海晨股份2025Q1点评：业绩符合预期，高研发费用奠定转型基础

西部证券2025-04-28

事件：公司公告2025年一季报，实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%。2025Q1业绩符合预期，高研发费用拖累短期净利润表现。根据公司公告，2025Q1实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2530422926?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-04-28 17:14","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2530422926","market":"sh","top_or_hot":-1,"title":"海晨股份2025Q1点评：业绩符合预期，高研发费用奠定转型基础","media":"西部证券","content":"<div>\n<p>事件：公司公告2025年一季报，实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%。2025Q1业绩符合预期，高研发费用拖累短期净利润表现。根据公司公告，2025Q1实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428172909a46a335d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>海晨股份2025Q1点评：业绩符合预期，高研发费用奠定转型基础</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n海晨股份2025Q1点评：业绩符合预期，高研发费用奠定转型基础\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-28 17:14 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428172909a46a335d&s=b><strong>西部证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件：公司公告2025年一季报，实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%。2025Q1业绩符合预期，高研发费用拖累短期净利润表现。根据公司公告，2025Q1实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428172909a46a335d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0205","symbol_name":"仓储","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428172909a46a335d&s=b","article_id":"2530422926","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428172909a46a335d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2530422926","pubTimestamp":1745831655,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025Q1业绩符合预期，高研发费用拖累短期净利润表现。根据公司公告，2025Q1实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%，业绩符合市场预期。风险提示：3C电子和新能源汽车业务、半导体自动化设备进展不达预期等。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300873":"海晨股份","561980":"半导体设备ETF招商","BK0205":"仓储"},"translate_title":"Haichen Co., Ltd. 2025Q1 Comments: Performance is in line with expectations, high R&D expenses lay the foundation for transformation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300873":1,"561980":0.9},"content_text":"事件：公司公告2025年一季报，实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%。2025Q1业绩符合预期，高研发费用拖累短期净利润表现。根据公司公告，2025Q1实现营收4.01亿元、同比增长-0.39%；归母净利润为0.58亿元、同比增长0.99%；扣非后归母净利润为0.48亿元、同比增长0.08%，业绩符合市场预期。盈利能力方面，2025Q1公司毛利率为24.01%，同比提升1.28个百分点(2024Q1为22.73%)；净利率为14.44%，同比下降1.01个百分点(2024Q1为15.45%)，费用当中增长比较快的是研发费用，2025Q1为0.13亿元、同比增长34.63%，根据公司2024年年报内容，持续投入研发修炼内功、扩大核心城市智能仓储网络、积极拓展国内与国际市场业务，是未来战略发展方向。2025年公司将继续贯彻“新基建、碳中和、机器换人”战略，研发重点将围绕数字孪生、行业大模型和场域智能体展开，扩大自动化仓储网络体系，基于在消费电子、新能源汽车、半导体等行业的长期积累和技术优势，继续大力拓展国内和全球高端先进制造业企业客户。新增半导体自动化设备业务星辰大海。根据公司2024年年报内容，物流装备及物流 机器人 制造业务板块实现了快速发展，年内成功交付中国大陆、中国台湾等地的多个项目，生产的OHT、Stocker、物流装备等产品获得客户高度认可，充分彰显了海晨在半导体、显示面板等行业高端物流装备领域的研发和产品能力。此外，公司实现对昆山盟立合并后，不仅增强了公司在半导体高端物流装备领域的技术能力，还进一步提升了公司在高端物流装备领域的研发和生产能力，促使公司仓储自动化和生产物流服务领先优势进一步增强，与公司原有业务形成了正向协同效应，提升了公司整体业务竞争力。盈利预测：我们预测公司2025-2027年EPS分别为1.44、1.61、1.84元，对应PB分别为1.4、1.3、1.2倍，维持“买入”评级。风险提示：3C电子和新能源汽车业务、半导体自动化设备进展不达预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2530422926","isCrawlerRequest":true}