科威尔技术股份有限公司 2025 年半年度报告 公司代码：688551 公司简称：科威尔 科威尔技术股份有限公司 科威尔技术股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中阐述公司在生产经营过程中可能面临的风险，敬请查阅 "第三节 管理 层讨论与分析 " 之 "四、风险因素 " 。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人傅仕涛、主管会计工作负责人葛彭胜及会计机构负责人（会计主管人员） 桑均均声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的公司经营计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承 诺，敬请广大投资者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情 ...

据了解，科威尔是一家以测试电源为基础产品，为多行业提供测试系统及智能制造设备的综合性测试装 备公司。 财报显示，2025年上半年，科威尔实现营业收入约为2.24亿元，同比下降11.62%；对应实现归属净利润 约为3100.56万元，同比下降25.92%。 北京商报讯（记者 马换换 王蔓蕾）8月24日晚间，科威尔（688551）发布2025年半年度报告显示，公司 上半年实现归属净利润约为3100.56万元，同比下降25.92%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth potential in the coming years [7]. Core Insights - The company reported a revenue of 478 million yuan for 2024, a year-on-year decrease of 9.58%, with a net profit attributable to shareholders of 49 million yuan, down 58.10% year-on-year [4]. - The company has seen a year-on-year increase in its order backlog, indicating strong future growth potential [6]. - The company is focusing on innovation and product iteration, with R&D expenses amounting to 79 million yuan, representing 16.5% of revenue [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 478 million yuan, with a gross margin of 45.00%, down 8.87 percentage points year-on-year [4]. - The company expects revenues to grow to 615 million yuan in 2025, with a projected year-on-year growth of 28.6% [10]. - The net profit for 2025 is estimated to be 88 million yuan, reflecting a significant recovery from the previous year [10]. Business Segment Analysis - The testing power segment generated 365 million yuan in revenue for 2024, a slight increase of 0.86% year-on-year, with a gross margin of 44.17% [6]. - Hydrogen energy revenue was reported at 95 million yuan, down 15% year-on-year, with a gross margin of 46.86% [6]. - The power semiconductor segment saw a significant decline, with revenue of 16 million yuan, down 71% year-on-year [6]. Future Projections - The company forecasts net profits of 88 million yuan in 2025, 116 million yuan in 2026, and 141 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 16 [7][10]. - Revenue is expected to reach 863 million yuan by 2027, with a projected growth rate of 12.7% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][12]. Core Views - The company reported a revenue of 480 million yuan in 2024, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 50 million yuan, down 58.1% year-on-year. The decline in performance is attributed to intensified market competition, delayed order deliveries, and increased investments in market expansion [4][5]. - The first quarter of 2025 showed a slight recovery with revenue of 110 million yuan, a year-on-year decrease of 3.6%, and a net profit of 20 million yuan, an increase of 11.3% year-on-year [4][5]. - The testing power business generated revenue of 360 million yuan in 2024, a slight increase of 0.9%, but faced pressure on profit margins due to fierce competition. The company anticipates a recovery in this segment as overseas markets and distribution channels are further developed [5][6]. - The hydrogen energy testing equipment business underperformed with revenue of 100 million yuan in 2024, down 15.1% year-on-year. The report suggests that the development of the hydrogen energy industry and the establishment of standards will take time, but policy support is expected to enhance industry prospects [5][6]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted at 70 million yuan, 90 million yuan, and 130 million yuan, leading to price-to-earnings ratios of 34, 25, and 18 times [6][10]. - The report indicates a gradual improvement in profitability, with a projected net profit margin increase from 10.3% in 2024 to 15.3% in 2027 [11]. Key Financial Metrics - The company’s asset-liability ratio stands at 24.0%, indicating a relatively low level of debt [3][11]. - The earnings per share (EPS) is expected to rise from 0.58 yuan in 2024 to 1.53 yuan in 2027, reflecting the anticipated growth in profitability [10][11]. - The report highlights a decrease in expense ratios, contributing to improved net profit margins in the first quarter of 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][12]. Core Views - The company reported a revenue of 480 million yuan in 2024, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 50 million yuan, down 58.1% year-on-year. The decline in performance is attributed to intensified market competition, delayed order deliveries, and increased investments in market expansion [4][5]. - In Q1 2025, the company achieved a revenue of 110 million yuan, a slight decrease of 3.6% year-on-year, while the net profit increased by 11.3% year-on-year to 20 million yuan [4][5]. - The testing power business generated revenue of 360 million yuan in 2024, with a gross margin of 44.2%, facing pressure from market competition. However, there are expectations for recovery as overseas markets and distribution channels are developed [5][6]. - The hydrogen energy testing equipment business underperformed, with revenue of 100 million yuan in 2024, down 15.1% year-on-year, but the gross margin remained stable at 46.9%. The industry is expected to improve as national policies are implemented [5][6]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 550 million yuan, 660 million yuan, and 840 million yuan, respectively. Corresponding net profits are forecasted to be 70 million yuan, 90 million yuan, and 130 million yuan, with price-to-earnings ratios of 34, 25, and 18 times [6][10]. - The company’s gross margin is expected to improve gradually, with projections of 47% in 2025, 47.7% in 2026, and 48.3% in 2027 [11]. Key Financial Metrics - The company’s asset-liability ratio stands at 24.0%, indicating a solid financial position [3][11]. - The earnings per share (EPS) are projected to increase from 0.58 yuan in 2024 to 1.53 yuan in 2027 [10][11]. - The company’s market capitalization is currently 2.2 billion yuan, with a total share capital of 840 million shares [3].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in the market and increased competition in the downstream new energy sector [1][2]. Financial Performance - For 2024, the company generated revenue of 478 million yuan, a year-on-year decrease of 9.6%, and a net profit of 49 million yuan, down 58.1% [1]. - In Q1 2025, revenue was 107 million yuan, a year-on-year decline of 3.6% but a quarter-on-quarter increase of 6.0%. The net profit was 20 million yuan, reflecting a year-on-year growth of 11.3% [1]. Industry Trends - The demand for testing power supplies in the downstream new energy sector is slowing, with 2024 revenue from testing power supplies at 365 million yuan, a mere 1% increase year-on-year, attributed to pressure on profitability for downstream new energy vehicle and energy storage manufacturers [2]. - The hydrogen energy testing power supply segment saw a revenue of 95 million yuan in 2024, down 15% year-on-year, with weak demand in the fuel cell sector but high growth in electrolyzer testing power supply demand [2]. Profitability Metrics - The gross margin for Q1 2025 was 37.6%, a decrease of 13.6 percentage points year-on-year due to industry price competition. The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios at 12.9%, 10.8%, 16.4%, and -1.1%, respectively [3]. - The net profit margin for Q1 2025 was 19.0%, an increase of 2.6 percentage points year-on-year [3]. Profit Forecast and Valuation - Due to intense price competition, the net profit forecast for 2025 has been revised down by 4% to 109 million yuan, with a new estimate for 2026 at 170 million yuan. The current stock price corresponds to a P/E ratio of 20.2 for 2025 and 13.0 for 2026 [4]. - The company maintains an outperform rating and a target price of 30 yuan, implying a potential upside of 13.9% from the current stock price [4].