公司报告 | 半年报点评 柏诚股份（601133） 证券研究报告 收入、业绩小幅承压，海外收入增速亮眼 收入、业绩小幅承压，拟派发中期分红回馈投资者 25H1 公司实现收入 24.2 亿，同比-3.14%，归母、扣非净利润为 0.83、0.79 亿，同比-16.1%、-17.7%；Q2 实现收入 13.87 亿，同比+2.15%，归母、扣 非净利润为 0.39、0.37 亿，同比-10.4%、-13.3%。25 年上半年公司拟进行 现金分红 0.26 亿，分红比例 31.6%，重视股东回报。考虑到上半年业绩有 所承压，我们预计 25-27 年公司归母净利润为 2.3、2.6、3 亿（前值为 2.54、 3、3.46 亿），对应 PE 为 31、27、23 倍，维持"买入"评级。 新型显示领域保持较高景气度，海外收入实现大幅增长 分下游来看，25H1 半导体及泛半导体、新型显示、生命科学及食品药品大 健康分别实现营收 14.9、4.2、2.5 亿，同比-23.2%、+47.2%、+8.7%；25H1 公司在手订单17.5亿，同比下滑22%，以上三个领域25H1 在手订单为12.3、 2.9、1.6 亿，同比-3 ...

证券研究报告 柏诚股份 (601133 CH) 海外拓展成果显著，毛利率同比改善 2025 年 8 月 26 日│中国内地 建筑设计及服务 公司发布半年报：25H1 实现营收 24.24 亿元（yoy-3.14%），归母净利 8350 万元（yoy-16.10%），扣非净利 7914 万元（yoy-17.68%）。其中 Q2 实现 营收 13.87 亿元（yoy+2.15%，qoq+33.74%），归母净利 3930 万元 （yoy-10.38%，qoq-11.09%），基本符合我们的预期（0.43 亿元）。公司 25H1 末在手订单 17.5 亿元，重点跟踪的重大项目招标采购工作主要集中于 2025 年下半年推进，我们持续看好下游国内外科技产业资本开支，公司作 为国内领先的配套洁净室系统服务商，积极拓展海外，中长期发展态势良好， 维持"买入"。 海外拓展成果显著，综合毛利率同比+0.7pct 25H1 公司半导体及泛半导体/新型显示/生命科学/食品药品大健康分别实现 营收 14.9/4.2/1.1/1.4 亿，同比-23%/+47%/-42%/+235%，毛利率分别为 8.1%/13.3%/8.9%/15. ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.54 [6][7]. Core Views - The company reported a revenue of RMB 5.2 billion for 2024, a year-on-year increase of 31.8%, but the net profit attributable to the parent company was RMB 212 million, a decrease of 0.8% year-on-year, which was below expectations due to intensified industry competition and unexpected declines in gross margin [1][4]. - The company signed new contracts worth RMB 5.4 billion in 2024, representing a year-on-year increase of 9.5%, with a backlog of orders amounting to RMB 2.9 billion, indicating potential for future growth [1][2]. - The semiconductor and related sectors showed significant revenue growth, with the semiconductor segment achieving a 29% year-on-year increase, driven by domestic substitution trends [2][4]. Summary by Sections Financial Performance - In Q4 2024 and Q1 2025, the company achieved revenues of RMB 1.41 billion and RMB 1.04 billion, respectively, with year-on-year declines of 2.8% and 9.4% [1][2]. - The overall gross margin for 2024 decreased by 1.4 percentage points to 10.0%, but showed improvement in Q4 2024 and Q1 2025, with gross margins of 9.7% and 10.3%, respectively [2][3]. Expense Management - Management expenses increased significantly by 53% year-on-year in 2024, primarily due to business expansion and increased personnel costs [3]. - The company maintained a net cash flow from operating activities of RMB 220 million in 2024, which was stable compared to the previous year [3]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 236 million, RMB 265 million, and RMB 282 million, respectively, reflecting a downward revision due to anticipated delays in capital expenditures in the downstream electronics industry [4][5]. - The company is assigned a PE ratio of 28x for 2025, with a target price adjustment to RMB 12.54, down from RMB 13.52 [4][6].