长江智能制造混合型发起式A（014339）基金经理为施展。 截至发稿，施展累计任职时间3年252天，现任基金资产总规模6.08亿元，任职期间最佳基金回报 34.81%， 任职期间最差基金回报32.55%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月5日，耐普矿机涨5.12%，截至发稿，报27.08元/股，成交7329.00万元，换手率2.52%，总市值45.70 亿元。 资料显示，江西耐普矿机股份有限公司位于江西省上饶市上饶经济技术开发区经开大道318号，成立日 期2005年10月14日，上市日期2020年2月12日，公司主营业务涉及从事重型矿山选矿装备及其新材料耐 磨备件的研发、生产、销售及服务等业务。主营业务收入构成为：矿用橡胶耐磨备件71.25%，矿用金 属备件14.05%，选矿设备10.44%，矿用管道3.69%，其他0.57%。 从基金十大重仓股角度 数据显示，长江资管旗下1只基金重仓耐普矿机。长江智能制造混合型发起式A（014339）二季度持有 股数 ...

事件： 公司发布2025年中报。2025年H1，公司实现营收4.1亿元，同比下降34.0%，归母净利润0.17亿元，同比下降 79.9%；其中2025年Q2，公司实现营收2.2亿元，同比下降42.0%，同比跌幅较25年Q1扩大，环比增长13.2%， 归母净利润0.11亿元，同比下降74.9%，环比增长100.3%。 点评： 查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 分产品看，2025年H1，公司矿用橡胶耐磨备件实现营收2.9亿元，同比下降2.6%，毛利率为40.3%，同比下降 2.2pct；选矿设备实现营收0.4亿元，同比下降9.0%，毛利率27.1%，同比下降5.3pct；矿用管道实现营收0.2亿 元，同比增长5.3%，毛利率39.3%，同比下降12.4pct；矿用 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company experienced a significant decline in revenue and net profit in the first half of 2025, with revenue dropping by 34.0% year-on-year to 410 million yuan and net profit decreasing by 79.9% to 17 million yuan [1]. - The decline in revenue is primarily attributed to a substantial reduction in EPC project income, although excluding this income, the revenue only decreased by 3.0% [2]. - The company is focusing on enhancing its overseas production capacity, with five overseas bases under construction, which is expected to support future growth [4]. - Profitability metrics show a mixed performance, with a gross margin increase to 38.5% but a net profit margin decline to 4.1% due to rising R&D and sales expenses [2]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 410 million yuan, a 34.0% decrease year-on-year, and a net profit of 17 million yuan, down 79.9% [1]. - Q2 2025 figures show revenue of 220 million yuan, a 42.0% decline year-on-year, while net profit was 11 million yuan, down 74.9% [1]. - The comprehensive gross margin for H1 2025 was 38.5%, up 3.5 percentage points year-on-year, while the net profit margin fell by 9.4 percentage points [2]. Product and Regional Breakdown - Revenue from mining rubber wear parts was 290 million yuan, down 2.6% year-on-year, with a gross margin of 40.3% [3]. - The company achieved 40 million yuan in revenue from mineral processing equipment, a 9.0% decline, with a gross margin of 27.1% [3]. - Domestic revenue was 190 million yuan, down 4.9%, while international revenue was 230 million yuan, down 47.3% [3]. Capacity Expansion and Future Outlook - The company is progressing with its overseas production bases, aiming for a total capacity of 3 billion yuan, which is expected to enhance its market presence in regions like Latin America and Africa [4]. - The net profit forecasts for 2025-2027 have been adjusted downward by 33.4%, 20.8%, and 14.5%, respectively, reflecting lower expectations for mining machinery demand [4]. Valuation Metrics - The current stock price corresponds to a PE ratio of 48 for 2025, 32 for 2026, and 24 for 2027, indicating a favorable valuation outlook based on growth potential [4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the absence of EPC contracting business in the same period last year [1] Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 410 million yuan, a year-on-year decrease of 34% [1] - The net profit attributable to shareholders was 16.99 million yuan, down 80% year-on-year [1] - Revenue from various business segments included: rubber wear-resistant products (290 million yuan, -3%), mining metal spare parts (58.05 million yuan, -3%), mineral processing equipment and spare parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Group 2: Strategic Developments - The company made significant progress in its overseas strategy, deepening its presence in the "Belt and Road" market [1] - On June 30, 2025, the company announced the signing of two five-year supply contracts with a leading copper producer in Kazakhstan, which produced over 400,000 tons of copper in 2023 [1] - The company has been actively expanding its overseas market, with an average overseas revenue share of 57% over the past five years and a CAGR of 30% [1] Group 3: Industry Trends - The company is enhancing its upstream copper and silver mining development and strengthening industry chain collaboration by acquiring a 22.5% stake in Swiss Virdad Resources [2] - This acquisition will secure development rights for the Alacran copper and silver mine, injecting incremental demand into the traditional mineral processing equipment and spare parts business [2] - The market for wear-resistant spare parts is expected to see long-term growth due to rising copper production and declining copper grades [3] - The penetration rate of rubber wear-resistant spare parts is increasing, as they offer better wear resistance, longer lifespan, and lighter weight compared to metal parts [3] - The company is also expanding into the cylinder market, which presents significant growth opportunities [3] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 980 million yuan, 1.28 billion yuan, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively [4] - Net profit projections for the same period are 90 million yuan, 130 million yuan, and 190 million yuan, with year-on-year growth rates of -26%, 48%, and 48% respectively [4] - The company is expected to maintain a PE ratio of 52, 35, and 24X for the years 2025, 2026, and 2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 410 million yuan, down 34% year-on-year, and net profit at 16.99 million yuan, down 80% year-on-year, primarily due to the absence of EPC contracting business compared to the same period last year [1] - The company has made significant progress in its overseas strategy, particularly in the "Belt and Road" markets, signing two five-year supply contracts with a leading copper producer in Kazakhstan [1][2] - The company is enhancing its upstream copper and precious metals mining development, securing a 22.5% stake in Swiss company Virdis Resources, which will provide additional demand for its traditional mineral processing equipment and parts [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 410 million yuan, a 34% decrease year-on-year, and a net profit of 16.99 million yuan, an 80% decrease year-on-year [1] - Revenue breakdown by business segments includes: rubber wear-resistant products (290 million yuan, -3%), mining metal parts (58.05 million yuan, -3%), mineral processing equipment and parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Strategic Developments - The company has deepened its market presence in the "Belt and Road" region, with overseas revenue averaging 57% over the past five years and a CAGR of 30% [2] - The company is expanding into the upstream copper and precious metals sector, which is expected to drive demand for its mineral processing services [3] Investment Recommendations - The company is positioned as a leading private enterprise in mineral processing equipment, benefiting from overseas demand and product category expansion. Projected revenues for 2025-2027 are 980 million, 1.28 billion, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively. Net profits are expected to be 90 million, 130 million, and 190 million yuan, with corresponding growth rates of -26%, 48%, and 48% [5]

Core Viewpoint - The company's 1H25 performance fell short of market expectations, with significant declines in revenue and net profit due to various factors including project income recognition issues and increased depreciation costs [1][2]. Financial Performance - 1H25 revenue was 413 million, down 34.04% year-on-year; net profit attributable to shareholders was 17 million, corresponding to earnings per share of 0.10, down 79.85% year-on-year [1]. - In 2Q25, revenue was 219 million, down 42.0% year-on-year; net profit attributable to shareholders was 11 million, down 74.9% year-on-year [1]. - The gross margin for 1H25 was 37.3%, up 3.1 percentage points year-on-year, driven by high-margin products [2]. - The net margin for 1H25 was 4.1%, down 9.3 percentage points year-on-year, primarily due to increased depreciation, foreign exchange losses, and R&D expenses for new products [2]. Product Performance - Revenue from various products in 1H25 included: - Mining rubber wear parts: 290 million, down 2.58% - Mineral processing equipment: 43 million, down 8.99% - Mining pipelines: 15 million, up 5.32% - Mineral processing system solutions and services: 58 million, down 2.58% [1]. Development Trends - New product launch: The company introduced the second-generation rubber wear liner, receiving positive feedback from major clients, with expectations for increased revenue and margin in the second half of the year [3]. - Overseas factory ramp-up: The company’s factory in Zambia has commenced production, with potential for rapid client acquisition due to its location in a prime copper mining area [3]. Profit Forecast and Valuation - The company has revised down its profit forecasts for 2025 and 2026 by 48.9% and 17.0% to 83 million and 179 million, respectively [4]. - The current stock price corresponds to a P/E ratio of 53 for 2025 and 24 for 2026, with a target price maintained at 29, reflecting a potential upside of 11.8% [4].