Zhenhua Heavy Industries has released its 1H26 results: revenue came in at RMB17,627mn (+1.33% YoY), attributable net profit at RMB503mn (+45.94% YoY), and recurring net profit at RMB487mn (+98.01% YoY). In 2Q26, revenue was RMB9,034mn (+1.75% YoY, +5.13% QoQ) and attributable net profit was RMB126mn (+41.77% YoY, -66.45% QoQ). The 1H26 earnings growth was driven by increased project deliveries and a higher gross margin. In 1H26, the total value of newly-signed contracts and won bids increased by 11.38% YoY. Given cost reductions, efficiency gains, and operational system optimization, profitability should improve further, in our view. Maintain OVERWEIGHT.
1H26 GPM notably enhanced; financial spending up
The 1H26 gross margin was 13.39%, up 2.56pp YoY; the 2Q26 gross margin was 14.75%, up 3.77pp YoY and 2.80pp QoQ, reflecting sustained profitability improvement, due to increased project deliveries, alongside the company's value-creation special initiatives to further control costs and improve management efficiency—1H26 operating costs fell 1.58% YoY. On expense ratios, the 1H26 selling expense ratio was 0.62% (+0.04pp YoY); the admin expense ratio was 2.08% (-0.04pp YoY); the R&D expense ratio was 2.85% (+0.09pp YoY); and the financial expense ratio was 1.67% (+1.12pp YoY). Total expenses came to 7.22% of revenue, up 1.21pp YoY, owing to higher forex losses from currency fluctuations, which drove the YoY increase in financial expenses.
Port machinery orders grew steadily
In the port machinery business, the accelerated development of world-class port clusters, sustained demand for port equipment in Belt and Road countries, and rising demand for terminal intelligent retrofits are driving the industry toward larger, more automated, intelligent, and greener equipment. New-energy port machinery and lightweight equipment are moving from "demonstration applications" to "scale procurement." From an order perspective, in 1H26, the total value of newly-signed contracts and won bids was c. USD3,994mn, up 11.38% YoY. Specifically, port machinery orders were USD3,297mn (+5.11% YoY), and port machinery service orders were USD207mn (+6.86% YoY). The company is currently the world's only supplier capable of providing complete automated terminal solutions, having participated in the construction of over 70% of the world's automated terminals and smart ports. Its quay crane products have maintained the No.1 global market share for 29 consecutive years.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts of RMB1,081/ 1,228/1,305mn, implying BVPS of RMB3.20/3.37/3.55. Comparable companies trade at a 2026E iFind consensus PB of 1.4x. We value the stock a 2026E PB of 1.4x, yielding a target price of RMB4.48 (previous: RMB6.08, based on a 2026E PB of 1.9x).
Risks: Slower recovery in the offshore engineering business than we expect, interest-rate and FX risks; raw-material supply risks.

　　振华重工发布半年报，26H1实现营收176.27亿元（yoy+1.33%），归母净利5.03亿元（yoy+45.94%），扣非净利4.87亿元（yoy+98.01%）。其中26Q2实现营收90.34亿元（yoy+1.75%/qoq+5.13%），归母净利1.26亿元（yoy+41.77%/qoq-66.45%）。26H1业绩增长主要系公司项目交付量增加及综合毛利率提升所致。26H1公司新签合同及中标订单总额同比增长11.38%，随降本增效与运营体系优化，盈利能力有望进一步改善，维持“增持”评级。
　　26H1毛利率显著提升，财务费用有所上行
　　公司26H1毛利率13.39%，同比+2.56pct；26Q2毛利率14.75%，同比+3.77pct/环比+2.80pct，盈利能力持续改善，主要系项目交付量增加，同时公司开展价值创造等系列专项行动、进一步控制成本及提升管理效率，26H1营业成本同比-1.58%。期间费用率方面，26H1销售费用率0.62%，同比+0.04pct；管理费用率2.08%，同比-0.04pct；研发费用率2.85%，同比+0.09pct；财务费用率1.67%，同比+1.12pct。公司合计期间费用率达7.22%，同比+1.21pct，主要系汇率波动使得汇兑损失增加，财务费用同比上升。
　　港机订单稳健增长，岸桥份额稳居第一
　　港机业务方面，世界级港口群建设提速，“一带一路”沿线国家港口装备需求不减，码头智能化改造需求加大，行业加速向大型化、自动化、智能化、绿色化迈进，新能源港机和轻量化装备逐步由“示范应用”迈向“规模采购”。从订单角度看，26H1公司新签及中标订单总额约39.94亿美元，同比增长11.38%，其中港机业务新签及中标32.97亿美元，同比增长5.11%，港机服务类业务新签及中标2.07亿美元，同比增长6.86%。公司是目前全球唯一能够提供自动化码头全套解决方案的供应商，参与了全球70%以上的自动化码头和智慧港口建造，岸桥产品连续29年保持全球市场份额第一。
　　海工订单同比高增，钢结构受益风电与桥梁需求
　　海工业务方面，行业迎来周期性复苏与结构性升级双重机遇，全球能源转型推动释放风电安装船、运维船等装备需求，深海油气开发装备向智能化、无人化加速演进，26H1公司海工业务在整船建造、核心配套件和细分市场多领域斩获订单，新签及中标订单4.53亿美元，同比增长26.32%。钢结构业务方面，国家交通基建与新能源产业协同发力，桥梁钢结构、风电钢结构仍有较大发展潜力，26H1公司签订长乐海上风电换流站等项目合同，新签及中标订单2.44亿美元，同比增长171.57%。公司拥有上海、江苏多个现代化生产基地，码头岸线总长10,208米，年钢结构处理能力可达100万吨，海工与钢结构订单高增有望为后续收入及盈利提供支撑。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为10.81/12.28/13.05亿元，对应BPS为3.20/3.37/3.55元。可比公司2026年iFind一致预期PB为1.4倍，给予公司26年1.4倍PB估值，对应目标价4.48元（前值6.08元，对应26年PB1.9倍）
　　风险提示：海工业务复苏速度不及预期，利率与汇率风险，原材料供应风险。

　　业绩简评
　　8月26日，公司发布2026年中报。1H26公司实现收入176.27亿元，同比+1.33%，实现归母净利润5.03亿元，同比+45.94%。其中，2Q26实现收入90.34亿元，同比+1.75%；归母净利润1.26亿元，同比+41.77%。
　　经营分析
　　上半年业绩高增，信用减值损失大幅收窄。1H26公司信用减值损失为-1.33亿元，1H25为-2.99亿元，信用减值损失减少了1.66亿元。1H26信用减值损失减少主要系公司计提应收账款坏账准备减少所致，公司应收账款整体信用风险实现了下降。这反映出公司在存量账款回收或新增业务信用管控上取得阶段性成效，对利润贡献显著。1H26公司归母净利润5.03亿元，同比+45.94%。
　　全球港机需求持续上行，1H26公司新签订单持续提升。需求端，根据克拉克森预测，25-27年全球海运贸易量将持续增长至221/226/233百万箱，有望带动全球港机需求同步提升。此外，港机更新周期约20-25年，2000-2008年全球贸易繁荣期交付的港机即将迎来更新周期。随着船舶的逐步大型化，以及智慧码头、智慧港口的兴起，港机的大型化、智能化升级需求逐步释放，看好港口机械需求持续上行。公司是全球港机龙头，岸桥全球市场占有率70%。1H26公司港机业务新签及中标额32.97亿美元，同比+5.11%，有望带动公司未来港口机械收入持续提升。
　　海工行业景气度上行，看好公司海工收入长期提升。在海上油气领域，油气行业经过十多年的成本压降，开发项目成本线普遍在30-50美元/桶之间，当前多数油气项目可实现较好的经济性开发。上游勘探开发保持高景气度，有望带动海工装备需求持续上行。公司是国内海工龙头，具备海洋工程EPCI总承包能力，具备自升式钻井平台、海上特种船舶的设计制造能力。受益行业资本开支上行，1H26公司海工业务新签订单4.53亿美元，同比+26.32%，看好公司未来海工领域收入长期提升。
　　盈利预测、估值与评级
　　我们预计公司26-28年公司收入为393/430/475亿元，归母净利润为9.87/13.08/17.51亿元，对应PE为14X/10X/8X，维持“增持”评级。
　　风险提示
　　全球贸易增长不及预期风险、全球油气勘探开发资本开支不及预期风险、汇率波动风险。

Zhenhua Heavy Industries has released its 1Q26 results:revenue came in at RMB8,593mn(+0.89%YoY),attributable net profit at RMB376mn(+47.39%YoY),and recurring net profit at RMB369mn(+37.29%YoY),marking anotable improvement in profitability.Operations are progressing steadily,and given cost reductions,efficiency gains,and operational system optimization,profitability should improve further,in our view.Maintain OVERWEIGHT.
Gross margin edged up in 1Q,financial costs rose
Gross margin reached 11.95%in 1Q26,up 1.29pp YoY,a modest improvement.The selling-expense ratio was 0.58%,flat YoY and down 0.24pp QoQ;the admin expense ratio was 2.10%,down 0.01pp YoY and 0.70pp QoQ;the R&D expense ratio was 2.01%,down 0.36pp YoY and 3.34pp QoQ;and the financial expense ratio was 1.79%,up 1.52pp YoY and 0.65pp QoQ.Total expenses came to 6.48%of revenue,up 1.15pp YoY but down 3.63pp QoQ.The company's cost-reduction and efficiency improvement efforts are delivering solid results:aside from the rise in financial costs,all other expense ratios were stable or lower both YoY and QoQ.
Port machinery expansion continues,reinforcing leadership
1)Domestic projects:In 1Q26,five quay cranes,10 rail-mounted gantry cranes and five rubber-tyred gantry cranes for the Shanghai Port Xiaoyangbei terminal began manufacturing.The second-stage works of the Wenzhou Yueqingwan bulk cargo system Phase Iwere delivered.The shipment of battery-powered automated container guided vehicles took the total number of Zhenhua's self-developed unmanned horizontal container transporters past the 700-unit mark.2)Overseas business:In 1Q26,Zhenhua held asigning ceremony with Hambantota International Port Group to jointly build aBelt and Road international shipping hub.The shipment of 34 rail-mounted gantry cranes for Hutchison Ports ECT Euromax in the Netherlands was completed–the terminal's first procurement of such equipment in nearly 20 years.Eight of the 18 quay cranes ordered by Marsa Maroc,Morocco's largest state-owned port operator,completed final assembly.The CWIT automation project in Sri Lanka reached aphased efficiency target,helping the terminal surpass 1mn TEU in throughput.The port machinery business is progressing well and should in our view reinforce Zhenhua’s market leadership.
Earnings forecasts and valuation
Given the company's lean operations and increasingly visible results from cost reduction and efficiency gains,we raise our 2026/2027/2028 attributable net profit forecasts by 23/12/13%to RMB1,081/1,228/1,305mn,implying BVPS of RMB3.20/3.37/3.54.Comparable companies trade at a2026E iFind consensus PB of 1.9x.We assign Zhenhua Heavy Industries a2026E PB of 1.9x,yielding atarget price of RMB6.08(previous:RMB5.47,based on a2026E PB of 1.7x).
Risks:Slower recovery in the offshore engineering business than we expect,interest-rate and FX risks;raw-material supply risks.

　　振华重工发布26年一季报，26Q1实现营收85.93亿元（yoy+0.89%），归母净利3.76亿元（yoy+47.39%），扣非净利3.69亿元（yoy+37.29%），公司盈利能力显著提升。公司业务稳步开展，随降本增效与运营体系优化，盈利能力有望进一步改善，维持“增持”评级。
　　Q1毛利率小幅增长，财务费用有所上行
　　公司26Q1毛利率11.95%，同比+1.29pct，实现小幅优化。期间费用率方面，26Q1销售费用率0.58%，同比持平/环比-0.24pct；管理费用率2.10%，同比-0.01pct/环比-0.70pct；研发费用率2.01%，同比-0.36pct/环比-3.34pct；财务费用率1.79%，同比+1.52pct/环比+0.65pct。公司合计期间费用率达6.48%，同比+1.15pct/环比-3.63pct，公司降本增效成果稳固，除财务费用有所上行外，其他期间费用同环比均维持稳定或下降。
　　港机业务持续拓展，有望筑牢龙头地位
　　1）国内项目：26Q1上海港小洋北作业区项目5台岸桥、10台轨道吊、5台轮胎吊进入生产制造阶段；温州乐清湾码头散货系统一期工程后阶段工程交付；纯电集装箱自动导引车发运，标志着公司自主研制的无人集装箱水平运输车总数突破700台。2）海外业务：26Q1与汉班托塔国际港口集团举行项目签约仪式，共筑“一带一路”国际航运枢纽。和黄荷兰Euromax码头34台轨道吊项目发运，为该码头近20年首次采购轨道吊设备。摩洛哥最大国有港口运营商MarsaMaroc集团采购的18台岸桥项目中8台岸桥完成总装。斯里兰卡CWIT自动化项目达成阶段性效率目标，助力码头吞吐量突破100万箱。公司港机业务有序推进，有望筑牢龙头地位。
　　海工装备接连落地，钢结构业务有序推进
　　1）海工装备：26Q1国内首艘分布式舱内泥泵设计25000m3舱容等级特大型自航耙吸挖泥船“新海鲸1”轮、中海油深技服多功能海洋工程船吉水。广州打捞局插桩式深水起重船、两艘中波38000吨多用途重吊船、法国LDA风电运维母船首制船均在建设中。由公司EPC总承包的迪拜DDW5000吨固定臂架式起重船完成倾斜试验和锚机调试，彰显公司海工领域EPC实力。2）钢结构：26Q1公司参建的温州永宁大桥正式通车；狮子洋通道、钱江三桥等大型桥梁钢结构、中交四航局3600吨全回转打桩起重机项目陆续开工。完成厦金大桥（厦门段）、澳大利亚东北线、马士基风机叶片支架等近10个项目、39船次、272车次发运作业，保障各大工程顺利推进。公司海工业务持续突破、钢结构业务稳健发展，有望进一步提升公司收入及盈利。
　　盈利预测与估值
　　考虑到公司深化精益经营，降本增效成果愈发显著，我们上调公司26-28年归母净利润预测（23%,12%,13%）至10.81/12.28/13.05亿元，对应BPS为3.20/3.37/3.54元。可比公司2026年iFind一致预期PB为1.9倍，给予公司26年1.9倍PB估值，对应目标价为6.08元（前值5.47元，对应26年PB1.7倍）。
　　风险提示：海工业务复苏速度不及预期，利率与汇率风险，原材料供应风险。