毛利率承压，费用率下行，减值拖累业绩。 25Q1 公司毛利率17.9%，同比-1.8pcts，估计主要系钢厂结算价格压力仍存；期间费用率11.9%，同 比-2.3pcts ，其中销售/管理/财务/ 研发费用率为4.4%/5.4%/-0.8%/2.9%，同比+0.2/持平/-1.7/-0.8pcts，财 务费率下行主要系一季度汇兑收益增加，加上信用减值损失0.2 亿元，最终销售净利率为4.2%，同 比-0.7pcts。经营性净现金流-0.3 亿元，同比-0.2 亿元，主要系一季度支付相关税费及现金形式支付货款 增长所致。 与格林美合作下活性氧化镁需求无虞。 濮耐年初与格林美签署《战略合作框架协议》，为格林美开发一种适用于红土镍矿高压浸出HPAL 工艺 的高效沉淀剂产品并保障供应。格林美已在印尼建成15万金吨/年镍资源产能，伴随格林美产能释放， 公司高活性氧化镁需求无虞。且就市场空间而言，湿法提镍远大于湿法提钴，据格林美公告湿法镍全球 需求到26 年或达100 万吨，而目前已建成项目仅30 万吨，市场潜力巨大。 重申投资价值：活性氧化镁放量，海外工厂爬坡。 濮耐活性氧化镁产品湿法冶金需求饱满，核心在于产能释放节奏 ...

2025年4月30日，濮耐股份(002225.SZ)发布2025年第一季报。截至2025年4月30日，共有11个机构投资 者披露持有濮耐股份A股股份，合计持股量达1.09亿股，占濮耐股份总股本的10.78%。其中，前十大机 构投资者包括中国银行股份有限公司-华安文体健康主题灵活配置混合型证券投资基金、银华基金-中国 人寿保险股份有限公司-传统险-银华基金国寿股份成长股票传统可供出售单一资产管理计划、银华基金- 中国人寿保险股份有限公司-传统险-银华基金国寿股份成长股票传统可供出售单一资产管理计划、中央 汇金资产管理有限责任公司、长城财富资管-工商银行-长城财富朱雀鸿盈一号资产管理产品、招商银行 股份有限公司-华安产业精选混合型证券投资基金、华安品质甄选混合A、华安安华灵活配置混合A、华 安鼎安优选一年持有混合A、华安添禧一年混合A，前十大机构投资者合计持股比例达10.77%。相较于 上一季度，前十大机构持股比例合计上涨了1.40个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括华安品质甄选混合A、华安安华灵活 配置混合A、华安鼎安优选一年持有混合A、华安添禧一年混合A，持股增加占比小幅上涨 ...

公司报告 | 季报点评 濮耐股份（002225） 证券研究报告 Q1 仍处相对底部区间,期待湿法+美国工厂释放利润 弹性 Q1 经营仍处在相对底部区间，看好公司 25 年业绩逐步改善 公司发布 2025 年一季报，25Q1 实现营收 13.4 亿元，同比+3.17%，归母净 利润 0.55 亿元，同比-15.91%，扣非归母净利润 0.46 亿元，同比-16.05%。 当前美国工厂订单正加速导入，对等关税落地后，美国耐材具有涨价预期， 叠加公司在湿法冶金领域的开拓已取得一定成效，25 年业绩或将进入兑现 期，我们预计公司 25-27 年归母净利润 3/4.2/5.7 亿元，维持"增持"评级。 利润率持续下探，费用率水平同比有所改善 25Q1 公司实现毛利率 17.95%，同比-1.75pct。期间费用率降低 2.26pct 至 11.88%，其中销售、管理、研发、财务费用率分别为 4.36%、5.38%、2.94%、 -0.8%，同比分别+0.19、+0.03、-0.79、-1.7pct，其中，财务费用率同比大 幅降低的主要原因是 Q1 外币汇率波动，汇兑收益增加所致。本期资产+信 用减值损失 1984 万元 ...

濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"） 第六届监事 会第二十一次会议通知于2025年4月19日以电子邮件形式发出，2025年4月29日上 午以通讯方式召开。本次会议应参会监事5名，亲自参会监事5名，会议由监事会 主席郭志彦先生主持，部分高级管理人员列席了会议。会议的召开符合《公司法》、 《公司章程》及《监事会议事规则》的有关规定。本次会议经过认真讨论，采取 记名投票方式，审议通过了如下议案： 一、以5票赞成、0票反对、0票弃权审议通过了《关于<2025年第一季度报 告>的议案》 经审核，监事会认为董事会编制和审核公司2025年第一季度报告的程序符合 相关法律法规和《公司章程》的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详见登载于《证券时报》、《上海证券报》和巨潮资讯网上的《2025年第一 季度报告》（公告编号：2025-023）。 特此公告。 濮阳濮耐高温材料（集团）股份有限公司监事会 2025 年 4 月 30 日 证券代码：002225 证券简称：濮耐股份 公告编号：2025-022 濮阳濮耐高温材料（集团）股份有限公司 第 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 濮阳濮耐高温材料（集团）股份有限公司（以下简称"公司"）第六届董事会 第二十八次会议通知于2025年4月19日以电子邮件形式发出，2025年4月29日上午 以通讯方式召开。本次会议应参会董事9名，亲自参会董事9名，本次会议由董事 长刘百宽先生主持，部分高级管理人员及监事列席了会议。会议的召开符合《公 司法》、《公司章程》及《董事会议事规则》的有关规定。本次会议经过认真讨 论，采取记名投票方式，审议通过了如下议案： 一、以9票赞成、0票反对、0票弃权审议通过了《关于2025年第一季度报告 的议案》 详见登载于《证券时报》、《上海证券报》和巨潮资讯网上的《2025年第一 季度报告》（公告编号：2025-023）。 特此公告。 证券代码:002225 证券简称:濮耐股份 公告编号:2025-021 濮阳濮耐高温材料（集团）股份有限公司 第六届董事会第二十八次会议决议公告 濮阳濮耐高温材料（集团）股份有限公司董事会 2025年4月30日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,339,787,409.41, representing a 3.17% increase compared to ¥1,298,571,081.04 in the same period last year[5]. - Net profit attributable to shareholders decreased by 15.91% to ¥54,870,795.08 from ¥65,256,262.98 year-on-year[5]. - Total operating revenue for the current period reached ¥1,339,787,409.41, an increase from ¥1,298,571,081.04 in the previous period, reflecting a growth of approximately 3.5%[18]. - Total operating costs increased to ¥1,266,307,512.10 from ¥1,233,385,835.20, reflecting a rise of approximately 2.99% year-over-year[19]. - Net profit decreased to ¥55,765,415.03 from ¥63,547,068.81, representing a decline of about 12.5%[20]. - Operating profit fell to ¥64,478,718.26 from ¥72,841,112.10, a decrease of approximately 11.5%[19]. - The company reported a net profit margin improvement, with net profit increasing in line with revenue growth, although specific figures were not disclosed in the provided content[18]. Cash Flow - The net cash flow from operating activities was negative at -¥31,768,562.03, a decline of 289.68% compared to -¥8,152,527.02 in the previous year[5]. - Cash flow from operating activities showed a net outflow of ¥31,768,562.03, worsening from a net outflow of ¥8,152,527.02 in the previous period[21]. - Cash flow from investing activities generated a net inflow of ¥25,749,990.73, compared to a net outflow of ¥60,679,886.89 last year[22]. - Cash flow from financing activities resulted in a net inflow of ¥237,956,760.38, improving from a net outflow of ¥205,651,914.76 in the previous period[22]. - The company reported a significant increase in cash and cash equivalents, ending the period with ¥441,238,552.79, up from ¥198,123,632.22[22]. Assets and Liabilities - Total assets increased by 5.23% to ¥8,696,892,804.76 from ¥8,264,845,329.57 at the end of the previous year[5]. - Current assets totaled ¥5,713,321,943.72, up from ¥5,284,509,305.36 at the beginning of the period, indicating an increase of about 8.1%[14]. - Accounts receivable rose to ¥2,116,940,554.53 from ¥1,920,794,424.03, marking an increase of approximately 10.2%[15]. - Inventory decreased slightly to ¥1,869,575,863.54 from ¥1,915,863,249.98, a decline of about 2.4%[15]. - Total liabilities increased to ¥5,106,779,606.37 from ¥4,742,182,046.85, representing a growth of approximately 7.7%[16]. - Short-term borrowings rose significantly to ¥1,001,278,883.34 from ¥629,199,192.34, an increase of about 59.2%[16]. - Non-current assets totaled ¥2,983,570,861.04, slightly up from ¥2,980,336,024.21, indicating a marginal increase[15]. - The total assets reached ¥8,696,892,804.76, compared to ¥8,264,845,329.57 at the beginning of the period, reflecting an increase of approximately 5.2%[16]. - The company's equity attributable to shareholders increased to ¥3,470,458,299.68 from ¥3,403,319,460.50, a growth of about 2%[16]. Other Financial Metrics - The weighted average return on equity decreased to 1.60% from 1.90% year-on-year, reflecting a decline of 0.30%[5]. - The company reported a 330.15% increase in credit impairment losses, attributed to expanded sales scale and reduced collection rates[8]. - Investment income decreased by 64.15% due to increased debt restructuring losses during the reporting period[8]. - Basic and diluted earnings per share remained at ¥0.05, unchanged from the previous period[20]. - Other comprehensive income after tax amounted to ¥11,503,281.76, compared to a loss of ¥1,433,070.52 in the prior period[20]. - The total comprehensive income increased to ¥67,268,696.79 from ¥62,113,998.29, reflecting an increase of approximately 8.7%[20]. - The number of ordinary shareholders at the end of the reporting period was 34,059[11].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [23]. Core Views - The company has shown resilience in its overseas business, particularly in the active magnesium oxide segment, which is expected to contribute to performance elasticity [5][10]. - The company's revenue for 2024 was 5.192 billion yuan, a decline of 5.13% year-on-year, with a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [5][10]. - The report highlights the impact of weak downstream demand, leading to revenue pressure, particularly in the steel sector, which accounts for approximately 70% of the refractory materials market [8][10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 51.92 billion yuan, with a significant drop in net profit to 1.35 billion yuan, reflecting a 45.48% decrease year-on-year [5][10]. - The gross profit margin for the company was 18.99%, a decrease of 0.94 percentage points compared to the previous year [8][10]. - Operating cash flow remained robust, with a net cash flow from operations of 4.31 billion yuan, an increase of 12.39% year-on-year [8][10]. Business Segments - Revenue from the steel segment decreased by 7.77% to 44.33 billion yuan, while the environmental materials segment saw a decline of 23.49% to 3.80 billion yuan [8][10]. - The active magnesium oxide business is progressing steadily, with overseas revenue holding steady at 14.55 billion yuan, and significant growth in the U.S. factory's revenue, which increased by 72% year-on-year [8][10]. Future Outlook - The report projects revenues for 2025, 2026, and 2027 to be 54.51 billion yuan, 57.05 billion yuan, and 59.62 billion yuan, respectively, with net profits expected to rise to 2.14 billion yuan, 2.32 billion yuan, and 2.43 billion yuan [10][11]. - The company is expected to benefit from the ongoing expansion of its active magnesium oxide business and the continued ramp-up of production in the U.S. [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 5.192 billion yuan for 2024, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [2][5]. - The overall market conditions are under pressure, with a slight decline in revenue and profitability due to reduced demand in the refractory materials sector, influenced by a 1.7% decrease in national crude steel production and a 9.5% drop in cement production in 2024 [6]. - The company’s refractory materials sales volume increased slightly by 0.7% to 773,000 tons in 2024, but the average selling price decreased by 416 yuan per ton to 6,718 yuan, resulting in a gross profit margin decline [6]. - Domestic sales were 3.74 billion yuan, down 6.6%, while overseas sales were 1.45 billion yuan, down 1.24%, with a notable increase in sales from the U.S. factory [6]. - The raw materials division saw significant growth, with revenue increasing by 40.3% to 817 million yuan, attributed to a higher self-supply ratio of magnesium sand [7]. - The company is expected to achieve net profits of 300 million yuan and 430 million yuan in 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 12 times [12]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 5.192 billion yuan, with a gross profit of 986 million yuan, resulting in a gross margin of 19% [15]. - The net profit for 2024 was 135 million yuan, with earnings per share (EPS) of 0.14 yuan [15]. - The company anticipates revenue growth to 5.506 billion yuan in 2025 and 5.753 billion yuan in 2026 [15]. Market Dynamics - The refractory materials market is facing challenges due to declining demand in the steel and cement industries, impacting overall sales and profitability [6]. - The company’s overseas expansion is progressing well, with stable sales from its U.S. operations, while the Serbian factory faced challenges due to regional conflicts [6][12]. Business Segments - The steel division generated 4.43 billion yuan in revenue, down 7.77%, while the environmental materials division saw a 23.49% decline to 380 million yuan [7]. - The raw materials division's revenue growth indicates a strategic shift towards self-supply and cost management [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 5.192 billion yuan for 2024, a decrease of 5.13% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 45.48% year-on-year [2][4]. - In Q4 2024, the revenue was 1.189 billion yuan, a decline of 16.36% year-on-year, with a net profit of 12.15 million yuan, down 69.65% year-on-year [2][4]. - The overall market conditions are challenging, with a slight decline in demand for refractory materials due to a decrease in national crude steel production by 1.7% and cement production by 9.5% in 2024 [5]. - The company’s refractory materials sales volume was 773,000 tons in 2024, a slight increase of 0.7% year-on-year, but the average selling price decreased by 416 yuan per ton to 6,718 yuan [5]. - Domestic sales were 3.74 billion yuan, down 6.6% year-on-year, while overseas sales were 1.45 billion yuan, down 1.24% year-on-year [5]. - The raw materials division saw significant growth, with revenue increasing by 40.3% year-on-year to 817 million yuan, attributed to an increase in self-supply of magnesia [6]. - The company is expanding its active magnesium oxide business, with potential orders in the Indonesian nickel and African cobalt markets, and has established production capacity in the US and Serbia [6]. - Expected earnings for 2025-2026 are projected at 300 million and 430 million yuan, corresponding to PE ratios of 17 and 12 times, respectively [6]. Financial Summary - For 2024, total revenue is projected at 5.192 billion yuan, with a gross profit of 986 million yuan, resulting in a gross margin of 19% [16]. - The company anticipates a gradual increase in revenue to 5.506 billion yuan in 2025 and 5.753 billion yuan in 2026 [16]. - The net profit is expected to rise from 129 million yuan in 2024 to 320 million yuan in 2025 and 467 million yuan in 2026 [16].

Group 1: Financial Performance and Projections - The company's expected net profit for the year is 321 million yuan, with measures in place to ensure cash flow and profit stability [1] - Revenue decreased by 5.13% year-on-year, and net profit dropped by 45.48% due to weak downstream demand and increased competition [2][3] - Financial expenses increased significantly due to foreign exchange losses of 4.8744 million yuan, compared to a gain of 21.6833 million yuan in the previous year [2] Group 2: Operational Strategies - The company is expanding its production capacity for wet-process precipitated magnesium oxide from 50,000 tons to 60,000 tons to meet market demand [2] - Efforts are being made to control costs and improve management efficiency to enhance net profit margins [2] - The company is focusing on overseas market expansion and optimizing its production base to increase profit margins [1] Group 3: Cash Flow Management - The company has maintained good cash flow due to strict control over accounts receivable and improved operational efficiency [2] - Investment expenditures have increased significantly to enhance smart manufacturing and environmental standards [3] Group 4: Market Conditions and Pricing Strategy - The company is addressing rising upstream prices by communicating with downstream customers and enhancing cost control measures [3] - The impact of international political and economic conditions has led to increased financial costs and operational challenges [2][3]