机构：中金公司 研究员：严佳/张杰敏/张梓丁/刘中玉 1H25 业绩符合市场预期 公司发布半年报：1H25 实现收入122.14 亿元，同比+17.95%；归母净利润16.72 亿元，同比+12.93%； 扣非归母净利润15.88 亿元，同比+37.04%。2Q25 单季度收入76.77 亿元，同比+19.88%；归母净利润 10.40 亿元，同比+12.63%；扣非归母净利润9.91 亿元，同比+42.02%。 符合市场预期。 发展趋势 毛利率改善较为显著。2Q25 毛利率31.13%，同比+4.78pct，我们判断主要系轨道交通装备业务毛利和 新兴装备业务毛利均有一定幅度的提升；净利率13.55%，同比-0.87pct，主要由于计入当期损益的政府 补助大幅减少。 销售/管理/研发/财务费用率分别为1.56%/3.42%/9.00%/-1.51%，同比-0.27/-0.66/+1.27/-1.06pct。经营性活 动净流量18.25 亿元，同比+58.33%。 分板块来看：1）轨道交通装备业务：上半年收入69.10 亿元，同比+12.58%。其中，轨道交通电气装备 业务收入55.15 亿元，同比+11.48 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating robust business operations across various segments [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 4.537 billion yuan, a year-on-year increase of 14.81%, and a net profit attributable to shareholders of 631 million yuan, up 13.42% [1]. - The non-recurring net profit reached 597 million yuan, reflecting a substantial growth of 29.52% year-on-year [1]. Segment Analysis - The rail transit equipment business generated revenue of 2.347 billion yuan, a year-on-year increase of 10.72%, with the electrical equipment segment contributing 1.923 billion yuan [2]. - The emerging equipment business reported revenue of 2.171 billion yuan, up 20.88% year-on-year, with significant contributions from basic components and new energy vehicle electric drive systems [2]. - The overall gross margin for Q1 2025 was 33.50%, an increase of 3.84 percentage points from the previous year, driven by changes in revenue structure and cost reduction efforts [2]. Semiconductor Business - The semiconductor segment saw revenue of approximately 1.172 billion yuan, a year-on-year increase of 22.63%, with IGBT revenue growing by 35.01% [3]. - High-voltage IGBT revenue reached 403 million yuan, marking a remarkable year-on-year growth of 171.91% [3]. - New production lines are being established, with expectations to reach design capacity by the end of 2025 [3]. Deep Sea Business Strategy - The company aims to enhance its deep-sea robotics business through market opportunity capture, technological innovation, and improved manufacturing capabilities [4]. - There is a focus on developing electric and intelligent deep-sea equipment to meet the growing market demand in underwater oil and gas, wind power, and mining sectors [4]. - The company is confident in leveraging policy and market opportunities to drive growth in its marine equipment sector [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued growth in rail transit and semiconductor sectors, with projected net profits of 4.35 billion yuan and 4.9 billion yuan for 2025 and 2026, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In Q1 2025, the company achieved a revenue of 4.537 billion yuan, representing a year-on-year growth of 14.81%. The net profit attributable to shareholders was 631 million yuan, up 13.42% year-on-year, while the net profit excluding non-recurring items reached 597 million yuan, marking a significant increase of 29.52% [5][11] - The company's rail transit equipment and emerging equipment businesses continue to develop steadily, with expectations for ongoing growth in the rail transit sector and favorable conditions in semiconductor and new energy generation sectors [2][11] - The semiconductor segment showed a positive trend, with revenues of approximately 1.172 billion yuan in Q1 2025, a year-on-year increase of 22.63%. The IGBT revenue specifically grew by 35.01% to 1.063 billion yuan, with high-voltage IGBT revenue soaring by 171.91% [11] - The company is strategically focusing on deep-sea robotics, aiming to enhance its market position through technological innovation and improved manufacturing capabilities [11] Summary by Sections Financial Performance - In Q1 2025, the company reported a total revenue of 4.537 billion yuan, with a gross profit margin of 33.50%, an increase of 3.84 percentage points from the previous year [5][11] - The rail transit equipment business generated 2.347 billion yuan in revenue, up 10.72% year-on-year, while the emerging equipment business saw revenues of 2.171 billion yuan, a growth of 20.88% [11] Business Segments - The rail transit equipment segment's revenue structure improved, with the share of electrical equipment increasing from 76% to 82% of total rail transit equipment revenue [11] - The emerging equipment segment's revenue from basic components rose from 49% to 53% of its total revenue [11] Future Outlook - The company expects to achieve net profits of 4.35 billion yuan and 4.90 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 14.3 and 12.7 times [11]