For 1H26, revenue increased by 14.68% YoY to RMB1,211mn, the attributable net profit (NP) rose by 3.82% YoY to RMB87.5509mn, and the recurring NP increased by 5.17% YoY to RMB82.5307mn. For 2Q26, revenue increased by 9.97% YoY and 12.37% QoQ to RMB641mn, while the attributable NP rose by 6.39% YoY and 35.64% QoQ to RMB50.3964mn, broadly in line with our expectation of RMB48mn. We think that the company shows solid long-term growth prospects under China’s food security strategy. Maintain BUY.
Mechanical and electrical engineering revenue expanded
By business, design consulting/mechanical and electrical engineering/equipment manufacturing revenues were RMB181/890/117mn in 1H26 (-9.8/+32.5/-26.2% YoY), with GPMs of 47.08/19.29/15.91% (-5.0/+3.1/-2.8pp YoY). As a result, the blended GPM edged down by 0.43pp YoY to 23.77% in 1H26. For 2Q26, the GPM was 29.04% (+1.31/+11.19pp YoY/QoQ). The company’s four key subsidiaries recorded total revenue/NP of RMB969/86mn, accounting for 80/98% of the total. Among them, Wuxi Institute/Wuhan Institute/Zhengzhou Institute, which mainly focus on the grain and oil segment, recorded revenues of RMB469/81/170mn (+38.8/-8.3/-21.1% YoY) and NPs of RMB39/11/28mn (+79/-49/-2% YoY). Huashang Institute, which mainly focuses on cold-chain logistics, recorded revenue of RMB248mn (+82.4% YoY) and an NP of RMB8mn (+317% YoY).
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB244/252/ 257mn. We value the stock at 22x 2026E PE, above its peers’ average of 19x on Wind consensus, to reflect the increasing importance of food security amid rising external risks and tighter domestic arable land constraints, the scarcity value of the company's presence in this field, and its firmer long-term growth prospects compared with peers. Our target price is RMB10.30 (previous: RMB11.52, based on 24x 2026E PE, in line with its peers’ then average). Maintain BUY.
Risks: investments in the grain and oil segment falling short of our expectations, design-to-mechanical and electrical engineering conversion rates falling short of our expectations.

　　中粮科工发布半年报，2026H1实现营收12.11亿元（yoy+14.68%），归母净利8755.09万元（yoy+3.82%），扣非净利8253.07万元（yoy+5.17%）。其中Q2实现营收6.41亿元（yoy+9.97%，qoq+12.37%），归母净利5039.64万元（yoy+6.39%，qoq+35.64%），基本符合我们的预期（0.48亿元）。我们认为粮食安全战略背景下，公司长期发展态势良好，维持“买入”评级。
　　机电工程拓展顺利，量价齐升
　　分业务，26H1公司设计咨询/机电工程/设备制造营收1.81/8.90/1.17亿元，同比-9.8%/+32.5%/-26.2%，毛利率47.08%/19.29%/15.91%，同比-5.0/+3.1/-2.8pct，导致26H1综合毛利率同比-0.43pct至23.77%，26Q2毛利率29.04%，同比+1.31pct，环比+11.19pct。四家重要子公司合计实现收入/净利润9.69/0.86亿元，占比80%/98%，其中主营粮油领域的无锡院/武汉院/郑州院收入4.69/0.81/1.70亿元，同比+38.8%/-8.3%/-21.1%，净利润0.39/0.11/0.28亿元，同比+79%/-49%/-2%，主营冷链物流领域的华商院收入2.48亿元，同比+82.4%，净利润800万元，同比+317%。
　　26H1期间费用率微升叠加减值增加，归母净利率同比下降
　　26H1期间费用率13.45%，同比+0.08pct，其中销售/管理费用率同比-0.13/-1.22pct；但研发费用同比+28.67%至0.76亿元、财务费用因利息收入减少由-0.83亿元转为-0.03亿元，叠加合同资产减值损失扩大至0.23亿元，归母净利率7.23%，同比-0.75pct。26H1经营活动净现金流-4.42亿元，同比少流出1.07亿元，收/付现比95.3%/123.0%，同比-17.1/-23.3pct。
　　粮食安全+冷链双轮驱动，国际化与全链能力构筑中长期增长
　　粮食安全与冷链物流双轮驱动格局延续，公司紧抓国家粮食安全战略与冷链物流发展规划政策窗口，深度聚焦农粮食品及冷链主赛道，并加速构建海外营销与服务体系，国际化机电业务在南亚、东南亚、中东、中亚及中南美洲取得阶段性成果。公司推进“3+3+1”业务体系与数智化转型，提升“咨询设计+机电交付+装备制造+运维服务”全链能力，中长期有望持续受益于粮油、冷链领域较好景气及自身转化率提升
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为2.44/2.52/2.57亿元。可比公司26年Wind一致预期PE均值为19x，考虑到在外部风险加剧、国内耕地约束趋紧背景下，粮食安全日益重要，公司在该领域具备稀缺性，相对可比公司，长期发展稳健度较高，给予公司26年22倍PE估值，目标价为10.30元（前值11.52元，对应26倍可比均值24年PE）。
　　风险提示：粮油领域投资不及预期；设计到机电工程转化率不及预期。

For 2025, revenue was RMB3,063mn (+15.48% YoY), attributable net profit (NP) was RMB233mn (-0.25% YoY), and recurring NP was RMB220mn (+0.49% YoY). Attributable NP missed our forecast of RMB270mn, mainly because its GPM decline was sharper than we expected. For 4Q25, revenue was RMB1,346mn (+1.99% YoY, +104.06% QoQ), and attributable NP was RMB115mn (-2.73% YoY, +240.73% QoQ). We believe the company's long-term development is sound on the back of China's food security strategy. Maintain BUY.
2025: order intakes grew by 8.8% YoY
For 2025, newly signed orders amounted to RMB4,212mn (+8.81% YoY). New orders for design and consulting/electromechanical engineering/equipment manufacturing amounted to RMB670/2,930/450mn (-17.6/+16.6/-2.5% YoY). Electromechanical engineering contracts showed sound growth. Revenues from design and consulting/electromechanical engineering/equipment manufacturing were RMB578/2,073/353mn (-5.19/+31.61/-11.55% YoY). For 2025, overall GPM was 22.99% (-2.51pp YoY). For 4Q25, GPM was 24.7% (+0.46pp YoY). For 2025, GPMs of design and consulting/electromechanical engineering/equipment manufacturing were 39.0/18.8/18.5% (-8.7/-0.9/+6.2pp YoY). Revenue and GPM of the design and consulting segment fell significantly. We attribute this to the short-cycle contraction of related business volume and intense market competition at the end of the 14th Five-Year Plan period.
R&D investment remained on track; total impairment narrowed
For 2025, the overall expense ratio was 11.85% (+0.35pp YoY). Sales/ administrative/financial/R&D expense ratios were 0.7/5.8/-0.6/6.0% (-0.1/-0.4/ +0.02/+0.9pp YoY). R&D expenses climbed by 35.93% YoY, mainly because the company stepped up scientific and technological innovation efforts and R&D investment grew YoY. For 2025, asset/credit impairment losses were RMB24/ 34mn, and the total provision was RMB52mn less on a YoY basis. At end-2025, the net book value of accounts receivable was RMB810mn (+9.6% YoY). For 2025, attributable NPM was 7.61% (-1.2pp YoY). For 2025, the net operating cash flow was RMB126mn (-75.5% YoY). The cash receipts-to-revenue ratio/cash payment-to-cost ratio was 100.5/85.6% (-6.0/-0.9pp YoY).
Earnings forecasts and valuation
As the short-cycle design business's GPM fell amid intense competition, we lower our 2026/2027 attributable NP forecasts by 17.18/20.58% to RMB244/252mn and add our 2028 forecast of RMB257mn, implying 2026/2027/2028 EPS of RMB0.48/0.49/0.50. We value the stock at 24x 2026E PE, at par with its peers' average on Wind consensus. Our target price is RMB11.52 (previous: RMB14.66, based on 28x 2025E PE).
Risks: Lower investment in the oil & grain sector than we expect, lower design-to-order conversion rate for electromechanical engineering than we expect.

　　中粮科工发布年报，2025年实现营收30.63亿元（yoy+15.48%），归母净利2.33亿元（yoy-0.25%），扣非净利2.20亿元（yoy+0.49%），归母净利低于我们此前预期（2.7亿元），主因毛利率降幅超出我们此前预计。其中Q4实现营收13.46亿元（yoy+1.99%，qoq+104.06%），归母净利1.15亿元（yoy-2.73%，qoq+240.73%）。我们认为粮食安全战略背景下，公司长期发展态势良好，维持“买入”评级。
　　25年新签订单同比+8.8%，设计业务毛利率下降较多
　　2025年公司新签订单合计42.12亿元，同比+8.81%，其中设计咨询/机电工程/设备制造分别新签6.7/29.3/4.5亿元，同比-17.6%/+16.6%/-2.5%，机电工程订单良好增长。收入维度看，设计咨询/机电工程/设备制造业务收入5.78/20.73/3.53亿元，同比-5.19%/+31.61%/-11.55%，2025年综合毛利率22.99%，同比-2.51pct；2025Q4毛利率24.7%，同比+0.46pct；全年设计咨询/机电工程/设备制造业务毛利率分别为39.0%/18.8%/18.5%，同比-8.7/-0.9/+6.2pct，设计咨询业务规模及毛利率下降较多，我们推测或主因“十四五”末，相关业务体量短周期收缩，市场竞争激烈所致。
　　研发持续投入，减值合计收敛
　　2025年公司期间费用率为11.85%，同比+0.35pct；其中，销售/管理/财务/研发费用率分别为0.7%/5.8%/-0.6%/6.0%，同比-0.1/-0.4/+0.02/+0.9pct，研发费用同比+35.93%，主要为公司加大科技创新力度，研发投入同比增加所致。全年资产/信用减值损失分别为0.24/0.34亿元，合计同比少计提0.52亿元，年末账面应收账款净值为8.1亿元，同比+9.6%。2025年归母净利率为7.61%，同比-1.2pct。2025年经营性净现金流1.26亿元，同比下降75.5%，收现比/付现比分别为100.5%/85.6%，同比-6.0pct/-0.9pct，收现比同比下降，但整体仍维持在100%以上。
　　1Q26收入同比维持快速增长，“十五五”期间探索“第二曲线”
　　1Q26公司实现营业收入/归母净利为5.7/0.37亿元，同比+20.5%/+0.52%，环比-57.6%/-67.7%，综合毛利率为17.84%，同比/环比-2.0/-6.9pct，毛利率延续下降趋势，我们推测或主因利润率更高的专业技术服务更多在下半年结转确认，收入结构性因素导致利润率同环比下降。公司有望受益于行业政策与技术迭代趋势。“十四五”以来，国家围绕粮油加工、仓储物流等出台系列政策，25年4月国务院《加快建设农业强国规划（2024－2035年）》强调保障粮食安全。科技进步推动粮油加工朝高端化、智能化、绿色化发展，粮食仓储向“绿色优储”跃升。“十五五”期间，公司将围绕保障粮食安全、科技兴粮等职责使命，深耕主营核心业务，夯实基本盘；加速新兴产业布局强化粮机装备制造，锚定强相关、有积淀的新兴产业方向，积极探索发展数智化、大检测、绿色能源、生物技术等第二增长曲线。
　　盈利预测与估值
　　考虑到短周期设计业务由于竞争因素毛利率有所下降，我们调整公司26-28年归母净利润为2.44/2.52/2.57亿元（较前值分别调整-17.18%/-20.58%/-），对应EPS为0.48/0.49/0.50元。可比公司26年Wind一致预期PE均值为24x，给予公司26年24倍PE估值，目标价为11.52元（前值14.66元，对应28倍25年PE）。
　　风险提示：粮油领域投资不及预期；设计到机电工程转化率不及预期。