研究所 证券研究报告：有色金属 | 公司点评报告 发布时间：2025-08-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 30.73 | | --- | --- | | 总股本/流通股本（亿股）3.96 / 2.93 | | | 总市值/流通市值（亿元）122 / 90 | | | 52 周内最高/最低价 | 31.29 / 19.32 | | 资产负债率(%) | 16.7% | | 市盈率 | 45.19 | | 第一大股东 | 万柏方 | 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 图南股份(300855) 订单大幅增长，零部件业务开启第二成长曲线 ⚫ 事件 8 月 16 日，图南股份发布 2025 年半年报。2025H1，公司实现营 业收入 5.99 亿元，同比减少 18%，实现归母净利润 0.93 亿元，同比 减少 51%。 ⚫ 点评 1、2025Q2业绩环比改善， 单季度 新增"中小零部件"产品收入。 2025H1，公司营收 5.99 亿元，同比减少 18%，其中，铸造高温合金收 入 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in orders on hand, indicating a potential turning point in performance for the third quarter [4][5] - For the first half of 2025, the company achieved revenue of 599 million, a year-on-year decrease of 18.16%, and a net profit attributable to the parent company of 93 million, down 51.41% year-on-year [2][4] - The company has signed contracts with a corresponding revenue amount of 1.75 billion as of the end of the first half of 2025, representing a 478% increase compared to the beginning of the period [4] Financial Performance Summary - In Q2 2025, the company recorded revenue of 313 million, a year-on-year decrease of 18.01%, but a quarter-on-quarter increase of 9.49% [2][4] - The gross profit margin for the casting high-temperature alloy business was 39.4%, down 11.4 percentage points year-on-year, while the gross profit margin for the deformation high-temperature alloy business was 25.6%, down 4.9 percentage points year-on-year [4] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 300 million, 450 million, and 650 million, respectively, with year-on-year growth rates of 14%, 47%, and 46% [4]