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东华科技(002140):扣非业绩实现高增长,看好煤化工投资放量
Tianfeng Securities· 2025-05-06 11:47
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company has shown steady revenue growth, with a 13.5% year-on-year increase in Q1 2025, achieving revenue of 2.07 billion [1]. - The non-net profit increased by 27.13% year-on-year, primarily due to a decrease in expense ratios, while the net profit was affected by a reduction in impairment reversals [1]. - The company has a strong order backlog, with approximately 49.9 billion in hand orders, and aims to secure 22 billion in new orders for 2025, particularly in the coal chemical sector [2]. - The company has a competitive edge in coal chemical engineering, especially in wastewater treatment, and is expected to benefit from the rising demand in Xinjiang's coal chemical industry [4]. Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 8.74%, with a period expense ratio of 2.17%, reflecting effective cost control [3]. - The company’s projected revenues for 2025-2027 are 10.36 billion, 11.89 billion, and 13.45 billion respectively, with corresponding net profits of 480.34 million, 560.33 million, and 640.50 million [5][11]. - The earnings per share (EPS) are expected to grow from 0.68 in 2025 to 0.90 in 2027, indicating a positive growth trajectory [5][12]. Market Position - The company has secured significant projects, including the design and construction of coal-to-gas and coal-to-olefins facilities, which enhances its market position in the coal chemical sector [4]. - The company’s financial metrics indicate a healthy valuation, with a projected P/E ratio decreasing from 20.09 in 2023 to 10.79 in 2027, suggesting potential for price appreciation [5][12].
上海港湾(605598):国内业务阶段性拖累盈利能力及经营质量
Hua Yuan Zheng Quan· 2025-05-06 06:03
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's domestic business is experiencing temporary pressure on profitability and operational quality [6] - The company reported a slight increase in revenue for 2024, with a year-on-year growth of 1.51%, but a significant decline in net profit by 46.86% [8] - The company has seen a substantial increase in new orders, with a year-on-year growth of 93.27% in 2024, indicating a strong order backlog [8] Financial Performance Summary - For 2023, the company is expected to generate revenue of 1,277 million yuan, with a year-on-year growth rate of 44.33% [7] - The projected revenue for 2025 is 1,966 million yuan, reflecting a growth rate of 51.63% [7] - The net profit for 2024 is forecasted to be 93 million yuan, a decrease of 46.86% compared to the previous year, while the net profit for 2025 is expected to rebound to 213 million yuan [7] - The earnings per share (EPS) for 2025 is projected to be 0.87 yuan, with a price-to-earnings (P/E) ratio of 23 [7] Market Performance - The company's total market capitalization is approximately 4,907.84 million yuan, with a closing price of 19.97 yuan [4] - The company has a debt-to-asset ratio of 20.45%, indicating a relatively low level of financial leverage [4] - The company plans to distribute a cash dividend of 1.14 yuan per 10 shares (including tax) [8]
利柏特:盈利能力整体稳健,新一轮募投项目巩固模块化生产优势-20250501
Tianfeng Securities· 2025-05-01 14:23
Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company's overall profitability remains robust, with a slight growth in non-recurring profit in Q1, driven by a decrease in expense ratio. The long-term development prospects are viewed positively [1]. - Revenue from modular design and manufacturing is rapidly increasing, contributing to further improvements in gross margin. The company expects significant growth in both domestic and international sales [2]. - The company has issued convertible bonds to fund a large industrial module project, which is anticipated to enhance manufacturing capabilities and efficiency [4]. Summary by Sections Financial Performance - In Q1, the company achieved revenue of 668 million, a year-on-year increase of 1.45%, with a net profit attributable to the parent company of 36 million, down 8.07%. The non-recurring net profit was 33 million, up 5.71% [1]. - For 2024, projected revenue is 3.493 billion, a year-on-year increase of 7.72%, with a net profit of 240 million, up 26.45% [1][5]. - The company’s gross margin for 2024 is expected to be 16.1%, an increase of 1.55 percentage points year-on-year [2]. Cost and Cash Flow - The expense ratio for 2024 is projected at 7.18%, an increase of 0.89 percentage points year-on-year. The net profit margin is expected to be 6.89% [3]. - The company’s cash flow from operations (CFO) for 2024 is projected at 415 million, an increase of 64 million year-on-year, indicating a strong cash flow situation [3]. Market and Project Developments - The company is focusing on expanding its capabilities in the nuclear power module sector, with a total investment of 1.29 billion for the new manufacturing project [4]. - The company has secured a contract for a module construction project worth 226 million, showcasing its competitive advantage in the modular manufacturing and engineering services sector [4].
利柏特(605167):盈利能力整体稳健,新一轮募投项目巩固模块化生产优势
Tianfeng Securities· 2025-05-01 09:48
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has shown stable profitability, with a slight increase in non-recurring profit in Q1, and a positive outlook for medium to long-term development [1]. - The revenue from modular design and manufacturing is rapidly increasing, contributing to further improvements in gross margin [2]. - The company is utilizing convertible bonds to fund a large industrial module project, which is expected to enhance its manufacturing capabilities and efficiency [4]. Financial Performance Summary - In Q1, the company achieved revenue of 668 million, a year-on-year increase of 1.45%, with a net profit attributable to the parent company of 36 million, down 8.07% year-on-year [1]. - For 2024, the company is projected to achieve revenue of 3.493 billion, a year-on-year increase of 7.72%, and a net profit of 240 million, up 26.45% year-on-year [1][5]. - The gross margin for 2024 is expected to be 16.1%, an increase of 1.55 percentage points year-on-year [2]. Revenue Breakdown - In 2024, the revenue from industrial module design and manufacturing is expected to reach 724 million, a year-on-year increase of 46.36%, while engineering services are projected to generate 2.76 billion, a slight increase of 0.73% [2]. - Domestic sales are projected to be 3.083 billion, up 3.67% year-on-year, while export sales are expected to reach 401 million, a significant increase of 53.6% [2]. Cost and Cash Flow Analysis - The company's expense ratio for 2024 is projected to be 7.18%, an increase of 0.89 percentage points year-on-year, with net profit margin expected to be 6.89% [3]. - The cash flow from operations for 2024 is expected to be 415 million, an increase of 64 million year-on-year, indicating a strong cash flow situation [3]. Future Projections - The company is expected to achieve net profits of 280 million, 320 million, and 370 million for the years 2025 to 2027, respectively, with corresponding P/E ratios of 14, 12, and 11 [4].
鸿路钢构(002541):吨净利同环比均回升,经营拐点或已出现
Tianfeng Securities· 2025-04-30 14:27
公司报告 | 季报点评 鸿路钢构(002541) 证券研究报告 吨净利同环比均回升,经营拐点或已出现 收入实现稳步增长,扣非业绩触底回升 鸿路钢构 2025Q1 实现收入 48.15 亿,同比+8.78%,归母净利润 1.37 亿, 同比-32.78%,扣非净利润为 1.15 亿,同比+31.27%,非经常性损益为 0.22 亿,其中政府补助 2801 万。公司扣非业绩实现较大幅度正增长,我们坚 定看好钢结构龙头发展韧性。 研发费用下滑回补吨净利,仍看好公司降本增效前景 25Q1 钢结构产品产量约 104.91 万吨,较 2024 年同期增长 14.29%,按照 95%产销率,25Q1 扣非吨净利为 115 元,同比改善 12 元,环比改善 11 元。 25Q1 单季研发费用下滑至 1.25 亿,同比下滑 20.1%,单吨研发费用为 125 元,同、环比分别下滑 59.7、68.8 元,我们判断主要系研发费用下滑带动 吨净利提升。25Q1 公司综合毛利率 9.83%,同比-0.76pct,吨毛利 473 元, 同、环比下滑 78、33 元,吨毛利或受钢价下滑拖累,25Q1 钢价同比下滑 13.8%,进入 25 ...
深城交2025年一季度业绩下滑,需关注现金流与应收账款
Zheng Quan Zhi Xing· 2025-04-30 05:42
Financial Overview - The company achieved total operating revenue of 181 million yuan in Q1 2025, a year-on-year decrease of 20.77% [1] - The net profit attributable to shareholders was -27.649 million yuan, an increase of 13.51% year-on-year [1] - The net profit excluding non-recurring items was -32.4106 million yuan, up 14.56% year-on-year, indicating a narrowing of losses but an overall declining performance [1] Key Financial Indicators - Accounts receivable reached 1.226 billion yuan, representing 1159.32% of the latest annual net profit, indicating significant collection risk [3] - The average operating cash flow over the past three years was only 19.47% of current liabilities, raising concerns about cash flow management [3] Debt Repayment Ability - The company's cash and cash equivalents amounted to 365 million yuan, a year-on-year decrease of 22.85%, but overall cash assets remain relatively healthy [4] - Interest-bearing debt was 46.8515 million yuan, down 11.70% year-on-year, reflecting a proactive approach to debt management [4] Business Model and Future Development - The company's performance primarily relies on R&D and equity financing, with total financing since listing amounting to 1.46 billion yuan and total dividends of 70.312 million yuan, resulting in a dividend financing ratio of 0.05 [5] - Future strategies should focus on optimizing the business model, enhancing profitability, and improving management of accounts receivable and cash flow [5] Profitability Metrics - Gross margin was 19.4%, an increase of 104.29%, indicating improvements in cost control [6] - Net margin was -20.39%, a decrease of 8.63%, showing continued weakness in profitability [6] - Operating expenses accounted for 22.5% of revenue, up 26.38%, putting pressure on profits due to rising sales, administrative, and financial expenses [6] - Book value per share was 5.7 yuan, down 19.31%, reflecting a reduction in shareholder equity [6] - Operating cash flow per share was -0.62 yuan, an improvement of 14.24%, but still negative [6] - Earnings per share were -0.07 yuan, an increase of 12.5%, indicating a reduction in the extent of losses [6]
东华科技:Q1营收稳健增长,扣非业绩增速亮眼-20250430
GOLDEN SUN SECURITIES· 2025-04-30 05:23
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 2.07 billion yuan in Q1 2025, representing a year-on-year growth of 13.5%. The net profit attributable to shareholders was 120 million yuan, a slight decline of 0.9% year-on-year, while the non-recurring net profit increased by 27.0% year-on-year, indicating improved operational profitability [1][2] - The company has a robust order backlog, with a total of 49.9 billion yuan in uncompleted contracts, which is 5.6 times the expected revenue for 2024. This strong order book supports anticipated revenue growth [3] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 8.74%, down by 0.45 percentage points year-on-year. The total expense ratio decreased by 3.60 percentage points year-on-year to 2.17% [2] - The operating cash flow showed a net outflow of 340 million yuan, primarily due to increased payments for project construction [2] Order and Market Outlook - The company signed new orders worth 1.886 billion yuan in Q1 2025, a decrease of 11% year-on-year. However, the domestic coal chemical investment is accelerating, particularly in Xinjiang, which is expected to provide significant order growth opportunities [3] - The company is actively expanding into overseas markets, which is anticipated to contribute positively to order growth [3] Future Projections - The company is projected to achieve net profits of 500 million yuan, 650 million yuan, and 790 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 29%, and 22% [3] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.92 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [3]
鸿路钢构:25Q1扣非业绩超预期,盈利拐点已现-20250430
GOLDEN SUN SECURITIES· 2025-04-30 05:23
证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 鸿路钢构(002541.SZ) 25Q1 扣非业绩超预期,盈利拐点已现 25Q1 营收增速拐头向上,扣非业绩超预期。公司 25Q1 实现营收 48.2 亿 元,同增 8.8%,结束连续 4 个季度的收入下滑;实现扣非后归母净利润 1.1 亿元,同比大幅增长 31%,超市场预期,主因 Q1 研发费用率下降; 实现归母净利润 1.4 亿元,同降 33%,同比下滑主因上年同期确认较多的 政府补助。25Q1 以产量计算的吨扣非后净利 109 元,同比/环比提升 14/10 元,单吨盈利能力已实现触底回升。公司 25Q1 新签订单同增 1.3%,历 经 4 个季度同比下滑后增速回正;钢结构产量同增 14.3%显著加速,结束 连续 4 个季度产量微增的状态。整体看公司 25Q1 订单、产量、营收、扣 非吨净利均出现向上拐点,后续公司业绩有望持续向上修复。 毛利率下降,费用率降低,钢材采购增多致 Q1 现金流净流出。25Q1 公 司毛利率 9.83%,YoY-0.76 个 pct,主因钢结构售价跟随钢价下行(25Q1 热轧卷板日均价格 ...
东华科技(002140):Q1营收稳健增长,扣非业绩增速亮眼
GOLDEN SUN SECURITIES· 2025-04-30 03:29
证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 东华科技(002140.SZ) Q1 营收稳健增长,扣非业绩增速亮眼 Q1 收入稳健增长,归母业绩同比基本持平,扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元,同比增长 13.5%,在建总承包项目有序 推进带动收入规模稳健增长;实现归母净利润 1.2 亿元,同比下降 0.9%, 业绩略有下滑主要因毛利率小幅下降 0.45pct 以及减值损失转回同比减少 0.6 亿元;扣非归母净利润 1.1 亿元,同比增长 27.0%,扣非业绩增速显 著高于归母净利润增速主要因上年同期个别单项计提减值项目转回减值 准备较多,扣非业绩增长展现公司经营性盈利向好。公司当前在手订单充 裕、在建项目稳步推进,后续作为煤化工建设领军企业有望核心受益新疆 煤化工投资加码与建设提速,2025 年全年收入利润有望加速增长。 费用率显著优化,现金流短期承压。2025Q1 公司综合毛利率 8.74%,同 比下降 0.45pct。期间费用率 2.17%,同比下降 3.60pct,其中销售/管理/ 研发/财务费用率分别同比下降 0.02/0.3 ...
中国化学(601117):Q1业绩增长超预期,实业板块盈利有望改善
GOLDEN SUN SECURITIES· 2025-04-30 03:29
Q1 业绩增长超预期,实业板块盈利有望改善 24 全年营收业绩稳健增长,毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿,同增 4.1%;实现归母净利润 57 亿,同增 4.8%; 扣非归母净利润同增 6%,全年业绩稳增符合预期。分季度看:24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%;单季归母净利润分别同比+9%/- 12%/+29%/+9%,Q4 收入业绩稳健增长。分业务看:化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿,同比+7%/-6%/-22%/+13%。 分区域看:境内/境外分别实现营收 1391/462 亿,同比-2%/+30%,海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿,同降 1%;实现归母净利 润 14.4 亿,同增 19%;扣非归母净利润同增 23%,业绩增长超预期,主要得 益于单季毛利率显著提升。 毛利率稳步上行,净现比持续优异。2024 年公司综合毛利率 10.48%,同比 +0.65pct,主要得益于化工主业盈利显著改善(毛利率同比+0.8pct);基建/ 实业/ ...