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冰轮环境(000811):数据中心液冷技术完善 境外业务稳步增长
Xin Lang Cai Jing· 2025-08-26 12:33
盈利预测 投资要点 数据中心液冷技术布局完善,有望带来成长空间冰轮环境在数据中心液冷技术领域不断实现技术突破, 子公司烟台冰轮换热技术有限公司研发的"液冷系统热交换器"成功入选《2024 年度山东省首台(套) 技术装备名单》。公司产品线覆盖全面,包括2020 年入选工信部《国家绿色数据中心先进适用技术产 品目录》的成熟产品"变频离心式冷水机组"和"集成自然冷却功能的风冷螺杆冷水机组",同时公司持续 升级数据中心温控产品系列,新开发的IDC 专版磁悬浮系列产品和FanWall风墙也已通过认证并实现大 批量供货。这些产品共同构成了公司在数据中心温控领域完善的技术矩阵,展现出强大的研发实力和市 场竞争力,有望成为业绩潜在增长点。 战略新兴领域深度布局,绿色能源装备迎来发展新机遇 公司紧密围绕国家"双碳"战略与海洋经济发展规划,积极拓展第二增长曲线。在2025 年中国制冷展上 重磅发布"工业全域热控综合解决方案",依托"高温层、大温差、宽温域"的热泵核心技术,构建能源梯 级利用体系。随着雅鲁藏布江下游1.2万亿元水电工程启动建设,公司在水电工程混凝土冷却领域的技 术优势将获得充分释放。同时,国家将"深海科技"列为战略 ...
冰轮环境(000811):公司事件点评报告:数据中心液冷技术完善,境外业务稳步增长
Huaxin Securities· 2025-08-26 08:31
分析师:尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-25 | | --- | --- | | 当前股价(元) | 14.23 | | 总市值(亿元) | 141 | | 总股本(百万股) | 993 | | 流通股本(百万股) | 970 | | 52 周价格范围(元) | 7.81-15.16 | | 日均成交额(百万元) | 352.83 | 市场表现 -50 0 50 100 150 200 (%) 冰轮环境 沪深300 2025 年 08 月 26 日 数据中心液冷技术完善,境外业务稳步增长 —冰轮环境(000811.SZ)公司事件点评报告 买入(维持) 事件 资料来源:Wind,华鑫证券研究 相关研究 1、《冰轮环境(000811):技术优 势支撑韧性,海外布局打开增量空 间》2025-03-09 冰轮环境于 2025 年 8 月 20 日发布 2025 年半年度报告,2025 年上半年实现营业收入 31.18 亿元,比 2024 年同期减少 6.92%;实现归母净利润 2.66 亿元,同比减少 19.71%;实现 扣非归母净利润 2. ...
润邦股份2025年中期业绩稳健,高端装备业务国际化步伐加快
Quan Jing Wang· 2025-08-26 01:55
公司积极推进"两网工程"建设,不断完善国际销售和售后服务网络。目前,公司已在全球50多个国家和 地区开展业务,在德国、日本、澳大利亚、印度、新加坡等地设立子公司,并在东南亚、欧洲、拉美等 地建立服务网点,境外员工达270余人。目前公司正在积极推进海上风电装备业务"出海计划"。 技术创新与智能化转型成果显著 润邦股份始终坚持技术驱动发展。上半年,公司研发投入达1.01亿元,多项研发项目取得重要进展。 8月25日晚间,润邦股份(002483)(股票代码:002483)正式发布2025年半年度报告。报告显示,公司 在复杂多变的国际环境下,坚持聚焦高端装备主业,积极拓展海外市场,持续推进技术创新与智能化转 型,整体经营保持稳健态势。 营收基本持平,现金流大幅改善 2025年1月至6月,公司实现营业收入31.36亿元,实现归属于上市公司股东的净利润1.63亿元。值得注意 的是,公司经营活动产生的现金流量净额大幅提升至5.47亿元,同比增长208.89%,主要得益于本期收 到订单预付款较去年同期显著增加,显示出公司在订单获取和资金管理方面的有效提升。 剔除非经常性损益后,归属于上市公司股东的净利润为1.64亿元,同比增长 ...
盛大阅兵倒计时9天,国防军工ETF(512810)溢价涨逾1%再刷3年半新高!中航成飞续创新高,晋级百元股!
Xin Lang Ji Jin· 2025-08-25 02:22
申万宏源证券提示,9月3日阅兵前,自主可控和国防军工板块均存在脉冲机会。当前阅兵已进入倒计时 阶段,市场预期持续升温。 历史数据显示,重大阅兵前后,国防军工板块通常有超额行情。例如,2015年九三大阅兵前,中证军工 指数在7-8月的最大涨幅达47%;2019年国庆大阅兵前,该指数在8-9月的最大涨幅为16%。 阅兵进入倒计时阶段,国防军工板块持续活跃!周一(8月25日)早盘,高人气国防军工ETF (512810)盘中直线拉升逾1%,场内溢价显著,多头氛围浓厚,开盘40分钟成交额超7000万元。 | | | 分时 多日 1分 5分 15分 30分 60分 · | | | | | F9 盘航盘后 露加 九轮 图纸 工具 @ 2 | | > 国防军工ETF ① | | 512810 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 512810[圖防單工ETF] 10:13 价 0.748 涨跌 0.008(1.08%) 均价 0.744 服交量 5311 IO | | | | | | | ...
军工行业周复盘、前瞻:中报业绩持续发布,部分子板块景气度得到初步验证
CMS· 2025-08-25 01:34
Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].
深海产业研究系列报告(1):深海科技锻造战略新引擎
Orient Securities· 2025-08-23 08:29
Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [5] Core Insights - The deep-sea industry possesses significant strategic value, impacting national energy security, technological self-reliance, and the establishment of a maritime power status [6][10] - The development of deep-sea technology is increasingly recognized as a strategic emerging industry, with government policies driving its growth [6][23] - The deep-sea sector is characterized by long commercialization cycles and high technological barriers, making it a typical "long slope, thick snow" investment track [3] Summary by Sections National Strategy and Policy - The Chinese government has significantly elevated the importance of deep-sea technology, integrating it into national strategies and policies since 2012 [23][26] - Recent policies emphasize the need for technological innovation and the development of a modern marine industry system [25][26] Resource Endowment and Industrial Foundation - China's deep-sea areas are rich in resources, with significant oil and gas reserves identified, particularly in the South China Sea [28][29] - The country has established a solid industrial foundation for deep-sea development, contributing approximately 8% to the national economy [30] Technological Development and Challenges - China has made substantial progress in deep-sea technology, particularly in manned submersibles and deep-sea drilling capabilities, achieving world-class standards [36][37][40] - However, there are still gaps in core component localization and foundational research, which need to be addressed to enhance self-sufficiency [46][49] Industry Structure and Components - The deep-sea industry comprises upstream raw materials and key components, midstream equipment manufacturing, and downstream resource development applications [50] - Key materials include high-strength metals and specialized composites, with a significant demand for domestic alternatives due to low localization rates [52] Investment Recommendations - Focus on critical materials and components with "bottleneck" risks, military applications, and the fastest commercial progress in deep-water oil and gas development [3][6] - Highlight potential investment targets such as high-end sensors, titanium alloys, and underwater unmanned combat equipment [3]
中集集团:公司深耕高端海洋深海装备多年
Zheng Quan Ri Bao Wang· 2025-08-22 10:44
证券日报网讯中集集团(000039)8月22日在互动平台回答投资者提问时表示,公司深耕高端海洋深海 装备多年,目前主要形成以FPSO、FLNG为主的油气装备制造,以海上风电安装船为主的海上风电装 备建造,以及滚装船等特种船舶制造的业务产品。公司的核心优势在于以海洋油气开发装备为代表的高 端海工装备制造业,是国内唯二获巴西国油FPSO总包资质的企业。2024年,中集来福士揽获2艘FPSO 船体总包订单及1艘FLNG(浮式液化天然气装置)改装总包订单,深海油气装备订单已排产至2027年。未 来,公司会紧跟国家"深海科技"战略,紧紧抓住市场机遇,进一步加大相关研发投入,持续提升市场竞 争力,助力国家海洋科技装备及服务的产业升级。 ...
华鑫证券:给予海油发展买入评级
Zheng Quan Zhi Xing· 2025-08-21 23:29
Core Viewpoint - Company is actively positioning itself in deep-sea technology and has achieved stable growth in its three main business areas, leading to a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company reported total revenue of 22.597 billion yuan, a year-on-year increase of 4.46%, and a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [2] - For Q2 2025, the company achieved revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, up 10.75% year-on-year and 107.97% quarter-on-quarter [2] Business Segments - The company focuses on three main industries: 1. Energy Technology Services: Revenue of 7.993 billion yuan, up 2.79% year-on-year, with significant increases in downhole tools (16.11%) and artificial lift services (3.24%) [3] 2. Low Carbon Environmental and Digitalization: Revenue of 3.870 billion yuan, up 11.17% year-on-year, with notable growth in new energy technology (32.89%) and safety emergency services (22.70%) [3] 3. Energy Logistics Services: Revenue of 11.640 billion yuan, up 5.13% year-on-year, with increases in terminal loading and unloading (6.23%) and product sales (15.61%) [3] Cost and Expenses - The financial expense ratio increased primarily due to a decrease in bank deposit interest income, while sales and management expenses showed slight changes [4] Strategic Initiatives - The company is accelerating the high-end, intelligent, and green transformation of traditional industries, launching ten digital management modules and establishing three smart factories [5] - It is also advancing new strategic industries and future industries, optimizing its product and service offerings across six major areas [5] Profit Forecast - The profit forecast for the company has been slightly adjusted upwards, with expected net profits of 4.150 billion yuan, 4.749 billion yuan, and 5.326 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 9.9, 8.6, and 7.7 times [6]
海油发展(600968):公司事件点评报告:积极布局深海科技,三大主业作业量平稳增长
Huaxin Securities· 2025-08-21 15:34
2025 年 08 月 21 日 市场表现 -10 0 10 20 30 40 (%) 海油发展 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《海油发展(600968):增储上 产助力营收增长,多元布局驱动未 来发展》2025-04-14 海油发展发布 2025 年半年度报告:2025 年上半年实现营业 总收入 225.97 亿元,同比+4.46%;实现归母净利润 18.29 亿 元,同比+13.15%。 积极布局深海科技,三大主业作业量平稳增长 —海油发展(600968.SH)公司事件点评报告 买入(维持) 事件 | 分析师:张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人:覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-21 | | --- | --- | | 当前股价(元) | 4.04 | | 总市值(亿元) | 411 | | 总股本(百万股) | 10165 | | 流通股本(百万股) | 10165 | | 52 ...
华源晨会精粹20250821-20250821
Hua Yuan Zheng Quan· 2025-08-21 10:27
Group 1: Deep Sea Technology Industry - The government has positioned deep sea technology as a strategic emerging industry, alongside commercial aerospace and low-altitude economy, highlighting its importance for national security and resource safety [6][7] - The deep sea sector is crucial for ensuring resource security, as the global underwater resource competition intensifies, particularly with the U.S. and Japan accelerating their deep-sea mining efforts [7] - The blue economy in China reached a production value of 10.54 trillion yuan in 2024, indicating significant market potential for growth in related sub-industries [8] - The deep sea technology industry chain spans from basic materials to high-end equipment manufacturing, with a focus on "deep sensing" capabilities as a foundational infrastructure for development [8] Group 2: New Consumption - Crystal International - Crystal International reported a revenue of 1.229 billion USD in H1 2025, a year-on-year increase of 12.42%, and a net profit of 98 million USD, reflecting strong operational resilience despite external challenges [11][12] - The company improved its gross profit margins in leisure and intimate apparel due to enhanced production efficiency, with gross margins reaching 20.50% and 20.80% respectively [12] - Crystal International's strategic advantages, including its FOB revenue structure and strong brand client pricing power, have helped mitigate the impact of tariffs [12][13] Group 3: New Consumption - Laopu Gold - Laopu Gold achieved a revenue of 12.354 billion yuan in H1 2025, a remarkable year-on-year growth of 251%, with a net profit of 2.268 billion yuan, reflecting strong market positioning and brand influence [15][16] - The company expanded its offline presence with 41 self-operated stores across 16 cities, achieving an average sales performance of approximately 459 million yuan per store [17] - Laopu Gold's brand strength is validated by a high overlap rate with major luxury brands, and the company plans to adjust product prices to support profit performance [17][18] Group 4: North Exchange - Youji Co., Ltd. - Youji Co., Ltd. reported a revenue of 443 million yuan in H1 2025, a year-on-year increase of 19%, and a net profit of 34.3 million yuan, reflecting strong growth driven by capacity release and business expansion [19][20] - The company experienced significant revenue growth in the oil and gas sector, with a 19% increase, and a 48% increase in the aviation sector due to the integration of Beiyang Precision [20][21] - The mechanical parts processing industry is expected to benefit from global industrial upgrades and domestic demand expansion, positioning China as a key supplier in the global market [21][22]