证券日报网讯宗申动力（001696）11月17日在互动平台回答投资者提问时表示，公司近年来一直坚持聚 焦主业、稳健发展，提升经营规模和经济效益，大力推进产业转型升级，通过高比例现金分红等方式增 强对股东的回报，提高信息披露的公平性和及时性，接待机构调研，增强投资者对公司的了解。 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，国信证券11月17日发布宗申动力（001696.SZ）研报，核心观点：1） 2025Q3宗申动力实 现净利润2.52亿元，同比增长131%；2）2025Q3公司净利率同比提升4.4pct，四费率同比下降；3）国内 中小型动力机械核心企业，积极布局低空经济。风险提示：低空经济发展不及预期；原材料价格波动。 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 （记者 胡玲） 每日经济新闻 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3][59] Core Insights - The company achieved a net profit of 252 million yuan in Q3 2025, representing a year-on-year growth of 131%. For the first three quarters of 2025, revenue reached 9.639 billion yuan, up 30.17% year-on-year, with a net profit of 758 million yuan, an increase of 93.70% [1][8] - The company is actively expanding into the low-altitude economy, focusing on three strategic emerging areas: aviation power, new energy, and high-end components, while solidifying its leadership in traditional sectors like general machinery and motorcycle engines [2][59] Financial Performance - In Q3 2025, the company reported a revenue of 2.946 billion yuan, a year-on-year increase of 13.68%, and a net profit of 252 million yuan, up 130.65% year-on-year. The net profit margin improved by 4.4 percentage points year-on-year, reaching 9.1% [1][13] - The company’s gross margin for Q3 2025 was 15.1%, showing a year-on-year increase of 0.3 percentage points [13][20] Revenue and Profit Forecast - The company forecasts revenues of 13.411 billion yuan, 16.127 billion yuan, and 18.727 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.007 billion yuan, 1.187 billion yuan, and 1.369 billion yuan for the same years [3][4][59] Business Segments - The company operates in several key segments: 1. **General Machinery**: The company’s subsidiaries are leaders in the general machinery sector, achieving a revenue of 3.647 billion yuan in H1 2025, a 73.06% increase year-on-year [30] 2. **Motorcycle Engines**: The motorcycle engine segment generated a revenue of 2.330 billion yuan in H1 2025, reflecting a 14.39% year-on-year growth [34] 3. **Aviation Power**: The company has developed a product line focused on small and medium-sized aviation piston engines, with significant advancements in certification processes for its CA500 engine [39][40] 4. **New Energy**: The company is expanding its new energy business, focusing on electric drive systems and energy storage solutions, with a strong emphasis on market penetration and technological innovation [45][49] Strategic Focus - The company aims to transition from traditional manufacturing to a digital, technological, and intelligent power system integration service provider, enhancing its competitive edge in both traditional and emerging markets [57][58]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Insights - The company has shown significant growth, with a net profit of 252 million yuan in Q3 2025, representing a year-on-year increase of 131%. For the first three quarters of 2025, revenue reached 9.639 billion yuan, up 30.17% year-on-year, and net profit was 758 million yuan, up 93.70% year-on-year [1][8]. - The company is actively expanding into the low-altitude economy, focusing on traditional sectors like general machinery and motorcycle engines while also investing in emerging fields such as aviation power, new energy, and high-end components [2][59]. - The company has a robust order book and continues to see growth in its core businesses, which supports the maintained profit forecasts for 2025-2027 [3][59]. Financial Performance - In Q3 2025, the company achieved a revenue of 2.946 billion yuan, a year-on-year increase of 13.68%, while the net profit for the same period was 252 million yuan, reflecting a year-on-year growth of 130.65% [1][8]. - The gross margin for Q3 2025 was 15.1%, up 0.3 percentage points year-on-year, and the net margin was 9.1%, up 4.4 percentage points year-on-year [13][1]. - The company’s operating income projections for 2025-2027 are 13.411 billion yuan, 16.127 billion yuan, and 18.727 billion yuan, respectively, with net profits expected to be 1.007 billion yuan, 1.187 billion yuan, and 1.369 billion yuan [4][59]. Business Segments - The company is a leading player in the domestic small and medium-sized power machinery sector, focusing on general machinery and motorcycle engines, while also developing its aviation power and new energy segments [25][2]. - The aviation power segment has developed a product line centered on small and medium-sized aviation piston engines, with over 20 derivative products launched, targeting the drone and light aircraft markets [2][39]. - The new energy business is structured around electric drive systems, energy storage solutions, and hydrogen energy, aiming to create a balanced growth model between traditional and innovative sectors [45][51]. Market Position - The company maintains a strong market position in traditional sectors while actively pursuing growth in emerging fields, which is expected to provide new revenue streams and enhance overall market competitiveness [59][26]. - The company’s strategic focus on low-altitude economy opportunities is anticipated to yield significant business growth, particularly in the aviation engine sector [40][59].

Group 1: Company Overview and Strategic Direction - The company is focused on developing its aviation power business and has established a comprehensive layout in the aviation power sector, including piston, hybrid, and turbine power systems [3]. - The company has successfully built two major product systems in the new energy sector: electric drive systems and energy storage, covering various applications such as portable storage and hydrogen energy systems [3]. - The establishment of Chongqing Chenyu Technology Co., Ltd. aims to deepen the company's layout in the aviation power business and enhance its market influence [5]. Group 2: IPO and Financing Plans - The subsidiary Zongshen Aviation has terminated its IPO due to strategic development needs and changes in the capital market environment [2]. - The company plans to continue consolidating and expanding its business in the aviation power sector while seizing opportunities in the low-altitude economy [2]. - There are no disclosed plans for future IPOs or financing arrangements for Zongshen Aviation at this time [14]. Group 3: Market Performance and Investor Relations - The company has maintained a focus on its core business, aiming for steady growth and economic efficiency, while enhancing shareholder returns through high cash dividends [4]. - The company acknowledges the impact of macroeconomic factors, industry policies, and market sentiment on stock price fluctuations [11]. - The company is committed to improving information disclosure and engaging with institutional investors to enhance understanding of its operations [4]. Group 4: Product Development and Innovation - The company has launched a smart lawn mower product and plans to further develop its product layout based on market demand [9]. - The company is actively pursuing high-end, intelligent, and electric product transformations in its robotics sector [8]. - The company has made significant advancements in its industrial robotics sector, with a focus on automation and efficiency improvements [9]. Group 5: Future Growth and Market Strategy - The company aims to create a second growth curve through increased investment in new energy and aviation power sectors [3]. - The company is focused on enhancing its core competitiveness and market influence in the aviation power field [5]. - The company is exploring opportunities in the low-altitude economy and is committed to adapting to the evolving market landscape [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Investment Rating - The report maintains a strong buy recommendation for the company [2][7]. Core Views - The company has shown significant growth in revenue and net profit, with a notable increase in profitability. The motorcycle engine segment is experiencing growth driven by technological innovation, while the general machinery business is also seeing rapid growth [6][7]. - The low-altitude economy policies are driving growth, and the company has achieved a milestone in the certification of its self-developed aviation engine [6][7]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 9.639 billion, a year-on-year increase of 30.17%, and a net profit attributable to shareholders of 758 million, up 93.70% year-on-year [6]. - In Q3 2025, the company achieved total revenue of 2.946 billion, with a net profit of 252 million, reflecting a year-on-year increase of 130.65% [6]. - The sales gross margin for Q3 2025 was 14.53%, with a net profit margin of 9.09% [6]. Business Segments - The general machinery business is maintaining a favorable market position, with strong growth in key segments such as emergency power generation and agricultural drones [6]. - The motorcycle engine business is also performing well, with exports and domestic sales contributing to growth, particularly in the high-displacement leisure motorcycle market [6]. - The aviation engine segment is progressing steadily, with the CA500 engine nearing certification, marking a significant step in the domestic aviation power market [6]. Future Projections - The company is expected to achieve net profits of 1.081 billion, 1.285 billion, and 1.444 billion for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25.2, 21.2, and 18.9 [7][8].

2025 年第三季度，宗申动力实现营业收入 95.83 亿元，同比增长 31%。净利 润为 7.58 亿元，同比增长 93.7%。从各业务板块来看，通用机械（通机）业 务增长最快，前三季度营收接近 50 亿元，同比增长约 40%-50%。发动机业 务营收约 30 多亿元，同比增长 20%-30%。其他业务板块，包括零部件和储 能，也保持了良好的增长态势。特别是储能业务虽然体量较小，但市场需求旺 盛，增长趋势明显。此外，公司在航空发动机领域也有新的布局和思考，并成 立了新的平台公司，以应对国际制裁和未来资本运作的需求。 航空发动机业务虽产能利用率不高，但已提前布局两条生产线，总产能 达 1 万台，为未来订单增长做准备。目前主要产品包括航空活塞类发动 机、增程式航空发动机等，在国内具有领先地位。 公司在无人机动力方面具有优势，能够降低成本并交付给客户，目前有 五个产品平台和二十几款产品，技术指标在国内领先，部分技术指标在 全球也具有竞争力，产品已安全飞行 39 万小时。 公司新增电动化产品产能，需修建新的工厂，未来随着电动化、智能化 战略推进，还会有新的资本开支，包括电池、电控等方面。此外，在储 能产业板块，也会 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported a significant year-on-year revenue increase of 30.17% to 9.639 billion yuan and a net profit growth of 93.70% to 758 million yuan for the first three quarters of 2025 [1]. - The traditional business is experiencing high prosperity, with the machinery business showing a revenue increase of 73% and net profit growth of 140% in the first half of the year [2]. - The emerging aviation power business is expected to benefit from the booming low-altitude economy and strategic partnerships, enhancing its competitive edge [6]. Financial Performance Summary - For Q3 2025, the company achieved a record high quarterly performance, with revenues of 2.946 billion yuan, marking a 13.68% year-on-year increase [1]. - The investment income for the first three quarters was 116 million yuan, primarily from the investment in Longxin General [1]. - The company’s earnings per share (EPS) are projected to be 0.83 yuan, 0.95 yuan, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 25, and 21 [7]. Business Outlook - The company is positioned in a high-growth phase for both traditional and emerging businesses, with expectations for continued strong performance in the machinery sector and significant potential in the aviation power segment [2][6]. - The strategic acquisition and integration with Longxin General are anticipated to create synergistic effects, enhancing market competitiveness [2]. - The company is also focusing on the development of new energy and storage systems, which are expected to present strategic opportunities [6].