公司报告 | 半年报点评 柏诚股份（601133） 证券研究报告 收入、业绩小幅承压，海外收入增速亮眼 收入、业绩小幅承压，拟派发中期分红回馈投资者 25H1 公司实现收入 24.2 亿，同比-3.14%，归母、扣非净利润为 0.83、0.79 亿，同比-16.1%、-17.7%；Q2 实现收入 13.87 亿，同比+2.15%，归母、扣 非净利润为 0.39、0.37 亿，同比-10.4%、-13.3%。25 年上半年公司拟进行 现金分红 0.26 亿，分红比例 31.6%，重视股东回报。考虑到上半年业绩有 所承压，我们预计 25-27 年公司归母净利润为 2.3、2.6、3 亿（前值为 2.54、 3、3.46 亿），对应 PE 为 31、27、23 倍，维持"买入"评级。 新型显示领域保持较高景气度，海外收入实现大幅增长 分下游来看，25H1 半导体及泛半导体、新型显示、生命科学及食品药品大 健康分别实现营收 14.9、4.2、2.5 亿，同比-23.2%、+47.2%、+8.7%；25H1 公司在手订单17.5亿，同比下滑22%，以上三个领域25H1 在手订单为12.3、 2.9、1.6 亿，同比-3 ...

证券研究报告 柏诚股份 (601133 CH) 海外拓展成果显著，毛利率同比改善 2025 年 8 月 26 日│中国内地 建筑设计及服务 公司发布半年报：25H1 实现营收 24.24 亿元（yoy-3.14%），归母净利 8350 万元（yoy-16.10%），扣非净利 7914 万元（yoy-17.68%）。其中 Q2 实现 营收 13.87 亿元（yoy+2.15%，qoq+33.74%），归母净利 3930 万元 （yoy-10.38%，qoq-11.09%），基本符合我们的预期（0.43 亿元）。公司 25H1 末在手订单 17.5 亿元，重点跟踪的重大项目招标采购工作主要集中于 2025 年下半年推进，我们持续看好下游国内外科技产业资本开支，公司作 为国内领先的配套洁净室系统服务商，积极拓展海外，中长期发展态势良好， 维持"买入"。 海外拓展成果显著，综合毛利率同比+0.7pct 25H1 公司半导体及泛半导体/新型显示/生命科学/食品药品大健康分别实现 营收 14.9/4.2/1.1/1.4 亿，同比-23%/+47%/-42%/+235%，毛利率分别为 8.1%/13.3%/8.9%/15. ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.54 [6][7]. Core Views - The company reported a revenue of RMB 5.2 billion for 2024, a year-on-year increase of 31.8%, but the net profit attributable to the parent company was RMB 212 million, a decrease of 0.8% year-on-year, which was below expectations due to intensified industry competition and unexpected declines in gross margin [1][4]. - The company signed new contracts worth RMB 5.4 billion in 2024, representing a year-on-year increase of 9.5%, with a backlog of orders amounting to RMB 2.9 billion, indicating potential for future growth [1][2]. - The semiconductor and related sectors showed significant revenue growth, with the semiconductor segment achieving a 29% year-on-year increase, driven by domestic substitution trends [2][4]. Summary by Sections Financial Performance - In Q4 2024 and Q1 2025, the company achieved revenues of RMB 1.41 billion and RMB 1.04 billion, respectively, with year-on-year declines of 2.8% and 9.4% [1][2]. - The overall gross margin for 2024 decreased by 1.4 percentage points to 10.0%, but showed improvement in Q4 2024 and Q1 2025, with gross margins of 9.7% and 10.3%, respectively [2][3]. Expense Management - Management expenses increased significantly by 53% year-on-year in 2024, primarily due to business expansion and increased personnel costs [3]. - The company maintained a net cash flow from operating activities of RMB 220 million in 2024, which was stable compared to the previous year [3]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 236 million, RMB 265 million, and RMB 282 million, respectively, reflecting a downward revision due to anticipated delays in capital expenditures in the downstream electronics industry [4][5]. - The company is assigned a PE ratio of 28x for 2025, with a target price adjustment to RMB 12.54, down from RMB 13.52 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [7][4] Core Views - The company experienced a slight decline in revenue and profit in Q1 2025, with revenue at 1.037 billion, down 9.4% year-on-year, and net profit attributable to the parent company at 44 million, down 20.6% year-on-year [1] - The company has a strong order intake, with new orders in 2024 reaching 5.418 billion, a year-on-year increase of 9.45%, indicating sustained demand in downstream sectors [3] - The report highlights the company's comprehensive capabilities in cleanroom system integration, positioning it as a leading player in the industry with a favorable outlook due to increasing capital expenditures in the domestic panel and semiconductor sectors [4] Financial Performance Summary - In Q1 2025, the company's gross margin slightly increased by 0.65 percentage points to 10.3%, while the net profit margin decreased by 0.6 percentage points to 4.26% [2] - The company’s cash flow from operations was negative 678 million, indicating a cash outflow increase of 141 million year-on-year [2] - The financial forecast estimates revenue growth from 3.98 billion in 2023 to 8.82 billion by 2027, with corresponding net profits projected to rise from 214 million to 346 million during the same period [6][4]