海能技术 20250715 摘要 海能技术 2025 年上半年收入增长超 35%，Q2 收入同比增长超 30%， 环比增长超 40%，收入端显著增长对公司至关重要，预示利润快速提升。 海能技术持续投入音响色谱产品，与高校合作推进国产化，并布局新产 品如白小白，这些举措有望增厚公司收益。 海能技术上半年利润增长近 2000 万元，得益于过去三年超过 15%的研 发投入，提升了产品竞争力和可靠性，尤其是在进口替代背景下，提高 了市场份额。 海能技术在 2024 年行业需求不佳时，保持市场和销售投入，提升了各 细分领域市场占有率，企业端客户占比接近 50%，保证了增长的稳健性。 海能技术 2025 上半年实现 30%的业绩增速，远超行业平均水平，过去 十年复合增长率接近 20%，高毛利特性使其利润贡献大于收入贡献。 海能技术液相色谱仪国产化率达 70%，部分核心部件已实现通用级别， 并有备胎方案，但超高效液相色谱仪仍面临挑战。 海能技术积极进行股票回购和分红，过去五年至少分红四次，未来将继 续保持这一策略，以回馈股东并增强投资者信心。 Q&A 今年以来，华源证券在北交所市场的研究和活动主要聚焦于两条主线：稀缺性 投 ...

根据公告，海能技术将以此为契机加快集聚科学仪器领域的国际化尖端人才，探索构建数字孪生研发平台，实现产品设计、工艺仿真、虚拟测 试的全流程数字化映射，着力攻克关键技术与工艺瓶颈，推动更多技术成果快速转化落地。同时，公司计划引入数字化、智能化、绿色化设备 与制造工艺，搭建工业互联网平台，部署智能工业大模型，建设智慧仓储系统，探索智能机器人值守的无人化产线，进一步夯实全产业链的精 益制造能力，打造国产科学仪器领域的智能制造样板工厂。 "该项目的建设不仅彰显了海能技术响应国家大力发展科学仪器产业的坚定信心，更是公司面向世界级市场迈进的重要一步，对企业的战略布 局具有里程碑意义。"徐渊表示，随着该项目在上海松江的推进，海能技术有望依托区域优质的制造业基础和产业配套，进一步增强在高端科 学仪器自主可控与智能化制造领域的核心竞争力。 资料显示，海能技术长期专注于食品营养与安全检测、药物及代谢产物分析、农产品质量与安全检测、环境污染物监测以及高校科研教学领 域，提供科学仪器及配套分析方法。依托光谱、色谱、电化学等核心技术，公司持续推进自主研发和并购整合，已形成有机元素分析、样品前 处理、色谱光谱、通用仪器四大产品系列，百余款 ...

Core Viewpoint - The company, Haineng Technology, is experiencing a significant decline in revenue and net profit in 2024, marking the first year of revenue drop in over a decade, but there are signs of recovery in demand and potential growth in 2025 [2][3]. Financial Performance - In 2024, the company reported revenue of approximately 310 million yuan, a decrease of 9.06% year-on-year, and a net profit of 13.07 million yuan, down 70.99% year-on-year [2]. - The first quarter of 2024 saw revenue of 55.50 million yuan, an increase of 37.85% year-on-year, while net profit was negative 0.52 million yuan, reflecting a 96.01% year-on-year improvement [3]. Market Demand and Industry Trends - The decline in revenue is attributed to a slowdown in downstream market demand, particularly in soil testing projects and educational institutions affected by delayed loan policies [2][3]. - The scientific instrument industry is recognized as being in a growth phase, with a consensus on the need for domestic product substitution, which is expected to drive demand [4]. Future Outlook - The company anticipates a recovery in revenue growth in 2025, potentially returning to the growth rate seen in 2023 [2][5]. - Factors supporting future performance include government policies promoting equipment upgrades, increased R&D investments, and a focus on expanding market share [3][4]. Product Development - Haineng Technology is accelerating the development of Fourier Transform Near-Infrared Spectrometers, expected to be launched this year, which will enhance the product portfolio and meet domestic industry needs [5].

证券代码：430476 证券简称：海能技术 公告编号：2025-059 海能未来技术集团股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （线上会议） 二、 投资者关系活动情况 参会单位及人员：华源证券、汇添富基金、南方基金、工银瑞信基金、鹏华 基金、天弘基金、中信建投基金、农银汇理基金、西部利得基金、东海基金、同 泰基金、开源证券、长江证券、民生证券、兴业证券、中泰证券、红塔证券、联 储证券、华鑫证券、溪牛投资管理（北京）有限公司、深圳市国晖投资有限公司、 上海益和源资产管理有限公司、上海灏象资产管理有限公司、仁桥（北京）资产 管理有限公司、西安玖润投资管理有限公司、中意资产、上海艾叶私募基金管理 有限公司、深圳市长承私募证券基金管理有限公司、海南贝盈私募基金管理有限 公司、上海道合私募基金管理有限公司、杭州俊腾私募基金管理有限公司、上海 滦 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 310 million yuan in 2024, a decrease of 9.1% year-on-year, and a net profit of 13 million yuan, down 71.0% year-on-year, which was below expectations [7] - In Q1 2025, the company achieved a revenue of 55 million yuan, an increase of 37.8% year-on-year, although it reported a net loss of 1 million yuan [7] - The company is expected to benefit from government policies aimed at promoting equipment updates and increasing technology spending, which could lead to a recovery in demand [7][10] Financial Data and Profit Forecast - The company’s total revenue is projected to be 342 million yuan in 2025, with a year-on-year growth rate of 10.2% [6] - The net profit forecast for 2025 is 43 million yuan, representing a significant increase of 230.5% compared to 2024 [6] - The company’s gross margin is expected to be 65.6% in 2025, slightly improving from 64.3% in Q1 2025 [6] Revenue Breakdown - In 2024, the company’s revenue from organic element analysis was 104 million yuan, down 23.0% year-on-year, while sample preparation revenue was 57 million yuan, down 18.7% [7] - The chromatography and spectroscopy segment generated 79 million yuan, with liquid chromatography instruments contributing 46 million yuan, an increase of 27.2% year-on-year [7] - The company’s international revenue reached 70 million yuan in 2024, up 12.2% year-on-year, driven by expanded overseas distribution channels [7] Strategic Initiatives - The company has been investing in automation and digitalization since 2014, enhancing its manufacturing capabilities [10] - The introduction of a digital core platform in 2024 is expected to support the production of customized non-standard components [10] - The report highlights the company’s proactive approach in recruiting high-quality talent during industry downturns to ensure long-term growth [7][10]