Workflow
全遮光面料
icon
Search documents
玉马科技(300993):逆境稳步扩张,盈利短期承压
Xinda Securities· 2025-08-17 10:30
Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has shown steady expansion despite challenges, with short-term profit pressure primarily due to currency fluctuations and increased share-based payment expenses [2] - The company is expected to enhance its market presence in non-US regions, leading to stable revenue growth [2] - The product structure remains stable with sufficient growth momentum, although some new products are still in the development phase [2] - The company has a robust production capacity, with a total capacity of 67.65 million square meters by the end of 2023 and plans to add 13 million square meters in the future [2] Financial Performance Summary - In H1 2025, the company achieved revenue of 364 million yuan (up 0.9% YoY) and a net profit attributable to shareholders of 74 million yuan (down 14.1% YoY) [1] - Q2 2025 revenue was 213 million yuan (up 5.4% YoY), with a net profit of 44 million yuan (down 11.6% YoY) [1] - The revenue from different fabric categories in H1 2025 was as follows: sunlight fabric 122 million yuan (down 0.1% YoY), full shading fabric 111 million yuan (up 9.4% YoY), and adjustable shading fabric 81 million yuan (down 1.9% YoY) [2] - The gross profit margins for these categories were 44.7%, 41.6%, and 47.5%, respectively [2] Sales and Market Dynamics - In H1 2025, external sales revenue was 261 million yuan (up 8.3% YoY), while domestic sales revenue was 103 million yuan (down 14.0% YoY) [3] - The decline in domestic sales is attributed to increased competition and export challenges in the industry [3] - The company is expanding its global reach, particularly in the European market, and is establishing a 2,200 square meter overseas warehouse in the US to mitigate tariff impacts [3] Profitability and Cash Flow - The gross margin for Q2 2025 was 39.1% (down 1.9 percentage points YoY), and the net margin was 20.6% (down 4.0 percentage points YoY) [3] - Operating cash flow for Q2 2025 was 47 million yuan (down 9 million yuan YoY) [4] - Inventory turnover days increased to 170.3 days, indicating a rise in inventory levels due to overseas warehouse stocking [4] Profit Forecast - The company’s projected net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, respectively, with corresponding P/E ratios of 37.4X, 31.2X, and 26.5X [4]
玉马科技:前瞻布局海外仓,产能&区域同步扩张,订单稳步扩张
Xinda Securities· 2025-05-05 05:23
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Title] 玉马科技:前瞻布局海外仓,产能&区域同步 扩张,订单稳步扩张 [Table_ReportDate] 2025 年 5 月 4 日 报告内容摘要: [Table_S 事件:公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 7.69 亿元 (+16.1%),归母净利润 1.86 亿元(+12.5%),扣非归母净利润 1.81 亿元 (+12.9%);单 Q4 公司收入 2.19 亿元(+17.8%),归母净利润 0.58 亿元 (+26.8%),扣非归母净利润 0.56 亿元(+27.0%)。25Q1 收入 1.51 亿元 (-4.9%),归母净利润 0.30 亿元(-17.6%),扣非归母净利润 0.29 亿元 (-20.3%)。我们预计海外客户提前备货&内销承压(部分客户加工出口美国) 导致 25Q1 收入略疲软,利润承压主要系新增股份支付费用。 产品结构优化,产能稳步扩张。2024 年阳光/全遮光/可调光面料收入分别为 2.66/2.22/1.67 亿元(同比分别+31 ...