Group 1 - From August 18 to August 24, brokers issued a total of 463 target prices for listed companies, with the highest target price increases for Hengmingda at 63.83%, Jiangsu Shentong at 62.24%, and Dongfang Caifu at 60.29%, belonging to the consumer electronics, general equipment, and securities industries respectively [1] - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials receiving 22 recommendations, Yanghe Co. receiving 21, and Runben Co. receiving 20 [1] - During this period, brokers upgraded ratings for 9 companies, including Dongbei Securities upgrading Changhai Co. from "Hold" to "Buy", and Pacific Securities upgrading Chuanjinno from "Hold" to "Buy" [1] Group 2 - Brokers downgraded ratings for 11 companies, including Minsheng Securities downgrading Taoli Bread from "Recommended" to "Cautious Recommendation", and Zhongyin International Securities downgrading Southern Airlines from "Hold" to "Increase" [1] - From August 18 to August 24, brokers provided 97 instances of initial coverage, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry receiving a "Buy" rating from Tianfeng Securities [2] - Other companies receiving initial coverage include Feiyada with a "Buy" rating from Dongbei Securities, Lihua Co. with an "Increase" rating from Huaxi Securities, and Sanhuan Group with a "Buy" rating from Huayuan Securities [2]

Core Viewpoint - The company reported stable revenue growth in the first half of 2025, with significant contributions from the nuclear power sector, indicating a positive outlook for future performance [1][2]. Revenue Performance - In the first half of 2025, the company achieved revenue of 1.068 billion yuan, a year-on-year increase of 1.52% [1]. - The revenue for Q2 2025 was 491 million yuan, reflecting a year-on-year growth of 1.90% [1][2]. - By industry, the company generated revenue of 410 million yuan from nuclear power, 182 million yuan from energy, 197 million yuan from metallurgy, and 200 million yuan from energy-saving services in H1 2025, with nuclear power showing the highest growth at 15.67% [2]. Profitability - The company's gross margin and net profit margin for H1 2025 were 32.33% and 14.08%, respectively, representing increases of 0.75 and 0.43 percentage points year-on-year [3]. - The energy sector's gross margin was 17.83%, up by 3.90 percentage points compared to the previous year [3]. - In Q2 2025, the company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 6.20%, 6.41%, 0.31%, and 5.67%, respectively [3]. Order Intake - The company secured new orders totaling 1.072 billion yuan in H1 2025, with nuclear power orders accounting for 483 million yuan, or 45% of the total [4]. - Compared to H1 2024, new nuclear power orders decreased by 4.17% [4]. - The company is in the bidding phase for valve equipment for 10 new nuclear units, expected to be completed by the end of 2025 to early 2026, with product delivery anticipated within 2-3 years [4]. Investment Outlook - The company is positioned as a domestic special valve provider, with steady growth in traditional business and emerging sectors expected to drive continued performance improvement [5]. - Revenue projections for 2025-2027 are 2.417 billion, 2.677 billion, and 2.980 billion yuan, with net profits of 347 million, 408 million, and 469 million yuan, respectively [5]. - The expected EPS for the same period is 0.68, 0.80, and 0.92 yuan per share, with corresponding PE ratios of 19.86, 16.89, and 14.69 times [5].

天眼查资料显示，江苏神通阀门股份有限公司，成立于2001年，位于南通市，是一家以从事通用设备制 造业为主的企业。企业注册资本50753.7461万人民币。通过天眼查大数据分析，江苏神通阀门股份有限 公司共对外投资了16家企业，参与招投标项目4810次，财产线索方面有商标信息8条，专利信息870条， 此外企业还拥有行政许可29个。 金融界2025年8月23日消息，国家知识产权局信息显示，江苏神通阀门股份有限公司取得一项名为"一种 高压阀门密封部件"的专利，授权公告号CN223257534U，申请日期为2024年11月。 专利摘要显示，本实用新型涉及阀门密封技术领域，公开了一种高压阀门密封部件，包括作为连接的阀 体，所述阀体一端可拆卸连接有顶盖，所述顶盖内壁固定连接有限位环，所述限位环内壁通过限位组件 连接有把手，以用于对把手和阀瓣进行限位，所述把手一端通过升降组件连接有阀瓣，以用于使阀瓣升 降，所述把手底端转动连接在顶盖顶端。 ...

Group 1 - The core viewpoint is that the green hydrogen industry has significant development potential and a promising future due to technological advancements and policy deepening in the hydrogen energy sector [1] - The company reported a revenue of 410 million yuan in the nuclear power sector for the first half of 2025, representing a year-on-year growth of 15.67% [1]

证券日报网讯江苏神通（002438）8月21日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司股东人数为25184户。 ...

Group 1 - On August 20, Jiangsu Shentong conducted a block trade of 1.6 million shares, with a transaction amount of 20.48 million yuan, accounting for 9.65% of the total transaction volume for the day [1] - The transaction price was 12.80 yuan, which represents an 8.51% discount compared to the market closing price of 13.99 yuan [1] - The buyer was Guosen Securities Co., Ltd., Qingdao Branch, while the seller was AVIC Securities Co., Ltd., Hangzhou Moganshan Road Branch [2]

Core Viewpoint - Jiangsu Shentong (002438) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable financial performance despite some fluctuations in cash and receivables [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.068 billion yuan, a year-on-year increase of 1.52% - Net profit attributable to shareholders was 150 million yuan, up 4.72% year-on-year - In Q2 2025, revenue was 491 million yuan, reflecting a 1.9% increase year-on-year, while net profit was approximately 60.89 million yuan, up 1.61% year-on-year [1][3]. Profitability Metrics - Gross margin improved to 32.33%, an increase of 2.39% year-on-year - Net margin rose to 13.88%, up 1.93% year-on-year - Total selling, administrative, and financial expenses amounted to 119 million yuan, accounting for 11.18% of revenue, a decrease of 4.29% year-on-year [1][3]. Key Financial Ratios - Earnings per share (EPS) increased to 0.30 yuan, a rise of 4.7% year-on-year - Net asset value per share was 7.07 yuan, up 7.38% year-on-year - Operating cash flow per share improved to -0.07 yuan, a significant increase of 41.15% year-on-year [1][3]. Cash Flow and Investment Activities - Cash and cash equivalents decreased by 40.47% due to cash dividend distribution and bank loan repayments - Investment activities generated a net cash flow increase of 255.08%, attributed to the recovery of investment funds from a partnership [3][4]. - The net increase in cash and cash equivalents was up 32.87%, driven by improved cash flow from investment activities [3]. Business Model and Market Position - The company's return on invested capital (ROIC) was 7.11%, indicating a historically average capital return rate - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [4][5]. - Analysts project a 2025 net profit of 352 million yuan, with an average EPS forecast of 0.69 yuan [5]. Fund Holdings - The largest fund holding Jiangsu Shentong is the Shenwan Lingshin Global New Energy Equity Fund, which holds 195,700 shares and has shown a 13.28% increase over the past year [6]. Industry Insights - The replacement cycle for nuclear valves can last up to 60 years, but regular maintenance is essential due to environmental factors - Metallurgical valves typically require maintenance every 2 to 3 years due to operational conditions [7].

Core Points - Jiangsu Shentong reported a stock price of 14.1 yuan as of August 19, 2025, with a decline of 1.26% and a turnover rate of 5.35% [1] - The company experienced a net outflow of main funds amounting to 14.5961 million yuan, representing 4.14% of the transaction amount [1] - The latest financial results show total revenue of 1.068 billion yuan, a year-on-year increase of 1.52%, and a net profit attributable to shareholders of 150 million yuan, up 4.72% year-on-year [1] Financial Metrics - The company's current ratio is 1.512, quick ratio is 1.102, and debt-to-asset ratio is 40.37% [1] - The non-recurring net profit is reported at 138 million yuan, reflecting an increase of 8.54% year-on-year [1] Company Overview - Jiangsu Shentong Valve Co., Ltd. was established in 2001 and is located in Nantong City, primarily engaged in the manufacturing of general equipment [2] - The company has a registered capital of 507.537 million yuan and has made investments in 16 enterprises [2] - Jiangsu Shentong has participated in 4,783 bidding projects and holds 864 patents along with 8 trademark registrations [2]

Core Viewpoint - Jiangsu Shentong Valve Co., Ltd. has demonstrated steady growth in its operational performance for the first half of 2025, with significant contributions from its nuclear power valve and new energy businesses, showcasing strong market competitiveness and sustainable development potential [1] Financial Performance - The company achieved an operating revenue of 1.068 billion yuan, a year-on-year increase of 1.52% [2] - Net profit attributable to shareholders reached 150 million yuan, up 4.72% year-on-year, with a net profit of 138 million yuan after deducting non-recurring gains, reflecting an 8.54% increase [2] - The net cash flow from operating activities improved significantly by 41.15% compared to the same period last year, indicating effective fund management [2] - Basic earnings per share were 0.2963 yuan, a growth of 4.70% year-on-year, with a weighted average return on equity of 4.19% [2] Nuclear Power Business - As a leading enterprise in the domestic nuclear power valve sector, the company generated 410 million yuan in revenue from nuclear power, marking a 15.67% increase, with a gross margin of 39.48% [2] - The company has maintained a leading market share since 2008, covering third and fourth generation nuclear technologies, including AP1000, Hualong One, and CAP1400 [2] - New orders in the nuclear energy sector reached 483 million yuan during the reporting period, reinforcing its core position in the localization of key nuclear equipment [2] New Energy and Semiconductor Initiatives - In the hydrogen energy sector, the company, through its subsidiary Shentong New Energy, has actively developed high-pressure hydrogen valve products, capable of supplying valves with pressures ranging from 35 to 105 MPa [3] - The successful delivery of a 70 MPa combination pressure reducing valve and some product exports signify breakthroughs in hydrogen technology [3] - The semiconductor division focuses on the development of vacuum control valves for critical components in integrated circuits and photovoltaics, laying a foundation for future market expansion [3] Metallurgy and Energy Efficiency Services - The metallurgy valve business is adapting to industry cycles through technological innovation and an information platform that provides lifecycle services to steel enterprises, enhancing customer loyalty [3] - The energy-saving service segment reported revenue of 201 million yuan, a year-on-year increase of 6.82%, with steady progress in energy management projects [3] Investor Relations and Market Positioning - The company emphasizes a technology-leading strategy, holding 466 valid patents, including 76 invention patents, with R&D investment reaching 48.52 million yuan [4] - A total cash dividend of 88.82 million yuan was distributed as part of the 2024 profit distribution plan [4] - The company aims to enhance market recognition through optimized governance structures and improved investor relations management [4] - Future growth is anticipated in niche markets, particularly with the normalization of new nuclear projects and rapid development in the hydrogen energy sector, aligned with national carbon reduction goals [4]

2025年8月19日，江苏神通(002438.SZ)发布2025年中报。 公司营业总收入为10.68亿元，较去年同报告期营业总收入增加1604.42万元，实现5年连续上涨，同比较去年同期上涨1.52%。归母净利润为1.50亿元，较去 年同报告期归母净利润增加677.44万元，实现3年连续上涨，同比较去年同期上涨4.72%。经营活动现金净流入为-3595.76万元，较去年同报告期经营活动现 金净流入增加2514.41万元。 公司摊薄每股收益为0.30元，较去年同报告期摊薄每股收益增加0.01元，实现3年连续上涨，同比较去年同期上涨4.70%。 公司最新总资产周转率为0.18次。最新存货周转率为0.81次。 公司股东户数为2.77万户，前十大股东持股数量为2.01亿股，占总股本比例为39.65%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 宁波聚源瑞利创业投资合伙企业(有限合伙) | 16.2 | | 2 | 吴建新 | 8.10 | | 3 | 湖州风林火山股权投资合伙企业(有限合伙) | 5.00 | | 4 | 黄高杨 | 2.32 | ...