证券研究报告 | 公司动态点评 2025 年 09 月 05 日 神工股份（688233.SH） 25H1 营收利润同比高增，硅零部件打开增量空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 135 | 303 | 501 | 755 | 1,070 | | 增长率 yoy（%） | -75.0 | 124.2 | 65.6 | 50.5 | 41.8 | | 归母净利润（百万元） | -69 | 41 | 118 | 205 | 316 | | 增长率 yoy（%） | -143.7 | 159.5 | 186.2 | 73.9 | 54.2 | | ROE（%） | -3.9 | 2.5 | 6.2 | 10.0 | 13.5 | | EPS 最新摊薄（元） | -0.41 | 0.24 | 0.69 | 1.20 | 1.86 | | P/E（倍） | -79.6 | 133.8 | 46.7 | 26.9 | 17.4 | | P/B（倍） | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company has shown significant growth in revenue and net profit for the first half of 2025, with revenue reaching 209 million yuan, a year-on-year increase of 66.53%, and net profit of 48.84 million yuan, a year-on-year increase of 925.55% [3][4]. - The demand for silicon materials is recovering, and the company is optimizing its sales structure, which has led to an increase in orders due to the semiconductor industry's cyclical recovery and domestic chip manufacturing needs [4][5]. - The company is expanding its production capacity in response to market demands, with its silicon component products entering major domestic manufacturers [5]. Summary by Sections Company Overview - The latest closing price is 37.45 yuan, with a total market capitalization of 6.4 billion yuan and a total share capital of 170 million shares [2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 209 million yuan and a net profit of 48.84 million yuan, with a gross profit margin of 37.59% [3][4]. - For Q2 2025, revenue was 103 million yuan, with a net profit of 20.33 million yuan, reflecting a year-on-year increase of 53.49% and 515.88% respectively [3]. Growth Potential - The company is expected to achieve revenues of 471 million yuan, 709 million yuan, and 1.005 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 108 million yuan, 203 million yuan, and 324 million yuan [6][10]. - The silicon component market in China is projected to grow significantly, with the company positioned to benefit from this trend [5]. Market Position - The company is deepening its integration with the domestic semiconductor supply chain while maintaining its roots in the international market [4].