证券研究报告 公司研究 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] "装备制造+气体运营"双引擎发展，海外订 单占比已近 40% [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中泰股份(300435.SZ) 投资评级 —— 上次评级 —— [Table_ReportDate] 2025 年 08 月 26 日 [Table_S 事件：公司ummar 发布y] 2025 年半年报，2025H1 公司实现总营业收入 13.02 亿元， 同比减少 4.79%；实现归母净利润 1.35 亿元，同比增长 9.14%；实现扣非 归母净利润 1.26 亿元，同比增长 6.02%。 点评： [Table_Author] 化工行业： [Table_OtherReport] 执业编号：S1500524100001 邮 ...

8月26日晚，福斯达（603173）发布2025年半年报。今年上半年，公司实现营业收入14.76亿元，同比增 长62.14%；归母净利润2.51亿元，同比增长140.45%。上半年净利润已超2024年全年扣非净利润规模。 半年报显示，福斯达的业绩大幅增长，与其今年上半年订单交付有关。"年产10套大型模块化深冷化工 装备绿色智能制造建设项目"的投入使用，为福斯达带来了产能上的飞跃。在报告期内，该项目持续优 化提升，有效保障了大型装备交付能力。 目前，福斯达在手订单充足，今年上半年，公司国内外项目稳步推进，尤其是海外项目进展顺利。随着 订单的逐步交付，公司营业收入稳健增长。 据悉，福斯达专业从事各类深冷技术工艺的开发及深冷装备的设计、制造和销售，为客户提供深冷系统 整体解决方案。主要产品包括空气分离设备、天然气处理及液化装置、绕管式换热器、化工冷箱和低温 储罐等深冷装备。 目前，福斯达的产品，广泛应用于天然气、煤化工、石油化工、钢铁、有色冶金、核电、医疗、航空航 天、半导体、新能源电池等多个行业，服务客户包括林德、空气产品公司、梅塞尔、霍尼韦尔、中石 油、中石化等国内外知名企业。 从业务构成来看，空分设备作为福斯 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 20.9 CNY, indicating a potential upside of approximately 39% from the current price of 15.00 CNY [2][9]. Core Insights - The company is a leading player in the deep cooling technology sector, leveraging a dual-engine model of "equipment manufacturing + gas operation" to drive growth. The company has successfully diversified its operations and is expanding into international markets [6][13]. - The demand for deep cooling technology is expected to grow due to rising oil prices and the economic viability of technological innovations in the energy and chemical sectors. The company has seen a significant increase in new orders, particularly from overseas markets [7][8]. - The gas operation segment is also expanding, with the company investing in industrial and rare gases, which are anticipated to become new revenue sources as projects reach production capacity [6][8]. Financial Summary - The company forecasts total revenue of 27.17 billion CNY in 2024, with a year-on-year decline of 10.9%. However, revenue is expected to rebound with growth rates of 18.8%, 19.7%, and 22.2% in the following years [2][9]. - The net profit attributable to shareholders is projected to be -78 million CNY in 2024, but is expected to recover significantly to 403 million CNY in 2025, reflecting a year-on-year growth of 616.3% [2][9]. - Earnings per share (EPS) are expected to improve from -0.20 CNY in 2024 to 1.04 CNY in 2025, with a projected price-to-earnings (P/E) ratio of 20 times for 2025 [2][9]. Business Model and Market Position - The company has established a strong market position in the deep cooling technology sector, with its core products including natural gas liquefaction devices and large air separation units. The company has also successfully exported its products to 53 countries [6][13]. - The gas operation segment has been enhanced through strategic investments, including a joint venture with Posco Holdings to operate projects abroad, marking a significant step in the company's international expansion [6][8]. - The company has a robust order backlog, with new orders in 2024 expected to reach approximately 1.8 billion CNY, a year-on-year increase of over 25% [6][8]. Industry Outlook - The deep cooling technology industry is poised for growth, driven by increasing domestic investments in energy security and the economic viability of coal chemical and natural gas sectors. The company is well-positioned to benefit from these trends [7][8]. - The report highlights the importance of deep cooling technology in enhancing energy efficiency and meeting environmental standards in the coal chemical industry, which is expected to see sustained demand [6][45].

Core Viewpoint - The company, Hangzhou Fostar Deep Cold Equipment Co., Ltd., has reported significant growth in its financial performance for the year 2024, with a notable increase in revenue and net profit, reflecting its strong position in the deep cold equipment industry. Financial Performance - The company achieved operating revenue of 2,418.88 million yuan, representing a year-on-year growth of 12.20% [20] - The net profit attributable to shareholders reached 261.16 million yuan, an increase of 36.63% compared to the previous year [20] - The net profit after deducting non-recurring gains and losses was 233.85 million yuan, up 36.13% year-on-year [20] Business Overview - The company specializes in deep cold technology, focusing on the development, design, manufacturing, and sales of deep cold equipment, providing comprehensive solutions for customers [12] - Deep cold technology is applied in various industries, including natural gas, coal chemical, petrochemical, metallurgy, nuclear power, aerospace, and semiconductor sectors [12] - The company’s main products include air separation equipment, LNG (liquefied natural gas) devices, chemical cold boxes, and low-temperature storage tanks [12] Market Opportunities - The deep cold equipment market is expected to grow due to ongoing structural adjustments in the petrochemical industry and the push for carbon neutrality, which will drive demand for energy-efficient production processes [9][10] - Government policies aimed at promoting equipment upgrades and technological transformations in key industries are anticipated to create new market opportunities for deep cold equipment [10] Shareholder Information - As of the reporting period, the company had a total of 160 million shares, with a proposed cash dividend of 0.50 yuan per share, amounting to a total distribution of approximately 79.21 million yuan [7] Fundraising and Financial Management - The company successfully raised 746 million yuan through its initial public offering, with a net amount of approximately 658.89 million yuan after deducting issuance costs [21] - The company has established a management system for the use of raised funds, ensuring compliance with relevant regulations and effective oversight [23] Future Outlook - The company aims to leverage its competitive advantages in the deep cold equipment sector to capitalize on emerging market demands and enhance its market position [11]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Fosda, indicating a significant increase in net profit and a relatively low PE ratio compared to the industry average [1][2] - As of April 18, Fosda's closing price was 23.53 yuan, with a market capitalization of 3.765 billion yuan and a rolling PE ratio of 14.74, marking a new low in 11 days [1] - The company operates in the cryogenic technology sector, focusing on the development, design, manufacturing, and sales of various cryogenic equipment, including air separation devices and LNG installations [1] Group 2 - For the third quarter of 2024, Fosda reported a revenue of 1.654 billion yuan, representing a year-on-year increase of 10.17%, and a net profit of 208 million yuan, reflecting a year-on-year growth of 44.85% [2] - The average PE ratio for the general equipment industry is 68.31, while the median is 37.74, positioning Fosda at the 52nd rank within the industry [2] - Fosda has received multiple recognitions, including being a national high-tech enterprise and participating in the formulation of industry standards, showcasing its commitment to innovation and quality [1]

股票简称：福斯达 股票代码：603173 杭州福斯达深冷装备股份有限公司 Hangzhou Fortune Gas Cryogenic Group Co., Ltd. （浙江省杭州市临平区杭州余杭经济技术开发区兴起路 398 号） 首次公开发行股票 上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二〇二三年一月二十日 第一节 重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真 实、准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏， 并承担个别和连带的法律责任。 证券交易所、其他政府机关对本公司股票上市及有关事项的意见，均不表 明对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资 者查阅刊载于上海证券交易所网站（http://www.sse.com.cn）的本公司招股说明 书全文。 杭州福斯达深冷装备股份有限公司 上市公告书 特别提示 杭州福斯达深冷装备股份有限公司（以下简称"福斯达"、"发行人"、"公 司"或"本公司"）股票将于 2023 年 1 月 30 日在上海证券交易所上市。本公司 提醒投资者应 ...

杭州福斯达深冷装备股份有限公司 首次公开发行股票招股说明书摘要 杭州福斯达深冷装备股份有限公司 Hangzhou Fortune Gas Cryogenic Group Co., Ltd. （浙江省杭州市临平区杭州余杭经济技术开发区兴起路 398 号） 首次公开发行股票并上市 招股说明书摘要 （中国（上海）自由贸易试验区浦明路 8 号） 1-2-1 保荐机构（主承销商） 杭州福斯达深冷装备股份有限公司 首次公开发行股票招股说明书摘要 重要声明 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于中国证监会指定官 网。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的文件有虚假记载、 误导性陈 ...