森松国际2025年业绩回顾：全年新签订单86亿；医药订单增长强劲

图2.公司在手订单（单位：人民币亿元）Companydata,HTI图3.公司新增订单（单位：人民币亿元）Companydata,HTI图4.财务报表Companydata,HTIAPPENDIX1SummaryFull-yearrevenueflat,grossmarginunderpressureRevenueside:In2025,thecompanyachievedrevenueofCNY7.0bn(basicallyflatYoY).Byregion:MainlandChinarevenue:CNY1.6bn(YoY-42%).Overseasrevenue:CNY5.4bn(YoY+28%),ofwhich:Asia(excludingMainlandChina):CNY3.1bn(YoY+53%)NorthAmerica:CNY1.2bn(YoY-12%)Europe:CNY620mn(YoY+86%)Overallgrossmargin:26.1%(YoY-3.4percentagepoints).Bybusinesssegment:Electronicchemicals:CNY250mn(YoY-68%);grossmargin19.2%(YoY-3.1pcts),mainlyimpactedbyadditionalcostsfromqualityissueswithcertainequipment.Chemicals:CNY1.28bn(YoY-24%);grossmargin22.6%(YoY-7.4pcts),mainlyduetoadjustmentsinprojectorderacceptancestrategy.Dailychemicals:CNY650mn(YoY+179%);grossmargin27.2%(YoY+2.0pcts),mainlybenefitedfromanincreasedproportionofcustomizedsolutions.Powerbatterymaterials:CNY1.05bn(YoY-14%);grossmargin15.1%(YoY-2.4pcts),mainlyduetothedilutionofoverallgrossmarginfromancillaryroadandbridgeconstructionworkoncertainorders.Oil&gasrefining:CNY840mn(YoY+34%);grossmargin30.2%(YoY-4.7pcts),mainlyaffectedbymarginadjustmentsoncertainprojects.Pharmaceuticals:CNY2.23bn(YoY+40%);grossmargin28.0%(YoY+1.7pcts),mainlybenefitedfromhigheraddedvaluefromhigh-endequipmentincertainprojects.Otherrevenue:CNY630mn(YoY-19%).Expenseside:Sellingexpenses:CNY210mn(YoY+30%),mainlyduetoincreasedheadcountintheoverseassalesteam.Administrativeexpenses:CNY660mn(YoY+13%),mainlydrivenbysupportforoverseasbusinessexpansionandincreaseddepreciationfromSuzhouandMalaysiaplants.R&Dexpenses:CNY310mn(YoY-22%).Profitside:In2025,thecompanyachievednetprofitattributabletoshareholdersofCNY600mn(YoY-19%),mainlyduetodeclininggrossmarginandrisingexpenseratios.NewordersamountedtoCNY8.6bn,withpharmaceuticalscontributingsignificantlyandoverseasordersdominatingOrderbacklog:Asoftheendof2025,thecompany’sorderbacklogstoodatCNY8.6bn(vs.CNY10.6bnattheendof1H25).Breakdownoforderbacklog:1.PharmaceuticalsCNY5.2bn(60%);2.ElectronicchemicalsCNY1.1bn(13%);3.ChemicalsCNY850mn(10%);4.DailychemicalsCNY460mn(5%).Newlysignedorders:In2025,newlysignedorderstotaledCNY8.6bn,up44%year-on-year.Amongthem,pharmaceuticalnewordersreachedCNY5.3bn,accountingfor62%oftotalneworders.Inthesecondhalfof2025,pharmaceuticalneworderswereCNY920mn,up48%year-on-year.Webelievethisreflectsimprovingcyclicaldemand,particularlyintheU.S.market.ProfitForecastandValuationConsideringtheimpactofordermixchangesonthecompany’sgrossmarginandthemacroeconomicuncertaintyintheMiddleEastregion,wehaveloweredourrevenueforecastsforFY26/FY27toCNY8.4bn/9.2bn,andournetprofitattributabletoshareholdersforecaststoCNY860mn/1.0bn.WemaintainourvaluationusingtheDiscountedCashFlow(DCF)modelbasedoncashflowsfromFY26toFY30,keepingtheWACCunchangedat10.6%andtheterminalgrowthrateunchangedat2.5%,whichcorrespondstoatargetpriceofHKD11.62.RisksMissedsalesgrowthduetoslower-than-expectedconversionoforders;lower-than-expectedordergrowth;capacityconstraints;geopoliticaltensionsbetweentheU.S.andChina;andFXlosses.APPENDIX2ESGCommentsEnvironmental:ThecompanyiscontinuingmakingeffforttoimprovetheirESGratings.Social:ThecompanyiscontinuingmakingeffforttoimprovetheirESGratings.Governance:ThecompanyiscontinuingmakingeffforttoimprovetheirESGratings.附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(HTIRL),HaitongSecuritiesIndiaPrivateLimited(HSIPL),HaitongInternationalJapanK.K.(HTIJKK),HaitongInternationalSecuritiesCompanyLimited(HTISCL),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(HTISG),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，孟科含，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究30个自然日内交易此研究报告所讨论目标公司的证券。I,KehanMeng,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.我，聂照亿，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究30个自然日内交易此研究报告所讨论目标公司的证券。I,ZhaoyiNiecertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).NoDisclosure评级定义（从2020年7月1日开始执行）：海通国际（以下简称HTI）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级优于大市12-1810%以上，基准定义如下中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市12-1810%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100,美国–SP500;其他所有中国概念股–MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestm