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中钨高新(000657)年报及一季报点评:收入稳定增长 柿竹园并表增厚业绩
Xin Lang Cai Jing· 2025-05-02 00:41
Core Insights - The company achieved a revenue of 14.743 billion yuan in 2024, representing a year-on-year growth of 7.8% [1] - The acquisition of Hunan Shizhu Garden Nonferrous Metals Co., Ltd. significantly enhanced the company's performance, contributing 3.571 billion yuan in revenue and 705 million yuan in net profit in 2024 [2] - The overall gross margin for 2024 was 22.07%, an increase of 0.85 percentage points year-on-year, with specific product margins showing varied performance [2] - The company reported a net profit attributable to shareholders of 939 million yuan in 2024, a year-on-year increase of 17.47% [3] - The company’s asset-liability ratio decreased to 52.40% in 2024, down by 2.51 percentage points [4] Revenue Breakdown - Revenue from cutting tools and tools was 3.189 billion yuan, up 4.31% year-on-year, driven by market expansion [1] - Revenue from hard alloys was 3.356 billion yuan, down 2.19% year-on-year [1] - Revenue from refractory metals was 2.426 billion yuan, up 11.68% year-on-year [1] - Revenue from powder products was 4.573 billion yuan, up 32.22% year-on-year [1] Profitability Analysis - The gross margin for blade products was 33.30%, down 1.72 percentage points year-on-year [2] - The gross margin for alloy products was 18.63%, down 0.51 percentage points year-on-year [2] - The gross margin for refractory metals was 10.33%, down 2.68 percentage points year-on-year [2] - The gross margin for powder products was 23.61%, up 5.09 percentage points year-on-year [2] Expense and Cash Flow - The operating expense ratio for 2024 was 13.42%, an increase of 1.12 percentage points year-on-year [3] - The company’s cash flow from operations improved, with a net cash inflow of 900 million yuan, an increase of 750 million yuan year-on-year [3] - The investment cash flow was negative at -850 million yuan, reflecting increased spending on technological upgrades and land acquisition [3] Future Outlook - The company is expected to achieve net profits of 1.094 billion yuan, 1.323 billion yuan, and 1.476 billion yuan from 2025 to 2027 [4]
中钨高新(000657):年报及一季报点评:收入稳定增长,柿竹园并表增厚业绩
CMS· 2025-05-01 06:54
Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has achieved stable revenue growth, with the consolidation of Shizhu Garden significantly enhancing its performance [2][6]. - The company focuses on integrated development across the tungsten industry chain, leading to both revenue and profit growth [6]. Financial Data and Valuation - Total revenue for 2023 is projected at 12,736 million yuan, with a year-on-year decrease of 3%. Revenue is expected to grow to 14,743 million yuan in 2024, reflecting a 16% increase [2][19]. - Operating profit is forecasted to be 637 million yuan in 2023, with a significant increase to 1,139 million yuan in 2024, representing a 79% growth [2][19]. - Net profit attributable to shareholders is expected to be 485 million yuan in 2023, increasing to 939 million yuan in 2024, a 94% rise [2][19]. - Earnings per share (EPS) is projected to rise from 0.21 yuan in 2023 to 0.41 yuan in 2024 [2][19]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 44.9 in 2023 to 23.2 in 2024, indicating improved valuation [2][19]. Revenue Breakdown - In 2024, the company achieved a revenue of 14,743 million yuan, with a year-on-year increase of 7.8%. The revenue from cutting tools and tools was 3,189 million yuan, up 4.31% [6]. - The revenue from hard alloy products was 3,356 million yuan, down 2.19%, while refractory metals generated 2,426 million yuan, up 11.68% [6]. - Powder products saw a revenue increase of 32.22%, reaching 4,573 million yuan [6]. Margin Analysis - The overall gross margin for 2024 is 22.07%, an increase of 0.85 percentage points year-on-year. The gross margin for blade products is 33.30%, down 1.72 percentage points [6]. - The gross margin for powder products improved by 5.09 percentage points to 23.61% [6]. Cash Flow and Debt Management - The company reported a net operating cash flow of 900 million yuan in 2024, a significant increase of 750 million yuan year-on-year [6]. - The debt ratio for 2024 is projected at 52.40%, a decrease of 2.51 percentage points from the previous year [6][19]. Future Profit Projections - The company is expected to achieve net profits of 1,094 million yuan, 1,323 million yuan, and 1,476 million yuan for the years 2025, 2026, and 2027 respectively [6].