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克莱特(831689):2025Q2业绩环比改善,拟发可转债募资建设高速离心鼓风机等生产线
Hua Yuan Zheng Quan· 2025-08-28 04:43
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5][6] Core Views - The company achieved a revenue of 278 million yuan in H1 2025, representing a year-on-year increase of 8%, with a net profit attributable to shareholders of 28.98 million yuan [5] - In Q2 2025, the company reported a revenue of 153 million yuan, up 10% year-on-year and 23% quarter-on-quarter, with a net profit of 17.91 million yuan, reflecting a 3% year-on-year increase and a 62% quarter-on-quarter increase [5] - The company is actively expanding into the power transmission and transformation, shipbuilding, and data center sectors, with a significant increase in orders [5] - The company plans to issue convertible bonds to raise up to 200 million yuan for the construction of new production lines for high-speed centrifugal blowers and smart variable frequency efficient fans [5] Summary by Sections Market Performance - The closing price as of August 26, 2025, was 42.70 yuan, with a total market capitalization of 3,134.18 million yuan and a circulating market capitalization of 1,619.64 million yuan [3] Financial Data - The company reported a gross margin of 29.05% for cooling systems and 28.86% for ventilators in H1 2025 [5] - The order backlog as of June 30, 2025, was 577 million yuan, a 28.79% increase from the previous year [5] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 61 million yuan, 75 million yuan, and 92 million yuan, respectively, with corresponding P/E ratios of 51.4, 42.0, and 33.9 [8] - The company is expected to benefit from high-growth sectors such as rail transit, nuclear power, marine engineering, and data centers [6]