证券研究报告 | 2025年08月22日 欧圣电气（301187.SZ） 优于大市 2025 年中报点评：关税带来短期影响，养老产品入选工信部 试点 请务必阅读正文之后的免责声明及其项下所有内容 关税影响出货节奏导致Q2 收入下滑。公司2025H1 实现营收8.78 亿/+18.9%， 归母净利润 1.15 亿/+18.5%，扣非归母净利润 1.09 亿/+18.5%。其中 Q2 收 入 3.5 亿/-14.6%，归母净利润 0.54 亿/-1.4%。收入端 Q2 下滑主要受到关 税影响下，公司部分客户发货延迟影响。Q2 末存货余额 3.68 亿元，同比增 长 91%，较 Q1 末提升 106%，预计关税政策稳定后公司收入有望重回增长。 马来西亚产能稳步爬坡，盈利能力Q2 提升。2025H1毛利率34.42%/-1.67pct， Q2 毛利率+4.99pct 至 38.33%，预计主要是产品结构、渠道结构性变化带来 的影响。同时公司马来西亚工厂设计产值 20 亿元，从 2025 年 5 月开始爬坡， 同时公司马来西亚产能自动化程度较高，因此预计在关税背景下仍对公司的 毛利率起到积极的稳定作用。 公司Q2销售/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue performance in 2025H1 was below expectations, with total revenue of 878 million yuan, a year-on-year increase of 19%. The net profit attributable to the parent company was 115 million yuan, also up 19% year-on-year. However, Q2 saw a decline in revenue and net profit due to tariff impacts and initial low shipment volumes from the Malaysian factory [7] - Inventory levels increased significantly by 90% year-on-year in 2025H1, attributed to the transition of production capacity to Malaysia and delays in shipments to the U.S. due to customs and tariff changes. The company’s subsidiary was selected for a government-supported project, which is expected to accelerate order releases [7] - The company is experiencing rapid order growth driven by major clients and successful expansion into new regions. The air compressor business benefits from increased orders from Home Depot, while the vacuum cleaner business has strengthened partnerships with major retailers in North America [7] - The company has slightly adjusted its profit forecasts for 2025-2027, expecting net profits of 304 million, 388 million, and 444 million yuan respectively, with year-on-year growth rates of 19.9%, 27.7%, and 14.5%. The corresponding price-to-earnings ratios are projected to be 30, 24, and 21 [7] Financial Data and Profit Forecast - Total revenue is projected to reach 2,294 million yuan in 2025, with a year-on-year growth rate of 30.1%. The net profit attributable to the parent company is expected to be 304 million yuan, with a growth rate of 19.9% [3][9] - The gross profit margin is forecasted to be 35.4% in 2025, with a return on equity (ROE) of 18.9% [3][9] - The company's earnings per share (EPS) is expected to be 1.19 yuan in 2025, with a gradual increase in subsequent years [3][9] Market Data - As of August 15, 2025, the closing price of the stock was 35.95 yuan, with a market capitalization of 2,384 million yuan. The price-to-book ratio is 6.2, and the dividend yield is 3.25% [4]