三德科技(300515)：上半年业绩快速增长 智能装备新签订单创历史新高

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 249 million yuan, a year-on-year growth of 33.44%, and a net profit attributable to shareholders of 61 million yuan, up 45.74% [1] - The company's traditional analytical instruments business showed recovery with revenue of 113 million yuan, a growth of 7.05%, despite a slight decline in gross margin [1] - The intelligent equipment business experienced a remarkable growth, with revenue doubling to 91 million yuan, reflecting a year-on-year increase of 117.09% [2] - The company has a strong order backlog of 800 million yuan, primarily from unmanned intelligent equipment, indicating robust future demand [2] - The operation and maintenance services are expected to contribute to new growth, with revenue of 45 million yuan, a growth of 15.38% [2] - Profit forecasts for 2025-2027 indicate a steady increase in net profit, with expectations of 184 million yuan in 2025, 221 million yuan in 2026, and 269 million yuan in 2027 [3] Revenue and Profit Analysis - The company achieved a historical high in both revenue and net profit for the first half of 2025, with basic earnings per share reaching 0.31 yuan, a growth of 46.71% [1] - The analytical instruments segment's gross margin was 64.34%, down 1.18 percentage points from the previous year [1] - The intelligent equipment segment's gross margin improved to 46.13%, up 0.19 percentage points year-on-year [2] Business Segment Performance - The analytical instruments business growth was driven by increased procurement from government sectors and recovery in industries like steel and metallurgy [1] - The intelligent equipment business is benefiting from the digital transformation trends in key downstream industries such as thermal power and coal [2] - The operation and maintenance services are being productized and promoted across various downstream industries, indicating a strategic growth initiative [2]