25H1 毛利率有所下滑，期间费用管控良好 风险提示：汇率波动风险，油价波动风险，项目预算风险。 25H1 公司毛利率13.75%，同比-2.88pp。我们认为公司毛利率下滑或主要系提前确认部分项目成本，考 虑到公司前期订单价格较高，且持续推行自动化、平台化的生产流程改革，后续毛利率有望恢复。期间 费用率方面，公司25H1 销售费用率为1.31%，同比+0.48pp；管理费用率3.22%，同比+0.45pp；研发费 用率3.59%，同比-1.60pp；财务费用率-2.04%，同比-0.83pp；合计期间费用率6.08%，同比-1.50pp。公 司在生产运营方面不断提质增效，期间费用率显著优化。 盈利预测与估值 博迈科发布半年报，25H1 实现营收10.43 亿元（yoy-1.66%），归母净利0.12 亿元（yoy-80.42%），扣 非净利0.01 亿元（yoy-99.09%）。其中Q2实现营收5.00 亿元（yoy-11.31%，qoq-7.92%），归母净利 0.01 亿元（yoy-97.30%，qoq-93.15%），扣非净利-0.09 亿元（yoy-125.47%，qoq-191.93%）。公司归母 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The construction sector saw a 1.6% increase last week, in line with the CSI 300, with emerging business-related stocks performing well, while traditional infrastructure state-owned enterprises showed weaker performance [1][4] - The fiscal expansion in February supported a rapid growth in social financing, which is expected to further drive fixed asset investment, particularly in infrastructure [2][16] - The inclusion of "deep-sea technology" in the government work report indicates that the deep-sea economy is poised to become a new engine for economic growth, with the marine economy expected to exceed 10 trillion yuan in 2024 [3][18] Summary by Sections 1. Fiscal Expansion and Social Financing - In February, new social financing reached 2.23 trillion yuan, a year-on-year increase of 737.4 billion yuan, with government bond net financing accounting for 76% of the month's social financing increment [2][16] - The acceleration of government financing is expected to lay a better foundation for the improvement of infrastructure physical volume [2][16] 2. Market Review - The construction index rose by 1.62% from March 10 to March 14, with notable gains in the construction decoration and landscaping engineering sectors [4][22] - Key stocks that performed well include Matrix Co. (+24.58%) and Dongyi Risheng (+21.75%) [4][22] 3. Investment Recommendations - Focus on the conversion of infrastructure physical volume and cyclical upward elasticity, recommending high-growth local state-owned enterprises and undervalued blue-chip central enterprises [5][27] - Emphasize the transformation of the construction sector and the rising prosperity of emerging businesses, particularly in computing power and cleanroom sectors [5][29] - Pay attention to major hydropower projects, deep-sea economy, and low-altitude economy as thematic investment opportunities [5][30]