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 ...

2024年度，公司实现营业收入42,401.01万元，较上年同期上涨1.93%，归属于上市公司股东的净利润 3,914.81万元，较上年同期增加42.03%。2025年第一季度，公司实现营业收入0.99亿元，同比下降 6.09%，实现归属于上市公司股东的净利润1276.67万元，同比增加10.3%。综合来看，2024年度与2025 年第一季度的净利润增长幅度都大于营业收入增长，一方面是因公司产品综合毛利率有所上升，另一方 面是因公司在成本费用上的严格管控。 截至2025年5月23日收盘，莱伯泰科（688056）报收于32.03元，较上周的32.75元下跌2.2%。本周，莱 伯泰科5月21日盘中最高价报33.8元。5月23日盘中最低价报31.7元。莱伯泰科当前最新总市值21.61亿 元，在通用设备板块市值排名192/215，在两市A股市值排名4766/5148。 本周关注点 业绩披露要点 2024年度，公司客户分行业营收情况如下：环保领域表现突出，营业收入同比增长28.91%，主要得益 于公司在山西省生态环境监测仪器装备升级项目中成功斩获65台仪器订单。 5月14日特定对象调研，现场参观 业绩披露要点：2024 ...

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].

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]