股票研究 /[Table_Date] 2025.08.27 收入、利润稳健增长，全球化、智能化持 续拓圈 中力股份 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 欧阳天奕(研究助理) | 021-23183327 | ouyangtianyi@gtht.com | S0880125042245 | 本报告导读： 在延续主营业务稳健发展的同时，公司积极拓展海外市场，并加码具身智能机器人、 无人物流等新兴赛道，我们看好公司中长期竞争力。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,921 | 6,552 | 7,356 | 8,311 | 9,333 | | (+/- ...

从评级调整方向来看，274只个股评级维持不变，1只个股评级获调高，7只个股为首次评级。此外，有 52只个股获多家券商关注，三七互娱、中航沈飞、今世缘获评级数量居前，分别有6家、5家、5家券商 给予评级。 Wind数据显示，8月26日，共有282只个股获券商买入评级，其中64只个股公布了目标价格。按最高目 标价计算，今世缘、隆鑫通用、德业股份目标涨幅排名居前，涨幅分别达68.35%、66.36%、58.39%。 从获买入评级个股所属Wind行业来看，资本货物、材料Ⅱ、食品、饮料与烟草买入评级个股数量最 多，分别有64只、38只、36只。 ...

再看行业扎堆：材料Ⅱ、资本货物、食品饮料最多。材料Ⅱ是新能源、高端制造的上游（锂电材料、半导体材料这类）；资本货物是工业设备（机器人、光 伏设备都算）；食品饮料不用多说，消费复苏刚需。这说明机构现在"硬科技+消费复苏"两头押，咱得跟着赛道选。 还有细节要盯：2只评级调高、6只首次评级，这些是机构"新宠"——首次评级的票，说明刚被发现价值；评级调高的，是逻辑被验证了。另外扬农化工被6 家券商围追，华利、牧原也被5家、4家盯上，这些"多券商关注"的票，相当于机构共识度高，更值得重视。 家人们最近券商突然集体"发信号"！213只股票被喊"买入"，还有个股目标要涨超50%！这就像班上200多个同学被老师单独夸"能考高分"，咱得琢磨琢磨 ——券商这波投票，藏着哪些中长线机会？20年财经老炮帮主今天给你掰碎了讲～ 先看最炸的：海思科被券商喊目标涨50.56%，东阿阿胶、福能股份也分别要涨48%、47%！券商给目标价，相当于"专业选手觉得这票还有大空间"。但咱得 想：为啥是这几家？海思科在创新药有突破，东阿阿胶消费复苏逻辑硬，福能股份踩中新能源+电力改革，这些赛道都是机构长期盯着的"菜"。 但别光看券商喊涨就冲！帮主提醒： ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant revenue growth of 10.31% year-on-year, reaching 1.061 billion yuan in H1 2025, with a net profit increase of 15.55% to 113 million yuan [1] - The carbon fiber equipment business is a key growth driver, with revenue from complete carbon fiber production lines increasing by 75.03% year-on-year to 569 million yuan in H1 2025 [2][3] - The company is focusing on diversifying its product offerings, which helps mitigate operational risks and enhances market opportunities [3] Financial Performance - In H1 2025, the company's gross margin improved to 28.60%, up by 2.80 percentage points year-on-year, while the net profit margin increased to 10.69%, up by 0.48 percentage points [1] - The company plans to achieve revenues of 20.52 billion yuan, 24.55 billion yuan, and 29.79 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.25 billion yuan, 2.78 billion yuan, and 3.37 billion yuan [4][6] Business Strategy - The company is investing in R&D, with expenses reaching 64 million yuan in H1 2025, a 23% increase year-on-year, representing a 6% R&D expense ratio [2] - The company is positioned as a leading manufacturer in the domestic carbon fiber equipment sector, benefiting from high demand in aerospace, wind power, and other advanced manufacturing fields [2][3]

投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,912 | 13,355 | 16,793 | 20,025 | 23,721 | | (+/-)% | 21.9% | -4.0% | 25.7% | 19.3% | 18.5% | | 净利润(归母) | 2,454 | 2,627 | 3,130 | 3,784 | 4,588 | | (+/-)% | 9.3% | 7.0% | 19.2% | 20.9% | 21.3% | | 每股净收益(元) | 2.40 | 2.57 | 3.06 | 3.70 | 4.48 | | 净资产收益率(%) | 12.7% | 12.4% | 13.0% | 13.6% | 14.3% | | 市盈率(现价&最新股本摊薄) | 16.80 | 15.69 | 13.17 | 10.90 | 8.99 | | 资料来源：Wind，国泰海通证券研究 | | | | | ...

Investment Rating - The report indicates an "Overweight" rating for the industry, suggesting a positive outlook for the next six months [31]. Core Insights - The report highlights a total of 79 merger and acquisition (M&A) events during the period from July 28 to August 3, with 14 classified as significant M&A transactions. Out of these, 15 M&A events were completed, while no significant M&A transactions were finalized [10]. - Recent policy updates emphasize that government investment funds should not engage in public trading of stocks, except for M&A, directed placements, and strategic allocations. This aims to prevent the increase of local government hidden debts [7][8]. - The report notes that the restructuring index outperformed the Wind All A index by 1.07% during the specified period, indicating a strong performance in the restructuring sector [25]. Summary by Sections M&A Activity Overview - During the week of July 28 to August 3, there were 79 M&A events involving listed companies, with 2 failures. The significant M&A events included 14 transactions, with 15 completed [10][16]. Major M&A Updates - The report lists several major M&A transactions involving state-owned enterprises and private companies, with notable transactions including China Shipbuilding's acquisition of China Heavy Industry for approximately 11.52 billion CNY [14]. Control Changes - Four listed companies reported changes in actual control, with notable transitions including Renfu Pharmaceutical being taken over by the State-owned Assets Supervision and Administration Commission [19]. Market Performance - The restructuring index showed a positive trend, outperforming the broader market index, which reflects a favorable environment for M&A activities [25].

Group 1 - A total of 40 stocks received buy ratings from brokerages on August 1, with 10 stocks announcing target prices [1] - Based on the highest target prices, China Resources Sanjiu, Meihua Biological, and Ninebot Company-WD ranked highest in target price increase, with expected increases of 49.09%, 47.85%, and 38.13% respectively [1] - Among the rated stocks, 30 maintained their ratings, while 10 received ratings for the first time [1] Group 2 - Five stocks attracted attention from multiple brokerages, with Hisense Home Appliances, Oriental Yuhong, and Qingdao Bank receiving the most ratings, at 4, 3, and 3 brokerages respectively [1] - In terms of industry distribution, the highest number of buy-rated stocks belonged to Capital Goods, Durable Consumer Goods & Apparel, and Technology Hardware & Equipment, with 7, 6, and 4 stocks respectively [1]

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

Group 1 - The evolving tariff situation continues to create both pressure and opportunities for the market [2][5] - The most likely economic scenario is slow growth with persistent inflation, with a 40% probability assigned to this outcome [2] - The potential for a mild recession increases if tariffs are raised on key trading partners, as they account for nearly half of U.S. goods imports [5] Group 2 - Fixed income markets are expected to see rising U.S. Treasury prices due to anticipated dovish shifts from the Federal Reserve [3] - The stock market may experience a differentiated impact, with the S&P 500 likely to continue its upward trend despite growth slowdowns, driven by a weaker dollar and tax incentives for key sectors [3] - Industries sensitive to trade policies will face varying impacts, with industrial goods benefiting from domestic investment while consumer goods and retail sectors may struggle due to rising import costs [3][5]