6 证券研究报告 点评报告 2025 年 9 月 30 日 晨会纪要 第一创业证券研究所 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 一、产业综合组： 第 1 页 共 3 页 核心观点： 中共中央政治局 9 月 29 日召开会议，听取了《中共中央关于制定国民经济和社 会发展第十五个五年规划的建议》稿在党内外一定范围征求意见的情况报告， 决定根据这次会议讨论的意见进行修改后将文件稿提请二十届四中全会审议。 根据会议决定，二十届四中全会将在 10 月 20~23 日召开。从历次五年规划的发 布看，其发展规划大多都会带来重点涉及行业的资本市场投资行情，因此我们 认为四季度到明年上半年十五五规划重点发展的行业具备较多的投资机会。 盛美上海(688082.SH)公告称，截至 2025 年 9 月 29 日，公司在手订单总金额为 90.72 亿元，与上年同期相比，在手订单总金额同比增加 34.10%。这些订单包 括已向客户交付但尚未确认收入的设备订单及将于未来交付的设备订单。总体 看，公司的订单情况较好，特别是公司在半导体制造前段用铜电 ...

Core Viewpoint - Dalian Heavy Industry (002204.SZ) expects a significant increase in net profit for the first three quarters of the year, driven by steady revenue growth and improved gross margins in material handling equipment [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 473.74 million yuan and 507.74 million yuan, representing a year-on-year growth of 19.91% to 28.52% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 356.28 million yuan and 390.28 million yuan, reflecting a year-on-year increase of 26.76% to 38.86% [1] Revenue Growth - Dalian Heavy Industry projects its operating revenue to reach approximately 10.9 billion yuan, marking a year-on-year growth of about 7.6% [1] - The increase in revenue is expected to contribute to overall gross profit growth, particularly in the material handling equipment segment, which has shown significant improvement in gross margins [1]

Core Viewpoint - Dalian Heavy Industry (002204.SZ) forecasts a net profit attributable to shareholders of 474 million to 508 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.91% to 28.52% [1] Financial Performance - The company expects a steady increase in operating revenue, projected to reach approximately 10.9 billion yuan, which is an increase of about 7.6% compared to the same period last year [1] - The growth in operating revenue is anticipated to drive an overall increase in gross profit, with a significant year-on-year increase in gross profit from material handling equipment [1]

Group 1 - The company Dalian Heavy Industry (SZ 002204) expects a net profit attributable to shareholders of approximately 474 million to 508 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.91% to 28.52% [1] - The basic earnings per share are projected to be between 0.2478 yuan and 0.2655 yuan [1] - The anticipated growth in net profit is primarily due to a steady increase in operating revenue, which is expected to reach around 10.9 billion yuan, reflecting a year-on-year increase of approximately 7.6% [1] Group 2 - The gross profit of the company is expected to increase significantly, driven by the growth in operating revenue, particularly in the material handling equipment segment [1] - For the first half of 2025, the company's operating revenue is entirely derived from the specialized equipment manufacturing industry, accounting for 100% [1] - As of the report date, Dalian Heavy Industry has a market capitalization of 11.8 billion yuan [1]

Core Viewpoint - Dalian Heavy Industry forecasts a net profit attributable to shareholders of 474 million to 508 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.91% to 28.52% [1] Financial Performance - The company expects operating revenue to reach 10.9 billion yuan, an approximate year-on-year increase of 7.6% [1] - The overall gross profit is anticipated to rise, driven by a significant increase in gross profit from material handling equipment [1]

Core Viewpoint - Dalian Heavy Industry (002204) expects a significant increase in net profit for the first three quarters of 2025, driven by steady revenue growth and improved gross margins in material handling equipment [1] Financial Performance - The company forecasts net profit attributable to shareholders to be between 474 million and 508 million yuan, representing a year-on-year growth of 19.91% to 28.52% [1] - Estimated operating revenue is around 10.9 billion yuan, reflecting an approximate increase of 7.6% compared to the same period last year [1] - The overall gross profit is expected to rise, with a notable increase in gross profit from material handling equipment [1]

大连重工公告，预计2025年前三季度净利润为4.74亿元到5.08亿元，同比增长19.91%到28.52%。第三季 度预计净利润为1.62亿元到1.96亿元，同比增长33.58%到61.69%。报告期内，公司业绩增长主要源于营 业收入的稳步提升。公司营业收入预计实现109亿元左右，较上年同期增长7.6%左右，由此带动公司整 体毛利增长，其中物料搬运设备毛利同比增长明显。 ...

Core Viewpoint - The report from Zhongyou Securities indicates that Dalian Heavy Industry has achieved positive growth in both revenue and profit in the first half of 2025, with multiple business segments performing well [1] Revenue Performance - Material handling equipment revenue reached 2.322 billion yuan, an increase of 8.51% year-on-year [1] - New energy equipment revenue was 1.734 billion yuan, reflecting a year-on-year growth of 21.45% [1] - Metallurgical equipment revenue amounted to 1.948 billion yuan, with a year-on-year increase of 21.04% [1] - Core components revenue reached 1.014 billion yuan, showing a significant year-on-year growth of 25.29% [1] Operational Efficiency - The company continues to implement cost reduction and efficiency improvement measures, along with institutional reforms to enhance operational efficiency and quality [1] Contract Backlog - As of the end of August 2025, the company has a substantial contract backlog of approximately 34.5 billion yuan, primarily scheduled for delivery between 2025 and 2027 [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

中邮证券日前研报指出，大连重工上半年营收利润双双保持正增长，各业务多点开花。分几个主要的板 块来看：2025H1，物料搬运设备营收23.22亿元，同比+8.51%；新能源设备营收17.34亿元，同比 +21.45%；冶金设备营收19.48亿元，同比+21.04%；核心零部件营收10.14亿元，同比+25.29%。公司持 续推行降本控费、制度改革等举措，进一步提升经营效率和质量。公司在手合同维持高位，国际化布局 有序推进。截至2025年8月末，公司累计在手合同约345亿元，主要将在2025-2027年交付。首次覆盖， 给予"增持"评级。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with both revenue and profit showing positive growth in the first half of 2025. Revenue reached 7.453 billion yuan, a year-on-year increase of 6.38%, while net profit attributable to shareholders was 312 million yuan, up 13.88% year-on-year [4]. - The company has a robust order backlog of approximately 34.5 billion yuan, with deliveries expected between 2025 and 2027. It has also made strides in international expansion, signing a global framework cooperation agreement with mining giant Rio Tinto [5]. - Profitability has improved, with a net profit margin of 4.19%, an increase of 0.28 percentage points year-on-year, despite a slight decrease in gross margin [5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 7.453 billion yuan, with various segments contributing positively: material handling equipment revenue was 2.322 billion yuan (+8.51%), new energy equipment revenue was 1.734 billion yuan (+21.45%), metallurgy equipment revenue was 1.948 billion yuan (+21.04%), and core components revenue was 1.014 billion yuan (+25.29%) [4]. - The company forecasts revenue for 2025-2027 to be 14.727 billion yuan, 15.782 billion yuan, and 16.770 billion yuan, respectively, with year-on-year growth rates of 3.12%, 7.17%, and 6.26% [6]. - The projected net profit for the same period is expected to be 649 million yuan, 752 million yuan, and 837 million yuan, reflecting growth rates of 30.35%, 15.87%, and 11.27% respectively [6]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 23.35, with projected P/E ratios for 2025, 2026, and 2027 at 18.01, 15.54, and 13.96 respectively [3][6]. - The price-to-book (P/B) ratio is projected to decrease from 1.59 in 2024 to 1.27 by 2027 [9].