证券日报网讯 深桑达Ａ（000032）9月26日在互动平台回答投资者提问时表示，公司是洁净室整体解决 方案的专业提供商和龙头企业，致力于为高科技产业领域企业提供洁净室工程一站式服务，洁净室净化 工程级别最高已达到国际领先标准。公司先后参与数百个高科技领域内中国本土及国际项目建设，为多 家国内知名企业的洁净室提供系统集成工程服务，在行业内享有较高的声誉和市场影响力，具体客户详 见公司定期报告。 ...

Group 1 - The company, Huakang Clean (301235.SZ), has recently participated in the bidding for the "Special Department Procurement Project of Fuzhou East New District People's Hospital" [1] - The bidding unit is the Public Service Bureau of Fuzhou East New District [1] - On September 10, 2025, the Jiangxi Provincial Public Resources Trading Platform announced the bidding results, confirming the company as the winning supplier for the project [1] Group 2 - The winning bid amount is 50.07 million yuan, which accounts for 2.93% of the company's audited operating income for the year 2024 [1]

Company Overview - Shenghui Integrated Group Co., Ltd. is located in Suzhou High-tech Zone, Jiangsu Province, and was established on September 3, 2003. The company went public on October 13, 2022 [1] - The main business involves cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics. The revenue composition is as follows: cleanroom engineering 64.36%, other electromechanical installation engineering 31.78%, equipment sales 3.74%, and others 0.11% [1] Stock Performance - On August 29, Shenghui Integrated's stock fell by 5.06%, closing at 38.45 CNY per share, with a trading volume of 41.15 million CNY and a turnover rate of 3.01%. The total market capitalization is 3.845 billion CNY [1] Shareholder Information - Baodao Fund has a presence among the top ten circulating shareholders of Shenghui Integrated, with Baodao Yuanhang Mixed A (007126) newly entering the list in the second quarter, holding 239,800 shares, which accounts for 0.69% of the circulating shares. The estimated floating loss today is approximately 491,600 CNY [2] - Baodao Yuanhang Mixed A was established on April 30, 2019, with a latest scale of 1.685 billion CNY. Year-to-date returns are 28.61%, ranking 2413 out of 8189 in its category; the one-year return is 55.72%, ranking 2111 out of 7969; and since inception, the return is 100.71% [2]

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 下游资本开支扩张，关注洁净室市场机会 报告要点 [Table_Summary] [Table_Summary] 近日，芯片等板块盈利能力显著，产业链情绪共振带动洁净室板块。8 月 22 日，芯片产业 链涨幅明显，海光信息、寒武纪-U 涨幅达 20%，产业链情绪共振带动洁净室板块，圣晖集 成涨 7.23%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 近日，芯片等板块盈利能力显著，产业链情绪共振带动洁净室板块。8 月 22 日，芯片产业链 涨幅明显，海光信息、寒武纪-U 涨幅达 20%，产业链情绪共振带动洁净室板块，圣晖集成涨 7.23%。催化上来看，DeepSeek-V3.1 携专为下一代国产芯片定制的 UE8M0 FP8 精度亮相， UE8M0 FP8 技术助力国产芯片加速追赶；财政端 5000 亿元新型政策 ...

Group 1 - The stock price of Huakang Clean (301235) dropped by 7.9% to 29.72 CNY per share following the announcement of an investigation into its chairman, Tan Pingtao, by the Guangdong Provincial Supervisory Commission [1] - The company stated that it has a robust corporate governance structure and internal control system, ensuring that daily operations are managed by the executive team, and that the board of directors is functioning normally [1][2] - During Tan Pingtao's absence, the responsibilities of chairman and legal representative will be temporarily assumed by Xie Xinqiang, a director and general manager of Huakang Clean [1] Group 2 - Huakang Clean provides comprehensive cleanroom construction services, including project consulting, planning, design, management, construction, system debugging, and after-sales maintenance for public hospitals, universities, and industrial electronic enterprises [2] - In the first half of 2025, the company achieved approximately 835 million CNY in revenue, representing a year-on-year growth of 50.73%, and a net profit attributable to shareholders of 18.68 million CNY, up 273.48% year-on-year [2]

Core Insights - The company, Shenghui Integration, reported a total operating revenue of 1.295 billion yuan for the first half of 2025, representing a year-on-year growth of 39.04%, and a net profit attributable to shareholders of 62 million yuan, up 9.63% year-on-year [1] - The significant growth in revenue and profit is attributed to the acceleration of the company's internationalization strategy and continuous improvement in management efficiency [1] Revenue Growth and Internationalization - The company's overseas revenue reached 684 million yuan, a staggering increase of 191.58% year-on-year, accounting for 52.84% of total revenue, surpassing domestic revenue for the first time [2] - Key factors driving the rapid growth of overseas business include successful strategic positioning in Southeast Asia, innovative dual-track mechanisms of "standardized output + localized transformation," and the acceleration of previously secured overseas orders converting into actual revenue [2][3] Order Backlog and Future Growth - As of June 30, 2025, the company signed new orders worth 2.251 billion yuan, a year-on-year increase of 70.30%, with a backlog of 2.813 billion yuan, up 69.24% year-on-year [4] - A significant project worth 1.101 billion yuan won in collaboration with China State Construction Engineering Corporation highlights the company's strength in undertaking large projects, which is expected to positively impact future performance [4] Cash Flow and Shareholder Returns - The company achieved a net cash flow from operating activities of 106 million yuan, a substantial increase of 211.46% compared to the same period last year, indicating improved profitability and a healthy cash flow position [5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 15 million yuan, which represents 24.01% of net profit, marking the fourth consecutive year of cash dividends [5] Industry Outlook - The company's strong performance is supported by robust demand in downstream industries, particularly in semiconductor, electronic components, and advanced manufacturing sectors [6] - The global semiconductor market is projected to reach 700.9 billion USD in 2025, with a year-on-year growth of 11.2%, providing strategic growth opportunities for leading cleanroom engineering companies like Shenghui Integration [6] - The company aims to focus on core areas such as IC semiconductors and electronic components in the second half of the year, optimizing its profit model and value creation capabilities [7]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - The cleanroom segment is expected to grow due to the strong performance of the power semiconductor sector, with domestic substitution likely to accelerate, benefiting companies like Yaxiang Integration, Shenghui Integration, and Bocheng Co [2][8] - The commercial aerospace sector is seeing increased activity from domestic companies entering the primary market, which is boosting sentiment in the secondary market, with Shanghai Port benefiting from patents related to perovskite batteries [2][8] - The low-altitude economy is gaining traction with proactive policies from central and local governments, presenting opportunities across the entire industry chain [2][10] Summary by Sections Cleanroom Sector - The power semiconductor sector is performing strongly, with companies like Stada Semiconductor and Chipway Technology showing significant weekly gains of 6.6% and 16.88% respectively [8] - The domestic semiconductor industry's self-sufficiency is expected to accelerate due to tariffs imposed on chips and semiconductors, leading to increased demand for cleanroom EPC orders [8] - Key companies to watch include: - Yaxiang Integration: Expected to issue a 1.58 billion RMB overseas electromechanical project by July 2025 [9] - Shenghui Integration: Reported a 39% year-on-year revenue increase to 1.295 billion RMB in the first half of 2025 [9] - Bocheng Co: Announced multiple cleanroom project wins, indicating confidence in future growth [9] Commercial Aerospace - Domestic companies are actively pursuing IPOs, enhancing market sentiment in the commercial aerospace sector [8] - Shanghai Port is positioned to benefit from its subsidiaries' patents in satellite battery technology, particularly in perovskite batteries, which are expected to see initial applications in satellites [8] Low-altitude Economy - The low-altitude economy is transitioning from a thematic catalyst to an order fulfillment phase, with government policies supporting its development [10] - The report emphasizes the importance of the entire industry chain, from infrastructure planning to operational management, with companies like Huayang International and China Communications Construction being key players [10]

Core Insights - The company reported a total revenue of 1.295 billion yuan for the first half of 2025, representing a year-on-year increase of 39.04% [1] - The net profit attributable to shareholders was 62.4643 million yuan, up 9.63% year-on-year, while the net profit after deducting non-recurring gains and losses was 62.6758 million yuan, an increase of 9.93% year-on-year [1] - However, the second quarter saw a decline in net profit attributable to shareholders, which was 33.513 million yuan, down 14.45% year-on-year, indicating volatility in quarterly performance [1] Financial Performance - The gross profit margin was 9.95%, a decrease of 26.15% year-on-year, while the net profit margin was 5.13%, down 15.96% year-on-year [6] - Earnings per share increased by 8.77% to 0.62 yuan, and net assets per share rose by 4.34% to 10.94 yuan [6] - Operating cash flow per share saw a significant increase of 211.46%, reaching 1.06 yuan [6] Cost and Expense Control - The ratio of three expenses to revenue was 1.66%, a decrease of 49.51% year-on-year, indicating improved cost control [3] Revenue Composition - The main business revenue was derived from cleanroom engineering, accounting for 64.36% of total revenue with a gross margin of 9.03% [6] - Other electromechanical installation projects contributed 31.78% of total revenue with a gross margin of 10.44% [6] - Equipment sales made up 3.74% of total revenue with a gross margin of 19.80% [6] Accounts Receivable Risk - The accounts receivable amounted to 525 million yuan, which is 459% of the latest annual net profit, indicating a significant amount that requires attention regarding its collection [4]

Core Viewpoint - Huakang Clean's half-year performance shows significant growth, with a strong increase in revenue and profit, indicating confidence in future performance through stock incentives [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 835 million (+50.7%) and net profit of 18.68 million (+273%) [1] - Q2 revenue reached 540 million (+66.45%) with a net profit of 47.64 million (+123.63%) [1] - The company has a backlog of orders amounting to 3.827 billion, primarily from purification integration business [1] Group 2: Business Segments - The order backlog includes 2.537 billion from medical special orders, 774 million from laboratory orders, and 121 million from electronic clean orders, showcasing a balanced business structure [1] - The electronic clean segment is expected to see rapid growth in the second half of the year, contributing to stable performance [1] Group 3: Market Outlook - The domestic clean market is projected to exceed 500 billion, with the electronic clean room market expected to reach 165.7 billion by 2024 [2] - The company is positioned in the first tier of the industry, leveraging its brand and technical expertise to enhance customer acquisition in the electronic clean market [2] Group 4: Profit Forecast and Valuation - EPS forecasts for 2025-2027 are 1.52, 2.18, and 3.14 yuan per share, with corresponding PE ratios of 21.85, 15.23, and 10.56 [3] - The company is rated as a "buy" based on its growth potential and market position [3]

Overall Overview - Company reported total revenue of 1.683 billion yuan, a year-on-year decrease of 40.95% [1] - Net profit attributable to shareholders was 161 million yuan, down 32.2% year-on-year [1] - Despite revenue decline, profitability improved with a gross margin of 16.89%, an increase of 53.58% year-on-year [1] Quarterly Performance - In the second quarter, total revenue was 848 million yuan, a year-on-year decrease of 51.64% [2] - Net profit attributable to shareholders for the second quarter was 78.91 million yuan, down 34.5% year-on-year [2] Main Revenue Composition - Main revenue from cleanroom system integration engineering was 1.591 billion yuan, accounting for 94.53% of total revenue with a gross margin of 16.67% [4] - Other engineering construction revenue was 52.63 million yuan, accounting for 3.13% of total revenue with a gross margin of 10.31% [4] - Equipment sales revenue was 24.20 million yuan, accounting for 1.44% of total revenue with a gross margin of 15.41% [4] - Other income was 15.16 million yuan, accounting for 0.90% of total revenue with a gross margin of 64.87% [4] Regional Distribution - Singapore market contributed the most with revenue of 976 million yuan, accounting for 57.96% of total revenue and a gross margin of 19.80% [5] - Revenue from mainland China was 656 million yuan, accounting for 38.95% of total revenue with a gross margin of 13.06% [5] - Revenue from Vietnam was 52.04 million yuan, accounting for 3.09% of total revenue with a gross margin of 10.57% [5] Financial Indicator Changes - Gross margin increased to 16.89%, up 53.58% year-on-year [7] - Net margin improved to 9.63%, an increase of 16.14% year-on-year [7] - Operating cash flow per share was 4.11 yuan, a decrease of 24.3% year-on-year [7] - Earnings per share were 0.75 yuan, down 32.43% year-on-year [7] Industry Development and Outlook - The company provides cleanroom engineering and related services for the IC semiconductor and high-tech electronics industries [7] - The "old-for-new" initiative for electronic consumer goods is expected to continue, boosting demand for high-precision frequency components [7] - The integration of vehicle-road-cloud is anticipated to expand, increasing demand for new automotive sensors [7] Summary - Despite significant declines in revenue and net profit, the company's profitability has improved with notable increases in gross and net margins [10] - The company has maintained good cash flow management and low financial risk amid changing domestic and international operating environments [10] - Future growth is expected as new projects gradually unfold [10]