证券研究报告 | 公司动态点评 2025 年 09 月 03 日 国机重装（601399.SH） 经营稳健根基牢固，在手订单大幅增长 经营业绩稳定增长，业务布局多点开花。2025 H1 公司营收及利润稳定增长， 2025 Q2 毛利率达到 14.34%，盈利能力环比有所回暖。分业务看，核能装 备领域，公司签订广西白龙核电稳压器设备、山东海阳堆芯补水箱、中核华 龙一号 SG 锻件等合同，市场份额持续提升；压力容器方面，公司签订了中 海油大榭舟山、中石化九江、神华榆林煤液化项目反应器等一批重型容器合 同，市场拓展取得新成效；高端大型铸锻件方面，公司 Cr12 转子、FB2 转子、 CB2 汽缸等产品已经实现批量订货；冶金领域，公司签订了梅钢 1422 热轧产 线机组、河北津西钢铁 1880mm 带钢热连轧机组、金威铜业 800mm 铜带四 辊粗轧机组等重大项目。 海外水电项目进展顺利，出口订单大幅增长。订单方面，公司的大件物流、 理化检验等制造服务业务市场开拓成果丰硕。投资建设并运营的柬埔寨达岱 水电站连续 10 年超额完成发电目标，已成为"一带一路"共建共赢、中柬两 国互利合作的标杆典范。2025H1 公司与柬 ...

Core Insights - The company reported a revenue of 7.073 billion yuan for the first half of 2025, representing a year-on-year increase of 13.21% [1] - Net profit attributable to shareholders reached 242 million yuan, up 13.37% year-on-year [1] - The total contract signing amount was 16.502 billion yuan, showing a significant growth of 43.57% compared to the previous year [1] Market Expansion - The company has achieved a "blossoming" market expansion, signing contracts for various projects including nuclear energy and heavy container markets, indicating a continuous increase in market share [2] - Notable contracts include the Guangxi Bailong nuclear power stabilizer and Shandong Haiyang core water replenishment tank, contributing to the growth in the nuclear equipment market [2] - Export orders for products have significantly increased, with successful agreements in Cambodia and Turkey, showcasing the company's international market development [2] Technological Advancements - The company has made significant technological breakthroughs in high-end large castings and forgings, nuclear equipment, and petrochemical equipment [3] - Key achievements include the successful delivery of the world's first 630℃ ultra-supercritical secondary reheating unit high-pressure rotor forging [3] - The company aims to enhance its core competitiveness by focusing on high-end, intelligent, and green development in major technical equipment [3]

Core Viewpoint - The successful delivery of the domestically developed C630R high-pressure rotor forging marks a significant advancement in China's ultra-supercritical power generation technology, transitioning from a "follower" to a "leader" in material development for ultra-supercritical units [1] Group 1 - The C630R high-pressure rotor forging is the first of its kind with independent intellectual property rights in China [1] - The forging was developed by China National Machinery Group Corporation in collaboration with other units [1] - This component will be utilized in the world's first 630℃ secondary reheating power generation project, the Datang Yuncheng National Power Demonstration Project [1]