公司报告 | 年报点评报告 四方股份（601126） 证券研究报告 主业稳健增长，出海及 AIDC 有望形成增量 公司业绩持续稳健增长，25Q1 利润增长有所加速 24 年合计实现营收 69.51 亿元，yoy+20.86%；归母净利润 7.16 亿元， yoy+14.09%；扣非净利润 6.98 亿元，yoy+11.98%。毛利率 32.33%， yoy-2.11pcts。净利率 10.30%，yoy-0.62pcts。受益于国内新型电力系统及 能源绿色低碳转型的推动，公司持续加强产品和技术创新，营业收入稳步 增长，综合毛利率总体保持稳定。 2025Q1 营收 18.28 亿元，yoy+18.34%；归母净利润 2.41 亿元，yoy+33.38%； 扣非净利润 2.34 亿元，yoy+30.37%。毛利率 31.84%，yoy-2.12pcts；净利 率 13.21%，yoy+1.43pcts。 24 年业务分拆： 1、电网自动化：24 年实现收入 33.09 亿，yoy+13.18%，毛利率 41.54%， 同比下降 0.35pcts。 25 年展望：公司主业稳健发展，出海、数据中心有望形成增量 1）公 ...

以下文章来源于机器人技术与应用 ，作者罗伯特 机器人技术与应用 . 传播企业信息和市场行情，交流业内创新成果，推动行业技术进步。宣传报道国内外机器人技术领域最新技术、 成果和信息，促进企业转型升级，搭建产学研交流平台。 根据2月17日公告，海尔卡奥斯通过协议转让方式以19.61元/股（较停牌前溢价93%）收购新时达10%股权，转让 价款合计为13亿元，并通过表决权委托获得19.24%的表决权18个月，合计控制29.24%表决权。 同时，以7.99元/股的包揽定增1.53亿股（占上市公司总股本的16.83%），耗资12.19亿元，意味着完成定增后海 尔卡奥斯耗资25.19亿元，最终持股比例达26.83%，总控制权超40%， 海尔集团成为新时达实际控制人 。 这一动 作被解读为海尔在智能制造领域的战略补位： 新时达在运动控制、工业机器人领域的核心技术，与海尔卡奥斯工业 互联网平台及家电制造场景存在显著的协同空间。 市场对此给予积极反馈，股价在3个月内最高涨幅达90%。 然而，新时达的财务压力不容忽视：2022-2024年累计 亏损超15亿元，2025年一季度虽营收同比增长14.54%至7.86亿元，但归母净利润仍 ...

Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to declining gross margins and changes in expenses and profits [1][2]. Financial Performance Summary - For 2024, the company achieved revenue of 8.172 billion yuan, a year-on-year increase of 21%, but the net profit attributable to shareholders was 436 million yuan, a decrease of 31% [1]. - In Q1 2025, revenue reached 2.316 billion yuan, reflecting a year-on-year growth of 27% and a quarter-on-quarter increase of 2%. However, the net profit attributable to shareholders was 107 million yuan, down 23% year-on-year but up 329% quarter-on-quarter [1]. - The gross margin for Q4 2024 and Q1 2025 was 23.90% and 22.95%, respectively, showing a decline of 0.65 and 2.95 percentage points year-on-year [2]. Business Segment Performance - In 2024, the smart home appliance control business generated revenue of 3.74 billion yuan, up 43% year-on-year, while the power supply business brought in 2.35 billion yuan, an 11% increase [3]. - For Q1 2025, the smart home appliance control business revenue was 1.23 billion yuan, a 32% increase year-on-year, and the power supply business revenue was 490 million yuan, up 1% [3]. - The company is expected to continue steady revenue growth as it expands its focus on key product areas and overseas markets [3]. Strategic Outlook - The company is diversifying its business and expects improved profitability as various segments scale up [2]. - The data center business is progressing steadily, with expectations for significant deliveries starting in the second half of 2025 [3]. - The company aims to leverage customer partnerships for product updates and market opportunities, building a competitive moat [4]. Profit Forecast and Valuation - The company has adjusted its gross margin assumptions and forecasts net profits of 622 million yuan, 789 million yuan, and 1.013 billion yuan for 2025, 2026, and 2027, respectively [5]. - The estimated price-to-earnings ratio for 2025 is set at 46.4 times, reflecting a 40% premium over comparable companies, with a target price of 52.91 yuan [5].

Honeywell (HON) Q1 2025 Earnings Call April 29, 2025 02:20 PM ET Speaker0 Thank you for standing by, and welcome to the Honeywell First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's call is being recorded. I would now like to hand the call over to Sean Meakim, Vice President of Investor Relations. Please go ahead. Speaker1 Thank you. G ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][10]. Core Views - The company achieved a revenue of 9.659 billion yuan in 2024, representing a year-on-year increase of 28.66%, and a net profit attributable to shareholders of 364 million yuan, up 9.91% year-on-year [4][7]. - In the first quarter of 2025, the company reported a revenue of 2.585 billion yuan, a year-on-year increase of 30.44%, and a net profit of 169 million yuan, up 75.41% year-on-year [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Business Performance - The company’s various business segments are progressing steadily, contributing to stable growth in operating performance. The market share continues to increase across different sectors [7][8]. - In the home appliance controller sector, the company is a leading player with a revenue increase of 33.08% year-on-year to 6.094 billion yuan in 2024 [8]. - The electric tools and industrial automation segment saw a revenue increase of 24.26% year-on-year to 1.008 billion yuan in 2024, driven by new projects and customer orders [8]. - The automotive electronics business achieved a revenue increase of 47.97% year-on-year to 816 million yuan in 2024, with significant breakthroughs in product and customer areas [8]. - The smart products segment reported a revenue increase of 26.29% year-on-year to 1.22 billion yuan in 2024, focusing on smart home and personal care products [8]. Financial Projections - The company’s revenue is projected to grow to 12.113 billion yuan in 2025, with a year-on-year growth rate of 25.4% [6][12]. - Net profit attributable to shareholders is expected to reach 717 million yuan in 2025, reflecting a significant increase of 96.9% year-on-year [6][12]. - The report forecasts a steady increase in gross margin and net margin, with gross margin at 19.1% and net margin at 5.9% for 2025 [6][12]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 24.8 times in 2025, decreasing to 14.7 times by 2027 [10][12]. - The price-to-book (P/B) ratio is expected to decline from 3.8 in 2024 to 2.6 in 2027 [10][12].