中证智能财讯华明装备（002270）1月22日晚间披露2025年业绩快报，公司实现营业收入24.25亿元，同比增长4.43%；归母净利润7.08亿元，同比增长 15.29%；扣非净利润6.76亿元，同比增长16.15%；基本每股收益0.7828元，加权平均净资产收益率为22.08%。以1月22日收盘价计算，华明装备目前市盈率 （TTM）约为40.4倍，市净率（LF）约9.55倍，市销率（TTM）约11.73倍。 以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 资料显示，公司核心业务为电力设备业务，主要为变压器分接开关的研发、生产、销售和全生命周期的运维检修；此外还有电力工程业务，主要为新能源电 站的承包、设计施工运维；以及数控机床业务，成套数控设备、激光设备的研发、生产和销售。 据公告，公司核心业务电力设备实现营业收入21亿元，同比增长约16%，首次突破20亿元，其中电力设备业务海外用户收入（直接加间接出口）同比增长约 47%。公司数控设备业务实现营业收入2.44亿元，同比增长约40%，其中出口收入同比增长约233%。公司电力工程业务营业收入0.29亿元，同比减少约 90%。 数据显示，20 ...

Core Viewpoint - Huaming Equipment (002270.SZ) has shown steady improvement in profitability, achieving record high performance in the first half of 2025, with significant growth in both revenue and net profit [2][4]. Financial Performance - In the first half of 2025, Huaming Equipment reported revenue of 1.121 billion yuan, a year-on-year increase of 0.04%, and a net profit of 368 million yuan, up 17.17% [4]. - The company's net profit excluding non-recurring items reached 361 million yuan, reflecting a growth of 22.76% [4]. - The company has maintained a continuous increase in revenue and net profit for six and a half years [4]. - The overall gross margin for the company in the first half of 2025 was 55.49%, an increase of 7.73 percentage points year-on-year [4]. Business Segments - Huaming Equipment's core business includes power equipment, power engineering, and CNC machine tools, with power equipment being the primary focus [3][6]. - Revenue from power equipment, CNC equipment, and power engineering for the first half of 2025 was 959 million yuan, 111 million yuan, and 23.86 million yuan, respectively, with year-on-year changes of 15.29%, 41.49%, and -87.10% [6]. - The gross margins for power equipment, CNC equipment, and power engineering were 60.48%, 22.33%, and 11.13%, respectively, showing increases across all segments [6]. Market Performance - The company has a strong market position, being the leading player in the domestic market and the second globally in its niche [3]. - In the first half of 2025, domestic revenue was 648 million yuan, a 5% increase, while international revenue reached 208 million yuan, a 42.70% increase [7]. - The international gross margin was higher than the domestic margin, indicating successful overseas expansion [7]. Shareholder Returns - Huaming Equipment has initiated a share buyback program, repurchasing 13.82 million shares, which is 1.54% of the total share capital, for a total amount of 221 million yuan [4]. - The company proposed a cash dividend of 2.0 yuan per 10 shares, amounting to 176 million yuan, which represents 47.89% of the net profit for the period [4][5]. R&D Investment - The company has increased its R&D expenditure by 23.47% in the first half of 2025, reaching 38.52 million yuan, with a R&D expense ratio of 3.44% [6][7].

Core Viewpoint - The company has shown growth in its electric equipment exports, particularly in Europe and Asia, with a notable increase in overseas revenue from Asia. However, the growth rates from individual countries may not be fully representative due to low initial business bases [2][4]. Group 1: Export Growth and Market Performance - The company's electric equipment business has experienced good growth in both direct and indirect exports, with Europe and Asia being the largest contributors [2]. - The company has seen significant sales growth in previously low-revenue regions, including the Middle East, and is pleased with the performance of its Indonesian factory, which has contributed to both direct and indirect export growth [4]. - In North America, the company has seen growth in products entering the U.S. market through indirect exports, particularly in built-in tap switches, although there are no significant updates on local expansion plans [6][7]. Group 2: Financial Performance - For the first half of 2025, the company reported a total revenue of 1.121 billion yuan, a slight increase of 0.04% year-on-year, and a net profit of 368 million yuan, up 17.17% year-on-year. The net profit after deducting non-recurring items was 361 million yuan, reflecting a 22.76% increase [38]. - The company's gross profit margin stands at 55.49%, with a debt ratio of 29.92% [38]. Group 3: Future Outlook and Strategic Plans - The company aims to continue increasing its share in overseas markets and plans to invest in upgrading facilities to support its CNC equipment business, with potential future investments in the U.S. or Middle East markets contingent on securing sufficient orders [17][21]. - The company is focused on maintaining its localization strategy in overseas markets and is optimistic about the long-term growth of its export business, despite current growth rates not being fully linear [21][16].