水利基建政策东风劲吹，领跑智慧水利新征程
西 南证券研究院[Table_Author]分析师：刘言执业证号：S1250515070002电话：023-67791663邮箱：liuyan@swsc.com.cn分析师：徐卿执业证号：S1250518120001电话：021-68415832邮箱：xuq@swsc.com.cn联系人：李艾莼电话：17396222897邮箱：liac@swsc.com.cn联系人：赵磐电话：010-57758503邮箱：zhaopan@swsc.com.cn[Table_QuotePic]相 对指数表现数据来源：同花顺iFinD基 础数据[Table_BaseData]总股本(亿股)8.82流通A股(亿股)7.2952周内股价区间(元)3.01-5.09总市值(亿元)42.86总资产(亿元)90.18每股净资产(元)2.23相 关研究[Table_Report]2025E2026E2027E5605.586395.637012.7028.02%14.09%9.65%164.92223.41265.55103.28%35.46%18.87%0.190.250.308.93%11.46%12.75%2519162.061.951.85-29%-14%1%15%30%45%24/424/624/824/1024/1225/2大禹节水沪深300 目录1农田水利行业龙头企业，把握国家重点投资发展机遇.....................................................................................................................11.1全区域、全链条、全模式核心优势，国内高效节水灌溉行业龙头......................................................................................11.2股权结构稳定，董事长与母亲为实控人.......................................................................................................................................21.3营收规模稳中有增，盈利能力逐渐修复.......................................................................................................................................32政策东风劲吹行业增速，水利基建与智能节水塑造市场新格局...................................................................................................62.1智能节水获政策强驱动，农田水利驶入升级快车道.................................................................................................................62.2水利行业投资创新高，需求增长筑节水灌溉市场新格局........................................................................................................82.3行业集中度偏低，节水灌溉市场呈现分散格局..........................................................................................................................93节水灌溉与智慧水利行业标杆，业务发展迎来黄金拐点..............................................................................................................113.1国内节水灌溉和智慧水务领域的领军企业，技术优势显著.................................................................................................113.2业务拓展显成效，特许经营创新与现金流管控驱动高质量发展........................................................................................123.3收购数字水利头部企业，智慧水利业务增长空间广阔..........................................................................................................154盈利预测与估值..........................................................................................................................................................................................184.1盈利预测...............................................................................................................................................................................................184.2相对估值...............................................................................................................................................................................................195风险提示.......................................................................................................................................................................................................20 请务必阅读正文后的重要声明部分 图目录图1：公司历史沿革.........................................................................................................................................................................................1图2：公司主要业务及应用场景..................................................................................................................................................................2图3：公司股权结构（截至2025年4月28日）...................................................................................................................................3图4：营业收入及增速....................................................................................................................................................................................4图5：归母净利润及增速................................................................................................................................................................................4图6：公司主营业务收入按产品拆分情况.................................................................................................................................................4图7：公司主营业务收入按区域拆分情况.................................................................................................................................................4图8：公司毛利率及净利率情况..................................................................................................................................................................5图9：公司期间费用率情况...........................................................................................................................................................................5图10：全国灌溉面积......................................................................................................................................................................................8图11：全国节水灌溉面积.......................................................................................................................................................................
