MRO 集约化采购时代风起，踏浪增量时代市场红利 ——咸亨国际研究报告 通用设备 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740525060005 Email：kouhj@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 410.28 | | 流通股本(百万股) | 403.39 | | 市价(元) | 19.83 | | 市值(百万元) | 8,135.90 | | 流通市值(百万元) | 7,999.29 | 咸亨国际（605056.SH） 证券研究报告/公司深度报告 2025 年 12 月 06 日 相关报告 MRO 龙头扩展或兼具横、纵向。 从横向角度看，公司近三年新业务的拓展，其初始毛利率或不如电网领域，盖因规模 扩张总是先行，更深度的服务往往建立于客户关系的逐步成熟和新领域的理解加深， 且电网领域的深耕和地位也助力公司横向迈入其他大型企业集团的准入门槛。 从纵向角度看，如咸亨国际希望通过发展无人机业务来提升毛利率，及基于对终端客 户作业场景的深度理解，沿着产业价值链向上延伸，构 ...

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]

Core Viewpoint - Xianheng International reported significant growth in revenue and net profit for 2024, but faces challenges in supply chain management and new industry expansion [1] Sales Segment - In 2024, Xianheng International deepened its focus in the power grid sector, optimizing local sales networks and enhancing sales efficiency through regional resource integration and cost reduction [4] - The company actively expanded into five new strategic industries (power generation, oil and gas, nuclear industry, transportation, and government emergency), achieving sales of approximately 1.09 billion yuan, a year-on-year increase of 70.97% [4] - The oil and gas segment continued to develop projects with major state-owned enterprises, while the power generation segment became a new strategic focus, generating sales of 233 million yuan [4] - The emergency response segment, a key area for over a decade, continued to leverage the "Saifucheng" platform to provide comprehensive emergency solutions [4] Self-Industry and R&D - The self-industry segment is crucial for meeting customer needs and enhancing customer loyalty, with a focus on future development [5] - In 2024, the company invested 67.65 million yuan in R&D, a year-on-year increase of 21.49%, focusing on projects such as drone inspection platforms and intelligent power solutions [5] - The company acquired 14.74 acres of industrial land in Hangzhou to establish a "Smart Manufacturing Center," aimed at attracting high-end talent [5][6] Supply Chain Management - The company added over 500,000 SKUs and increased its supplier base to 22,700, implementing a comprehensive MRO supply strategy [7] - Despite the introduction of the "SCM Quotation Collaboration Platform" for online and automated coordination, challenges remain in delivery performance and financial settlement [7] - Future efforts will focus on optimizing supply chain management processes to enhance efficiency and support expansion into new industries [7]