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鸿路钢构(002541):25Q1扣非业绩超预期,盈利拐点已现
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 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。 股价走势 -50% -36% -22% -8% 6% 20% 2024-04 2024-08 2024-12 2025-04 鸿路钢构 沪深300 毛利率下降,费用率降低,钢材采购增 ...
柏诚股份(601133):收入、利润短暂承压,看好洁净室赛道景气度高增
Tianfeng Securities· 2025-04-29 03:15
Investment Rating - The report maintains a "Buy" rating for the company [7][4] Core Views - The company experienced a slight decline in revenue and profit in Q1 2025, with revenue at 1.037 billion, down 9.4% year-on-year, and net profit attributable to the parent company at 44 million, down 20.6% year-on-year [1] - The company has a strong order intake, with new orders in 2024 reaching 5.418 billion, a year-on-year increase of 9.45%, indicating sustained demand in downstream sectors [3] - The report highlights the company's comprehensive capabilities in cleanroom system integration, positioning it as a leading player in the industry with a favorable outlook due to increasing capital expenditures in the domestic panel and semiconductor sectors [4] Financial Performance Summary - In Q1 2025, the company's gross margin slightly increased by 0.65 percentage points to 10.3%, while the net profit margin decreased by 0.6 percentage points to 4.26% [2] - The company’s cash flow from operations was negative 678 million, indicating a cash outflow increase of 141 million year-on-year [2] - The financial forecast estimates revenue growth from 3.98 billion in 2023 to 8.82 billion by 2027, with corresponding net profits projected to rise from 214 million to 346 million during the same period [6][4]
建科院:2025一季报净利润-0.36亿 同比下降63.64%
Tong Hua Shun Cai Bao· 2025-04-28 15:40
Financial Performance - The company reported a basic earnings per share of -0.2421 yuan for Q1 2025, a decrease of 59.28% compared to -0.1520 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.36 billion yuan, representing a decline of 63.64% from -0.22 billion yuan in Q1 2024 [1] - Operating revenue decreased by 27.59% to 0.42 billion yuan in Q1 2025 from 0.58 billion yuan in Q1 2024 [1] - The return on equity was -6.05% in Q1 2025, down from -3.62% in Q1 2024, indicating a significant decline in profitability [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 76.8837 million shares, accounting for 52.42% of the circulating shares, with a decrease of 1.0652 million shares compared to the previous period [1] - Shenzhen Capital Operation Group Co., Ltd. remains the largest shareholder with 62.8571 million shares, unchanged from the previous report [2] - New entrants among the top shareholders include Li Bin, Lü He Wu, Wu Yan Lin, Yang Dong, and Shen Zhen Hua, while Yu Wei Guo, Yuan Tie Yi, Chi Xiang Rong, and Ou Yu have exited the top ten [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]
时空科技:2024年净亏损2.62亿元
news flash· 2025-04-28 12:29
时空科技(605178)公告,2024年营业收入为3.41亿元,同比增长68.14%。归属于上市公司股东的净亏 损2.62亿元,去年同期净亏损2.07亿元。公司董事会决议通过的利润分配预案为不派发现金红利,不送 红股,不以资本公积金转增股本。 ...
深桑达A(000032):2024年报和2025一季报点评:聚焦自研产品,云数业务有望加速
Soochow Securities· 2025-04-28 08:51
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 67.39 billion yuan for 2024, representing a year-on-year increase of 19.73%, while the net profit attributable to the parent company was 330 million yuan, showing a slight increase of 0.03% year-on-year [1] - In Q1 2025, the company experienced a revenue decline of 18.41% year-on-year, amounting to 12.55 billion yuan, and reported a net loss of 34 million yuan, indicating a shift from profit to loss, which aligns with market expectations [1] - The company is focusing on self-developed products, and its cloud business is expected to accelerate [1] Financial Summary - The total revenue forecast for 2023A is 56.28 billion yuan, with a projected increase to 67.39 billion yuan in 2024A, and further growth to 68.05 billion yuan in 2025E [9] - The net profit attributable to the parent company is forecasted to be 329.64 million yuan in 2023A, with a slight increase to 329.73 million yuan in 2024A, and a significant rise to 445.96 million yuan in 2025E [9] - The latest diluted EPS is projected to be 0.29 yuan in 2023A, increasing to 0.39 yuan in 2025E and reaching 0.67 yuan by 2027E [9] - The company’s P/E ratio is expected to decrease from 76.53 in 2023A to 33.18 by 2027E, indicating improving valuation metrics over time [9] Business Performance - The high-tech industry engineering service revenue for 2024 is expected to reach 62.97 billion yuan, reflecting a year-on-year growth of 21.66%, with a gross margin of 9.1% [8] - The digital and information services revenue is projected to be 2.06 billion yuan in 2024, down 7.02% year-on-year, but with an improved gross margin of 34.64% [8] - The company has made significant advancements in AI applications and cloud services, including the launch of various AI models and cloud projects for government and enterprise clients [8]
北方国际(000065):Q1业绩承压下滑,继续看好一带一路工程+运营项目发展
Tianfeng Securities· 2025-04-28 06:46
公司报告 | 季报点评 北方国际(000065) 证券研究报告 Q1 业绩承压下滑,继续看好一带一路工程+运营项目 发展 Q1 受煤价下行影响业绩承压,继续看好公司投建营一体化业务发展前景 公司发布 2025 年一季报,一季度公司实现营收 36.5 亿元,同比-27.22%, 归母净利润 1.77 亿元,同比-32.97%,扣非归母净利润 1.75 亿元,同比 -32.45%。本期归母净利润大幅下滑主要系蒙古矿山工程一体化项目毛利与 去年同期相比有所下降所致。公司主要运营项目稳中向好,在建项目中孟 加拉燃煤火电站项目预计今年开始贡献运营收益,持续看好公司投建营一 体化业务发展前景,预计 25-27 年公司归母净利润为 11.2、12.4、14 亿, 维持"买入"评级。 毛利率大幅提高,费用率水平仍有改善空间 2025 年一季度公司综合毛利率为 13.03%,同比+3.41pct。公司期间费用率 为 7.84%,同比+4.53pct,销售/管理/研发/财务费用率分别为 3.18%、2.99%、 0.46%、1.22%,同比分别变动+0.89、+1.14、+0.12、+2.39pct,其中,汇 率波动导致本期财务 ...
当前时点如何看中国化学?
GOLDEN SUN SECURITIES· 2025-04-27 06:23
证券研究报告 | 公司点评 gszqdatemark 2025 04 27 年 月 日 中国化学(601117.SH) 当前时点如何看中国化学? 估值处于历史底部,现金流情况优异,有息债务率极低,分红具备较大提升空间。公司 当前 PB 为 0.75 倍,处于近 10 年的 6.2%分位,具备较强安全边际。公司 2024Q3 末 有息债务率仅为 6.3%(8 大建筑央企中最低),在手现金类资产 397 亿元,减去有息 债务后为 256 亿元(公司当前市值为 453 亿元),是 8 大建筑央企中唯一在手现金大于 有息负债的公司。公司自上市以来每年经营性现金流净额均为正,且近五年(2019-2023 年)经营性现金流与投资性现金流净额之和为 139 亿元(8 大建筑央企仅有中国化学与 中国中冶为正)。公司现金流及资产负债表情况实际与中钢国际、中材国际等公司特征 类似(自由现金流为正、有息债务率低、在手现金大于有息债务),相较于两家公司平 均 43%的分红率,未来公司分红率(目前 20%)具备较大潜在提升空间。 己二腈项目运行顺利,受益进口替代加速及原材料价格下行,盈利有望明显提升。公司 己二腈项目整体进展顺利,负荷 ...
中国化学(601117):当前时点如何看中国化学?
GOLDEN SUN SECURITIES· 2025-04-27 06:12
证券研究报告 | 公司点评 gszqdatemark 2025 04 27 年 月 日 中国化学(601117.SH) 当前时点如何看中国化学? 估值处于历史底部,现金流情况优异,有息债务率极低,分红具备较大提升空间。公司 当前 PB 为 0.75 倍,处于近 10 年的 6.2%分位,具备较强安全边际。公司 2024Q3 末 有息债务率仅为 6.3%(8 大建筑央企中最低),在手现金类资产 397 亿元,减去有息 债务后为 256 亿元(公司当前市值为 453 亿元),是 8 大建筑央企中唯一在手现金大于 有息负债的公司。公司自上市以来每年经营性现金流净额均为正,且近五年(2019-2023 年)经营性现金流与投资性现金流净额之和为 139 亿元(8 大建筑央企仅有中国化学与 中国中冶为正)。公司现金流及资产负债表情况实际与中钢国际、中材国际等公司特征 类似(自由现金流为正、有息债务率低、在手现金大于有息债务),相较于两家公司平 均 43%的分红率,未来公司分红率(目前 20%)具备较大潜在提升空间。 己二腈项目运行顺利,受益进口替代加速及原材料价格下行,盈利有望明显提升。公司 己二腈项目整体进展顺利,负荷 ...
中钢国际(000928):盈利能力持续提升,现金流表现优异
GOLDEN SUN SECURITIES· 2025-04-24 02:43
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points year-on-year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion in 2024, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, a decrease of 28%, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Projections - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]
三维化学:Q1业绩微降符合预期,后续有望显著提速-20250418
GOLDEN SUN SECURITIES· 2025-04-18 03:23
Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment attractiveness with a projected dividend yield of 6% for 2025 based on an average payout ratio of 84% for 2023-2024 [4][6]. Core Insights - The company's Q1 2025 performance showed a slight revenue decline but is expected to accelerate significantly starting Q2 2025, driven by the completion of major projects and increased contract liabilities [1][3]. - The gross margin improved to 20.6% in Q1 2025, up by 0.78 percentage points year-on-year, while operating cash flow remained robust with a net inflow of 1.3 billion yuan [2]. - New contracts signed in Q1 2025 reached 300 million yuan, a staggering increase of 7592% year-on-year, indicating strong future revenue potential [3]. Financial Performance Summary - Q1 2025 revenue was 550 million yuan, a 5.5% increase year-on-year, while net profit attributable to shareholders was 52 million yuan, down 10.5% year-on-year [1]. - The company expects net profits for 2025-2027 to grow by 44%, 35%, and 36% respectively, with earnings per share (EPS) projected at 0.58, 0.79, and 1.07 yuan [4]. - The total contract backlog as of Q1 2025 was 1.67 billion yuan, three times the expected revenue for 2024, indicating strong future revenue recognition [3].