毛利端，公司2025 上半年毛利率达31.74%，同比-0.01pct；2025Q2 单季度毛利率达32.61%，同比 +0.07pct，环比+2.30pct。其中，上半年海外地区毛利率达35.69%，同比+1.87pct，毛利率有所提升；国 内毛利率达29.73%，同比-1.34pct，预计主要因产品结构调整。 费用端，公司2025 上半年四项费用率达13.48%，同比-1.32pct，其中销售费率达5.24%，同比+0.49pct； 管理费率达2.21%，同比-0.55pct；研发费率达6.59%，同比-0.62pct；财务费率达-0.56%，同比-0.63pct。 2025Q2 单季度四项费用率达12.67%，同比-1.00pct，环比-2.12pct，其中销售费率达5.37%，同比 +0.83pct；管理费率达1.86%，同比-0.74pct，；研发费率达5.79%，同比-0.80pct；财务费率达-0.35%， 同比-0.30pct。整体上，公司销售费用率有所提升，预计主要因加大了海外市场开拓力度，其他费用率 受到规模效应影响，均有下降。 其他方面，公司2025Q2 末存货达47.15 亿元，同比+ ...

丨证券研究报告丨 公司研究丨点评报告丨思源电气（002028.SZ） [Table_Summary] 公司发布 2025 年半年报，上半年公司实现营业收入 85.0 亿元，同比+37.8%；归母净利润 12.9 亿元，同比+45.7%；扣非净利润 12.4 亿元，同比+47.0%。单季度看，公司 2025Q2 营业收入 52.7 亿元，同比+50.2%，环比+63.3%；归母净利润 8.5 亿元，同比+61.5%，环比+89.5%； 扣非净利润 8.0 亿元，同比+60.0%，环比+83.1%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 [Table_Title] 海外业务量利齐升，订单保障持续增长 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 思源电气（002028.SZ） cjzqdt11111 [Table_Title ...

Core Viewpoint - The Japanese FOOD&LIFE COMPANIES (F&LC), which operates the SUSHIRO brand, has seen its stock price increase by 2.6 times compared to the end of 2024, driven by strong growth expectations in overseas markets, particularly in Southeast Asia and China [2][4]. Group 1: Company Performance - As of August 18, F&LC's market capitalization exceeded 1 trillion yen, making it the second Japanese restaurant company to reach this milestone after ZENSHO HD [2]. - The stock price reached a record high of 8,724 yen, reflecting a 3% increase from the previous trading day, before closing at 8,533 yen with a total market value of 990.4 billion yen [4]. - The overseas SUSHIRO business, particularly in Southeast Asia, has expanded to 215 stores as of the end of July, marking a 32% year-on-year increase [4]. Group 2: Financial Highlights - For the fiscal year from October 2024 to June 2025, the overseas segment reported a 41% increase in sales revenue to 93.1 billion yen, and operating profit surged 2.2 times to 11.1 billion yen, achieving a profit margin of 12%, surpassing the domestic profit margin of 8% [4][5]. - The pricing strategy, which sets product prices higher than in Japan, has proven successful, supported by enhanced customer experience through innovations like the "Digiro" display system [5]. Group 3: Market Dynamics - The recovery of the Chinese market, which had been affected by the COVID-19 pandemic and the Fukushima nuclear water issue, is contributing positively to F&LC's performance [5]. - The company's expansion in East Asia and Southeast Asia is largely unaffected by high U.S. tariffs, which has been positively received by the market [5]. - Analyst Shimizu from Iwai Cosmo Securities noted that the growth in overseas business, particularly in Asia, reflects a positive outlook for F&LC, with further growth potential driven by the Japanese food trend [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The engineering machinery industry is transitioning from excavators to non-excavation equipment, with expectations of recovery in domestic sales for the company's engineering cranes and concrete machinery in Q1 [2][11]. - The company's overseas revenue continues to grow rapidly, with a year-on-year increase of 15.17% in Q1, and overseas revenue now accounts for 54.20% of total revenue, reflecting a 5.77 percentage point increase year-on-year [2][11]. - The company is expected to benefit from the recovery in domestic demand for traditional segments such as concrete machinery and cranes, while also expanding into emerging strategic sectors like earthmoving, agricultural, and mining machinery [2][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 12.117 billion yuan, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.410 billion yuan, up 53.98% year-on-year [6]. - The gross profit margin for Q1 was 28.67%, reflecting a slight year-on-year increase of 0.21 percentage points, attributed to a higher proportion of overseas revenue and product structure optimization [11]. - The net profit margin for Q1 was 12.51%, an increase of 3.84 percentage points year-on-year [11]. Market Outlook - The domestic market for engineering cranes and concrete machinery is expected to recover, with significant improvements anticipated in Q1, although total domestic revenue still declined due to weak demand for tower cranes and high-altitude machinery [11]. - The company is projected to achieve net profits of 5.016 billion yuan and 6.055 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13 times and 11 times [11].

Core Insights - The company reported Q1 2025 results with revenue of 3.79 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 370 million yuan, up 16.0% year-on-year [1] Revenue Breakdown - In Q1 2025, overseas revenue continued to grow, with a quarter-on-quarter increase compared to Q4 2024 - By product: - Yeast and deep processing products generated revenue of 2.77 billion yuan, up 13.2% year-on-year - Sugar products generated revenue of 160 million yuan, down 60.7% year-on-year - Packaging products generated revenue of 100 million yuan, down 4.4% year-on-year - Food ingredients and other products generated revenue of 760 million yuan, up 44.1% year-on-year [2] - By region: - Domestic revenue was 2.10 billion yuan, down 0.3% year-on-year - Overseas revenue was 1.68 billion yuan, up 22.9% year-on-year, continuing the growth trend with improved quarter-on-quarter growth compared to Q4 2024 [2] Profitability and Cost Management - The company achieved a gross margin of 26.0%, an increase of 1.3 percentage points year-on-year, primarily due to a decrease in molasses costs - The selling, administrative, research and development, and financial expense ratios changed year-on-year as follows: - Selling expenses: +0.7 percentage points - Administrative expenses: -0.2 percentage points - Research and development expenses: -0.5 percentage points - Financial expenses: -0.5 percentage points, mainly due to increased foreign exchange gains - Asset impairment losses decreased by 0.5 percentage points year-on-year, mainly due to increased inventory write-downs - The net profit margin attributable to shareholders and the net profit margin excluding non-recurring items increased by 0.6 and 0.4 percentage points to 9.8% and 8.9%, respectively [2] Future Outlook - For 2025, the company expects overseas business growth to exceed 20%, continuing the previous growth trend - The overseas market still has significant growth potential, and with the expansion of overseas subsidiaries' production capacity, the company anticipates sustained growth - On the cost side, favorable raw material costs are expected to continue reflecting positively in the financial statements - Projected revenues for 2025-2027 are 16.89 billion, 18.67 billion, and 20.54 billion yuan, with year-on-year growth rates of 11.2%, 10.5%, and 10.0%, respectively - Projected net profits attributable to shareholders for 2025-2027 are 1.56 billion, 1.76 billion, and 1.91 billion yuan, with year-on-year growth rates of 17.7%, 13.1%, and 8.2%, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - In 2024, the company achieved operating revenue of 105.62 billion RMB, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 7.1% to 3.918 billion RMB [2] - The company experienced a significant decline in revenue in Q4 2024, with a 31.7% year-on-year drop to 19.75 billion RMB, although net profit increased by 3.2% to 1.09 billion RMB [2] - The logistics and freight forwarding business saw growth, with notable increases in sea freight agency (13.3%), air freight (14%), and railway agency (13.7%) volumes [2] - The company reported a gross margin of 5.25%, down 0.46 percentage points year-on-year, primarily due to decreased service prices in the professional logistics segment and intense market competition [3] - The company maintained a dividend of 0.29 RMB per share, consistent with 2023, with a payout ratio of 53.5% [4] - The company forecasts net profit attributable to shareholders of 4.39 billion RMB for 2025, 4.83 billion RMB for 2026, and 5.01 billion RMB for 2027 [5] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 105.62 billion RMB, with a growth rate of 3.85% compared to 2023 [10] - The net profit attributable to shareholders was 3.918 billion RMB, reflecting a decline of 7.2% [10] - The gross margin was 5.25%, a decrease of 0.46 percentage points year-on-year [3] - The company’s cash flow from operating activities was 4.11 billion RMB, an increase of 7.3% year-on-year [3] Business Segments - The freight forwarding and logistics business showed growth, with sea freight agency volumes increasing by 13.3% to 15.156 million TEU and air freight volumes rising by 14% to 102.8 thousand tons [2] - The e-commerce logistics segment faced challenges, with cross-border e-commerce logistics declining by 50.7% [2] Future Outlook - The company expects a gradual recovery in net profit, projecting 4.39 billion RMB for 2025, 4.83 billion RMB for 2026, and 5.01 billion RMB for 2027 [5] - The report indicates a focus on enhancing overseas market development, with overseas investment increasing by 44% and net profit from overseas operations rising by 43% in 2024 [4]