高举高打，强势切入电子洁净领域：依托在医疗领域积累的经验技术，以及武汉光谷当地资源禀赋，公 司2024 年成立电子事业部，切入市场更大的电子洁净领域，先后中标浙江晶引、宏茂微电子、海微科 技、先导芯光多个项目。公司采取高举高打策略，通过切入高层次客户及其供应链，已经实现了电子业 务的顺利起步。凭借光谷产业集群优势，公司电子业务可期。 投资要点： 17 年深耕洁净室集成：公司成立于2008 年，在洁净室集成服务领域深耕17 年，是国家级高新技术企 业，具备集"设计+施工+采购+售后"为一体的全产业链能力，业务覆盖医疗专项、实验室、电子洁净三 大战略领域，业务范围遍布全国20 多个省市自治区。公司已服务上海宏茂微电子（长江存储控股子公 司）、浙江晶引电子、海微科技、四川大学华西医院、山东大学齐鲁医院、浙江大学医学院附属第一医 院、武汉大学、上海交通大学等超800 余家优质客户。 医疗业务高增长，在手订单充沛：医疗洁净室市场格局分散。过去几年，面对医疗不利宏观环境，公司 采取积极策略，实现了快速业务扩张，收入持续高增长。凭借公司在医院业务积累的技术经验资源，公 司还成功切入到实验室洁净领域。在手订单（医疗+实验室） ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-31 股票投资评级 买入 |上调 个股表现 2024-07 2024-10 2024-12 2025-03 2025-05 2025-07 -12% -2% 8% 18% 28% 38% 48% 58% 68% 78% 华康洁净 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.19 | | --- | --- | | 总股本/流通股本（亿股）1.06 | / 0.71 | | 总市值/流通市值（亿元）35 | / 23 | | 52 周内最高/最低价 | 33.19 / 15.69 | | 资产负债率(%) | 57.3% | | 市盈率 | 52.68 | | 第一大股东 | 谭平涛 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com l 盈利预测与估值 预测 2025-2027 年 EPS 值分别为 1.52/2.18/3.14 元/股，现价对 应 PE 分别为 21.85/15.23/10.56 倍。给予"买入"评级。 ...

Investment Rating - The report initiates coverage with a "Neutral" rating for the company [3][4]. Core Insights - The company is a professional cleanroom system integration service provider, expanding its business from public hospital medical cleanrooms to high-level academic laboratories and industrial electronics [3][13]. - The cleanroom market in China is expected to exceed 500 billion yuan by 2032, with a compound annual growth rate (CAGR) of over 7% from 2023 to 2032 [31][36]. - The company has a strong position in the cleanroom industry, with a focus on electronic cleanrooms expected to become a significant growth driver [5][30]. Summary by Sections Company Overview - The company provides full-cycle services for cleanroom construction, including project consulting, planning, design, management, construction, system debugging, and maintenance [3][19]. Financial Performance - The company has maintained steady revenue growth, with a CAGR of 23.8% from 2017 to 2024, although profits have faced some pressure due to delayed payments [25][28]. - Revenue projections for 2024 to 2027 show significant growth, with expected revenues of 1,708 million yuan in 2024, increasing to 4,151 million yuan by 2027 [6][18]. Market Potential - The electronic cleanroom sector is anticipated to be the fastest-growing segment for the company, with the market size expected to reach 165.7 billion yuan in 2024 [31][39]. - The company is positioned in the first tier of the industry, with a strong competitive advantage due to its technical capabilities and marketing network [30][42]. Technological Advantages - The company has developed various core technologies in cleanroom systems, enhancing its ability to attract customers and expand into new application scenarios [51][52]. - The company has accumulated numerous patents in the cleanroom field, indicating a strong focus on innovation and technology development [52]. Government Relations and Order Acquisition - The company has established strong relationships with government entities, enhancing its order acquisition capabilities, particularly in the electronic cleanroom sector [53].