华阳集团 (002906 CH) Q2 营收增速强劲，毛利率环比+1.3pct | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 21 日│中国内地 | 汽车零部件 | 目标价(人民币): | 44.82 | 华阳集团发布半年报，2025 年 H1 实现营收 53.11 亿元（yoy+26.65%）， 归母净利 3.41 亿元（yoy+18.98%），扣非净利 3.23 亿元（yoy+16.53%）。 其中 Q2 实现营收 28.22 亿元（yoy+28.10%，qoq+13.36%），Q2 毛利率 环 比 +1.32pct 达 到 19.50% ， 归 母 净 利 1.86 亿元（ yoy+28.52% ， qoq+19.57%）。展望后续，公司或将持续受益于智能化浪潮并加快出海布 局，我们维持"买入"评级。 收入：增速持续跑赢大盘，新产品 VPD 率先量产 证券研究报告 1）Q2 公司营收同环比+28.10%/+13.36%，显著跑赢 Q2 国内乘用车产量 增速（同环比+1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.99 CNY [5][2] Core Views - The company has achieved significant growth in Q1, with revenue reaching 3.095 billion CNY, a year-on-year increase of 28.3%, and net profit attributable to the parent company at 322 million CNY, up 32.7% year-on-year [9] - The company is actively expanding its customer base in the new energy vehicle sector and has opened up overseas markets, which is expected to drive future growth [9][8] - The company is a preferred partner for Huawei's smart automotive solutions, enhancing its product offerings and market position [9] Financial Forecast and Investment Suggestions - EPS is projected to be 6.13 CNY in 2025, 7.56 CNY in 2026, and 9.11 CNY in 2027, with an average PE valuation of 23 times for comparable companies in 2025 [2] - Revenue is expected to grow from 10.248 billion CNY in 2023 to 21.386 billion CNY in 2027, with a compound annual growth rate (CAGR) of 14.7% [4][10] - Operating profit is forecasted to increase from 1.199 billion CNY in 2023 to 3.064 billion CNY in 2027, reflecting a strong growth trajectory [4][10] Key Financial Information - The company's revenue for 2023 is projected at 10.248 billion CNY, with a year-on-year growth of 24.3% [4] - The gross margin is expected to improve from 20.6% in 2023 to 22.4% in 2027, indicating better cost management and pricing power [4] - The net profit margin is projected to increase from 10.8% in 2023 to 12.2% in 2027, showcasing enhanced profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6] Core Views - The company reported a revenue of 288 million in Q4 2024, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 20 million, down 33.9% year-on-year [1] - For the full year 2024, the company achieved a revenue of 1.203 billion, a 2.3% increase year-on-year, but the net profit attributable to the parent company decreased by 19.1% to 104 million [1] - The company is actively implementing a marketing strategy focused on core regions and a combination of online and offline channels, which has led to steady revenue growth despite a decline in profits due to goodwill impairment [1] Financial Performance - The company's gross margin for 2024 was 61.71%, a decrease of 1.36 percentage points, and the net profit margin was 8.62%, down 2.28 percentage points [1] - The revenue from optical glasses and fitting services was 806 million, up 1.78% year-on-year, with a gross margin of 70.2% [2] - The revenue from the complete glasses series was 178 million, an increase of 11.97%, with a gross margin of 46.8% [2] - The revenue from contact lenses decreased by 5.03% to 156 million, with a gross margin of 36.9% [2] Product Structure Optimization - The company has cultivated its own brands, owning 13 brands by the end of 2024, with self-branded lenses and frames accounting for 58.65% and 65.40% of total sales, respectively [3] - Sales of functional lenses and adult progressive lenses saw significant year-on-year growth, with increases of 33.87% and 7.28%, respectively [3] Store Expansion and Digital Transformation - By the end of 2024, the company had 557 stores, a net increase of 42, with 510 direct-operated stores [4] - The company is deepening partnerships with major supermarket chains and hospitals to enhance its retail presence in key urban areas [4] - Online sales totaled 190 million in 2024, a decrease of 7.83% year-on-year, but the company is focusing on increasing brand exposure through social media and live streaming [4] Embracing Smart Technology - The company is actively engaging in the smart eyewear market, collaborating with leading brands to enhance its service offerings [5] - The launch of the Thunder V3 AI shooting glasses is scheduled for January 7, 2025, with plans to upgrade retail stores to include smart eyewear displays [5] Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 at 120 million, 140 million, and 160 million, respectively [11]

Core Viewpoint - The company, Pairui Co., Ltd., reported significant growth in its 2024 annual performance, with a focus on power semiconductor devices and a strong market position in high-voltage and high-power thyristors [1][2]. Financial Performance - In 2024, the company achieved an operating income of 192 million yuan, representing a year-on-year increase of 64.14% [1]. - The net profit attributable to shareholders reached 56.7752 million yuan, up 157.84% year-on-year [1]. - The non-recurring net profit was 52.256 million yuan, marking a 248.17% increase compared to the previous year [1]. - Basic earnings per share were reported at 0.18 yuan [1]. - The company plans to distribute a cash dividend of 0.3722 yuan per 10 shares, totaling 11.9104 million yuan [2]. Industry Position and Technology - Pairui Co., Ltd. has established itself as a leader in the domestic market for high-voltage, high-power thyristors, benefiting from a strong foundation laid by the Xi'an Electric Research Institute [2]. - The company possesses key technologies such as high-voltage thyristor full-pressure connection technology and high-voltage low-temperature welding technology, contributing to its competitive edge in the high-end power semiconductor market [2][3]. - The company has submitted 21 patent applications, including 4 invention patents, and has received 6 patent authorizations during the reporting period [3]. Research and Development - The company invested 9.4672 million yuan in R&D in 2024, accounting for 4.94% of its operating income [3]. - New power devices like IGCT and FRD have been developed and successfully applied in several ultra-high voltage direct current transmission projects [3]. Future Plans - In 2025, the company aims to focus on technological innovation, quality and cost control, market expansion, talent development, and sustainable growth to enhance its overall competitiveness [4]. - Planned new products include IGCT, FRD, and IGBT, with a strategy to conduct market research on device products to understand market demand and competition [4].