买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -16% -7% 2% 11% 20% 29% 38% 47% 56% 65% 浙江鼎力 机械设备 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） | 54.36 | | --- | --- | | 总股本/流通股本（亿股）5.06 | / 5.06 | | 总市值/流通市值（亿元）275 | / 275 | | 52 周内最高/最低价 | 68.88 / 39.48 | | 资产负债率(%) | 34.6% | | 市盈率 | 16.88 | | 第一大股东 | 许树根 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 浙江鼎力(603338) 证券研究报告：机械设备|公司点评报告 发布时间：2025-09-02 股票投资评级 业绩稳步增长，出口持续向好 l 事件描述 公司发布 2 ...

Key Insights - The report highlights significant growth in the performance of several companies, including Cambrian (688256), Zhejiang Dingli (603338), Juhua (600160), and Laobaixing (603883), with each company showing strong revenue and profit increases in the second quarter of 2025 [3][6][13][18][22]. Group 1: Cambrian (688256) - Cambrian reported a substantial increase in revenue for the first half of 2025, achieving 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a return to profitability [6][7]. - In Q2 2025, Cambrian's revenue reached 1.769 billion yuan, up 4425.01% year-on-year and 59.19% quarter-on-quarter, with a net profit of 683 million yuan, reflecting a year-on-year increase of 324.97% and a quarter-on-quarter increase of 92.03% [6][7]. - The company plans to raise 3.985 billion yuan through a private placement to invest in software and hardware platform projects, which is expected to enhance its R&D capabilities and product upgrades [9][11]. Group 2: Zhejiang Dingli (603338) - Zhejiang Dingli achieved a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year increase of 12.35%, and a net profit of 1.052 billion yuan, up 27.63% [13][14]. - The company experienced growth in overseas revenue, with a 21.25% increase in its main business income from international markets, despite a decline in overall exports in the industry [14][15]. - R&D investment reached 144 million yuan, a year-on-year increase of 21.82%, focusing on innovative technologies in electric, green, digital, and unmanned developments [15][16]. Group 3: Juhua (600160) - Juhua reported a revenue of 13.331 billion yuan in the first half of 2025, a 10.36% increase year-on-year, and a net profit of 2.051 billion yuan, up 146.97% [18][19]. - The company benefited from rising refrigerant prices, with significant price increases for various products, including R22 and R32, which saw year-on-year increases of 18.33% and 66.20%, respectively [19][20]. - Juhua's production quotas for refrigerants are highly concentrated, positioning the company to benefit from ongoing industry demand and supply tightening [20][21]. Group 4: Laobaixing (603883) - Laobaixing's revenue for the first half of 2025 was 10.774 billion yuan, a slight decrease of 1.51% year-on-year, with a net profit of 398 million yuan, down 20.86% [22][23]. - The company is expanding its franchise business and focusing on new retail strategies, with online sales growing by approximately 32% year-on-year [23][24]. - Laobaixing's store network optimization includes a net increase of 305 franchise stores, while reducing the number of direct stores, indicating a strategic shift towards a franchise model [24].