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海伦哲(300201):业绩稳健增长,新签订单高速增长
China Post Securities· 2025-04-30 06:10
Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with a significant increase in new orders [4][5]. - In 2024, the company achieved a revenue of 1.591 billion yuan, a year-on-year increase of 17.69%, and a net profit attributable to shareholders of 224 million yuan, up 8.64% year-on-year [4]. - The company has a strong order backlog, with new contracts signed in 2024 amounting to 1.967 billion yuan, representing a year-on-year growth of 83.95% [6]. Company Overview - Latest closing price: 4.85 yuan - Total shares: 1.009 billion, circulating shares: 1.005 billion - Total market capitalization: 4.9 billion yuan - 52-week high/low: 6.64/2.92 yuan - Debt-to-asset ratio: 40.4% - Price-to-earnings ratio: 21.43 [3]. Financial Performance - In Q1 2025, the company reported a revenue of 346 million yuan, a year-on-year increase of 54.80%, and a net profit of 29 million yuan, up 26.71% year-on-year [4]. - The company’s gross margin improved to 33.82% in 2024, with a decrease in expense ratio to 17.36% [6]. - The company’s revenue projections for 2025-2027 are 1.845 billion, 2.038 billion, and 2.231 billion yuan, with corresponding net profits of 297 million, 335 million, and 372 million yuan [8][9]. Product and Market Development - The company has increased its R&D investment, launching new products such as the GKH64 aerial work vehicle and a 3000kW mobile power generation unit [7]. - The company has expanded its product offerings in the international market, developing nearly 10 products tailored for target markets [7]. Earnings Forecast and Valuation - The expected earnings per share (EPS) for 2025-2027 are 0.29, 0.33, and 0.37 yuan, with corresponding price-to-earnings (P/E) ratios of 16.47, 14.62, and 13.16 [9][11].
中邮证券:首次覆盖海伦哲给予增持评级
Zheng Quan Zhi Xing· 2025-04-30 05:24
Group 1 - The company reported a revenue of 1.591 billion yuan for 2024, an increase of 17.69% year-on-year, and a net profit attributable to shareholders of 224 million yuan, up 8.64% year-on-year [1] - In Q1 2025, the company achieved a revenue of 346 million yuan, representing a year-on-year growth of 54.80%, and a net profit of 29 million yuan, an increase of 26.71% year-on-year [1] - The company experienced significant growth in new orders, with a total of 1.967 billion yuan in new contracts for 2024, marking an increase of 83.95% year-on-year [3] Group 2 - The company’s gross margin improved by 1.24 percentage points to 33.82% in 2024, while the expense ratio decreased by 1.74 percentage points to 17.36% [2] - The revenue from power vehicles increased by 177.17% to 463 million yuan, and the revenue from emergency repair vehicles surged by 264.81% to 297 million yuan in 2024 [2] - The company plans to increase R&D investment and has launched several new products, including a high-altitude aerial work vehicle and a 3000kW mobile power generation unit [3] Group 3 - The company forecasts revenues of 1.845 billion yuan, 2.038 billion yuan, and 2.231 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.90%, 10.50%, and 9.44% [4] - The projected net profits for 2025, 2026, and 2027 are 297 million yuan, 335 million yuan, and 372 million yuan, with growth rates of 32.87%, 12.65%, and 11.08% [4] - The company has been given an "overweight" rating based on its performance and growth potential [4]
海伦哲:业绩稳健增长,新签订单高速增长-20250430
China Post Securities· 2025-04-30 05:23
Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with a significant increase in new orders [4][5]. - The revenue for 2024 reached 1.591 billion yuan, reflecting a year-on-year growth of 17.69%, while the net profit attributable to shareholders was 224 million yuan, up 8.64% [4]. - The company has seen a rapid increase in new contracts, with a total of 1.967 billion yuan in new orders for 2024, representing an 83.95% year-on-year increase [6]. Company Overview - Latest closing price: 4.85 yuan - Total shares: 1.009 billion, circulating shares: 1.005 billion - Total market capitalization: 4.9 billion yuan - 52-week high/low: 6.64/2.92 yuan - Debt-to-asset ratio: 40.4% - Price-to-earnings ratio: 21.43 [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 346 million yuan, a 54.80% increase year-on-year, and a net profit of 29 million yuan, up 26.71% [4]. - The company’s gross margin improved to 33.82% in 2024, with a decrease in expense ratio to 17.36% [6]. - The company is expected to generate revenues of 1.845 billion, 2.038 billion, and 2.231 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 297 million, 335 million, and 372 million yuan [8][9]. Product and Market Development - The company has increased its R&D investment, launching new products such as the GKH64 aerial work vehicle and a 3000kW mobile power generation unit [7]. - The company has expanded its product offerings in the international market, developing nearly 10 products tailored for target markets [7].
海伦哲2024年业绩稳步增长,但需关注现金流和应收账款风险
Zheng Quan Zhi Xing· 2025-04-17 22:36
Core Viewpoint - Helen Zhe achieved significant growth in 2024, with total revenue and net profit increasing, indicating enhanced profitability and operational performance [1][2]. Financial Performance - Total revenue for 2024 reached 1.591 billion, a year-on-year increase of 17.69% - Net profit attributable to shareholders was 224 million, up 8.64% year-on-year - Non-recurring net profit was 204 million, showing a substantial increase of 48.17% year-on-year [1] Quarterly Performance - In Q4, total revenue was 589 million, a remarkable increase of 112.26% year-on-year - Net profit attributable to shareholders for Q4 was 90.56 million, up 24.21% year-on-year - Non-recurring net profit for Q4 reached 74.86 million, a significant increase of 428.11% year-on-year [2] Key Financial Indicators - Gross margin was 33.82%, an increase of 3.8% year-on-year - Net margin was 14.13%, a decrease of 6.38% year-on-year - Operating cash flow per share was -0.07, a decrease of 120.54% year-on-year - Earnings per share increased by 13.78% to 0.23 [7] Accounts Receivable and Cash Flow - Accounts receivable at the end of 2024 stood at 944 million, a year-on-year increase of 52.24% - Operating cash flow per share showed deterioration, indicating cash flow pressure due to increased cash payments for goods and services [4][8] Main Business Composition - Main revenue sources include power vehicles (29.11%), aerial work vehicles (24.11%), and repair vehicles (18.64%) - Power vehicles have the highest gross margin at 39.47% - Spare parts repair services, while only accounting for 9.12% of revenue, have a high gross margin of 48.23% [5] Development Strategy and Future Outlook - The company aims to achieve a net profit target of 392 million by 2025, focusing on innovation and smart manufacturing - The strategic goal for 2023-2025 includes enhancing core business areas and significantly increasing performance [6]