研報掘金丨華源證券:華明裝備新成長曲線逐漸形成,維持“買入”評級
華源證券研報指出,華明裝備海外業務表現亮眼,員工持股計劃彰顯信心。除財務費用外其他各項費用均有所增加,而營收幾乎無增長導致整體費用率同比增加。但由於收入增長乏力主要由電力工程業務下滑導致,因此公司整體毛利率達到55.5%,同比大幅提升7.74pct,因此歸母淨利潤增速顯著高於營收增速。由於公司發佈了員工持股計劃,將產生股份支付費用,或將對公司歸母淨利潤產生影響。因此下調公司2025-2027年歸母淨利潤預測至6.80/7.66/8.71億元,同比增速分別為10.7%/12.7%/13.8%,當前股價對應的PE分別為24/21/19倍。公司在國內分接開關領域優勢地位明顯,積極佈局海外市場,新成長曲線逐漸形成,維持“買入”評級。
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