联合研究丨公司点评丨中际联合（605305.SH） [Table_Title] 中际联合 25H1 点评：国内外营收高增，盈利能 力提升 报告要点 丨证券研究报告丨 [Table_Summary] 公司是风电高空作业设备龙头，主要产品在风力发电行业细分市场占有率第一，国内海外风电 项目持续释放，公司显著受益。同时，随着公司费用可控及非风电业务的布局，公司盈利有望 继续提升。 分析师及联系人 [Table_Author] SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 赵智勇 邬博华 倪蕤 司鸿历 屈奇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中际联合（605305.SH） cjzqdt11111 [Table_Title 中际联合 25H1 2] 点评：国内外营收高增，盈利能 力提升 [Table_Summary2] 事件描述 中际联合发布 2025 ...

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]