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多利科技(001311):2025年中报点评:2Q业绩承压,下半年增长仍可期
Huachuang Securities· 2025-08-22 05:53
Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 30.5 yuan [1][7]. Core Views - The company's 2Q performance faced pressure, but growth is expected in the second half of the year. The revenue for the first half of 2025 was 1.73 billion yuan, a year-on-year increase of 13%, while the net profit attributable to the parent company was 157 million yuan, a year-on-year decrease of 28% [1][7]. - The report highlights that the company has a stable customer structure, including major clients in the new energy vehicle sector, which supports its long-term development [7][8]. Financial Summary - **Revenue Forecasts**: The total revenue is projected to be 3.59 billion yuan in 2024, increasing to 3.97 billion yuan in 2025, with a year-on-year growth rate of 10.5% [3][8]. - **Net Profit Forecasts**: The net profit attributable to the parent company is expected to decrease from 425 million yuan in 2024 to 379 million yuan in 2025, reflecting a year-on-year decline of 10.8% [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.37 yuan in 2024, decreasing to 1.22 yuan in 2025, before recovering to 1.43 yuan in 2026 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be 20 times in 2025, decreasing to 17 times in 2026 and further to 14 times in 2027 [3][8]. Business Development - The company is recognized as a leader in stamping and integrated die-casting, with a diversified layout supporting its medium to long-term growth. It has established a strong customer base in the new energy vehicle sector, including Tesla and other domestic manufacturers [7][8]. - The report notes that the company has begun to ramp up production capacity in its new factory, which is expected to contribute positively to future revenue growth [7][8].
多利科技(001311):业绩符合预期,开拓新业务挖掘发展潜力
GOLDEN SUN SECURITIES· 2025-05-13 06:22
Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with a revenue of 3.6 billion and a net profit of 430 million, reflecting a year-on-year decrease of 8% and 14% respectively. In Q1 2025, revenue increased by 12% year-on-year to 870 million, while net profit decreased by 17% [1]. - The growth in revenue for Q1 2025 was driven by increased demand from major clients such as Tesla, Li Auto, NIO, and BYD, as domestic new energy vehicle sales rose by 47% year-on-year [1]. - The company is focusing on enhancing its technological and research capabilities, particularly in mold development and stamping welding technology, which are crucial for maintaining its competitive edge in the automotive parts industry [2]. - The company is expanding its business layout by venturing into integrated die-casting, hot forming, and composite materials, with expectations for large-scale production of integrated die-casting by the second half of 2025 [2]. Financial Summary - The company reported a revenue of 3.6 billion in 2024, with a projected revenue of 4.1 billion in 2025, reflecting a growth rate of 15% year-on-year. The net profit is expected to recover to 498 million in 2025, with a growth rate of 17.3% [4]. - The earnings per share (EPS) for 2025 is projected to be 2.09, with a price-to-earnings (P/E) ratio of 13.5 [4]. - The company’s gross margin for Q1 2025 was 20.9%, an increase of 2.2 percentage points from the previous quarter, indicating improved profitability [1].
多利科技:一体化压铸及热成型业务放量在即 美国加征关税对业务影响较小
Zheng Quan Shi Bao Wang· 2025-04-16 11:40
Core Viewpoint - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]