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海信视像(600060):产品结构优化升级,利润高增
Shanxi Securities· 2025-08-26 11:19
公司近一年市场表现 市场数据:2025 年 8 月 25 日 | 收盘价(元): | 21.71 | | --- | --- | | 年内最高/最低(元): | 25.88/14.28 | | 流通A股/总股本(亿): | 12.95/13.05 | | 流通 A 股市值(亿): | 281.16 | | 总市值(亿): | 283.31 | | 年 基础数据:2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元): | | | 0.81 | | 摊薄每股收益(元): | | | 0.81 | | 每股净资产(元): | | | 19.46 | 资料来源:最闻 分析师: 陈玉卢 执业登记编码:S0760525050001 邮箱:chenyulu@sxzq.com 黑色家电Ⅲ 海信视像(600060.SH) 买入-A(首次) 产品结构优化升级,利润高增 2025 年 8 月 26 日 公司研究/公司快报 事件描述 事件:海信视像发布了 2025 年中报业绩,2025H1 实现营业总收入为 272.31 亿元,yoy+6.95%,实现归母净利润为 1 ...
浙江鼎力(603338):CMEC并表费用影响减小 出海税率取得积极进展
Xin Lang Cai Jing· 2025-05-15 08:36
Core Viewpoint - In Q1 2025, the company achieved a revenue growth of 31%, primarily driven by overseas markets, with CMEC's consolidation contributing to overseas revenue growth. The net profit attributable to the parent company increased by 42% year-on-year, with stable gross margins and improved net margins due to reduced one-time expenses from CMEC consolidation. The company made positive progress in overseas tax rates, securing a minimum tariff of 20.6% in the EU anti-dumping investigation, which enhances its export competitiveness. Additionally, the US-China Geneva trade talks exceeded expectations, leading to adjustments in tariffs on Chinese exports to the US, currently around 30%, benefiting the company's exports to the US [1]. Events - Event 1: In Q1 2025, the company reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, a year-on-year increase of 41.83% [2]. - Event 2: The EU's final ruling on the anti-dumping and countervailing investigation against mobile elevating work platforms from China resulted in the company obtaining a minimum tariff of 20.6% [2]. - Event 3: The US-China Geneva trade talks led to positive developments, including the modification of tariffs on Chinese goods, with a 24% tariff suspended for the initial 90 days and a remaining 10% tariff retained [2]. Commentary - The company experienced rapid revenue growth in Q1 2025, with a revenue of 1.898 billion yuan, up 30.72% year-on-year. The domestic market was in a seasonal downturn, while exports surged, driven by CMEC's consolidation and the company's active expansion into overseas markets, particularly in Europe and North America. The net profit attributable to the parent company was 429 million yuan, reflecting a year-on-year increase of 41.83%. The gross margin and net margin were 40.56% and 22.58%, respectively, with the gross margin remaining stable and the net margin improving due to reduced one-time expenses from CMEC consolidation [3]. Long-term Development Outlook - The company achieved a minimum tariff rate in the EU anti-dumping investigation, providing a competitive advantage for exports to Europe. The company effectively utilized its response strategy and detailed evidence to secure a 20.6% minimum tariff, while other Chinese brands faced tariffs ranging from 41.7% to 66.7%. Additionally, the US-China tariff negotiations yielded favorable outcomes for the company's US business, with current tariffs on exports to the US at approximately 30%. The company maintains strong product capabilities and is actively expanding its arm-type products, introducing various new products such as tunnel drilling robots and ship rust removal robots, contributing to new revenue streams [4]. Investment Projections - The company is projected to achieve revenues of 8.988 billion yuan, 10.126 billion yuan, and 11.429 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 15.25%, 12.66%, and 12.87%, respectively. The net profits attributable to the parent company are expected to be 2.002 billion yuan, 2.474 billion yuan, and 2.944 billion yuan, with year-on-year growth rates of 22.92%, 23.59%, and 18.98%. The corresponding price-to-earnings ratios are projected to be 12.21x, 9.88x, and 8.31x, maintaining a "buy" rating [5].
新股覆盖研究:新亚电缆
Huajin Securities· 2025-03-02 13:44
Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [31]. Core Viewpoints - The company, Xinya Cable (001382.SZ), specializes in the research, production, and sales of electric wires and cables, with a focus on power cables, electrical equipment cables, and overhead conductors. It has established a strong competitive position in the South China power grid sector, particularly through long-term partnerships with major clients like the Southern Power Grid [6][22]. - The company has shown a mixed financial performance, with projected revenues of 2.763 billion yuan in 2022, 3.013 billion yuan in 2023, and 2.834 billion yuan in 2024, reflecting year-over-year changes of -4.50%, 9.03%, and -5.94% respectively. The net profit attributable to the parent company is expected to be 111 million yuan in 2022, 164 million yuan in 2023, and 135 million yuan in 2024, with year-over-year changes of 14.85%, 48.40%, and -17.94% respectively [7][22]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 2.763 billion yuan, 3.013 billion yuan, and 2.834 billion yuan for the years 2022, 2023, and 2024, with corresponding year-over-year growth rates of -4.50%, 9.03%, and -5.94% [7][22]. - The net profit attributable to the parent company was 111 million yuan, 164 million yuan, and 135 million yuan for the same years, with year-over-year growth rates of 14.85%, 48.40%, and -17.94% [7][22]. Industry Situation - The electric wire and cable industry plays a crucial role in the national economy, maintaining stable growth due to rapid industrialization and urbanization in China. The industry is expected to continue growing, driven by investments in smart grids, urban infrastructure, and renewable energy [13][14]. Company Highlights - Xinya Cable is recognized as a leading enterprise in the South China power grid sector, with a strong partnership with the Southern Power Grid. The company has been involved in significant national projects and has maintained a stable revenue contribution from this key client, accounting for approximately 40% of its total revenue [22][23]. - The company is actively enhancing its research and development capabilities for specialty cables, targeting new applications in automotive and robotics sectors. This includes the development of fire-resistant cables and cables for electric vehicle charging [23][24]. Comparison with Peers - Compared to its peers, Xinya Cable's revenue and gross margin are below the industry average. The average revenue for comparable companies in 2023 was 5.152 billion yuan, with an average PE-TTM of 24.83X and an average gross margin of 15.28% [26][27].