证券研究报告 | 公司点评 | 工程机械 ❑ 风电高空安全作业设备龙头，国内风电高景气+海外及多领域拓展打开成长空间 1）国内风电市场需求向上，公司产品单机价值量提升。①风电新增装机需求： 根据《风能北京宣言 20》，"十五五"期间年新增装机容量不低于 120GW，其中海 风年新增装机容量不低于 15GW，国内风电将维持高景气度；②产品/解决方案优 化迭代，带来单台风机产品配置价值量提升。1.产品迭代：公司推出大载荷升降 机、齿轮齿条升降机，其价格相较于普通升降机显著提升；2.解决方案优化：公 司推出"双机登塔"方案，即升降机+免爬器/助爬器，带来单台风机配置产品价 值量提升；③后市场需求：风电运维市场空间广阔，有望为公司中长期业绩提供 增长点。 2）海外市场拓展：①存量市场：北美、欧洲市场均有大量存量改造需求，公司 可享海外存量改造的蓝海市场；②新增市场：公司在海外市场相较国内有较大可 提升空间。海外存量市场改造、新增市场市占率提升，有望带来增量业绩空间。 中际联合(605305) 报告日期：2026 年 02 月 01 日 年报预告符合预期，2025 年归母净利润同比增长 59%-75% ——中际联合点评 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to achieve a significant increase in net profit for 2025, with a forecasted growth of 59%-75%, translating to a net profit of between 500 million to 550 million yuan [1][2] - The growth is driven by the rapid expansion of the wind power industry, improved order structure, and enhanced customer recognition of the company's products [2] - The company is positioned as a leader in high-altitude safety equipment for wind power, benefiting from both domestic market demand and overseas expansion opportunities [2][3] Financial Summary - The projected net profit for 2025 is approximately 521 million yuan, with a year-on-year growth of 66% [5] - Revenue is expected to reach 1.845 billion yuan in 2025, reflecting a 42% increase [5] - The earnings per share (EPS) for 2025 is estimated at 2.45 yuan, with a price-to-earnings (P/E) ratio of 18 [5] Growth Drivers - The company is enhancing its product offerings in response to customer needs, leading to an increase in order size and value [2] - The domestic wind power market is projected to maintain high demand, with new installations expected to reach at least 120 GW during the 14th Five-Year Plan [2] - The company is also expanding into multiple sectors, including industrial and construction, emergency rescue, and power grid applications, which are expected to contribute to future growth [3]

向海而兴，驭风而行。在我国能源结构向低碳化深度转型的浪潮中，海上风电正以强劲动能，成为驱动 能源转型与海洋经济崛起的核心引擎。 过去一年，从顶层设计到行业规划，再到沿海省份密集落地重大项目，海上风电的战略定位愈发清晰。 一方面，海上风电以稳定、可规模化的清洁输出，为推进"双碳"目标提供坚实底座；另一方面，它牵引 船舶制造、海工装备、海洋牧场等多条产业链延伸，成为带动海洋经济增长的新动能。 从近岸浅海到深远海，海上风电正以更快速度、更大规模、更稳技术向蓝海挺进。国家能源局数据显 示，截至今年9月底，我国海上风电累计装机容量达4461万千瓦，连续四年位居全球第一。 多方协同 不断提升国际竞争力 今年以来，从中央到地方密集释放政策信号，明确海上风电在未来能源体系中的关键位置。 今年7月份召开的中央财经委员会第六次会议提出，"要做强做优做大海洋产业，推动海上风电规范有序 建设"。10月份，国家能源局综合司副司长、新闻发言人张星在国家能源局举行的四季度新闻发布会上 表示，"十五五"期间，将"加大海上风电开发力度，完善顶层设计，加快研究出台深远海海上风电规划 性文件和管理办法，推动海上风电规范有序建设。"一系列政策密集落 ...

向海而兴，驭风而行。在我国能源结构向低碳化深度转型的浪潮中，海上风电正以强劲动能，成为驱动 能源转型与海洋经济崛起的核心引擎。 过去一年，从顶层设计到行业规划，再到沿海省份密集落地重大项目，海上风电的战略定位愈发清晰。 一方面，海上风电以稳定、可规模化的清洁输出，为推进"双碳"目标提供坚实底座；另一方面，它牵引 船舶制造、海工装备、海洋牧场等多条产业链延伸，成为带动海洋经济增长的新动能。 从近岸浅海到深远海，海上风电正以更快速度、更大规模、更稳技术向蓝海挺进。国家能源局数据显 示，截至今年9月底，我国海上风电累计装机容量达4461万千瓦，连续四年位居全球第一。 多方协同 不断提升国际竞争力 今年以来，从中央到地方密集释放政策信号，明确海上风电在未来能源体系中的关键位置。 今年7月份召开的中央财经委员会第六次会议提出，"要做强做优做大海洋产业，推动海上风电规范有序 建设"。10月份，国家能源局综合司副司长、新闻发言人张星在国家能源局举行的四季度新闻发布会上 表示，"十五五"期间，将"加大海上风电开发力度，完善顶层设计，加快研究出台深远海海上风电规划 性文件和管理办法，推动海上风电规范有序建设。"一系列政策密集落 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.352 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 44.75%. The net profit attributable to the parent company was 438 million yuan, up 83.99% year-on-year. In Q3 2025, the revenue reached 534 million yuan, with a year-on-year increase of 46.68%, and the net profit was 176 million yuan, growing 80.24% year-on-year. The outlook suggests that the company is expected to benefit from the high demand in the domestic wind power installation and the ongoing renovation needs in the U.S. market, which will enhance its performance growth potential [2][5][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.352 billion yuan, a 44.75% increase year-on-year, and a net profit of 438 million yuan, an 83.99% increase year-on-year. In Q3 2025, the revenue was 534 million yuan, up 46.68% year-on-year, and the net profit was 176 million yuan, an increase of 80.24% year-on-year [2][5] Profitability Improvement - The company's Q3 gross profit margin was approximately 51%, an increase of 2.1 percentage points year-on-year, while the net profit margin reached 33%, up over 6 percentage points year-on-year. The improvement in gross margin is attributed to a slight increase in the proportion of export revenue and a shift in product structure towards higher-value products due to the trend of larger wind turbines [6][11] Order Growth and Market Demand - New orders signed in the first nine months of 2025 increased by about 25% compared to the same period last year, with domestic market orders growing faster than overseas orders. The domestic wind power installation capacity continues to grow rapidly, with a reported increase of 6.109 million kilowatts in new installations from January to September 2025, a 56% year-on-year growth [11][12] Product Development and Market Position - The company is focusing on optimizing its product structure and launching high-quality new products. The gear rack and pinion lifts and large-load lifts have become key growth drivers. The company holds a leading market share of approximately 70% in the domestic wind power sector and over 30% in the international market [11][12] Future Earnings Projections - The company is expected to achieve net profits of 550 million yuan and 650 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 17 and 15 times [11][12]

Core Viewpoint - The company reported a significant increase in revenue and net profit for Q1-Q3 2025, with revenue reaching 1.352 billion yuan, up 44.75% year-on-year, and net profit of 438 million yuan, up 84.00% year-on-year [1] Financial Performance - For Q1-Q3 2025, the company achieved a gross margin of 50.60%, an increase of 1.74 percentage points year-on-year, and a net profit margin of 32.41%, up 6.90 percentage points year-on-year [2] - In Q3 2025, the company reported a gross margin of 51.29%, up 2.08 percentage points year-on-year, and a net profit margin of 33.02%, up 6.12 percentage points year-on-year [2] - The company’s expense ratios for sales, management, R&D, and financial costs showed a decrease compared to the previous year, indicating improved cost management [2] Market Trends and Product Development - The domestic wind power installation demand remains strong, with the company capitalizing on the trend of larger wind turbines by introducing high-value products such as large-load elevators and gear rack elevators [3] - The company is actively expanding its overseas market presence, with overseas revenue reaching 453 million yuan in H1 2025, a year-on-year increase of 46.94%, and accounting for 55.39% of total revenue [3] - The company is diversifying into non-wind power sectors, applying its products and services across 17 different industries, which opens up additional growth opportunities [3] Investment Outlook - The company is well-positioned to benefit from the domestic wind power installation demand and the trend towards larger wind turbines, with an improving order structure [4] - The company is expected to achieve revenues of 1.760 billion, 2.139 billion, and 2.496 billion yuan for 2025-2027, representing year-on-year growth rates of 35.5%, 21.6%, and 16.7% respectively [4] - Projected net profits for the same period are 530 million, 671 million, and 796 million yuan, with year-on-year growth rates of 68.4%, 26.5%, and 18.6% respectively [4]

Core Insights - Zhongji United (605305) reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 1.352 billion yuan, a year-on-year growth of 44.75%, and net profit attributable to shareholders amounting to 438 million yuan, up 83.99% [1][1][1] Financial Performance - For Q3 2025, the company achieved revenue of 534 million yuan, reflecting a year-on-year increase of 46.68%, while net profit attributable to shareholders was 176 million yuan, marking an 80.24% growth compared to the same period last year [1][1][1] Industry Focus - Zhongji United specializes in high-altitude safety operations and is a leading provider of high-altitude safety operation equipment and service solutions in China [1][1][1] - The wind power industry is the primary application area for the company's products, which are also utilized across 17 other sectors, including power grids, telecommunications, thermal power generation, construction, bridges, firefighting, and warehousing [1][1][1] Product Development - The company has noted a trend towards larger wind turbines, and it has focused on customer needs and market pain points, promoting gear rack lifts and heavy-duty lifts as key growth drivers in recent years [1][1][1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a leader in wind power aerial work equipment, holding the top market share in the wind power industry. It benefits significantly from the continuous release of domestic and overseas wind power projects. Additionally, with controllable expenses and the expansion of non-wind power businesses, the company's profitability is expected to continue improving [2][4]. Revenue Summary - In the first half of 2025, the company achieved a revenue of 820 million yuan, representing a year-on-year growth of 43.5%. The net profit attributable to the parent company was 260 million yuan, up 86.6% year-on-year. In Q2 2025, revenue reached 500 million yuan, with a year-on-year increase of 52.1%, and the net profit was approximately 160 million yuan, reflecting a growth of 99.3% [4][6]. Profitability Summary - The gross margin for the first half of 2025 was approximately 50.1%, an increase of about 1.5 percentage points year-on-year, mainly due to product structure optimization and an increase in overseas revenue. The domestic gross margin was around 39%, up 1.6 percentage points, while the overseas gross margin was about 59%, up 1.0 percentage points. The net profit margin improved to approximately 32%, a year-on-year increase of 7.4 percentage points [10][4]. Product Development - The company continues to optimize its product structure and launch high-quality new products. The gear rack lift and large-load lift have become key growth drivers. The company has increased its promotion of gear rack lifts, enhancing its product matrix to meet diverse customer needs across various application scenarios [10][4]. Financial Forecast - The company is expected to achieve net profits of 500 million yuan and 620 million yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 17 and 13 times [10][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]