分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯 2025H1 点评：运营服务和产品销售增速 亮眼, 看好公司品类扩张潜力 报告要点 [Table_Summary] 赛恩斯 2025H1 营收同比增长 18.8%，扣非归母净利润 4722 万元，同比降 12.7%。剔除 2024H1 一次性投资收益影响后，2025H1 归母利润同比降低 8.75%，主要受综合解决方案业务拖累， 运营服务和产品销售增速亮眼（营收同比+53.0%、+41.8%）。铜萃取剂产能扩张实现倍增，资 源化以及新材料项目逐步落地。公司存多个在研项目，看好技术优势带来的品类扩张，有望打 开新的成长空间。 [Table_Author] SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 SFC：BWM115 徐科 王鹤涛 王筱茜 李博文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

证券研究报告·公司点评报告·环境治理 赛恩斯（688480） 2025 年中报点评：业务结构改善，药剂业务 快速发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 808.40 | 927.19 | 1,271.09 | 1,492.85 | 1,717.17 | | 同比（%） | 47.47 | 14.69 | 37.09 | 17.45 | 15.03 | | 归母净利润（百万元） | 90.33 | 180.76 | 163.15 | 196.92 | 235.51 | | 同比（%） | 36.39 | 100.11 | (9.74) | 20.70 | 19.60 | | EPS-最新摊薄（元/股） | 0.95 | 1.90 | 1.71 | 2.07 | 2.47 | | P/E（现价&最新摊薄） | 44.42 | 22.20 | 24.59 | 20.37 | 17.04 | [Table_ ...

证券研究报告 赛恩斯 (688480 CH) 铼酸铵等新业务拓展持续推进 2025 年 8 月 21 日│中国内地 专用设备 公司公布 25H1 业绩：收入 4.23 亿元，同比+18.81%；归母净利润 0.49 亿 元，同比-57.50%；扣非归母净利 0.47 亿元，同比-12.70%，归母净利下降 速度快于扣非，主要系 24H1 公司收购产生的投资收益较高。25Q2 收入 2.53 亿元，同比/环比+0.34%/+48.37%；归母净利 0.31 亿元，同比/环比 -12.91%/+76.60%；扣非归母净利 0.30 亿元，同比/环比-21.84%/+76.67%。 我们看好公司在主业稳健增长的背景下，铜萃取剂、硫化钠、浮选药剂和铼 酸铵等新业务进一步打开公司收入成长空间，维持"买入"评级。 运营与产品推动收入 25H1 增长，三大业务结构持续优化 运营服务与药剂销售业务增长带动公司收入增长，业务结构持续优化。25H1 公司运营服务/药剂销售/解决方案收入为 2.01/1.66/0.53 亿元，同比 +53.02%/41.84%/-49.80%；收入占比为 47.50%/39.25%/12.42%， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1] Core Insights - The company is expected to achieve a net profit of 181 million yuan in 2024, with a revenue of 927 million yuan, reflecting a year-on-year growth of 14.69% [4][10] - The business structure has been optimized, leading to a significant increase in profit margins, particularly in the product sales segment, which saw a 96% year-on-year revenue growth [5][6] - The company has made strategic acquisitions, such as that of Longli Chemical, which has positively impacted revenue and profit growth [7][10] Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3] Financial Performance - In 2024, the company expects a net profit of 181 million yuan, a 100.11% increase year-on-year, with a non-recurring net profit of 116 million yuan, up 54.68% [4][10] - The revenue structure has shifted, with the operational service business now accounting for the largest share of revenue at 34.74%, while the comprehensive solution business has decreased to 32.73% [5] - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points year-on-year [6] Future Projections - The company forecasts continued growth in net profit for 2025-2027, with expected figures of 183 million, 218 million, and 258 million yuan respectively, indicating year-on-year growth rates of 1.4%, 18.9%, and 18.6% [10][12] - The EBITDA is projected to grow from 155.88 million yuan in 2024 to 338.69 million yuan by 2027 [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 181 million yuan in 2024, representing a year-on-year growth of 100% [2] - The non-recurring net profit for 2024 is projected to be 116 million yuan, with a year-on-year increase of 54.7% [2] - For Q1 2025, the non-recurring net profit is anticipated to be 17 million yuan, reflecting a year-on-year growth of 10.1% [2] - The company's business structure has significantly improved, with an increase in the proportion of operational revenue, enhancing its sustainable operating capacity [2] - The ramp-up of production capacity at Longli Chemical and the ammonium rhenate project are expected to contribute to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 927 million yuan, a year-on-year increase of 14.69% [6] - The net profit attributable to shareholders reached 181 million yuan, a year-on-year growth of 100.11% [6] - The non-recurring net profit for 2024 was 116 million yuan, up 54.68% year-on-year [6] - For Q1 2025, the company reported revenue of 17 million yuan, a significant year-on-year increase of 63.46% [6] Business Structure and Revenue Breakdown - The operational service revenue increased by 66.1% to 321 million yuan in 2024, with a stable gross margin [12] - The revenue from product sales rose by 96.0% to 269 million yuan, primarily due to the integration of Longli Chemical [12] - The revenue from comprehensive solutions for heavy metal pollution decreased by 34.2% to 303 million yuan, attributed to reduced downstream copper smelting projects [12] Future Outlook - The company plans to invest 5.2 million yuan in collaboration with Jilin Zijin Copper Industry to build a production line for ammonium rhenate, which is expected to generate approximately 19 million yuan in annual revenue once fully operational [12] - The production capacity utilization rate for Longli Chemical is projected to reach 79.6% in 2024, indicating potential for profit growth as capacity increases [12] - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 157 million, 195 million, and 235 million yuan respectively, with corresponding PE ratios of 21x, 17x, and 14x [12]