证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-16 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.42 | | --- | --- | | 总股本/流通股本（亿股）16.65 | / 14.93 | | 总市值/流通市值（亿元）173 | / 156 | | 52 周内最高/最低价 | 11.02 / 5.66 | | 资产负债率(%) | 51.8% | | 市盈率 | 74.43 | | 第一大股东 | 夏军 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cconmpsec. 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 创世纪(300083) 3C 业务需求旺盛，海外基地投产进一步提升全球 竞争力 下游需求不及预期；大客户合作进展不及预期；行业竞争加剧风 险；国内外政策变化风险。 n 盈利预测和财务指标 l 投资要点 事件：公司发布 2025 年半年报。 上半年业绩高增。2025H1，公司实现营收24.41元，同 ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hongshang Asset on a listed company, focusing on its financial performance and strategic initiatives [1] - In the first half of 2025, the company achieved total operating revenue of 2.441 billion yuan, with sales revenue from 3C drilling and milling processing centers reaching 896 million yuan, representing a year-on-year growth of 34.07% [1] - The company actively expanded its overseas market, generating overseas revenue of 161 million yuan, which is a significant year-on-year increase of 89.45%, with a gross margin of 35.36% [1] Group 2 - The improvement in the company's gross margin is attributed to the increased sales proportion of high-margin products and the high gross margin from overseas business [1] - The company has launched customized products in emerging fields such as humanoid robots and low-altitude economy, and has invested in multiple enterprises in high-end CNC machine tools and intelligent control systems [1] - The top five customers are all 3C enterprises, contributing sales revenue of 469 million yuan, accounting for 19.22% of total revenue [1] Group 3 - The company has introduced several products in the new energy sector, covering components such as batteries, motors, and electronic controls [1] - The company plans to promote a scheme to use reserves to cover losses and will formulate a dividend plan based on actual conditions in the future [1] - The company expects continued growth in operating scale and net profit for the entire year of 2025 [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 244,148.52 million yuan, a year-on-year increase of 18.44% [2] - Net profit attributable to shareholders reached 23,318.77 million yuan, up 47.38% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 21,822.75 million yuan, reflecting a 76.81% increase [2] Business Highlights - The 3C business segment contributed significantly, with sales revenue from 3C drilling and milling centers reaching 896 million yuan, a growth of 34.07% [3] - Overseas revenue surged to 161 million yuan, marking an increase of 89.45%, with a gross margin of 35.36%, up 10.50 percentage points [3][5] - R&D investment rose to 67.63 million yuan, a year-on-year increase of 49.93% [3] - Accounts receivable improved, decreasing by 23.34% to 1.384 billion yuan [3] - Operating cash flow turned positive, reaching 191 million yuan, a significant increase of 325.31% [3] Market Position and Strategy - The company maintains a leading market share in the 3C sector, with major clients including Foxconn and BYD Electronics, accounting for 19.22% of total revenue in the first half of 2025 [10][11] - The company is actively expanding its overseas market presence, with production bases established in Vietnam and plans to penetrate Southeast Asia, Latin America, and Europe [5][14] - Future growth is anticipated in the new energy sector, with products tailored for electric vehicle components [11] Innovation and Development - The company emphasizes technological innovation, focusing on high-margin products and enhancing production efficiency through smart factory initiatives [15] - Investment in emerging fields such as humanoid robots and low-altitude economy is underway, leveraging existing customer relationships in related industries [7][8] Future Outlook - The company expects continued revenue and profit growth in 2025, driven by the recovery in the 3C industry and expansion into new markets [13][14] - Plans include enhancing product lines, increasing R&D for core technologies, and pursuing strategic investments to strengthen market position [15]

Financial Performance - In Q1 2025, the company achieved operating revenue of 1,047.94 million CNY, a year-on-year increase of 22.37% [3] - Net profit attributable to shareholders reached 98.26 million CNY, up 66.51% year-on-year [3] - The net profit excluding non-recurring gains and losses was 94.10 million CNY, reflecting a 145.43% increase [3] - Operating cash flow net amount was 256.07 million CNY, a significant growth of 233.18% compared to the previous year [4] Business Highlights - The 3C sector continued to thrive, with sales from the drilling and milling machining center reaching 410 million CNY, a 26.60% increase [3] - Sales of high-end CNC machines, including five-axis and large horizontal machining centers, grew by 21.62%, generating 46 million CNY in revenue [3] - Accounts receivable management improved, with a decrease of 28.21% in accounts receivable to 1,262 million CNY [3] Strategic Initiatives - The company plans to issue up to 100,917,431 shares to specific individuals to strengthen control and optimize capital structure, aiming to raise up to 550 million CNY [5] - A stock incentive plan was implemented, granting 14.5 million restricted shares to key personnel, with performance targets linked to high-end intelligent equipment business [5] - The company initiated a share buyback plan with a budget of 100 million to 200 million CNY, with a maximum buyback price of 9.09 CNY per share [7] Market Outlook - The 3C industry is expected to continue its recovery, driven by demand for new materials and innovations in consumer electronics [9] - The company is focusing on expanding its presence in emerging fields such as AI, low-altitude economy, and humanoid robots, which are supported by favorable government policies [11] - The overseas market is being actively pursued, with 207 million CNY in overseas revenue in 2024, a 42.61% increase [11] Competitive Advantages - The company boasts a strong R&D capability, with a focus on innovation and technology development [14] - A comprehensive supply chain management system ensures safety and efficiency in manufacturing processes [14] - The company has established a robust sales channel, emphasizing customer-centric marketing strategies [14]