上 市 公 司 公 司 研 究 / 公 司 点 评 机械设备 2025 年 10 月 28 日 海能技术 (920476) ——Q3 收入稳健增长，色谱光谱系列延续高增势头 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 26.90 | | 一年内最高/最低（元） | 46.98/8.91 | | 市净率 | 5.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值（百万 | 2,167 | | 元） | | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.05 | | 资产负债率% | | 19.91 | | 总股本/流通 A 股（百 | | 85/81 | | 万） | | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 10-28 11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown continuous high performance in its earnings, with the recent launch of a new near-infrared spectrometer expected to drive additional revenue growth [5] - The company reported a revenue of 227 million yuan for Q1-Q3 2025, representing a year-on-year increase of 24%, and a net profit attributable to shareholders of 18.11 million yuan, marking a turnaround from losses [7] - The company is focusing on expanding its international distribution channels and participating in significant exhibitions to accelerate overseas growth [7] Financial Performance Summary - Revenue projections for the company are as follows: 341 million yuan in 2023, 310 million yuan in 2024, 370 million yuan in 2025E, 437 million yuan in 2026E, and 526 million yuan in 2027E [6] - The company achieved a net profit of 12.63 million yuan in Q3 2025, which is a 35% increase year-on-year and a 111% increase quarter-on-quarter [7] - The company’s R&D expenses for Q1-Q3 2025 were 38.71 million yuan, with a R&D expense ratio of 17%, indicating a strong focus on high-end instrument localization [7] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 50 million yuan, 63 million yuan, and 80 million yuan, respectively, corresponding to price-to-earnings ratios of 46.0, 36.5, and 28.8 times [8] - The company has been actively repurchasing shares, completing a buyback plan in October 2025, which accounted for 4.1% of the total share capital [7]