研报掘金丨国盛证券：银龙股份业绩表现亮眼，维持“买入”评级

Core Viewpoint - Silver Dragon Co., Ltd. reported a significant increase in net profit for H1 2025, reaching 172 million yuan, a year-on-year growth of 70.98% [1] - The company’s Q2 net profit was 102 million yuan, reflecting a year-on-year increase of 67.12% [1] Financial Performance - The company’s mid-year and quarterly performance showed strong results, with three high-value new products continuing to increase their market share [1] - The sales volume of prestressed materials, particularly for road slabs, grew by 68.86% year-on-year [1] Business Segments - Both major business segments of the company saw profit increases, with the road transportation segment making a significant contribution [1] - Silver Dragon is recognized as one of the leading companies in the domestic prestressed materials industry, leveraging three high-performance new products for market expansion [1] Future Outlook - Based on domestic and international order conditions, both core business segments are expected to maintain strong growth momentum in the short term, indicating high overall growth potential and certainty [1] - The projected net profits for the company from 2025 to 2027 are estimated to be 350 million yuan, over 560 million yuan, and over 650 million yuan, with corresponding PE ratios of 24X, over 15X, and over 13X [1] - The company maintains a "buy" rating based on these projections [1]