2025H1 归母净利润同比增48%，符合预期。1）2025H1 实现收入2.49 亿元，同比增长33%；归母净利 润0.58 亿元，同比增长48%；无人化智能装备订单交付快速增加驱动业绩高增长。2）2025H1 经营活动 现金流流量净额1013 万元，上年同期4353 万元，现金流下降主要由于采购备货、员工薪酬支出增加所 致。3）费用管控良好，2025H1 销售、管理、财务、研发费用率分别同比变动-3.88pct、-1.29pct、 +0.38pct、-4.93pct 至14.95%、7.73%、-0.14%、12.88%。 本报告导读： 公司无人化智能装备订单交付快速增加，驱动业绩高增长。 投资要点： 维持"增持" 评级。我们维持2025-2027年净利润预测分别为1.84、2.17、2.53 亿元，对应EPS 分别为 0.90、1.05、1.23 元。参考可比公司估值，考虑到公司是煤质分析仪器行业头部企业和唯一A股上市公 司，技术实力和产品创新优势突出，火电存量机组智能化改造及新建机组落地有望持续释放无人化装备 采购需求，驱动公司快速成长，考虑估值切换给予公司2026 年26 倍PE，上调目标价至27. ...

Robotics - Xince Standard: The joint venture Xince Standard (Suzhou) Robot Technology Co., Ltd. has not generated any business revenue [1] - High Measurement Co.: The composite tungsten wire tendon rope used in humanoid robots has formed small batch orders [1] - Hongqi Chain Store: The company's robot project is currently under development [1] - Shuangfei Group: The company will actively seek cooperation opportunities with humanoid robot clients [1] Liquid Cooling - Hu塑科技: The company has not yet cooperated with Vidi Technology to develop a dedicated BMU solution for liquid cooling systems [1] Other Developments - Aerospace Electric: The company's connectors, cables, and motors have been applied in supporting new energy vehicles [1] - Zhuoyi Information: The company's BIOS products have a layout in the Harmony ecosystem [1] - Fuxin Technology: The company has initiated the development of the Micro TEC project for 1.6T optical modules [1] - Qiaofeng Intelligent: The company's CNC machine tool products can be applied in the processing of folding screen structural components [1] - Airo Energy: The company's technology and products do not involve AIDC [1] - Sande Technology: There is strong demand, and the revenue growth of the company's unmanned intelligent equipment is sustainable [1] - Yingjie Electric: The demand for nuclear fusion-related power supplies may form an increment in the second half of this year and the first half of next year [1] - Tongguan Copper Foil: The company has sufficient orders for copper foil products, and prices will be adjusted according to market conditions [1]

Core Viewpoint - The company, SanDe Technology, reported a significant increase in revenue from its unmanned intelligent equipment segment due to a surge in demand driven by the digital transformation of key downstream industries such as thermal power, coal, and steel [1] Group 1: Business Performance - The company has a robust order backlog for unmanned intelligent equipment, indicating strong market demand [1] - The delivery pace of unmanned intelligent equipment orders has accelerated, and project acceptance has increased year-on-year [1] - The company anticipates that revenue growth from unmanned intelligent equipment will be sustainable, especially as historically, project acceptance in the second half of the year tends to exceed that of the first half [1]

投资收益变动幅度为92.94%,原因:报告期大额存单及证券投资收益增加等。 证券之星价投圈财报分析工具显示： 据证券之星公开数据整理，近期三德科技(300515)发布2025年中报。截至本报告期末，公司营业总收入 2.49亿元，同比上升33.44%，归母净利润6135.32万元，同比上升45.74%。按单季度数据看，第二季度 营业总收入1.41亿元，同比上升47.93%，第二季度归母净利润3328.24万元，同比上升46.04%。本报告 期三德科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达134.31%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率59.37%，同比减7.2%，净利率25.06%，同比增 9.94%，销售费用、管理费用、财务费用总计5607.54万元，三费占营收比22.54%，同比减17.53%，每股 净资产3.93元，同比增14.45%，每股经营性现金流0.05元，同比减76.73%，每股收益0.31元，同比增 46.71% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | ...

Group 1: Financial Performance - The company's revenue for the first half of 2025 reached 2.49 billion yuan, a year-on-year increase of 33.44% [2] - Net profit amounted to 613.53 million yuan, reflecting a year-on-year growth of 45.74% [2] - Basic earnings per share were 0.31 yuan, up 46.71% compared to the previous year [2] Group 2: Business Segment Performance - Revenue from the analytical instruments segment was 1.13 billion yuan, with a year-on-year increase of 7.05% and a gross margin of 64.34% [2] - Revenue from unmanned intelligent equipment reached 907.13 million yuan, showing a significant year-on-year growth of 117.09% [2] - The operation and maintenance services generated revenue of 447.97 million yuan, reflecting a year-on-year increase of 15.38% [2] Group 3: Market Drivers and Trends - The growth in analytical instruments revenue was driven by increased procurement demand from government sectors and recovery in industries like steel and metallurgy [3] - The demand for unmanned intelligent equipment is fueled by the digital transformation in key industries such as thermal power and coal [4] - The company expects sustained growth in unmanned intelligent equipment revenue due to a robust order backlog and increased project acceptance [4][5] Group 4: Profitability and Cost Management - The gross margin for unmanned intelligent equipment was 46.13%, showing improvement due to scale effects and reduced costs [6] - There is potential for further improvement in gross margins, although it may not reach the levels of analytical instruments due to product differences [7] Group 5: Strategic Outlook - The company has no immediate plans for external acquisitions but is open to exploring opportunities for resource integration and market expansion [7]

Summary of the Conference Call for SanDe Technology Company Overview - **Company**: SanDe Technology - **Industry**: Automation and Environmental Instrumentation Key Points and Arguments Financial Performance - **Revenue Growth**: Company reported a revenue growth of approximately 100% year-on-year for the first half of 2025, driven by the recovery of the environmental subsidiary and a 15.38% increase in operation and maintenance services [2][3] - **Gross Margin**: The gross margin for the unmanned intelligent equipment business increased to 46%, with expectations to maintain between 40% and 50% in the future [2][3] - **Order Backlog**: As of June 30, 2025, the company had an order backlog of approximately 800 million RMB (about 90 million USD), with new orders nearing 300 million RMB [5][7] Business Segments - **Unmanned Intelligent Equipment**: - Significant demand from new power plants, with over 83% of new projects incorporating unmanned intelligent equipment [4][8] - Expected revenue growth for the unmanned intelligent equipment segment, with approximately 360 million RMB anticipated in the second half of the year [7] - **Analysis Instruments**: - Growth driven by the recovery of the environmental subsidiary and increased demand from steel and metallurgy sectors, with expectations for double-digit growth for the year [4][17] Market Trends - **Power Generation**: - Thermal power generation is projected to account for 67% of total power generation in 2024, despite the rapid growth of wind and solar energy [9] - New policies require thermal power plants to enhance peak load regulation capabilities and equipment intelligence, benefiting unmanned intelligent equipment systems [10][15] Future Outlook - **Market Demand**: The company is optimistic about future performance due to the digitalization trend and the increasing need for upgrades in existing facilities [13] - **R&D Focus**: Future R&D investments will focus on optimizing product costs and delivery speed, with an emphasis on customer customization, particularly in software management systems [25] Operational Insights - **Cash Flow**: A decline in net cash flow was noted due to increased procurement expenses, but improvements are expected in the second half of the year as large-scale inventory purchases are not anticipated [20] - **Maintenance Services**: The operation and maintenance business grew nearly 15%, with equipment maintenance services showing a significant increase in acceptance among clients [26][27] Strategic Initiatives - **Acquisition Strategy**: The company is cautious about external acquisitions, focusing on projects that align with existing business for certainty [23] - **Non-Coal Detection**: Progress in non-coal detection fields, particularly in cement and steel industries, is ongoing, with a focus on automation [21][24] Additional Important Information - **Client Preferences**: Clients prefer conventional maintenance contracts over bundled service models due to concerns about cost efficiency [28] - **Government Support**: The recovery of the environmental subsidiary was aided by government funding, particularly in the customs equipment update demand [19] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market trends, and strategic direction.

Group 1: Company Overview - Founded in 1993, the company operates in two main product categories: analytical instruments and unmanned intelligent equipment, along with related technical services [1] - The company's products are primarily used for analyzing coal quality indicators and can be extended to other solid combustible materials [1] - The company is the only A-share listed company in its niche market, focusing on the "instruments" and "automation" sectors [2] Group 2: Market Position and Strategy - The company has established a competitive advantage in the coal detection and unmanned intelligent equipment sectors, being a leading player in this market [3] - The unmanned intelligent equipment business is a successful example of the company's "vertical extension" strategy, with revenue surpassing analytical instruments in 2024 [2] Group 3: Market Demand and Competition - The market for unmanned intelligent equipment is growing, but high market barriers exist due to the complexity of the products and the specific needs of downstream clients [4] - The company believes that the barriers to entry, such as technological requirements and customer expectations, create a "moat" around its business [4] Group 4: Impact of Coal Prices - Historical data indicates that fluctuations in coal prices have minimal impact on the company's performance due to the balanced nature of its client base [5] - The company's products are essential for clients' operations, making them a "necessity" despite price changes [5] Group 5: Business Expansion and Workforce - The company's operational services accounted for 14.11% of revenue in 2024, indicating a stable growth outlook for this segment [8] - The workforce has increased in recent years to support the growth of the unmanned intelligent equipment business, with a dedicated sales team established for this product line [8]

Company Overview - Founded in 1993, Hunan Sand Technology Co., Ltd. operates in two main product categories: analytical instruments and unmanned intelligent equipment, along with three service sectors derived from these products [1] - The company's products are primarily used for analyzing and managing coal quality indicators, with applications extending to coke, biomass, solid hazardous waste, and cement raw materials [1] - The company is a leading player in the coal testing instrument and unmanned intelligent equipment sectors, being the only A-share listed company in this niche market [2] Strategic Development - The company focuses on a "vertical extension" and "horizontal expansion" strategy, with unmanned intelligent equipment representing a successful example of the vertical extension strategy [2] - In 2024, the revenue from unmanned intelligent equipment is expected to surpass that of analytical instruments, establishing a second growth curve for the company [2] Market Demand and Trends - The demand for unmanned intelligent equipment is driven by several factors: 1. Traditional industries are undergoing transformation and upgrading, increasing the need for automation and intelligence due to rising labor costs and the need for cost control [2] 2. The slowing population growth in China and the increasing demands for work and living environments make automation a trend [2] 3. Major state-owned enterprises in the energy sector are actively pursuing intelligent upgrades, creating strong demand for relevant products [2] 4. The company has accumulated extensive technical reserves and industry experience over decades in coal analysis and testing [2] Non-Coal Sector Expansion - The company has established a long-standing application of analytical instruments in non-coal sectors such as coke, biomass, solid hazardous waste, and cement [3] - Unmanned intelligent equipment has also received orders in the solid hazardous waste sector, with ongoing research projects in other non-coal areas [3] Future Outlook - The company is optimistic about the future growth of unmanned intelligent equipment, as traditional industries are increasingly adopting digital and intelligent solutions [4] - The demand for unmanned intelligent equipment is expected to remain strong, driven by both existing upgrades and new constructions [4] Capital Operations and Incentives - Currently, the company has no plans for refinancing or mergers and acquisitions, but it is open to exploring opportunities for resource integration [4] - The company has implemented two phases of employee stock ownership plans since its IPO in 2018 and 2020, achieving the desired incentive effects [4]

Market Overview - On July 2, A-shares experienced a collective pullback, with the Shanghai Composite Index down 0.09% to 3454.79 points, the Shenzhen Component down 0.61% to 10412.63 points, and the ChiNext Index down 1.13% to 2123.72 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 137.7 billion yuan, a decrease of 89.1 billion yuan compared to the previous day [1] - Despite the overall market decline, blue-chip stocks in banking, real estate, and steel provided some support, with the Shanghai Composite Index reaching a low of 3447 points and a high of 3461 points during the day [1] Sector Performance - The marine economy sector showed strong performance, with an overall increase of over 6%, and more than 10 stocks, including Deep Sea Haian and Dalian Heavy Industry, hitting the daily limit [2] - The military trade concept, after five consecutive days of increase, began to decline on July 1, indicating that the current phase of speculation may be ending [2] Individual Stock Highlights - SanDe Technology saw a significant increase, with its stock rising over 10% for two consecutive trading days, while KaiMeiTeQi achieved three consecutive limit-ups [3] - SanDe Technology specializes in the research, production, and sales of experimental analysis instruments and intelligent fuel management solutions, and reported a net profit of 28.07 million yuan for Q1 2025, with a year-on-year growth rate of 45.38% [3]

Company Overview - Founded in 1993, the company operates in two main product groups: analytical instruments and unmanned intelligent equipment, along with three service sectors related to these products [1] - The company's products are primarily used for analyzing coal quality indicators and intelligent management, applicable to various solid combustible materials [1][2] - The company is a leading player in the coal testing equipment and unmanned intelligent equipment market, being the only A-share listed company in this segment [2] Market Dynamics - The demand for analytical instruments is primarily driven by existing customers' need for upgrades, despite a decline in overall market demand [3] - The company maintains a cautious optimism regarding revenue stabilization and growth in 2025, following a decline in its subsidiary's revenue [3][4] Product Transition - The shift towards unmanned intelligent systems has not reduced the overall demand for the company's products; rather, it has led to a transition from traditional analytical instruments to unmanned systems [5][6] - Approximately 60% of new orders for unmanned intelligent equipment in 2024 are from existing power plants undergoing smart upgrades, with an increasing trend in new project orders [8] Profitability and Growth Potential - The gross margin for unmanned intelligent equipment is around 40%, with potential for improvement, although it is unlikely to reach the analytical instruments' level of over 60% [8] - The penetration rate of unmanned intelligent equipment varies by industry, with higher rates in the coal power sector compared to other industries [7] Strategic Focus - The company is focused on deepening its market presence in the "instruments" and "automation" sectors, implementing both vertical and horizontal growth strategies [2] - The ongoing digital transformation in the coal power industry is expected to drive demand for the company's products, supported by favorable policies and market conditions [6]