公 司 研 究 / 机 械 设 备 / 证 券 研 究 报 告 华工科技（000988）财报点评 盈利能力显著增强，订单高增彰显业绩 放量潜力 2025 年 11 月 03 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：马成龙 证书编号：S1160524120005 联系人：陈力涵 相对指数表现 -20% 16% 52% 88% 124% 160% 2024/11 2025/5 2025/10 华工科技 沪深300 基本数据 | 总市值（百万元） | 80,259.23 | | --- | --- | | 流通市值（百万元） | 80,217.96 | | 52 周最高/最低（元） | 99.15/33.83 | | 52 周最高/最低（PE） | 81.94/27.96 | | 52 周最高/最低（PB） | 9.80/3.34 | | 52 周涨幅（%） | 135.94 | | 52 周换手率（%） | 9.05 | | 注：数据更新日期截止 2025 年 10 月 31 日 | | 相关研究 公司发布 2025 三季度财报，前三季度营收稳健增长。2025Q1-Q3 ...

Core Insights - The company reported a steady revenue growth in the first three quarters of 2025, with total revenue reaching 11.038 billion yuan, a year-on-year increase of 22.62% [1] - The net profit attributable to shareholders was 1.321 billion yuan, up 40.92% year-on-year, indicating a strong performance [1] - The company is experiencing robust order demand, reflected in a 57.14% increase in contract liabilities compared to the beginning of 2025, suggesting improved business visibility and sustained industry prosperity [1] Financial Performance - For Q3 2025, the company achieved a revenue of 3.409 billion yuan, a decrease of 10.33% year-on-year, likely due to fluctuations in domestic data center construction [1] - The gross profit margin for Q1-Q3 2025 was 21.70%, an increase of 0.72 percentage points year-on-year, while Q3 2025 gross profit margin reached 24.96%, up 7.34 percentage points [2] - The company’s net profit for Q3 2025 was 410 million yuan, a year-on-year increase of 31.15%, with a non-GAAP net profit of 375 million yuan, up 40.12% [1] Strategic Developments - The company is planning to issue H shares and list on the Hong Kong Stock Exchange, which is expected to enhance financing efficiency and accelerate the establishment of overseas production bases [2] - The company has established 12 overseas subsidiaries and 10 offices, successfully localizing operations in countries like Thailand and Vietnam, demonstrating effective global business strategy [2] - The company’s subsidiary, Huagong Zhengyuan, possesses full-stack self-research capabilities from silicon photonic chips to modules, positioning it to benefit from the growing demand for computing power in the AI era [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 16.033 billion, 26.018 billion, and 32.240 billion yuan, with net profits of 1.883 billion, 2.976 billion, and 3.619 billion yuan respectively [3] - The company is expected to continue enhancing its profitability as it expands its high-margin overseas markets and scales up production of optical devices [2][3]

华工科技 20251024 摘要 华工科技三季度净利润 4.1 亿元，同比增长 31.15%，扣非净利润 3.7 亿元，同比增长 40.2%。经营性现金流转正至 3.13 亿元，去年同期为 负。基本每股收益 1.31 元，同比增长 40.86%，加权平均净资产收益 率达 12.55%，同比增长 2.69 个百分点，显示盈利能力增强。 前三季度，激光及智能制造业务收入 26.5 亿元，同比增长 6%，净利润 3.27 亿元，毛利率 33.06%。智能装备业务收入 12 亿元，同比增长 22%，受益于新能源汽车和船舶制造行业需求增加。正元公司营收 50 亿元，同比增长 52%，净利润大幅增长 541%。传感器业务营收 28 亿 元，同比增长 14%，净利润增长 13%。 公司持续加大研发投入，前三季度研发费用 6.79 亿元，同比增长 26.6%。聚焦光连接、激光及智能制造、感知、工业软件等领域，加强 创新链与产业链融合，计划明年开展 100 个子项目，以确保未来业务增 长。 国际化是公司基本战略，海外业务按计划推进，包括激光和正元公司的 国际市场拓展。800G LPO 产品已在泰国开始交付，预计 10 月份首个 ...