据证券之星公开数据整理，近期新强联（300850）发布2025年中报。截至本报告期末，公司营业总收入 22.1亿元，同比上升108.98%，归母净利润4.0亿元，同比上升496.6%。按单季度数据看，第二季度营业 总收入12.83亿元，同比上升110.09%，第二季度归母净利润2.29亿元，同比上升567.76%。本报告期新 强联应收账款上升，应收账款同比增幅达97.32%。 固定资产变动幅度为5.67%,原因:截止本报告期末设备转固。 本次财报公布的各项数据指标表现尚佳。其中，毛利率28.48%，同比增90.74%，净利率18.64%，同比 增308.77%，销售费用、管理费用、财务费用总计1.17亿元，三费占营收比5.3%，同比减40.89%，每股 净资产15.29元，同比增14.89%，每股经营性现金流0.25元，同比减68.59%，每股收益1.09元，同比增 489.29% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为36.73%,原因:银行承兑汇票保证金增加。 应收款项变动幅度为39.56%,原因:销售增加。 存货变动幅度为34.76%,原因:销售增加，公司生产产能增加以及原 ...

证券代码：300850 证券简称：新强联 债券代码：123161 债券简称：强联转债 洛阳新强联回转支承股份有限公司 比高，盾构机、海工装备轴承业务量相对小，但技术水平领先。 后两者产品以"单件、小批量"为主，与风电轴承的规模化有 所区别。 4、公司毛利率较之前提升明显，请问在毛利管理方面上 做了哪些工作？ 公司通过子公司圣久锻件、海普森产品的上下游协同效 应，实现锻件、滚动体、保持架的自供，减少外采，降低采购 成本；公司通过优化生产工艺、提升设备利用率，例如：无软 带感应淬火技术，提升工艺效率、降低能耗以降低单位成本； 加大研发投入，增强高毛利产品竞争力；提高核心零部件自产 率，减少外购依赖，发挥产业链协同降本效应；同时调整产品 结构，聚焦高附加值产品业务。 5、公司下半年的业务发展及规划如何？ 投资者关系活动记录表 编号：2025-009 | |  特定对象调研分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | |  其他（电话会议） | | | 华西证券:王好尚、黄瑞连、李佳玲、耿梓瑜 ...

新强联 20250811 摘要 新强联 2025 年上半年营收 12.83 亿元，同比增长 110.09%，环比增 长 38.52%；扣非净利润 2.11 亿元，同比增长 2,300.16%，环比增长 69.37%，主要受益于风电行业抢装潮和高附加值产品 TRB 订单占比提 升。风电营收占比达 75.84%。 公司风电业务中，TRB 收入约 2.6 亿元，主轴承收入约 6.3 亿元。通过 优化生产工艺和增加员工，公司提高了生产效率，有效拉动产能，以满 足市场对风电轴承的强劲需求。 毛利率连续提升得益于 TRB 放量、降本增效（固定资产摊销减少、滚动 体垂直整合）以及高毛利产品占比提升。预计下半年毛利率将继续提高， 受益于 TRB 和独立变桨放量、海上装机量增加及零部件自给自足。 公司二季度几乎满产，三季度仍维持满产状态，且产能稍有释放，预计 三季度业绩将优于二季度。主轴承二季度进行设备改造，预计本月或下 月正式投产，产能将显著高于现有水平，目标提升 40%-50%。 TRB 方面，金风样机已测试近一月，预计年底前批量生产超 100 台；韵 达样品制作中，预计今年小批量供货。下半年 PRB 将迎来两个重要客户 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [4][23]. Core Insights - The company is expected to benefit from the increasing demand for wind power equipment, particularly in the main shaft bearing segment, which is projected to see significant growth due to the rising installation of wind power [10][15]. - The company has a well-established position in the wind power bearing market, with a focus on expanding its product offerings and improving production efficiency [7][10]. - The report forecasts substantial revenue growth, with expected revenues of 43.4 billion, 52.0 billion, and 59.1 billion for the years 2025 to 2027, representing year-on-year growth rates of 47%, 20%, and 14% respectively [19][20]. Summary by Sections 1. Main Shaft Bearing Volume Growth and Gearbox Bearing Layout - The company is positioned as an expert in the rotary support field, focusing on wind power bearings, including main shaft bearings and gearbox bearings [7]. - The report highlights the expected increase in demand for main shaft bearings due to the upcoming peak in wind power installations in 2025, with a projected increase in domestic wind power installations reaching 125 GW, a year-on-year increase of over 50% [10][15]. - The company has made significant investments in high-end processing equipment to enhance production efficiency and product quality [10][14]. 2. Profit Forecast and Investment Recommendations - The report anticipates a dramatic increase in net profit, projecting figures of 4.6 billion, 5.9 billion, and 7.1 billion for the years 2025 to 2027, with year-on-year growth rates of 601%, 30%, and 20% respectively [19][23]. - The expected improvement in profit margins is attributed to the higher value and profitability of TRB main shaft bearings, alongside the company's efforts to optimize its product structure and extend its supply chain [15][19]. - The report emphasizes the potential for the gearbox bearing segment to become a second growth driver for the company, with expected production ramp-up in 2025 and 2026 [15][19].