盛泰集团：Q3受益于毛利率提升及汇兑收益

华西证券10-29

事件概述24 年前三季度公司实现收入/归母净利/扣非归母净利/经营性现金流净额为26.56/0.40/0.34/4.43 亿元、同比下降26.20%/68.81%/-29.35%/6.16%，经营活动现金流高于净利主要由于应收下降；扣非净利增速高于归母净利主要由于2023 年同期出售嵊州旧厂区资产产生收益及24 前三季度政府补助同比下降86%至0.05 亿元。24Q3 公司收入/归母净利/扣非归母...

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/2479405252?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-10-29 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2479405252","market":"sh","top_or_hot":-1,"title":"盛泰集团：Q3受益于毛利率提升及汇兑收益","media":"华西证券","content":"<div>\n<p>事件概述24 年前三季度公司实现收入/归母净利/扣非归母净利/经营性现金流净额为26.56/0.40/0.34/4.43 亿元、同比下降26.20%/68.81%/-29.35%/6.16%，经营活动现金流高于净利主要由于应收下降；扣非净利增速高于归母净利主要由于2023 年同期出售嵊州旧厂区资产产生收益及24 前三季度政府补助同比下降86%至0.05 亿元。24Q3 公司收入/归母净利/扣非归母...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410291955589f58dba0&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>盛泰集团：Q3受益于毛利率提升及汇兑收益</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盛泰集团：Q3受益于毛利率提升及汇兑收益\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-29 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410291955589f58dba0&s=b><strong>华西证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件概述24 年前三季度公司实现收入/归母净利/扣非归母净利/经营性现金流净额为26.56/0.40/0.34/4.43 亿元、同比下降26.20%/68.81%/-29.35%/6.16%，经营活动现金流高于净利主要由于应收下降；扣非净利增速高于归母净利主要由于2023 年同期出售嵊州旧厂区资产产生收益及24 前三季度政府补助同比下降86%至0.05 亿元。24Q3 公司收入/归母净利/扣非归母...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410291955589f58dba0&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":"605138","symbol_name":"盛泰集团","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410291955589f58dba0&s=b","article_id":"2479405252","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410291955589f58dba0&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=2479405252","pubTimestamp":1730131200,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"24Q3 公司收入/归母净利/扣非归母净利为7.51/0.14/0.12 亿元、同比下降28.39%/-542.97%/扭亏，归母净利大幅增长主要由于24Q3 毛利率提升及汇兑收益增加。24Q3 归母净利率增幅低于毛利率主要由于管理费用率增加及资产处置收益下降。24Q3 销售/ 管理/研发/ 财务费用率分别为2.48%/8.55%/0.46%/2.61%、同比下降0.11/-1.62/0.62/2.14PCT，财务费用率下降主要由于人民币贬值，汇兑收益增加。应收账款为3.61 亿元、同比下降35.11%、环比下降22.97%；应收账款周转天数为44 天、同比持平、环比减少2 天。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"605138":"盛泰集团","BK0253":"纺织服饰"},"translate_title":"Shengtai Group: Q3 benefited from improved gross profit margins and exchange gains","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"605138":1},"content_text":"事件概述24 年前三季度公司实现收入/归母净利/扣非归母净利/经营性现金流净额为26.56/0.40/0.34/4.43 亿元、同比下降26.20%/68.81%/-29.35%/6.16%，经营活动现金流高于净利主要由于应收下降；扣非净利增速高于归母净利主要由于2023 年同期出售嵊州旧厂区资产产生收益及24 前三季度政府补助同比下降86%至0.05 亿元。24Q3 公司收入/归母净利/扣非归母净利为7.51/0.14/0.12 亿元、同比下降28.39%/-542.97%/扭亏，归母净利大幅增长主要由于24Q3 毛利率提升及汇兑收益增加。分析判断:我们分析Q3 收入改善不明显主要由于发货节奏。我们分析受欧美市场需求不足及国际贸易摩擦等因素影响，公司前三季度收入承压，24Q1-Q3 收入增速分别为-23.32%/-27.38%/-28.39%。24Q3 归母净利率增幅低于毛利率主要由于管理费用率增加及资产处置收益下降。（1）24Q3 公司毛利率/归母净利率为15.04%/1.88% 、同比增长2.22/1.67PCT 。24Q3 销售/ 管理/研发/ 财务费用率分别为2.48%/8.55%/0.46%/2.61%、同比下降0.11/-1.62/0.62/2.14PCT，财务费用率下降主要由于人民币贬值，汇兑收益增加。其他收益/收入下降0.82PCT；投资净收益/收入下降0.74PCT；公允价值变动收益/收入增加0.6PCT；资产处置收益/收入下降1.72PCT；所得税/收入增加0.55PCT。（2）前三季度公司毛利率/归母净利率为15.51%/1.50% 、同比增加0.1/-2.0PCT ； 前三季度销售/ 管理/ 研发/ 财务费用率分别为2.10%/7.40%/0.46%/3.51%、同比增加-0.41/0.26/-0.68/-0.49PCT；其他收益/收入同比下降0.6PCT；投资净收益/收入增加0.96PCT；公允价值变动收益/收入下降0.44PCT；资产减值损失/收入同比上升1.35PCT；信用减值损失/收入同比下降0.48PCT；资产处置收益/收入同比下降2.95PCT，所得税/收入同比下降0.58PCT。存货周转天数增加。2024Q3 期末公司存货为9.71 亿元、同比下降0.46%、环比增长12.88%；存货周转天数为119 天、同比增加21 天、环比增加14 天。应收账款为3.61 亿元、同比下降35.11%、环比下降22.97%；应收账款周转天数为44 天、同比持平、环比减少2 天。应付账款为2.90 亿元、同比下降35.90%、环比下降20.80%；应付账款周转天数为42 天、同比持平、环比减少1 天。投资建议我们分析，（1）短期来看，Q3 延迟发货有望在Q4 得以解决，未来收入主要驱动来自新客户拓展、澳洲农场收购、以及河南和越南仍在扩产。（2）利润端弹性更大，23 年管理费用中存在对海内外基地进行整合和调整产生的一次性费用；财务费用也由于美国加息、收购澳洲农场高企，财务费用有望下降。（3）长期来看， 公司扩产及净利率改善长逻辑不变。下调24/25/26 年收入预测43.24/49.13/55.22 亿元至39.54/43.70/48.13 亿元；下调24/25/26 年归母净利预测1.53/2.47/3.33 亿元至1.14/2.47/3.20 亿元；对应下调24-26 EPS 0.28/0.45/0.60 元至0.21/0.44/0.58 元，2024 年10 月28 日收盘价5.62 元对应 24/25/26年 PE 分别为27/13/10X，公司近期推出员工持股计划有望提振信心，维持“买入”评级。风险提示贸易摩擦风险；限售股解禁风险；原材料波动风险；汇兑风险；系统性风险。","kind":null,"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,"symbols":[],"gpt_button":1},"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,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","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/2479405252"}