自从2003年借壳上市以来，宗申动力的经营业绩曾有过多次波动，但从未出现过亏损。其中，2024年， 公司营业收入首超百亿，归母净利润达到4.61亿元，二者实现了双增。 宗申动力能够持续盈利，一个十分关键的因素，是公司不断进行产业转型升级：从摩托车起步，到摩托 车发动机，再到高端零部件，近年来又进军新能源动力系统、储能等领域。 在不断巩固传统主业竞争力的同时，宗申动力将新能源动力机、储能等新兴业务作为第二增长曲线，不 断强化布局。 产业转型升级离不开技术支撑，近两年，公司每年研发投入都超过3亿元。 长江商报消息 ●长江商报记者 沈右荣 "通用机械"和"摩托车发动机"两大传统主业共同发力，宗申动力（001696.SZ）经营业绩强劲增长。 7月2日晚间，宗申动力发布半年度业绩预告。上半年，公司预计实现归母净利润4.79亿元—5.64亿元， 同比增长70%—100%。 对于上半年的归母净利润高速增长，宗申动力解释称，通用机械业务和摩托车发动机业务规模增长。此 外，联营企业也为公司贡献了一定收益。 持续转型升级打造新增长点 连续两季度净利高增长 宗申动力经营继续向好，业绩高速增长。 根据半年度业绩预告，今年上半年，宗申 ...

成份股方面，商业航天概念股表现亮眼，铂力特涨超10%，宗申动力涨超8%，中国卫通、上海瀚讯涨近4%。多只高标股续跌拖累指数，际华 集团逾跌7%。 | 空日 = | | | F9 盘前盘后 叠加 九转 圆线 工具 √ 2 » | | | | | 国防至工ETF 1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.657 | | | 512810[国防军工ETF] 14:22 价 0.649 涨跌 0.002(0.31%) | 1.55% | MS | 0 649 +0.002 +0.31% | | | 512810 | | 0.652 | | | 512810持续溢价交易 | 11111111110.77% | | SSE CNY 14:22:08 交易中 | | | 通 評 / ● 十 | | | | | | | 净值走势 | | 华宇中证室工ETF | 申购赎回允许情况 | 申购赎回皆允许 | | | | | | | 或 | 30.15% 委差 | 94282 | T日预估现金差额 | 524.61元 | | 0.6 ...

公司研究 证 券 研 究 报 告 宗申动力（001696）2025 年上半年预增公告点评 推荐（维持） 上半年业绩预增 70%-100%，传统与新兴业 务高景气共振，持续推荐 当前价：22.18 元 2）公司新兴业务潜力巨大。尤其子公司宗申航发聚焦航空动力系统核心赛道， 以中小型航空活塞发动机为主，涵盖无人机及轻型通航飞机市场，我们预计低 空经济蓬勃发展以及国际局势的复杂多变或为航发公司带来新机遇。我们在 此前报告中分析：军用无人机在现代国防力量中发挥越来越大的作用；工业级 无人机以创造经济效益为主要目标，有着代替人工作业实现降本增效的重要作 用。公司在 2024年报介绍，航空动力板块（宗申航发）围绕"低空经济"发 展动力需求与应用场景解决方案需求开展技术创新，实现营业收入1.6亿元， 同比+71.74%，净亏损 362万元，亏损较 2023 年收窄 3960万元。我们认为， 作为在无人机系统核心环节具备领先的量产能力的宗申航发，预计2025年上 半年财务数据将一步明显改善。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | ...

Group 1 - US stock market saw a significant rise in technology stocks, with the Nasdaq up 0.94% and notable gains in Tesla (4.97%), Nvidia (2.58%), Apple (2.22%), and Google A (1.59%) [1] - Chinese photovoltaic stocks surged, with JinkoSolar rising 15.82%, Daqo New Energy up 15.75%, and Canadian Solar increasing by 11.26% [2] - The US ADP employment report showed an unexpected decrease of 33,000 jobs in June, marking the first decline in over two years [4] Group 2 - Oracle and OpenAI are expanding their partnership, planning to build more data centers in the US [5] - Elon Musk's AI venture secured $10 billion in funding, raising its valuation to $113 billion, with Grok 4 set to launch soon [6] - Copper prices in London rose above $10,000 for the first time since March 25, with other metals like aluminum, zinc, nickel, and tin also experiencing increases [8] Group 3 - The Chinese government is focusing on capital market reforms to enhance the attractiveness and competitiveness of the A-share market [11] - The silicon material market is showing signs of recovery due to positive market signals and easing supply-demand conditions [11] - The Chinese cement industry is undergoing structural adjustments to promote high-quality development and stabilize growth [24] Group 4 - Notable company announcements include Nengte Technology's plan to repurchase shares worth 300 million to 500 million RMB at a maximum price of 4.70 RMB per share [25] - Jiangsu Huachang's expected net profit for the first half of the year is projected to be between 480 million and 560 million RMB, reflecting a year-on-year increase of 70% to 100% [28] - Companies like Meinuohua and Jihong Co. are also forecasting significant profit increases due to rising revenues and improved gross margins [28]

Group 1 - Guizhou Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, accounting for 0.2692% of the total share capital, with a total expenditure of 5.202 billion yuan [2] - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and governance transparency [2] - Huazhong Xinchuang has received a project notification from a leading domestic eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [3] Group 2 - Meinohua expects a net profit of 46 million to 52 million yuan for the first half of 2025, representing a year-on-year increase of 142.84% to 174.52% [4] - Jiangnan Water has received a report from shareholder Lianan Life Insurance indicating an increase in shareholding by 46.99 million shares, representing 5.03% of the total share capital [5] - Huasen Pharmaceutical has received approval for clinical trials of its CX001 sustained-release tablets, marking a milestone for its innovative drug development platform [6] Group 3 - Zongshen Power anticipates a net profit growth of 70% to 100% for the first half of the year [7] - Yutong Bus reported a sales volume of 5,919 units in June, a year-on-year increase of 24.79% [7] - Guangzhou Port expects a 7.0% year-on-year increase in container throughput for June 2025 [7] Group 4 - Data Port's shareholders plan to reduce their holdings by up to 1.74% and 0.26% of the company's shares [9] - Humanwell Healthcare's shareholder plans to increase its stake by 1% to 2% [9] - Nengte Technology plans to repurchase shares worth between 300 million to 500 million yuan [10]

一、回购、增持 1、能特科技：拟以3亿元-5亿元回购股份，回购价格不超过人民币4.70元/股。 2、人福医药：招商生科拟增持公司1%-2%股份。 二、投资合作、经营状况 晚间公告 4、长华集团：收到9.7亿元客户项目定点通知书。 5、川发龙蟒：与富临精工签署合作框架协议。双方拟共同设立合资公司，投资新建10万吨/年高压密磷 酸铁锂项目和10万吨/年磷酸二氢锂前驱体项目，并新建10万吨/年草酸亚铁项目。 6、经纬辉开：拟以6917.04万元收购诺思微5.7642%股权。 三、业绩变动 1、宗申动力：预计上半年净利润4.8亿元-5.6亿元，同比增长70%–100%；报告期内，通用机械业务和摩 托车发动机业务规模增长，以及公司投资联营企业收益提升。 2、美诺华：预计上半年净利润600万元到5200万元，同比增加142.84%到174.52%。主要系本报告期内 公司营业收入增加，毛利率提升所致。 3、吉宏股份：预计半年度净利润1.12亿元-1.19亿元，同比增长55%-65%。公司营业收入和利润均实现 较大幅度增长，主要得益于包装业务和跨境社交电商业务的发展。 1、立中集团：特种中间合金产品已间接应用于国外某飞行汽车 ...

宗申动力（001696）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为4.79亿 元–5.64亿元，比上年同期的2.82亿元增长70%–100%。归属于上市公司股东的扣除非经常性损益后的净 利润为4.56亿元–5.36亿元，比上年同期的2.68亿元增长70%–100%。基本每股收益为0.4185元/股–0.4924 元/股。业绩增长主要由于通用机械业务和摩托车发动机业务规模增长，以及投资联营企业收益提升。 ...

Summary of Zongshen Power's Conference Call Company Overview - Zongshen Power has established five product platforms covering over twenty products, with power ranges from 12 horsepower to 200 horsepower, including three propeller products. The product types include fuel, gasoline, diesel, and aviation kerosene engines, as well as two new energy range-extended aviation power products. The company is also developing a 300 kW turboprop engine [2][3]. Key Industry Insights - The company has a strong market presence in military, civilian, and low-altitude logistics transportation sectors, with significant clients such as Rainbow, Yilong, and Tengyun. The company is actively expanding into emerging scenarios like low-altitude logistics transportation in Chengdu, Sichuan [2][3]. - Chongqing is a pilot city for low-altitude economy, with the Banan District already conducting low-altitude logistics transportation trials. As reforms deepen, the demand for longer and more frequent material transport will increase, leading to more applications for large drones and aircraft [2][4]. - The military industry is experiencing a recovery, with an increase in military product delivery orders. The domestic military market has shown significant improvement in the first half of the year, and international geopolitical tensions have led to growth in military trade orders [2][5]. Growth Projections - Zongshen Power is optimistic about the high-speed growth of the drone and supporting aviation piston engine supply sector over the next three to five years, driven by the shift towards unmanned warfare and the substantial demand for unmanned equipment [2][6][7]. - The general machinery business has shown strong performance in the first quarter, with robust demand. The entire general machinery industry is currently in a high prosperity cycle, and this trend is expected to continue into the second half of the year [3][8][9]. Product Performance - The motorcycle engine business has maintained a growth rate of 10% to 20% in the first quarter, benefiting from domestic industrial restructuring and increased demand for large-displacement engines. This segment is expected to achieve moderate growth of 10% to 20% throughout the year [3][11]. - The motorcycle industry has stabilized production and sales at around 15 million units, with a slight increase projected to 16 million units in 2024. The market demand remains firm despite the shift from fuel-powered to low-speed electric vehicles [12]. Shareholder Activity - Zongshen Power's shareholder, Tibet Guorong, proposed a reduction plan due to personal funding needs, allowing for a total reduction of 3%. As of June 19, the shareholder had only sold close to 2%, indicating a strong belief in the company's long-term value [13][14].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Insights - The company is positioned as a leading private aviation engine technology enterprise in China, focusing on both aviation power systems and new energy solutions, which are expected to drive growth [4][5]. - The company has established a comprehensive manufacturing capability for high-end components, enhancing its competitive edge in the market [8]. - Revenue and profit are projected to grow significantly, with expected revenues of 138.91 billion, 173.49 billion, and 208.86 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections Aviation Power Systems - The company aims to be a leading service provider for small and medium-sized aviation power systems, leveraging its innovative technology and customer-oriented approach to overcome technical challenges and optimize its product offerings [4]. - It has developed five major aviation power platforms and over 20 engine and propeller products, achieving international certifications that enhance its market credibility [4]. New Energy Strategy - The company has implemented a dual-driven strategy in the new energy sector, focusing on electric drive systems, energy storage, and hydrogen energy, which are expected to interact positively with its traditional business [5][7]. - It has made significant advancements in electric drive technology and energy storage solutions, including customized products for various applications and expanding its global footprint [5][7]. High-End Manufacturing - The company has built a complete manufacturing process from raw materials to finished products, with significant production capacities in both casting and machining [8]. - It has established partnerships with leading domestic and international companies, enhancing its market presence and customer loyalty through high-quality delivery and continuous innovation [8]. Financial Projections - The company forecasts substantial revenue growth rates of 28.9%, 32.2%, 24.9%, and 20.4% from 2024 to 2027, with net profit growth rates of 27.5%, 46.0%, 39.3%, and 28.1% respectively [9][12]. - The projected earnings per share (EPS) are expected to increase from 0.40 yuan in 2024 to 1.05 yuan in 2027, reflecting strong profitability growth [9][12].

Investment Rating - The report assigns an "Accumulate" rating for Zongshen Power (001696) with a first-time coverage [5][12]. Core Views - The company is a leading manufacturer in the domestic general gasoline engine, general machinery terminal products, and motorcycle engines. The business environment for general machinery is improving, and the company has positioned itself well in the aviation sector, which has significant growth potential [5][12]. - The company's performance has shown strong growth, with a more than 90% year-on-year increase in net profit attributable to shareholders in Q1 2025. For 2024, the company is expected to achieve revenue of 10.506 billion yuan, a 29% increase year-on-year, and a net profit of 461 million yuan, a 27% increase [5][12]. Business Segments Summary 1. **General Machinery Business**: This is the company's largest segment, benefiting from an upward trend in the industry. In 2024, sales of general power and terminal products reached 4.8345 million units, a 37.34% increase year-on-year, generating total revenue of 5.226 billion yuan, up 35.33% [6][7]. 2. **Motorcycle Engine Business**: The company maintains a leading position in the domestic motorcycle industry. In 2024, motorcycle engine sales reached 2.9852 million units, a year-on-year increase of 18.44%, with total revenue of 3.824 billion yuan, up 13.68% [8][9]. 3. **Aviation Engine Business**: The company has a unique position in the low-altitude economy, providing power systems for general aviation aircraft and drones. It has developed a product line focused on small and medium-sized aviation piston engines and has obtained airworthiness certifications from France and Germany [10][11]. Profit Forecast and Valuation - The company is projected to achieve revenues of 12.808 billion yuan, 15.020 billion yuan, and 17.712 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.91%, 17.27%, and 17.92%. The net profit attributable to shareholders is expected to be 704 million yuan, 873 million yuan, and 1.113 billion yuan for the same years, with growth rates of 52.70%, 23.91%, and 27.50% [12][14].