中国金属加工龙头，25H1业绩扭亏为盈

中国金属加工龙头，25H1业绩扭亏为盈 China's leading metal processing company&Turns lossesin to profitin25H1 最新动态 ➢25H1归母净利润扭亏。25H1，公司实现营收211.98亿元，同比下降7.0%；实现毛利5.54亿元，同比增长7.6%；实现归母净利润为757.90万元（扭亏）。25H1，集团营收当中204.73亿元来自于加工业务，7.25亿元来自于制造业务。25H1，集团录得约2280万元纯利，同比增加约141.6%。25H1，集团不锈钢加工业务的销售量约99.60万吨，增幅约为3.1%；加工量为152.20万吨，减幅约为0.2%；集团碳钢加工业务的销售量约239.10万吨，增幅约为0.4%；加工量244.40万吨，增幅约为6.6%。25H1，集团不锈钢加工销售量为99.55万吨，同比增长3.1%；碳钢加工业务销售量为239.07万吨，同比增长0.4%。 动向解读 ➢公司为中国金属加工龙头。中国领先的一站式高端制造服务企业，具备钢铁材料加工、零部件制作和成品制造、专业技术服务的能力。目前，大明国际已在全国建立11家加工服务中心和长江沿江制造基地（靖江），海外成立了欧洲公司。客户覆盖众多行业的头部企业。2010年，大明国际在香港联交所主板上市；2024年，大明国际实现不锈钢产品销量205.7万吨，碳钢产品销量505.9万吨，营业收入464.5亿元。 ➢公司为大型罐体预制服务领导者。公司联合钢厂、科研院所、设计单位、工程公司，为下游提供从项目设计、材料研发，到加工及制造工艺优化的一体化服务，服务了国内外众多大型工程和重点项目，其中以大型罐体预制服务占据了国内沿海LNG接收站约50%的市场份额。公司以客户为中心，大明打造了不锈钢、碳钢和制造服务三大业务板块，服务的领域涵盖了30多个行业，包括汽车、家电、电梯、工程机械、矿山及水泥设备、石油化工、能源装备等。其中以大型罐体预制服务为代表的大型工程项目服务具有突出的竞争力，出口业务保持着20多年的快速增长。大明拥有三大出口服务基地布局（嘉兴、靖江、天津）、两大码头（嘉兴、靖江），海外业务持续20多年快速增长，海外业务2027年前目标年收入10亿美元。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为0.40亿元、1.27亿元、2.12亿元，参考同行业公司，给予公司2026年17倍PE，按港币兑人民币汇率为0.91计算，对应目标价1.86港元，首次覆盖给予“买入”评级。 风险提示 ➢行业周期和市场需求风险、同业竞争的风险、产品价格波动的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：新奥能源、长江基建集团、中集安瑞科、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.