江苏神通（002438）：2025H1核电业务收入同比+16%，在手订单充足

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a favorable return compared to market benchmarks over the next 6-12 months [7]. Core Views - In H1 2025, Jiangsu Shentong achieved a net profit attributable to shareholders of 150 million yuan, representing a year-on-year increase of 4.72% [5]. - The company's revenue for H1 2025 was 1.068 billion yuan, up 1.52% year-on-year, with a non-recurring net profit of 138 million yuan, reflecting an 8.54% increase [5]. - The nuclear power valve business saw a revenue increase of 15.67% in H1 2025, with a gross margin of 39.48% [5]. - The company secured new orders totaling 1.072 billion yuan in H1 2025, which will support future performance [6]. Financial Performance Summary - Revenue and Profit: - H1 2025 revenue: 1.068 billion yuan, up 1.52% YoY - H1 2025 net profit: 150 million yuan, up 4.72% YoY - H1 2025 non-recurring net profit: 138 million yuan, up 8.54% YoY [5] - Segment Performance: - Nuclear power segment revenue: 410 million yuan, up 15.67% YoY, gross margin: 39.48% - Metallurgy segment revenue: 197 million yuan, down 10.91% YoY, gross margin: 24.23% - Energy segment revenue: 182 million yuan, down 19.07% YoY, gross margin: 17.83% - Energy-saving services revenue: 201 million yuan, up 6.82% YoY, gross margin: 31.87% [5] - Future Projections: - Expected revenue for 2025/2026/2027: 2.47 billion, 2.81 billion, and 3.13 billion yuan, respectively, with year-on-year growth rates of 15.2%, 13.8%, and 11.5% [7]. - Expected net profit for 2025/2026/2027: 350 million, 420 million, and 460 million yuan, with year-on-year growth rates of 18.1%, 21.7%, and 9.3% [7]. Order Backlog - The company has a robust order backlog with new orders amounting to 1.072 billion yuan in H1 2025, including significant contributions from various segments [6].