陕西华达（301517.SZ）2025 年半年报点评 2Q25 营收环比增长 95%；盈利阶段性承压 2025 年 08 月 26 日 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，1H25 实现营收 2.5 亿元，YOY -22.8%；归母净利润-0.14 亿元，1H24 为 0.25 亿元。业绩表现符合预期。上半 年，订货量下降、审价、费用增长等系公司业绩承压主要原因，我们点评如下： ➢ 2Q25 业绩环比改善明显；1H25 利润率承压。1）单季度：公司 2Q25 实 现营收 1.7 亿元，同比增长 14.7%，环比增长 95.4%；归母净利润 0.05 亿元， 同比减少 68.8%，环比扭亏（1Q25 为-0.18 亿元）。2）利润率：公司 1H25 毛利率同比下滑 2.8ppt 至 35.2%；净利率同比下滑 12.5ppt 至-4.8%。其中， 2Q25 毛利率同比下滑 10.2ppt 至 33.1%；净利率同比下滑 6.6ppt 至 4.1%。审 价等因素导致毛利率承压；叠加费用增加（尤其是研发费用），净利率持续承压。 ➢ 电镀劳务增速较高；各产品毛利率均下滑。分产品看，2025 年上 ...

Group 1 - The core viewpoint of the report is that Shaanxi Huada is experiencing significant revenue and profit declines in 2024 and Q1 2025, but there are signs of recovery in defense demand and promising prospects in commercial aerospace [1][2][3] Group 2 - In 2024, the company achieved operating revenue of 630 million yuan, a year-on-year decrease of 26%, and a net profit attributable to shareholders of 47 million yuan, down 41% year-on-year [2] - In Q1 2025, the company reported operating revenue of 86 million yuan, a 53% year-on-year decline, and a net profit attributable to shareholders of -18 million yuan, a decrease of 283% year-on-year [2] Group 3 - The decline in revenue and profit is primarily due to a challenging market environment, including the suspension of some military projects and a decrease in military orders [2] - The company is implementing measures to enhance order fulfillment capabilities, including optimizing order scheduling and increasing automation levels, which may lead to a turning point in performance [2][3] Group 4 - The company is strategically positioned in the aerospace, weaponry, and communications sectors, with a focus on key national projects, indicating a broad potential in the commercial aerospace market [3] - Projected net profits for 2025, 2026, and 2027 are expected to be 81 million yuan, 123 million yuan, and 166 million yuan, representing year-on-year growth rates of 74%, 52%, and 35% respectively [3]

Group 1: Broker Research Focus - Since May, brokers have conducted research on over 670 listed companies, with high attention on sectors such as electronics, pharmaceuticals, and non-ferrous metals [1][4] - The electronics sector has been the most frequently researched, with over 90 companies being targeted, including Anji Technology and Huanxun Technology, which received attention from at least 25 brokers [3] - The pharmaceutical sector has also seen significant interest, with nearly 60 companies being researched, including Huadong Medicine and Sanyou Medical, with over 15 brokers involved in their investigations [4] Group 2: Military Industry Interest - The defense and military sector has experienced a surge in research interest, with over 20 companies being investigated since May, including Aerospace Nanhu and Xi'an Huada [6] - Aerospace Nanhu has reported a stock price increase of over 102% this year and has a backlog of orders worth 1.4 billion yuan [6][7] - Xi'an Huada has noted a positive recovery in defense sector demand since March, following a slow start to the year [6] Group 3: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings adjusted, with 17 stocks being upgraded, including Sifang Co. and Weicai Technology [2][8] - For example, Tianfeng Securities upgraded Sifang Co. from "Hold" to "Buy" due to stable business development [9] - Conversely, over 30 stocks have seen their ratings downgraded, including Wentai Technology, which was downgraded from "Buy" to "Hold" due to changes in its main business structure [9]

Core Viewpoint - The article highlights the increasing focus of brokerage firms on various sectors, particularly electronics, pharmaceuticals, non-ferrous metals, and defense industries, with significant changes in stock ratings and research activities since May. Group 1: Brokerage Research Focus - Brokerage firms have conducted research on over 670 listed companies since May, with high attention on sectors like electronics, pharmaceuticals, and non-ferrous metals, as well as a notable rise in interest in the defense industry [1][5][7]. - The electronics sector has seen over 90 companies researched, with firms like Anji Technology and Huanxun Technology receiving attention from more than 25 brokerages [4][5]. - The pharmaceutical sector has also gained traction, with nearly 60 companies being researched, including Huadong Medicine and Sunlight Nuohe, which are focusing on innovative drug pipelines [5][6]. Group 2: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings changed, with 17 stocks being upgraded, such as Sifang Co. and Weicai Technology, indicating a positive outlook on their business developments [2][10]. - Conversely, over 30 stocks have seen downgrades, including Wentai Technology and Tongwei Co., due to concerns over profitability and market conditions affecting their respective sectors [2][11]. - The adjustments in ratings reflect a dynamic response to market conditions and company performance, with analysts actively reassessing their forecasts [10][11].