证券研究报告 | 公司深度报告 2025 年 08 月 26 日 联德股份（605060.SH） 精密铸件隐形冠军，内举外拓奠基成长之路 中游制造/机械 联德股份是压缩机铸件细分龙头、工程机械铸件领先企业。公司凭借"铸造+ 机加工"一体化的生产模式以及定制化的服务能力，深度绑定优质全球龙头客 户，业绩增长较快、盈利能力突出。公司的发展是产能持续扩张、客户不断开 拓的过程，未来随着新扩产能落地、新拓客户放量，我们认为公司业绩在短期 波动后有望迎来困境反转、重归上行通道，并且盈利能力有向历史高位修复的 趋势。首次覆盖，基于"强烈推荐"评级。 ❑ 深耕二十余载，成就行业领先。公司成立于 2001 年，2021 年于上交所上市， 成立之初即聚焦高精度机械零部件以及精密型腔模产品展业，由创始人、实 控人孙袁亲自带队研发，经历二十余年潜心发展，打造了以压缩机、工程机 械为核心的零部件产品谱系。2025 年上半年，公司实现营业总收入、归母净 利润 5.87、1.09 亿元，同比增长 1.5%、11.7%，业绩在经历短期调整后有望 进入新一轮增长阶段。 ❑ 核心竞争力：绑定全球龙头客户，高盈利是不变底色。 ①铸造、机加工一体 ...

南方财经8月26日电，汇得科技(603192.SH)公告，公司拟向不超过35名特定对象发行A股股票，募集资 金总额不超过5.8亿元，用于江苏汇得新材料有限公司年产30.5万吨聚氨酯新材料项目。此次募投项目涵 盖12.5万吨聚酯多元醇类材料和18万吨聚氨酯新材料，旨在扩大公司产能，提升市场竞争力。2024年， 公司实现营收26.71亿元，净利润1.25亿元， ...

根据市场公开信息及8月25日披露的机构调研信息，知名私募红筹投资近期对1家上市公司进行了调研， 相关名单如下： 1）华利集团 （红筹投资参与公司特定对象调研&分析师会议） 调研纪要：华利集团在机构调研中表示，美国市场约占公司销售收入的4成，关税成本增加对销往美国 的产品有影响，但非美国地区不受影响。新工厂投产后实现盈亏平衡需要10-12个月，预计集团运营效 率将逐步提升。2025年上半年，越南工厂所需原材料从越南当地采购的金额占比约为56%，公司也从中 国大陆、中国台湾、韩国等地采购原材料。返校季是运动鞋的销售旺季，客户会根据销售情况调整备货 计划。公司与Adidas开始合作，今年上半年来自新客户的收入大幅增加。公司在越南工厂规模较大，选 址考虑劳动力供给问题，目前招工基本正常。除少数客户特别指定的鞋底需向客户指定的供应商采购 外，公司生产的运动鞋的中底、大底均由公司制造。越南工厂多数税收优惠政策已到期，部分新工厂还 在优惠期，税率变动对集团整体税务负担影响有限。未来几年公司仍会保持积极的产能扩张，资本开支 每年大约在11-17亿人民币。公司重视股东投资回报，未来几年还是资金开支的高峰期，但会尽可能多 分红。 ...

Core Viewpoint - Huilv Ecological (001267) reported significant growth in its half-year performance, driven by its expansion into the optical communication sector through the acquisition of Wuhan Junheng, which has led to substantial revenue and profit increases [1][2]. Financial Performance - For the first half of 2025, Huilv Ecological's revenue was approximately 696 million yuan, a year-on-year increase of 158.98% - The net profit attributable to shareholders was around 37.51 million yuan, reflecting a year-on-year increase of 189.5% [1]. Business Expansion - Huilv Ecological entered the optical communication market by acquiring a 35% stake in Wuhan Junheng in 2024 and later increasing its stake to 51% in early 2025 - Wuhan Junheng specializes in the research, production, and sales of optical communication products, including optical modules and AOC [1][2]. Revenue Contribution - As of the latest report, the revenue contribution from the landscaping business and optical electronic devices was 21.15% and 78.85%, respectively [1]. Production Capacity and Investment - In response to the surging demand in the optical communication market, Huilv Ecological is accelerating capacity expansion and equity integration - The company plans to invest a total of 800 million yuan in a new high-speed optical module production base in Ezhou, with the project expected to produce modules with speeds of 400G and above [2]. Future Production Expectations - Huilv Ecological anticipates increased production capacity for Wuhan Junheng, with the new factory in Ezhou expected to be completed in the second half of the year, focusing on high-speed product lines [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company is entering a new growth cycle driven by capacity expansion and product upgrades, with significant capital expenditures planned for new production lines [2] - The company achieved revenue of 21.447 billion and a net profit of 4.805 billion in the first half of 2025, reflecting year-on-year growth of 16.9% and 37.3% respectively [6] - The company is expected to benefit from an increase in global market share and product average selling price (ASP) [6] Financial Summary - Revenue is projected to grow from 33.161 billion in 2023 to 60.569 billion in 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [1] - Net profit is expected to increase from 5.629 billion in 2023 to 12.532 billion in 2027, with a CAGR of about 16.6% [1] - The company's return on equity (ROE) is forecasted to rise from 17.9% in 2023 to 22.1% in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 29.3 in 2023 to 13.2 in 2027, indicating potential undervaluation [1] Revenue and Profit Growth - In the second quarter of 2025, the company reported revenue of 11.537 billion, a year-on-year increase of 21.4% [6] - The gross profit margin for the second quarter of 2025 was 38.5%, reflecting improvements due to scale effects and product structure optimization [6] - The company is expected to achieve revenues of 46.212 billion, 52.574 billion, and 60.569 billion in 2025, 2026, and 2027 respectively [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant performance increase in H1 2025, achieving revenue of 19.178 billion yuan, a year-on-year increase of 11.75%. The net profit attributable to shareholders was 972 million yuan, a decrease of 4.37% year-on-year, while the net profit excluding non-recurring items was 923 million yuan, an increase of 7.53% year-on-year [2][4]. - In Q2 2025, the company achieved revenue of 10.802 billion yuan, a quarter-on-quarter increase of 28.95% and a year-on-year increase of 21.48%. The net profit attributable to shareholders was 581 million yuan, a quarter-on-quarter increase of 48.65% but a year-on-year decrease of 1.41% [2][4]. - The profit structure for H1 2025 showed that tungsten-molybdenum, new energy materials, and rare earths accounted for 74.98%, 20.06%, and 7.38% of total profits, respectively. The growth in Q2 was primarily driven by contributions from tungsten-molybdenum and new energy sectors [2][4]. Summary by Relevant Sections Tungsten-Molybdenum - The tungsten-molybdenum segment achieved a total profit of 1.268 billion yuan in H1 2025, a year-on-year decrease of 10.94%. In Q2 2025, the profit totaled 739 million yuan, a quarter-on-quarter increase of 40% [9]. - The increase in tungsten prices significantly contributed to the performance, with the company having a production capacity of 12,000 tons of tungsten concentrate. The domestic tungsten concentrate price began to rise sharply in Q2 2025, enhancing performance elasticity [9]. - The deep processing sector showed strong profitability, with cutting tools achieving a gross margin of over 40%. The company adjusted product prices to enhance market penetration and explore new applications for tungsten wire products [9]. New Energy Materials - The new energy materials segment reported a total profit of 339 million yuan in H1 2025, a year-on-year increase of 35.47%. In Q2 2025, the profit was 215 million yuan, a quarter-on-quarter increase of 73% [9]. - The demand for lithium cobalt oxide was strong, driven by favorable policies and consumer electronics demand. The company sold 28,800 tons of lithium cobalt oxide in H1 2025, a year-on-year increase of 57% [9]. Rare Earth Magnetic Materials - The rare earth magnetic materials segment achieved a total profit of 125 million yuan in H1 2025, a year-on-year increase of 6.71%. In Q2 2025, the profit was 59 million yuan, a quarter-on-quarter decrease of 11% [9]. - The company expanded its production capacity in the rare earth sector, with new projects expected to contribute to performance in the coming years [9].

2026年印度国际矿物、金属、冶金及材料展MMMM 一、 展会概要 展会时间：2026年9月10日-12日 展会地点：印度新德里 主 委 会：Hyve展览集团 展会周期：两年一届 中国代理：北京联华商汇国际会展有限公司（独家代理） 展会负责人：黄舒 186 7275 0782 二、 展会简介 2026年印度国际矿物、金属、冶金及材料展（简称：MMMM 2026）是由Hyve展览集团举办的每两年 一届的行业盛会。该展会已经成功举办14届，下一届将于2026年9月10日-12日在印度首都新德里举办。 印度国际矿物、金属、冶金及材料展是市场最重要的活动之一，将成为企业家、首席执行官、顾问、高 级政府官员、决策者和贸易代表团聚集、集思广益、展示和建立有意义的商业伙伴关系的理想B2B平 台。该商业平台将提供一个绝佳的机会，与来自世界各地的名人互动，促进商业发展，并促进该国矿 产、金属、冶金和材料行业的增长和发展、合资企业、投资和技术转让。 这个两年一度的国际贸易博览会已经发展成为一个有国内外参与者参加的著名展会。该活动已获得广泛 认可，并已成为行业重要国际贸易博览会名单中的固定项目。高级别的技术会议包括来自全球各地的专 ...

Group 1: Financial Performance and Impact of Tariffs - The U.S. market accounts for approximately 40% of the company's sales revenue, and increased tariffs will raise costs for customers shipping to the U.S. [2] - The company experienced a decline in overall gross margin in the first half of the year due to new factories ramping up production, with a recovery expected in Q3 and Q4 [2][3] - In the first half of 2025, the company reported asset impairment of 66 million and credit impairment of 4.8 million, primarily due to inventory depreciation and bad debt provisions [6] Group 2: Production and Capacity Management - New factories typically require 10-12 months to reach breakeven, with one factory achieving profitability in Q2 2025 [2][3] - The company’s production capacity is flexible and adjusted based on order conditions, with targets set according to the current stage of the factory and employee proficiency [7] - The company is actively expanding production capacity, planning to build several new factories in Indonesia and Vietnam, with capital expenditures projected between 1.1 billion to 1.7 billion RMB annually from 2022 to 2024 [13] Group 3: Supply Chain and Material Sourcing - Approximately 56% of the raw materials for the Vietnam factory are sourced locally, with additional materials procured from mainland China, Taiwan, and South Korea [4] - The company produces its own shoe soles, with most production facilities equipped to manufacture mid and outer soles [11] Group 4: Customer Relations and Market Trends - The back-to-school season is a peak sales period for athletic shoes, and the company is awaiting sales data to adjust inventory plans [5] - The company has seen significant revenue growth from new customers, including a partnership with Adidas initiated last year [9] Group 5: Taxation and Regulatory Environment - The company benefits from Vietnam's corporate tax incentives, although many factories' tax benefits have expired, limiting the impact of tax rate changes on overall tax burden [12] - The company maintains competitive salary levels to attract labor in Vietnam, where hiring remains stable despite increased competition for workers [10] Group 6: Shareholder Returns - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and projected dividends for 2025 expected to be around 70% of net profit [14][15]

Core Viewpoint - The company reported a revenue increase of 10.4% year-on-year for the first half of 2025, but net profit attributable to shareholders decreased by 11.1%, indicating challenges in profitability despite revenue growth [4]. Financial Performance - Revenue for the first half of 2025 reached 12.66 billion yuan, with a net profit of 1.67 billion yuan and an earnings per share (EPS) of 1.43 yuan, alongside a proposed cash dividend of 1.0 yuan per share, resulting in a payout ratio of approximately 70% [4]. - The company's net profit margin declined by 3.2 percentage points to 13.2% year-on-year [4]. Sales and Product Performance - The company sold 115 million pairs of athletic shoes in the first half of 2025, with a sales volume increase of 6.1% and an average selling price increase of approximately 3.6% [5]. - Revenue contributions from different product categories showed that athletic leisure shoes accounted for 89.5% of total revenue, with a year-on-year revenue increase of 10.8% [5]. - The company experienced a significant increase in revenue from athletic sandals/slippers, which rose by 74.4%, while outdoor boots saw a decline of 57.3% due to shifts in customer demand [5]. Regional Performance - Revenue distribution by region indicated that North America accounted for 78.1% of total revenue, with a slight decline of 0.4%, while Europe saw an 88.9% increase [5]. Capacity and Production - Total production capacity for the first half of 2025 was 120 million pairs, with a utilization rate of 95.8%, a decrease of 1.5 percentage points year-on-year [6]. - New factories in Vietnam, Indonesia, and China achieved output of 3.73 million, 1.99 million, and 670,000 pairs respectively, aligning with the company's expansion plans [7]. Profitability and Cost Structure - Gross margin decreased by 6.4 percentage points to 21.8% due to the ramp-up phase of new factories and production adjustments [8]. - The company reported a decrease in operating expense ratio by 2.6 percentage points to 4.2%, with management expenses declining primarily due to reduced performance-based compensation [8]. Other Financial Indicators - Inventory as of June 2025 decreased by 7.0% to 2.9 billion yuan, while accounts receivable increased by 11.4% to 4.88 billion yuan [9]. - Capital expenditures for the first half of 2025 amounted to 1.38 billion yuan, a significant increase of 74.8% year-on-year [9]. Strategic Outlook - The company is focusing on diversifying its customer base and expanding production capacity, with new factories expected to enhance market share as they ramp up production [10].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company experienced a decline in profit due to the ramp-up of new factories, but continues to expand its customer base and production capacity [11]. - In the first half of 2025, the company achieved a revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, while the net profit attributable to shareholders decreased by 11.1% to 1.67 billion yuan [5][6]. - The company is actively diversifying its customer structure and expanding production capacity, with new factories in Sichuan and Indonesia contributing to revenue growth despite some pressure from existing customers [11]. Financial Performance - The company's gross profit margin decreased by 6.4 percentage points to 21.8% in the first half of 2025, primarily due to many new factories being in the ramp-up phase [9]. - The net profit margin for the first half of 2025 was 13.2%, down 3.2 percentage points year-on-year [6]. - The company plans to distribute a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [5]. Production and Sales - The company sold 115 million pairs of sports shoes in the first half of 2025, with a year-on-year sales volume increase of 6.1% and an average price increase of approximately 3.6% [7]. - The production capacity utilization rate was 95.8%, with total production capacity at 120 million pairs [8]. - The revenue contribution from the top five customers accounted for 71.9%, a decrease of 4.7 percentage points year-on-year, indicating a shift towards new customer orders [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates by 18%, 17%, and 15% respectively, with projected net profits of 3.57 billion, 4.17 billion, and 4.84 billion yuan [11]. - The expected earnings per share (EPS) for 2025-2027 are 3.06 yuan, 3.57 yuan, and 4.15 yuan, respectively [11].