20250807-中原证券-通达股份-002560.SZ-2025年中报点评_电缆订单大幅增长_航空机械加工毛利率快速回升_6页_737kb

Summary of 通达股份 (002560) 2025 Mid-Year Report Analysis

This report is an interim review from 中原证券, written by analyst 刘智, maintaining the "买入" recommendation. The report analyzes the company's performance for the first half of 2025, showing strong financial growth driven by increased orders in key sectors such as cables and aviation mechanical processing.

Key financial highlights:

• Revenue reached 36.18 billion CNY, a year-on-year increase of 37.28%. Net profit rose by 68.24% to 61.87 million CNY, with non-GAAP profit up 89.08%.
• Gross margin was 7.57%, higher net profit margin, indicating better cost control, though business-specific margins varied.
• Cable business saw a 35.49% revenue increase, with new orders growing 80.17%, especially in power grid (up 132.84%) and exports. Aviation mechanical processing revenue jumped 43.51%, with margins recovering to 34.68% due to improved operations.

Business drivers:

• Strong demand from national grid investments, expected to support the cable industry with overall grid spending in 2025 likely exceeding 825 billion CNY.
• Participation in military and civil aviation projects, including C919 supply chains, positioning the company to benefit from long-term market growth opportunities.
• The company leveraged its strengths in electrical equipment, producing high-quality products like cables for various applications.

Analyst views:

• Forecasted revenues for 2025-2027 with corresponding PE ratios, ranging from 26.57x to 16.89x, supporting the "买入" rating.
• Risks highlighted include potential demand shortfalls, competition, and uncertainties in military contracts or C919 production timelines.