机构持仓方面，截止2025年6月30日，卓然股份十大流通股东中，国寿安保智慧生活股票A（001672） 位居第五大流通股东，持股299.56万股，相比上期增加50.00万股。 责任编辑：小浪快报 融券方面，卓然股份10月9日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额 2630.00元；融券余量200.00股，融券余额2630.00元，超过近一年70%分位水平，处于较高位。 资料显示，上海卓然工程技术股份有限公司位于上海市长宁区临新路268弄3号6楼，成立日期2002年7月 29日，上市日期2021年9月6日，公司主营业务涉及为石油化工、炼油、天然气化工等领域的客户提供设 计、制造、安装和服务一体化的解决方案。主营业务收入构成为：其他产品及服务83.00%， EPC12.57%，石化专用设备2.40%，炼油专用设备2.02%。 截至6月30日，卓然股份股东户数6779.00，较上期增加5.39%；人均流通股20884股，较上期减少 5.12%。2025年1月-6月，卓然股份实现营业收入9.66亿元，同比减少28.92%；归母净利润-21.90万元， 同比减少100.62%。 分红方面 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 966 million yuan, a year-on-year decrease of 28.92% [1] - The net profit attributable to shareholders was -21.90 thousand yuan, a year-on-year decline of 100.62% [1] - The net profit excluding non-recurring items was 1.71 million yuan, down 95.30% year-on-year [1] - In Q2 2025, operating revenue was 797 million yuan, a year-on-year decrease of 39.00% but a quarter-on-quarter increase of 373.60% [1] - The net profit attributable to shareholders in Q2 was 8.11 million yuan, down 89.29% year-on-year but up 197.37% quarter-on-quarter [1] - The net profit excluding non-recurring items in Q2 was 9.36 million yuan, down 87.85% year-on-year but up 222.31% quarter-on-quarter [1] Order and Revenue Structure - The sales revenue from refining equipment accounted for 2.02% of the main business revenue, while petrochemical equipment sales accounted for 2.40% [2] - Engineering general contracting services made up 12.57% of the main business revenue, with other products and services contributing 83.00% [2] - The company has a total of 5.868 billion yuan in orders above 20 million yuan, which will gradually confirm revenue from 2025 to 2026, likely increasing the proportion of engineering general contracting services [2] Industry Trends - The Ministry of Industry and Information Technology announced a new round of policies aimed at stabilizing growth in key industries, including petrochemicals, which will drive the replacement of outdated equipment [3] - The "Implementation Plan for the Innovative Development of the Fine Chemical Industry (2024-2027)" emphasizes the importance of fine chemicals and new chemical materials for high-quality development in the petrochemical sector [3] - The industry is expected to increase investment in new technologies and processes, promoting technological advancement and industrial upgrading towards green and low-carbon development [3] Company Strategy - The company is actively investing in green and low-carbon technologies, aligning with national strategies for sustainable development [4] - It is focusing on clean energy, low-carbon processes, and green products, while exploring high-end, intelligent, and green implementation paths in the petrochemical sector [4] - The company aims to expand its market presence in petrochemical equipment, refining equipment, EPC general contracting services, and related products, while also extending its business into new materials and new energy [4] - The projected net profit for the company from 2025 to 2027 is estimated at 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding PE ratios of 27.4X, 24.0X, and 17.5X based on the closing price on August 29, 2025 [4]

Group 1 - On August 25, Zhuoran Co., Ltd. saw a stock price increase of 3.45% with a trading volume of 160 million yuan [1] - The financing data for Zhuoran on the same day indicated a financing purchase amount of 15.87 million yuan and a net financing purchase of 907,400 yuan, with a total financing and securities balance of 138 million yuan [1] - The current financing balance of Zhuoran accounts for 4.35% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] Group 2 - As of March 31, Zhuoran had 6,432 shareholders, an increase of 3.78% from the previous period, while the average circulating shares per person decreased by 3.64% to 22,011 shares [2] - For the first quarter of 2025, Zhuoran reported an operating income of 168 million yuan, representing a year-on-year growth of 227.91%, while the net profit attributable to shareholders was -8.33 million yuan, a year-on-year increase of 79.29% [2] Group 3 - Since its A-share listing, Zhuoran has distributed a total of 49.65 million yuan in dividends [3] - As of March 31, 2025, among the top ten circulating shareholders of Zhuoran, Guoshou Anbao Smart Life Stock A ranked as the fourth largest shareholder, holding 2.4956 million shares, an increase of 460,000 shares from the previous period [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]