投资建议：公司深耕微生态领域30 年，拥有覆盖全国的全渠道营销体系，具备成熟的商业转化能力； 同时拥有丰富的专家资源并长期进行科学循证研究。 此外，公司是国内极少数具备从高温合金材料研发到部件制备全流程研制能力的民营企业，先后在多型 号航空发动机、燃气轮机中应用，并具备批量生产工程能力。我们预计，公司2025~2027 年归母净利润 分别是3.01 亿元、4.31 亿元、5.79 亿元，当前股价对应2025~2027 年PE 分别是29x/20x/15x。我们考虑 到公司在微生态及高温合金领域的技术积淀及工程化能力，维持"推荐"评级。 风险提示：下游需求不及预期、产品研发不及预期等。 事件：8 月22 日，公司发布2025 年半年报，1H25 实现营收6.3 亿元，YOY+24.4%；归母净利润1.2 亿 元，YOY +21.8%；扣非净利润1.1 亿元，YOY+29.3%。业绩表现符合市场预期。公司高温合金事业部 专注于"两机"高温合金产品，积极开拓市场。我们点评如下： 2Q25 业绩同比快速增长；1H25 产品结构影响毛利率。1）单季度：公司2Q25 实现营收2.9 亿元，YOY +36.8%；归母净利润 ...

万泽股份（000534.SH）2025 年半年报点评 高温合金 1H25 营收同比增长 73%；燃机客户实现突破 2025 年 08 月 24 日 ➢ 事件：8 月 22 日，公司发布 2025 年半年报，1H25 实现营收 6.3 亿元，YOY +24.4%；归母净利润 1.2 亿元，YOY +21.8%；扣非净利润 1.1 亿元，YOY +29.3%。业绩表现符合市场预期。公司高温合金事业部专注于"两机"高温合 金产品，积极开拓市场。我们点评如下： ➢ 2Q25 业绩同比快速增长；1H25 产品结构影响毛利率。1）单季度：公司 2Q25 实现营收 2.9 亿元，YOY +36.8%；归母净利润 0.5 亿元，YOY +44.9%； 扣非净利润 0.4 亿元，YOY +86.9%。2）利润率：公司 1H25 毛利率同比下滑 3.8ppt 至 73.1%；净利率同比下滑 1.9ppt 至 17.2%。其中，2Q25 毛利率同比 下滑 4.1ppt 至 70.3%；净利率同比下滑 2.8ppt 至 12.8%。1H25，公司毛利率 同比下滑主要系毛利率较低的高温合金材料营收占比提升所致。 ➢ 1H25 高温合金 ...

Core Viewpoint - Wanze Co., Ltd. has been recognized with two prestigious awards, "Annual Private Leading Brand" and "Classic Brand Case," at the 2025 Ninth China Listed Company Brand Value List Conference, highlighting its brand strength, innovation, and industry influence [1][2]. Group 1: Company Overview - Wanze Co., Ltd. is a leading player in the pharmaceutical micro-ecology field and one of the few private enterprises in China capable of full-process research and development from high-temperature alloy materials to component manufacturing [1][2]. - The company’s subsidiary, Inner Mongolia Shuangqi, is the only national high-tech enterprise focused on digestive and gynecological micro-ecological systems, with its core products "Jin Shuangqi®" and "Ding Junsheng®" leading their respective markets [2]. Group 2: Financial Performance - In 2024, Wanze Co., Ltd. achieved a revenue of 1.079 billion yuan, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 193 million yuan, up 9.17% [3]. - For Q1 2025, the company reported a revenue of 335 million yuan and a net profit of approximately 72.69 million yuan, reflecting year-on-year growth rates of 15.34% and 10.52%, respectively [3]. Group 3: Research and Development - In 2024, Wanze Co., Ltd. invested 209 million yuan in R&D for high-temperature alloys, marking a significant increase of 27.48% year-on-year [5]. - The company has established a research team with a high proportion of master's and doctoral graduates, enhancing its capabilities in aerospace engine material research [5]. Group 4: Future Strategy - The company aims to enhance its R&D, production, and market expansion efforts, focusing on micro-ecology and high-temperature alloys to create greater shareholder value and contribute to industry development [6].