【券商聚焦】西南证券维持中集安瑞科(03899)“买入”评级指公司水上清洁能源受益于造船利润加速释放

金吾财讯

Oct 30, 2025

金吾财讯 | 西南证券发研报指，中集安瑞科(03899)2025年前三季度收入同比增长7.7%至约人民币193.5亿元；归母净利润稳定持续增长达7.7亿元，同比提升12.9%。其中清洁能源收入占比77.7%，液态食品收入占比14.2%，化工环境收入占比为8.1%。该机构表示，水上清洁能源在手订单创新高，为后续业绩提供增长动力。三季度公司交付 5艘船舶，水上清洁能源业务收益同比大幅增长51.7%至约17.47亿元，截至2025年9月30日，公司已累计交付14艘船舶，水上清洁能源新签订单约86.46亿元，同比增长16.2%，水上清洁能源在手订单约199.53亿元，同比增长39.5%，创历史新高，其中造船订单已经排产至2028年。受益于国内天然气消费复苏以及水上清洁能源的强劲增长，清洁能源分部表现亮眼，前三季度收入较去年同期增长19.4%至约150.4亿元。该机构预计公司2025-2027年EPS为0.63/0.76/0.86元，认为公司水上清洁能源受益于造船利润加速释放，陆上清洁能源保持稳定增长，氢能后续发展空间较大；化工环境分部，随着经济逐步复苏触底回升；液态食品分部稳定，整体来看公司具有一定成长性，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/2579054164"},"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:\"2579054164\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2579054164?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/MWU1MjY1NDI2Mjg5NDIzOQ==.jpg","is_english":false,"pubTime":"2025-10-30 13:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2579054164","market":"sg","top_or_hot":-1,"title":"【券商聚焦】西南证券维持中集安瑞科(03899)“买入”评级 指公司水上清洁能源受益于造船利润加速释放","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/600369\">西南证券</a>发研报指，<a href=\"https://laohu8.com/S/03899\">中集安瑞科</a>(03899)2025年前三季度收入同比增长7.7%至约人民币193.5亿元；归母净利润稳定持续增长达7.7亿元，同比提升12.9%。其中清洁能源收入占比77.7%，液态食品收入占比14.2%，化工环境收入占比为8.1%。该机构表示，水上清洁能源在手订单创新高，为后续业绩提供增长动力。三季度公司交付 5艘船舶，水上清洁能源业务收益同比大幅增长51.7%至约17.47亿元，截至2025年9月30日，公司已累计交付14艘船舶，水上清洁能源新签订单约86.46亿元，同比增长16.2%，水上清洁能源在手订单约199.53亿元，同比增长39.5%，创历史新高，其中造船订单已经排产至2028年。受益于国内天然气消费复苏以及水上清洁能源的强劲增长，清洁能源分部表现亮眼，前三季度收入较去年同期增长19.4%至约150.4亿元。该机构预计公司2025-2027年EPS为0.63/0.76/0.86元，认为公司水上清洁能源受益于造船利润加速释放，陆上清洁能源保持稳定增长，氢能后续发展空间较大；化工环境分部，随着经济逐步复苏触底回升；液态食品分部稳定，整体来看公司具有一定成长性，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】西南证券维持中集安瑞科(03899)“买入”评级 指公司水上清洁能源受益于造船利润加速释放</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】西南证券维持中集安瑞科(03899)“买入”评级 指公司水上清洁能源受益于造船利润加速释放\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\">2025-10-30 13:42</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/600369\">西南证券</a>发研报指，<a href=\"https://laohu8.com/S/03899\">中集安瑞科</a>(03899)2025年前三季度收入同比增长7.7%至约人民币193.5亿元；归母净利润稳定持续增长达7.7亿元，同比提升12.9%。其中清洁能源收入占比77.7%，液态食品收入占比14.2%，化工环境收入占比为8.1%。该机构表示，水上清洁能源在手订单创新高，为后续业绩提供增长动力。三季度公司交付 5艘船舶，水上清洁能源业务收益同比大幅增长51.7%至约17.47亿元，截至2025年9月30日，公司已累计交付14艘船舶，水上清洁能源新签订单约86.46亿元，同比增长16.2%，水上清洁能源在手订单约199.53亿元，同比增长39.5%，创历史新高，其中造船订单已经排产至2028年。受益于国内天然气消费复苏以及水上清洁能源的强劲增长，清洁能源分部表现亮眼，前三季度收入较去年同期增长19.4%至约150.4亿元。该机构预计公司2025-2027年EPS为0.63/0.76/0.86元，认为公司水上清洁能源受益于造船利润加速释放，陆上清洁能源保持稳定增长，氢能后续发展空间较大；化工环境分部，随着经济逐步复苏触底回升；液态食品分部稳定，整体来看公司具有一定成长性，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":"159945","symbol_name":"能源","start_time":0,"source_url":"1968710","article_id":"2579054164","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/MWU1MjY1NDI2Mjg5NDIzOQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2579054164","pubTimestamp":1761802930,"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":"金吾财讯 | 西南证券发研报指，中集安瑞科 2025年前三季度收入同比增长7.7%至约人民币193.5亿元；归母净利润稳定持续增长达7.7亿元，同比提升12.9%。该机构表示，水上清洁能源在手订单创新高，为后续业绩提供增长动力。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"159945":"能源","600369":"西南证券","03899":"中集安瑞科"},"translate_title":"[Brokerage Focus] Southwest Securities maintains the \"buy\" rating of CIMC Enric (03899), indicating that the company's water clean energy benefits from the accelerated release of shipbuilding profits","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159945":1.5,"600369":1.5,"03899":1.5},"content_text":"金吾财讯 | 西南证券发研报指，中集安瑞科(03899)2025年前三季度收入同比增长7.7%至约人民币193.5亿元；归母净利润稳定持续增长达7.7亿元，同比提升12.9%。其中清洁能源收入占比77.7%，液态食品收入占比14.2%，化工环境收入占比为8.1%。该机构表示，水上清洁能源在手订单创新高，为后续业绩提供增长动力。三季度公司交付 5艘船舶，水上清洁能源业务收益同比大幅增长51.7%至约17.47亿元，截至2025年9月30日，公司已累计交付14艘船舶，水上清洁能源新签订单约86.46亿元，同比增长16.2%，水上清洁能源在手订单约199.53亿元，同比增长39.5%，创历史新高，其中造船订单已经排产至2028年。受益于国内天然气消费复苏以及水上清洁能源的强劲增长，清洁能源分部表现亮眼，前三季度收入较去年同期增长19.4%至约150.4亿元。该机构预计公司2025-2027年EPS为0.63/0.76/0.86元，认为公司水上清洁能源受益于造船利润加速释放，陆上清洁能源保持稳定增长，氢能后续发展空间较大；化工环境分部，随着经济逐步复苏触底回升；液态食品分部稳定，整体来看公司具有一定成长性，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":"corporation","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}