Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company reported a revenue of 2.29 billion yuan in Q1 2025, a year-on-year decrease of 9.3%. However, the net profit attributable to shareholders reached 90 million yuan, reflecting a significant year-on-year increase of 113.1%. The net profit excluding non-recurring items was 80 million yuan, up 133.7% year-on-year [3][9]. Financial Performance Summary - The gross margin for Q1 2025 was 11.19%, an increase of 4.20 percentage points year-on-year, attributed to optimized production processes and reduced raw material costs [9]. - The total inventory at the end of Q1 2025 was 1.996 billion yuan, down 18.6% year-on-year and 12.9% quarter-on-quarter. Contract assets were 327 million yuan, down 58.3% year-on-year but up 8.8% quarter-on-quarter. Contract liabilities were 393 million yuan, down 29.8% year-on-year and up 6.2% quarter-on-quarter. Accounts receivable stood at 2.998 billion yuan, up 2.1% year-on-year and 26.8% quarter-on-quarter [9]. - The company's asset-liability ratio at the end of Q1 2025 was 51.92%, a decrease of 1.65 percentage points year-on-year and 0.86 percentage points quarter-on-quarter [9]. - The net profit margin for Q1 reached 3.87%, marking a new quarterly high since the company went public. The estimated net profit for the full year 2025 is approximately 360 million yuan, corresponding to a PE ratio of about 30 times [9].

公司研究丨点评报告丨宏盛华源（601096.SH） [Table_Title] 2024 年毛利率显著提升，利润较快增长 报告要点 [Table_Summary] 公司发布 2024 年年报。2024 年全年营业收入 101.4 亿元，同比+9.1%；归母净利润 2.3 亿元， 同比+85.5%；扣非净利润 1.9 亿元，同比+76.8%。单季度看，公司 2024Q4 营业收入 25.6 亿 元，同比-5.7%，环比+5.0%；归母净利润 0.5 亿元，同比+47.3%，环比-33.4%；扣非净利润 0.5 亿元，同比+25.0%，环比-33.4%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BUD284 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宏盛华源（601096.SH） cjzqdt11111 市场表现对比图(近 12 ...