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共创草坪(605099):份额提升、结构改善 盈利能力稳步提升
Xin Lang Cai Jing· 2025-05-06 00:32
盈利能力表现靓丽,费用管控优异。2025Q1 公司毛利率32.6%(同比+2.1pct),归母净利率19.7%(同 比+2.1pct);费用端方面,Q1 期间费用率为9.4%(同比-0.6pct),其中销售/研发/管理/财务费用率分 别为4.5%/2.3%/3.3%/-0.7%(同比分别-0.7pct/-0.4pct/-0.8pct/+1.4pct)。 事件:公司发布2024 年报&2025 一季报。2024 年公司实现收入 29.52 亿元(同比+19.9%),归母净利 润5.11 亿元(同比+18.6%),扣非归母净利润5.05 亿元(同比+20.6%);单Q4 收入为6.93 亿元(同比 +27.1%),归母净利润1.18 亿元(同比+48.9%),扣非归母净利润1.17 亿元(同比+51.6%)。25Q1 收 入为7.93 亿元(同比+15.3%),归母净利润1.56 亿元(同比+28.7%),扣非归母净利润1.55 亿元(同 比+32.0%)。我们预计Q1受益于内部降本、原材料价格降价、美国高毛利业务占比提高等因素,业绩 表现靓丽。根据AMI Consulting,自 2011 年开始共创人造草坪销 ...
共创草坪:份额提升、结构改善,盈利能力稳步提升-20250506
Xinda Securities· 2025-05-05 15:25
姜文镪 新消费行业首席分析师 执业编号:S1500524120004 邮 箱: jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编:100031 [Table_Title] 共创草坪:份额提升、结构改善,盈利能力稳 步提升 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 共创草坪(605099) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件:公司发布 ummary] 2024 年报&2025 一季报。2024 年公司实现收入 29.52 亿 元(同比+19.9%),归母净利润 5.11 亿元(同比+18.6%),扣非归母净利 润 5.05 亿元(同比+20.6%);单 Q4 收入为 6.93 亿元(同比+27.1%),归 母净利润 1.18 亿元(同比+48.9%),扣非归母净利 ...
开源证券晨会纪要-20250429
KAIYUAN SECURITIES· 2025-04-29 15:17
Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]
共创草坪:2025Q1业绩增长优秀,全球产能布局深化-20250429
Tai Ping Yang· 2025-04-29 04:10
Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][15]. Core Insights - The company reported excellent performance in Q1 2025, with significant revenue growth and deepening global capacity layout [1][10]. - In 2024, the company achieved a revenue of 2.952 billion yuan, representing a year-on-year growth of 19.92%, and a net profit of 511 million yuan, up 18.56% [4][9]. - The company plans to distribute a cash dividend of 6.40 yuan per 10 shares, totaling 257 million yuan, with a payout ratio of 50.28% [4]. Financial Performance - In Q1 2025, the company reported revenue of 793 million yuan, a 15.27% increase year-on-year, and a net profit of 156 million yuan, up 28.73% [4][6]. - The gross margin improved from 29.50% in Q4 2024 to 32.55% in Q1 2025, while the net margin increased from 16.98% to 19.67% in the same period [6]. - The company’s revenue from leisure grass, sports grass, and paving business in 2024 was 2.052 billion yuan, 594 million yuan, and 288 million yuan, respectively, with growth rates of 22.43%, 6.38%, and 37.18% [5]. Capacity Expansion - The company is expanding its production capacity with new projects in Vietnam and Mexico, aiming for a total annual capacity of 172 million square meters after completion [7]. - The Vietnam facility is expected to produce 40 million square meters of artificial turf annually, while the Mexico facility is projected to produce 16 million square meters [7]. Future Projections - The company forecasts net profits of 600 million yuan, 703 million yuan, and 812 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.49 yuan, 1.75 yuan, and 2.02 yuan [9][12]. - The projected revenue growth rates for the next few years are 16.10% for 2025, 14.60% for 2026, and 12.40% for 2027 [9].
共创草坪:2025年一季度业绩稳健增长,盈利能力显著提升
Zheng Quan Zhi Xing· 2025-04-28 22:35
近期共创草坪(605099)发布2025年一季报,证券之星财报模型分析如下: 经营业绩 共创草坪在2025年一季度实现了较为稳健的增长。根据财报数据,公司营业总收入达到7.93亿元,同比 上升15.27%;归母净利润为1.56亿元,同比上升28.73%;扣非净利润为1.55亿元,同比上升31.98%。这 表明公司在报告期内不仅保持了收入的增长,而且盈利能力也得到了显著提升。 盈利能力 公司的盈利能力在本报告期内表现出色。毛利率为32.55%,同比增加了8.22个百分点;净利率为 19.67%,同比增加了11.68个百分点。这些数据显示出公司在控制成本和提高产品附加值方面取得了积 极成效。 公司货币资金为11.26亿元,同比增加14.53%,显示出良好的现金流状况。然而,需要注意的是,公司 有息负债从1.05亿元增加到3.36亿元,增幅达220.64%,这可能对公司未来的财务压力产生一定影响。 应收账款 财报体检工具提示应关注公司应收账款状况,当前应收账款为6.91亿元,占利润的比例高达135.22%, 需警惕潜在的坏账风险。 分红与融资 自上市以来,公司累计融资总额为6.19亿元,累计分红总额为8.32亿元, ...
共创草坪20250428
2025-04-28 15:33
Summary of the Conference Call for "Co-Creation Turf" Company Overview - **Company**: Co-Creation Turf - **Industry**: Turf and Landscaping Products Key Financial Performance - **Q1 2025 Revenue Growth**: 15% increase, with profits growing over 28%, marking the best performance since the company went public [2][3] - **2024 Revenue Growth**: Close to 20%, with similar profit growth, achieving stock incentive targets [3] - **Cash Flow**: Strong operating cash flow supports profit performance [3] Market Insights and Strategies - **Market Focus**: Enhanced focus on key markets and improved marketing strategies led to significant sales share increases in both primary and global markets [2][4] - **Cost Reduction Measures**: Achieved cost reductions through energy savings, improved labor efficiency, and benefited from declining raw material prices and currency fluctuations [2][4] - **Sales Performance by Region**: - **2024 Sales Growth**: 10% for sports turf, 30% for leisure turf; Americas and Europe saw over 30% growth, while Asia-Pacific and other regions approached 10% [2][8] - **Q1 2025 Sales Growth**: Over 10% in the Americas and Europe, with a decline in Asia-Pacific and other regions [2][9] Production and Capacity - **Vietnam Production**: Near full capacity utilization in 2024, with net profit margins exceeding 20%, higher than domestic margins [4][16] - **New Projects**: High-quality completion of the Vietnam Phase III project planned for 2025 [2][7] Human Resource Management - **Employee Incentives**: Implemented HR mechanism reforms, optimizing compensation, performance, and career development systems, along with stock and cash incentives to boost employee motivation [2][6] Future Plans - **2025 Goals**: Aim for at least 15% revenue growth by expanding market reach and developing new customers, alongside comprehensive cost reduction across various functions [2][7] - **Process Improvement**: Initiating process system construction with consulting firms for planning and transformation [7] Tariff and Trade Policy Impact - **Tariff Situation**: Facing a 46% tariff on exports to the U.S., currently delayed by 90 days, with an additional 10% already imposed, costs passed to customers [2][10] - **Long-term Outlook**: Despite potential tariffs, Vietnam maintains a cost advantage over U.S. production, making local expansion unlikely [10][11] Competitive Landscape - **Market Position**: Co-Creation Turf holds over 50% market share in the U.S., with limited competition from smaller domestic firms [18] - **Cost Comparison**: Estimated production costs in Mexico are about 30% higher than in Vietnam, influencing future production decisions based on tariff changes [15][16] Revenue Streams and Product Performance - **Other Products**: Coatings and other products, including grass fibers and artificial plants, saw revenue growth exceeding 30% [22] - **Price Trends**: Average prices for sports turf decreased by approximately 4%, while leisure turf prices fell by about 6% due to raw material price drops and currency fluctuations [8][14] Dividend and Capital Expenditure - **Dividend Policy**: The company maintains a fixed 50% dividend payout ratio, expected to remain unchanged unless significant capital expenditures arise [18] Conclusion and Outlook - **Overall Assessment**: The company has enhanced its competitiveness through improvements in market, manufacturing, R&D, and management, positioning itself well to meet 2025 targets [26] - **Investment Potential**: Current valuation is considered low, indicating potential for further appreciation and better returns for investors [26]
共创草坪(605099):盈利稳健增长,扩产稳步推进
HTSC· 2025-04-28 07:11
Investment Rating - The investment rating for the company is "Buy" with a target price of 25.33 RMB [8][9]. Core Views - The company achieved a revenue of 2.952 billion RMB in 2024, representing a year-over-year growth of 19.92%, and a net profit of 511 million RMB, up 18.56% year-over-year [1]. - The company is experiencing steady growth in sales across its product lines, with significant increases in revenue for its sports grass, leisure grass, and paving businesses [2]. - The company is expanding its production capacity, with ongoing projects in Vietnam and Mexico, which will enhance its market position [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 693 million RMB, a year-over-year increase of 27.08%, and a net profit of 118 million RMB, up 48.94% year-over-year [1]. - The gross margin for artificial turf business in 2024 was 30.17%, a decrease of 1.09 percentage points year-over-year, attributed to market competition and global inflation [2]. - The operating cash flow for 2024 was 466 million RMB, reflecting a 14.2% increase year-over-year [3]. Capacity Expansion - The company is advancing its production capacity with the third phase of its Vietnam facility expected to commence construction in Q2 2024, and the Mexico facility is in the process of obtaining land ownership certificates [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.49 RMB, 1.76 RMB, and 2.06 RMB respectively [5]. - The company is assigned a price-to-earnings (PE) ratio of 17 times for 2025, with a target price adjustment from 26.84 RMB to 25.33 RMB [5].
共创草坪20250427
2025-04-27 15:11
Summary of the Conference Call for "Co-Creation Turf" Industry Overview - The conference call pertains to the artificial turf industry, specifically focusing on "Co-Creation Turf" and its market performance in 2024 and early 2025. Key Points and Arguments 1. **Sales Growth and Product Performance** - In 2024, Co-Creation Turf achieved over 25% sales growth, with leisure turf growing at 30% and sports turf at 10% - Average prices decreased by 5.6%, with sports turf and leisure turf prices dropping approximately 4% and 6% respectively - Revenue increased by 18%, with sports turf and leisure turf revenues growing by 6% and 22% respectively [2][4][5] 2. **Q1 2025 Performance** - In Q1 2025, overall sales growth was in single digits, with a decline in sports turf sales but a price increase of nearly 9%, leading to a 13% increase in total revenue - Strong performance was noted in the Americas and Europe, while the Asia-Pacific, Africa, and Middle East regions performed poorly [2][3][4] 3. **Cost Control Measures** - The company optimized material consumption and improved labor efficiency in its factories in Vietnam and domestically, effectively controlling costs and solidifying its competitive advantage - Cost savings from raw materials amounted to approximately 20 million yuan, with a year-on-year savings of about 10 million yuan [2][6][13] 4. **Regional Market Insights** - The Americas and Europe are the main contributors to growth, with both regions showing over 30% volume increase - The company holds a global market share of about 20%, with expectations of a 15% growth in the U.S. market in 2025 [4][22][24] 5. **Human Resource Mechanism Changes** - In 2024, the company underwent significant changes in its human resource mechanisms, including value assessment and distribution to enhance employee motivation and promote healthy corporate development [2][7] 6. **Impact of Tariffs and Market Dynamics** - A 10% tariff imposed on Vietnamese exports to the U.S. is largely absorbed by customers, with no significant impact on shipment volumes - Chinese companies account for 70%-80% of the U.S. market, with Co-Creation Turf and Qinghe being the primary suppliers [10][23] 7. **Future Outlook** - The company anticipates a 15% revenue growth for the full year, primarily driven by traditional markets in Europe and the Americas - There is potential for recovery in demand from the Asia-Pacific, Middle East, and Africa regions, although tariff uncertainties remain a variable [11][31] 8. **Expansion Plans** - The third phase of the Vietnam base is in the equipment installation phase, with plans to introduce new production equipment to enhance supply chain security and reduce costs [12] 9. **Market Share and Competitive Landscape** - Co-Creation Turf's net profit margin in Vietnam is 22%, significantly higher than the domestic margin of 10%, attributed to higher order profit margins and internal settlement methods [18] 10. **Price Trends** - In Q1, prices increased by approximately 15% quarter-on-quarter and over 8% year-on-year, with expectations for prices to remain stable or slightly increase throughout the year [25] Additional Important Insights - The company is actively monitoring the impact of external variables on market dynamics, particularly in the context of fluctuating oil prices and trade policies [14][16] - The competitive landscape is expected to intensify, especially as more companies seek to establish overseas operations [21]
共创草坪:2024年报净利润5.11亿 同比增长18.56%
Tong Hua Shun Cai Bao· 2025-04-27 07:48
一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益(元) | 1.2800 | 1.0800 | 18.52 | 1.1200 | | 每股净资产(元) | 0 | 6.23 | -100 | 5.7 | | 每股公积金(元) | 1.56 | 1.52 | 2.63 | 1.55 | | 每股未分配利润(元) | 3.93 | 3.29 | 19.45 | 2.87 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 29.52 | 24.61 | 19.95 | 24.71 | | 净利润(亿元) | 5.11 | 4.31 | 18.56 | 4.47 | | 净资产收益率(%) | 19.62 | 18.32 | 7.1 | 21.01 | 数据四舍五入,查看更多财务数据>> 前十大流通股东累计持有: 35795.2万股,累计占流通股比: 89.44%,较上期变化: 39.10万股。 | 名称 | 持 ...