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伊之密(300415):2025年半年报点评:三大业务齐头并进,关注镁合金压铸的新场景
Soochow Securities· 2025-08-27 13:18
Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved steady growth in performance, with a record high quarterly performance in Q2 2025, reporting revenue of 2.746 billion yuan, up 15.89% year-on-year, and a net profit attributable to shareholders of 345 million yuan, up 15.15% year-on-year [2] - The three main business segments, injection molding machines, die-casting machines, and rubber machines, are all progressing well, contributing to the company's steady growth [2] - The company has seen significant growth in overseas revenue, which increased by 27.01% year-on-year, indicating successful expansion in international markets [3] Revenue and Profitability - For H1 2025, the company reported total revenue of 2.746 billion yuan, with a gross margin of 31.08%, slightly down by 2.53 percentage points year-on-year [4] - The sales net profit margin for H1 2025 was 12.90%, showing a minor decrease of 0.01 percentage points year-on-year [4] - The company maintained high R&D investment, with R&D expenses reaching 133 million yuan, up 8.00% year-on-year [4] Product Performance - The injection molding machine segment generated revenue of 1.932 billion yuan, up 13.09% year-on-year, driven by recovering demand in the industry [2] - The die-casting machine segment saw revenue of 555 million yuan, up 33.29% year-on-year, attributed to the introduction of new products and successful penetration into markets such as home appliances and 3C [2] - The rubber machine segment achieved revenue of 119 million yuan, up 23.85% year-on-year, with a strong order backlog and successful overseas market expansion [2] Future Outlook - The company is expected to maintain a strong position in the injection molding and die-casting machine sectors, with projected net profits of 704.95 million yuan, 832.81 million yuan, and 979.31 million yuan for 2025, 2026, and 2027 respectively [6] - The current stock price corresponds to dynamic P/E ratios of 17, 14, and 12 for 2025, 2026, and 2027, respectively, reflecting the company's leading position in its industry [6]
文灿股份 | 2024&2025Q1:2024盈利显著恢复 2025静待海外工厂改善【民生汽车 崔琰团队】
汽车琰究· 2025-04-30 04:00
01 事件概述 公司披露2024年年报及2025年第一季度报告,公司2024年全年营业收入为62.5亿元,同比+22.5%,归母净利润为1.2亿元,同比+128.2%,位于此前业绩预告中枢偏 下位置;公司2025Q1实现营业收入12.7亿元,同比-14.2%,环比-17.8%,归母净利润0.04亿元,同比-93.7%,环比-78.2%。 02 分析判断 ► 2024Q4盈利改善 2025Q1百炼业绩承压。 1)营收端: 公司2024Q4营收为15.5亿元,同比+20.6%,环比-5.0%,增长主要原因为核心客户赛力斯、理想销量稳健向上及新项目量产爬坡。2025Q1营收为12.7 亿元,同环比下降,源自核心客户赛力斯处于车型迭代周期,单季度销量同比/环比分别下降42.5%/57.2%,叠加百炼欧洲和墨西哥工厂客户订单减少,对公司营收造 成负面影响; 2)利润端: 公司2024Q4归母净利润为0.2亿元,同比大幅增长原因为车身结构件放量及百炼集团回暖,公司2025Q1毛利率下滑至13.4%(同 比-3.2pcts),主因为欧洲能源价格(欧洲天然气均价1,441万美元/吨,同比+64.6%,环比+6.2%)大幅上涨 ...