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正裕工业: 2025年半年度报告
Zheng Quan Zhi Xing· 2025-08-25 16:20
浙江正裕工业股份有限公司2025 年半年度报告 公司代码:603089 公司简称:正裕工业 浙江正裕工业股份有限公司 浙江正裕工业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性,不存在虚假记载、误导性陈述或重大遗漏,并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郑念辉、主管会计工作负责人王筠及会计机构负责人(会计主管人员)王筠声 明:保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告内容涉及的未来计划、规划等前瞻性陈述,因存在不确定性,不构成公司对投资 者的实质承诺,请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可 ...
产能释放叠加资产盘活 正裕工业H1净利增长超四倍
Xin Lang Cai Jing· 2025-08-25 10:35
智通财经8月25日讯(记者 陈抗)产能释放带来的销售增长加上转让土地厂房的收益,带动正裕工业 (603089.SH)上半年净利润明显增长。公司今晚披露2025年上半年业绩,实现营收13.56亿元,同比增 长39.62%;净利润1.19亿元,同比增长420.67%。 半年报显示,2025年上半年,"正裕智造园"实现产能大提升,智能化工厂产能矩阵已经开始逐步构建完 成,不仅缩短订单交付周期,也形成了"研发-智造-交付"三位一体的闭环。同时,智造园向产业链上游 延伸,已量产自制高精度冲压成型件、高精密活塞杆、电磁阀等核心关键减震器元件,实现核心部件自 主化生产。 正裕工业在7月19日公告,将通过向特定对象发行A股股票的方式,计划募集资金总额不超过4.5亿元, 其中3.6亿元拟用于正裕智造园(二期)项目。 营收同比增长近四成,是产能释放带来的直接体现。财报中还提到,公司位于泰国智能制造基地已经规 模化生产,并将持续加大投入提升产能,帮助公司提升海外市场占有率。 如果说产能释放是"量"的增长,那么资产处置则是利润端的"加分项"。根据公司公告,为盘活存量资 产、增强运营现金流,公司在上半年完成了位于玉环市的部分土地、厂房 ...
正裕工业(603089):国产减震器领导者,看好盈利估值双击
CMS· 2025-08-07 07:06
Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1] Core Views - The company is a leader in the domestic shock absorber industry, focusing on the automotive aftermarket for over 30 years, with a product range of nearly 20,000 models covering most global vehicle types [8][11] - The company is expected to experience strong growth in performance due to new capacity being released in the second half of 2024, driving a dual boost in profitability and valuation [1][8] - The aftermarket for shock absorbers is significant, with potential for domestic companies to increase market share, as demand is closely tied to vehicle ownership and replacement cycles [8][33] Financial Data and Valuation - Revenue projections show a steady increase from 1,758 million yuan in 2023 to 3,890 million yuan in 2027, with a compound annual growth rate (CAGR) of 14% [3] - The net profit attributable to shareholders is expected to rise from 59 million yuan in 2023 to 208 million yuan in 2027, reflecting a significant growth trajectory [3] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 69.4 in 2023 to 19.6 in 2027, indicating improving valuation metrics [3] Company Overview - The company has a strong international presence, with over 80% of its revenue coming from overseas markets, particularly North America [25][28] - The company has established relationships with major global clients such as Tenneco and ZF Group, enhancing its market position [25][26] - The company is actively expanding its production capacity both domestically and internationally, with a new manufacturing base in Thailand expected to enhance its global delivery capabilities [39][40] Industry Insights - The shock absorber market is characterized by a large aftermarket potential, with an estimated global demand exceeding 800 million units and a market size of approximately 700 billion yuan [34][35] - The industry is highly competitive and fragmented, with a mix of international and domestic players, providing opportunities for growth for quality domestic manufacturers [36] - The replacement cycle for shock absorbers is typically 6-8 years, creating a consistent demand driven by vehicle ownership and usage patterns [33][36]
正裕工业(603089):聚焦海外后市场,产能扩张带动业绩高增长
NORTHEAST SECURITIES· 2025-08-04 07:53
Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company focuses on the overseas automotive aftermarket shock absorber business, with revenue growth driven by capacity expansion. The company has developed comprehensive manufacturing and service capabilities for suspension strut assemblies and has strong vehicle matching capabilities [1]. - The company is expected to achieve significant revenue growth in 2024, with projected revenues of 1.64 billion yuan for shock absorbers, 425 million yuan for engine sealing parts, and 205 million yuan for rubber shock absorbers, reflecting year-on-year growth rates of 32.09%, 20.24%, and 50.4% respectively [1]. - The company has announced a fundraising plan to raise up to 450 million yuan, primarily for expanding domestic shock absorber production capacity [2]. - The company has established a smart manufacturing base in Thailand, which is expected to enhance its competitiveness and market share in the international market [2]. - The company has developed a lean information management system to adapt to the characteristics of the aftermarket, allowing for efficient production management and strong negotiation capabilities [2]. Financial Summary - The company’s projected revenues for 2024 are 2.30 billion yuan, with a year-on-year growth of 30.98%. The net profit attributable to the parent company is expected to be 71 million yuan, reflecting a growth of 21.39% [4][14]. - The forecasted net profits for 2025, 2026, and 2027 are 161 million yuan, 201 million yuan, and 256 million yuan respectively, with corresponding P/E ratios of 22.16, 17.77, and 13.95 [3][4]. - The company’s gross margin is projected to be 23.38% in 2024, with a slight decrease of 1.25 percentage points year-on-year [1]. Market Data - As of August 1, 2025, the company's closing price was 14.89 yuan, with a target price of 21 yuan for the next six months [5]. - The company has a total market capitalization of approximately 3.57 billion yuan [5]. Growth Indicators - The company is expected to maintain strong revenue growth rates, with projected growth rates of 31.0% in 2024, 24.3% in 2025, 18.0% in 2026, and 13.0% in 2027 [14]. - The net profit growth rates are forecasted at 21.4% for 2024, 125.7% for 2025, 24.8% for 2026, and 27.4% for 2027 [14].
正裕工业拟定增募资不超4.5亿扩产 国内外产能驱动净利半年预增420%
Chang Jiang Shang Bao· 2025-07-20 22:51
Core Viewpoint - Zhengyu Industrial is accelerating its expansion by issuing new shares to raise up to 450 million yuan, with funds primarily allocated for the construction of its Intelligent Manufacturing Park (Phase II) and to supplement working capital [2][3][4]. Fundraising and Investment - The company plans to raise a maximum of 450 million yuan, with 360 million yuan (80% of the total) earmarked for the Intelligent Manufacturing Park (Phase II) project, which has a total investment of approximately 431 million yuan [3][4]. - The project aims to produce various shock absorber products, including traditional and electric control intelligent shock absorbers, with a construction period of 24 months and a static investment recovery period of 8.13 years [3][4]. Financial Performance - Zhengyu Industrial is projected to achieve a net profit of 118 million yuan in the first half of 2025, representing a year-on-year increase of 420.05%, with a significant second-quarter net profit increase of over 11 times [7]. - The company reported a revenue of 2.303 billion yuan in 2024, a 30.98% increase from the previous year, with the shock absorber segment contributing 1.635 billion yuan, up 32.09% [6][7]. Market Position and Strategy - Zhengyu Industrial has established a dual capacity layout with domestic and overseas bases, enhancing its competitiveness and market share [4][5]. - The company has a comprehensive product matrix covering over 20,000 varieties of shock absorbers, catering to both passenger and commercial vehicles, with a strong focus on R&D, investing 269 million yuan from 2022 to 2024 [2][4][7]. Asset Growth - The total assets of Zhengyu Industrial increased from 1.804 billion yuan in 2020 to 3.494 billion yuan in 2024, marking a growth of 93.68% [8].
正裕工业:产能爬坡带动业绩增长,2024全年业绩同比+21%-20250427
Xinda Securities· 2025-04-27 00:23
Investment Rating - The investment rating for Zhengyu Industrial (603089.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential. Core Views - Zhengyu Industrial achieved a revenue of 2.3 billion yuan in 2024, representing a year-on-year growth of 31.0%, with a net profit attributable to the parent company of 70 million yuan, up 21.4% year-on-year [1] - The company is expected to continue its growth trajectory, with a projected net profit of 102 million yuan in 2025, reflecting a 42.6% increase [2][3] Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported a revenue of 663 million yuan, a year-on-year increase of 37.2%, and a net profit of 25 million yuan, up 463.4% year-on-year [2] - The overall gross margin for 2024 was 24.1%, slightly down by 0.44 percentage points year-on-year, while the net profit margin improved to 4.0%, an increase of 0.51 percentage points [1] Business Segments - The shock absorber segment generated revenue of 1.64 billion yuan, a year-on-year increase of 32.1%, with a gross margin of 23.4% [2] - The engine sealing segment achieved revenue of 430 million yuan, up 20.2% year-on-year, with a gross margin of 34.5% [2] - The rubber shock absorber segment saw revenue of 200 million yuan, a significant increase of 50.4% year-on-year, turning profitable with a gross margin of 11.6% [2] Research and Development - The company has maintained a focus on R&D, with a commitment to developing advanced products such as rubber vibration dampers and electronically controlled shock absorbers [2] Earnings Forecast - The forecast for net profit attributable to the parent company is 102 million yuan for 2025, 114 million yuan for 2026, and 140 million yuan for 2027, with corresponding EPS of 0.46 yuan, 0.51 yuan, and 0.63 yuan respectively [2][3]