【券商聚焦】交银国际维持中创新航(03931)买入评级料明年迎来新一轮交付能力的集中释放

金吾财讯

Aug 29

金吾财讯 | 交银国际研报指，中创新航(03931)上半年储能业务增速强劲，盈利水平稳步提升。收入同比+31.7%至164.2 亿元（人民币，下同），其中储能电池收入同比大幅+109.7%至57.6亿元。规模效应下期内毛利率达17.5%，同/环比+1.9ppts/1.4ppts。期内净利润同比+80.4%至7.5亿元，净利率4.6%。该机构提到，储能业务方面，据InfoLink数据，1H25年全球储能市场电芯累计出货240.2 GWh，同比+106.1%，并预计全年出货460.0GWh，随着海外电站业务布局实现突破，公司全年储能电芯出货有望维持强劲增速。该机构维持对公司全年出货量预测，但调整电池价格预期，同步下调2025-27年收入预测8%-10%至377.0/453.3/515.2亿元。规模效应下盈利能力稳步提升，因此上调毛利率预测1ppts，同步调整净利润预测至17.9/26.5/36.9亿元。2025年来，中创新航在常州、厦门、成都等地新建项目相继开工；海外葡萄牙工厂已动工，规划年产15GWh储能电池，该机构预计公司将于2026年迎来新一轮交付能力的集中释放。海外储能和商用车业务突破后有望带动公司电池出货量增长，同时盈利能力稳步提升，维持买入评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2563898097"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2563898097\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2563898097?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/MWU1MjY1NDI2Mjg5NDIzOQ==.jpg","is_english":false,"pubTime":"2025-08-29 11:32","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2563898097","market":"sh","top_or_hot":-1,"title":"【券商聚焦】交银国际维持中创新航(03931)买入评级 料明年迎来新一轮交付能力的集中释放","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，<a href=\"https://laohu8.com/S/03931\">中创新航</a>(03931)上半年储能业务增速强劲，盈利水平稳步提升。收入同比+31.7%至164.2 亿元（人民币，下同），其中储能电池收入同比大幅+109.7%至57.6亿元。规模效应下期内毛利率达17.5%，同/环比+1.9ppts/1.4ppts。期内净利润同比+80.4%至7.5亿元，净利率4.6%。该机构提到，储能业务方面，据InfoLink数据，1H25年全球储能市场电芯累计出货240.2 GWh，同比+106.1%，并预计全年出货460.0GWh，随着海外电站业务布局实现突破，公司全年储能电芯出货有望维持强劲增速。该机构维持对公司全年出货量预测，但调整电池价格预期，同步下调2025-27年收入预测8%-10%至377.0/453.3/515.2亿元。规模效应下盈利能力稳步提升，因此上调毛利率预测1ppts，同步调整净利润预测至17.9/26.5/36.9亿元。2025年来，中创新航在常州、厦门、成都等地新建项目相继开工；海外葡萄牙工厂已动工，规划年产15GWh储能电池，该机构预计公司将于2026年迎来新一轮交付能力的集中释放。海外储能和商用车业务突破后有望带动公司电池出货量增长，同时盈利能力稳步提升，维持买入评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】交银国际维持中创新航(03931)买入评级 料明年迎来新一轮交付能力的集中释放</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】交银国际维持中创新航(03931)买入评级 料明年迎来新一轮交付能力的集中释放\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-08-29 11:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，<a href=\"https://laohu8.com/S/03931\">中创新航</a>(03931)上半年储能业务增速强劲，盈利水平稳步提升。收入同比+31.7%至164.2 亿元（人民币，下同），其中储能电池收入同比大幅+109.7%至57.6亿元。规模效应下期内毛利率达17.5%，同/环比+1.9ppts/1.4ppts。期内净利润同比+80.4%至7.5亿元，净利率4.6%。该机构提到，储能业务方面，据InfoLink数据，1H25年全球储能市场电芯累计出货240.2 GWh，同比+106.1%，并预计全年出货460.0GWh，随着海外电站业务布局实现突破，公司全年储能电芯出货有望维持强劲增速。该机构维持对公司全年出货量预测，但调整电池价格预期，同步下调2025-27年收入预测8%-10%至377.0/453.3/515.2亿元。规模效应下盈利能力稳步提升，因此上调毛利率预测1ppts，同步调整净利润预测至17.9/26.5/36.9亿元。2025年来，中创新航在常州、厦门、成都等地新建项目相继开工；海外葡萄牙工厂已动工，规划年产15GWh储能电池，该机构预计公司将于2026年迎来新一轮交付能力的集中释放。海外储能和商用车业务突破后有望带动公司电池出货量增长，同时盈利能力稳步提升，维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03931","symbol_name":"中创新航","start_time":0,"source_url":"1965136","article_id":"2563898097","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/MWU1MjY1NDI2Mjg5NDIzOQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2563898097","pubTimestamp":1756438324,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"规模效应下期内毛利率达17.5%，同/环比+1.9ppts/1.4ppts。期内净利润同比+80.4%至7.5亿元，净利率4.6%。规模效应下盈利能力稳步提升，因此上调毛利率预测1ppts，同步调整净利润预测至17.9/26.5/36.9亿元。2025年来，中创新航在常州、厦门、成都等地新建项目相继开工；海外葡萄牙工厂已动工，规划年产15GWh储能电池，该机构预计公司将于2026年迎来新一轮交付能力的集中释放。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"03931":"中创新航"},"translate_title":"[Brokerage Focus] BoCom International maintains the buy rating of China Innovation Aviation (03931) and is expected to usher in a new round of concentrated release of delivery capabilities next year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03931":1},"content_text":"金吾财讯 | 交银国际研报指，中创新航(03931)上半年储能业务增速强劲，盈利水平稳步提升。收入同比+31.7%至164.2 亿元（人民币，下同），其中储能电池收入同比大幅+109.7%至57.6亿元。规模效应下期内毛利率达17.5%，同/环比+1.9ppts/1.4ppts。期内净利润同比+80.4%至7.5亿元，净利率4.6%。该机构提到，储能业务方面，据InfoLink数据，1H25年全球储能市场电芯累计出货240.2 GWh，同比+106.1%，并预计全年出货460.0GWh，随着海外电站业务布局实现突破，公司全年储能电芯出货有望维持强劲增速。该机构维持对公司全年出货量预测，但调整电池价格预期，同步下调2025-27年收入预测8%-10%至377.0/453.3/515.2亿元。规模效应下盈利能力稳步提升，因此上调毛利率预测1ppts，同步调整净利润预测至17.9/26.5/36.9亿元。2025年来，中创新航在常州、厦门、成都等地新建项目相继开工；海外葡萄牙工厂已动工，规划年产15GWh储能电池，该机构预计公司将于2026年迎来新一轮交付能力的集中释放。海外储能和商用车业务突破后有望带动公司电池出货量增长，同时盈利能力稳步提升，维持买入评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}