海天精工所属申万行业为：机械设备-通用设备-机床工具。所属概念板块包括：机械、工业4.0、工业母 机、融资融券、中盘等。 截至6月30日，海天精工股东户数2.47万，较上期增加1.67%；人均流通股21124股，较上期减少1.64%。 2025年1月-6月，海天精工实现营业收入16.63亿元，同比减少0.92%；归母净利润2.37亿元，同比减少 19.27%。 分红方面，海天精工A股上市后累计派现10.27亿元。近三年，累计派现6.11亿元。 机构持仓方面，截止2025年6月30日，海天精工十大流通股东中，香港中央结算有限公司退出十大流通 股东之列。 责任编辑：小浪快报 9月17日，海天精工盘中上涨2.12%，截至14:05，报22.12元/股，成交1.22亿元，换手率1.07%，总市值 115.47亿元。 资金流向方面，主力资金净流入366.91万元，特大单买入728.71万元，占比5.99%，卖出327.35万元，占 比2.69%；大单买入2283.84万元，占比18.76%，卖出2318.29万元，占比19.04%。 海天精工今年以来股价涨2.55%，近5个交易日涨4.05%，近20日涨8.43%，近6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a historical high in revenue for Q2 2025, with ongoing capacity expansion and market development [4][6] - The company's H1 2025 revenue was 1.663 billion yuan, a year-on-year decrease of 0.92%, and the net profit attributable to the parent company was 237 million yuan, down 19.27% year-on-year, indicating slight pressure on performance during the industry's bottoming phase [4][5][6] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.663 billion yuan, a decrease of 0.92% year-on-year, and a net profit of 237 million yuan, down 19.27% year-on-year [4][5] - For Q2 2025, the company recorded revenue of 923 million yuan, a slight increase of 0.1% year-on-year, marking a historical high for quarterly revenue [6] - The gross margin for H1 2025 was 26.14%, a decrease of 2.22 percentage points year-on-year, while the net margin was 14.27% [6] Industry Context - The machine tool industry in China saw a revenue decline of 1.7% year-on-year in H1 2025, an improvement compared to a 5.2% decline in 2024 [5] - The metal cutting machine tool sector experienced a revenue increase of 13.8% year-on-year, with a total profit of 5.6 billion yuan, up 33% [5] Product Development and Market Expansion - The company increased its investment in product research and development in H1 2025, focusing on enhancing product performance and understanding key industries [7] - The company is expanding its production capacity in Southern China and advancing the construction of a high-end CNC machine tool intelligent production base in Ningbo [7] Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 are adjusted to 3.492 billion yuan, 3.743 billion yuan, and 4.038 billion yuan, respectively [8] - The net profit forecasts for the same period are 536 million yuan, 594 million yuan, and 667 million yuan, respectively [8] - The current stock price corresponds to a PE ratio of 20.8, 18.7, and 16.7 for 2025-2027 [8]

丨证券研究报告丨 公司研究丨点评报告丨海天精工（601882.SH） [Table_Title] 海天精工：25Q2 营收微增，期待需求景气修复 报告要点 [Table_Summary] 公司 2025H1 实现营收 16.63 亿元，同比-0.92%；归母净利润 2.37 亿元，同比-19.27%；扣非 归母净利润 2.12 亿元，同比-17.57%。单季度来看，25Q2 营收 9.23 亿元，同比+0.10%；归 母净利润 1.38 亿元，同比-15.34%；扣非归母净利润 1.27 亿元，同比-15.60%。公司短期业绩 虽有所承压，但中长期仍将持续受益于政策机遇、自主可控、出海等结构性机会，随着公司稳 步推进研产销体系化布局，期待业绩修复。 分析师及联系人 [Table_Author] 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 SFC：BRP550 SFC：BVO790 海天精工（601882.SH） cjzqdt11111 [Table_Title2] 海天精工：25Q2 营收微增，期待需求景气修复 [Ta ...

Group 1 - East China CNC and Qinchuan Machine Tool both hit the daily limit up, indicating strong market interest and positive sentiment towards these companies [1] - Other companies such as Lianying Laser, Yizhiming, Rifa Precision Machinery, Haitian Precision, Huazhong CNC, and Shandong Weida also experienced significant gains, reflecting a broader trend in the industry [1]

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Core Viewpoint - The Chinese government is actively promoting the development of the industrial mother machine sector, aiming to establish a high-quality standard system by 2026 and achieve world-leading standards by 2030 [1][2]. Industry Overview - The industrial mother machine is crucial for high-end manufacturing, influencing precision, efficiency, and safety in production [1]. - China has been the largest producer and consumer of machine tools globally for 15 consecutive years, with the market size expected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, and to exceed 800 billion yuan by 2029 [1]. Policy Support - The Chinese government has implemented various policies to support the high-quality development of the industrial mother machine industry, including the "Industrial Mother Machine+" initiative and financial support for key manufacturing sectors [2]. - Recent activities have focused on promoting domestic substitution and upgrading the industry to meet the demands of emerging sectors such as new energy vehicles and humanoid robots [2]. Company Performance - In the first half of 2025, 21 industrial mother machine concept stocks reported profits exceeding 10 million yuan, with seven companies achieving profits over 100 million yuan [3]. - Notable performers include AVIC High-tech, which reported a revenue of 2.747 billion yuan, a year-on-year increase of 7.87%, and a net profit of 605 million yuan, up 0.24% [3]. - Companies like East China CNC and Qiaofeng Intelligent saw significant net profit growth, exceeding 30% year-on-year [3]. Market Reaction - Following positive news, the industrial mother machine sector saw a surge in stock prices, with companies like Qin Chuan Machine Tool and East China CNC hitting their daily limit up [2]. Institutional Attention - Companies such as AVIC High-tech, Haitan Precision, and Huari Precision are receiving significant institutional attention, indicating strong market interest [5]. - Haitan Precision specializes in CNC machine tool manufacturing and has developed advanced products to address the needs of the new energy vehicle industry [5].

Core Viewpoint - The company experienced stable revenue but faced short-term profit pressure due to weak demand in the manufacturing sector and intensified price competition in the machine tool industry [1]. Revenue and Profit Summary - In H1 2025, the company achieved revenue of 1.663 billion yuan, a year-on-year decrease of 0.92% - The net profit attributable to shareholders was 237 million yuan, down 19.27% year-on-year - The net profit excluding non-recurring items was 212 million yuan, a decline of 17.57% year-on-year [1]. Product Performance Summary - Machine tool sales generated revenue of 1.635 billion yuan, a decrease of 0.47% year-on-year - Parts and other sales generated revenue of 24 million yuan, down 22.52% year-on-year - In Q2 alone, the company achieved revenue of 923 million yuan, a slight increase of 0.10% year-on-year; net profit attributable to shareholders was 138 million yuan, down 15.34% year-on-year [2]. Margin and Cost Analysis - The company's gross margin in H1 2025 was 26.14%, a decrease of 2.23 percentage points year-on-year; Q2 gross margin was 26.30%, down 1.98 percentage points year-on-year - The decline in gross margin is attributed to changes in accounting standards and intensified price competition in the machine tool industry - The net profit margin for H1 2025 was 14.3%, down 3.2 percentage points year-on-year; Q2 net profit margin was 14.99%, down 2.69 percentage points year-on-year - The company's expense ratio was stable at 10.1%, with sales, management, R&D, and financial expense ratios at 4.4%, 1.6%, 4.7%, and -0.6% respectively [3]. Capacity and Market Expansion - The company is steadily increasing production capacity in South China and advancing the construction of a high-end CNC machine tool intelligent production base in Ningbo - The first factory of the high-end CNC machine tool intelligent production base was put into use in Q4 2024 - The company is enhancing its domestic and international market development capabilities, focusing on key customer needs and optimizing personnel layout - The establishment of subsidiaries in Germany and Serbia has been completed, aiming to accelerate global marketing and enhance brand influence [4]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025-2027 at 641 million yuan, 760 million yuan, and 896 million yuan respectively - The current stock price corresponds to dynamic P/E ratios of 17, 14, and 12 times for the respective years - The company is in a ramp-up phase for production capacity and is steadily advancing its international layout, maintaining an "accumulate" rating [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue remains stable, but profits are under short-term pressure due to weak demand in the machine tool sector and intensified price competition [2][3] - The gross margin continues to decline, attributed to changes in accounting standards and increased competition in the industry [3] - Capacity expansion is progressing steadily, with ongoing development of domestic and international channels to enhance market presence [4] Revenue and Profit Summary - In H1 2025, the company achieved revenue of 1.663 billion yuan, a year-on-year decrease of 0.92%, and a net profit attributable to shareholders of 237 million yuan, down 19.27% year-on-year [2] - The gross margin for H1 2025 was 26.14%, a decline of 2.23 percentage points year-on-year [3] - The company’s sales net profit margin for H1 2025 was 14.3%, down 3.2 percentage points year-on-year [3] Product Performance - Machine tool sales generated revenue of 1.635 billion yuan, a slight decrease of 0.47% year-on-year, while parts and other products saw a revenue drop of 22.52% [2] Capacity and Channel Development - The company is enhancing its production capacity in South China and advancing the construction of a high-end CNC machine tool intelligent production base in Ningbo [4] - The company is also expanding its overseas market presence, having established subsidiaries in Germany and Serbia to improve global marketing efforts [4]

Group 1 - The industrial mother machine concept stocks opened strong, with Huadong CNC hitting the daily limit up [1] - Other companies such as Huazhong CNC, Haitan Precision, Kede CNC, and Ningbo Jingda also opened high [1]

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3864.71 points, above the annual line, with a change of 0.18% [1] - The total trading volume of A-shares today is 138.21 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Energy Iron Han (节能铁汉) with a deviation rate of 14.24% and a daily increase of 14.69% [1] - Qidi Environment (启迪环境) with a deviation rate of 7.10% and a daily increase of 10.26% [1] - ST Quanwei (ST泉为) with a deviation rate of 6.60% and a daily increase of 9.06% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently broken the annual line: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Annual Line (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300197 | 节能铁汉 | 14.69 | 5.66 | 2.12 | 2.42 | 14.24 | | 000826 | 启迪环境 | 10.26 | 8.19 | 2.01 | 2.15 | 7.10 | | 300716 | ST泉为 | 9.06 | 3.95 | 10.05 | 10.71 | 6.60 | | 001215 | 千味央厨 | 3.57 | 2.39 | 29.19 | 30.19 | 3.43 | | 601882 | 海天精工 | 5.10 | 1.67 | 20.52 | 21.02 | 2.45 | | 601298 | 青岛港 | 2.59 | 0.45 | 8.54 | 8.72 | 2.09 | | 002771 | 真视通 | 3.22 | 3.18 | 17.64 | 17.97 | 1.85 | | 600653 | 申华控股 | 2.56 | 1.44 | 1.97 | 2.00 | 1.76 | | 300141 | 和顺电气 | 1.77 | 1.04 | 9.07 | 9.22 | 1.63 | | 002390 | 信邦制药 | 2.75 | 1.17 | 3.68 | 3.73 | 1.46 | | 600189 | 泉阳泉 | 1.49 | 1.23 | 7.38 | 7.48 | 1.41 | | 601328 | 交通银行 | 1.51 | 0.53 | 7.28 | 7.38 | 1.40 | | 600518 | 康美药业 | 4.41 | 2.72 | 2.10 | 2.13 | 1.25 | | 300318 | 博晖创新 | 1.18 | 0.45 | 5.92 | 5.98 | 1.08 | | 300144 | 宋城演艺 | 1.49 | 1.35 | 8.82 | 8.88 | 0.72 | | 600916 | 中国黄金 | 1.83 | 2.15 | 8.27 | 8.33 | 0.71 | | 300067 | 安诺其 | 1.48 | 1.87 | 5.44 | 5.47 | 0.61 | | 600272 | 开开实业 | 1.36 | 1.09 | 13.39 | 13.45 | 0.48 | | 603310 | 巍华新材 | 0.61 | 0.69 | 17.96 | 18.05 | 0.47 | | 603718 | 海利生物 | 0.70 | 0.66 | 7.17 | 7.20 | 0.41 | | 603768 | 常青股份 | 0.95 | 0.80 | 12.72 | 12.76 | 0.35 | | 600062 | 华润双鹤 | 1.08 | 0.71 | 19.60 | 19.66 | 0.30 | | 300784 | 利安科技 | 2.40 | 3.84 | 56.62 | 56.78 | 0.29 | | 600236 | 桂冠电力 | 0.32 | 0.05 | 6.32 | 6.34 | 0.28 | | 300076 | GQY视讯 | 1.71 | 1.47 | 6.54 | 6.56 | 0.25 | | 601898 | 中煤能源 | 0.97 | 0.11 | 11.42 | 11.45 | 0.24 | [1]