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英科再生(688087):2025H1中报点评:装饰建材业务增长强劲,经营韧性提升勘误版
Soochow Securities· 2025-09-05 12:28
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses from the appreciation of the RMB against the USD. Excluding this factor, the company's operational profitability, revenue, and net profit all showed positive growth [7] - The revenue from the decoration and building materials segment grew by 38% year-on-year, accounting for 37.27% of total revenue in H1 2025. The company’s product mix, including high-value home consumer goods, contributed to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting its commitment to shareholder returns [7] - The company has a global marketing presence, with overseas revenue accounting for 88.80% of total revenue in H1 2025, showing a year-on-year increase of 27.84% [7] Financial Summary - The company forecasts total revenue of 2.924 billion yuan for 2024, with a year-on-year growth rate of 19.09%. The net profit attributable to shareholders is projected to be 307 million yuan, reflecting a significant increase of 57.07% compared to 2023 [1][8] - The earnings per share (EPS) is expected to be 1.58 yuan in 2024, increasing to 2.42 yuan by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 16.86 in 2024 to 11.02 in 2027 [1][8] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year, indicating improved operational efficiency [7]
英科再生(688087):2025H1中报点评:剔除汇兑损益后业绩同增32%,装饰建材业务增长强劲
Soochow Securities· 2025-08-28 12:45
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses. Excluding these losses, the net profit would have increased by 31.59% [7] - The revenue from the decoration and building materials business grew significantly, with a year-on-year increase of 38% in H1 2025, contributing to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting a dividend payout ratio of 13.3% [7] - The company is positioned as a leader in recycled plastics, with a global presence and a focus on high-value utilization of recycled plastic products, which is expected to enhance profitability as product categories expand and channels develop [7] Financial Summary - For 2023A, total revenue is projected at 2.455 billion yuan, with a year-on-year growth of 19.41%. The net profit attributable to shareholders is expected to be 195.65 million yuan, a decrease of 15.22% [1] - The company forecasts a net profit of 386.09 million yuan for 2025E, representing a growth of 25.63% [1] - The earnings per share (EPS) for 2025E is estimated at 1.99 yuan, with a price-to-earnings (P/E) ratio of 14.53 [1] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year [7] - The company’s total assets are projected to reach 6.441 billion yuan by 2025E, with total liabilities of 3.439 billion yuan [8]
英科再生:2024年报&2025一季报点评:2024年业绩高增57%,高值化利用产品增长动能充足-20250505
Soochow Securities· 2025-05-05 06:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of 57% in 2024, driven by strong growth in high-value utilization products, with the revenue from finished frames and decorative building materials increasing to 76% of total revenue [7] - The company has a robust global layout and is a pioneer in the recycled plastic industry, focusing on high-value end products and expanding its product categories [7] - The earnings forecast for 2025-2026 has been revised upwards, with net profit estimates increased to 3.86 billion and 4.58 billion respectively, and a projected net profit of 5.41 billion for 2027 [7] Financial Performance Summary - For 2024, total revenue is projected at 29.24 billion yuan, with a year-on-year growth of 19.09%, and a net profit of 3.07 billion yuan, reflecting a 57.07% increase [7] - The sales gross margin for 2024 is expected to be 24.80%, with a net profit margin of 10.51% [7] - The company’s operating cash flow is anticipated to significantly increase, with a net cash flow from operating activities of 956.13 million yuan in Q1 2025, representing a 44.46% increase [7] Product and Market Insights - The revenue from finished frames reached 1.31 billion yuan in 2024, with a 24.37% increase, while decorative building materials revenue grew by 31.55% to 916 million yuan [7] - The company is actively developing new products and expanding marketing channels, which is expected to contribute to steady revenue growth [7] - The company has established a recycling system for bottles and bricks, improving production processes and global marketing channels, which is expected to enhance product gross margins [7]
英科再生(688087):2024年报、2025一季报点评:2024年业绩高增57%,高值化利用产品增长动能充足
Soochow Securities· 2025-05-04 12:49
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.924 billion yuan in 2024, representing a year-on-year growth of 19.09%, and a net profit attributable to shareholders of 307.32 million yuan, which is a 57.07% increase [7] - The revenue from high-value utilization products, including finished frames and decorative building materials, increased to 76% of total revenue in 2024 [7] - The company is focusing on expanding its product categories and enhancing its marketing channels, which has led to steady revenue growth [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 2.455 billion yuan - 2024A: 2.924 billion yuan (19.09% YoY) - 2025E: 3.393 billion yuan (16.03% YoY) - 2026E: 4.166 billion yuan (22.80% YoY) - 2027E: 4.948 billion yuan (18.76% YoY) [1][8] - **Net Profit Forecasts**: - 2023A: 195.65 million yuan - 2024A: 307.32 million yuan (57.07% YoY) - 2025E: 386.09 million yuan (25.63% YoY) - 2026E: 458.22 million yuan (18.68% YoY) - 2027E: 540.77 million yuan (18.02% YoY) [1][8] - **Earnings Per Share (EPS)**: - 2023A: 1.05 yuan - 2024A: 1.64 yuan - 2025E: 2.06 yuan - 2026E: 2.45 yuan - 2027E: 2.89 yuan [1][8] - **Price-to-Earnings (P/E) Ratios**: - 2024A: 14.36 - 2025E: 11.43 - 2026E: 9.63 - 2027E: 8.16 [1][8] Product and Market Insights - The company has strengthened its competitive edge in high-value utilization products, with finished frames generating 1.312 billion yuan in revenue, a 24.37% increase [7] - The decorative building materials segment saw a revenue increase of 31.55%, contributing 9.16 billion yuan [7] - The company is expanding its rPET production capacity, with 50,000 tons/year already operational and an additional 100,000 tons/year under construction [7]