2025 年 8 月 31 日 公司研究 出海拓展积极，充电网业务进入收获期 ——特锐德（300001.SZ）2025 年半年报点评 要点 事件：特锐德发布 2025 年半年报，公司 25H1 营业收入为 62.56 亿元，同比 增长 17%；归母净利润 3.27 亿元，同比增长 69%；扣非归母净利润 2.50 亿 元，同比增长 56%。公司 25Q2 营业收入 41.53 亿元，同比增长 25%，环比增 长 98%；归母净利润 2.62 亿元，同比增长 99%，环比增长 305%；扣非归母 净利润 2.05 亿元，同比增 81%，环比增长 350%。 "智能制造+集成服务"海外拓展高歌猛进。2025 年上半年，公司"智能制造 +集成服务"业务实现营业收入 44.15 亿元，同比增长 20.17%；归母净利润达 3.25 亿元，同比增长 52.15%。公司积极响应国家"一带一路"倡议，2025 年 上半年，海外业务实现合同额约 10 亿元，较去年同期增长 84%。2025 年 1 月，公司成功中标 7 亿元沙特国家电网高压移动式变电站项目，该项目是沙特 "2030 愿景"下优化电网结构、保障能源安全的核心工 ...

电力设备/电网设备 特锐德（300001.SZ） 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 24.18 | | 一年最高最低(元) | 26.25/17.08 | | 总市值(亿元) | 255.23 | | 流通市值(亿元) | 249.43 | | 总股本(亿股) | 10.56 | | 流通股本(亿股) | 10.32 | | 近 3 个月换手率(%) | 91.28 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 特锐德 沪深300 相关研究报告 《传统主业控费能力提升，充电网持 续贡献利润弹性—公司信息更新报 告》-2025.4.22 《业绩位于预告中值，盈利能力持续 提 升 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《打造成本优势提升盈利能力，前三 季度业绩超预期—公司信息更新报 告》-2024.10.11 公司传统主业出海稳步推进，充电网业务扭亏为盈 分业务看：（1）公司传统业务板块 2025 年上 ...

Group 1 - During the "14th Five-Year Plan" period, the government implemented a series of tax and fee reduction policies, injecting strong momentum into high-quality economic and social development, with a total reduction of 10.5 trillion yuan [1] - The average annual new tax and fee reductions exceed 2 trillion yuan, significantly promoting economic growth and innovation [1] - A bicycle parts company in Ningbo has benefited from a cumulative R&D expense deduction of nearly 45 million yuan since 2022, allowing for increased investment in production and R&D [1] Group 2 - From 2021 to 2024, the sales revenue of manufacturing enterprises has increased by an average of 20% annually, reaching 15.3 billion yuan in 2024, with innovative product sales accounting for over 75% [2] - The proportion of sales revenue from the manufacturing sector has remained around 29% of total enterprise sales, providing crucial support for economic growth [2] - The share of private economy sales revenue in the national total increased from 68.9% in 2020 to 71.7% in the first half of this year, indicating a growing role of private enterprises in the economy [2]

Core Viewpoint - The company has indicated that its "smart manufacturing + integrated services" and electric vehicle charging network business segments have overseas operations, but these are currently in the early development stage and contribute a small proportion to the overall revenue [1] Group 1 - The company is actively expanding its overseas business in both smart manufacturing and electric vehicle charging networks [1] - The overseas business currently represents a minor share of the company's total revenue [1]

Core Viewpoint - The article discusses the increasing trend of vocational education institutions, such as Qingdao Vocational and Technical College, offering technician programs for undergraduate students, highlighting the shift towards a "dual qualification" model that combines academic credentials with practical skills [1][2][3]. Group 1: Educational Trends - Zhengzhou Railway Vocational and Technical College plans to enroll 135 undergraduate students, reflecting a growing trend in vocational education [1]. - Various vocational colleges in Guangdong, Shandong, and Hubei are also establishing technician classes for undergraduates, indicating a broader movement towards integrating skills training with academic education [1][2]. - Qingdao Vocational and Technical College has seen 1,449 students from associate degrees and above enroll in its technician programs since 2009, demonstrating the appeal of skill-based education [2]. Group 2: Student Experiences - Graduates like Yuan Jing, who transitioned from a theoretical background to practical skills training, emphasize the importance of combining academic knowledge with technical expertise for better job prospects [2][3]. - Students express a desire to acquire practical skills, with many recognizing that hands-on experience is crucial for career success [3][4]. Group 3: Teaching Methodology - Qingdao Vocational and Technical College employs a two-year curriculum that integrates practical training with theoretical learning, utilizing real-world equipment and project-based learning [4][5]. - The college assigns both internal and external mentors to guide students, ensuring personalized learning experiences that cater to individual needs [5]. Group 4: Industry Demand - A survey of 133 local companies revealed that 49.62% have less than 30% of employees with both high academic and high technical qualifications, indicating a demand for more skilled professionals [6]. - Companies like Qingdao Teruid Electric Co., Ltd. are collaborating with vocational colleges to tailor training programs that meet specific industry needs, enhancing the employability of graduates [6][7]. - The successful placement of students in relevant jobs, with a 91% job match accuracy and reduced training periods, underscores the effectiveness of this educational approach [6][7].

Core Viewpoint - The increasing trend of "本科转专科" (from undergraduate to vocational education) reflects a shift in educational values, emphasizing the importance of practical skills alongside academic qualifications, as seen in various regions across China [8][9][10]. Group 1: Educational Trends - Zhengzhou Railway Vocational and Technical College plans to enroll 135 undergraduate students, indicating a growing trend in vocational schools attracting students with higher academic qualifications [1]. - The phenomenon of "本科转专" is not isolated, with multiple vocational colleges in Guangdong, Shandong, and Hubei also establishing technician classes for undergraduates, promoting the development of "π-type talents" who possess both academic and technical skills [1][8]. - Qingdao Technician College has successfully integrated undergraduates into its technician programs, with 1,449 graduates since 2009, showcasing a viable alternative career path for students [1][2]. Group 2: Skills Development - The college employs a two-year curriculum that combines theoretical knowledge with practical training, allowing students to engage in hands-on projects and real-world applications [4][5]. - The collaboration between Qingdao Technician College and local enterprises has led to the establishment of over 40 training bases, ensuring that students learn using industry-standard equipment [4][5]. - A survey indicated that 49.62% of companies have less than 30% of employees with both high academic and high skill qualifications, highlighting a demand for such talent in the job market [5][6]. Group 3: Changing Perceptions - The "本科转专" trend challenges traditional views that prioritize academic credentials over vocational skills, as more students and employers recognize the value of practical expertise [8][9]. - Companies are increasingly adjusting their hiring criteria, moving away from exclusive preferences for prestigious universities, thus broadening opportunities for vocational graduates [6][10]. - The shift in student mindset reflects a growing acceptance of lifelong learning and the importance of skill acquisition in achieving career success [10].