证 券 研 究 报 告 宗申动力（001696）2025 年中报点评 推荐（维持） 通机及出口大增，上半年业绩同比高增79%， 持续看好公司传统与新兴业务高景气共振 当前价：26.07 元 ❖ 1）公司传统主业高景气，上半年通机、出口大增。 宗申通机：上半年公司通机产品收入 36.4 亿，同比增长 73%，净利润 3.7 亿， 同比大幅增长 140%，宗申通机公司和大江动力公司通过多维度业务协同及资 源要素整合，有效强化了市场竞争优势。我们认为参考海外龙头公司，公司单 机价值仍有较大差距，预计或逐步朝价值链提升方向前行。同时，我们建议关 注公司后续与隆鑫通用业务一旦实现有效整合，双方具备潜在的协同效用，产 业逻辑或将大有可为。 宗申摩发：上半年公司摩托车发动机产品收入 23.2 亿，同比增 14.2%，净利润 1.3 亿，同比增 39.3%，作为国内龙头，我们预计受益于出口+升级双驱动。 根据公司半年报披露，上半年外销收入 33亿，同比增 62%，占比提升至 49.8%。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | - ...

随着A股上市公司2025年半年报陆续披露， 社保基金等长线资金的部分持仓情况逐步揭晓。 从最新持仓动向来看，截至发稿，choice数据显示， 社保基金二季度新进入71家个股的前十大流通股东名单。其中，苏试试验新增社保基金持股 家数最多，达到3家。 此外，上海家化和新强联新增社保基金持股家数均达到2家。 具体来看，主要产品是通用型电动振动试验系统等的苏试试验二季度获社保基金新增持仓市值达2.13亿元。 从苏试试验披露的半年报来看， 全国社保基金六零二组合、全国社保基金六零一组合、全国社保基金五零二组合分别位列前十大流通股东第五、第七和第十席位。 苏试试验7月29 日发布2025年半年度报告，公司上半年营业收入为9.91亿元，同比增长8.09%；归属于上市公司股东的净利润为1.17亿元，同比增长 14.18%。天风证券朱晔在8月8日发布的研报中表示，苏试试验布局真空设备及宇航领域。真空试验设备是苏试试验近年研发的重点产品之 一，已达到一定生产任务量，预计未来具备长期发展潜力。苏州、北京、成都、西安、上海等实验室均在宇航领域进一步扩充产能，不断完 善专项测试能力建设，依托行业的良好发展态势与客户需求，苏试试验宇航业 ...

证 券 研 究 报 告 海容冷链（603187）2025 年中报点评 强推（维持） 收入环比提速，业绩超越预期 目标价：18 元 事项： ❖ 公司发布 2025 年半年报，25H1 公司实现收入 17.9 亿元，同比+12.9%，归母 净利润 2.2 亿元，同比+10.4%；单季度来看，25Q2 公司实现收入 8.8 亿元，同 比+20.0%，归母净利润 1.2 亿元，同比+36.6%。 评论： ❖ 风险提示：原材料价格波动，行业竞争加剧，下游行业需求不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,831 | 3,198 | 3,808 | 4,377 | | 同比增速(%) | -11.7% | 13.0% | 19.1% | 15.0% | | 归母净利润(百万) | 354 | 401 | 491 | 566 | | 同比增速(%) | -14.4% | 13.4% | 22.4% | 15.4% | | 每股盈利 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company achieved a significant growth in Q2, with revenue doubling and a strong focus on robotics research and development [1][2] - The company reported a revenue of 250 million yuan in the first half of the year, representing a year-on-year increase of 45.8%, and a net profit of 50 million yuan, also up by 45.9% [2] - In Q2 alone, the revenue reached 150 million yuan, marking a year-on-year increase of 69.5% and a quarter-on-quarter increase of 56.5% [2] Financial Performance - The company’s gross margin for the first half of the year was 34.8%, down by 5.6 percentage points year-on-year, while the net margin improved to 21.9%, up by 0.2 percentage points [5] - The company’s revenue from harmonic reducers and metal components was 200 million yuan, up by 34.4% year-on-year, while mechatronic products saw a revenue increase of 69.7% to 40 million yuan [4][5] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with corresponding price-to-earnings (P/E) ratios of 277.2, 220.8, and 176.8 for 2025, 2026, and 2027 respectively [6][10] Market Position and Strategy - The company is positioned as a leader in domestic harmonic reducers and is expanding its product matrix and capabilities in high-end applications [6] - The establishment of a wholly-owned subsidiary in Shanghai for core components of embodied intelligent robots and a joint venture for developing sensors indicates a strategic focus on robotics [5][6]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][8]. Core Insights - The company is expected to achieve a year-on-year increase in net profit of 70%-100% for the first half of 2025, with a midpoint estimate of 5.22 billion yuan, reflecting an 85% increase [7]. - The emerging business segment, particularly the subsidiary focusing on aviation power systems, is projected to benefit from the booming low-altitude economy and evolving international dynamics, leading to significant revenue growth [2]. - The financial forecasts for the company show a robust growth trajectory, with total revenue expected to reach 13.94 billion yuan in 2025, representing a 32.7% year-on-year increase [3]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 10.51 billion yuan, 13.94 billion yuan, 16.09 billion yuan, and 18.52 billion yuan respectively, with corresponding growth rates of 28.9%, 32.7%, 15.4%, and 15.1% [3]. - The net profit attributable to the parent company is forecasted to be 461 million yuan in 2024, increasing to 919 million yuan in 2025, with a remarkable growth rate of 99.2% [3]. - Earnings per share (EPS) are projected to rise from 0.40 yuan in 2024 to 0.80 yuan in 2025, reflecting the company's improving profitability [3]. Business Performance - The company's traditional business segments are experiencing high demand, particularly in motorcycle engines and general machinery, which are expected to drive revenue growth [7]. - The integration of the company with its joint venture, Longxin General, is anticipated to create synergies that could enhance overall performance [7]. - The aviation power segment reported a revenue of 160 million yuan in 2024, marking a 71.74% increase year-on-year, with expectations for further improvement in 2025 [2].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Views - The company is experiencing a recovery in performance, with a focus on product expansion and high-end application scenarios. The industrial robot sector is showing signs of demand recovery, which is beneficial for the company's growth [1][4]. - The company has a leading position in the domestic harmonic reducer market and is expected to benefit from the expansion of high-end applications [9]. Financial Performance Summary - In 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 8.77%. However, the net profit attributable to shareholders decreased by 33.26% to 56 million yuan [2][4]. - For Q1 2025, the company reported revenue of 98 million yuan, a year-on-year increase of 19.65%, and a net profit of 20 million yuan, marking a turnaround from losses in the previous quarter [2][4]. - The gross margin and net margin for 2024 were 37.54% and 14.41%, respectively, both showing a decline compared to the previous year [4]. Product and Market Development - The company is continuously optimizing its harmonic reducers and expanding into high-end application markets, including semiconductor equipment and humanoid robots [5][6]. - The company is also enhancing its planetary roller screw technology to provide comprehensive precision transmission solutions, with a focus on high precision and long lifespan [5][6]. Capacity and Global Expansion - The company is progressing steadily with its capacity expansion projects, aiming for an annual production of 500,000 precision reducers, and is actively establishing sales teams in key international markets [6][8]. - The acquisition of a German company has facilitated local production of precision transmission components in Europe, enhancing the company's global footprint [8][9]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.54, 0.67, and 0.83 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 271.4, 217.5, and 175.4 [9][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 21.30 CNY [2][8]. Core Insights - The company reported a revenue of 1.127 billion CNY for 2024, representing a year-on-year increase of 9.81%. However, the net profit attributable to the parent company decreased significantly by 65.48% to 57 million CNY [2][4]. - For Q1 2025, the company achieved a revenue of 302 million CNY, up 14.32% year-on-year, but the net profit attributable to the parent company fell by 74.33% to 8 million CNY [2][4]. - The decline in profit is attributed to several factors, including the low gross margin during the initial phase of the CNC tool industrial park project, a decrease in the production of CNC blades, and increased expenses related to product upgrades and new product development [8]. Financial Performance Summary - The total revenue is projected to grow from 1.127 billion CNY in 2024 to 1.892 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 18.9% [4][9]. - The net profit is expected to recover from 57 million CNY in 2024 to 198 million CNY in 2027, reflecting a significant growth rate of 22.3% in the final year of the forecast [4][9]. - The earnings per share (EPS) are projected to increase from 0.36 CNY in 2024 to 1.25 CNY in 2027, indicating a positive trend in profitability [4][9]. Market Dynamics - The company is experiencing growth in its hard alloy products, with a revenue increase of 12.50% in 2024, while CNC tools saw a modest growth of 3.35% [8]. - The overseas sales revenue reached 209 million CNY in 2024, marking a substantial increase of 49.22%, with CNC tool exports growing by 54.62% [8]. - The company is focusing on innovative sales models and comprehensive solutions, which are being validated in various sectors such as automotive, aerospace, and new energy [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.2 CNY [2][10]. Core Views - The company's revenue for 2024 is reported at 2.83 billion CNY, a decrease of 11.7% year-on-year, while the net profit attributable to shareholders is 354 million CNY, down 14.4% year-on-year. However, Q4 2024 shows a revenue increase of 2.1% year-on-year, and a net profit increase of 42.6% year-on-year [2][10]. - For Q1 2025, the company achieved a revenue of 910 million CNY, an increase of 6.7% year-on-year, while the net profit decreased by 9.2% year-on-year [2][10]. - The company is expected to see a recovery in performance due to the lifting of import quotas in Indonesia and potential growth in the U.S. market [10]. Financial Summary - **2024 Financial Performance**: Total revenue of 2.83 billion CNY, net profit of 354 million CNY, and a gross margin of 27.8%, down 1.9 percentage points year-on-year [5][10]. - **2025 and Beyond Projections**: Expected revenue growth of 10.5% in 2025, with net profit projected to increase by 6.5% [5][10]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.98 CNY, increasing to 1.22 CNY by 2027 [5][10]. Market Performance - The company has shown resilience in a challenging market environment, with a focus on expanding its overseas markets and maintaining a stable operational performance [10]. - The report highlights that the company is committed to a dividend payout ratio of no less than 50% for 2025, indicating confidence in future cash flows [10].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][6]. Core Insights - In 2024, the company achieved a total revenue of 10.506 billion, representing a year-on-year growth of 28.89%. The net profit attributable to shareholders was 461 million, with a year-on-year increase of 27.45% [6][2]. - The company is experiencing strong growth in emerging businesses, particularly in the aviation and new energy sectors, which are expected to drive future revenue [6][2]. - The report highlights a positive outlook for the company's value chain enhancement, driven by three key business segments: aviation power systems, motorcycle engines, and general machinery [6][2]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for 2024 is projected at 10.506 billion, with a growth rate of 28.9% for 2025 and 11.7% for 2026 [2][7]. - Net profit for 2024 is estimated at 461 million, with a forecasted increase to 630 million in 2025 and 725 million in 2026, reflecting growth rates of 36.6% and 15.0% respectively [2][7]. - **Earnings Per Share (EPS)**: - EPS is expected to rise from 0.40 in 2024 to 0.55 in 2025 and 0.63 in 2026, with a corresponding decrease in price-to-earnings (P/E) ratio from 53 to 39 and then to 34 [2][7]. - **Dividends**: - The company plans to distribute a cash dividend of 2.00 per 10 shares, totaling 229 million, which represents a payout ratio of 49.64% [6][2]. Business Segment Performance - **General Machinery**: - Sales of general power and terminal products reached 483,450 units, with revenue of 5.22 billion, marking a year-on-year increase of 35.4% [6][2]. - **Motorcycle Engine Business**: - The motorcycle engine segment sold 298,520 units, generating revenue of 3.82 billion, reflecting a year-on-year growth of 13.8% [6][2]. - **Emerging Businesses**: - The aviation power segment reported revenue of 1.6 billion, a significant increase of 71.74%, while the new energy business achieved 5.79 billion in revenue, up 334.84% [6][2].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the other general machinery industry, indicating an expected growth rate exceeding the benchmark index by over 10% [1][7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, which aims to enhance industrial transformation through AI, develop AI terminals such as smart robots and connected vehicles, and accelerate AI applications across various sectors including low-altitude, education, and healthcare. This push is expected to significantly increase demand for computing power, positioning intelligent computing centers as a key strategic resource in global competition [1]. - The launch of the first general AI agent, Manus, by Chinese startup Monica showcases advancements in AI technology, achieving state-of-the-art performance in benchmark tests. This development is anticipated to further expand the application scenarios for AI agents, thereby stimulating demand for computing power [2]. - Major internet companies, including Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a capital expenditure of 31.775 billion yuan for Q3 FY25, an 80% quarter-on-quarter increase. The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, which is expected to surpass the total investment of the past decade [3]. Summary by Sections Industry Performance - The other general machinery sector has shown strong market performance over the past year, driven by advancements in AI and increased capital expenditures from major tech companies [1][3]. Investment Opportunities - The report highlights investment opportunities in AIDC (Artificial Intelligence Data Center) equipment, driven by the growing demand for computing power and the expansion of data center infrastructure [1][3]. - Specific companies in the supply chain for AIDC equipment are recommended for attention, including engine manufacturers and OEMs, as well as liquid cooling equipment suppliers [4].