【导读】中泰股份预计第三季度归母净利润为1.9亿元至2.2亿元，同比增长187.60%至233.01%。 见习记者 夏天 半年报披露如火如荼，一些"绩优生"已开始预告前三季度业绩，最新一例是中泰股份（证券代码： 300435）。 8月27日晚，中泰股份发布前三季度业绩预告，预计归母净利润为3.25亿元至3.55亿元，同比增长 71.36%至87.19%；预计第三季度实现归母净利润1.9亿元至2.2亿元，同比增长187.60%至233.01%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 盈利:32,469.97 万元-35,469.97 万元 | 盈利:18,948.34万元 | | 东的净利润 | 比上年同期增长:71.36%-87.19% | | | 扣除非经常性损益 | 盈利:30.550.38 万元-33.550.38 万元 | 盈利:18,275.72万元 | | 后的净利润 | 比上年同期增长:67.16%-83.58% | | 资料显示，中泰股份的板翅式换热器的设计及制造水平处于国内领先地位，并已出口至53个国家和地 区。 中泰股份 ...

Group 1 - The company is a leading enterprise in the domestic cryogenic technology field, achieving a dual-driven development model of "equipment manufacturing + gas operation" [1] - The core products in the equipment manufacturing segment include natural gas liquefaction devices and large air separation units, with the plate-fin heat exchangers being a domestic leader and exported to 53 countries and regions [1] - The company has diversified its operations by investing in the sales of natural gas, industrial gases, and rare gases, enhancing its overall competitiveness [1] Group 2 - Rising oil prices have led to increased upstream investment, with the economic viability of energy and chemical industries improving, particularly in coal chemical and synthetic gas sectors [2] - Fixed asset investment in the domestic petroleum, coal, and other fuel processing industries increased by 18.8% year-on-year from January to May 2025 [2] - The company signed new orders worth approximately 1.8 billion yuan in 2024, representing a year-on-year growth of over 25%, with overseas orders also showing significant growth [2] Group 3 - The gas operation segment is expanding, with the company investing in industrial and rare gases, which are expected to become new revenue growth sources as projects reach production capacity [3] - A joint venture with Korea's Posco Holdings marks the company's first step in both equipment and operation overseas, providing valuable experience for future expansions [3] - The profit margin for industrial gas operations is relatively high, and as the business expands, the company's profitability is expected to improve [3] Group 4 - The company is projected to achieve revenues of 3.23 billion, 3.86 billion, and 4.72 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.8%, 19.7%, and 22.2% respectively [4] - Net profit attributable to the parent company is expected to reach 400 million, 510 million, and 630 million yuan during the same period, with significant growth in 2025 [4] - The company is assigned a target price of 20.9 yuan based on a 20x PE ratio for 2025, indicating a potential upside of approximately 39% from the current stock price [4]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 20.9 CNY, indicating a potential upside of approximately 39% from the current price of 15.00 CNY [2][9]. Core Insights - The company is a leading player in the deep cooling technology sector, leveraging a dual-engine model of "equipment manufacturing + gas operation" to drive growth. The company has successfully diversified its operations and is expanding into international markets [6][13]. - The demand for deep cooling technology is expected to grow due to rising oil prices and the economic viability of technological innovations in the energy and chemical sectors. The company has seen a significant increase in new orders, particularly from overseas markets [7][8]. - The gas operation segment is also expanding, with the company investing in industrial and rare gases, which are anticipated to become new revenue sources as projects reach production capacity [6][8]. Financial Summary - The company forecasts total revenue of 27.17 billion CNY in 2024, with a year-on-year decline of 10.9%. However, revenue is expected to rebound with growth rates of 18.8%, 19.7%, and 22.2% in the following years [2][9]. - The net profit attributable to shareholders is projected to be -78 million CNY in 2024, but is expected to recover significantly to 403 million CNY in 2025, reflecting a year-on-year growth of 616.3% [2][9]. - Earnings per share (EPS) are expected to improve from -0.20 CNY in 2024 to 1.04 CNY in 2025, with a projected price-to-earnings (P/E) ratio of 20 times for 2025 [2][9]. Business Model and Market Position - The company has established a strong market position in the deep cooling technology sector, with its core products including natural gas liquefaction devices and large air separation units. The company has also successfully exported its products to 53 countries [6][13]. - The gas operation segment has been enhanced through strategic investments, including a joint venture with Posco Holdings to operate projects abroad, marking a significant step in the company's international expansion [6][8]. - The company has a robust order backlog, with new orders in 2024 expected to reach approximately 1.8 billion CNY, a year-on-year increase of over 25% [6][8]. Industry Outlook - The deep cooling technology industry is poised for growth, driven by increasing domestic investments in energy security and the economic viability of coal chemical and natural gas sectors. The company is well-positioned to benefit from these trends [7][8]. - The report highlights the importance of deep cooling technology in enhancing energy efficiency and meeting environmental standards in the coal chemical industry, which is expected to see sustained demand [6][45].

Group 1 - Recent US-China trade talks have led to a significant increase in container shipping bookings, with a nearly 300% rise in bookings for containers shipped from China to the US after tariff reductions [1] - The average booking volume for standard containers surged from 5,709 to 21,500 within a week, indicating a strong demand in the shipping market [1] - CIMC (China International Marine Containers Group) expressed optimism about the market, preparing for external fluctuations and anticipating a positive impact on new order volumes due to increased exports [1][2] Group 2 - CIMC's revenue for 2024 is projected to reach a record high of 177.664 billion yuan, representing a year-on-year growth of 39.01%, with net profit increasing by 605.60% to 2.972 billion yuan [2] - In Q1 2025, CIMC achieved a revenue of 36.026 billion yuan and a net profit of 544 million yuan, continuing the trend of year-on-year growth [2] - The company's container business, particularly in refrigerated and special containers, has shown growth, while the marine engineering segment has also performed well, with revenue of 16.556 billion yuan and a net profit turnaround to 224 million yuan [2][3] Group 3 - CIMC's marine engineering division has made significant advancements, with the capability to construct FPSOs valued over 4 billion USD, holding orders worth approximately 6.3 billion USD, sufficient for two to three years of production [3] - The company plans to focus on high-end marine engineering fields in the future, indicating a strategic direction for growth in this sector [3]