Workflow
轨道车辆密封件
icon
Search documents
海达股份(300320):汽车、轨交产品经营向好
Changjiang Securities· 2025-08-31 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.765 billion in H1 2025, representing a year-on-year increase of 20.7%. The net profit attributable to shareholders was 108 million, up 40.2% year-on-year. The non-recurring profit was also 108 million, reflecting a growth of 41.9% [1][3]. - In Q2 2025, the company achieved a revenue of 923 million, which is a 15.3% increase year-on-year. The net profit attributable to shareholders for this quarter was 56 million, showing a significant growth of 51.0% year-on-year, with non-recurring profit increasing by 54.5% to 56 million [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's revenue increased by 20.7% year-on-year to 1.765 billion. The net profit attributable to shareholders was 108 million, a 40.2% increase year-on-year. The non-recurring profit also reached 108 million, up 41.9% [1][3]. - For Q2 2025, the revenue was 923 million, reflecting a 15.3% year-on-year growth. The net profit attributable to shareholders was 56 million, with a year-on-year increase of 51.0%, and the non-recurring profit was also 56 million, up 54.5% [1][3]. Product Performance - The company experienced significant growth in its automotive and rail transit products, with automotive products growing by 30.58% and rail transit products by 25.48% in H1 2025. However, building products saw a decline of 1.37% [9]. - The gross margin for H1 2025 was 18.8%, a slight increase of 0.1 percentage points year-on-year. The company managed to reduce its expense ratio to 9.6%, down 0.9 percentage points year-on-year [9]. Future Outlook - The company expects net profits of 220 million and 290 million for 2025 and 2026, respectively, corresponding to PE ratios of 30 and 23 [5]. - The company is entering a growth phase with its complete vehicle sealing systems, having established partnerships with several major automotive manufacturers [9].
海达股份上半年营收净利增超两成,现金流大幅改善
Quan Jing Wang· 2025-08-27 12:23
主营业务稳健增长,现金流大幅改善 海达股份以橡塑材料改性研发为核心,产品广泛应用于轨道交通、汽车、建筑、航运四大领域。报告期 内,公司在轨道交通和汽车领域的业务实现较快增长,尤其是轨道车辆密封件、汽车整车密封件及车辆 减振部件等产品收入增幅明显,有效对冲了建筑、航运等领域因行业需求下滑带来的压力。 子公司科诺精工主要从事汽车天窗导轨等铝挤压材业务,产品广泛应用于宝马、奔驰、奥迪、大众等知 名车企,报告期内铝制品业务收入也实现16.07%的增长,进一步巩固了公司在汽车轻量化材料市场的 领先地位。 值得注意的是,公司经营活动产生的现金流量净额达2.20亿元,同比大幅增长229.35%,主要得益于销 售回款情况良好。期末货币资金较上年初增长2.61%,应收账款余额有所下降,显示出公司资金周转效 率提升,营运能力增强。 研发持续投入,布局新能源赛道 8月26日晚间,江阴海达橡塑股份有限公司(股票代码:300320,以下简称"海达股份(300320)")正式 发布2025年半年度报告。报告显示,公司上半年实现营业收入17.65亿元,同比增长20.66%;归属于上 市公司股东的净利润1.08亿元,同比增长40.16%,业 ...