[Table_Info1] 银龙股份(603969) 机械设备 [Table_Date] 发布时间：2025-07-01 [Table_Title] 证券研究报告 / 公司点评报告 全球预应力材料领军企业，业绩或进入放量期 [Table_Summary] 事件：根据交易所互动平台信息，针对机器人腱绳业务，公司正在对精 细化线材产品的全品类应用场景进行深入研究，该项目尚处于前期调研 与技术储备阶段。 点评 预应力材料+轨交用混凝土制品营收利润高增，业绩进入加速放量期 预应力材料和轨交用混凝土制品作为公司的核心业务，2024 年实现营收 业务双高增。预应力材料：2024 年，公司预应力材料产业实现营业收入 24.25 亿元（同比+6.03%），实现归母净利润 1.74 亿元（同比+ 55.93%）， 主要系销量同比增长和高附加值产品占比提升。公司作为全球领先的预 应力材料全产业链企业，年产能超过 60 万吨。2025 年，公司将基于当 前在手订单及市场需求持续放量。同时，受益于国家重大基础设施工程 的稳健发展，公司将着力提升高附加值产品的市场占有率，进一步提升 盈利能力。轨交用混凝土制品：2024 年，公司轨交用 ...

Group 1: Yinlong Co., Ltd. - Yinlong Co., Ltd. has a broad production base in the prestressed materials and concrete products for rail transit industry, adhering to market proximity and regional radiation principles [1] - The company is involved in multiple high-speed rail projects, such as the Xiong'an New Area to Shangqiu high-speed rail, ensuring production schedules align with project milestones [1] - The company is optimistic about future performance, with the PCCP industry expected to maintain a compound annual growth rate of 6%-7% until 2030 [1] Group 2: Kangxi Communication - Kangxi Communication's operating conditions are strong in the first half of 2025, with orders sufficient to cover until the fourth quarter of 2025 [2] - The company benefits from the increasing demand for Wi-Fi 7 products, with significant revenue growth driven by strong demand in industrial IoT products and high-efficiency drone products [2] - The 337 investigation is set to officially commence in July 2025, with an initial ruling expected by the end of the year [2] - The Wi-Fi 8 technology standard is anticipated to be established by the end of 2027, with product samples expected to be launched in 2026 [2]

Core Viewpoint - The company held an earnings briefing for the fiscal year 2024 and the first quarter of 2025, highlighting significant profit growth despite lower revenue compared to 2021, driven by strategic market expansion and product innovation [1][2]. Group 1: Earnings Performance - In 2024, the company achieved a net profit of 237 million yuan, a year-on-year increase of 37.94%, while revenue was 3.054 billion yuan, up 11.10% [1][6]. - The company’s cash flow showed a net outflow due to increased production and sales volumes, particularly for high-speed rail projects [1][5]. - The gross profit margin for prestressed materials was approximately 16.23%, while the margin for rail transit concrete products was 29.11% [2][3]. Group 2: Product and Market Development - The company has focused on optimizing product structure and enhancing technological capabilities, leading to increased market share in high-value products [3][4]. - Sales of intelligent production equipment grew by 148.87% year-on-year, indicating a strong demand for automation in concrete component production [4][5]. - The company has established a comprehensive supply chain for prestressed materials, with production bases strategically located to meet regional demands [6][7]. Group 3: International Expansion - Approximately 20%-30% of the company’s revenue comes from exports, with products supplied to over 90 countries, including major infrastructure projects in Southeast Asia and the Middle East [5][6]. - The company is actively pursuing opportunities in international projects, such as the China-Kyrgyzstan-Uzbekistan railway, leveraging its production base in Xinjiang [5][6]. Group 4: Future Growth Strategies - The company plans to continue focusing on core business areas, including prestressed materials and rail transit concrete products, while also exploring opportunities in the renewable energy sector [6][7]. - The company aims to enhance its competitive edge through technological innovation and strategic collaborations, positioning itself for sustainable growth in the evolving market landscape [6][7].

2025Q1 年公司实现营业收入5.85 亿元（yoy+23.70%），Q1 单季度营收同比增速为自2022 年以来的同 期最高水平，或由于公司在手订单饱满，两大主营业务预应力材料和混凝土制品业务期内或均实现营收 增长。2025Q1 公司实现归母净利润0.7 亿元，同比高增76.97%，经营韧性十足。公司业绩增速远高于 营收增速，主要由于毛利率改善，同时期间费用率控制有效。 盈利预测和投资建议：预应力钢材龙头全产业链布局，业绩连续高增迈入快速成长期。 公司为预应力钢材和轨道板领域的民营龙头，技术、品牌、资源实力突出，产品矩阵丰富，深入布局预 应力钢材产品上下游，多业务支撑长期发展。公司提升高附加值高毛利产品占比，业务结构优化，盈利 能力持续改善，2023 年、2024 年和2025Q1 各期实现业绩的连续同比高增，迈入快速成长阶段。目前国 内财政定调积极，铁路建设、公路桥梁和水利建设等基建领域需求持续增长，短期公司主营业务增长具 备需求和订单支撑，中长期受益于行业细分产品渗透率提升、海外业务布局和新能源投资等多元业务的 业绩增厚，预计公司2025-2027 年分别实现营业收入36.51 亿元、42.22 亿元 ...