点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 market 近日，广东光华科技股份有限公司（证券代码：002741，证券简称：光华科技）发布第六届董事会第三 次会议决议公告（公告编号：2025 - 044）。公告显示，公司于2025年10月10日在公司会议室以现场和 通讯相结合的方式召开了此次董事会会议，会议由董事长陈汉昭先生主持，应到董事9人，实际出席9 人，会议召集、召开及参会董事人数均符合相关规定，合法有效。 会上审议通过了《关于增加募投项目实施主体的议案》。为满足募投项目实际开展需求，提升募集资金 使用效率并加快项目实施进度，公司决定增加全资子公司广东光华创源新材料有限公司作为公司募投项 目"专 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a revenue of 3.21 billion yuan in 2024, a year-over-year decrease of 11.21%, and a net profit attributable to shareholders of 0.26 billion yuan, down 46.4% year-over-year. The first quarter of 2025 showed signs of recovery with a revenue of 0.77 billion yuan, up 2.9% year-over-year, and a net profit of 0.077 billion yuan, up 5.5% year-over-year [1][2] - The company is one of the few private enterprises in China capable of providing precision ring forgings for high-end equipment in aerospace, rocket, and gas turbine sectors. With ongoing fundraising projects and capacity release, it is expected to benefit from high demand in aerospace and new energy sectors [3][2] Summary by Sections Financial Performance - In 2024, the company experienced a decline in revenue from aerospace and petrochemical forgings, with aerospace forging revenue at 0.84 billion yuan (down 25.6% YOY) and petrochemical forging revenue at 0.62 billion yuan (down 33.6% YOY). However, power forgings saw revenue growth of 28.6% YOY, reaching 1.11 billion yuan [2] - The company's gross margin decreased by 5.2 percentage points to 18.7% in 2024, with a net margin down by 5.4 percentage points to 8.2%. The fourth quarter of 2024 marked the lowest profitability for the year, with a gross margin of 12.1% [1][2] Cost and Cash Flow - The company's operating expenses decreased by 6.7% to 0.29 billion yuan in 2024, but the expense ratio increased by 0.4 percentage points to 8.9%. The net cash flow from operating activities improved significantly to 0.59 billion yuan in 2024 from 0.14 billion yuan in 2023 [3][1] Future Projections - The company is projected to achieve net profits of 0.32 billion yuan, 0.39 billion yuan, and 0.46 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 21x, 17x, and 15x [3][5]