智通财经APP获悉，森松国际(02155)涨超9%，截至发稿，涨9.38%，报10.84港元，成交额1.77亿港元。 消息面上，今年上半年，森松国际新签订单59.96亿元，同比增长89.5%。其中，医药新签订单43.72亿 元，同比增长642%。截至今年上半年，公司在手订单为105.66亿元，同比增长20.4%，创历史新高。华 泰证券认为，主因海外制药CAPEX需求强势修复，公司抓住机会有效转化订单。该行预计公司25年归 母净利润同比略有增长。但伴随减值亏损减少+25年新签订单或显著增长，看好公司自26年起恢复双位 数归母净利润同比增长。 另外，当地时间9月25日，美国总统特朗普宣布，自10月1日起，美国将对多类进口产品实施新一轮高额 关税。此次，特朗普表示，除非公司已在美国破土动工建设制造厂，否则对所有品牌或专利药品征收 100%的新关税将适用于所有进口产品。公开资料显示，森松国际作为国际领先的一站式综合解决方案 供应商，在高端设备/工艺模块/模块化工厂项目经验丰富，质量、交期和价格等方面具有明显优势。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to disruptions in orders and impairment losses, but new order growth and improved cash flow are promising for future performance [1][2]. Financial Performance - 1H25 revenue was 2.687 billion yuan, down 23% year-over-year, with a net profit of 338 million yuan, down 10.1% year-over-year [1]. - New orders in 1H25 reached 6 billion yuan, an increase of 89.5% year-over-year, with backlog orders at 10.6 billion yuan, up 20.4% year-over-year, marking a historical high [1]. Sector Performance - The biopharmaceutical sector saw revenue of 797 million yuan in 1H25, up 20% year-over-year, driven by successful project completions in North Africa [1]. - The green energy sector is expected to become a new growth driver, with 1H25 revenue from other fields at 288 million yuan, up 18% year-over-year [2]. Future Outlook - For 2H25, the company anticipates strong revenue growth, supported by a significant backlog of orders and a recovery in overseas CAPEX demand [2]. - The modular data center technology is expected to enhance collaboration with downstream operators, potentially driving mid-term growth [3]. Capacity Expansion - The company is expanding its international production capacity, with ongoing projects in Nantong, Malaysia, and potential new facilities in Thailand, which will support long-term growth [3]. Earnings Forecast - The company projects EPS of 0.61, 0.76, and 0.97 yuan for 2025-2027, with a target price of 13.41 HKD for 2025, reflecting an increase in the valuation due to the recovery in the pharmaceutical sector [3].