MRO 集约化采购时代风起，踏浪增量时代市场红利 ——咸亨国际研究报告 通用设备 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740525060005 Email：kouhj@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 410.28 | | 流通股本(百万股) | 403.39 | | 市价(元) | 19.83 | | 市值(百万元) | 8,135.90 | | 流通市值(百万元) | 7,999.29 | 咸亨国际（605056.SH） 证券研究报告/公司深度报告 2025 年 12 月 06 日 相关报告 MRO 龙头扩展或兼具横、纵向。 从横向角度看，公司近三年新业务的拓展，其初始毛利率或不如电网领域，盖因规模 扩张总是先行，更深度的服务往往建立于客户关系的逐步成熟和新领域的理解加深， 且电网领域的深耕和地位也助力公司横向迈入其他大型企业集团的准入门槛。 从纵向角度看，如咸亨国际希望通过发展无人机业务来提升毛利率，及基于对终端客 户作业场景的深度理解，沿着产业价值链向上延伸，构 ...

Core Viewpoint - Xianheng International Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by the expansion in the oil and gas sector and emerging e-commerce projects. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.58 billion RMB, a year-on-year increase of 33.74% compared to 1.18 billion RMB in the same period last year [2]. - Total profit reached approximately 88 million RMB, up 56.02% from about 56.4 million RMB in the previous year [2]. - Net profit attributable to shareholders was approximately 61.64 million RMB, reflecting a 44.87% increase from 42.55 million RMB [2]. - The company's net assets decreased by 4.82% to approximately 1.62 billion RMB compared to the end of the previous year [2]. - Total assets decreased by 7.73% to approximately 2.99 billion RMB [2]. Industry and Main Business Situation - The MRO (Maintenance, Repair, and Operations) industry in China is in its early stages of centralized procurement, with significant growth potential driven by the increasing demand from large industrial enterprises [3][4]. - The company focuses on becoming a centralized MRO supplier for energy, transportation, and emergency sectors, primarily serving large state-owned enterprises like the State Grid [6]. - The MRO market is characterized by a diverse range of products and services, with a strong emphasis on digitalization and e-commerce procurement models [4][5]. Business Development and Strategy - The company is expanding its service offerings in the oil and gas sector, targeting major state-owned enterprises such as China National Petroleum Corporation and Sinopec [9][10]. - The company is also enhancing its digital capabilities through the "Digital Xianheng 2.0" project, aiming to improve operational efficiency and customer service [15][20]. - The focus on research and development is evident, with 48 core R&D projects underway, including advancements in drone technology and intelligent monitoring systems [12][21]. Competitive Advantages - The company has established a strong brand presence in the MRO sector, leveraging localized service strategies to meet customer needs effectively [19]. - The integration of digital technologies and AI into supply chain management is expected to enhance the company's competitive edge [20]. - The company maintains a robust supply chain capability, offering a comprehensive range of MRO products to meet diverse customer requirements [19].

Core Viewpoint - The company is a leading MRO (Maintenance, Repair, and Operations) provider, capitalizing on the trend of centralized and digital procurement in state-owned enterprises, with significant growth potential by expanding from the electric power sector into oil and gas, power generation, and other strategic industries [1][2]. Investment Highlights - The company is expected to see continuous revenue and profit growth as it expands into multiple strategic fields, with projected EPS of 0.70, 0.86, and 1.06 yuan for 2025-2027. A target price of 17.71 yuan is set based on a 4.08X PB for 2025, corresponding to a 25.3X PE [2]. Market Potential - The Chinese MRO market shows significant growth potential, with MRO procurement demand accounting for approximately 4-7% of industrial output value. In 2020, the MRO market size reached 2.57 trillion yuan, growing by 15.7% year-on-year. MRO procurement represents only 10% of total procurement but consumes about 80% of procurement departments' time and effort [3]. Business Expansion - The company has developed over 170,000 SKUs across 12 categories of MRO products, primarily serving large state-owned enterprises in the energy sector. In 2024, revenue from the electric power sector is projected to be 1.863 billion yuan, accounting for 51.68% of total revenue [3][4]. Strategic Industry Growth - The company is actively expanding into strategic industries such as oil and gas, power generation, nuclear industry, transportation, and government emergency services, with projected revenue of approximately 1.091 billion yuan from these sectors in 2024, reflecting a year-on-year growth of about 70.97% [4]. Product Development and Profitability - The company has increased investment in self-developed products, with revenue from these products expected to grow from 520 million yuan in 2023 to 671 million yuan in 2024, increasing its revenue share from 17.77% to 18.62%. The gross margin for self-developed products is projected at 51.57%, significantly higher than the 20.32% for distributed products [4].