数据中心、新能源车业务高速增长，防务 订单明显恢复 核心观点 事件：2025 年 H1 公司实现营收 111.83 亿（+21.60%）；实现归母净利润 14.37 亿（- 13.87%）。单季度看，2025Q2环比改善，实现营收63.45亿，环比增长+31.13%；归母 净利润 7.97 亿，环比增长+24.55%。 盈利预测与投资建议 ⚫ 根据 25 年半年报下调毛利率，下调 25、26、27 年 EPS 为 1.75、2.03、2.34 元 （前值为 1.77、2.08、2.41 元），参考可比公司 25 年 34 倍 PE，给予目标价 59.50 元，维持买入评级。 风险提示：军工订单和收入确认进度不及预期等。 2023A 2024A 2025E 2026E 2027E 营业收入(百万元) 20,074 20,686 24,552 28,586 33,187 同比增长 (%) 26.7% 3.0% 18.7% 16.4% 16.1% 公司主要财务信息 | 营业利润(百万元) | 3,686 | 3,729 | 4,128 | 4,900 | 5,768 | | --- | --- | --- | -- ...

Group 1: Financial Performance - In Q1 2025, the company achieved a total sales revenue of 4.839 billion CNY, representing a year-on-year growth of 20.56% [2] - The net profit attributable to shareholders was 640 million CNY, showing a year-on-year decline of 14.78% [2] - The gross profit margin has decreased compared to the same period last year due to three main factors: delayed defense business orders, a decline in the proportion of high-margin products, and rising raw material prices [3] Group 2: Business Segments and Growth - The defense sector is experiencing a recovery in order volume, with expectations of a significant narrowing of performance decline by mid-year [3] - The high-end manufacturing sector, particularly in the new energy vehicle and data center businesses, has seen rapid growth [4] - The company is focusing on expanding its customer base in solar energy storage, industrial, and medical sectors [4] Group 3: Operational Strategies - The company plans to enhance capacity layout and resource allocation to meet increasing demand and delivery pressures [3] - Strategic cost management and digital transformation initiatives are being implemented to improve efficiency and profitability [8] - The company is actively managing accounts receivable and inventory to enhance asset turnover and overall operational quality [9] Group 4: Future Outlook - The company anticipates significant improvements in scale and profitability in Q2 2025, with ongoing monitoring required for Q3 and Q4 [10] - The company aims to maintain a focus on growth, capability enhancement, and high-quality development throughout 2025 [10] - The data center business is expected to continue its rapid growth, driven by demand from AI servers and infrastructure development [11]