图南股份 20260128 摘要 铜南股份专注于高温合金及特种不锈钢领域，产品广泛应用于航空航天 等高端装备，尤其在大型复杂薄壁结构件的铸造方面具备国内领先优势， 年报显示，该技术壁垒显著。 公司业务主要由铸造高温合金和变形高温合金构成，各占收入的 40%， 特种不锈钢和其他合金占比 10%。产品形态多样，覆盖军用和民用领域， 包括船用燃机和核电装备。 股权结构稳定，由万佰方及其父实际控制。2021 年实施的股权激励计 划已基本完成，有效激励了管理层，有助于提升公司运营效率和业绩增 长。 2025 年上半年业绩承压，但截至中期已签订未履行合同金额达 17 亿元， 较 2024 年显著增长，订单量预示未来业绩增长潜力，为公司未来发展 奠定基础。 铜南股份在国内高温合金领域与航发集团 621 所、钢研院、中科院沈阳 金属所并列，构成行业内的重要力量，技术上依赖合作，同时具备自主 研发能力。 Q&A 铜南股份在航发动机领域的核心竞争力是什么？ 铜南股份在航发动机领域的核心竞争力主要体现在其高温合金及铸件业务上。 公司拥有领先的铸造技术，特别是在高温合金母合金和变形高温合金方面具有 显著优势。这些材料广泛应用于涡轮叶 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 17.1 to 19.9 yuan [2][8]. Core Insights - The company's Q3 performance met expectations, with revenue of 1.89 billion yuan for the first three quarters, a year-on-year increase of 12%, and a net profit attributable to shareholders of 270 million yuan, up 9.1% year-on-year [2][8]. - The growth in revenue is primarily driven by the increase in differential gears and aerospace components [8]. - The company is steadily advancing its robotics layout, which opens up growth opportunities in the future [8]. Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 2.36 billion yuan, with a year-on-year growth rate of 21.3%. This is expected to grow to 2.79 billion yuan in 2025, 3.32 billion yuan in 2026, and 4.01 billion yuan in 2027, with growth rates of 18.1%, 19.0%, and 21.0% respectively [4][9]. - **Net Profit Forecast**: The net profit attributable to shareholders is forecasted to be 322 million yuan in 2024, increasing to 404 million yuan in 2025, 524 million yuan in 2026, and 658 million yuan in 2027, with corresponding growth rates of 76.9%, 25.6%, 29.6%, and 25.8% [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 0.35 yuan in 2024 to 0.72 yuan in 2027 [4][9]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 39 times in 2024 to 19 times in 2027, while the price-to-book (P/B) ratio is projected to decline from 4.1 times to 2.7 times over the same period [4][9]. Business Development - The company has achieved full industrial chain manufacturing capabilities for differential gears, with a strong order reserve and ongoing R&D projects [8]. - The investment in an intelligent manufacturing center for aerospace components is progressing well, which is expected to enhance market proximity and reduce service costs [8]. - The company is expanding its production capacity for electric vehicle components and has established significant partnerships in the robotics sector, indicating a robust growth trajectory in this area [8].