国固定资产投资累计同比增长4.2%，比上年全年加快1个百分点，增速比1-2月份加快 0.1个百分点，其中制造业投资增长9.1%、基建投 ...