铁路交通设备 祥和实业（603500.SH） 增持-A(首次) 利润高增彰显成长韧性，铁路智能检测装备打开发展空间 2025 年 9 月 24 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，祥和实业股份发布 2025 年中报。2025 年 H1 公司实现营业收入 3.81 亿元，同比+6.49%；归母净利润为 0.64 亿元，同比+96.56%；扣非净利 润为 0.63 亿元，同比+101.02%。 事件点评 营收利润双增，盈利能力显著改善。上半年，公司营收实现稳健增长， 主要得益于其在产品创新、市场拓展以及内部管理优化等方面的积极作为。 分业务来看，轨道交通相关产品营收达 1.68 亿元，同比大幅增长 35.16%， 主要得益于深度参与广湛、西十等重大铁路项目供货，以及成功开拓大秦重 载铁路专用垫板等新业务。电子元器件配件业务营收为 1.14 亿元，凭借与贵 弥功等知名企业的稳固合作，保持了稳定增长态势。高分子改性材料业务营 收 9381.74 万元，主要受益于下游市场需求增长及自身产能布局推进。上半 年公司毛利率为 30.92%，同比+5.44pct，销售净利率为 17.26%，同比+7.6 ...

Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [1] Core Views - The company reported a revenue of 119.76 billion, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion, a year-on-year increase of 72.48% for the first half of 2025 [1] - The second quarter revenue was 71.09 billion, a year-on-year increase of 22.85%, with a net profit of 4.19 billion, a year-on-year increase of 31.32% [1] - The report highlights rapid growth in railway equipment and emerging businesses, with significant increases in various segments [7] Financial Performance Summary - Total revenue for 2024A is projected at 246.46 billion, with a year-on-year growth rate of 5.2%. For 2025E, revenue is expected to reach 279.22 billion, reflecting a growth rate of 13.3% [3] - Net profit attributable to shareholders is forecasted to be 12.39 billion for 2024A, with a growth rate of 5.8%, and 14.14 billion for 2025E, with a growth rate of 14.2% [3] - The report indicates an increase in gross margin and net margin, with gross margin at 21.81% and net margin at 7.45% for the first half of 2025 [7] Business Segment Performance - Railway equipment business revenue reached 59.71 billion, a year-on-year increase of 42.21%, with specific increases in various types of trains [7] - Urban rail and infrastructure business generated 17.40 billion, a year-on-year increase of 6.27%, while new industry business revenue was 40.73 billion, a year-on-year increase of 35.59% [7] - The report notes a positive trend in railway passenger flow and fixed asset investment in railways, with a 6.7% increase in passenger volume and a 5.6% increase in fixed asset investment year-on-year [7] Investment Recommendations - Given the strong performance in the first half of 2025, the report raises the company's earnings expectations, projecting revenues of 279.22 billion, 313.78 billion, and 351.98 billion for 2025-2027, respectively [7] - The target price is adjusted to 10.60 yuan, based on a 20x PE ratio for 2026, maintaining the "Strong Buy" rating [7]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company achieved a turnaround in net profit for the first half of 2025, reporting a profit of 13.90 million yuan, compared to a loss of 19.84 million yuan in the same period last year [4] - Revenue for the first half of 2025 reached 608 million yuan, marking a year-on-year increase of 41.73% [4] - The company has a strong order backlog and continues to win key projects, indicating robust growth potential [5][6] Financial Performance - In Q2 2025, the company reported revenue of 235 million yuan, a year-on-year increase of 27.26%, with net profit rising by 60.91% to 6.08 million yuan [4] - The gross margin improved by 7.25 percentage points to 11.88%, and the net margin increased by 6.91 percentage points to 2.29% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.02 yuan, with expected net profits of 29 million yuan, reflecting a growth of 27.3% [9] Market Position and Strategy - The company is focusing on expanding its market share in high-speed train axle products and exploring international markets, particularly along the "Belt and Road" initiative [9] - The company has successfully secured a 30.64% share in the recent procurement project for railway freight car axles, indicating strong competitive positioning [5] - The company is also diversifying into defense equipment and smart firefighting sectors, which are expected to contribute to future growth [6]

Market Performance - On May 22, 2025, the CSI 300 index fell by 0.06%, with the machinery sector declining by 0.98%, ranking 20th among all primary industries [1] - Within the sub-sectors, railway transportation equipment saw the highest increase of 0.57%, while lithium battery equipment experienced the largest drop of 2.21% [1] - Top three gainers included Hongming Co. (+20.00%), Huayan Precision (+19.99%), and Dongbei Group (+10.03%), while the largest decliners were Xinbang Intelligent (-17.76%), Gribot (-8.03%), and Ruihua Technology (-6.72%) [1] Company Announcements - Jindun Co.'s major shareholder reduced its stake from 7.08% to 6.00% through a centralized bidding process, decreasing its holdings by 1.08% [2] - Boying Special Welding's major shareholder plans to reduce its stake from 5.10% to 3.10%, with a total reduction of 2% through centralized bidding and block trading [2] - Boying Special Welding's other major shareholder reduced its stake from 8.10% to 8.00%, with a total reduction of 0.11% [2] - Jindi Co. plans to establish a wholly-owned subsidiary in Germany, Jindi Technology Europe Co., with an initial registered capital of €300,000 to support its overseas market expansion strategy [2] Industry News - The 2025 China (Guangzhou) International Logistics Equipment and Technology Exhibition (LET 2025) and the 2025 Guangzhou International Intelligent Robot Exhibition (IRE2025) opened on May 21, 2025, featuring over 600 brand exhibitors and covering more than 50,000 square meters [5] - The exhibitions focus on themes such as "Smart Factory, Intelligent Logistics, and Robotics," showcasing innovations in logistics systems, mobile robots, and intelligent loading technologies [5] - The event included a special interactive area for robot demonstrations, enhancing audience engagement with innovative products [5] Semiconductor Equipment - Tsinghua University's research team made significant progress in high-frequency supercapacitor research, addressing the challenges of power management chips amid rising demands for computing power and efficiency [6][7] - The team achieved a breakthrough by quantitatively measuring the upper limit of dynamic response frequency for supercapacitors, utilizing micro-nano processing technology to create ideal electrodes [7] - A new concept of "dielectric-electrochemical" asymmetric capacitors was proposed, achieving a characteristic frequency exceeding 1 MHz, significantly higher than commercial supercapacitors [7]

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index within the next six months [11]. Core Insights - The mechanical sector experienced a decline of 0.98% on May 22, 2025, with the CSI 300 index down by 0.06%. The railway transportation equipment sector showed the highest increase at 0.57%, while lithium battery equipment faced the largest drop at 2.21% [3][5]. - The LET 2025 event in Guangzhou showcased over 600 exhibitors, focusing on smart logistics and robotics, indicating a strong push towards digital transformation in the manufacturing logistics sector [7]. Summary by Sections Market Performance - On May 22, 2025, the CSI 300 index decreased by 0.06%, while the mechanical sector fell by 0.98%, ranking 20th among all primary industries. The railway transportation equipment sector rose by 0.57%, and lithium battery equipment dropped by 2.21% [3][5]. Company Announcements - Gold Shield Co. saw a reduction of 1.08% in shares held by a major shareholder. Bo Ying Te Welding plans to reduce its holdings by 2% through various trading methods. Jin Di Co. is establishing a wholly-owned subsidiary in Germany with an initial investment of 30,000 euros to expand its European market presence [4][6]. Industry News - The LET 2025 event, held on May 21, 2025, in Guangzhou, highlighted advancements in logistics and robotics, featuring a significant exhibition area and numerous innovative products aimed at enhancing the smart logistics ecosystem [7].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 55.86 yuan [4][7]. Core Views - The company achieved a revenue of 4.537 billion yuan in Q1 2025, representing a year-on-year increase of 14.81%, and a net profit of 631 million yuan, up 13.42% year-on-year [1][2]. - The company is capitalizing on the growth opportunities in national railway investments, maintaining a leading position in the urban rail transit market with over 50% market share in domestic rail traction systems [2][3]. - The emerging equipment business is rapidly developing, particularly in the new energy sector, with significant market shares in IGBT modules and power modules for new energy vehicles [3]. Financial Performance - The company forecasts revenues of 28.595 billion yuan, 32.742 billion yuan, and 37.326 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 4.249 billion yuan, 4.856 billion yuan, and 5.479 billion yuan for the same years [4][10]. - The company reported a net profit margin of 14.2% in 2023, expected to remain stable around 14.9% through 2025 [11]. Market Position - The company holds the largest market share in IGBT modules for rail and power grid applications, and has seen rapid growth in the new energy vehicle sector, ranking second in market share [3][10]. - The company has successfully secured overseas orders worth nearly 800 million yuan in 2024, indicating strong international market performance [2][3].

Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [2][8] Core Views - The company achieved revenue of 246.46 billion yuan in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [2][4] - The rapid growth in the high-speed train business is a significant driver for the company's performance, with a notable increase in sales volume and contracts signed for maintenance services [2][8] Financial Performance Summary - **2024 Financial Results**: - Total revenue: 246,457 million yuan, up 5.21% year-on-year - Net profit attributable to shareholders: 12,388 million yuan, up 5.77% year-on-year - Non-recurring net profit: 10,143 million yuan, up 11.38% year-on-year - Q4 revenue: 93,874 million yuan, up 2.90% year-on-year; Q4 net profit: 5,143 million yuan, down 7.51% year-on-year [2][4] - **Future Financial Projections**: - Expected revenue for 2025: 258,996 million yuan; 2026: 274,339 million yuan; 2027: 291,829 million yuan - Expected net profit for 2025: 13,408 million yuan; 2026: 14,422 million yuan; 2027: 15,357 million yuan - Corresponding EPS for 2025: 0.47 yuan; 2026: 0.50 yuan; 2027: 0.54 yuan [4][9] Business Segment Performance - **Railway Equipment**: - Revenue in 2024: 1,104.61 billion yuan, up 12.51% year-on-year - High-speed train revenue: 624.32 billion yuan, up 49.26% year-on-year [2][8] - **Urban Rail and Infrastructure**: - Revenue in 2024: 454.40 billion yuan, down 9.72% year-on-year, primarily due to reduced urban rail project income [2][8] - **New Industries**: - Revenue in 2024: 863.75 billion yuan, up 7.13% year-on-year, driven by increased clean energy equipment sales [2][8] Market Outlook - The report highlights a positive outlook for the company, driven by increasing passenger traffic, maintenance cycles, and equipment upgrades, indicating a new growth cycle for China CNR Corporation [2][8]