业绩简评 2025 年 8 月 25 日，公司发布 2025 年半年报公告：25H1 公司收入 81.88 亿元，同比增长 49.04%，归母净利润 7.45 亿元，同比+63.95%， 扣非归母净利润 7.00 亿元，同比增长 75.06%。其中 25Q2 收入 44.21 亿元，同比增长 50.78%，归母净利润 3.98 亿元，同比+178.32%，扣 非归母净利润 3.77 亿元，同比+204.03%。 经营分析 （1）收入结构：2025H1 海外建材、建材机械、锂电材料、新能源装 备占比分别 46%、31%、11%、9%，海外收入占比 65%以上。 （2）海外建材板块：受益"布局优化+价格策略优化+玻璃业务拓展"， 海外建材实现量价齐升，25H1 收入 37.71 亿元，同增 90.08%，25H1 公司建筑陶瓷产品产量约 0.98 亿平方米，同增约 16.96%，浮法玻 璃产量超过 17 万吨。并且延续提价趋势，盈利能力同比持续改善， 毛利率实现 36.80%，同增 5.85 个百分点。随着肯尼亚伊新亚陶瓷 项目、科特迪瓦陶瓷项目 6 月点火，预计 Q3 瓷砖产销环比提升。 公司扎根东非+西非，有 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）8月25日晚间，科达制造（600499）发布2025年半年度报告，公司业务规模与 经营质效实现同步跃升。报告显示，2025年上半年科达制造实现营收81.88亿元，同比增长49.04%，创 历史同期新高，其中海外收入占比超65%，较去年同期进一步提升；归母净利润、扣非净利润分别为 7.45亿元、7.00亿元，分别同比增长63.95%、75.06%。 建材机械方面，报告期内，公司建材机械板块整体经营质量保持稳健，实现营收25.70亿元，毛利率 26.23%。 一方面，科达制造积极开拓全球陶瓷机械市场，布局巴西、越南、埃及子公司项目，通过"零距离响 应、零时差服务"巩固其全球服务网络的深度与韧性。 另一方面，科达制造持续拓展配件耗材业务领域，报告期内于全球陶瓷生产重要市场土耳其启动了 BOZUYUK工厂配件耗材车间的运营，同厂区内的KAMI墨水工厂预计也将于下半年投产，通过先进产 线与本地实验室，以及部分产品的本土制作、维修、翻新等服务，为土耳其及周边等区域的客户提供更 优质的配件耗材产品及配套服务。 一方面，该业务中瓷砖产品整体延续了去年的提价趋势，玻璃产品也迈入良 ...

Market Performance - The market experienced narrow fluctuations on August 8, with all three major indices slightly declining. The Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index decreased by 0.26%, and the ChiNext Index dropped by 0.38% [1] - Despite the overall market decline, several ETFs related to construction materials, photovoltaic, and infrastructure sectors saw gains exceeding 2% [1] ETF Performance - The following ETFs showed notable performance: - E Fund Construction Materials ETF increased by 2.18%, closing at 0.702 [2] - Leading Photovoltaic ETF rose by 2.05%, with a price of 0.497 [2] - Infrastructure ETF also gained 2.05%, closing at 1.146 [2] - Infrastructure 50 ETF increased by 2.04%, closing at 1.103 [2] Industry Outlook - Experts predict that as Chinese engineering machinery companies continue to globalize, their competitiveness in overseas markets is expected to enhance, leading to an increase in market share [2] - The domestic engineering machinery market is anticipated to benefit from the "two new" policy, which is expected to drive ongoing demand for equipment upgrades. Additionally, growth in water conservancy and municipal sectors is likely to support a continued recovery in domestic engineering machinery demand [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 3.8 billion yuan in Q1 2025, representing a year-on-year growth of 47%. The net profit attributable to shareholders was approximately 350 million yuan, up 11% year-on-year, while the net profit excluding non-recurring items was about 320 million yuan, reflecting a 17% increase [2][4]. Summary by Sections Business Performance - The company experienced a significant operational turning point, with Q1 revenue growth primarily driven by high increases in overseas building materials revenue, while machinery equipment revenue remained relatively stable. The gross margin for Q1 was approximately 29.7%, an increase of 2.8 percentage points year-on-year, mainly due to significant improvements in the gross margin of overseas building materials [9]. - The company’s net profit for Q1 was 350 million yuan, an 11% increase year-on-year. After adjusting for exchange losses, the net profit would be 410 million yuan, representing a growth of over 30% [9]. Overseas Building Materials - The overseas building materials segment exceeded expectations, with revenue growth driven by increases in both volume and price of tiles, as well as the expansion of glass business. The company holds a leading position in the African building materials market, benefiting from production, distribution, and brand advantages [9]. - The company’s previous large-scale capital expenditures have laid the foundation for capacity increases over the next two years, with new projects expected to contribute to revenue growth [9]. Building Machinery - The building machinery segment saw a decline in revenue due to cyclical industry demand slowdown and adjustments in client investment rhythms. However, the company is positioned as a global duopoly in ceramic machinery, with expected stable revenue in 2025 [9]. Investment in Lithium Industry - The investment in Blueco Lithium maintained stable returns, with Q1 production of lithium carbonate at approximately 8,500 tons and sales of about 8,100 tons. Despite a 33% year-on-year decline in average price, the segment still achieved significant profitability [9]. Market Position and Growth Potential - The company is recognized as a rare leading player in the African market, combining low valuation with certain growth prospects. The company is expected to benefit from urbanization trends in Africa, with projected net profits of approximately 1.58 billion yuan and 1.73 billion yuan for 2025 and 2026, respectively, corresponding to valuations of 10 and 9 times [9].

Core Viewpoint - The company has shown significant revenue growth in Q1 2025, driven by overseas building materials and continuous expansion in parts and general machinery businesses, despite facing increased foreign exchange losses impacting profit growth [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 3.767 billion yuan, a year-on-year increase of 47.05% [1]. - The net profit attributable to shareholders was 347 million yuan, up 11.38% year-on-year, while the net profit excluding non-recurring items was 323 million yuan, reflecting a 17.13% increase [1]. - After excluding foreign exchange impacts, the net profit attributable to shareholders would be 412 million yuan, representing a year-on-year growth of 32.3% [1]. - The company's gross margin improved to 29.68%, an increase of 2.83 percentage points year-on-year, while the net margin decreased to 13.84%, down 2.08 percentage points year-on-year due to increased foreign exchange losses [3]. Group 2: Business Segments - The building materials machinery segment experienced a slight decline in performance due to cyclical industry demand and adjustments in client investment schedules, but the company is optimizing its overseas base layout with new subsidiaries in Brazil and plans for Vietnam [2]. - The overseas building materials sales benefited from the expansion of glass business and optimized pricing strategies for ceramic products, leading to significant revenue growth and improved gross margins, although net margins were affected by foreign exchange losses [2]. - In Q1 2025, the company produced 8,500 tons of lithium carbonate and sold 8,100 tons, generating revenue of 528 million yuan and a net profit of 207 million yuan from the lithium segment, contributing 90 million yuan to the overall net profit, which is a 10.4% decrease year-on-year [2]. Group 3: Future Outlook - The company aims for annualized revenue and net profit growth targets of 20% and 20.8% for 2025-2027, respectively [1]. - The new production capacity in Africa, particularly the ceramic project in Côte d'Ivoire expected to be operational in 2025, and the glass project in Peru anticipated for 2026, are expected to further support revenue growth [2].

Core Viewpoint - The company aims to enhance its governance structure and operational efficiency while focusing on sustainable development and global expansion in the ceramic machinery and building materials sectors [5][6][8]. Meeting Agenda - The annual shareholder meeting is scheduled for April 16, 2025, at the company's headquarters in Guangdong Province [1][2]. Board of Directors and Shareholder Meeting Activities - The board has adhered to relevant laws and regulations, ensuring effective governance and compliance [5][6]. - A total of 4 regular reports and 95 temporary reports were disclosed during the reporting period, demonstrating a commitment to transparency [5][6]. Company Performance Overview - The company achieved a revenue of 12.6 billion yuan in 2024, representing a year-on-year increase of 29.96%, with over 63% of revenue coming from overseas operations [6][8]. - Net profit attributable to shareholders was 1.006 billion yuan, impacted by a significant decrease in performance from the associated company, Blue Lithium [6][11]. Strategic Initiatives - The company is advancing its global strategy by enhancing local service capabilities and expanding its market presence in regions such as Southeast Asia, the Middle East, and Europe [6][7]. - The "Big Building Materials" strategy is being implemented to capitalize on urbanization trends in Africa, with multiple projects launched across the continent [8][9]. Challenges and Responses - The company faces profitability pressures in its overseas building materials business due to competitive market conditions and pricing strategies [9][10]. - To address cost pressures and enhance efficiency, the company is focusing on optimizing production capacity and reducing operational costs [10][11]. Future Development Plans - The company aims to solidify its position as a global ceramic production service provider and a large-scale building materials group, with a focus on high-quality development [11][12]. - Plans include expanding product offerings and enhancing technological capabilities to meet diverse customer needs [12][13].