证券代码：301559 证券简称：中集环科 2025 年，国务院常务会议指出要持续推动物流降本提质增效， 加快建设供需适配、内外联通、安全高效、智慧绿色的现代物流体系， 深化货物运输结构调整，加强多式联运管理制度、规则标准协调衔接。 罐式集装箱与传统的装载运输方式相比，具有安全可靠、运输灵 活、快捷便利、经济实用、绿色环保等方面的优势，促进了化工物流 的高效运输。 2025 年前三季度，公司罐式集装箱业务保持发展韧性，市场份 额稳居首位，罐式集装箱营业收入 131,324.42 万元。 中集安瑞环科技股份有限公司 投资者关系活动记录表 编号：2025-013 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 _________ | | 活动参与人员 | 上海赢仕投资管理有限公司 李柯兵 | | | 蜂投财富管理有限公司 陈正标 | | | 上海国科龙晖私募基金管理有限公司 姜俊峰 | | | 北京疆亘星能国际投资有限公司 胡保才 | | | 九一私募基金 ...

来源：新浪证券-红岸工作室 12月12日，中集环科涨0.06%，成交额2150.41万元，换手率1.51%，总市值94.86亿元。 异动分析 医疗器械概念+一带一路+天然气+物联网+人民币贬值受益 1、2023年10月11日互动易回复：公司的医疗设备部件主要应用于医学影像设备，作为核磁共振影像设 备的整体结构支撑，能够有效防止氦泄漏，保护被检测人员。公司医疗设备部件主要客户包括西门子、 联影医疗及健信核磁等。 2、公司招股书:公司罐式集装箱产品主要面向欧洲、亚洲、北美洲等主要地区市场，在罐式集装箱细分 领域中全球市场份额超过 50%，连续多年排名世界第一。 3、根据公司招股说明书：公司气瓶产品主要用于用于储存天然气、氢气等能源气体，与配套的框架和 管路可组成模块化供气系统。 资金分析 今日主力净流入-136.23万，占比0.06%，行业排名152/245，连续3日被主力资金减仓；所属行业主力净 流入9.37亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-136.23万-738.66万-1201.13万-1763.69万-4813.23万 主力持仓 主力没有控盘，筹码 ...

证券代码：301559 证券简称：中集环科 中集安瑞环科技股份有限公司 投资者关系活动记录表 编号：2025-011 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 电话会议 活动参与人员 泓德基金 李昕阳 华泰证券 李倩倩 公司副总裁、首席财务官兼董事会秘书 张 毅 公司董事会办公室主任 王延民 时间 2025 年 12 月 4 日 10:00-10:30 地点 中集环科会议室 形式 □现场 □网上 ☑电话会议 交流内容及具体问 答记录 公司基本情况介绍： 公司主要从事罐式集装箱的设计研发、生产制造和销售，是全球 领先的液体、液化气体（常温）集装箱化物流装备制造企业和全生命 周期服务商，并衍生出医疗设备部件业务。 2025 年，受美国贸易政策不确定性以及全球地缘政治紧张等因 素影响，全球经济局势在多重因素交织下呈现出复杂态势，公司下游 化工行业承压，罐式集装箱市场需求下降，市场竞争加剧。公司面对 复杂竞争局面，坚持高质量发展主线，罐式集装箱业务市场份额稳居 首位，医疗设备部件业务保持增长态势，后市场业务服务能力不断提 升。 问题 1 ...

Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and sales of tank containers, being a global leader in liquid and liquefied gas logistics equipment manufacturing [1] - In 2025, the company faces challenges due to U.S. trade policy uncertainties and global geopolitical tensions, leading to a decline in tank container market demand and increased competition [1] - Despite challenges, the company maintains its leading market share in tank containers and continues to grow its medical equipment components business [1] Group 2: Product Details - The main products include a full range of tank containers, such as standard stainless steel liquid tank containers and special stainless steel liquid tank containers, tailored to customer needs [2] - Standard stainless steel liquid tank containers are primarily used for transporting bulk chemicals, while special containers are customized for specific requirements [2] - Carbon steel tank containers are used for the storage and transportation of gases and powders, offering advantages like high strength and corrosion resistance [2] Group 3: Market Outlook - The domestic market for tank containers is expected to grow, supported by the scale advantages of the chemical industry and policies promoting multimodal transport [3] - The government emphasizes the need for a modern logistics system to enhance efficiency and reduce costs, which benefits the tank container sector [3] Group 4: Financial Performance - In the first three quarters of 2025, the tank container business generated revenue of CNY 131,324.42 million, maintaining a strong market position [3] - The medical equipment components business also saw growth, with revenue of CNY 18,144.26 million in the same period, reflecting a year-on-year increase of 5.92% [4] Group 5: Future Strategy - The company aims to achieve sustainable growth through diversification and enhancing its risk resilience, focusing on expanding into high-end equipment and related fields [4] - A three-year shareholder dividend plan (2024-2026) has been established, ensuring that cash dividends will not be less than 50% of the distributable profits for the year [4] - In 2024, the company plans to distribute a cash dividend of CNY 4.4 per 10 shares, totaling CNY 264 million [4]

Investment Rating - The report assigns a rating of "Accumulate" for the company [1]. Core Views - The company is experiencing short-term pressure on its performance, with new business segments showing steady growth [2]. - The leading position in the tank container business remains intact despite short-term challenges, supported by a solid order reserve [2]. - The company is actively pursuing digital transformation and future-oriented initiatives, enhancing its manufacturing capabilities [3]. - Profit forecasts for the company indicate a gradual recovery in net profit from 2025 to 2027 [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 1.75 billion yuan, a year-on-year decrease of 25.64%, and a net profit attributable to shareholders of 100 million yuan, down 44.73% [1]. - The third quarter alone saw revenue of 537 million yuan, a decline of 44.3% year-on-year, with a net profit of 36.96 million yuan, down 43.2% [1]. - The tank container business generated revenue of 1.313 billion yuan in the first three quarters, maintaining the largest market share [2]. - New orders signed in the first three quarters amounted to 1.613 billion yuan, with a backlog of 858 million yuan as of the end of September [2]. Business Segment Analysis - The tank container business remains the largest revenue contributor, despite facing demand pressures [2]. - Emerging businesses in medical equipment components and aftermarket services are showing steady growth, with revenues of 181 million yuan and 112 million yuan, respectively, representing year-on-year growth of 5.92% and 3.52% [2]. - The company has introduced innovative products, such as the first TDI railway tank container in China, addressing safety concerns in hazardous chemical transportation [2]. Future Outlook - The company is expected to achieve net profits of 183 million yuan, 262 million yuan, and 357 million yuan from 2025 to 2027, with corresponding PE ratios of 55, 39, and 28 times [3]. - The digital transformation efforts have been recognized at the national level, enhancing production efficiency and management precision [3].

Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and sales of tank containers, being a global leader in liquid and liquefied gas logistics equipment manufacturing [2] - In 2025, the company faces challenges due to U.S. trade policy uncertainties and global geopolitical tensions, leading to a decline in market demand for tank containers [2][3] - The company maintains its market share in tank containers while its medical device components business continues to grow [2][3] Group 2: Business Model and Market Applications - The company adopts a customer-centric market approach with a "sales-driven production, order-based procurement, and batch production" model [3] - Main products include a full range of tank containers, such as standard stainless steel liquid tanks and special stainless steel liquid tanks, catering to various industries [3] - The domestic market for tank containers is expected to grow, supported by the scale advantages of the chemical industry and policies promoting multimodal transport [3] Group 3: Financial Performance - In the first three quarters of 2025, the tank container business generated revenue of CNY 131,324.42 million, maintaining a leading market share [3] - The medical device components business reported revenue of CNY 18,144.26 million in the same period, reflecting a year-on-year increase of 5.92% [5] Group 4: Dividend Policy - The company emphasizes investor returns, planning to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [6] - In 2024, the company plans to distribute a cash dividend of CNY 4.4 per 10 shares, totaling CNY 264 million [6] Group 5: Future Development Directions - The company aims for sustainable growth through diversification, focusing on high-end equipment and expanding its medical equipment business [7][8] - Plans include enhancing capabilities in precision processing of non-ferrous metals and exploring new business opportunities in intelligent equipment [7][8] - The company seeks to transition from a leader in tank containers to a core technology platform for high-end equipment over the next three to five years [8]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 1.75 billion yuan, down 25.64% year-on-year, and net profit at 100 million yuan, down 44.73% year-on-year. The decline is attributed to changes in global trade policies and a weak downstream chemical industry, leading to reduced demand in the tank container market and increased competition [4][5] - The company is positioned as a leader in the tank container manufacturing sector and is actively expanding into high-end medical equipment and intelligent equipment to create a second growth curve. The current low inventory levels in the tank container market suggest a potential demand rebound [6][7] - Revenue projections for 2025-2027 are estimated at 2.725 billion yuan, 3.998 billion yuan, and 4.916 billion yuan, respectively, with corresponding net profits of 169 million yuan, 308 million yuan, and 449 million yuan. The expected PE ratios are 61.10, 33.51, and 22.96 [7][8] Company Overview - The latest closing price of the company's stock is 17.18 yuan, with a total market capitalization of 10.3 billion yuan and a circulating market capitalization of 1.5 billion yuan. The company has a total share capital of 600 million shares, with 90 million shares in circulation [3] - The company has a debt-to-asset ratio of 13.7% and a PE ratio of 33.69 [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company is facing short-term pressure in its tank container business but maintains a strong market position and is diversifying into new business areas such as medical equipment components and intelligent equipment, which may form a second growth curve [1][4] - The tank container segment has seen a decline in demand due to trade policy uncertainties and geopolitical tensions, with a significant drop in revenue [2][4] - The company is focusing on high-quality development and aims to benefit from a potential recovery in downstream chemical demand as trade policies stabilize [4] Financial Performance - In Q3, the company reported revenue of 537 million RMB, a year-on-year decrease of 44.33% and a quarter-on-quarter decrease of 10.85% [1] - The net profit attributable to shareholders for Q3 was 37 million RMB, down 43.18% year-on-year and 8.12% quarter-on-quarter [1] - For the first three quarters, total revenue was 1.75 billion RMB, a decline of 25.64% year-on-year, with a net profit of 100 million RMB, down 44.73% year-on-year [1] Business Segments - The tank container business generated 1.31 billion RMB in revenue for the first three quarters, a decrease of 32.01% year-on-year, with Q3 revenue at 389 million RMB, down 52.0% year-on-year [2] - The medical equipment components segment achieved revenue of 181 million RMB in the first three quarters, reflecting a stable growth of 5.92% year-on-year [2] Profitability Metrics - The company's gross margin for the first three quarters was 14.54%, a decrease of 2.24 percentage points year-on-year, primarily due to pressure on tank container demand and increased competition [3] - The net profit margin for the first three quarters was 5.75%, down 1.80 percentage points year-on-year, but the decline was relatively small due to investment income from foreign exchange contracts [3] Future Outlook - The company is expected to benefit from a recovery in tank container demand as industry inventory levels are at historical lows, and it is actively developing new products to enhance competitiveness [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 350 million, 417 million, and 475 million RMB, respectively, with a target price of 19.18 RMB based on a 2.4x PB valuation for 2025 [5]

Company Overview - The company specializes in the design, research and development, manufacturing, and sales of tank containers, positioning itself as a global leader in liquid and liquefied gas logistics equipment manufacturing [1][2]. Financial Performance - In the first half of 2025, the company reported total revenue of CNY 1.214 billion, with a net profit attributable to shareholders of CNY 62.6012 million, and a net cash flow from operating activities of CNY 227 million [2]. - Revenue breakdown by business: - Tank container business: CNY 924.2463 million, a year-on-year decrease of 17.57% [2]. - Medical equipment components: CNY 119.1561 million, a year-on-year increase of 16.12% [2]. - Aftermarket services: CNY 74.9220 million, a year-on-year increase of 0.95% [2]. Medical Business Performance - The medical equipment components business has shown consistent growth, with a year-on-year increase of 12.88% in 2024 and 16.12% in the first half of 2025 [3]. Order Situation - In the first half of 2025, the company signed new orders totaling CNY 1.079 billion, with a backlog of CNY 840 million as of June 30, 2025 [4]. Market Outlook - The current market for tank containers is viewed as being at a historical low, presenting an opportunity for market restructuring. The company believes it has the capability to navigate this phase [4]. Strategic Partnerships - The company has established itself as a strategic partner with Siemens in the high-end medical imaging equipment sector, enhancing its recognition and collaboration opportunities [5]. Future Growth Strategies - The company aims to diversify its business to ensure sustainable growth and enhance risk resilience, focusing on high-end equipment and intelligent manufacturing [6]. - Plans include expanding into high-end medical equipment and smart equipment sectors, leveraging advanced technologies and capabilities [6]. Conclusion - The company is committed to high-quality development, enhancing core competitiveness, and driving product upgrades towards green and intelligent solutions, thereby solidifying its position as an industry leader [2].

Core Viewpoint - The company reported a mixed performance in its 2025 semi-annual report, with total revenue of 1.214 billion yuan and a net profit of 62.61 million yuan, while facing challenges from global economic uncertainties [1] Group 1: Financial Performance - Total revenue for the first half of 2025 was 1.214 billion yuan, with a net profit attributable to shareholders of 62.61 million yuan [1] - Cash flow from operating activities was 227 million yuan [1] - Revenue from the tank container business decreased by 17.57% to 924.25 million yuan, while revenue from medical device components increased by 16.12% to 119.16 million yuan [1] Group 2: Business Segments - The tank container business maintained its market leadership despite a revenue decline [1] - The medical device components business showed strong growth, continuing a trend of double-digit increases over multiple reporting periods [2] - The aftermarket services business also experienced a slight revenue increase of 0.95% to 74.92 million yuan [1] Group 3: Strategic Initiatives - The company is focusing on diversification as a key strategy for sustainable growth and risk resilience, particularly in high-end equipment and related fields [2] - Efforts are being made to enhance competitiveness through scale effects and collaboration with advanced technologies [2] - The company aims to transition from a leader in tank containers to a core technology platform for high-end equipment over the next three to five years [3]