点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月25 日 汉钟精机发布 2024年年报。 2024年公司实现营收36.74亿元，同比-4.6%；实现归母净利润8.63 亿元，同比-0.3%；实现扣非归母净利润8.21亿元，同比-2.2%。其中，2024Q4公司单季度实现营收8.18亿 元，同比-13.6%；归母净利润1.41亿元，同比-23.7%；扣非归母净利润1.32亿元，同比-31.3%。 2024年销 售毛利率为38.3%，同比下滑2.0pct。 点评： 多条产品线稳健增长，与客户合作进展顺利。公司核心产品与下游头部客户建立稳定合作，产品应用领域 不断扩大： 1）商用空调压缩机： 新一代产品持续迭代， 能 适配新型环保冷媒； 2）冷冻冷藏压缩机： 通过对技 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its semiconductor vacuum pump business and overall growth potential [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with total revenue of 3.674 billion yuan, down 4.6% year-on-year, while net profit remained stable at 863 million yuan, a decrease of only 0.3% [2][3]. - The company's international expansion is progressing steadily, with overseas revenue increasing by 8.3% due to the commencement of operations at its factory in Vietnam [3]. - The semiconductor vacuum pump business is expected to grow, driven by ongoing collaboration with semiconductor equipment manufacturers and the acceleration of domestic substitution [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.74 billion yuan, with a net profit of 8.63 billion yuan and a non-recurring net profit of 8.21 billion yuan [2]. - The fourth quarter of 2024 saw a revenue of 8.18 billion yuan, down 13.6% year-on-year, and a net profit of 1.41 billion yuan, down 23.7% year-on-year [2]. Product Line Performance - The compressor business showed stable growth with revenue of 20.30 billion yuan, up 4.3%, while the vacuum product revenue decreased by 18.0% to 13.46 billion yuan [3]. - The gross margin for the vacuum products was 45.8%, reflecting a slight decline of 0.9 percentage points [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 9.3 billion yuan (down 22%) and 10.3 billion yuan (down 25%) respectively, while introducing a new forecast for 2027 at 11.4 billion yuan [4]. - The report emphasizes the growth potential of the semiconductor vacuum pump business, supported by the ongoing domestic substitution of key components [4].