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悦安新材上半年净利润实现同比增长 AI算力等有望打开新增长空间
Zheng Quan Ri Bao Wang· 2025-08-27 13:58
高端产品需求攀升 悦安新材是一家专注于微纳金属粉体新材料研发、生产和销售的高新技术企业,处于粉末冶金行业上 游,主要产品为羰基铁粉和雾化合金粉,重点聚焦于500纳米至50微米粒径领域,并以这两种材料为基 础材料深加工成软磁粉末、金属注射成型喂料和吸波材料。 据了解,微纳金属粉体产品作为一种重要的新型工业制造基础原材料,广泛应用于3C精密件、电子元 器件、汽车零部件、金刚石工具、电动工具、微波吸收材料、3D打印材料等终端应用领域。 作为国内领军企业,悦安新材是国内极少数同时具备羰基铁粉规模化生产能力,并掌握水雾化、气雾化 合金粉双工艺平台的企业,技术与工艺水平稳居国内第一梯队,尤其在微纳级粉体的均一性控制、杂质 含量管控等核心环节,已形成独特优势,能够快速响应新能源汽车、消费电子等新兴领域的个性化需 求,在中高端市场的渗透率正逐步提升。 需求上升叠加成本下降,微纳金属粉体行业龙头上半年净利润实现了正增长。 8月27日晚间,江西悦安新材料股份有限公司(以下简称"悦安新材")发布2025年半年报,报告期内公司 实现营业收入2.03亿元,同比下降0.76%;归属于上市公司股东的净利润3798.64万元,同比增长 3. ...
悦安新材8月25日获融资买入2249.49万元,融资余额1.90亿元
Xin Lang Cai Jing· 2025-08-26 01:29
8月25日,悦安新材跌0.51%,成交额9159.93万元。两融数据显示,当日悦安新材获融资买入额2249.49 万元,融资偿还2310.01万元,融资净买入-60.51万元。截至8月25日,悦安新材融资融券余额合计1.90 亿元。 融资方面,悦安新材当日融资买入2249.49万元。当前融资余额1.90亿元,占流通市值的4.80%,融资余 额超过近一年90%分位水平,处于高位。 融券方面,悦安新材8月25日融券偿还0.00股,融券卖出0.00股,按当日收盘价计算,卖出金额0.00元; 融券余量0.00股,融券余额0.00元,超过近一年90%分位水平,处于高位。 资料显示,江西悦安新材料股份有限公司位于江西省赣州市大余县新华工业园,成立日期2004年11月10 日,上市日期2021年8月26日,公司主营业务涉及羰基铁粉、雾化合金粉及相关粉体深加工产品的研 发、生产与销售。主营业务收入构成为:软磁粉系列产品36.63%,羰基铁粉系列产品29.19%,金属注 射成型喂料系列产品17.68%,雾化合金粉系列产品11.11%,其他(补充)4.26%,吸波材料系列产品 1.00%,气体0.12%。 截至3月31日,悦安新 ...
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].