森松国际(2155.HK):新签订单高增 海外医药动能释放

华泰证券
Aug 29, 2025

公司公告,1H25 实现收入26.87 亿元(-23%yoy),归母净利润3.38 亿元(-10.1%yoy),主因24 年底在手订单扰动+确认贸易应收款减值亏损(但补贴相关其他收入提升)。公司1H25 新签订单60 亿元(+89.5%yoy),在手订单106 亿元(+20.4%yoy),创历史新高,主因海外制药CAPEX 需求强势修复,公司抓住机会有效转化订单(此外,新签订单所带来的预付款提升使...

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