8月27日晚间，苏州英华特涡旋技术股份有限公司(股票代码：301272)发布2025年半年度报告。报告显 示，上半年公司实现营业收入2.43亿元，尽管同比略微下降，但公司在产品研发、市场拓展和产能建设 方面取得了显著进展。 作为国内首家实现涡旋压缩机量产的内资企业，英华特持续投入研发，布局热泵、储能温控、数据中心 等新兴领域，为未来发展积蓄能量。 业绩表现：多元化应用领域布局初见成效 面对宏观环境的挑战，国内涡旋压缩机龙头英华特（301272）正通过持续加码研发、开拓新兴应用领 域，稳步推进国产替代进程。 2025年上半年，英华特实现归属于上市公司股东的净利润为936.51万元。值得注意的是，公司上半年研 发投入达3256.32万元，同比大幅增长62.46%，研发投入占营业收入比例达到13.4%。 这表明公司正持续加码技术创新，为未来产品竞争力和市场份额提升奠定基础。 英华特的产品线涵盖热泵、商用空调、冷冻冷藏、电驱动车用涡旋四大应用机型。 在热泵领域，公司抓住国家政策机遇。2025年4月，国家发改委等部门出台《推动热泵行业高质量发展 行动方案》，提出要推进热泵在建筑、工业、农业和交通运输等领域的应用，并对投 ...

业绩简评 2）公司层面：公司的25 匹空调大涡旋压缩机产品YH720D1-100 可为工业、商用空调系统提供灵活的解 决方案，广泛应用于商用空调冷水机组、工业流程工艺空调、数据中心机房空调等领域。伴随行业需求 上行，以及公司自身产品品类的完善，看好公司在机房空调领域的收入持续提升。 国务院发文加大热泵推广力度和鼓励更新改造，看好公司涡旋压缩机销量持续提升。2025 年4 月2 日， 国家发改委等部门出台《推动热泵行业高质量发展行动方案》，提出要推进热泵在建筑、工业、农业和 交通运输等领域的应用；同时提出要对投运10 年以上的热泵设备开展全面诊断，淘汰落后低效热泵设 备；并通过更换压缩机等关键零部件的方式，推进存量低效热泵设备更新改造，有望带动公司热泵用涡 旋压缩机产品销量长期提升。 盈利预测、估值与评级 我们预计2025-2027 年公司营业收入为6.32/6.71/7.12 亿元，归母净利润为0.60/0.70/0.82 亿元，对应PE 为40/34/29X，维持"买入"评级。 风险提示 技术研发不及预期风险；新客户拓展不及预期风险；转子压缩机替代风险；汇率波动风险。 8 月27 日，公司发布25 年中报。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 597 million RMB for 2024, a year-on-year increase of 7.52%, but the net profit attributable to shareholders decreased by 15.14% to 74 million RMB [2][3]. - In Q1 2025, the company achieved a revenue of 96 million RMB, a slight increase of 0.67% year-on-year, but reported a net loss of 2 million RMB, a significant decline of 124.92% [2]. - Increased R&D investment is expected to create a competitive edge and sustainable revenue growth in the long term, despite short-term profit pressure [3]. Summary by Sections Performance Review - In 2024, the company achieved an operating income of 597 million RMB, with a growth rate of 7.52%. The net profit attributable to shareholders was 74 million RMB, down 15.14% year-on-year [2][10]. - For Q1 2025, the operating income was 96 million RMB, reflecting a growth of 0.67%, while the net profit was -2 million RMB, indicating a decline of 124.92% [2]. Operational Analysis - The company significantly increased its R&D expenses, with a rate of 8.15% in 2024, up 3.45 percentage points from 2023. This investment is aimed at enhancing product quality and technology, which is expected to lead to long-term profitability and market share growth [3]. Market Dynamics - The domestic market for scroll compressors is largely dominated by foreign brands, with a CR5 of 76.5% in 2024. The company, as a leading domestic brand, is positioned to benefit from increased tariffs on U.S. imports, enhancing its competitive pricing [4]. - The Chinese government has announced initiatives to promote heat pump technology, which is expected to drive demand for the company's scroll compressors in various sectors, further boosting sales [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 677 million RMB, 771 million RMB, and 894 million RMB, respectively. The net profit is expected to reach 86 million RMB, 100 million RMB, and 119 million RMB, with corresponding P/E ratios of 26, 22, and 19 [5][10].