光大证券：维持中集安瑞科(03899)“买入”评级 25H1业绩符合预期

智通财经

Sep 09

智通财经APP获悉，光大证券发布研报称，维持中集安瑞科(03899)“买入”评级，业绩符合预期。该行维持2025-27年归母净利润预测12.9/15.1/17.5亿元人民币，对应EPS为0.63/0.74/0.86元人民币。公司焦炉气综合利用业务持续突破，造船业务订单饱满，有望支撑公司未来成长。

报告中称，中集安瑞科2025H1实现营业收入126.1亿元人民币，同比增长9.9%;实现归母净利润5.6亿元人民币，同比增长15.6%。毛利率为14.4%，同比上升0.1个百分点;净利率为4.6%，同比上升0.2个百分点。2025H1，公司清洁能源板块实现收入96.3亿元人民币，同比增长22.2%;化工环境板块实现收入11.1亿元人民币，同比下降14.3%;液态食品板块实现收入18.8亿元，同比下降18.6%。2025H1，公司新签订单为107.4亿元人民币。

公司依托自身关键装备与核心工艺，大力发展综合服务业务。2025年7月公司凌钢中集焦炉气综合利用项目完成交付，该项目可年产14.7万吨LNG及2万吨氢气;目前公司首钢水钢项目仍在建设中，预计2026年投产，投产后可年产13万吨LNG及1.5万吨氢气。公司LNG加注船份额持续保持全球领先，2025H1公司新签造船订单23.4亿元;公司获欧洲船东2+1艘2万立方米LNG运输加注船订单，累计6艘同型船订单;公司成功交付9艘船，包括中国首艘LNG换罐1.4万吨级清洁能源江海直达干散货船。

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