1Q25 业绩高于我们预期 公司公布1Q25 业绩：收入7.98 亿元，同比增长24.0%，归母净利润1.16亿元，同比增长36.6%。业绩高 于我们预期，主要由于海外业务实现大单确认，海外收入大幅增长。 盈利预测与估值 考虑国内产品降价，我们下调2025 年EPS 预测11%至1.54 元，引入2026 年EPS 预测1.74 元。公司当前 股价对应2025/2026 年13.5x/12.0xP/E。考虑到估值切换至2025 年，我们维持目标价25.50 元，对应 2025/2026 年16.5x/14.7x P/E，有 24.09%上行空间。 风险 国内油气化工资本开支弱化；行业价格战延续；海外地缘冲突影响需求。 现金流同比改善。1Q25 期末公司应收账款余额19.55 亿元，同比增加4.04亿元，环比下降1.45 亿元， 1Q25 公司经营活动现金净流出0.30 亿元，同比少流出0.42 亿元。公司资产负债表保持健康稳健。 发展趋势 内需有望边际改善，安工项目快速增长。当前PPI 价格和油气资本开支仍待修复，但考虑新疆煤化工需 求增加及国内基数下降，同时行业价格战有望趋缓，我们估计2025 年公司国内防 ...

证券研究报告 华荣股份 (603855 CH) 一季度利润高增，布局防爆机器人 我们维持公司 25-27 年归母净利润为 5.25/6.13/7.76 亿元，同比增速 +14%/+17%/+27%，对应 EPS 为 1.56/1.82/2.30 元。可比公司 25 年 Wind 一致预期 PE 均值为 19 倍。公司是国内防爆龙头，受益于工业安全智能化 趋势加速，技术壁垒突出。给予公司 25 年 19 倍 PE，对应目标价 29.64 元 （前值 31.20 元，对应 25PE20 倍），维持"买入"评级。 风险提示：海外市占率提升不及预期，新领域拓展不及预期，汇率波动。 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 专用设备 | 公司公布 25 年一季度业绩：收入 7.98 亿元，同比/环比+23.99%/-47.31%； 归母净利润 1.16 亿元，同比/环比+36.58%/-17.61%。扣非归母净利 1.04 亿 元，同比/环比+20.59%/-30.17%。公司一季度业绩同比显著改善。公司积极 拓 ...

证券研究报告 华荣股份 (603855 CH) 公司公布 25 年一季度业绩：收入 7.98 亿元，同比/环比+23.99%/-47.31%； 归母净利润 1.16 亿元，同比/环比+36.58%/-17.61%。扣非归母净利 1.04 亿 元，同比/环比+20.59%/-30.17%。公司一季度业绩同比显著改善。公司积极 拓展新兴领域和海外市场，25 年利润有望维持增长态势，维持"买入"评级。 盈利逐步改善，期间费用管控良好 25 年一季度公司毛利率 49.36%，同比/环比-3.86pp/+8.19pp，毛利率环比 改善。期间费用率方面，一季度销售费用率 25.07%，同比-3.17pp；管理费 用率 5.50%，同比-0.42pp;财务费用率-0.19%，同比+0.21pp，主要系公司 拓展新领域，新增银行借款所致；研发费用率 4.53%，同比-0.81pp。合计 期间费用率 34.91%，同比-4.19pp。整体期间费用管控良好。 防爆龙头建立高壁垒，积极拓展新兴领域 公司是国内防爆电器龙头，通过技术优势与资质认证构建高壁垒。公司通过 新兴领域与国际市场拓展，显著弱化传统油气需求波动的影响。根据公司 ...

华荣科技股份有限公司2025 年第一季度报告 证券代码：603855 证券简称：华荣股份 华荣科技股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人李江、主管会计工作负责人孙立及会计机构负责人（会计主管人员）汪晓敏保证季度 报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比上年同 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 期增减变动幅度 | | | | | (%) | | 营业收入 | 797,977,883.48 | 643,591,241.22 | 23.99 | | 归属于上市公司股东的净利 | 116,073,461.65 | 84, ...

德恒上海律师事务所 关于 华荣科技股份有限公司 2024 年年度股东会之 见证意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 层 电话：021-55989888/55989666 传真：021-5598 9898 邮编：200080 见证意见 德恒 02G20240145-00003 号 德恒上海律师事务所 关于华荣科技股份有限公司 2024 年年度股东会之见证意见 德恒上海律师事务所 关于华荣科技股份有限公司 2024 年年度股东会之 致：华荣科技股份有限公司 德恒上海律师事务所接受华荣科技股份有限公司（以下或称"公司"）的委托， 指派本所见证律师对公司于 2024 年 4 月 17 日 13:30 召开的 2024 年年度股东会 （以下简称"本次股东会"）进行见证并出具本见证意见。 本所见证律师依据本见证意见出具日前已经发生或存在的事实和《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、法规和规范性文件以及《华荣科技股份有限公司章程》（以 下简称"《公司章程》"）、 ...

证券代码：603855 证券简称：华荣股份 公告编号：2025-013 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 259 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 194,923,531 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.7501 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事长胡志荣先生主持，会议的召集、召开及表决方式符合《中 华人民共和国公司法》、《上海证券交易所股票上市规则》、《华荣科技股份有限公 司章程》（以下简称"《公司章程》"）及《华荣科技股份有限公司股东大会议事规 华荣科技股份有限公司 2024 年年度股东大会决议公告 (一) 股东大会召开的时间：2025 年 4 月 17 日 (二) 股东大会召开的地点：上海市嘉定区宝钱公路 555 号 A 栋 4 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本公司董事会及全体董事保证本公告内容不 ...

证券代码：603855 证券简称：华荣股份 公告编号：2025-012 华荣科技股份有限公司 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 04 月 11 日 （星期五） 至 04 月 17 日（星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hrzhd@warom.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 华荣科技股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日发布公 司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成 果、财务状况，公司计划于 2025 年 04 月 18 日 （星期五） 15:00-16:30 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 04 月 18 日 （星期五） 15:00-16:30 关 ...

Core Viewpoint - The company reported a revenue increase of 24.01% year-on-year for 2024, reaching 3.964 billion yuan, while net profit saw a modest rise of 0.26% to 462 million yuan, indicating a mixed performance amid a challenging domestic oil and gas market [1] Group 1: Financial Performance - The company achieved a revenue of 3.964 billion yuan in 2024, up 24.01% year-on-year [1] - The net profit attributable to shareholders was 462 million yuan, reflecting a 0.26% increase year-on-year [1] - The non-recurring net profit was 448 million yuan, showing a decline of 0.98% year-on-year [1] - A cash dividend of 10 yuan per 10 shares (tax included) is proposed [1] Group 2: Business Segment Performance - The core business segment of explosion-proof electrical equipment generated revenue of 2.506 billion yuan, down 3.5% year-on-year due to reduced capital expenditure in the domestic oil and gas sector [1] - The revenue from the safety intelligent system within the explosion-proof electrical segment reached 362 million yuan, growing over 72% year-on-year [1] - The military and nuclear power segment achieved revenue of 135 million yuan, up over 21% year-on-year [1] - The marine engineering segment reported revenue of 168 million yuan, a 19% increase year-on-year [1] - The foreign trade segment of explosion-proof electrical equipment reached 944 million yuan, a 35% increase year-on-year, marking a historical high [2] Group 3: Market Expansion and Strategy - The company is actively expanding its overseas market presence, with significant demand for explosion-proof electrical products internationally [3] - The Saudi subsidiary commenced operations in September 2024, focusing on localizing services for major clients like Saudi Aramco [3] - The company is also targeting the Xinjiang coal chemical sector domestically, with planned investments in coal-to-oil and coal-to-gas projects amounting to nearly 1 trillion yuan from 2025 to 2028 [3] - The anticipated investment in explosion-proof equipment in Xinjiang is approximately 700 billion yuan, which is expected to stimulate market demand [3] Group 4: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 524 million yuan and 606 million yuan, respectively, with a new forecast for 2027 at 686 million yuan [4] - The earnings per share (EPS) estimates for 2025-2027 are projected at 1.55, 1.80, and 2.03 yuan, respectively [4] - The company maintains a "buy" rating due to its leadership in the global explosion-proof electrical market and strong dividend yield potential [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by over 15% in the next 6-12 months [4][6][11]. Core Insights - The company reported a revenue of 3.964 billion yuan in 2024, a year-on-year increase of 24.01%, and a net profit attributable to shareholders of 462 million yuan, a slight increase of 0.26% [1][4]. - The traditional oil and gas market in China is experiencing weak demand, but the company has made significant progress in emerging markets, particularly in the explosion-proof electrical equipment sector [2][3]. - The company is actively expanding its international market presence and focusing on the coal chemical industry in Xinjiang, which is expected to drive future demand for explosion-proof equipment [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.964 billion yuan, with a growth rate of 24.01%. The net profit was 462 million yuan, reflecting a growth of 0.26% [1][5]. - The explosion-proof electrical equipment segment generated 2.506 billion yuan in revenue, a decrease of 3.5% year-on-year, while the new energy segment saw a remarkable growth of 314.7%, contributing significantly to overall revenue growth [2][5]. Market Expansion - The company is enhancing its overseas market development, with notable performance in regions outside North America. The Saudi subsidiary commenced operations in September 2024, aiming to provide localized services to major clients [3]. - Domestically, the company is focusing on the Xinjiang coal chemical sector, with projected investments of nearly 1 trillion yuan from 2025 to 2028, which is expected to boost demand for its products [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted to 524 million yuan and 606 million yuan, respectively, with an additional forecast for 2027 at 686 million yuan. The corresponding EPS for 2025-2027 is projected to be 1.55, 1.80, and 2.03 yuan [4][5]. - The company is recognized as a global leader in explosion-proof electrical equipment, with a stable operation and significant growth potential in emerging markets and overseas expansion [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Insights - The company achieved a revenue of 3.964 billion yuan in 2024, representing a year-on-year increase of 24.01%. The net profit attributable to shareholders was 462 million yuan, a slight increase of 0.26% year-on-year. The gross margin was 46.73%, down by 7.46 percentage points compared to the previous year [1][2]. - The traditional oil and gas petrochemical sector faced challenges, while the safety engineering systems, emerging industries, foreign trade, and new energy sectors drove growth. Increased credit impairment losses impacted overall performance [2]. - The company is actively advancing its safety engineering intelligent systems business, which is expected to boost domestic trade. Revenue from this segment grew by 72% year-on-year, and the company expanded from 8 to 12 subsystems [3]. - The foreign trade segment showed significant growth, with a revenue increase of 35% year-on-year. The establishment of international operation centers in Italy, Malaysia, and Kazakhstan contributed to over 300 million yuan in orders [3]. Financial Summary - In 2024, the company reported a revenue of 3,964 million yuan, with a projected revenue growth of 10.73% in 2025, reaching 4,390 million yuan. The net profit is expected to grow to 531 million yuan in 2025, reflecting a 14.95% increase [10]. - The earnings per share (EPS) for 2024 is projected at 1.37 yuan, with a forecasted increase to 1.57 yuan in 2025. The price-to-earnings (P/E) ratio is expected to decrease from 14.81 in 2024 to 13.35 in 2025 [10]. - The gross margin is anticipated to improve slightly to 47.4% in 2025, while the net profit margin is expected to reach 12.1% [10].