2025H1 归母净利润同比增48%，符合预期。1）2025H1 实现收入2.49 亿元，同比增长33%；归母净利 润0.58 亿元，同比增长48%；无人化智能装备订单交付快速增加驱动业绩高增长。2）2025H1 经营活动 现金流流量净额1013 万元，上年同期4353 万元，现金流下降主要由于采购备货、员工薪酬支出增加所 致。3）费用管控良好，2025H1 销售、管理、财务、研发费用率分别同比变动-3.88pct、-1.29pct、 +0.38pct、-4.93pct 至14.95%、7.73%、-0.14%、12.88%。 本报告导读： 公司无人化智能装备订单交付快速增加，驱动业绩高增长。 投资要点： 维持"增持" 评级。我们维持2025-2027年净利润预测分别为1.84、2.17、2.53 亿元，对应EPS 分别为 0.90、1.05、1.23 元。参考可比公司估值，考虑到公司是煤质分析仪器行业头部企业和唯一A股上市公 司，技术实力和产品创新优势突出，火电存量机组智能化改造及新建机组落地有望持续释放无人化装备 采购需求，驱动公司快速成长，考虑估值切换给予公司2026 年26 倍PE，上调目标价至27. ...

从股价表现看，获海外机构调研股近10日平均上涨9.38%。其中，股价上涨的有生益电子、蓝思科技 等，表现最好的是生益电子，累计涨幅为29.47%。股价下跌的有4只，跌幅最大的是三德科技，累计跌 幅为15.48%。 从业绩来看，近日获海外机构关注个股中，有49只公布了中期业绩（含快报），净利润增幅居前的有豪 鹏科技、同兴科技。（数据宝） 近10日海外机构调研股 根据调研日期截止日统计，近10日（8月11日至8月22日），海外机构对69家上市公司进行调研，其中， 华明装备最受关注，被27家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有214家公司获机构调研，调研机构类型显示，证券公司调研达 201家，占比最多；基金公司调研174家，位列其后；海外机构共对69家上市公司进行走访。 海外机构调研榜单中，华明装备参与调研的海外机构达到27家，最受关注；其次是德赛西威，参与调研 的海外机构共有26家。 | 证券代码 | 证券简称 | 海外机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688183 | 生益电子 ...

Core Viewpoint - The company, SanDe Technology, reported a significant increase in revenue from its unmanned intelligent equipment segment due to a surge in demand driven by the digital transformation of key downstream industries such as thermal power, coal, and steel [1] Group 1: Business Performance - The company has a robust order backlog for unmanned intelligent equipment, indicating strong market demand [1] - The delivery pace of unmanned intelligent equipment orders has accelerated, and project acceptance has increased year-on-year [1] - The company anticipates that revenue growth from unmanned intelligent equipment will be sustainable, especially as historically, project acceptance in the second half of the year tends to exceed that of the first half [1]

Group 1 - The core viewpoint of the article is that SanDe Technology (300515) reported a year-on-year revenue growth of 7.05% in its analytical instruments segment, driven by increased procurement demand from government-related markets and recovery in various industries [1] Group 2 - The increase in revenue is attributed to several factors: (1) heightened procurement demand from downstream government markets such as customs, inspection, and academic research, leading to a recovery in the revenue of its subsidiary SanDe Environmental [1] - (2) New projects in the thermal power and coal chemical industries have contributed to growth [1] - (3) Recovery in downstream industries like steel and metallurgy has also generated restorative demand [1] Group 3 - The company reported a double-digit year-on-year growth in orders for analytical instruments in the first half of the year, establishing a solid foundation for achieving annual revenue targets [1]

证券日报网讯三德科技（300515）8月20日发布公告，在公司回答调研者提问时表示，公司已将无人化 智能装备的运维服务产品化，并配备专门的部门和团队负责该业务。从目前的推广进展来看，不同行 业、不同集团的客户接受度有异，但总体符合预期。目前，公司提供两种运维服务：(1)按需运维：根 据客户报修或产品自带运维保障系统预/报警信息，响应并提供技术服务支持；(2)承包式运维：拟制完 善运维保障方案，提供包括驻厂在内的主动响应服务。由于产品构成、模式差异，不同项目的报价有所 差异。 ...

Core Viewpoint - The company reported a gross margin of 46.13% for its unmanned intelligent equipment in the first half of the year, showing a year-on-year improvement due to factors such as order abundance and the scale effect of the business line [1] Group 1 - The increase in gross margin is attributed to the scale effect and the lower gross margin of some projects recognized last year, which had previously depressed the overall margin [1] - The company anticipates continued and potential improvement in the gross margin of unmanned intelligent equipment due to cost reductions and shorter delivery cycles [1] - However, the expected gross margin for unmanned intelligent equipment is unlikely to reach the level of analytical instruments due to differences in product composition and attributes [1]

Core Viewpoint - The company SanDe Technology (300515) has announced its long-standing application of analytical instruments in various non-coal sample analysis, indicating a mature product line and ongoing development in unmanned intelligent equipment [1] Group 1: Product Applications - The analytical instruments have been successfully applied in the analysis and detection of non-coal samples such as coke, biomass, solid hazardous waste, cement black raw materials, and heavy oil [1] - The unmanned intelligent equipment has also secured orders in the solid hazardous waste sector [1] Group 2: Research and Development - The company is actively working on research projects related to analytical instruments and unmanned intelligent equipment in other non-coal fields [1]

Core Viewpoint - SanDe Technology (300515) announced on August 20 that it has signed contracts with unfulfilled revenue obligations exceeding 800 million yuan, primarily related to unmanned intelligent equipment orders [1] Group 1: Company Performance - As of the end of the reporting period, the company has unfulfilled revenue obligations amounting to over 800 million yuan, with most of these being orders for unmanned intelligent equipment [1] - The new signed orders for unmanned intelligent equipment in the first half of the year reached a historical high, aligning with the company's annual management goals [1]

证券日报网讯三德科技（300515）8月20日发布公告，在公司回答调研者提问时表示，目前公司暂无外 延式投资并购的具体计划。公司将持续关注相关行业动态，积极寻求整合优质资源的机会，向不同行业 或应用的目标客户群体横向拓展，根据未来发展战略、行业前景和市场需求等方面审慎决策。 ...

证券时报·数据宝统计显示，近10日共有191家公司获机构调研，调研机构类型显示，证券公司调研达 178家，占比最多；基金公司调研155家，位列其后；海外机构共对54家上市公司进行走访。 根据调研日期截止日统计，近10日（8月7日至8月20日），海外机构对54家上市公司进行调研，其中， 华明装备最受关注，被82家海外机构密集调研。 海外机构调研榜单中，华明装备参与调研的海外机构达到82家，最受关注；其次是德赛西威，参与调研 的海外机构共有18家。 从股价表现看，获海外机构调研股近10日平均上涨7.88%。其中，股价上涨的有工业富联、壹石通等， 表现最好的是工业富联，累计涨幅为39.68%。股价下跌的有9只，跌幅最大的是三德科技，累计跌幅为 12.06%。 从业绩来看，近日获海外机构关注个股中，有33只公布了中期业绩（含快报），净利润增幅居前的有豪 鹏科技、同兴科技。（数据宝） 近10日海外机构调研股 | 证券代码 | 证券简称 | 海外机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 601138 | 工业富联 | ...