铂力特（688333.SH）2025 年半年报点评 2Q25 归母净利润增长 33%；粉末原材料产业化项目稳步推进 2025 年 08 月 28 日 ➢ 事件：8 月 27 日，公司发布 2025 年半年报，1H25 实现营收 6.7 亿元，YOY +17.2%；归母净利润 0.8 亿元，YOY +10.0%；扣非净利润 0.4 亿元，YOY +22.1%。业绩表现符合预期。公司生产经营规模扩大，持续开拓新市场和应用 领域，3D 打印定制化产品和原材料营收均实现增长。我们综合点评如下： ➢ 2Q25 业绩同比高速增长；1H25 毛利率受产品结构影响下滑。1）单季度： 公司 2Q25 实现营收 4.4 亿元，YOY +23.1%；归母净利润 0.9 亿元，YOY +33.4%；扣非净利润 0.7 亿元，YOY +41.5%。2）利润率：公司 1H25 毛利率 同比下滑 1.4ppt 至 42.2%；净利率同比下滑 0.8ppt 至 11.4%。其中，2Q25 毛利率同比下滑 0.8ppt 至 44.9%；净利率同比提升 1.6ppt 至 20.7%。 ➢ 3D 打印产品高速增长；粉末原材料产业化项目稳步推进。1 ...

Investment Rating - The report maintains a strong buy recommendation for the company [2] Core Views - The company achieved a revenue of 1.326 billion yuan in 2024, representing a year-on-year growth of 15.02%, while the net profit attributable to shareholders decreased by 5.26% to 104 million yuan [6][9] - The company is expanding into new markets such as 3C electronics, humanoid robots, and commercial aerospace, which are expected to drive future growth [9] Financial Performance Summary - In 2024, the company reported a revenue of 1.326 billion yuan, with a year-on-year increase of 15.02%. The net profit attributable to shareholders was 104 million yuan, down 5.26% year-on-year. The non-recurring net profit was 35.67 million yuan, a decrease of 51.98% year-on-year [6][8] - For Q1 2025, the company generated a revenue of 227 million yuan, up 7.30% year-on-year, but reported a net loss of 14.95 million yuan, a significant decline of 1661.37% year-on-year [6][7] - The company’s gross margin for 2024 was 37.44%, down 9.77 percentage points year-on-year, and the net margin was 7.88%, down 1.69 percentage points year-on-year [6] Business Segment Performance - Revenue from 3D printing customized products and technical services reached 689 million yuan, up 23.51% year-on-year, with a gross margin of 33.16% [6] - The aerospace sector generated 815 million yuan in revenue, a year-on-year increase of 33.08%, while the industrial sector saw a slight decline in revenue [6] Regional Performance - Domestic revenue was 1.245 billion yuan, up 13.01% year-on-year, while overseas revenue reached 80.96 million yuan, a significant increase of 58.47% year-on-year [6] Future Earnings Forecast - The company is projected to achieve net profits of 193 million yuan, 252 million yuan, and 299 million yuan for the years 2025, 2026, and 2027, respectively [9]