| 风险提示：下游应用突破不及预期，竞争加剧风险。 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,656 | 1,476 | 1,589 | 2,085 | 2,790 | | (+/-)% | 2.3% | -10.9% | 7.7% | 31.2% | 33.8% | | 净利润(归母) | 38 | 91 | 112 | 171 | 252 | | (+/-)% | -74.8% | 138.0% | 23.7% | 52.3% | 47.4% | | 每股净收益(元) | 0.04 | 0.09 | 0.11 | 0.17 | 0.25 | | 净资产收益率(%) | 1.7% | 4.2% | 4.9% | 7.1% | 9.6% | | 市盈率(现价&最新股本摊薄) | 156.20 | 65.63 | 53.06 | 34.85 | 23.64 | | 资料来源：Wind，国泰海通证券 ...

报告期内，公司数字化装备部以"元宇宙工厂"建设为抓手，深度融合机器视觉、大数据、人工智能等技 术，构建覆盖"研发—生产—交付"全链条的物联网管理体系，推动制造流程数字化升级，智能制造领域 实现关键突破。公司获评"2025年重庆市先进级智能工厂"，成为重庆市制造业数字化转型标杆，为行业 智能化升级提供可复制范式。 公司在干净空气材料、高效节能材料、无尘空调产品三大战略领域持续深耕，形成覆盖基础研究—应用 开发—产业转化的全链条创新体系。上半年研发投入3974.88万元，新获授权专利9件，累计有效专利达 204件，其中，发明专利91件。作为"国家知识产权示范企业"，技术护城河持续加固，夯实可持续发展 基础。 在产品迭代方面，公司聚焦关键领域实现技术突破。公司成功将核岛辅助系统水过滤器滤材过滤精度从 0.45μm提升至0.1μm，有效突破核电领域"卡脖子"技术，彰显技术攻关实力。 8月20日晚间，再升科技(603601)披露2025年半年报，上半年公司实现营业收入6.58亿元，归母净利润 6028.78万元，扣非后净利润4542.27万元，基本每股收益0.06元。报告期内，公司经营活动产生的现金 流量净额1.49亿 ...

Core Insights - The company reported a total revenue of 1.48 billion yuan for 2024, a year-on-year decrease of 10.9%, while achieving a net profit attributable to shareholders of 91 million yuan, an increase of 138.0% [1] - In Q1 2025, the company generated a revenue of 320 million yuan, down 4.6% year-on-year, with a net profit of 34 million yuan, up 3.7% year-on-year, indicating stable operations [1] - The company’s international operations contributed significantly to profitability, with a notable growth in the dust-free air conditioning segment [1] Revenue Breakdown - For 2024, revenue by product showed clean air materials at 540 million yuan (-2.2%), energy-efficient materials at 780 million yuan (+19.1%), and dust-free air conditioning at 130 million yuan (-70.2%); the decline in dust-free air conditioning was primarily due to the exclusion of Youyuan Environment from consolidated financial statements, but it showed a 39.7% growth year-on-year when adjusted [1] - Revenue by region indicated domestic sales at 950 million yuan (-14.5%) and international sales at 490 million yuan (-5.6%); the gross margin for international sales increased by 5.6 percentage points to 35.7%, with a gross margin contribution of 54.3% [1] Profitability and Cost Management - The company maintained a stable gross margin despite weak downstream demand by optimizing product structure [2] - The expense ratios decreased, with sales expense ratio down by 0.3 percentage points to 3.0%, management expense ratio down by 0.6 percentage points to 6.2%, and financial expense ratio down by 0.4 percentage points to 0.8%; R&D expense ratio increased by 0.5 percentage points to 6.0% [2] - The reduction in impairment provisions by 35 million yuan year-on-year contributed to a significant improvement in net profit margin, which increased by 4.3 percentage points to 7.1% [2] Strategic Focus and Growth Potential - The company is strategically focused on dust-free air conditioning and continues to deepen its expertise in clean air materials, energy-efficient materials, and dust-free air conditioning products, indicating broad long-term growth potential [3] - The company has established itself as a leader in the fiberglass industry, achieving breakthroughs in various high-tech materials, which enhances its competitive edge [3] - The increasing consumer demand for quality living is expected to drive the penetration rate of dust-free air conditioning, with the company actively building its brand and channel [3] Earnings Forecast and Investment Outlook - The projected EPS for 2025-2027 is 0.10 yuan, 0.14 yuan, and 0.17 yuan, corresponding to PE ratios of 34x, 24x, and 20x respectively [3] - Given the company's strong competitive position and diverse growth drivers, a long-term growth outlook is favorable, with a target price of 4.20 yuan based on a 30x valuation for 2026, initiating coverage with a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decline of 10.87%, but a 12.9% increase when excluding the impact of Yuyuan Environment [1] - The net profit attributable to shareholders for 2024 was 90.75 million yuan, a significant increase of 137.99%, driven by a substantial reduction in asset impairment and credit impairment losses [1] - The company has a comprehensive layout in the clean air materials and dust-free air conditioning business, leveraging material advantages to enhance its downstream integration [3] Financial Performance Summary - In 2024, the clean air materials segment generated 537 million yuan in revenue, a decline of 2.17%, while the dust-free air conditioning products segment saw a 70.2% drop, but a 39.67% increase when excluding Yuyuan Environment [2] - The high-efficiency energy-saving segment reported a revenue of 776 million yuan, a year-on-year growth of 19.11%, attributed to business expansion in green buildings and home appliances [2] - The overall gross margin for 2024 was 21.96%, with a slight increase of 0.04 percentage points, while the gross margin for the clean air materials segment increased by 3.71 percentage points [2] - The operating cash flow for 2024 was 224 million yuan, a significant increase from 1.66 million yuan in the previous year, indicating improved cash collection [3] Profit Forecast and Investment Suggestions - The company is expected to achieve net profits of 100 million yuan, 120 million yuan, and 140 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37X, 30X, and 25X [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decline of 10.87%, but a 12.9% increase when excluding the impact of Yuyuan Environment [1] - The net profit attributable to shareholders for 2024 was 90.75 million yuan, a significant increase of 137.99%, driven by a reduction in asset impairment losses and a substantial increase in investment income [1] - The company has a comprehensive layout in the clean air materials and dust-free air conditioning business, leveraging its material advantages [1][2] Financial Performance Summary - In 2024, the clean air materials segment generated 537 million yuan, down 2.17% year-on-year, while the dust-free air conditioning products segment saw a 70.2% decline, but grew 39.67% when excluding Yuyuan Environment [2] - The high-efficiency energy-saving segment reported a revenue of 776 million yuan, up 19.11% year-on-year, benefiting from expansion in the green building and home appliance markets [2] - The overall gross margin for 2024 was 21.96%, with a slight increase, while the gross margin for the clean air materials segment improved significantly due to a higher proportion of high-value PTFE materials [2] - Operating cash flow for 2024 was 224 million yuan, a substantial increase from 1.66 million yuan in the previous year, indicating improved cash collection [3] Profit Forecast and Investment Suggestion - The company is expected to achieve net profits of 100 million yuan, 120 million yuan, and 140 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 37X, 30X, and 25X [3]

Core Insights - The article emphasizes the dual role of Chongqing Zaiseng Technology as both a manufacturer and the exclusive agent for German TOSOT air conditioning in China, providing a comprehensive market perspective [1] - The insights shared by Yuan Lianghua at the 8th Home Appliance Industry Channel New Business Conference highlight the importance of brand selection, technological advancement, and marketing strategies in a competitive landscape [1][7] Brand Selection - Manufacturers must possess long-term development capabilities, and channel partners should avoid unreliable "plastic brands" to prevent exploitation [3] - Three key factors for evaluating a brand include factory presence, research and development capabilities, and team composition, which collectively determine a brand's sustainability [3] - The strength of a manufacturer is crucial; brands without factories lack credibility in claiming industry leadership [3] Market Competition - The current market is characterized by intensified competition, and instead of competing on price in mature sectors, companies should focus on creating value through new technologies [5] - The application of new airflow technology in residential settings addresses temperature inconsistencies, providing a competitive edge [5] Marketing Strategies - New consumer trends and the rise of new media offer significant opportunities for channel partners, with a reported 400 million middle-to-high-end consumers in China in 2022 whose unmet needs represent market potential [7] - The evolution of communication between products and channels, driven by new media, enhances operational effectiveness [7][8] - Successful examples, such as Xiaomi's automotive brand leveraging online influence, underscore the importance of building new media channels for channel partners [8] Industry Trends - New technologies, consumer trends, and media channels are reshaping the industry landscape, leveling the playing field for all participants [8] - Companies must recognize and adapt to these shifts to capitalize on emerging opportunities in the next development cycle [8]