公司研究丨点评报告丨鲁阳节能（002088.SZ） [Table_Title] 期待新业务改善和工艺技术再优化 丨证券研究报告丨 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。同时，公司披露 2025Q1 报：营业收入为 5.42 亿元，同比下降 22.61%；归母净利 润为 6004 万元，同比下降 27.19%。 分析师及联系人 [Table_Author] 1 鲁阳节能（002088.SZ） cjzqdt11111 [Table_Title2] 期待新业务改善和工艺技术再优化 [Table_Summary2] 事件描述 公司披露 2024 年报：营业总收入 35.3 亿元，同比增长 0.38%，归母净利润 4.8 亿元，同比下 降 2.42%。 同时，公司披露 ...

Core Viewpoint - The company is experiencing pressure on revenue growth and profitability due to weak demand in the ceramic fiber market and the integration phase of new automotive padding business, leading to adjustments in earnings forecasts [1][2][4]. Financial Performance - For 2024, the company reported revenue of 3.53 billion, net profit attributable to shareholders of 480 million, and net profit excluding non-recurring items of 490 million, with year-over-year changes of +0%, -2%, and -7% respectively [1]. - In Q4 2024 and Q1 2025, the company expects revenue of 990 million and 540 million, net profit of 140 million and 60 million, and net profit excluding non-recurring items of 150 million and 60 million, with year-over-year changes of +3%/-23%, +8%/-27%, and +10%/-28% respectively [1]. - The company plans a cash dividend of 410 million for 2024, with a payout ratio of 85.5% and a dividend yield of 6.2% based on the closing price on April 28, 2025 [1]. Business Segments - Revenue from ceramic fiber, automotive padding, and industrial filtration businesses for 2024 is expected to be 3.21 billion, 140 million, and 160 million respectively, with year-over-year changes of +3%, -36%, and +13% [2]. - The sales volume of ceramic fiber products is projected to remain stable at 537,000 tons, while industrial filtration products continue to show rapid revenue growth [2]. Profitability - The company's overall gross margin for 2024 and Q1 2025 is expected to decline by 0.4 and 3.4 percentage points to 31.0% and 25.6% respectively [3]. - The gross margins for ceramic fiber, automotive padding, and industrial filtration businesses are projected to be 32.1%, 17.1%, and 10.9%, with year-over-year changes of -2.0%, +9.0%, and +4.2% respectively [3]. - The company has successfully reduced its expense ratio, with a decrease of 2.0 and 3.0 percentage points to 12.9% and 12.3% for 2024 and Q1 2025 [3]. Growth Outlook - The company maintains a strong position in the ceramic fiber market, with expectations for continued growth in automotive padding and industrial filtration businesses, which may provide synergistic development opportunities [4]. - Revenue forecasts for 2025-2027 are projected to grow by 1%, 7%, and 8% to 3.6 billion, 3.8 billion, and 4.1 billion respectively, with net profits expected to reach 490 million, 540 million, and 590 million [4]. - The current price corresponds to a 2025 PE ratio of 13x, indicating attractive valuation alongside dividend considerations [4].