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赛恩斯(688480):运营服务和产品销售增速亮眼 看好公司品类扩张潜力
Xin Lang Cai Jing· 2025-08-26 00:33
其中,2025Q2 实现营收2.53 亿元,同比增长0.34%;归母净利润3130 万元,同比减少12.9%;扣非归母 净利润3015 万元,同比减少21.8%。 事件描述 公司发布2025 年中报,2025H1 实现营收4.23 亿元,同比增18.8%;归母净利润4903 万元,略超此前预 告的上限4900 万元,同比降57.5%;扣非归母净利润4722 万元,同比降12.7%。 剔除2024H1 一次性投资收益影响后,2025H1 归母利润同比降低8.75%,主要受综合解决方案业务拖 累,运营服务和产品销售增速亮眼。1)分业务收入来看:2025H1 重金属污染防治综合解决方案、运营 服务、产品销售分别实现营业收入0.53、2.01、1.66 亿元,同比分别-49.8%、+53.0%、+41.8%。公司综 合解决方案业务为项目制,收入存季节性波动,2025Q2 部分项目未验收导致收入下滑。2)毛利率来 看:2025H1 综合毛利率降低2.08pct 至35.0%,其中产品销售、运营服务、重金属污染防治综合解决方 案毛利率分别+0.05pct、-4.94pct、-9.55pct 至45.1%、29.8%、21 ...
赛恩斯(688480):运营服务和产品销售增速亮眼,看好公司品类扩张潜力
Changjiang Securities· 2025-08-25 23:30
分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨赛恩斯(688480.SH) [Table_Title] 赛恩斯 2025H1 点评:运营服务和产品销售增速 亮眼, 看好公司品类扩张潜力 报告要点 [Table_Summary] 赛恩斯 2025H1 营收同比增长 18.8%,扣非归母净利润 4722 万元,同比降 12.7%。剔除 2024H1 一次性投资收益影响后,2025H1 归母利润同比降低 8.75%,主要受综合解决方案业务拖累, 运营服务和产品销售增速亮眼(营收同比+53.0%、+41.8%)。铜萃取剂产能扩张实现倍增,资 源化以及新材料项目逐步落地。公司存多个在研项目,看好技术优势带来的品类扩张,有望打 开新的成长空间。 [Table_Author] SAC:S0490517090001 SAC:S0490512070002 SAC:S0490519080004 SAC:S0490524080004 SFC:BUV415 SFC:BQT626 SFC:BWM115 徐科 王鹤涛 王筱茜 李博文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...
赛恩斯(688480):2025年中报点评:业务结构改善,药剂业务快速发展
Soochow Securities· 2025-08-22 09:59
证券研究报告·公司点评报告·环境治理 赛恩斯(688480) 2025 年中报点评:业务结构改善,药剂业务 快速发展 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 808.40 | 927.19 | 1,271.09 | 1,492.85 | 1,717.17 | | 同比(%) | 47.47 | 14.69 | 37.09 | 17.45 | 15.03 | | 归母净利润(百万元) | 90.33 | 180.76 | 163.15 | 196.92 | 235.51 | | 同比(%) | 36.39 | 100.11 | (9.74) | 20.70 | 19.60 | | EPS-最新摊薄(元/股) | 0.95 | 1.90 | 1.71 | 2.07 | 2.47 | | P/E(现价&最新摊薄) | 44.42 | 22.20 | 24.59 | 20.37 | 17.04 | [Table_ ...
赛恩斯(688480):铼酸铵等新业务拓展持续推进
HTSC· 2025-08-21 05:50
证券研究报告 赛恩斯 (688480 CH) 铼酸铵等新业务拓展持续推进 2025 年 8 月 21 日│中国内地 专用设备 公司公布 25H1 业绩:收入 4.23 亿元,同比+18.81%;归母净利润 0.49 亿 元,同比-57.50%;扣非归母净利 0.47 亿元,同比-12.70%,归母净利下降 速度快于扣非,主要系 24H1 公司收购产生的投资收益较高。25Q2 收入 2.53 亿元,同比/环比+0.34%/+48.37%;归母净利 0.31 亿元,同比/环比 -12.91%/+76.60%;扣非归母净利 0.30 亿元,同比/环比-21.84%/+76.67%。 我们看好公司在主业稳健增长的背景下,铜萃取剂、硫化钠、浮选药剂和铼 酸铵等新业务进一步打开公司收入成长空间,维持"买入"评级。 运营与产品推动收入 25H1 增长,三大业务结构持续优化 运营服务与药剂销售业务增长带动公司收入增长,业务结构持续优化。25H1 公司运营服务/药剂销售/解决方案收入为 2.01/1.66/0.53 亿元,同比 +53.02%/41.84%/-49.80%;收入占比为 47.50%/39.25%/12.42%, ...
赛恩斯20250728
2025-07-29 02:10
Summary of Conference Call Notes Company Overview - **Company Name**: 长江环保 (Changjiang Environmental Protection) - **Industry**: Environmental Protection and Resource Recovery - **Founded**: 2009 by a team from Central South University - **Key Milestones**: Listed at the end of 2022, expanded into overseas markets post heavy metal pollution incident in Jiangxi Core Business and Market Performance - **Business Segments**: - Comprehensive Solutions (EPC) - Operational Services - Product Sales - **Revenue Composition**: - Product sales are becoming the core focus, with a projected increase in revenue share - EPC revenue share decreased from 70% in 2019 to 33% in 2024, while operational services increased from 8.9% to 35% in the same period [5][6] - **Market Potential**: - In the copper, lead, and zinc industry, the annual EPC market space is approximately 1.4 billion CNY, and operational space is 7.1 billion CNY [9] - The company aims to increase market share in the acid-free and wastewater treatment sectors, with potential revenue reaching 1.03 billion CNY if market shares reach 30% and 10% respectively [9] Financial Goals and Incentives - **Equity Incentive Plan**: - Revenue growth targets set at 30%, 15%, and 30% for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 25% [6] - Profit growth targets are 20%, 20%, and 10% for the same years, with a CAGR of 17% [6] Strategic Partnerships - **Key Client**: 紫金矿业 (Zijin Mining) - Transaction amounts with Zijin increased from 140 million CNY in 2022 to approximately 300 million CNY in 2024 [10][11] - The partnership is expected to deepen, with Zijin's overseas projects being managed by the company [11] Recent Developments and Projects - **Acquisition**: - Acquired 龙利化学 (Longli Chemical) to enter the chemical agent sector, focusing on copper extraction agents [13] - Sales dependency on Zijin reduced to about 20%, enhancing sustainability [14] - **New Projects**: - Announced a high-efficiency flotation agent project with a total capacity of 100,000 tons and an investment of 600 million CNY [16] - Initiated a high-purity sodium sulfide project with a capacity of 60,000 tons and an investment of 210 million CNY [21] Market Expansion and Future Outlook - **Overseas Market**: - Benefiting from Chinese enterprises acquiring mining projects in Africa and Central Asia, with significant revenue from Congo and Chile [15] - **Resource Recovery Strategy**: - Focus on expanding resource recovery projects, including rhenium recovery, with a potential revenue of 19 million CNY if fully operational [19][20] - **Overall Development Outlook**: - Strong sustainability in core business, with a shift towards chemical agents and resource recovery expected to drive future growth [23]
赛恩斯:业务结构优化,利润有望持续增长-20250609
China Post Securities· 2025-06-09 01:08
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to see a significant increase in net profit, with a forecasted 2024 net profit of 181 million yuan, representing a year-on-year growth of 100.11% [4][10]. - The revenue for 2024 is projected to be 927 million yuan, reflecting a year-on-year increase of 14.69% [10]. - The company has optimized its business structure, leading to sustained profit growth, particularly in the product sales and operational services segments [4][5]. Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3]. Financial Performance - The company’s revenue structure has shifted, with operational services now accounting for the largest share of revenue at 34.74%, followed by product sales at 29.11% [5]. - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points, attributed to the acquisition of Longli Chemical [6]. - The company’s copper extraction agent business has shown strong performance, with Longli Chemical's revenue increasing by over 36% and net profit by 121% post-acquisition [7]. Profit Forecast - The company is expected to maintain stable gross margins across its business segments, with projected net profits of 183 million yuan in 2025, 218 million yuan in 2026, and 258 million yuan in 2027, reflecting year-on-year growth rates of 1.4%, 18.9%, and 18.6% respectively [10][12].
赛恩斯(688480):业务结构优化,利润有望持续增长
China Post Securities· 2025-06-09 01:03
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1] Core Insights - The company is expected to achieve a net profit of 181 million yuan in 2024, with a revenue of 927 million yuan, reflecting a year-on-year growth of 14.69% [4][10] - The business structure has been optimized, leading to a significant increase in profit margins, particularly in the product sales segment, which saw a 96% year-on-year revenue growth [5][6] - The company has made strategic acquisitions, such as that of Longli Chemical, which has positively impacted revenue and profit growth [7][10] Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3] Financial Performance - In 2024, the company expects a net profit of 181 million yuan, a 100.11% increase year-on-year, with a non-recurring net profit of 116 million yuan, up 54.68% [4][10] - The revenue structure has shifted, with the operational service business now accounting for the largest share of revenue at 34.74%, while the comprehensive solution business has decreased to 32.73% [5] - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points year-on-year [6] Future Projections - The company forecasts continued growth in net profit for 2025-2027, with expected figures of 183 million, 218 million, and 258 million yuan respectively, indicating year-on-year growth rates of 1.4%, 18.9%, and 18.6% [10][12] - The EBITDA is projected to grow from 155.88 million yuan in 2024 to 338.69 million yuan by 2027 [12]
赛恩斯:中邮证券投资者于5月19日调研我司
Zheng Quan Zhi Xing· 2025-05-21 14:49
Company Overview - Sains Environmental Co., Ltd. is a specialized "little giant" enterprise focused on heavy metal pollution prevention, aiming to become a leader in the global heavy metal pollution control field [2] - The company provides comprehensive solutions for heavy metal pollution prevention, including product sales (environmental agents, copper extractants, integrated equipment, and customized products) and operational services [2] - The business strategy is based on core technology, utilizing comprehensive solutions as a vehicle, and focusing on product sales and operational services to provide all-around heavy metal pollution prevention services [2] Strategic Direction - The company has established a strategic direction of "environmental protection + resource recovery + new materials," focusing on heavy metal pollution control while expanding into resource recovery and new materials markets [3] - Future plans include optimizing the existing business structure, expanding operational scale, and enhancing market position through strategic investments and acquisitions [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 170 million, a year-on-year increase of 63%, while the net profit attributable to shareholders was 17.72 million, a decrease of 77.68% [4][6] - The lower growth rate of net profit compared to revenue is attributed to credit impairment losses and increased sales, management, and R&D expenses [4] - The company reported a gross margin of 36.21% and a debt ratio of 39.12% [6] Future Collaborations - The company sees potential for closer collaboration with Zijin Mining, an important shareholder and a major player in the non-ferrous metals industry, particularly in environmental governance [5] Market Sentiment - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating, and the average target price is 39.18 [7] Profit Forecast - Various institutions have provided profit forecasts for 2025, with estimates ranging from 196 million to 223 million [8] - The company is expected to see continued growth in its operational services and product sales, which are projected to be key areas for future development [3]
赛恩斯:2024年报&2025一季报点评:业务结构改善,出海&紫金合作持续推进-20250429
Soochow Securities· 2025-04-29 12:33
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15] Core Views - The company has shown improvement in its business structure, with a significant increase in revenue and net profit for 2024. The revenue reached 927.19 million yuan, a year-on-year increase of 14.69%, while the net profit attributable to shareholders was 180.76 million yuan, up 100.11% year-on-year [7][8][15] - The company is focusing on enhancing its overseas business and deepening cooperation with Zijin Mining, which has led to a notable increase in overseas revenue [14][15] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 9.27 billion yuan, with a year-on-year growth of 14.69%. The net profit attributable to shareholders was 1.81 billion yuan, reflecting a 100.11% increase. The first quarter of 2025 saw revenue of 1.7 billion yuan, a 63.46% increase year-on-year, but net profit decreased by 77.68% to 0.18 billion yuan [8][9][15] - The gross profit margin improved by 5.91 percentage points to 34.74% in 2024, driven by the growth in high-margin product sales and operational services [9][15] Business Segments - The revenue from product sales reached 2.69 billion yuan, a 96.00% increase, with a gross margin of 49.29%. The operational services segment generated 3.21 billion yuan, up 66.06%, with a gross margin of 32.51% [9][13] - The heavy metal pollution prevention solutions segment saw a revenue decline of 34.18% to 3.03 billion yuan, attributed to challenges in the copper smelting industry [9][10] International Expansion - The company reported 2.55 billion yuan in revenue from Zijin Mining, accounting for 27.5% of total revenue. Overseas business revenue reached 0.83 billion yuan, a 25.5% increase year-on-year, with a gross margin of 42.5% [14][15] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted to 1.96 billion yuan and 2.45 billion yuan, respectively, with expected year-on-year growth rates of 8.32% and 25.21%. The corresponding P/E ratios are projected at 16.0 and 12.8 times [15][18]
赛恩斯(688480):2024年报、2025一季报点评:业务结构改善,出海、紫金合作持续推进
Soochow Securities· 2025-04-29 11:28
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15] Core Views - The company has shown improvement in its business structure, with a significant increase in revenue and net profit for 2024. The revenue reached 927.19 million yuan, a year-on-year increase of 14.69%, while the net profit attributable to shareholders was 180.76 million yuan, up 100.11% year-on-year [7][8][15] - The company is focusing on enhancing its overseas business and deepening cooperation with Zijin Mining, which has led to a notable increase in overseas revenue [14][15] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 927.19 million yuan, with a year-on-year growth of 14.69%. The net profit attributable to shareholders was 180.76 million yuan, reflecting a 100.11% increase year-on-year. The first quarter of 2025 saw revenue of 170 million yuan, a 63.46% increase year-on-year, but net profit decreased by 77.68% to 18 million yuan [8][9][15] - The gross profit margin improved by 5.91 percentage points to 34.74% in 2024, driven by the growth in high-margin product sales and operational services [9][15] Business Structure Improvement - The sales and operational service revenue has increased, indicating a positive shift in the business structure. The product sales segment generated 269 million yuan, a 96% increase year-on-year, with a gross margin of 49.29% [9][10] - The operational services segment achieved revenue of 321 million yuan, up 66.06% year-on-year, although the gross margin slightly decreased [13][15] International Expansion - The company has deepened its collaboration with Zijin Mining, resulting in related revenue of 255 million yuan, accounting for 27.5% of total revenue. Overseas business revenue reached 83 million yuan, a 25.5% increase year-on-year, with a gross margin of 42.5% [14][15] Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted to 196 million yuan and 245 million yuan, respectively, with expected year-on-year growth rates of 8.32% and 25.21%. The corresponding P/E ratios are projected at 16.0 and 12.8 times [15][18]