MRO 集约化采购时代风起，踏浪增量时代市场红利 ——咸亨国际研究报告 通用设备 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740525060005 Email：kouhj@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 410.28 | | 流通股本(百万股) | 403.39 | | 市价(元) | 19.83 | | 市值(百万元) | 8,135.90 | | 流通市值(百万元) | 7,999.29 | 咸亨国际（605056.SH） 证券研究报告/公司深度报告 2025 年 12 月 06 日 相关报告 MRO 龙头扩展或兼具横、纵向。 从横向角度看，公司近三年新业务的拓展，其初始毛利率或不如电网领域，盖因规模 扩张总是先行，更深度的服务往往建立于客户关系的逐步成熟和新领域的理解加深， 且电网领域的深耕和地位也助力公司横向迈入其他大型企业集团的准入门槛。 从纵向角度看，如咸亨国际希望通过发展无人机业务来提升毛利率，及基于对终端客 户作业场景的深度理解，沿着产业价值链向上延伸，构 ...

Core Viewpoint - Xianheng International Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by the expansion in the oil and gas sector and emerging e-commerce projects. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.58 billion RMB, a year-on-year increase of 33.74% compared to 1.18 billion RMB in the same period last year [2]. - Total profit reached approximately 88 million RMB, up 56.02% from about 56.4 million RMB in the previous year [2]. - Net profit attributable to shareholders was approximately 61.64 million RMB, reflecting a 44.87% increase from 42.55 million RMB [2]. - The company's net assets decreased by 4.82% to approximately 1.62 billion RMB compared to the end of the previous year [2]. - Total assets decreased by 7.73% to approximately 2.99 billion RMB [2]. Industry and Main Business Situation - The MRO (Maintenance, Repair, and Operations) industry in China is in its early stages of centralized procurement, with significant growth potential driven by the increasing demand from large industrial enterprises [3][4]. - The company focuses on becoming a centralized MRO supplier for energy, transportation, and emergency sectors, primarily serving large state-owned enterprises like the State Grid [6]. - The MRO market is characterized by a diverse range of products and services, with a strong emphasis on digitalization and e-commerce procurement models [4][5]. Business Development and Strategy - The company is expanding its service offerings in the oil and gas sector, targeting major state-owned enterprises such as China National Petroleum Corporation and Sinopec [9][10]. - The company is also enhancing its digital capabilities through the "Digital Xianheng 2.0" project, aiming to improve operational efficiency and customer service [15][20]. - The focus on research and development is evident, with 48 core R&D projects underway, including advancements in drone technology and intelligent monitoring systems [12][21]. Competitive Advantages - The company has established a strong brand presence in the MRO sector, leveraging localized service strategies to meet customer needs effectively [19]. - The integration of digital technologies and AI into supply chain management is expected to enhance the company's competitive edge [20]. - The company maintains a robust supply chain capability, offering a comprehensive range of MRO products to meet diverse customer requirements [19].

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][14]. Core Views - The company has demonstrated strong revenue and profit growth, with a 2024 revenue of 3.606 billion yuan, up 23.15% year-on-year, and a net profit of 223 million yuan, up 130.67% year-on-year [5][6]. - The company is actively expanding into new sectors such as oil and gas, power generation, and e-commerce, which are expected to contribute to future growth [8][13]. - Digital transformation initiatives are enhancing management efficiency, with the implementation of the "Digital Xianheng 2.0" project [7][12]. Financial Performance - In 2024, the company achieved a gross margin of 29.65% and a net margin of 6.65%, with a notable increase in net margin compared to the previous year [7]. - For Q1 2025, the company reported a revenue of 640 million yuan, a 46.04% increase year-on-year, and a net profit of 21.57 million yuan, up 144.43% year-on-year [5][6]. - The company expects continued revenue growth, projecting net profits of 276 million yuan, 358 million yuan, and 461 million yuan for 2025, 2026, and 2027, respectively [14]. Market Position and Strategy - The company is positioned in the MRO (Maintenance, Repair, and Operations) market, which is transitioning towards centralized procurement, providing a favorable growth environment [13]. - The company has strengthened its market presence in the power grid sector while successfully entering new strategic industries [8][13]. - The company is enhancing its international brand recognition through participation in international exhibitions and expanding online channels [8]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenue growth rates of 23.1% for 2025 and 21.6% for 2026 [16]. - The report forecasts an improvement in gross margins as the company continues to optimize its operations and expand its product offerings [13][14].

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][13]. Core Views - The company has demonstrated strong revenue and profit growth, with 2024 revenue reaching 3.606 billion yuan, a year-on-year increase of 23.15%, and a net profit of 223 million yuan, up 130.67% year-on-year [5][6]. - The company is actively expanding into new business areas, including oil and gas, power generation, and e-commerce, which are expected to contribute to future growth [8][12]. - Digital transformation initiatives are enhancing management efficiency, with the implementation of the "Digital Xianheng 2.0" project aimed at improving resource utilization and operational efficiency [7][11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.606 billion yuan, with a net profit of 223 million yuan, and in Q1 2025, revenue was 640 million yuan, reflecting a 46.04% year-on-year increase [5][6]. - The gross margin for 2024 was 29.65%, a decrease of 2.53 percentage points year-on-year, while the net margin improved to 6.65%, an increase of 2.95 percentage points [7]. Business Segments - The power distribution sector generated 1.863 billion yuan in sales for 2024, a 5.61% increase year-on-year, while other strategic sectors like oil and gas and power generation saw revenues of 1.091 billion yuan, up 70.97% [6]. - The emerging e-commerce segment reported sales of 446 million yuan, a significant increase of 125.25% year-on-year [6]. Market Position and Strategy - The company is solidifying its leading position in the power grid market while expanding into high-growth sectors such as oil and gas and e-commerce [8][12]. - The company is enhancing its international presence through participation in global exhibitions and expanding online channels to boost brand recognition [8]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 276 million yuan, 358 million yuan, and 461 million yuan for 2025, 2026, and 2027, respectively [13]. - The report anticipates improvements in gross margins as the company scales its operations and enhances its bargaining power through increased procurement volumes [12].