[Table_Info1] 银龙股份(603969) 机械设备 [Table_Date] 发布时间：2025-07-01 [Table_Title] 证券研究报告 / 公司点评报告 全球预应力材料领军企业，业绩或进入放量期 [Table_Summary] 事件：根据交易所互动平台信息，针对机器人腱绳业务，公司正在对精 细化线材产品的全品类应用场景进行深入研究，该项目尚处于前期调研 与技术储备阶段。 点评 预应力材料+轨交用混凝土制品营收利润高增，业绩进入加速放量期 预应力材料和轨交用混凝土制品作为公司的核心业务，2024 年实现营收 业务双高增。预应力材料：2024 年，公司预应力材料产业实现营业收入 24.25 亿元（同比+6.03%），实现归母净利润 1.74 亿元（同比+ 55.93%）， 主要系销量同比增长和高附加值产品占比提升。公司作为全球领先的预 应力材料全产业链企业，年产能超过 60 万吨。2025 年，公司将基于当 前在手订单及市场需求持续放量。同时，受益于国家重大基础设施工程 的稳健发展，公司将着力提升高附加值产品的市场占有率，进一步提升 盈利能力。轨交用混凝土制品：2024 年，公司轨交用 ...

Group 1: Yinlong Co., Ltd. - Yinlong Co., Ltd. has a broad production base in the prestressed materials and concrete products for rail transit industry, adhering to market proximity and regional radiation principles [1] - The company is involved in multiple high-speed rail projects, such as the Xiong'an New Area to Shangqiu high-speed rail, ensuring production schedules align with project milestones [1] - The company is optimistic about future performance, with the PCCP industry expected to maintain a compound annual growth rate of 6%-7% until 2030 [1] Group 2: Kangxi Communication - Kangxi Communication's operating conditions are strong in the first half of 2025, with orders sufficient to cover until the fourth quarter of 2025 [2] - The company benefits from the increasing demand for Wi-Fi 7 products, with significant revenue growth driven by strong demand in industrial IoT products and high-efficiency drone products [2] - The 337 investigation is set to officially commence in July 2025, with an initial ruling expected by the end of the year [2] - The Wi-Fi 8 technology standard is anticipated to be established by the end of 2027, with product samples expected to be launched in 2026 [2]

Group 1 - Hongde Fund recently conducted research on a listed company, Yilong Co., which highlighted the advantages of 2200-2400MPa ultra-high-strength steel strands and their applications in multiple high-speed rail constructions [1] - The company’s export business typically has a shorter account period compared to domestic business, with 90% and 80% of customers having account periods within one year, respectively [1] - Yilong Co.'s products are primarily used in railway, water conservancy, bridges, highways, new energy infrastructure, and civil construction, with the railway market being a core focus [1] Group 2 - The company is considering factory upgrades and capacity expansion, having requested authorization from the board to proceed with a simplified procedure for issuing stocks to specific targets [1] - The execution cycle of contracts varies based on product type and contract amount, with longer execution cycles for concrete products used in rail transit [1] - Pre-stressed materials have transportation radius requirements, and concrete products for rail transit need to be constructed near new high-speed rail projects [1] Group 3 - Hongde Fund was established in 2015, with a total asset management scale of 46.34 billion yuan, ranking 86 out of 210 [2] - The fund's best-performing public fund product in the past year is Hongde Digital Economy Mixed Initiation A, with a latest net value of 1.19 and a growth of 38.5% over the past year [2] - The latest public fund product raised by Hongde Fund is Hongde Yuhui Bond A, which is a bond-type mixed secondary fund, with a concentrated subscription period from June 3, 2025, to June 23, 2025 [2]

Core Viewpoint - The company held an earnings briefing for the fiscal year 2024 and the first quarter of 2025, highlighting significant profit growth despite lower revenue compared to 2021, driven by strategic market expansion and product innovation [1][2]. Group 1: Earnings Performance - In 2024, the company achieved a net profit of 237 million yuan, a year-on-year increase of 37.94%, while revenue was 3.054 billion yuan, up 11.10% [1][6]. - The company’s cash flow showed a net outflow due to increased production and sales volumes, particularly for high-speed rail projects [1][5]. - The gross profit margin for prestressed materials was approximately 16.23%, while the margin for rail transit concrete products was 29.11% [2][3]. Group 2: Product and Market Development - The company has focused on optimizing product structure and enhancing technological capabilities, leading to increased market share in high-value products [3][4]. - Sales of intelligent production equipment grew by 148.87% year-on-year, indicating a strong demand for automation in concrete component production [4][5]. - The company has established a comprehensive supply chain for prestressed materials, with production bases strategically located to meet regional demands [6][7]. Group 3: International Expansion - Approximately 20%-30% of the company’s revenue comes from exports, with products supplied to over 90 countries, including major infrastructure projects in Southeast Asia and the Middle East [5][6]. - The company is actively pursuing opportunities in international projects, such as the China-Kyrgyzstan-Uzbekistan railway, leveraging its production base in Xinjiang [5][6]. Group 4: Future Growth Strategies - The company plans to continue focusing on core business areas, including prestressed materials and rail transit concrete products, while also exploring opportunities in the renewable energy sector [6][7]. - The company aims to enhance its competitive edge through technological innovation and strategic collaborations, positioning itself for sustainable growth in the evolving market landscape [6][7].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year growth in both revenue and net profit, indicating robust operational resilience and effective cost management [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 585 million yuan, representing a year-over-year increase of 23.70%, marking the highest quarterly revenue growth since 2022 [1][2]. - The net profit attributable to shareholders reached 70 million yuan, reflecting a substantial year-over-year increase of 76.97%, driven by improved gross margins and effective control of operating expenses [1][2]. Profitability Metrics - The gross margin for Q1 2025 was 23.82%, an increase of 1.92 percentage points year-over-year, attributed to an optimized business structure and a higher proportion of high-value products [3]. - The net profit margin improved significantly to 12.48%, up 4.06 percentage points year-over-year, benefiting from both gross margin enhancement and a notable reduction in the expense ratio, which decreased by 5.58 percentage points to 9.76% [3]. Growth Outlook - The company is positioned as a leading player in the prestressed steel and track slab sectors, with a comprehensive product matrix and strong technical and brand capabilities [4]. - The company is expected to continue its growth trajectory, with projected revenues of 3.651 billion yuan, 4.222 billion yuan, and 4.804 billion yuan for 2025-2027, reflecting year-over-year growth rates of 19.6%, 15.6%, and 13.8% respectively [4]. - Net profit forecasts for the same period are 331 million yuan, 433 million yuan, and 525 million yuan, with year-over-year growth rates of 39.8%, 30.8%, and 21.2% respectively [4].