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 ...

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]

Financial Performance - The company reported a revenue of 1.683 billion yuan for the first half of 2025, representing a year-on-year decline of 40.95% [2][3] - The net profit attributable to shareholders was 160 million yuan, down 33.51% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 160 million yuan, reflecting a decrease of 32.33% year-on-year [2][3] - The total assets as of June 30, 2025, were 4.724 billion yuan, an increase of 16.95% compared to the end of the previous year [2][3] - The net assets attributable to shareholders were 1.816 billion yuan, showing a slight decline of 0.71% year-on-year [2][3] Earnings Per Share - Basic earnings per share for the first half of 2025 were 0.75 yuan, down 32.43% from 1.11 yuan in the same period last year [4] - Diluted earnings per share were also 0.75 yuan, reflecting the same percentage decrease [4] - The weighted average return on equity decreased to 8.83%, down 7.66 percentage points from the previous year [4] Industry Position and Market Outlook - The company primarily provides high-end cleanroom system integration solutions, with 96.84% of its revenue coming from the electronics industry, including IC semiconductors and advanced packaging [5] - The company's clients are mainly large and medium-sized leading enterprises in the relevant industries, which have strong risk resistance and are less affected by global financial crises [5] - The demand for cleanroom engineering services is expected to remain strong in the medium to long term, supported by ongoing economic growth in China [5] - The company is benefiting from accelerated investments in overseas chip-related fields, with contract targets for the first half of 2025 expected to be met [5] - Although revenue has declined due to the preparatory phase of large projects, the company anticipates that revenue will rebound with the commencement of project installations in the third quarter [5]

Macro Insights - The report indicates a weak export performance, with port container throughput showing a month-on-month decline, suggesting a slowdown in external demand [2][3] - Domestic economic data for May shows a mixed picture, with industrial production slowing and real estate cycles weakening, while consumption growth was boosted by one-off factors [2][3] - The report highlights that some cities are increasing support for the real estate sector, such as Guangzhou's plan to lift purchase restrictions [2] Strategy Insights - The report suggests that short-term risk appetite may not improve, recommending a cautious approach to positions [3] - It notes that high consumer demand is difficult to sustain, with pressures from real estate adjustments and slowing exports becoming more evident [3] - The report emphasizes a focus on large financial sectors and suggests gradual accumulation in sectors with potential for acceleration, such as innovative pharmaceuticals and AI [3] Fixed Income Insights - The report discusses the necessity and limitations of interest rate policies, indicating that while there is a need for rate cuts, the space for such actions is limited [9] - It suggests that the bond market is currently biased towards a bullish direction, but with limited room for significant gains [9] - The report recommends focusing on specific opportunities in medium to long-term bonds and high-quality credit bonds [9] Real Estate Insights - The report tracks the implementation of the stock housing storage policy, noting that while there have been some positive developments, the actual scale of implementation remains limited [11] - It highlights that local governments are gaining more autonomy in the acquisition process, which could enhance the effectiveness of the policy [11] - The report anticipates that continued policy optimization could contribute significantly to stabilizing the real estate sector [11] Power Equipment and New Energy Insights - The report states that inverter exports reached 5.97 billion yuan in May, with a month-on-month increase of 2.7%, indicating strong demand from Southeast Asia [13] - It emphasizes that long-term demand for inverters is expected to remain robust due to factors such as rising electricity prices and increased installations of wind and solar power [13] - The report recommends specific companies in the sector, including DeYue Co., GuDeWei, and SunPower, as having strong performance support [13] Company-Specific Insights - The report initiates coverage on YunDa Co. with a target price of 13.05 yuan, highlighting its strong growth potential driven by domestic and overseas wind power projects [16] - It also covers YaXiang Integration, giving it a target price of 38.40 yuan, citing its competitive position in the cleanroom engineering services market [17] - The report highlights Changjiang Infrastructure as a buy with a target price of 64.73 HKD, noting its strong cash flow and consistent dividend growth [18]

Core Viewpoint - The company, originally established in 2008 as a leading cleanroom system integrator, is expanding its business from medical applications to laboratory integration and electronic cleanroom services, aiming to create a second growth curve and enhance its market position in the semiconductor ecosystem [1][2]. Group 1: Business Expansion and Market Position - The company has transitioned from focusing solely on medical cleanrooms to include laboratory integration and electronic cleanroom services, having served over 800 clients including public hospitals and industrial electronics firms [1]. - The company announced a name change from "Huakang Medical" to "Huakang Clean" in March 2025, and plans to issue 750 million yuan in convertible bonds to support new business initiatives [1]. - A joint venture named "Wuhan Guanggu Huafeng Operation Technology Co., Ltd." was established with partners to strengthen future growth in the cleanroom technology sector [1]. Group 2: Market Dynamics and Financial Performance - The medical purification system market in China is valued at approximately 31.27 billion yuan annually, with the company holding orders worth 2.753 billion yuan for 2024, indicating a robust order book [2]. - The company has achieved positive operating cash flow of 150 million yuan in 2024, indicating a balance between orders and cash flow, which supports sustainable growth in its core business [2]. - The electronic cleanroom sector, which accounted for 54% of the cleanroom industry in 2022, is expected to see continued demand growth, with the company entering this market through strategic partnerships and service capabilities [2]. Group 3: Revenue and Profit Forecast - Revenue projections for the company from 2025 to 2027 are estimated at 2.8 billion, 3.6 billion, and 4.8 billion yuan, representing year-on-year growth rates of 61%, 32%, and 33% respectively [3]. - The net profit attributable to the parent company is forecasted to be 170 million, 220 million, and 300 million yuan for the same period, with growth rates of 156%, 30%, and 35% respectively [3]. - The company is expected to maintain a solid growth trajectory based on its established experience in the medical cleanroom sector and its expansion into the semiconductor cleanroom market [3].

Core Viewpoint - The signing of a significant contract worth approximately 1.101 billion yuan is expected to positively impact the operational performance of Shenghui Integration [1][2]. Group 1: Contract Details - Shenghui Integration has signed a contract for a clean mechanical and electrical engineering project with a total amount of approximately 1.101 billion yuan (including tax) [1]. - The contract is a joint undertaking with China State Construction Third Engineering Division [2]. - The contract is expected to contribute positively to the company's business development and performance, with the contract amount exceeding 50% of the projected revenue for 2024 [2]. Group 2: Financial Performance - Shenghui Integration's projected revenue for 2024 is 2.008 billion yuan, with the clean engineering contract amounting to over 50% of this figure [2]. - The company has shown steady growth in revenue from 1.096 billion yuan in 2020 to 2.008 billion yuan in 2024 [3]. - In the first quarter of this year, the company achieved revenue and net profit attributable to shareholders of 575 million yuan and 28.95 million yuan, respectively, reflecting year-on-year growth of 62.74% and 62.59% [3]. Group 3: Business Overview - Shenghui Integration, established in September 2003, specializes in providing integrated cleanroom system solutions for high-tech industries [2]. - The company has a diverse portfolio, covering sectors such as semiconductors, precision manufacturing, optoelectronics, and more [2]. - The core area of revenue generation is the IC semiconductor industry, contributing 1.194 billion yuan, which accounts for 59.46% of total revenue in 2024 [2]. Group 4: Global Strategy and Market Presence - The company has established a global presence, collaborating with over a hundred well-known enterprises and implementing more than 450 cleanroom projects [3]. - Revenue from domestic and international markets for 2024 is projected at 1.328 billion yuan and 677 million yuan, respectively, representing 66.13% and 33.73% of total revenue [3]. - The international revenue primarily comes from markets in Vietnam and Thailand [3]. Group 5: Financial Health - As of the end of March this year, the company has a debt-to-asset ratio of 44.52% and cash reserves of 566 million yuan [4]. - The company also holds 80 million yuan in financial assets and has total interest-bearing liabilities of 93.25 million yuan [4]. - The financial expenses for the first quarter were recorded at -7.3725 million yuan, indicating a strong cash flow position [4].