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广东鸿图(002101):盈利能力短期承压 加速拓展第二增长曲线
Xin Lang Cai Jing· 2025-08-27 10:40
公司公布1H25 业绩:1H25 实现收入42.70 亿元,同比+17.2%;归母净利润为1.14 亿元,同比-34.1%; 扣非归母净利润为1.04 亿元,同比-33.6%。 对应2Q25 收入21.71 亿元,同环比+15.0%/+3.5%;归母净利润为0.69 亿元,同环比-35.3%/+52.9%;扣 非归母净利润为0.64 亿元,同环比-37.0%/+57.3%。1H25 业绩基本符合我们预期。 发展趋势 小鹏、比亚迪等客户驱动收入增长,但盈利能力相对承压。收入端,公司整体营收增速略跑赢行业,分 业务看1H25 铝铸件/注塑件收入31.61/10.38 亿元,同比+17.0%/+15.2%,我们认为虽然通用/丰田/本田等 外资客户销量相对承压,但是比亚迪/小鹏等新能源客户的压铸订单贡献主要增量,支撑收入端增长。 利润端,分业务看1H25 铝铸件/注塑件毛利率为11.6%/14.9%,同比-3.0/-0.2ppt,铸件业务/内外饰业务 净利率 2.7%/4.9%,我们认为1H25 注塑业务盈利能力相对稳健,铸件业务由于原料价格高位运行、客 户结构调整等因素导致盈利能力承压;2Q25 毛利率为13.1% ...
文灿股份(603348):系列点评十一:2025H1盈利承压,静待海外百炼改善
Minsheng Securities· 2025-08-21 10:29
Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a revenue of 2.8 billion yuan for H1 2025, a decrease of 8.88% year-on-year, and a net profit attributable to shareholders of 13 million yuan, down 83.98% year-on-year. The Q2 2025 revenue was 1.53 billion yuan, a decline of 4.0% year-on-year but an increase of 20.6% quarter-on-quarter [1][2]. - The performance of the company's main operations remained stable, with a revenue of 1.599 billion yuan in H1 2025, roughly unchanged from the previous year. The revenue from body structure components increased by 13.43% year-on-year, driven by the release of large integrated body component orders. However, the French subsidiary's revenue decreased due to reduced orders from European and American clients [2]. - The company is focusing on high-end customer and product strategies, with significant breakthroughs in core business areas. The production capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [3]. Summary by Sections Financial Performance - In H1 2025, the company's net profit attributable to shareholders was 13 million yuan, a decline of 83.98% year-on-year, primarily due to losses from the French subsidiary. The main operations achieved a net profit of 80 million yuan, up 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [2]. - The company’s expenses were optimized, with sales, management, R&D, and financial expense ratios at 4.9%, 3.8%, 5.1%, and -1.0% respectively, showing a continuous improvement in expense structure [2]. Strategic Developments - The company is a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers. The order backlog continues to grow, and production for core customer projects is expected to ramp up starting in 2025, which may drive gradual improvement in performance [4]. - The company has established itself as a core supplier for Huawei's Seres, with significant vehicle delivery numbers expected to drive capacity utilization and performance recovery [3]. Earnings Forecast - The report adjusts the earnings forecast, estimating revenues of 6.42 billion, 7.80 billion, and 9.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 127 million, 288 million, and 435 million yuan for the same years. The EPS is projected to be 0.40, 0.92, and 1.38 yuan [4][5].
博俊科技(300926)2025H1业绩预告点评:2025H1利润端同环比增长向上 增长韧性持续验证
Xin Lang Cai Jing· 2025-07-21 03:53
Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong customer demand and improved production capacity [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 341-387 million yuan for the first half of 2025, representing a year-on-year increase of 47.0%-67.0% [1]. - For Q2 2025, the estimated net profit is projected to be 215 million yuan, reflecting a year-on-year growth of 64.2% and a quarter-on-quarter increase of 44.4% [2]. Group 2: Customer and Market Dynamics - Key customers such as Seres, Li Auto, Geely, and BYD have shown significant sales growth, with Q2 sales increasing by 136%, 20%, 5%, and 14% respectively [2]. - The absence of holiday disruptions in Q2 allowed for a normalization of production and delivery schedules, contributing to the company's performance [2]. Group 3: Production and Capacity Expansion - The company is expanding its production capabilities, including the introduction of integrated die-casting products expected to enter mass production in Q2 2025 [3]. - The company has established 12 subsidiaries across various regions, including Southwest, Yangtze River Delta, Beijing-Tianjin-Hebei, and Pearl River Delta, to enhance collaboration with core customers [3]. Group 4: Revenue and Profit Forecast - The company anticipates revenues of 5.952 billion, 8.039 billion, and 9.970 billion yuan for 2025-2027, with year-on-year growth rates of 41%, 35%, and 24% respectively [4]. - The projected net profit for the same period is 859 million, 1.180 billion, and 1.418 billion yuan, with growth rates of 40%, 37%, and 20% respectively [4].
多利科技:一体化压铸及热成型业务放量在即 美国加征关税对业务影响较小
Core Viewpoint - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]