2025 年上半年天润工业的业绩表现如何？ 2025 年上半年，天润工业实现营业收入约 19.5 亿元，同比增长 2.36%。归 属于上市公司的净利润约为 1.00,097 亿元，同比增长 5.69%，净利率略高于 10%。每股收益为 0.17 元。尽管整体业绩持平略有增长，但由于 1 月和 2 月 设备故障导致供货中断，公司未能完全达到预期。3 月份恢复供货后，业绩有 所改善。此外，公司在年度内进行了两次分红，总计每 10 股分红 2.5 元，占 去年利润的 70%至 80%。 上半年供货中断对公司收入的影响及下半年的展望是什么？ 由于设备故障，2025 年 1 月和 2 月两条产线停产，影响了产品发货，但并未 影响市场份额。经过排查和修复，3 月份恢复正常供货，上半年欠客户的订单 基本补齐。目前大机产品需求紧张，公司产能处于满产状态，新建产线正在调 天润工业 20250822 摘要 天润工业上半年营收虽略有增长，但受 1-2 月设备故障影响未达预期， 每股收益 0.17 元。3 月恢复供货后业绩改善，并进行了两次分红，总计 每 10 股分红 2.5 元，占去年利润的 70%-80%。 公司预计下半年市场需 ...

通用设备 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 证券研究报告-中报点评 买入(维持) 资料来源：中原证券研究所，聚源 相关报告 《新强联(300850)年报点评：四季度开始业绩 修复明显，受益风电招标高速增长及上半年抢 装潮》 2025-04-30 《新强联(300850)季报点评：最差阶段已过， 明年风电装机有望高增长带动业绩反转》 2024-11-05 联系人：李智 市场数据(2025-08-20) | 收盘价(元) | 38.48 | | --- | --- | | 一年内最高/最低(元) | 39.30/13.86 | | 沪深 300 指数 | 4,271.40 | | 市净率(倍) | 2.52 | | 流通市值(亿元) | 102.97 | 基础数据(2025-06-30) | 每股净资产(元) | 15.29 | | --- | --- | | 每股经营现金流(元) | 0.25 | | 毛利率(%) | 28.48 | | 净资产收益率_摊薄(%) | 6.74 | | 资产负债率(%) | 45.36 | | 总股 ...

Core Viewpoint - The company has initiated the development of its first batch of robotic joint precision transmission products, involving six products for two clients [2] Group 1: Company Developments - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the R&D and industrialization of robotic joint precision transmission products [2] - The product platform planning has been preliminarily completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [2] - Standardization and platform design have been achieved for various product categories, including platform models, diameters, gear ratios, and controller types [2] Group 2: Business Segments - The company's business includes automotive parts and new energy storage [2] - The automotive parts segment focuses on the R&D, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also developing non-road transmission/drive system products, including electric drive systems for construction machinery and various tractor systems [2] - The company is expanding its export business for components such as gears, shafts, housings, aluminum die-cast parts, cast iron parts, and forgings [2] - The new energy storage business encompasses power generation side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [2]

Group 1: Automotive Components Business - The company focuses on the research, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is actively developing non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [2] - The company has expanded its international market, increasing direct exports of CVT products and developing electric vehicle (EV) reducers [2] Group 2: Commercial Vehicle Transmission Business - The light truck transmission business is steadily developing existing manual transmission products while actively developing electric products, covering P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with related products gradually entering mass production [2] Group 3: Non-Road Transmission/Drive Systems - The company is focusing on the development of electric drive systems for construction machinery and high-power tractors, with new product research and customer development progressing simultaneously [2] Group 4: New Energy Storage Business - The company has operational independent energy storage power stations in Zhaoqing and Yiwu, with installed capacities of 100MW/200MWh and 100MW/200MWh, respectively [3] - Additional energy storage projects are under construction in Guangdong and Zhejiang, which will further increase revenue from the energy storage business [3] Group 5: Robotics Components Business - The company established Zhejiang Wanyiyang Robotics Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robots [4] - Initial product platform planning has been completed, including standardization and platform design for various types of products [4]

Core Viewpoint - The company, AVIC Heavy Machinery Co., Ltd., has announced the cancellation of its supervisory board and the revision of its articles of association, which will require approval from the shareholders' meeting [1]. Group 1: Cancellation of Supervisory Board - The supervisory board will be abolished in accordance with the Company Law and relevant regulations, with its powers transferred to the audit and risk control committee of the board of directors [1][2]. - The original supervisors will be relieved of their duties, and the relevant personnel will be managed by their original appointing units [1]. Group 2: Main Revisions to Articles of Association - The revisions include the cancellation of the supervisory board, the assignment of its responsibilities to the audit and risk control committee, the addition of employee directors, and the renaming of "shareholders' meeting" to "shareholders' assembly" [2]. - Specific changes in the articles of association include updates to the company's legal status, governance structure, and operational scope [3][4][5]. Group 3: Governance Structure Changes - The articles now emphasize the establishment of a governance mechanism that strengthens the leadership of the Communist Party and ensures transparency and accountability [3][4]. - The company will maintain its independent operation and financial accountability, with shareholders limited to their subscribed shares in terms of liability [6][7]. Group 4: Responsibilities and Rights of Shareholders - The articles outline the rights of shareholders to propose temporary motions and the requirements for such proposals to be submitted [18][19]. - Shareholders are entitled to access company information and materials, ensuring transparency in governance [10][11]. Group 5: Independent Directors and Committees - The board will include independent directors who will play a crucial role in decision-making and protecting the interests of minority shareholders [32][33]. - The audit and risk control committee will be responsible for overseeing financial disclosures and internal controls, ensuring compliance with legal and regulatory requirements [34][35].

Core Points - The company aims to protect the legal rights of shareholders, employees, and creditors while adhering to a governance structure that emphasizes transparency and accountability [4][6] - The company was established as a joint-stock company in accordance with Chinese laws and has a registered capital of RMB 1,575,492,153 [5][7] - The company operates in the aerospace and military sectors, focusing on hydraulic components and systems, and aims to expand into civilian markets [16][17] Group 1: Company Overview - The full name of the company is AVIC Heavy Machinery Co., Ltd., and it is located in Guiyang, Guizhou Province [5] - The company was approved for its initial public offering in 1996, issuing 15 million shares [4][5] - The company is committed to independent operation and assumes civil liability for its debts [6][7] Group 2: Governance Structure - The company has established a governance mechanism that includes a board of directors and a legal representative [5][6] - The company emphasizes compliance with national laws and regulations, and it has a system for internal supervision and risk management [12][13] - The company is required to establish a party organization to conduct activities in accordance with the Communist Party's regulations [13] Group 3: Business Objectives - The company's business objectives include enhancing market competitiveness and achieving good economic returns for shareholders [16] - The company engages in various activities, including investment management, manufacturing, and sales of hydraulic components and systems [17][18] - The company aims to create a diversified and technologically strong enterprise group [16][17] Group 4: Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes [36][37] - The company maintains a shareholder registry to document ownership and rights [34][35] - Shareholders are obligated to comply with laws and the company's articles of association [42][43]

Group 1: Supply Chain and Production - The company has established a self-sufficient supply chain for rolling elements and forgings through vertical integration with subsidiaries, ensuring quality stability and delivery cycles [2][3] - Current production capacity utilization remains high, with efforts to expand capacity through equipment adjustments and process optimizations [3] Group 2: Market Focus and Orders - The company is primarily focused on the domestic market, with overseas operations still in the development phase, while maintaining a strong order backlog [3] - The high demand from downstream wind power installations supports the company's order fulfillment capabilities [3] Group 3: Product Development and Technology - The company is actively developing high-end precision bearings, particularly in the wind power sector and gearbox bearings, with the latter currently in small batch shipments [2] - Various heat treatment processes and advanced equipment are utilized to meet customer demands while balancing performance, quality, and cost [4] Group 4: Financial Performance and Strategy - The company anticipates strong performance in Q2 2025, driven by robust order volumes and increased production efficiency [5] - Strategies to enhance gross margins include optimizing processes, increasing R&D investment, and leveraging cost advantages across the supply chain [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady development with a focus on quality improvement and efficiency enhancement, diversifying its business operations [1] - The company achieved a revenue of 5.791 billion yuan in 2024, representing a year-on-year growth of 12.18%, while the net profit attributable to the parent company was 156 million yuan, up 1.59% year-on-year [4] - The company is transitioning from traditional energy equipment to new energy equipment, making breakthroughs in nuclear energy, hydrogen energy, and energy storage sectors [6] - The acquisition of a new materials company is expected to enhance the company's capabilities in high-end metal materials, which are in increasing demand due to the growth of strategic emerging industries [7] - The company has revised its profit forecast for 2025-2027, expecting revenues of 6.583 billion, 7.455 billion, and 8.467 billion yuan respectively, with net profits of 230 million, 264 million, and 296 million yuan [8] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 141 million yuan, a year-on-year increase of 52.30%, but a net profit decline of 56.08% due to changes in sales structure and increased competition in the traditional energy equipment market [5] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 13.6% from 2024 to 2027 [11] Business Transformation - The company is successfully transforming from traditional manufacturing to green, low-carbon, and intelligent manufacturing, integrating new information technologies into its operations [6] - The company is the only domestic enterprise that covers the entire industrial chain from petrochemical and coal chemical engineering to high-end integrated equipment manufacturing and EPC comprehensive service capabilities [6] Market Outlook - The company expects to benefit from the significant growth in the domestic nuclear power industry, with its nuclear energy equipment covering the entire industrial chain [7] - The international market orders increased by 41.09% year-on-year in 2024, indicating a successful expansion into global markets [6]

Group 1 - The company will participate in the "2025 Shandong Listed Companies Investor Online Reception Day" to enhance interaction with investors, scheduled for May 15, 2025 [1] - Company executives will discuss the 2024 annual performance, corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development during the event [1] Group 2 - The company’s wholly-owned subsidiary, Shandong Mining Huaneng Equipment Manufacturing Co., Ltd., will increase the registered capital of its holding subsidiary, Shandong Chengtong Forging Co., Ltd., from 20 million to 60 million RMB [2] - The capital increase will be proportionate among shareholders, with Huaneng Equipment contributing 31 million RMB, maintaining a 77.5% ownership stake [2] - This capital increase does not constitute a related party transaction or a major asset restructuring as per relevant regulations [2] Group 3 - Shandong Chengtong Forging Co., Ltd. has completed the business registration change and obtained a new business license, with a registered capital of 60 million RMB [4] - The company was established on June 16, 2005, and operates in various sectors including forging processing and manufacturing of coal mine machinery [4] Group 4 - The purpose of the capital increase is to enhance the financial strength and competitiveness of Chengtong Forging, supporting business expansion and aligning with the company's long-term strategic goals [4] - The capital increase will not affect the company's consolidated financial statements or significantly impact its current financial status and operational results [4]

Group 1: Company Overview - The company operates in two main business segments: automotive parts and new energy storage [1] - The automotive parts segment includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The new energy storage segment focuses on power-side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [1] Group 2: Passenger Vehicle Transmission Business - In 2024, the company's direct export sales of passenger vehicle transmission products saw a significant year-on-year increase [2] - The company is actively developing overseas clients to sustain revenue growth from international markets [2] - There is a strong push for electric vehicle (EV) reducers and related products, contributing to increasing sales [2] Group 3: Commercial Vehicle Transmission Business - The light truck transmission business is expanding with a focus on both manual and electric products, including P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with production and sales expected to grow as client models are launched [2] Group 4: New Energy Storage Business - The company has operational independent storage power stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - These projects leverage the company's extensive experience in design, integration, construction, and operation within the energy storage sector [3] - New project developments are underway in Guangdong, Hainan, and Zhejiang provinces to further enhance the new energy storage business [3] Group 5: Robotics Components Business - A dedicated team for the industrialization of robotic reducers has been established to enhance product offerings [4] - The company is focusing on the development and integration of harmonic reducers and planetary reducers to improve market share [4]