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陕西华达(301517):2025年半年报点评:2Q25营收环比增长95%,盈利阶段性承压
Minsheng Securities· 2025-08-26 08:55
陕西华达(301517.SZ)2025 年半年报点评 2Q25 营收环比增长 95%;盈利阶段性承压 2025 年 08 月 26 日 ➢ 事件:8 月 25 日,公司发布 2025 年半年报,1H25 实现营收 2.5 亿元,YOY -22.8%;归母净利润-0.14 亿元,1H24 为 0.25 亿元。业绩表现符合预期。上半 年,订货量下降、审价、费用增长等系公司业绩承压主要原因,我们点评如下: ➢ 2Q25 业绩环比改善明显;1H25 利润率承压。1)单季度:公司 2Q25 实 现营收 1.7 亿元,同比增长 14.7%,环比增长 95.4%;归母净利润 0.05 亿元, 同比减少 68.8%,环比扭亏(1Q25 为-0.18 亿元)。2)利润率:公司 1H25 毛利率同比下滑 2.8ppt 至 35.2%;净利率同比下滑 12.5ppt 至-4.8%。其中, 2Q25 毛利率同比下滑 10.2ppt 至 33.1%;净利率同比下滑 6.6ppt 至 4.1%。审 价等因素导致毛利率承压;叠加费用增加(尤其是研发费用),净利率持续承压。 ➢ 电镀劳务增速较高;各产品毛利率均下滑。分产品看,2025 年上 ...
北交所科技成长产业跟踪第三十九期:8月商业航天发射步入密集期,关注星图测控等北交所卫星产业链标的
Hua Yuan Zheng Quan· 2025-08-18 06:30
Group 1: Company Overview - The core business of Xingtou Measurement and Control is in the highly specialized field of aerospace measurement and control, which is crucial for the communication between ground and space after the launch of spacecraft [6][30]. - In 2024, Xingtou Measurement and Control achieved a revenue of 288 million yuan, representing a year-on-year growth of 25.90%, and a net profit attributable to the parent company of 84.97 million yuan, with a year-on-year increase of 35.68% [2][35]. - The company has maintained a stable and high gross margin, with gross margins of 56.92%, 52.16%, and 52.80% from 2022 to 2024 [35]. Group 2: Industry Insights - The global market for aerospace measurement and control systems is projected to reach 996.49 million USD in 2024, with a compound annual growth rate (CAGR) of 23% expected from 2025 to 2031 [30][32]. - In 2024, China is expected to account for approximately 21.47% of the global market, with a market size of 213.90 million USD, and this is projected to grow to 1.26 billion USD by 2031, potentially reaching a 30.56% share of the global market [30][32]. - The aerospace measurement and control industry is characterized by a competitive landscape, with key global players including Kongsberg Satellite Services, Swedish Space Corporation, GMV, and others, with the first-tier companies holding about 30.86% of the market share [31][32].
北交所策略专题报告:开源证券多批重要卫星近期成功发射,关注星图测控等北证航空航天稀缺标的
KAIYUAN SECURITIES· 2025-06-08 08:11
Group 1 - Recent successful satellite launches highlight investment opportunities in aerospace and military sectors, particularly focusing on scarce targets like Xingtu Measurement and Control [2][12][15] - The total market capitalization of 15 aerospace/military companies listed on the North Exchange reached 64.257 billion yuan, covering products such as aerospace measurement and control, carbon fiber raw silk, and RF coaxial connectors [15][17] - Xingtu Measurement and Control (920116.BJ) reported a revenue of 288 million yuan in 2024, representing a year-on-year growth of 25.90%, with a net profit of 84.9744 million yuan, up 35.68% [19][21] Group 2 - The average weekly performance of five major industries on the North Exchange showed positive growth, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries increasing by 1.37%, 4.59%, 3.10%, 1.49%, and 2.15% respectively [3][22] - The median price-to-earnings (P/E) ratios for high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology industries were 44.6X, 95.9X, 40.9X, 59.2X, and 44.7X respectively [3][22] Group 3 - In the technology new industry, 149 companies saw a median price increase of 1.72%, with notable performers including Zhongcheng Technology (+26.93%), Laisai Laser (+23.99%), and Xingtu Measurement and Control (+17.22%) [4][35] - The total market capitalization of the technology new industry increased from 449.266 billion yuan to 459.574 billion yuan, with the median market capitalization rising from 2.295 billion yuan to 2.297 billion yuan [37][43] Group 4 - Recent announcements included significant project wins for companies like Kairun Intelligent Control, which secured a bid worth 30 million yuan from the State Grid Zhejiang, and Huaxin Yongdao, which won a project in Chengdu valued at 9.06 million yuan annually for three years [5][57][58]
富士达(835640):公司深度报告:深耕射频同轴连接器,商业卫星需求广阔
Yin He Zheng Quan· 2025-03-14 15:20
Investment Rating - The report gives a "Recommended" rating for the company Fujida (835640.BJ) [5]. Core Views - Fujida is a high-tech enterprise specializing in the research, production, and sales of RF coaxial connectors and cables, with a strong position in the commercial satellite market and a focus on new product development [5][11]. - The company experienced a decline in revenue and net profit in 2024 due to fluctuations in defense market demand, but it is expected to recover as new projects are initiated [34]. - The company is actively pursuing new technologies and products to create a second growth curve, particularly in the commercial aerospace sector [5][34]. Company Overview - Fujida was established in 1998 and went public on the Beijing Stock Exchange in November 2021. It is recognized as a national-level specialized and innovative "little giant" enterprise [11][12]. - The company is controlled by AVIC Optoelectronics Technology Co., Ltd., which is part of the China Aviation Industry Corporation [14]. Business Performance - In 2024, Fujida's revenue was 762.80 million yuan, a decrease of 6.42% year-on-year, while net profit fell by 65.35% to 50.64 million yuan [34]. - The decline in profit was attributed to changes in revenue structure and a significant drop in defense-related business due to market fluctuations [34]. Industry Analysis - The RF coaxial connector market is characterized by high concentration and stable competition, with increasing demand driven by the rapid development of commercial satellites [5][34]. - Fujida is one of the few domestic companies qualified to supply defense satellite components, positioning it well to benefit from market growth [5][34]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 763 million, 883 million, and 1.096 billion yuan, with corresponding growth rates of -6.42%, 15.76%, and 24.12% [5][6]. - Net profit forecasts for the same period are 51 million, 108 million, and 156 million yuan, with growth rates of -65.35%, 112.49%, and 45.18% [5][6]. Investment Recommendations - The report highlights Fujida's strong position in the RF connector industry, its proprietary technology, and the broad market demand for its products, particularly in the commercial satellite sector [5][34]. - The company is expected to benefit from its ongoing product development and the recovery of the defense market, making it a promising investment opportunity [5][34].
陕西华达:首次公开发行股票并在创业板上市招股说明书
2023-10-10 12:44
本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因,审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. (陕西省西安市高新区普新二路 5 号) 首次公开发行股票并在创业板上市 招股说明书 保荐人(主承销商) (广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座) 陕西华达科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定,股票依法发行后,发行人经营与收益的变化,由发行 人自行负责;投资者自主判断发行人的投资价值,自主作出投资决策,自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...
陕西华达:首次公开发行股票并在创业板上市招股意向书
2023-09-17 23:04
不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因,审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. (陕西省西安市高新区普新二路 5 号) 首次公开发行股票并在创业板上市 招股意向书 (广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座) 本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在 保荐人(主承销商) 陕西华达科技股份有限公司 招股意向书 陕西华达科技股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股(A 股) | | | | | --- | --- | --- | --- | --- | | 发行股数 | 本次发行股票数量为 2,700.67 | | | 万股,且占发行后总股本的比例 | | | 为 25%,本次发行不涉及股东公开发售 | | | | | 每股面值 | 人民币 1.00 元 | | | | | 每股发行价格 | 人民币【】元 | | | | | 预计发行 ...
陕西华达科技股份有限公司_招股说明书(注册稿)
2023-05-25 07:32
不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点,投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因素,审慎作出投资决定。 陕西华达科技股份有限公司 Shaanxi Huada Science Technology Co.,Ltd. (陕西省西安市高新区普新二路 5 号) 首次公开发行股票并在创业板上市 招股说明书 (注册稿) 本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力,仅供预先披露之用。投资者应当以正 式公告的招股说明书全文作为作出投资决定的依据。 保荐人(主承销商) 本次发行股票拟在创业板上市,创业板公司具有创新投入大、新旧产业融合存在 (广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座) 陕西华达科技股份有限公司 招股说明书(注册稿) 声 明 中国证监会、交易所对本次发行所作的任何决定或意见,均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实 ...