公司报告 | 年报点评报告 苏美达（600710） 证券研究报告 24 年归母净利+12%，柴发及造船业务高景气 2024Q4 业绩稳健增长，全年盈利能力持续提升 2024Q4：营收 302 亿元/yoy+12.2%，归母净利 1.47 亿元/yoy+9.4%，扣非 归母净利1.49 亿元/yoy+15.64%。经营活动产生的现金流量净额11.85 亿元， 较上年同期有所下降。 2024 全年：营收 1172 亿/yoy-4.75%，归母净利 11.48 亿/yoy+11.69%，扣非 归母净利 10.42 亿/yoy+25.46%，盈利能力提升。产业链板块主营业务收入 334.64 亿/yoy+6.75%，利润同比增长 15.67%，利润贡献约占 70%。公司毛 利率为 6.80%，同比提升 1.11pct；归母净利率为 0.98%，同比提升 0.14pct。 产业链利润结构优化，多业务协同高增，"双链"能力显优势 产业链板块利润总额占公司利润总额比例逐年提升，2024 年增长到 70%。 其中船舶制造与航运业务积极拓展行业领先客户，利润总额同比增长 90%； 柴油发电机组业务大力优化客户结构，利润总额同比 ...

苏美达（600710）公告，2025年第一季度营业收入256.54亿元，同比增长7.99%。净利润2.93亿元，同 比增长9.58%。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6]. Core Views - The company is experiencing a robust growth in its core business segments, particularly in shipbuilding and diesel generator sectors, with a notable increase in profitability [1][2]. - The optimization of the profit structure within the supply chain is contributing significantly to the overall profit growth, with the supply chain segment accounting for 70% of total profits in 2024 [2]. - The company is actively expanding its clean energy and electromechanical equipment businesses, particularly in overseas markets, with significant project signings and export growth [3][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 30.2 billion yuan, a year-over-year increase of 12.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 9.4% year-over-year [1]. - For the full year 2024, the company achieved a revenue of 117.2 billion yuan, a decrease of 4.75% year-over-year, while the net profit attributable to shareholders increased by 11.69% to 1.148 billion yuan [1]. - The gross profit margin improved to 6.80%, an increase of 1.11 percentage points year-over-year, and the net profit margin rose to 0.98%, up 0.14 percentage points year-over-year [1]. Business Segment Performance - The shipbuilding and shipping business saw a profit increase of 90% year-over-year, while the diesel generator business improved its profit by 40% [2]. - The apparel business achieved a profit growth of 16% driven by both domestic and international markets [2]. - The clean energy sector signed overseas projects worth 280 million USD in 2024, and the electromechanical equipment export business grew by 87% year-over-year [3]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 111.9 billion yuan, 113.9 billion yuan, and 116.6 billion yuan respectively, with net profits projected at 1.24 billion yuan, 1.36 billion yuan, and 1.49 billion yuan [4]. - The company maintains a favorable valuation with a projected P/E ratio of 9 for 2025 and 8 for 2027, indicating strong earnings growth potential [4].

记者从苏美达（600710）获悉，近日，苏美达所属能源公司与欧洲知名光伏组件分销商签署157MW高 效光伏组件供应协议。根据协议，能源公司将为该客户提供总计157MW的高效光伏组件。双方积极响 应欧洲能源转型需求，达成长期互信合作，并就未来在光伏车棚、农业大棚、光储融合、EPC、智慧运 维等创新应用领域合作达成共识。(人民财讯) ...

长江商报消息●长江商报记者 沈右荣 央企中国机械工业集团有限公司（简称"国机集团"）旗下资产整合。 4月16日晚，苏美达（600710.SH）发布公告称，公司与国机资产管理有限公司（以下简称"国机资产"）签署股份 转让协议，拟出资约4.03亿元收购蓝科高新（601798.SH）16.92%的股权。 本次交易完成后，苏美达将持有蓝科高新21.72%的股权，成为其控股股东。 苏美达与蓝科高新的实际控股股东均为国机集团，本次交易属于关联交易。 近几年，蓝科高新的经营承压明显，2021年至2024年连续四年亏损。 与之相比，苏美达的经营表现出色，公司实现的归属母公司股东的净利润（以下简称"归母净利润"）连续5年增 长。 苏美达为何要收购一家"绩差"公司？苏美达表示，蓝科高新底蕴深厚，收购之后，公司与其核心业务间的协同发 展关系，能强化公司核心功能。 备受关注的是，蓝科高新正在积极动作。4月16日晚，蓝科高新公告称，拟收购两家公司，提高公司核心竞争优 势。 苏美达的财务状况较好。截至2024年底，公司货币资金超136亿元。 国机集团旗下资产"A吃A" 国机集团旗下资产大整合。 根据公告，苏美达与国机资产签署股份转让协议 ...

苏美达 2025041720250416 摘要 • 苏美达通过调整产品和业务结构，长期储备产业链资源，并在 2018 年行 业底部并购优质航运、造船资产，受益于行业回暖，2024 年船舶制造利 润释放显著，同时积极拓展 AI 基础设施等多元领域。 • 苏美达自 2006 年进入大环保行业，采取差异化双循环模式，利用外贸优 势消化国内过剩产能，如在巴拿马建立新能源汽车零部件仓库，支持产品 和服务快速跟进，规避国内市场激烈竞争。 • 苏美达 ROE 表现出色，自 2021 年以来持续增长，在已披露年报的 1,200 多家企业中排名前十，营收规模不断好转，大宗业务回暖，为产业链提供 稳定现金流支撑。 • 苏美达进出口总额同比增长约 5%，其中出口增长 11.7%，扣非后增速约 25%，显示产业结构优化和经营质量提升的成效。通过"一带一路"战略 布局非美国市场，如中亚、哈萨克斯坦等地。 • 苏美达产业链利润总额占比接近 60%，2023 年突破至 63%，船舶板块贡 献利润总额达 70%。尽管营收主要来自供应链和大众业务，利润主要由产 业链贡献，显示经营韧性。 Q&A 苏美达公司 2024 年的业绩情况如何？未来的经 ...

Core Viewpoint - The article discusses the significant asset restructuring announced by two listed companies under China National Machinery Industry Corporation, specifically Su Mei Da's acquisition of a controlling stake in Blue Science High-tech despite Blue Science's ongoing losses [1][2]. Group 1: Acquisition Details - Su Mei Da signed a share transfer agreement to acquire 60 million shares of Blue Science High-tech, representing approximately 16.92% of its total share capital, increasing its ownership from 4.80% to 21.72% [1]. - The share transfer price is set at 6.71 CNY per share, totaling 402.6 million CNY, which is significantly higher than Blue Science's recent trading price [2][7]. - The acquisition is classified as a related party transaction since the seller, Guo Ji Asset Management, is a wholly-owned subsidiary of Su Mei Da's controlling shareholder, China National Machinery Group [2][7]. Group 2: Strategic Rationale - Su Mei Da aims to leverage Blue Science's established advantages in the special equipment engineering sector to enhance synergy with its engineering segment [2][3]. - The acquisition is expected to clarify market perceptions of Su Mei Da's business model, transitioning from a supply chain company to a more integrated industrial chain player, potentially leading to a higher valuation [2][3]. - Su Mei Da's management believes that the valuation of Blue Science's industry is higher than that of a typical supply chain company, which could positively impact Su Mei Da's market valuation post-acquisition [2][3]. Group 3: Financial Performance - Blue Science is projected to incur losses for four consecutive years, with estimated losses of approximately 17.4 million CNY in 2021, 18.4 million CNY in 2022, 14 million CNY in 2023, and around 8.76 million CNY in 2024 [2]. - In contrast, Su Mei Da has shown steady growth in profitability, with projected earnings of 1.148 billion CNY for 2024 [2][3]. Group 4: Future Prospects - Blue Science plans to acquire 100% of Shanghai Blue Asia Petrochemical Equipment Testing Co. and 51% of China Air Separation Engineering Co., which could enhance its operational capabilities and management quality [8][9]. - The acquisition of these assets is part of a broader internal restructuring within China National Machinery Group, indicating a strategic alignment of resources [8][9]. - There are uncertainties regarding the completion of these transactions due to existing pledges and legal issues surrounding the assets, which could impact the overall acquisition strategy [9].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a net profit attributable to shareholders of 1.148 billion yuan in 2024, representing a year-on-year increase of 11.69% [7] - The revenue for 2024 was 117.174 billion yuan, a decrease of 4.75% year-on-year, while the non-net profit was 1.042 billion yuan, up 25.46% year-on-year [7] - The company plans to distribute a cash dividend of 3.69 yuan per 10 shares, resulting in a cash dividend rate of 42.0% and a dividend yield of 4.2% [7] Financial Performance Summary - Total revenue for 2023 was 123.017 billion yuan, with a projected decline to 117.174 billion yuan in 2024, followed by slight recoveries in subsequent years [1] - The net profit attributable to shareholders is forecasted to grow from 1.028 billion yuan in 2023 to 1.148 billion yuan in 2024, with continued growth expected through 2027 [1] - The earnings per share (EPS) is expected to increase from 0.79 yuan in 2023 to 0.88 yuan in 2024, reaching 1.08 yuan by 2027 [1] Business Segment Performance - The supply chain segment reported a revenue of 83.51 billion yuan in 2024, down 8.6% year-on-year, while the industrial chain segment generated 33.46 billion yuan, up 6.75% year-on-year [7] - The shipbuilding segment benefited from high industry demand, achieving a revenue of 7.3 billion yuan in 2024, a 63% increase year-on-year [7] - The textile and apparel business maintained stable growth with a revenue of 12.49 billion yuan, reflecting a 12.8% year-on-year increase [7] Valuation and Forecast - The forecast for net profit attributable to shareholders has been adjusted upwards for 2025 and 2026, now expected to be 1.242 billion yuan and 1.329 billion yuan respectively, with a new estimate for 2027 at 1.409 billion yuan [7] - The price-to-earnings (P/E) ratio is projected to decrease from 10.10 in 2024 to 8.23 by 2027, indicating an attractive valuation [1]

证券研究报告·公司点评报告·贸易Ⅱ 苏美达（600710） 2024 年年报业绩点评：归母净利润+11.7%， 产业链板块带动业绩增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 123,017 | 117,174 | 115,322 | 117,647 | 124,335 | | 同比（%） | (12.85) | (4.75) | (1.58) | 2.02 | 5.69 | | 归母净利润（百万元） | 1,028 | 1,148 | 1,242 | 1,329 | 1,409 | | 同比（%） | 12.63 | 11.69 | 8.19 | 6.95 | 6.06 | | EPS-最新摊薄（元/股） | 0.79 | 0.88 | 0.95 | 1.02 | 1.08 | | P/E（现价&最新摊薄） | 11.29 | 10.10 | 9.34 | 8.73 | 8.23 | [Table_Ta ...

Group 1 - The core point of the article is that Su Mei Da (600710.SH) will acquire a controlling stake in Lan Ke Gao Xin (601798.SH), making it a subsidiary after purchasing 60 million shares, representing 16.92% of Lan Ke Gao Xin's total equity at a price of 6.71 yuan per share, totaling 403 million yuan [1] - Following the transaction, Su Mei Da will hold 21.72% of Lan Ke Gao Xin's shares, which will be consolidated into Su Mei Da's financial statements [1] - The transaction has received approval from the relevant regulatory authority but still requires consent from Su Mei Da's independent directors and subsequent approval from the board, supervisory board, and shareholders' meeting, along with compliance review by the Shanghai Stock Exchange [1] Group 2 - Lan Ke Gao Xin, established in 2001, specializes in the research, design, manufacturing, and testing of specialized equipment for the petroleum and petrochemical industries, serving major clients like China National Petroleum Corporation and China Petroleum & Chemical Corporation [4] - Su Mei Da, founded in 1978 and listed in 2016, operates in two main business segments: industrial chain and supply chain, with products and services including shipbuilding, diesel generators, clean energy, and textile [5] - After acquiring Lan Ke Gao Xin, Su Mei Da plans to establish long-term collaborations in energy equipment, energy engineering, and shipbuilding, enhancing its capabilities in related sectors [5][6] Group 3 - Lan Ke Gao Xin announced plans to acquire 100% of Shanghai Lan Ya Petrochemical Equipment Testing Co., Ltd. and 51% of China Air Separation Engineering Co., Ltd. in a cash transaction, aiming to strengthen its management capabilities and talent pool [6] - The integration is expected to enhance Lan Ke Gao Xin's overall solution capabilities in the energy equipment sector, covering design, manufacturing, construction contracting, and operational testing services [6]