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悦安新材(688786):盈利开启修复,静待募投产量爬坡&新工艺试验线
Hua Yuan Zheng Quan· 2025-05-11 13:21
Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the company's profitability is beginning to recover, with expectations for production capacity to ramp up and new process trial lines to be established [6][8] - The company is positioned as a leader in carbonyl iron powder in China, with its fundraising projects expected to contribute to performance growth and cost-reduction new processes opening up growth opportunities [8] Financial Performance - In 2024, the company achieved revenue of 418 million RMB, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 70 million RMB, a year-on-year decrease of 12% [8] - The first quarter of 2025 saw revenue of 96 million RMB, a year-on-year increase of 9.2%, and a net profit of 17 million RMB, a year-on-year increase of 0.3% [8] - The company expects net profits for 2025-2027 to be 99 million RMB, 140 million RMB, and 169 million RMB respectively, with year-on-year growth rates of 40.5%, 42.1%, and 20.5% [8] Revenue and Profitability Forecast - Revenue projections for 2025 are estimated at 553 million RMB, with a year-on-year growth rate of 32.29% [7] - The report anticipates a gross margin of 36.23% in 2025, with a net margin of 17.90% [9] - The company's return on equity (ROE) is expected to improve to 12.80% in 2025 [7] Market Position and Growth Drivers - The company is actively working on new product development, including carbonyl iron powder for magnetorheological dampers, which has already been supplied to overseas customers [8] - The carbonyl iron powder fundraising project has been put into production, with a new cost-reduction process being actively tested [8]
悦安新材(688786):MIM技术替代和电感需求增长 新产能渐迎释放
Xin Lang Cai Jing· 2025-05-09 00:34
Core Insights - The company reported a revenue of 418 million RMB for 2024, a year-on-year increase of 13%, but a net profit of 70 million RMB, a decrease of 12% year-on-year [1] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 30 million RMB, with a payout ratio of 42.62% [5] - The company expects revenue growth for 2025-2027, projecting revenues of 499 million, 654 million, and 898 million RMB respectively, with corresponding net profits of 101 million, 130 million, and 195 million RMB [6] Financial Performance - In Q1 2025, the company achieved a revenue of 96 million RMB, a 9% increase year-on-year but a 10% decrease quarter-on-quarter [1] - The overall gross margin for 2024 was 35.40%, down 5.06 percentage points year-on-year, primarily due to increased costs from projects transitioning to fixed assets [1] Product Performance - The demand for soft magnetic powder increased due to the rise in automotive intelligence, leading to a revenue of 153 million RMB in 2024, a 19% increase year-on-year [4] - The revenue from atomized alloy powder products reached 46 million RMB in 2024, reflecting a 13% year-on-year increase, with sales volume up by 27% [2] - The revenue from carbonyl iron powder products was 122 million RMB in 2024, a 6% increase year-on-year, although the gross margin decreased by 4.91 percentage points due to production ramp-up effects [3] Capacity Expansion - The company is in the process of ramping up production capacity for its carbonyl iron powder and atomized alloy powder projects, with the carbonyl iron powder project expected to add 6,000 tons per year upon completion [4] - The first phase of the Ningxia project, which includes a 3,000-ton carbonyl iron powder project, is expected to enter trial production in 2025 [4] Investment Outlook - The company maintains an "Accumulate-A" rating, with a target price adjustment to 32.4 RMB per share, based on anticipated performance improvements from new production lines [6]
悦安新材:MIM技术替代和电感需求增长,新产能渐迎释放-20250509
Guotou Securities· 2025-05-09 00:30
2025 年 05 月 08 日 悦安新材(688786.SH) MIM 技术替代和电感需求增长,新产能 渐迎释放 公司发布 2024 年报和 2025 年一季报 2024 年公司实现营收 4.18 亿元,同比+13%;归母净利 0.70 亿 元,同比-12%,扣非归母净利 0.67 亿元,同比-9%。2025Q1 实现 营收 0.96 亿元,同比+9%,环比-10%;归母净利 0.17 亿元,同比 +0.3%,环比+20%;扣非归母净利润 0.16 亿元,同比+7%,环比 +7%。 公司全年整体毛利率 35.40%,同比-5.06pct,主要因募投项目转 固,但项目仍处于产能爬坡阶段,折旧等营业成本增加。 电感需求增长提振软磁粉需求,技术替代提升 MIM 需求 ✔雾化合金粉:产销量和毛利率均同增。24 年全年雾化合金粉系 列产品营收 0.46 亿,同比+13%。24 年全年产品销售 867 吨,同 比+27%;产量 913 吨,同比 33%。毛利率 19.08%,同比+2.21pct。 ✔羰基铁粉:产销量维持增长,毛利率或受募投项目爬产影响。 24 年全年羰基铁粉系列产品营收 1.22 亿,同比+6%,24 ...
悦安新材(688786):募投铁粉爬坡拖累业绩,静待规模效应显现
Tianfeng Securities· 2025-04-30 04:45
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 418 million yuan in 2024, representing a year-over-year increase of 13.4%, while the net profit attributable to the parent company was 70.29 million yuan, down 12% year-over-year [1][5]. - The company is currently in a capacity ramp-up phase for its IPO-funded carbonyl iron powder project, which is expected to double its production capacity from 5,500 tons to 11,500 tons, contributing to future revenue growth [4][5]. - The company is focusing on optimizing its product structure towards high-end products, which is anticipated to enhance profitability as scale effects become evident [4][5]. Financial Performance Summary - In 2024, the company reported revenues of 418 million yuan, with a growth rate of 13.38% expected for 2025 [5][12]. - The gross profit margin for carbonyl iron powder was 44.76%, while the overall gross margin was 35.22%, reflecting a decline of 3.85 percentage points year-over-year [3][5]. - The net profit margin for 2024 was 16.23%, down 5.15 percentage points year-over-year, primarily due to increased operating costs from the ramp-up of new projects [3][5]. Capacity and Production Insights - The company’s carbonyl iron powder project reached its intended usable state by the end of Q3 2023 and is currently ramping up production based on market demand [4]. - The company plans to release additional capacity for high-performance powders, including 2,000 tons of soft magnetic powder, which is expected to further enhance its market position [4]. Future Profitability Projections - The projected net profits for the company are estimated to be 110.52 million yuan in 2025, 135.08 million yuan in 2026, and 169.26 million yuan in 2027, reflecting a significant growth trajectory [5][12]. - The company’s price-to-earnings ratio is projected to decrease from 26 times in 2025 to 17 times in 2027, indicating an improving valuation as profitability increases [5][12].