——真兰仪表 2025 年半年报点评报告 投资要点 ❑ 事件：公司发布 2025 年半年度报告。 证券研究报告 | 公司点评 | 通用设备 真兰仪表(301303) 报告日期：2025 年 08 月 28 日 2025 年中报业绩亮眼，出口高增长、新业务正放量 ❑ 2025H1：营收高速增长，出口同比+40%，汽零同比+110% 3）汽车零部件：株洲、芜湖两大生产基地，依托区位优势打开市场。2024 年公 司在株洲建设汽车零部件制造项目，深度配套周边汽车产业，服务北汽、比亚 迪、吉利、广汽等客户，2025 年 2 月真兰株洲项目开工，未来汽零业务有望快 速放量。 ❑ 燃气表护城河稳固，新业务拓展第二、三增长曲线 公司基于新业务拓展与长远经营的战略布局，2024 年拓展水表和汽车零部件两 大新业务，打造第二、三增长曲线。 1）燃气表：全产业链模式打造高盈利能力护城河，自研超声波燃气表逐步放 2025 上半年，公司实现营收 7.70 亿元，同比增长 27%；归母净利润 1.47 亿元， 同比增长 14%；扣非归母净利润 1.16 亿元，同比增长 27%。从营收结构来看， 仪器仪表营收 7.10 亿元，同比增长 2 ...

Core Viewpoint - The 2025 Venture Capital Development Conference in Liaoning highlights the province's growing appeal as a "new magnet" for national venture capital, addressing the financing challenges in technological innovation and injecting "financial vitality" into industrial upgrades and revitalization efforts [1][3]. Group 1: Financing Challenges and Solutions - The need for financial support in overcoming the "first kilometer" of technological innovation is emphasized, with venture capital playing a crucial role in resource allocation and risk-sharing [3]. - The conference serves as a platform for attracting external venture capital institutions to engage with Liaoning's tech enterprises, facilitating quicker access to funding opportunities [3][4]. - Companies like Shenyang Flying Ship and Sikai Technology are actively seeking financial partnerships to support their innovative projects and expand their market reach [4][6]. Group 2: Investment Trends and Opportunities - Over 100 external investment institutions participated in the conference, indicating a significant increase in interest compared to initial estimates [6]. - Liaoning's high-tech industry investment has risen by 1.8 percentage points in fixed asset investment, showcasing the province's rapid development in this sector [6]. - Investment focus areas include high-end equipment manufacturing, smart manufacturing, and new materials, with a particular emphasis on sectors like semiconductors and artificial intelligence [6][7]. Group 3: Government Support and Initiatives - The Liaoning government has implemented various measures to support venture capital development, including financial incentives for institutions and talent [9]. - Since September 2024, 25 new funds have been established in Liaoning, with a total subscription amount exceeding 7.5 billion yuan, targeting high-end manufacturing and new energy sectors [7][9]. - The province has launched initiatives such as the "Enterprise Technology Special Commissioner" program to address innovation needs and promote collaboration between research and production [7].

真兰仪表 20250428 摘要 • 2024 年公司营收 15.01 亿元，同比增长超 10%，净利润 3.25 亿元，略 高于 2023 年的 3.20 亿元，表明公司在行业逆境中保持增长。 • 扣非净利润下滑主要由于理财产品增加非经常性损益，以及新开拓的水表 和汽车零部件业务毛利率较低，对主业业绩形成制约。 • 公司燃气表销量维持在 800 万台水平，国内市场趋于饱和，依赖存量替换 难以实现爆发式增长，市占率略有增长但提升不明显。 • 公司在智能燃气表领域拥有全产业链业务模式，通过扩大市场渗透率和自 主研发核心计量模组降低成本，提升市场竞争力。 • 公司积极拓展新业务，水表业务营收接近 9,000 万，预计 2025 年翻倍增 长；汽车零部件业务营收约为 5,900 万，计划未来三至五年内逐步培养。 • 海外业务 2024 年增长近六成，实现销售额 2.17 亿人民币，主要得益于与 阿尔及利亚客户的合作，但面临国内同行竞争加剧和数据安全挑战。 • 公司通过自动化生产线和精益生产优化供应链，降低成本，但短期借款增 加导致负债率高于行业均值，计划通过财务资助缓解汽车零部件业务的资 金压力。 Q&A 请介绍一 ...