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华秦科技(688281):二季度环比改善,特种功能材料有望在十五五迎来新一轮高增长
Orient Securities· 2025-08-24 07:53
二季度环比改善,特种功能材料有望在十 五五迎来新一轮高增长 核心观点 ⚫ 盈利预测与投资建议 ⚫ 维持 25-27 年归母净利润预期为 4.32、5.89 亿元、7.58 亿元。参考可比公司 25 年 估值水平,对应 25 年 49 倍 PE,目标价 77.42 元,维持增持评级。 华秦科技 688281.SH 公司研究 | 中报点评 | | 增持 (维持) | | --- | --- | | 股价(2025年08月22日) | 71.11 元 | | 目标价格 | 77.42 元 | | 52 周最高价/最低价 | 84.48/46.05 元 | | 总股本/流通 A 股(万股) | 27,257/17,036 | | A 股市值(百万元) | 19,383 | | 国家/地区 | 中国 | | 行业 | 国防军工 | | 报告发布日期 | 2025 年 08 月 24 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -2.59 | 11.76 | 31.86 | 35.62 | | 相对表现% | -6. ...
华秦科技(688281):2Q25业绩环比增长显著,营收结构逐步多元化
Minsheng Securities· 2025-08-22 08:21
Investment Rating - The report maintains a "Recommended" rating for the company, considering its industry-leading position and forward-looking strategic layout in component manufacturing [4][6]. Core Insights - The company reported a revenue of 520 million yuan for the first half of 2025, representing a year-over-year increase of 6.4%, while the net profit attributable to shareholders decreased by 32.5% to 150 million yuan [1]. - The second quarter of 2025 showed significant quarter-over-quarter growth, with revenue reaching 270 million yuan, a 15.7% year-over-year increase and a 13.9% quarter-over-quarter increase [1]. - The company's gross margin declined by 8.7 percentage points to 47.6% in the first half of 2025, primarily due to product upgrades and increased costs during the ramp-up phase of subsidiary production [1][3]. Summary by Sections Financial Performance - In 1H25, the company achieved a net profit of 130 million yuan, down 37.0% year-over-year, with a net profit margin of 26.1%, down 16.0 percentage points [1]. - The operating cash flow improved significantly, reaching 100 million yuan, a year-over-year increase of 55.2% [3]. Business Diversification - The company is expanding its product range, with over 50% of revenue in 1H25 coming from research and development products [2]. - Subsidiaries showed varied performance, with 华秦航发 achieving a revenue of 71.63 million yuan, up 201.5% year-over-year, while 华秦光声 reported a revenue of 7.79 million yuan, up 664.5% year-over-year [2]. Research and Development - The company increased its R&D expense ratio to 13.6%, up 6.8 percentage points year-over-year, indicating a commitment to strengthening its technological barriers [3]. - The company is focusing on the application of ceramic matrix composites in aerospace, with ongoing validation of components delivered to customers [2]. Future Projections - The company forecasts net profits of 415 million yuan, 601 million yuan, and 823 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 46x, 32x, and 23x [4][5].
华秦科技(688281):短期盈利能力承压,看好公司长期成长
HTSC· 2025-08-22 06:06
Investment Rating - The investment rating for the company is "Buy" with a target price of 81.12 RMB [7][8]. Core Views - The company reported a revenue of 516 million RMB for H1 2025, representing a year-on-year increase of 6.44%, while the net profit attributable to the parent company was 146 million RMB, down 32.45% year-on-year [1][7]. - The decline in profit is attributed to an increase in the proportion of revenue from research and development products, which has not yet realized scale effects, impacting the gross margin [2][3]. - The company is positioned as a leader in military stealth materials, with ongoing demand expected to support long-term growth [1][3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 275 million RMB, up 15.74% year-on-year and 13.88% quarter-on-quarter, with a net profit of approximately 82.98 million RMB, down 18.00% year-on-year but up 32.44% quarter-on-quarter [1][2]. - The gross margin for H1 2025 was 47.57%, a decrease of 8.70 percentage points year-on-year, and the net profit margin was 26.09%, down 16.01 percentage points year-on-year [2]. Inventory and R&D - As of H1 2025, the company's inventory balance was 321 million RMB, an increase of 46.16% from the beginning of the year, indicating a robust order backlog and proactive production preparations [3]. - R&D investment for H1 2025 reached 70.30 million RMB, a significant increase of 112.89% year-on-year, which is expected to strengthen the company's technological barriers for sustainable long-term development [3]. Subsidiary Developments - The subsidiary, Huayin Aviation, has begun basic production of intelligent processing and manufacturing projects for aviation components, with expected full production by the end of 2025, generating revenue of 71.63 million RMB in H1 2025, up 201.47% year-on-year [4]. - Another subsidiary, Huayin Acoustics, is expanding its business in various fields and achieved revenue of 7.79 million RMB in H1 2025, a year-on-year increase of 664.47% [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 462 million RMB, 582 million RMB, and 714 million RMB for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.69 RMB, 2.14 RMB, and 2.62 RMB [5][10]. - The company is valued at a PE ratio of 48 times for 2025, with an adjusted target price of 81.12 RMB [5][10].
华秦科技(688281):景气短期波动 蓄势长期成长
Xin Lang Cai Jing· 2025-05-08 10:33
Core Insights - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%, with a net profit attributable to shareholders of 414 million, up 23.56% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 241 million, a decrease of 2.48% year-on-year, and a net profit of 63 million, down 45.23% year-on-year [1][2] Revenue Breakdown - The special functional materials business generated 1.023 billion in 2024, growing 15.27% year-on-year - The acoustic metamaterials business saw revenue of 44.28 million, up 143.33% year-on-year - The aerospace components business reported revenue of 6.19 million, a significant increase of 461.84% year-on-year - The ceramic matrix composites business generated 200.88 thousand, indicating notable growth in incremental business contributions to overall revenue [2] Profitability Analysis - The gross profit margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 40.79%, down 17.98 percentage points year-on-year [3] - The gross profit margin for the special functional materials business was 55.12%, down 4.01 percentage points year-on-year, while the aerospace components business improved its margin to 12.76%, an increase of 19.34 percentage points [3] Cost and Investment Trends - The company experienced fluctuations in profitability due to increased operating costs and R&D investments, with a Q1 2025 expense ratio of 24.59%, up 10.86 percentage points year-on-year [3] - R&D expense ratio in Q1 2025 was 12.76%, reflecting a rise of 7.26 percentage points year-on-year due to an increase in R&D personnel and project investments [3] Strategic Developments - The company is advancing multiple product lines and capacity building to transform into a comprehensive solutions provider for new materials, particularly in aerospace and high-end equipment sectors [4] - The company is focusing on small-batch trial production and engineering applications in various fields, including acoustic materials and ceramic matrix composites, with ongoing projects aimed at expanding production capacity [4]
华秦科技(688281):景气短期波动,蓄势长期成长
Changjiang Securities· 2025-05-08 09:47
Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%. The net profit attributable to the parent company was 414 million, up 23.56% year-on-year. However, in Q1 2025, revenue decreased by 2.48% to 241 million, and net profit dropped significantly by 45.23% to 63 million [2][4][6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.139 billion, with a year-on-year increase of 24.17%. The net profit attributable to the parent company was 414 million, reflecting a growth of 23.56%. The non-recurring net profit was 389 million, which is a slight increase of 0.93% [2][4]. - For Q1 2025, the company reported a revenue of 241 million, a decrease of 2.48% year-on-year. The net profit attributable to the parent company was 63 million, down 45.23%, and the non-recurring net profit was 55 million, a decrease of 50.79% [2][4]. Business Development - The company is transitioning towards becoming a comprehensive solution provider for new materials, focusing on aerospace and high-end equipment. It is advancing multiple product lines, including special functional materials, acoustic materials, and ceramic-based composite materials [6]. - The revenue from special functional materials in 2024 was 1.023 billion, an increase of 15.27%. The acoustic metamaterials business saw a significant growth of 143.33%, while the aerospace components business grew by 461.84% [6][11]. Cost and Margin Analysis - The gross margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year. In Q1 2025, the gross margin further declined to 40.79%, down 17.98 percentage points year-on-year [11]. - The increase in R&D expenses and production costs has led to fluctuations in profitability. The R&D expense ratio in Q1 2025 was 12.76%, an increase of 7.26 percentage points year-on-year [11].
华秦科技(688281):看好隐身材料龙头多产品线长期发展
Xin Lang Cai Jing· 2025-04-29 02:40
Core Viewpoint - 华秦科技 reported a revenue of 1.139 billion yuan for 2024, representing a year-on-year increase of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year. The Q4 performance showed a revenue of 401 million yuan, a year-on-year increase of 27.27% and a quarter-on-quarter increase of 58.92% [1] Revenue and Profit Analysis - The company achieved revenue growth across all business segments, with special functional materials generating 1.023 billion yuan, a year-on-year increase of 15.27%, and a gross margin of 55.12%, down 4.01 percentage points [2] - Acoustic metamaterials and instruments generated 44 million yuan, up 143.33% year-on-year, with a gross margin of 21.19%, down 11.05 percentage points [2] - Aerospace component processing revenue reached 62 million yuan, a significant increase of 461.84% year-on-year, with a gross margin of 12.76%, up 19.34 percentage points [2] - The newly introduced ceramic matrix composites generated 200.88 thousand yuan with a gross margin of 24.67% [2] - The overall gross margin for the company in 2024 was 50.69%, down 7.09 percentage points, primarily due to underutilization of production capacity in subsidiaries [2] Short-term Performance and Forecast - In Q1 2025, the company experienced a short-term decline in performance, with revenue of 241 million yuan, down 2.48% year-on-year, and a net profit of 63 million yuan, down 45.23% year-on-year [3] - The decline was attributed to increased costs from trial production of research and development products, low capacity utilization in subsidiaries, and higher R&D expenses [3] - The R&D expense ratio for Q1 2025 was 12.76%, up 7.26 percentage points year-on-year, while the gross margin was 40.79%, down 17.97 percentage points [3] Profit Forecast and Valuation - Due to delays in military product demand and uncertainties in the mass production timeline of research and development products, the company has adjusted its revenue and gross margin forecasts for special functional materials [4] - The projected net profits for 2025-2027 are 462 million yuan, 583 million yuan, and 717 million yuan, respectively, with significant downward adjustments from previous estimates [4] - The target price for the company is set at 85.32 yuan, based on a 36 times PE ratio for 2025, reflecting a reduction from the previous target of 111.80 yuan [4]
华秦科技(688281):2024年报点评:业绩稳健增长,新领域积极布局
Soochow Securities· 2025-04-28 06:08
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 1.14 billion yuan in 2024, representing a year-on-year growth of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year [1][9] - The growth is primarily driven by the expansion of the aerospace business and increased sales of specialty functional materials, alongside efforts in product structure adjustment and cost control [9] - The company has made significant progress in product accumulation and technological breakthroughs, successfully developing new types of specialty functional materials for aerospace applications [9] - The board approved a profit distribution plan, proposing a cash dividend of 5.2 yuan per 10 shares and a capital reserve conversion to increase share capital by 4 shares for every 10 shares held [9] Financial Performance Summary - Total revenue for 2024 is projected at 1,139.25 million yuan, with a year-on-year growth rate of 24.17% [1][10] - Net profit for 2024 is expected to be 413.92 million yuan, reflecting a growth of 23.56% compared to the previous year [1][10] - The earnings per share (EPS) for 2024 is estimated at 2.13 yuan, with a price-to-earnings (P/E) ratio of 34.33 [1][10] - The company maintains a strong cash flow position, with net cash flow from operating activities reaching 318 million yuan, a significant increase of 326.63% year-on-year [9][10]
华秦科技:先进材料龙头多点布局显成果 ,2024年营收净利增速双超20%,高强度研发投入增添高质量发展后劲
Zheng Quan Shi Bao Wang· 2025-04-27 11:15
Core Viewpoint - The company, Huajin Technology, reported significant growth in revenue and net profit for 2024, driven by optimized production processes and effective cost control, alongside a substantial increase in R&D investment [1][2][3] Financial Performance - In 2024, the company achieved total operating revenue of 1.139 billion yuan, a year-on-year increase of 24.17% - The net profit attributable to shareholders reached 414 million yuan, reflecting a year-on-year growth of 23.56% - For Q1 2025, the company reported operating revenue of 241 million yuan and a net profit of 62.66 million yuan [1][2] Business Segments - The company operates five main business units, including special functional materials, aerospace components processing, and acoustic metamaterials, optimizing its product matrix to better meet industry demands [2] - The main business revenue for 2024 was 1.131 billion yuan, with special functional materials and technical services contributing 1.023 billion yuan, accounting for 89.88% of total revenue, a 15.27% increase year-on-year [2] R&D and Innovation - The company significantly increased its R&D investment to 912.28 million yuan in 2024, a 24.1% year-on-year growth, with an R&D intensity of 8.01% [3][4] - The company has established multiple innovation platforms in collaboration with universities and research institutes, focusing on various advanced materials and applications [4] Production Capacity and Expansion - The company has completed the production launch of the Shenyang Huajin Aerospace Components Intelligent Processing Project, enhancing its competitiveness in the aerospace industry [3] - The Shanghai Ruihua Sheng project has made significant progress in the R&D and industrialization of ceramic matrix composites, with plans for further expansion [3] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 101 million yuan, which represents 30.20% of the net profit attributable to shareholders for 2024 [5] - Additionally, the company intends to increase its share capital by 4 shares for every 10 shares held, raising the total share capital from 195 million shares to 273 million shares [5]
陕西华秦科技实业股份有限公司 2025年第一季度报告
Zheng Quan Ri Bao· 2025-04-24 23:46
Core Viewpoint - The company has announced a delay in the completion of certain fundraising projects, specifically the "Special Functional Materials Industrialization Project" and the "Special Functional Materials R&D Center Project," extending their expected operational status to March 2026 due to various operational and market factors [10][12][13]. Financial Data - The company reported a decline in profits for the first quarter of 2025 compared to the same period last year, attributed to increased costs from trial production and low capacity utilization in subsidiaries [4]. - The company’s total share capital is 139,066,671 shares, with a capital reserve increase of 0.4 shares per share for all shareholders, resulting in a total increase of 55,626,668 shares [3]. Fundraising and Project Status - The total amount raised from the initial public offering was approximately RMB 315.83 million, with a net amount of RMB 295.82 million after expenses [11]. - The company has previously postponed the operational status of the aforementioned projects from March 2024 to June 2025, and now to March 2026, due to stricter requirements in project execution and market demand [12][13]. Use of Funds - The company plans to use RMB 22.82 million of excess fundraising to permanently supplement its working capital, which is 13.60% of the total excess funds raised [31][32]. - The company has committed to ensuring that the use of excess funds will not affect the normal operation of fundraising projects and will comply with regulatory requirements [34][36]. Profit Distribution - The company proposes a profit distribution plan for 2024, which includes a cash dividend of RMB 5.2 per 10 shares and a capital reserve increase of 4 shares for every 10 shares held [41][42]. - The total cash dividend is expected to be approximately RMB 101.24 million, representing 30.20% of the net profit attributable to shareholders for the year [42].