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晶苑国际(02232):弱市兑现较优成长,利润率持续扩张可期
Changjiang Securities· 2025-08-26 23:30
丨证券研究报告丨 港股研究丨公司点评丨晶苑国际(2232.HK) [Table_Title] 晶苑国际 2025H1 点评:弱市兑现较优成长,利 润率持续扩张可期 报告要点 [Table_Summary] 展望:收入端,品类多元&供应链优势实现核心客户份额深化+运动次新客户提份额,有望中短 期内维持较优订单增速;利润端,订单结构优化&一体化&自动化预计带来盈利改善,伴随成长 性兑现估值有望持续提升。预计公司 2025-2027 年实现归母净利润 2.3、2.6、3.0 亿美元,同 比+16%/+14%/+13%,对应 PE 为 11、9、8X,60%分红比例假设下 2025 年股息率达 5.5%, 维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC:S0490518020002 SAC:S0490524020003 SFC:BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 晶苑国际(2232.HK) cjzqdt11111 [Table_Title 晶苑国际 2025H1 2] 点评:弱市兑现较优成长,利 润率持 ...
金斯瑞生物科技发布中期业绩 母公司拥有人应占亏损2546.2万美元 同比收窄85.46%
Zhi Tong Cai Jing· 2025-08-17 10:38
Core Viewpoint - Kingsray Biotechnology (01548) reported a significant increase in revenue and a reduction in losses for the six months ending June 30, 2025, indicating strong operational performance and strategic investments in innovation and marketing [1] Financial Performance - Revenue from continuing operations reached $519 million, an increase of 81.92% year-on-year [1] - Loss attributable to equity holders narrowed to $25.462 million, a reduction of 85.46% year-on-year [1] - Basic loss per share was 1.18 cents [1] Segment Performance - Revenue from life sciences services and products was approximately $248 million, up 11.3% from about $222 million in the previous period [1] - Adjusted gross profit was approximately $126 million, an increase of 5.3% from about $120 million [1] - Adjusted gross margin slightly decreased from 53.9% to 51.0% [1] - Adjusted operating profit decreased slightly from approximately $47.8 million to about $46.4 million [1] Growth Drivers - Revenue and adjusted gross profit growth were primarily driven by: - Platform innovation and automation upgrades, particularly in protein and gene editing platforms, leading to reliable, fast, and high-quality service and product delivery [1] - Enhanced operational efficiency at production bases in mainland China, Singapore, and the United States [1] - Targeted activities and brand revitalization efforts to improve customer engagement [1] - The decrease in adjusted operating profit was attributed to increased investments in marketing transformation and research and development activities aimed at building long-term competitiveness [1]
弘亚数控(002833) - 2025年5月6日投资者关系活动记录表
2025-05-07 00:34
Financial Performance - In Q1 2025, the company achieved revenue of CNY 654 million, with a net profit attributable to shareholders of CNY 132 million and a net cash flow from operating activities of CNY 140 million [1] - Gross margin was 30.93% and net margin was 20.3%, both remaining relatively stable [1] - Operating expense ratio increased to 11.66%, up by 3.74%, driven by a 68.38% increase in sales expenses and a 46.3% increase in R&D expenses [1] Market Conditions - Domestic market demand is expected to remain under pressure in the first half of 2025, with a potential improvement in the second half due to a lower comparative base [2] - Overseas revenue accounts for approximately one-third of total income, showing an upward trend, particularly in regions along the "Belt and Road" initiative and core developed countries [2] Business Strategy - The company plans to enhance production capacity with new facilities coming online in early 2024, increasing the self-manufacturing rate of key components to 70% [3] - Differentiated competition strategies include balancing price and order configurations, launching new products, and adjusting product structures to meet market demands [3] - The revenue share of mid-to-high-end products is gradually increasing, with specific growth in CNC drills (8.04%) and panel saws (16.55%) [3] Future Capital Expenditure - The company has planned capital expenditures exceeding CNY 100 million over the next two to three years for new construction projects in Foshan, with basic construction already underway [4] Investor Interaction Insights - In Q1 2025, domestic sales accounted for about two-thirds of total revenue, showing a slight decline year-on-year, while overseas sales experienced moderate growth [5] - The company maintains a cautiously optimistic outlook for the market in 2025, noting that competition and evolving demand present opportunities for growth [10]