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]

Core Viewpoint - Company has announced the productization of its unmanned intelligent equipment operation and maintenance services, with dedicated teams responsible for this business [1] Summary by Categories Product Offering - Company provides two types of operation and maintenance services: 1. On-demand maintenance: Responds to customer repair requests or alerts from the product's built-in maintenance system [1] 2. Contract-based maintenance: Develops comprehensive maintenance plans, including proactive response services such as on-site support [1] Market Acceptance - Acceptance of the services varies across different industries and groups of clients, but overall, it meets expectations [1] Pricing Strategy - Due to differences in product composition and service models, pricing for different projects varies [1]

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]

Group 1 - The company announced on August 20 that it currently has no specific plans for external investment or mergers and acquisitions [1] - The company will continue to monitor industry dynamics and actively seek opportunities to integrate quality resources [1] - The company aims to horizontally expand to different industries or application target customer groups based on future development strategies, industry prospects, and market demand [1]

Core Insights - Overseas institutions have conducted research on 54 listed companies in the past 10 days, with Huaming Equipment being the most focused, receiving attention from 82 overseas institutions [1][2] - A total of 191 companies were researched by institutions, with securities companies leading at 178, followed by fund companies at 155 [1] - The average stock price of companies receiving overseas institutional research increased by 7.88% over the past 10 days, with Industrial Fulian showing the highest increase of 39.68% [1] Company Performance - Huaming Equipment was the most researched company, with a closing price of 19.50 yuan and a price increase of 6.27% [2] - Industrial Fulian had the highest performance among researched stocks, with a closing price of 47.91 yuan and a price increase of 39.68% [1][2] - Other notable performers include Yishitong with a 33.09% increase and Zhenlei Technology with a 24.96% increase [1] Financial Results - Among the companies that received attention, 33 reported mid-term earnings, with Haopeng Technology and Tongxing Technology showing significant net profit growth [1]

Core Viewpoint - SanDe Technology (300515) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust business growth and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 249 million yuan, a year-on-year increase of 33.44% from 186 million yuan in 2024 [1]. - Net profit attributable to shareholders was 61.35 million yuan, up 45.74% from 42.10 million yuan in the previous year [1]. - The second quarter alone saw revenue of 141 million yuan, reflecting a 47.93% increase year-on-year, with net profit of 33.28 million yuan, a 46.04% rise [1]. - Gross margin decreased to 59.37%, down 7.2% from the previous year, while net margin improved to 25.06%, an increase of 9.94% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 56.08 million yuan, accounting for 22.54% of revenue, a decrease of 17.53% year-on-year [1]. Cash Flow and Investment Insights - Cash and cash equivalents increased by 89.24%, driven by net cash flows from operating, investing, and financing activities [2]. - Investment income surged by 92.94%, attributed to increased returns from large deposits and securities investments [2]. - Operating cash flow per share decreased significantly by 76.73% to 0.05 yuan, indicating potential liquidity concerns despite overall revenue growth [1][3]. Accounts Receivable and Inventory Management - Accounts receivable increased to 192 million yuan, a 20.15% rise from 160 million yuan, with accounts receivable to net profit ratio reaching 134.31%, suggesting potential collection issues [1][4]. - Inventory levels rose by 32.31%, driven by increased orders for unmanned intelligent equipment and higher stocking levels [3]. Market Position and Investment Returns - The company's return on invested capital (ROIC) was reported at 18.21%, indicating strong capital efficiency [2]. - Historical financial performance shows a median ROIC since listing, with the lowest recorded at 5.22% in 2017, suggesting improved investment returns over time [4].