格隆汇11月26日｜华鑫证券研报指出，万丰股份2025年前三季度实现归母净利润0.37亿元，同比增长 89.99%，Q3实现归母净利润0.12亿元，同比增长86.55%，环比下滑18.13%。中高端染料领军企业，双 擎构建增长新空间。公司深耕中高端分散染料这一细分领域，在建的一万吨产能投放后将显著增强业绩 弹性。公司还前瞻性布局了免还原清洗染料与高端PI材料，有望成为新的业绩增长点。预测公司2025- 2027年归母净利润分别为0.53、0.72、0.81亿元，当前股价对应PE分别为47.0、34.3、30.5倍，给予"买 入"投资评级。 ...

Investment Rating - The report assigns a "Buy" investment rating for the company [10] Core Insights - The company is a leading player in the mid-to-high-end disperse dye market, with a focus on capacity realization and operational efficiency [2][4] - The company has achieved a revenue of 417 million yuan in the first three quarters of 2025, representing a year-on-year growth of 10.57%, and a net profit of 37 million yuan, up 89.99% year-on-year [1] - The company is positioned to benefit from the gradual recovery of disperse dye prices and the release of new production capacity, which is expected to accelerate performance [2][10] Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of mid-to-high-end disperse dyes, with a production capacity of 10,000 tons and an ongoing project to enhance another 10,000 tons [2] - Major clients include well-known brands such as Anta, Li Ning, and Adidas [2] Financial Performance - In Q3 2025, the company reported a revenue of 142 million yuan, a slight decline of 0.54% year-on-year and a 7.45% decrease quarter-on-quarter [1] - The gross profit margin reached 26.75%, an increase of 2.11 percentage points compared to 2023 and 3.56 percentage points compared to 2024 [2] Cost Management and Cash Flow - The company maintained stable expense ratios across sales, management, finance, and R&D, with minor fluctuations [3] - The net cash flow from operating activities for the first three quarters was 54 million yuan, an increase of 19 million yuan year-on-year, primarily due to higher sales revenue [3] Growth Drivers - The company has made significant progress in developing "non-reduction cleaning high-performance star-chain disperse dyes," which can reduce energy consumption and pollution by approximately 30% compared to traditional dyes [4][9] - A joint R&D center with Zhejiang University aims to develop high-performance polyimide materials, potentially disrupting the market currently dominated by international giants [4][9] Profit Forecast - The company is expected to see significant earnings elasticity with the commissioning of new production capacity and the introduction of innovative products [10] - Forecasted net profits for 2025, 2026, and 2027 are 53 million, 72 million, and 81 million yuan respectively, with corresponding P/E ratios of 47.0, 34.3, and 30.5 [10][12]

4月28日晚，万丰股份（603172）(603172.SH)发布了2024年年度报告，在染料市场竞争加剧的情况下， 取得了一份韧性十足的成绩单。2024年度，万丰股份实现营业收入5.35亿元，同比增长6.27%；实现归 母净利润3832.89万元，同比减少5.25%；实现扣非净利润3748.25万元，同比增长4.65%。 同日，万丰股份披露了2025年一季度报告，公司一季度实现营业收入1.22亿元，同比增长22.95%；实现 归母净利润1036.35万元，同比增长77.96%；实现扣非净利润1029.99万元，同比增长69.05%。受益于销 售收入和毛利率的提升，2025年一季度公司经营业绩大幅上涨。 在全球化布局方面，公司积极以国际化视野立足全球市场，配合服装面料终端制造商实现销售与技术出 海，为售前售后服务和快速响应客户需求提供可靠保障，并在越南、土耳其和印度尼西亚等10余个国家 和地区实现销售。2024年，公司实现境外收入1.33亿元，较上年同期增长2.88%，其中，斯里兰卡、洪 都拉斯、哥伦比亚等国家和地区实现销售零的突破，越南、印度尼西亚等地区销售增长显著。 在研发创新领域，2024年万丰股份研发投 ...