证券研究报告 | 季报点评 gszqdatemark 2025 10 26 年 月 日 苏美达（600710.SH） 利润稳健释放，船舶与柴发业务持续贡献增量 事件：公司发布 2025 三季报。公司 2025Q1-3 实现营收 874.23 亿元/同 比+0.52%，归母 11.04 亿元/同比+10.03%，扣非后归母 10.42 亿元/同 比+16.43%。其中 2025Q3 实现营收 323.22 亿元/同比+4.18%，归母净 利润 4.58 亿元/同比+6.58%，扣非归母净利润 4.48 亿元/同比+12.43%。 业务：船舶业务持续贡献增量，柴发业务空间广阔。1）船舶业务持续贡 献增量。根据苏美达公众号，船舶公司接连实现新交付、新签约，近日为 希腊 JME 航运建造的皇冠 63 3.0 版本散货船、为希腊 BMC 航运建造的 41000 吨灵便型散货船"ERMIONE"号顺利交付，并与锦江航运签署 2+2 艘 1100TEU 集装箱船建造合同。2）柴发业务空间广阔。根据公司公众号， 2025H1 工厂产能较去年同期实现显著增长，特别是大功率机组产能表现 亮眼。产值同比+46%，实现大幅跃升。 财 ...

证券研究报告·公司点评报告·贸易Ⅱ 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 123,017 | 117,174 | 115,605 | 119,185 | 126,699 | | 同比（%） | (12.85) | (4.75) | (1.34) | 3.10 | 6.30 | | 归母净利润（百万元） | 1,028 | 1,148 | 1,256 | 1,364 | 1,457 | | 同比（%） | 12.63 | 11.69 | 9.37 | 8.57 | 6.84 | | EPS-最新摊薄（元/股） | 0.79 | 0.88 | 0.96 | 1.04 | 1.11 | | P/E（现价&最新摊薄） | 13.24 | 11.86 | 10.84 | 9.99 | 9.35 | [Table_Tag] [Table_Summary] 投资要点 苏美达（600710） 2025 年三季报点评：Q ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6]. Core Views - The company is experiencing a robust growth in its core business segments, particularly in shipbuilding and diesel generator sectors, with a notable increase in profitability [1][2]. - The optimization of the profit structure within the supply chain is contributing significantly to the overall profit growth, with the supply chain segment accounting for 70% of total profits in 2024 [2]. - The company is actively expanding its clean energy and electromechanical equipment businesses, particularly in overseas markets, with significant project signings and export growth [3][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 30.2 billion yuan, a year-over-year increase of 12.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 9.4% year-over-year [1]. - For the full year 2024, the company achieved a revenue of 117.2 billion yuan, a decrease of 4.75% year-over-year, while the net profit attributable to shareholders increased by 11.69% to 1.148 billion yuan [1]. - The gross profit margin improved to 6.80%, an increase of 1.11 percentage points year-over-year, and the net profit margin rose to 0.98%, up 0.14 percentage points year-over-year [1]. Business Segment Performance - The shipbuilding and shipping business saw a profit increase of 90% year-over-year, while the diesel generator business improved its profit by 40% [2]. - The apparel business achieved a profit growth of 16% driven by both domestic and international markets [2]. - The clean energy sector signed overseas projects worth 280 million USD in 2024, and the electromechanical equipment export business grew by 87% year-over-year [3]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 111.9 billion yuan, 113.9 billion yuan, and 116.6 billion yuan respectively, with net profits projected at 1.24 billion yuan, 1.36 billion yuan, and 1.49 billion yuan [4]. - The company maintains a favorable valuation with a projected P/E ratio of 9 for 2025 and 8 for 2027, indicating strong earnings growth potential [4].

证券研究报告·公司点评报告·贸易Ⅱ 苏美达（600710） 2024 年年报业绩点评：归母净利润+11.7%， 产业链板块带动业绩增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 123,017 | 117,174 | 115,322 | 117,647 | 124,335 | | 同比（%） | (12.85) | (4.75) | (1.58) | 2.02 | 5.69 | | 归母净利润（百万元） | 1,028 | 1,148 | 1,242 | 1,329 | 1,409 | | 同比（%） | 12.63 | 11.69 | 8.19 | 6.95 | 6.06 | | EPS-最新摊薄（元/股） | 0.79 | 0.88 | 0.95 | 1.02 | 1.08 | | P/E（现价&最新摊薄） | 11.29 | 10.10 | 9.34 | 8.73 | 8.23 | [Table_Ta ...