江苏神通(002438)：盈利持续向上 核电订单维持高景气

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].