图南股份(300855)：2025H1订单大幅增长 航空零部件蓄势待发

Core Viewpoint - The company is experiencing significant revenue and profit declines in the first half of 2025, but there is a notable increase in contract orders and a strategic shift towards the aviation small and medium-sized parts industry [1][3][4] Financial Performance - In the first half of 2025, the company achieved revenue of 599 million yuan, a year-on-year decrease of 18.16%, and a net profit attributable to shareholders of 93 million yuan, down 51.41% year-on-year [1] - For Q2 2025, the company reported revenue of 313 million yuan, a year-on-year decrease of 18.01%, but a quarter-on-quarter increase of 9.49%. The net profit attributable to shareholders was 51 million yuan, down 48.98% year-on-year but up 23% quarter-on-quarter [2] Product Performance - Revenue from deformed high-temperature alloys in the first half of 2025 was 277 million yuan, a slight decrease of 0.24% year-on-year, while revenue from cast high-temperature alloys fell significantly by 39.62% to 169 million yuan [1] - The company has also seen a decline in revenue from other alloy products and special stainless steel, with the latter down 19.38% to 31 million yuan [1] Order Backlog and Strategic Initiatives - As of June 2025, the company had signed contracts with an expected revenue of 1.75 billion yuan, representing a year-on-year increase of 237% and a 478% increase compared to the end of 2024 [3] - The company is establishing a wholly-owned subsidiary to develop automated production lines for aviation small and medium-sized parts, with a total investment of 413 million yuan as of June 2025 [3] Market Outlook and Projections - The company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with significant growth potential in the high-temperature alloy market driven by increasing demand in aerospace and domestic production trends [4] - Revenue projections for 2025-2027 are 1.423 billion, 1.767 billion, and 2.158 billion yuan, with net profits of 291 million, 371 million, and 461 million yuan respectively, indicating a positive growth trajectory [4]