证券代码：002158 证券简称：汉钟精机 上海汉钟精机股份有限公司投资者关系活动记录表 编号：2024-05-003 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 □现场参观 □其他：线上会议 活动参与人员 网上业绩说明会 时间 2024年5月17日15:00~17:00 地点 投资者关系互动平台（https://ir.p5w.net/） 上市公司 董事长余昱暄先生、副董事长柯永昌先生、副总经理兼董事会秘书及财务长邱玉英女士、 接待人员 独立董事周波女士 1、 越南北宁工厂做维修业务，能否介绍一下在东南亚贵公司售后市场产品情况。是否是 散件过去组装 您好，公司在越南胡志明隆安的工厂主要以空压和制冷产品为主，有小部分空压机组 的生产组装，河内北宁工厂初期主要以真空泵维修市场为主，后期视市场需求和客户要求 情况，也可以组装产品，谢谢。 2、 请问毛利率的不断提高是主要是因为产量的增长还是原材料价格下降？ 您好！毛利率变动主要受大宗原材料价格波动、产量以及产品结构的综合影响，谢谢 您的关注！ 3、 近期公司股票走势较大盘下跌幅度较大，跑输大盘 普通投资者对 ...

证券代码：002158 证券简称：汉钟精机 上海汉钟精机股份有限公司投资者关系活动记录表 编号：2024-05-002 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 ☑现场参观 ☑其他：策略会 麦格理证券、LAZARD AM、NOMURA AM、PUTNAM INVESTMENTS、SHIKHARA IM、ALLIANZ GLOBAL 活动参与人员 INVESTORS、CI GLOBAL INVESTMENTS、KAYNE ANDERSON、MZ ASSET MANAGEMENT、PICTET AM、TD ASSET MANAGEMENT、WHITE OAK CAPITAL PARTNERS、瑞华投资、中金公司、GIB 时间 2024年5月13日-5月17日 地点 公司、策略会现场 上市公司 董事长、董事会秘书、证券事务代表、投资者关系管理员、产品部经理 接待人员 一、 基本情况介绍 根据公司披露的 2023 年报和2024年一季度报: 2023 年营业收入38.52亿元，同比增长17.96%，归属于上市公司股东的净利润8.65亿元， 同比增长34.2 ...

证券代码：002158 证券简称：汉钟精机 上海汉钟精机股份有限公司投资者关系活动记录表 编号：2024-05-001 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 □现场参观 ☑其他：线上 First State、IGWT Investment、M&GINVESTMENTMANAGEMENTLIMITED、Point72 Hong Kong Limited、Prime capital、TSI、TX CAPITAL (HK) LIMITED、隆瑞恒泰投资、文博启胜 投资、财通证券资管、财信证券、东北证券、东吴证券、豪山资管、富国基金、广发基 金、广发证券、睿融私募基金、云禧私募证券投资基金、国海证券、国联证券、国泰君 安证券、国投证券、国信证券、果行育德咨询(上海)、海富通基金、海通国际证券、海 通证券、浩成资管、鸿运私募基金、华安证券、华创证券、华福证券、华泰证券、惠升 基金、江海证券、天麒私募基金、开源证券、麦格理证券、民生证券、宁波三登投资合 伙企业(有限合伙)、宁银理财、平安基金、平安银行、融捷投资、瑞达基金、瑞锐投资、 瑞银证券、金仕达投资、 ...

图4: 汉钟精机期间费用率稳定 图5: 汉钟精机研发费用维持高位 资料来源: Wind、国信证券经济研究所整理 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|---------------|----------------|-------------|-------------|---------------|-------|-------------|-------------|---------------|---------------|---------------|---------------| | 证券简称 | 投资评级 | 总市值（亿元） | 收盘价 | 2022A | EPS \n 2023A | | 2024E | \n 2025E | 2022A | PE \n 2023A | 2024E | 2025E | | 北方华创 | 未评级 | 1,712.85 | 323.00 | 4.45 | 7.35 | | 10.39 | 13.8 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][23]. Core Insights - The company achieved a revenue of 3.852 billion yuan in 2023, representing a year-on-year growth of 17.96%, and a net profit of 865 million yuan, up 34.24% year-on-year [22]. - The gross margin and net margin for 2023 were 40.32% and 22.51%, respectively, showing an increase of 4.55 and 2.72 percentage points year-on-year [22]. - The growth in profitability is attributed to an increase in the proportion of high-margin vacuum pump business and lower raw material costs [22]. - In Q1 2024, the company reported a revenue of 749 million yuan, an 8.61% increase year-on-year, and a net profit of 146 million yuan, up 25.64% year-on-year [22]. - The vacuum pump business has seen significant growth, particularly driven by the expansion in the photovoltaic industry and recognition in the semiconductor sector [22]. Financial Forecasts - The company forecasts net profits of 925 million yuan, 1.030 billion yuan, and 1.209 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 11, and 9 [22]. - Revenue projections for 2024, 2025, and 2026 are 4.279 billion yuan, 4.809 billion yuan, and 5.525 billion yuan, respectively, with growth rates of 11.1%, 12.4%, and 14.9% [5][22]. Business Segments - The revenue from compressors and vacuum products in 2023 was 1.947 billion yuan and 1.642 billion yuan, respectively, with year-on-year growth of 12.04% and 28.67% [22]. - The gross margins for compressors and vacuum products were 34.31% and 47.89%, reflecting increases of 2.88 and 5.28 percentage points year-on-year [22]. - The company is expanding its high-end compressor market, introducing products like magnetic levitation centrifugal compressors and oil-free compressors, which are expected to enhance profitability [22].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the next 6 to 12 months [10][16]. Core Insights - The company achieved a total revenue of 3.85 billion yuan in 2023, representing an 18% year-on-year growth, with a net profit attributable to shareholders of 870 million yuan, up 34.2% year-on-year, driven by product structure optimization and scale effects [2][32]. - The growth in revenue outpaced profit growth, highlighting improved profitability due to high-margin product sales [33]. - The company continues to benefit from the domestic market's shift towards high-end products and the ongoing trend of domestic substitution in the compressor and vacuum pump sectors, indicating significant growth potential [3][19]. Financial Performance Summary - In 2023, the company's compressor segment generated revenue of 1.95 billion yuan, a 12% increase, while the vacuum pump segment saw revenue of 1.64 billion yuan, growing by 29% [2][7]. - For Q1 2024, the company reported a revenue of 750 million yuan, an 8.6% increase year-on-year, with a net profit of 150 million yuan, up 25.6% [2]. - The gross profit margin for the company in 2023 was 40.3%, with the compressor and vacuum pump margins at 34.3% and 47.9%, respectively, both showing year-on-year improvements [33][37]. - The company’s operating cash flow for 2023 was 772 million yuan, with projections for 2024 indicating a significant increase to 1.34 billion yuan [28]. Market Outlook - The report forecasts the domestic market for battery vacuum pumps to grow from 2.5 billion yuan in 2023 to 3.2 billion yuan in 2025, with the company positioned as a leading supplier in this segment [3]. - The semiconductor vacuum pump market is also expected to expand, with projected market sizes of 7.9 billion yuan in 2023 and 8.6 billion yuan in 2025, where the company is recognized as a key player [3]. - The company is expected to maintain a high level of profitability due to the ongoing transition to high-end products and the release of scale effects [33].

2024 年 05 月 04 日 34.2% -20% 0% 20% 40% 60% 0.0 5.0 10.0 2018 2019 2020 2021 2022 2023 归属母公司股东净利润（亿元） yoy% 证券研究报告·公司点评报告·通用设备 2023年报&2024一季报点评：业绩符合预期， 产品高端化带动盈利能力提升 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3,266 | 3,852 | 4,109 | 4,626 | 5,405 | | 同比（ % ） | 9.55 | 17.96 | 6.66 | 12.58 | 16.84 | | 归母净利润（百万元） | 644.38 | 865.03 | 942.64 | 1,076.44 | 1,302. ...

| --- | --- | |--------------|------------------------------------------| | | | | 研究所： | | | 证券分析师： | 姚健 S0350522030001 yaoj@ghzq.com.cn | | 证券分析师： | 杜先康 S0350523080003 duxk01@ghzq.com.cn | [Table_Title] 业绩持续稳健增长，盈利能力进一步提升 ——汉钟精机（002158）2023 年报及 2024 年一 季报点评 事件: | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/04/30 \n12M | | 汉钟精机 | 0.6% | 11.2% | -14.0% | | 沪深 300 | 1.9% | 11.1% | -10.5% | | 市场数据 | | | 2024/04/30 | | 当前价格（元） | | ...

[Table_StockNameRptType] 汉钟精机（002158） 公司研究/公司点评 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-04-29 | | | 570 收盘价（元） | 21.13 | | 近 12 个月最高/最低（元） | 26.14/15.56 | | 总股本（百万股） | 534.72 | | 流通股本（百万股） | 533.58 | | 流通股比例（ %） | 99.79 | | 总市值（亿元） | 112.99 | | 流通市值（亿元） | 112.75 | -40% -30% -20% -10% 0% 10% 汉钟精机 沪深300 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_Report] 主要观点： 公司制冷设备业务稳定增长，真空业务在光伏行业与半导体行业仍有提升空 间，我 们调 整公 司的盈 利预 测为 ：2024-2026 年 ...

盈利能力持续提升，看好真空泵业务高成长性 ——汉钟精机（002158.SZ）2023 年年报及 2024 年一季报点评 真空产品收入、毛利率表现亮眼。分产品来看，2023 年公司主要产品压缩机（组） 收入 19.47 亿元，同比增长 12.0%，毛利率为 34.3%，同比+2.9pct；真空产品 收入 16.42 亿元，同比增长 28.7%，毛利率为 47.9%，同比+5.3pct。随着公司 各品类产品销售收入放量，毛利率提升趋势有望维持。 风险提示：原材料价格上涨，半导体设备零部件国产化进度不及预期。 | --- | --- | --- | --- | |----------|-------|-------|--------| | | | | | | 收益表现 | | | | | % | 1M | 3M | 1Y | | 相对 | 2.33 | 0.42 | -0.19 | | 绝对 | 4.66 | 8.90 | -10.32 | 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 买入（维持） | --- | --- | -- ...