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恒润股份:风电+算力双轮驱动业绩向好 上半年归母净利润扭亏为盈
近日,恒润股份(603985)发布2025年半年度报告,期内公司业绩表现向好,实现营业收入20.73亿 元,同比大幅增长223.44%;归属于上市公司股东的净利润4016.65万元,实现扭亏为盈。这一亮眼成绩 的背后,得益于风电行业景气度回升带来的业务回暖,及算力业务的持续发力,公司"风电+算力"双轮 驱动战略成效显著。 风电行业回暖叠加产能释放,高附加值产品贡献突出 2025年上半年,全球风电行业延续增长韧性,海上风电作为清洁能源开发的核心赛道,需求端持续释放 高规格零部件采购需求。在此背景下,恒润股份风电板块业务迎来强劲复苏。 资料显示,上海润六尺聚焦智能算力产业,业务涵盖新型智算服务器销售、智算中心建设与运维、算力 服务等,同时为高校科研团队提供垂直化模型咨询服务。2025年上半年,上海润六尺加大市场开拓力 度,积极拓展融资渠道,业务规模快速增长。公司与国内主流算力服务器厂商建立深度战略合作,并在 智算中心建设与算力租赁服务上实现突破,客户群体与业务覆盖范围持续扩大。 从行业背景来看,我国数字经济战略持续深化,"东数西算"工程推进、"人工智能+"行动落地,推动算 力需求呈指数级增长。算力作为数字经济的核 ...
金风科技(002202):上半年业绩同比增长7%,风机制造板块毛利率显著改善
Guoxin Securities· 2025-08-25 02:20
证券研究报告 | 2025年08月25日 金风科技(002202.SZ) 优于大市 上半年业绩同比增长 7%,风机制造板块毛利率显著改善 2025 年上半年业绩 14.9 亿元,同比+7%。2025 年上半年,公司实现营业收 入 285.4 亿元,同比+41%;归母净利润 14.9 亿元,同比+7%;扣非归母净利 润 13.7 亿元,同比基本持平;综合毛利率 15.3%,同比-2.9pct;净利率 5.8%, 同比-1.3pct。单季度来看,2025 年第二季度公司实现营业收入 190.6 亿元, 同比+44%,环比+101%;归母净利润 9.2 亿元,同比-13%,环比+62%;扣非 归母净利润 8.1 亿元,同比-22%,环比+46%;综合毛利率 12.2%,同比-1.9pct, 环比-9.6pct;净利率 5.2%,同比-2.7pct,环比-1.8pct。 风机制造板块毛利率显著改善。2025 年第二季度,公司对外销售风机容量 8.1GW,同比+117%,环比+211%;上半年累计对外销售风机容量 10.6GW,同 比+107%。风机大型化趋势不断加速,2025 年上半年 6MW 及以上机组销售容 量同 ...
金风科技(002202):风机业务盈利水平显著提升
Ping An Securities· 2025-08-24 10:18
电力设备及新能源 2025 年 08 月 24 日 金风科技(002202.SZ) 风机业务盈利水平显著提升 推荐(维持) 股价:10.56 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.goldwind.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.28% | | 实际控制人 | | | 总股本(百万股) | 4,225 | | 流通 A 股(百万股) | 3,355 | | 流通 B/H 股(百万股) | 774 | | 总市值(亿元) | 425 | | 流通 A 股市值(亿元) | 354 | | 每股净资产(元) | 8.85 | | 资产负债率(%) | 73.1 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项: 公司发布 2025 年半年报,上半年实现营收 285.37 亿元,同比增长 41.26%, 归母净利润 14.88 亿元,同比增长 7.26%,扣非后净利润 13.68 亿元,同比减 少 0.4%。 平安观 ...
恒润股份上半年营收同比增长223.44% “风电+算力”双主业发力
Core Viewpoint - Hengrun Co., Ltd. reported significant growth in its financial performance for the first half of 2025, driven by the recovery in the wind power sector and the substantial contribution from its computing power business [1][2]. Financial Performance - The company achieved operating revenue of 2.073 billion yuan, representing a year-on-year increase of 223.44% [1]. - The net profit attributable to shareholders was 40.1665 million yuan, marking a turnaround from losses in the previous year [1]. - The gross profit margin improved to 8.21%, showing significant year-on-year enhancement [2]. Wind Power Sector - The recovery in the wind power sector led to increased orders and sales margins, with full subsidiaries significantly improving capacity utilization, thereby reducing unit production costs [2]. - The company focused on high-value-added products, with new products like large megawatt flanges and main shaft bearings entering mass production and gradually contributing to performance [2]. - According to CICC's research, the wind power sector is on the verge of a profitability reversal, with market expectations for improved competition dynamics and profitability in the coming quarters [2]. Computing Power Business - Hengrun has established a dual-driven business model of "wind power + computing power," with its subsidiary Shanghai Runliuchu returning to normal operations since the second half of 2024 [3]. - In the first half of 2025, Shanghai Runliuchu achieved operating revenue of 1.039 billion yuan and a net profit of 22.4573 million yuan, showing substantial growth compared to the previous year [3]. - Longcheng Securities highlighted the increasing demand for computing power driven by advancements in AI models and chip performance, indicating ongoing investment opportunities in the computing power sector [3]. Research and Development - The company has intensified its R&D efforts, aligning with its goal of turning losses into profits, and has implemented five key measures to enhance sales and profits [4]. - R&D investment totaled 41.8965 million yuan, a year-on-year increase of 62.51% [4]. - The company has transitioned from "static" forging to "dynamic" deep processing in the wind power bearing sector, supporting major domestic manufacturers [4]. Industry Outlook - The Global Wind Energy Council (GWEC) predicts that global wind power installed capacity will reach 138 GW in 2025, with a compound annual growth rate of 8.8% from 2025 to 2030, indicating ongoing benefits for the wind power industry [4]. - Shanghai Runliuchu is actively collaborating with leading computing power server manufacturers to support the national computing power network layout, in line with the country's digital economy strategy [5].
麦加芯彩2025年中报简析:营收净利润同比双双增长,盈利能力上升
Zheng Quan Zhi Xing· 2025-08-22 22:57
| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.58亿 | 8.88% | 17.09% | | 归母浄利润(元) | 7396.77万 | 1.1亿 | 48.83% | | 扣非净利润(元) | 6080.89万 | 9509.46万 | 56.38% | | 货币资金(元) | 2.947 | 5.19亿 | 76.46% | | 应收账款(元) | 8.54亿 | 8.7亿 | 1.91% | | 有息负债 (元) | 1549.94万 | 2994.24万 | 93.18% | | 毛利率 | 19.62% | 23.50% | 19.77% | | 净利率 | 9.76% | 12.40% | 27.11% | | 三费占营收比 | 5.41% | 8.52% | 57.38% | | 每股净资产 (元) | 18.68 | 19.05 | 2.02% | | 每股收益(元) | 0.69 | 1.04 | 50.72% | | 每股经营性现金流(元) | -0.44 | 1.67 | 475.9 ...
新强联股价下跌2.56% 控股股东拟减持3%股份
Jin Rong Jie· 2025-08-22 18:35
截至2025年8月22日收盘,新强联股价报36.88元,较前一交易日下跌0.97元,跌幅2.56%。当日成交量 为258780手,成交金额达9.55亿元。 新强联主营业务为风电轴承的研发、生产和销售,产品主要应用于风力发电机组。公司位于河南省洛阳 市,是国内风电轴承领域的重要企业之一。 公司8月22日晚间发布公告称,控股股东、实际控制人肖争强、肖高强计划在未来三个月内减持不超过 1142.71万股,占公司总股本的3%。同日公司接待了华创证券、广发基金等多家机构调研,就产能利用 率和毛利率等问题进行了交流。 数据显示,新强联当日主力资金净流出265.85万元,近五日主力资金累计净流出2.49亿元。 风险提示:股市有风险,投资需谨慎。 ...
方盛股份(832662):风电需求旺盛推动营收增长,储能、数据中心液冷及氢能为新增长极
Soochow Securities· 2025-08-21 03:41
证券研究报告·北交所公司点评报告·通用设备 方盛股份(832662) 2025 中报点评: 风电需求旺盛推动营收增 长,储能、数据中心液冷及氢能为新增长极 增持(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 343.38 | 347.17 | 454.16 | 577.94 | 736.06 | | 同比 | (2.71) | 1.10 | 30.82 | 27.26 | 27.36 | | 归母净利润(百万元) | 62.61 | 29.81 | 43.41 | 60.94 | 79.88 | | 同比 | 16.01 | (52.39) | 45.63 | 40.38 | 31.08 | | EPS-最新摊薄(元/股) | 0.72 | 0.34 | 0.50 | 0.70 | 0.91 | | P/E(现价&最新摊薄) | 62.07 | 130.38 | 89.53 | 63.77 | 48.65 | [Ta ...
山西证券:给予骏鼎达买入评级
Zheng Quan Zhi Xing· 2025-08-20 10:21
Core Viewpoint - The report highlights the strong performance of Jun Ding Da in the automotive sector and its strategic expansion into overseas markets, leading to a dual-driven growth model [1][2]. Financial Performance - In the first half of 2025, Jun Ding Da achieved revenue of 479 million yuan, a year-on-year increase of 31.67%, and a net profit attributable to shareholders of 95 million yuan, up 17.70% year-on-year [1]. - The gross margin for the first half of 2025 was 41.03%, while the net margin was 19.76% [1]. - In Q2 2025, the company reported revenue of 249 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 8.47%, with a net profit of 48 million yuan, reflecting a year-on-year growth of 36.66% and a quarter-on-quarter growth of 0.92% [1]. Product and Market Analysis - The functional protective casing segment showed steady growth, contributing significantly to revenue with 356 million yuan in the first half of 2025, a year-on-year increase of 22.97%, accounting for 74.34% of total revenue [1]. - The automotive sector is the primary application area, generating 324 million yuan in revenue, a year-on-year increase of 43.32%, representing 67.79% of total revenue [1]. - The new energy vehicle segment achieved revenue of 145 million yuan, marking a year-on-year growth of 54.70% [1]. Strategic Initiatives - The company is actively developing emerging fields such as humanoid robots, low-altitude economy, photovoltaics, wind power, energy storage, and healthcare [2]. - In the energy storage sector, new products like exhaust valves and liquid cooling pipes for supercharging harnesses have been successfully launched [2]. - The company has established a subsidiary in Mexico and plans to invest in Morocco, aiming to expand its international presence and create a dual-driven growth model [2]. Investment Outlook - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% respectively [3]. - Net profit forecasts for the same period are 214 million yuan, 273 million yuan, and 336 million yuan, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.73 yuan, 3.48 yuan, and 4.28 yuan, with price-to-earnings (PE) ratios of 26.2, 20.5, and 16.7 respectively [3].
骏鼎达(301538):汽车领域业绩表现强劲,布局海外市场实现双轮驱动
Shanxi Securities· 2025-08-20 09:35
Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company reported a revenue of 479 million yuan for the first half of 2025, representing a year-on-year growth of 31.67%, with a net profit attributable to shareholders of 95 million yuan, up 17.70% year-on-year [4] - The gross margin for the first half of 2025 was 41.03%, and the net margin was 19.76% [4] - The automotive sector showed strong performance, with revenue growth exceeding 40%, particularly in the new energy vehicle segment, which grew by 54.70% [5] - The company is actively expanding into emerging fields such as humanoid robots, low-altitude economy, photovoltaic, wind power, energy storage, and healthcare [5][6] Financial Performance - The company achieved a revenue of 356 million yuan from functional protective casings in the first half of 2025, a year-on-year increase of 22.97%, accounting for 74.34% of total revenue [5] - The company forecasts revenues of 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22.0%, 21.8%, and 19.7% [8][12] - The projected net profit for the same years is 214 million yuan, 273 million yuan, and 336 million yuan, with corresponding growth rates of 21.4%, 27.8%, and 23.0% [8][12] Market Position and Strategy - The company is expanding its production capacity and has established a subsidiary in Mexico, with plans for investment in Morocco and other Southeast Asian regions [6] - The company is focusing on building a dual-driven strategy with both domestic and international markets [6]
派克新材(605123):上天入海,锻件产品迈向高端
Dongxing Securities· 2025-08-18 03:18
Investment Rating - The report initiates coverage with a "Buy" rating for the company [12] Core Views - The company possesses strong R&D and manufacturing capabilities in the metal forging sector, being one of the few private enterprises in China that can provide precision ring forgings and precision die forgings for high-end equipment such as aircraft engines, aerospace rockets, and deep-sea equipment [3][22] - The company is expected to improve its product structure and profitability due to the rising demand for high-precision and high-performance die forgings driven by high-end market needs [4][40] - The company is well-positioned to capture overseas market share due to its cost advantages in electricity and natural gas compared to other countries [5][54] Financial Performance - In Q1 2025, the company achieved revenue of 772 million yuan, a year-on-year increase of 2.95%, and a net profit of 76.62 million yuan, up 5.55% year-on-year [4][23] - The total revenue for 2024 is projected to be 3.213 billion yuan, a decrease of 11.21% year-on-year, with a net profit of 264 million yuan, down 46.37% year-on-year [4][23] - The company forecasts net profits of 366 million yuan, 506 million yuan, and 700 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.02, 4.18, and 5.78 yuan [12][86] Market Position and Strategy - The company has established a solid supply chain relationship with leading domestic enterprises and has been certified by international high-end equipment manufacturers [3][22] - The company is expanding its production capacity for high-end special alloy forgings, which is expected to enhance its competitiveness and market share [12][60] - The company is focusing on high-potential businesses such as nuclear power and aerospace, which are anticipated to improve profitability [36][76] Industry Trends - The global demand for large forgings is increasing, driven by the aerospace, nuclear, and wind power sectors, which presents significant growth opportunities for the company [60][81] - The commercial space launch market in China is projected to grow significantly, with the market size expected to increase from 124 billion yuan in 2024 to 346 billion yuan by 2030 [61][64] - The deep-sea equipment market is also expanding, with investments in the sector expected to rise, further driving demand for specialized forgings [66][70]