北交所信息更新 投资评级：买入（维持） | 日期 | 2026/3/10 | | --- | --- | | 当前股价(元) | 53.66 | | 一年最高最低(元) | 67.58/25.76 | | 总市值(亿元) | 78.48 | | 流通市值(亿元) | 77.90 | | 总股本(亿股) | 1.46 | | 流通股本(亿股) | 1.45 | | 近 3 个月换手率(%) | 122.46 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年预计营收 4.47 亿元（+9.58%），归母净利润 1.28 亿元（+27.49%） 公司发布 2025 年业绩快报，预计 2025 年公司营收 4.47 亿元同比增长 9.58%， 归母净利润 1.28 亿元同比增长 27.49%，扣非归母净利润 1.11 亿元，同比增长 20.73%。根据业绩快报，我们下调 2025 年盈利预测，维持 2026-2027 年盈利预 测，预计公司 2025-2027 年归母净利润分别为 1.28（原 1.40）/1.71/2.03 亿元， 对应 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a 56% growth in net profit attributable to the parent company in H1 2025, driven by product upgrades in data centers and aerospace engine sectors [5] - The company is expected to see net profits of 143 million, 181 million, and 230 million yuan from 2025 to 2027, with corresponding EPS of 0.98, 1.24, and 1.57 yuan per share, indicating a PE ratio of 43.9, 34.6, and 27.2 times respectively [6] - The company is positioned to benefit from high growth in emerging industries, particularly in aerospace, electric grid upgrades, and data centers, with a focus on developing new products to create a second growth curve [6] Financial Performance Summary - In H1 2025, the company reported revenue of 237 million yuan (yoy +28%) and a net profit of 63.03 million yuan (yoy +42%), with a non-recurring net profit of 61.12 million yuan (yoy +56%) [9] - For Q2 2025, revenue was 122 million yuan (yoy +28% / qoq +6%), with a net profit of 32.48 million yuan (yoy +36% / qoq +6%) [9] - The company’s gross margin for Q2 2025 was 41.0% (yoy +2.3 percentage points / qoq +1.3 percentage points), leading to a net margin of 25.9% (yoy +2.3 percentage points / qoq -0.4 percentage points) [9] Revenue and Profit Forecast - Revenue is projected to grow from 408 million yuan in 2024 to 531 million yuan in 2025, with a growth rate of 30.24% [8] - The net profit is expected to increase from 101 million yuan in 2024 to 143 million yuan in 2025, reflecting a growth rate of 41.91% [8] - The company anticipates a continued upward trend in revenue and profit, supported by strong demand in the new energy vehicle sector and electric grid upgrades [9]