[Table_Title] 证券研究报告 / 公司点评报告 H1 营收利润双高增，加大水利水电行业布局 [事件： Table_Summary] 据公司公告，2025 年 H1 公司实现营收 11.82 亿元（同比+46.63%）， 归母净利润 1.22 亿元(同比+41.05%)，扣非归母净利润 1.10 亿元(同比 +28.71%)；2025 年 Q2 公司实现营收 7.74 亿元（同比+67.67%），归母净 利润 0.88 亿元（同比+42.13%），扣非归母净利润 0.81 亿元（同比 +23.62%）。 点评 国内欧式起重机龙头深耕中高端市场，持续开展服务业务布局 作为国内欧式起重机龙头，公司聚焦高端客户定位，发挥下游行业覆盖 面广阔、聚焦各个下游行业头部客户群的优势，在船舶、自动化等多个 细分领域实现了重大突破，新签订单创同期历史新高；响应下游重工业 客户探索重工制造自动化、重载仓储物流自动化，桁架式空中搬运机器 人市场蓬勃发展；同时，生产型服务业处于产业链的高附加值环节，公 司正通过布局工业互联网服务平台，打造"方案+服务"的全生命周期综 合解决方案提供商，服务业务占比持续提升。 深化全球布局， ...

Core Viewpoint - The article discusses the significant investment and potential opportunities arising from the construction of the Yarlung Tsangpo River hydropower project, which is expected to ignite enthusiasm in the capital market and lead to a surge in related stocks [3][8]. Group 1: Investment and Design Construction - Major beneficiaries in the investment and design construction sector are China Power Construction (601669) and China Energy Engineering (601868.SH), both state-owned enterprises expected to play a crucial role in the hydropower project [8]. - In Q1 of this year, China Power Construction and China Energy Engineering reported revenues of 142.74 billion and 100.37 billion respectively [9]. - China Power Construction is responsible for over 80% of river planning and more than 65% of large and medium-sized hydropower station construction tasks in China [11]. Group 2: Explosives and Cement - The initial phase of the hydropower project will heavily rely on the explosives and cement industries, with companies like Gaozheng Explosives (002827.SZ) and Poly United (002037.SZ) being key players [14][18]. - Gaozheng Explosives has a total explosive production capacity of 22,000 tons and reported a revenue of 300 million in Q1, a year-on-year increase of 17.3% [19]. - Poly United has a significant market presence in the explosives sector, with a production capacity of nearly 470,000 tons of industrial explosives and 16.165 million electronic detonators [21][22]. Group 3: Engineering and Equipment - In addition to the previously mentioned companies, other key players in the engineering and equipment sector include Flantech (603966.SH), Dongfang Electric (600875.SH), and China Railway Heavy Industry (688425.SH) [30]. - Flantech, a leader in the industrial crane sector, is expected to benefit from the peak installation phase of hydropower stations, with a contract liability growth of 42.9% in Q1 [34]. - Dongfang Electric has a market share of 41.6% in pumped storage and 45% in conventional hydropower, with a revenue increase of 14.9% in 2024 [39].

公司研究 证 券 研 究 报 告 海外业务提速，受益中高端渗透率提升 目标价：13.2 元 事项： ❖ 公司发布 2024 年报及 2025 年一季报：公司 2024 年营收为 21.3 亿元，同比 +6.9%；归母净利润为 1.67 亿元，同比+2.2%；扣非净利润为 1.58 亿元，同比 +10.0%。公司 2025 年一季度营收为 4.08 亿元，同比+18.4%；归母利润为 0.34 亿元，同比+38.4%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,129 | 2,595 | 3,115 | 3,686 | | 同比增速(%) | 6.9% | 21.9% | 20.1% | 18.3% | | 归母净利润(百万) | 167 | 239 | 305 | 376 | | 同比增速(%) | 2.2% | 43.0% | 27.5% | 23.8% | | 每股盈利(元) | 0.46 | 0.66 | 0.8 ...

Core Viewpoint - The company, Eurocrane, is positioned as a leader in the high-end material handling equipment market, focusing on European-style cranes and automation solutions, with a strong emphasis on international expansion and technological innovation [5][6][7]. Group 1: Company Overview - Eurocrane operates in the material handling industry, primarily manufacturing European-style cranes and electric hoists, serving various sectors including energy, transportation, and manufacturing [5][8]. - The company has a diversified client base across multiple industries, which mitigates cyclical risks associated with specific sectors [5]. Group 2: Business Performance - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling approximately 82.82 million yuan, representing a payout ratio of 49.61% of the net profit [4][16]. - In the reporting period, the company achieved a revenue growth of 6.88% and a net profit growth of 10.04%, indicating strong operational performance [13]. Group 3: Market Position and Strategy - Eurocrane is recognized as a leading brand in the domestic European-style crane market, with a focus on high-end products and lifecycle services [10][11]. - The company is expanding its international presence, establishing subsidiaries in regions such as Saudi Arabia and Indonesia, and targeting markets in Europe, Southeast Asia, and Latin America [7][11]. Group 4: Industry Trends - The material handling industry is transitioning towards automation and robotics, driven by the demand for increased efficiency and smart manufacturing solutions [6][10]. - The company is developing automated material handling solutions, including various types of industrial robots, to meet the evolving needs of the manufacturing sector [6][10].