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万泽股份(000534):高温合金1H25营收同比增长73%;燃机客户实现突破
Xin Lang Cai Jing· 2025-08-24 10:34
投资建议:公司深耕微生态领域30 年,拥有覆盖全国的全渠道营销体系,具备成熟的商业转化能力; 同时拥有丰富的专家资源并长期进行科学循证研究。 此外,公司是国内极少数具备从高温合金材料研发到部件制备全流程研制能力的民营企业,先后在多型 号航空发动机、燃气轮机中应用,并具备批量生产工程能力。我们预计,公司2025~2027 年归母净利润 分别是3.01 亿元、4.31 亿元、5.79 亿元,当前股价对应2025~2027 年PE 分别是29x/20x/15x。我们考虑 到公司在微生态及高温合金领域的技术积淀及工程化能力,维持"推荐"评级。 风险提示:下游需求不及预期、产品研发不及预期等。 事件:8 月22 日,公司发布2025 年半年报,1H25 实现营收6.3 亿元,YOY+24.4%;归母净利润1.2 亿 元,YOY +21.8%;扣非净利润1.1 亿元,YOY+29.3%。业绩表现符合市场预期。公司高温合金事业部 专注于"两机"高温合金产品,积极开拓市场。我们点评如下: 2Q25 业绩同比快速增长;1H25 产品结构影响毛利率。1)单季度:公司2Q25 实现营收2.9 亿元,YOY +36.8%;归母净利润 ...
万泽股份(000534):2025年半年报点评:高温合金1H25营收同比增长73%,燃机客户实现突破
Minsheng Securities· 2025-08-24 08:32
万泽股份(000534.SH)2025 年半年报点评 高温合金 1H25 营收同比增长 73%;燃机客户实现突破 2025 年 08 月 24 日 ➢ 事件:8 月 22 日,公司发布 2025 年半年报,1H25 实现营收 6.3 亿元,YOY +24.4%;归母净利润 1.2 亿元,YOY +21.8%;扣非净利润 1.1 亿元,YOY +29.3%。业绩表现符合市场预期。公司高温合金事业部专注于"两机"高温合 金产品,积极开拓市场。我们点评如下: ➢ 2Q25 业绩同比快速增长;1H25 产品结构影响毛利率。1)单季度:公司 2Q25 实现营收 2.9 亿元,YOY +36.8%;归母净利润 0.5 亿元,YOY +44.9%; 扣非净利润 0.4 亿元,YOY +86.9%。2)利润率:公司 1H25 毛利率同比下滑 3.8ppt 至 73.1%;净利率同比下滑 1.9ppt 至 17.2%。其中,2Q25 毛利率同比 下滑 4.1ppt 至 70.3%;净利率同比下滑 2.8ppt 至 12.8%。1H25,公司毛利率 同比下滑主要系毛利率较低的高温合金材料营收占比提升所致。 ➢ 1H25 高温合金 ...
万泽股份:从获奖透视品牌崛起与多元发展密码
Mei Ri Jing Ji Xin Wen· 2025-05-11 14:03
Core Insights - Wanze Co., Ltd. has been recognized for its outstanding performance in the fields of micro-ecological medicine and high-temperature alloys, winning two significant awards at the 2025 China Listed Company Brand Value List Conference [1] - The company's dual business strategy of "medical + high-end manufacturing" has proven successful, showcasing its ability to innovate and develop across high-barrier industries [1][4] Company Development - Wanze Co., Ltd. has evolved from a single business focus in real estate at its inception in 1992 to a dual-driven model, fully divesting from real estate in 2019 to concentrate on its core areas [1] - The company has made strategic decisions aligned with national policies, particularly in the context of domestic substitution and the Healthy China initiative [4] Financial Performance - In 2024, Wanze's subsidiary, Wanze Shuangqi Pharmaceutical, achieved revenues of 794 million yuan, a year-on-year increase of 13.43%, with net profits reaching 330 million yuan, up 39.8% [4] - The company has significantly increased its R&D investment, reaching 209 million yuan in 2024, a growth of 27.48%, and has accumulated 228 patents [5] Market Opportunities - The domestic aviation engine market is rapidly growing, with less than 30% self-sufficiency in high-end materials, positioning Wanze to capitalize on domestic substitution opportunities [7] - The global micro-ecological drug market exceeds one trillion dollars, with core products like "Jin Shuangqi" and "Ding Junsheng" expanding into new indications to unlock further growth [7] Strategic Initiatives - Wanze Co., Ltd. is actively integrating resources in the aviation engine and micro-ecological sectors through acquisition funds, enhancing technical collaboration and market influence [7] - The company aims to transition from a traditional micro-ecological product supplier to a comprehensive "microbial medical solution provider" through a forward-looking "three-dimensional innovation strategy" [7]