丨证券研究报告丨 公司研究丨点评报告丨宇通重工（600817.SH） [Table_Title] 宇通重工 2025H1 点评：环卫装备主业稳定增 长，环卫傲蓝德控股权完成转让 报告要点 [Table_Summary] 宇通重工 2025 上半年实现营业收入 16.60 亿元，同比增长 12.07%，归母净利润 1.19 亿元， 同比增长 42.54%，扣非归母净利润 0.70 亿元，同比增长 5.30%。新能源环卫装备销量带动装 备业务收入增长；挂牌出售环卫服务业务的投资收益，对当期业绩影响较大，剔除该因素，归 母净利润同比增 27.16%；整车业务经营质量向好，竞争加剧毛利率下行明显，长期看好公司 竞争优势带动业绩回暖增长。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research. ...

Core Viewpoint - The Jinan Municipal Government is implementing an industrial development strategy focused on transforming and upgrading industries, with a particular emphasis on creating a new urban industrial zone in the western part of the city center to support new productive forces [1][3]. Group 1: Development Strategy - The Jinan urban industrial zone will cover approximately 15,000 acres with a total construction area exceeding 10 million square meters, including about 7,000 acres designated for industrial and logistics use [3]. - The development model emphasizes three aspects: active mechanisms, clear pathways, and high efficiency, aiming to integrate manufacturing with services and innovation [3]. Group 2: Future Goals - The district aims to establish a systematic, efficient, innovative, and collaborative industrial support system, targeting an additional output value of 130 billion yuan and tax revenue of 6.5 billion yuan by 2035 [4]. Group 3: Infrastructure and Services - Infrastructure improvements include completed roads and power supply projects, with a focus on enhancing public services and educational resources to meet community needs [5]. - The area has seen the completion of high-end residential projects totaling 475,000 square meters, significantly improving living standards [5]. Group 4: Project Attraction and Funding - The district is leveraging various funds to attract technology-driven enterprises, with a total fund reserve of 8.55 billion yuan, facilitating the establishment of new industrial parks and projects [6]. - Over 30 projects in aerospace, low-altitude economy, and advanced manufacturing are in the pipeline, with plans to onboard more than 16 companies by the end of the year [6].

Summary of Conference Call on Yarlung Tsangpo River Hydropower Project Industry Overview - The Yarlung Tsangpo River hydropower project has a total investment of approximately 1.2 trillion yuan, with an installed capacity nearly three times that of the Three Gorges Project, significantly increasing the demand for new energy and unmanned equipment [1][2][4] - The project is located in a high-altitude area with harsh construction conditions, leading to a high equipment investment ratio of about 20%, creating substantial demand for large excavators, mining machinery, concrete mixers, and shield machines [1][2][4] Key Points and Arguments - The project is expected to generate a demand for approximately 1,000 large excavators, accounting for about 10% of the domestic sales market [2][4] - In 2024, China's total infrastructure investment is projected to reach approximately 24.8 trillion yuan, with investments in water conservancy, environment, and public facilities management nearing 10 trillion yuan, providing significant incremental demand for the industrial equipment sector [3][5] - Since March 2024, excavator sales have turned positive, driven by the renewal of old energy cycles, equipment electrification, and second-hand machine exports, indicating an upward trend in the domestic photovoltaic industry over the next three to four years [6][7] Impact on Related Companies - The Yarlung Tsangpo project is expected to enhance the profitability of related companies due to the high market demand for specialized, high-value equipment [4][5] - Key companies to focus on include XCMG, SANY Heavy Industry, Shantui, Zoomlion, and Liugong, which have competitive advantages in the project and excel in mining trucks, training equipment, and shield machines [2][13][14] Market Trends - The domestic industrial machinery sector is currently in an upward cycle, with excavator sales showing consistent growth since March 2024, and concrete machinery and lifting machinery experiencing double-digit growth in sales and revenue in the second quarter [7][8] - The industrial machinery sector's performance heavily relies on exports, with export revenue contributing approximately 52% and profit exceeding 70% in 2024 [8][9] Global Market Influence - The overseas market is showing signs of stabilization, with strong demand from emerging markets in Latin America, Africa, and Southeast Asia, and a recovery trend in Europe and North America [10][11] - The global competitiveness of China's construction machinery manufacturing industry is improving, with domestic companies increasing overseas capital expenditure, enhancing production capabilities, R&D investment, and sales channels [11][12] Investment Opportunities - The current state of the industrial machinery sector presents high investment value, especially after a correction in May, with valuations at historical lows [12][14] - Companies such as XCMG, SANY Heavy Industry, Shantui, Zoomlion, and Liugong are highlighted as strong investment candidates due to their competitive advantages and performance in the Yarlung Tsangpo project [14]

Core Insights - The company Kexin Electromechanical has achieved significant growth since its listing 15 years ago, with its market capitalization increasing from 1.755 billion yuan to 3.764 billion yuan, reflecting a focus on pressure vessels and new energy equipment [1][4] - Despite the overall growth, the company's operational performance has shown signs of slowing down in recent years, particularly in revenue and profit growth rates [2] Business Overview - Kexin Electromechanical's main business includes the design, manufacturing, installation, and sales of three types of pressure vessel products, as well as civil nuclear safety machinery manufacturing [2] - The core products are primarily divided into natural gas chemical equipment, which accounts for 43.29%, and new energy high-end equipment, which makes up 25.88% of the business [2] Financial Performance - The company reported a cumulative profit growth of 418.53% from a net profit of 33 million yuan in 2010 to 169 million yuan in the latest complete fiscal year of 2024 [2] - Over the 15 years since its listing, Kexin Electromechanical has experienced two years of losses, with profit growth occurring in 9 out of those years, representing 60% of the time [2] - Revenue increased from 735 million yuan in 2020 to 1.216 billion yuan in 2024, although a decline of 18.79% was noted in 2024 [2] - The net profit rose from 80 million yuan in 2020 to 169 million yuan in 2024, but the growth rate has slowed, with only a 3.54% increase in 2024 [2] Market Capitalization - Since its listing, Kexin Electromechanical's market capitalization has grown by 114%, peaking at 5.392 billion yuan on June 4, 2015, with a stock price of 23.7 yuan [4] - As of July 7, the stock price was 13.74 yuan, resulting in a market capitalization of 3.764 billion yuan, which is a decrease of 1.628 billion yuan or 30.20% from its peak [4]

Core Points - The second Alumni Economic Innovation Development Conference was held in Jinan, focusing on talent attraction and economic development strategies [2][3] - Jinan has implemented a talent service system and policies to attract over 2.87 million talents, ranking 11th in the national talent attraction list [3][10] - The establishment of the Alumni Economic Development Organization Alliance aims to enhance collaboration between alumni and the city [5][7] Group 1: Talent and Policy Initiatives - Jinan's "Double 30 Policies" and "20 Measures for Alumni Economy" are designed to create a supportive environment for talent and alumni enterprises [3][10] - The city has been recognized as a "National Talent-Friendly City" for 2024 and has hosted multiple alumni-related events to foster economic growth [3][10] - The city aims to provide comprehensive, customized services to support alumni and their projects [3][10] Group 2: Economic Development and Collaboration - The conference included the unveiling of the Alumni Economic Development Organization Alliance and the signing of cooperation agreements for alumni investment projects [5][7] - Jinan is focusing on future industries such as artificial intelligence, robotics, and new energy equipment, with policies to support these sectors [9][10] - The city has organized over 50 alumni-related events and has signed 40 alumni economic projects with a total investment of 1.222 billion [10] Group 3: Event Participation and Impact - The event attracted 481 alumni entrepreneurs and high-level talent representatives from 128 domestic and international universities [11] - The conference serves as a platform for alumni to connect with the city, enhancing the integration of alumni resources and urban development [10][11] - The establishment of "Alumni Homes" and "Alumni Reception Halls" reflects Jinan's commitment to fostering a vibrant alumni community [10]

Core Viewpoint - Jinan has introduced special policy measures to strengthen talent development in four specific areas: digital economy, youth technology, senior talent, and seed industry [1] Group 1: Youth Technology Talent - Jinan has developed measures to attract, cultivate, retain, and utilize youth technology talent, consisting of five parts and fifteen specific actions to address key issues in their growth and development [3] - The city will focus on 13 emblematic industrial chains and 34 key industrial chains to support youth entrepreneurship, providing one-time funding of 500,000 yuan (approximately 70,000 USD) to around 10 outstanding young entrepreneurs annually [4] - Jinan plans to host at least 100 high-quality promotion and roadshow events for youth technology talent over the next three years, using a "fund + project + talent" model to facilitate connections with capital, industry, and market [4] Group 2: Research and Innovation Support - The city will ensure that at least 60% of key municipal research projects are led by youth talent, creating a closed-loop training model that emphasizes responsibility, support, and results [5] - Jinan aims to organize no less than 50 "challenge and lead" activities for youth technology innovation within three years, allowing talented youth to take the lead on significant tasks to expedite the transformation of innovative results into productive forces [4][5] - The city will regularly hold youth technology talent salons, innovation forums, and cross-industry exchange meetings to build a growth ecosystem for youth technology talent [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady development with a focus on quality improvement and efficiency enhancement, diversifying its business operations [1] - The company achieved a revenue of 5.791 billion yuan in 2024, representing a year-on-year growth of 12.18%, while the net profit attributable to the parent company was 156 million yuan, up 1.59% year-on-year [4] - The company is transitioning from traditional energy equipment to new energy equipment, making breakthroughs in nuclear energy, hydrogen energy, and energy storage sectors [6] - The acquisition of a new materials company is expected to enhance the company's capabilities in high-end metal materials, which are in increasing demand due to the growth of strategic emerging industries [7] - The company has revised its profit forecast for 2025-2027, expecting revenues of 6.583 billion, 7.455 billion, and 8.467 billion yuan respectively, with net profits of 230 million, 264 million, and 296 million yuan [8] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 141 million yuan, a year-on-year increase of 52.30%, but a net profit decline of 56.08% due to changes in sales structure and increased competition in the traditional energy equipment market [5] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 13.6% from 2024 to 2027 [11] Business Transformation - The company is successfully transforming from traditional manufacturing to green, low-carbon, and intelligent manufacturing, integrating new information technologies into its operations [6] - The company is the only domestic enterprise that covers the entire industrial chain from petrochemical and coal chemical engineering to high-end integrated equipment manufacturing and EPC comprehensive service capabilities [6] Market Outlook - The company expects to benefit from the significant growth in the domestic nuclear power industry, with its nuclear energy equipment covering the entire industrial chain [7] - The international market orders increased by 41.09% year-on-year in 2024, indicating a successful expansion into global markets [6]

Core Viewpoint - The fourth Changsha International Construction Machinery Exhibition showcases the latest innovations and capabilities of Zoomlion, particularly highlighting its 4000-ton all-terrain crane, which is the largest in the world and capable of installing wind turbines at heights of 185 meters [1][3]. Group 1: Equipment and Innovations - The 4000-ton all-terrain crane is the only one in the industry that can meet the requirements for installing 185-meter high wind turbines, equivalent to lifting a 160-ton wind turbine that is 5 meters wide and 12 meters long at a height of 65 stories [3]. - Zoomlion's exhibition area spans nearly 9,000 square meters, featuring nearly 100 pieces of equipment across nine categories, including new-generation construction cranes, concrete machinery, and mining machinery, marking the largest scale and product variety in the company's history [3]. - The exhibition will also showcase world-class products such as the largest 4000-ton all-terrain crane, several hundred-ton mining excavators, the highest aerial ladder fire truck, and the largest wheat machine in terms of feeding capacity in China [3]. Group 2: New Energy Equipment - New energy equipment is a significant highlight, including the ZRT500V4 pure electric tire crane, the industry's first hydrogen energy pump truck, and the world's first largest hundred-ton hybrid mining truck, demonstrating Zoomlion's leadership in green power and energy-saving technologies [5]. Group 3: Digital and Intelligent Solutions - In addition to heavy equipment, Zoomlion will present a series of "soft power" innovations, including demonstrations of pure electric unmanned aerial vehicle swarms, remote control systems for tower cranes, and smart command centers, which collectively outline a vision for the industry's digital and intelligent development [6].

Group 1 - The fully-owned subsidiary of Beijing Bode Shida Petroleum Technology Co., Ltd., Bode Shida (Tianjin) Energy Technology Co., Ltd., has officially commenced operations at its new base in Tianjin, which covers an area of 15,000 square meters and focuses on the development and manufacturing of drilling tools, high-temperature and high-pressure completion tools, and casing drive systems (CDS) [1] - The new base incorporates intelligent production lines and high-precision processing equipment, which will significantly enhance the company's service capabilities in oil and gas field development, thereby reducing costs and increasing efficiency in resource exploration [1] - Bode Shida has signed strategic cooperation agreements with major companies such as China National Offshore Oil Corporation (CNOOC) and China National Petroleum Corporation (CNPC) to deepen collaboration in oil and gas field development technology services and equipment procurement [1] Group 2 - The company has obtained 72 patent authorizations in core areas such as drilling tools and completion equipment, and plans to establish a research and development center at the new base to focus on advanced technologies like deep-sea drilling and shale gas development [2] - Future plans include expanding production capacity in the Tianjin Lingang area with a second phase project to build a new energy equipment production line, promoting diversification in the energy industry [2] - The company aims to leverage the geographical advantages of the Tianjin Port Free Trade Zone to strengthen international logistics cooperation and establish the Lingang base as a global high-end downhole equipment manufacturing hub [2]

Core Points - The "Green Chariot" exchange space in Rio de Janeiro, Brazil, was officially inaugurated, showcasing China's green technology and serving as a cultural exchange platform [1][3] - The establishment of the exchange space is seen as a significant milestone in the modernization of transportation in Rio de Janeiro, enhancing local railway industry capabilities and creating new job opportunities [3][5] - The space integrates functions of display, communication, cooperation, and cultural dissemination, aiming to provide a platform for Brazilian citizens to experience Chinese culture and engage in social welfare activities [5][7] Company and Industry Insights - China CRRC has been active in the Brazilian market since 2008, supplying metro trains to major cities like Rio de Janeiro, São Paulo, and Belo Horizonte, and participating in local transportation projects [7] - A memorandum of cooperation was signed during the visit of the Governor of Rio de Janeiro to China, focusing on establishing a train maintenance center and modernizing the state's railway system [7]