Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Insights - The company is experiencing dual growth drivers, with significant contributions from both domestic and international markets, leading to a stable growth pattern of "domestic core business steady growth + rapid overseas expansion" [2] - High R&D investment is strengthening the company's competitive edge through the development of proprietary products and digital management optimization [3] - The company's financial health is robust, with a high dividend policy reflecting confidence in future performance [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 1.111 billion yuan, a year-on-year increase of 38.02%, and a net profit attributable to shareholders of 67 million yuan, up 22.71% year-on-year [1] - The company forecasts revenues of 4.350 billion yuan, 5.164 billion yuan, and 6.056 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69 yuan, 0.86 yuan, and 1.05 yuan [10][12] Market Expansion - The company has made significant breakthroughs in domestic new fields, with rapid revenue growth in oil and gas, power generation, and emerging e-commerce sectors, while maintaining stable gross margins in its core grid business [2] - The overseas business saw explosive growth, with revenue of 20.89 million yuan in the first half of 2025, representing a 183% increase, driven by large orders in the South American market [2] R&D and Innovation - The company is focusing on high R&D investment, maintaining a growth rate of around 20% for 2023-2024, with an 18% increase in R&D spending in the first half of 2025 [3] - As of mid-2025, the company holds 355 patents and 254 software copyrights, enhancing its core competitiveness through the development of advanced technologies [3] Financial Health and Shareholder Returns - The company operates under a light asset model with a healthy financial structure, maintaining a high dividend payout ratio of 91.24% for 2024, with a cash dividend exceeding 651 million yuan since its IPO [4]

4月22日，咸亨国际（605056）（605056）发布2024年年报，公司实现营业总收入36.06亿元，同比增长 23.15%；归属净利润2.23亿元，同比增长130.67%；扣非净利润2.25亿元，同比增长34.65%。尽管业绩 表现亮眼，公司在供应链管理和新行业拓展方面仍面临挑战。 销售板块：电网领域持续深耕，新战略行业拓展显著 自主产业是公司满足客户需求，提高客户粘性的重要方式，始终是支撑公司未来发展的战略板块。2024 年，公司研发投入6,764.78万元，同比增长21.49%，重点研发项目涉及无人机智慧巡检平台、具身智 能、电力鸿蒙等领域。自主产品销售收入约6.71亿元，同比增长29.13%。 公司于2024年1月在杭州市上城区取得了14.74亩的工业用地，并于当月正式开工建设，主要用于打 造"智能制造中心"。"智能制造中心项目"将借助杭州主城区的区位优势，吸引更多高端人才加入公司， 拟打造为智能、绿色的高端装备研发中心和制造中心，主要方向为高端液压装备、红外、声纹检测设 备、电缆智能检测设备、不停电作业设备、具身智能等相关核心技术、产品的研发和制造。 供应链管理：新增50余万个SKU，但效率仍需 ...