证券研究报告 | 季报点评 gszqdatemark 2025 10 26 年 月 日 苏美达（600710.SH） 利润稳健释放，船舶与柴发业务持续贡献增量 事件：公司发布 2025 三季报。公司 2025Q1-3 实现营收 874.23 亿元/同 比+0.52%，归母 11.04 亿元/同比+10.03%，扣非后归母 10.42 亿元/同 比+16.43%。其中 2025Q3 实现营收 323.22 亿元/同比+4.18%，归母净 利润 4.58 亿元/同比+6.58%，扣非归母净利润 4.48 亿元/同比+12.43%。 业务：船舶业务持续贡献增量，柴发业务空间广阔。1）船舶业务持续贡 献增量。根据苏美达公众号，船舶公司接连实现新交付、新签约，近日为 希腊 JME 航运建造的皇冠 63 3.0 版本散货船、为希腊 BMC 航运建造的 41000 吨灵便型散货船"ERMIONE"号顺利交付，并与锦江航运签署 2+2 艘 1100TEU 集装箱船建造合同。2）柴发业务空间广阔。根据公司公众号， 2025H1 工厂产能较去年同期实现显著增长，特别是大功率机组产能表现 亮眼。产值同比+46%，实现大幅跃升。 财 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for the year 2024 and Q1 2025, indicating strong operational performance and profitability improvements [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 1.391 billion yuan, up 78.43% [1]. - For Q1 2025, the company reported operating revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, and a net profit of 396 million yuan, which is a remarkable increase of 348.96% compared to the previous year [1]. Profitability Metrics - The gross margin for the main business in 2024 reached 14.72%, an increase of 2.37 percentage points year-on-year [2]. - In Q1 2025, the sales gross margin was 16.18%, showing a significant improvement, while the net profit margin reached 6.26%, up 4.7 percentage points year-on-year [2]. Business Segments and Growth Drivers - The core subsidiary, China Shipbuilding Diesel Engine, reported main business revenue of 23.746 billion yuan and a net profit of 1.054 billion yuan, reflecting a year-on-year growth of approximately 397% [3]. - The company benefited from the rising demand in the shipbuilding industry, with a 20.35% increase in the completion of low-speed engines, reaching 485 units in 2024 [3]. - The company has optimized its order strategy, leading to an increase in high-quality orders and a rise in the average price of new low-speed engine orders, with gross margins improving by 4 percentage points [3]. Future Outlook - The company is expected to continue optimizing its sales structure and increasing the delivery of low-speed engines, which will likely enhance profitability [4]. - The application sectors such as AIDC and deep-sea operations are anticipated to provide new growth momentum for the company [4]. - The company has a comprehensive product portfolio in power generation and battery systems, with significant growth in data center backup power revenue and new orders [4]. Valuation and Investment Thesis - The company is projected to achieve net profits of 2.45 billion yuan and 3.20 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [5]. - The ongoing demand in the ship engine sector and the positive impact of the new US 301 plan on shipyards are expected to drive order volumes and ship prices upward [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has shown continuous high growth in its performance for 2024 and Q1 2025, driven by the buoyancy in the shipbuilding industry, with increasing orders for diesel engines and robust production and sales of low-speed engines. The company's profitability has improved due to cost reduction and efficiency enhancement measures. The proportion of high-quality orders in new contracts has increased, indicating a positive trend in sales structure optimization and profitability potential [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 1.391 billion yuan, up 78.43%. In Q1 2025, the revenue was 12.311 billion yuan, a 7.98% increase year-on-year, with a net profit of 396 million yuan, surging 348.96% [4][9]. Business Segments - The core subsidiary, China Shipbuilding Diesel Engine, reported a revenue of 23.746 billion yuan and an operating profit of 2.3 billion yuan, with a net profit attributable to shareholders of 1.054 billion yuan, reflecting a year-on-year growth of approximately 397%. The company has optimized its order-taking strategy, leading to an increase in high-quality orders and a rise in low-speed engine order prices [9][10]. Growth Drivers - The company is expanding its presence in deep-sea and data center backup power sectors, which are expected to provide new growth momentum. The revenue from data center backup power increased by 22% year-on-year, with new orders rising by 44%. The company has also secured significant contracts in the deep-sea sector, indicating a strong market position [9][10]. Future Outlook - The company is expected to achieve net profits of 2.45 billion yuan and 3.2 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times. The long-term outlook remains positive, with anticipated benefits from advancements in AI and robotics [9][10].

Group 1 - The government work report for 2025 proposes a more proactive fiscal policy, with a deficit rate set at around 4%, an increase of 1 percentage point from the previous year, and a deficit scale of 5.66 trillion yuan, up by 1.6 trillion yuan from last year [2][24] - The report emphasizes "appropriate monetary easing," continuing the previous year's stance, and highlights the need for timely adjustments in reserve requirement ratios and interest rates to maintain ample liquidity [2][25] - In the real estate sector, the report aims to stabilize the market and prevent debt defaults among property companies, indicating a focus on maintaining housing market stability [2][26] Group 2 - The report highlights the importance of new technologies in the photovoltaic industry, particularly in addressing the current challenges of slowing demand and oversupply, with a focus on BC and HJT technologies for 2025 [3] - Supply-side reforms are expected to be a major investment theme in the photovoltaic sector, with global demand growth projected at around 10% in 2025, significantly slower than in 2024 [3] - Companies with established positions in the Asia-Pacific and Latin American markets are recommended for investment, as they are likely to benefit from the growing demand in these regions [3] Group 3 - The report indicates a significant increase in AI capital expenditure, with the U.S. government planning to invest $500 billion in AI infrastructure, and China expected to invest at least 500 billion yuan in AIDC over the next three years [4] - The demand for backup power systems driven by AIDC is projected to double, with a significant need for diesel generators in smart computing centers, indicating a robust growth opportunity for domestic manufacturers [4] - The report suggests focusing on domestic OEM manufacturers with pricing power and those linked to leading generator sets, as they are expected to benefit from the increasing demand [4][8] Group 4 - The semiconductor sector is experiencing a price increase for NAND storage, driven by rising demand from the smartphone and PC industries, with expectations for continued price hikes into the second quarter [10][40] - The AI industry's explosive growth is significantly increasing the demand for storage and computing power, particularly for large language models, which require advanced storage systems [10][40] - The report identifies photon chips as a promising solution for enhancing computing capabilities, addressing performance and energy consumption challenges in traditional electronic systems [10][41]