事件：公司发布2025 年中报业绩。25H1 公司实现营业收入122.14 亿元，同比增长17.95%；实现归母净 利润16.72 亿元，同比增长12.93%；实现扣非归母净利润15.88 亿元，同比增长37.04%。Q2 单季度收入 76.77 亿元，同比/ 环比增长19.88%/69.22% ； 归母净利润10.40 亿元， 同比/ 环比增长12.63%/64.79%； 扣非归母净利润9.91 亿元，同比/环比增长42.02%/65.94%。 公司宜兴三期产线已于今年6 月底达产，半导体业务收入及盈利能力有望加速提升。公司两大业务板块 景气持续，有望共筑全年业绩增长。 投资建议：公司轨交装备业务有望受益铁路高景气+轨交维保需求陆续释放+老旧内燃机车更新，新兴 装备仍处高速成长阶段。预计公司2025-2027 年将分别实现归母净利润43.57 亿元、47.75 亿元、51.87 亿元，对应EPS 为3.21、3.52、3.82 元，对应PE 为15 倍、14 倍、13 倍，维持推荐评级。 风险提示：固定资产投资不及预期的风险，新产品拓展不及预期的风险，市场竞争加剧的风险等。 轨交装备增长稳健，新兴装备快速发 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating robust business operations across various segments [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 4.537 billion yuan, a year-on-year increase of 14.81%, and a net profit attributable to shareholders of 631 million yuan, up 13.42% [1]. - The non-recurring net profit reached 597 million yuan, reflecting a substantial growth of 29.52% year-on-year [1]. Segment Analysis - The rail transit equipment business generated revenue of 2.347 billion yuan, a year-on-year increase of 10.72%, with the electrical equipment segment contributing 1.923 billion yuan [2]. - The emerging equipment business reported revenue of 2.171 billion yuan, up 20.88% year-on-year, with significant contributions from basic components and new energy vehicle electric drive systems [2]. - The overall gross margin for Q1 2025 was 33.50%, an increase of 3.84 percentage points from the previous year, driven by changes in revenue structure and cost reduction efforts [2]. Semiconductor Business - The semiconductor segment saw revenue of approximately 1.172 billion yuan, a year-on-year increase of 22.63%, with IGBT revenue growing by 35.01% [3]. - High-voltage IGBT revenue reached 403 million yuan, marking a remarkable year-on-year growth of 171.91% [3]. - New production lines are being established, with expectations to reach design capacity by the end of 2025 [3]. Deep Sea Business Strategy - The company aims to enhance its deep-sea robotics business through market opportunity capture, technological innovation, and improved manufacturing capabilities [4]. - There is a focus on developing electric and intelligent deep-sea equipment to meet the growing market demand in underwater oil and gas, wind power, and mining sectors [4]. - The company is confident in leveraging policy and market opportunities to drive growth in its marine equipment sector [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued growth in rail transit and semiconductor sectors, with projected net profits of 4.35 billion yuan and 4.9 billion yuan for 2025 and 2026, respectively [4].