Donghong Pipe Industry’s 1H26 revenue reached RMB1,074mn(up 1.28%YoY),attributable net profit was RMB103mn(up 1.12%YoY),and recurring net profit was RMB84.70mn(down 10.49%YoY).In 2Q26,revenue was RMB550mn(up 2.10%YoY,up 5.09%QoQ),and attributable net profit was RMB58.40mn(down 1.09%YoY,up 30.90%QoQ),exceeding our prior estimate of RMB52mn,on stronger-than-expected profitability in the quarter.Donghong is positioned to benefit from continued buoyant municipal water conservancy investment,which we expect for China’s 15th Five-Year Plan period(2026-2030),given policy emphasis on urban renewal and pipeline network upgrades.Maintain BUY.
Gross margin improved slightly YoY in 1H26
In 1H26,revenue from pipe&fittings sales/pipeline engineering installations reached RMB918/21mn,up 4.1%/20.2%YoY.Overall gross margin was 21.17%(+1.09pp YoY).Gross margin for pipe&fittings sales/pipeline engineering installations rose 0.11/0.15pp YoY to 23.5/26.9%.In 2Q26,gross margin was 22.62%(+3.39pp YoY/2.98pp QoQ).We attribute the margin gain to expansion in emerging businesses and the execution of major projects landed in 1H26.
Expense ratio well controlled,gearing down from start of year
In 1H26,Donghong advanced comprehensive budget management and established aregular coordination mechanism between cost analysis and front-end business.Total expenses fell 3.2%YoY to RMB127mn,with the expense ratio down 0.54pp YoY to 11.8%.The selling/admin/R&D/financial expense ratios were 3.97/4.39/3.27/0.17%,changing-0.06/+0.01/+0.10/-0.59pp YoY.The decline in the financial expense ratio was due to proactive deleveraging and lower interest expenses from bank loan repayments.At end-1H26,the gearing ratio was 29.12%,down 1.01pp from the start of the year.Operating net cash inflow was RMB42mn in 1H26,up 1.4%YoY,broadly in line with revenue growth.The cash received-to-operating revenue ratio/cash paid-to-operating cost ratio were 115.6%/135.3%.
Engineering pipeline industry transformation underway
2026 marks the first year of the 15th FYP period.Policy tailwinds are being launched across urban underground pipeline networks,oil&gas pipeline networks,and water networks.RMB-trillion-level investment and multi-channel funding support provide policy support for industry development.Donghong is aligning with national policy direction and has launched amarket strategy covering"national large-scale long-distance pipelines and urban lifeline projects",while expanding into emerging markets such as nuclear power,marine,and hydrogen energy.In 1H26,revenue from the nuclear power segment grew 44%YoY.In international markets,Donghong is leveraging its overseas platform to upgrade from"product exports"to"technology and brand exports".Overseas revenue grew 33%YoY,driven by adual model of independent expansion and partnership.
Earnings forecasts and valuation
We maintain our 2026/20272028 attributable net profit forecasts at RMB177/223/275mn,with EPS of RMB0.63/0.79/0.97.Average 2026E PE for comparable companies is 14x on Wind consensus.Considering Donghong’s location in East China,where central government funding support for urban infrastructure renewal is fairly strong,and its presence in hydrogen energy pipelines,we assign a2026E PE of 22x,for our target price of RMB13.86(previous:RMB15.75,based on 25x 2026E PE).
Risks:slow order execution,sharp rise in raw material prices,and intensifying industry competition.

　　事件：公司发布2026年半年度报告，2026H1实现营业总收入10.74亿元（+1.28%），归母净利润1.03亿元（+1.12%）；2026单Q2实现营业总收入5.50亿元（+2.10%），归母净利润0.58亿元（-1.09%）。
　　西北区域高增，海外有所突破。2026H1：1）分区域看，华东、西北、华北、华中、西南区域及海外分别实现营收3.23亿元（-8.89%）、3.27亿元（+23.98%）、0.80亿元（-50.18%）、0.79亿元（+9.56%）、0.70亿元（+199.56%）、0.12亿元（+32.64%），受益西北地区水利基建项目、矿产开采投资项目增多等因素，公司订单增加显著。2）政策端看，“十五五”规划开局阶段政策红利密集释放，城市更新将地下管网改造列为核心工程，油气管网、现代化水网建设同步推进，三大领域形成万亿级投资共振；资金端，超长期特别国债、中央预算内投资、地方政府专项债形成协同支撑，为行业发展提供了坚实资金托底。
　　毛利率提升，费用率下降。2026H1：1）毛利率：受益于产品结构优化，销售毛利率同比提升1.09个百分点至21.17%。2）费用端：公司围绕“质量、效益、稳健、增长”的经营目标，稳步推进降本增效，销售费用率、管理费用率整体稳健；受益于有息负债规模减少，财务费用率同比减少0.59个百分点至0.17%。3）应收账款：期末应收账款余额14.41亿元，较期初增长17.81%，主要系销售合同结算进度影响。
　　工程管道头部企业，长期成长动力充足。公司深耕工程管道多年，聚焦“国家大型长输管线和城市生命线”双线发展战略和“一主多翼+一新”业务布局，成长空间持续拓宽：1）在市场环境方面，水利工程建设、城市更新、地下管网建设等相关领域利好政策陆续出台，优质项目订单将显著增加。2）在竞争优势方面，公司从专用料研制、管道结构设计、产品生产研发、管道连接、物流配送、管道安装到售后服务为一体的全产业链优势；具备南水北调、引汉济渭等多个国家级重点工程项目经验；具有国家企业技术中心、国家级CNAS实验室等技术创新平台，研发能力突出。3）在长期战略布局方面，公司秉承“让智能管道改变人类生活”的企业使命，以管道智能终端为核心，重点布局管道新材料、管道机器人、氢能管道、海洋管道等核心技术领域，致力于打造高科技、高市值、国际化的东宏品牌，长期成长能力突出。截至报告期末，公司通过集中竞价交易方式累计回购403.67万股，回购金额5314.23万元，后续拟将回购股份用于股权激励或员工持股计划，进一步健全长效激励机制。
　　盈利预测与投资建议。预计2026-2028年EPS分别为0.79元、0.97元、1.12元，对应PE分别为15倍、12倍、10倍。公司综合竞争力突出，在手订单充足，看好公司长期成长性，维持“买入”评级。
　　风险提示：基建需求不及预期风险；市场开拓或不及预期风险；信用减值风险。

　　东宏股份发布半年报，2026年H1实现营收10.74亿元（yoy+1.28%），归母净利1.03亿元（yoy+1.12%），扣非净利8469.70万元（yoy-10.49%）。其中Q2实现营收5.50亿元（yoy+2.10%，qoq+5.09%），归母净利5839.60万元（yoy-1.09%，qoq+30.90%），归母净利超出我们此前（0.52亿元），主因公司单二季度利润率表现超出我们此前预期。考虑到“十五五”期间，政策强调城市更新及管网改造，我们认为市政水利相关投资有望表现景气，公司有望受益，维持“买入”。
　　1H26毛利率同比小幅改善
　　26H1，公司管材管件销售/管道工程安装业务分别实现收入9.18/0.21亿元，同比+4.1%/+20.2%。26H1公司毛利率为21.17%，同比提升1.09pct，其中管材管件销售/管道工程安装业务毛利率分别同比+0.11/+0.15pct至23.5%/26.9%；26Q2毛利率为22.62%，同/环比分别+3.39/+2.98pct，二季度毛利率同环比改善，我们推测或主因公司新兴领域业务拓展具备成效，叠加上半年多个重大项目落地，逐步进入执行，带动毛利率改善明显。
　　26H1期间费用率管控较好，资产负债率较期初压降
　　26H1公司全面预算管理有序推进，建立成本分析与业务前端的常态化协同机制，期间费用绝对值同比-3.2%至1.27亿元，期间费用率为11.8%，同比-0.54pct，其中销售/管理/研发/财务费用率分别为3.97%/4.39%/3.27%/0.17%，同比-0.06/+0.01/+0.10/-0.59pct，其中财务费率下降较多，主因公司主动压降负债率，偿还银行贷款利息支出减少所致。报告期末，公司资产负债率29.12%，较期初下降1.01pct。1H26公司经营性净现金流入为0.42亿元，同比+1.4%，跟随收入规模增长同比例变动，收现比/付现比分别为115.6%/135.3%。
　　工程管道行业转型，海外业务逐步打开
　　2026年作为“十五五”开局之年，行业政策红利密集释放，城市地下管网、油气管网、水网三大领域同步发力，万亿级投资共振，多种资金协同支撑，为行业发展提供政策托底。东宏股份顺应国家政策方向，适时提出实施“国家大型长输管线和城市生命线”双线市场战略，持续开拓核电、海洋、氢能等新兴领域市场。上半年，公司核电领域主营业务收入同比增长44%。国际市场上，依托海外平台推动业务从“产品出海”向“技术、品牌出海”升级，海外主营业务收入同比增长33%，通过自主拓展与借船出海双模式，持续打开海外增量市场。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为1.77/2.23/2.75亿元，对应EPS为0.63/0.79/0.97元。可比公司26年Wind一致PE预期均值为14x，考虑到公司地处华东，中央财政对城市基础设施更新的资金支持更佳，公司前瞻性布局氢能管道，给予公司26年22倍PE估值，对应目标价为13.86元。（前值15.75元，对应25倍26年PE）。
　　风险提示：订单执行缓慢，原料价格大幅上涨，行业竞争加剧。

　　25年收入承压下滑，归母净利润同比+47%
　　25年公司营收22.03亿元，同比-11.49%，归母、扣非归母净利润分别为2.49、2.12亿元，同比分别+47.35%、+60.26%。其中，25Q4单季实现营收5.04亿元，同比57.14%，归母净利润为0.75亿元，同比+10370.29%，扣非归母净利润为0.49亿元，同比转正。毛利率改善以及信用减值冲回推动25年业绩大涨。
　　防腐/钢丝管道拖累收入，油气、核电领域表现亮眼
　　分产品来看，25年PE/钢丝/防腐/保温/PVC管道产品收入分别为3.8、2.75、12.63、0.82、0.49亿元，同比+0.25%、-6.14%、-9.72%、-10.39%、+0.65%；均价分别同比-1.63%、-2.25%、-15.49%、-8.48%、-12.8%；5类产品销量分别为3.59、1.96、24.63、1.29、0.64万吨，同比+1.91%、-3.98%、+6.81%、-2.09%、+15.42%；毛利率分别为26.39%、31.35%、18.44%、18.01%、14.18%，同比+3.64、+0.14、-0.67、+7.07、-1.25pct。防腐、钢丝等主要产品收入下滑拖累公司25年整体收入表现。从终端行业来看，25年公司在油气、核电领域的收入同比分别+123.83%、515.28%。
　　毛利率、现金流水平同比提升，信用减值冲回推动25年利润大涨
　　25年公司毛利率为19.74%，同比+1.07pct，期间费用率为13.58%，同比+1.35pct，其中，销售、管理、研发、财务费用率分别同比+0.95、+0.98、持平、-0.58pct，其中财务费用受银行贷款利息费用减少影响同比大幅下降69.13%。25年公司营业利润大幅增长主因系信用减值损失大幅冲回，该科目从24年的冲回0.05亿元大幅提升至25年的冲回1.14亿元，主要系以前年度应收账款回收所致。综合影响下25年净利率同比提升4.48pct至11.28%。2025年CFO净额为3.8亿元，同比大幅增加2.86亿元。
　　26Q1业绩逐步企稳，维持“买入”评级
　　26Q1公司实现营收5.24亿元，同比+0.43%，归母、扣非归母净利润分别为0.45、0.37亿元，同比分别+4.15%、-4.4%，业绩逐步企稳。政策支持层面，“十五五”时期国家将投资约5万亿元，建设改造燃气、供排水、供热等管网约77万公里，管网建设改造高景气持续。从公司自身来看，通过不断优化业务结构，积极拓展海洋、核电、化工、油气等高端及高附加值业务领域，公司有望不断提升其在管道领域的市占率。考虑到近年来基建投资增速放缓，我们下调公司26-27年归母净利润为2.2、2.4亿元（26-27年前值为2.4、2.9亿元），并预计28年归母净利润为2.6亿元，维持“买入”评级。
　　风险提示：原材料价格大幅上涨，下游需求不及预期，产能释放不及预期，坏账风险，行业竞争加剧。

Donghong Pipe Industry(DPI)reported 2025 revenue of RMB2,203mn(down 11.49%YoY),attributable NP of RMB249mn(up 47.35%YoY),and recurring NP of RMB212mn(up 60.26%YoY),with attributable NP exceeding our previous expectation of RMB153mn,mainly due to the recovery of accounts receivable from prior years and the reversal of credit impairment losses boosting profits.In 4Q25,revenue reached RMB504mn(up 57.14%YoY,down 21.16%QoQ),and attributable NP was RMB75.38mn(up 10,370.29%YoY,up 4.50%QoQ).Considering that during the"15th Five-Year Plan(FYP)"period,policies emphasize urban renewal and pipe network renovation,we believe that investment related to municipal water conservancy is likely to stay high,and the company may benefit.Maintain BUY.
2025 overall GPM up on dipping raw material costs
In 2025,revenue from PE/steel wire/anticorrosion/insulation/PVC pipes reached RMB380/270/1,260/80/50mn,representing YoY changes of+0.25/-6.14/-9.72/-10.39/+0.65%,with only PE and PVC pipe product revenue remaining relatively stable.We believe the overall revenue decline was likely due to aslowdown in the short-cycle growth rate of related infrastructure investment at the end of the"14th FYP"period,leading to aslowdown in both new orders and the pace of order fulfillment.In 2025,DPI's overall gross margin was 19.74%,up 1.07pp YoY,with gross margins for PE/steel wire/anticorrosion/insulation/PVC pipes at 26.39%/31.35%/18.44%/18.01%/14.18%,representing YoY changes of+3.64/+0.14/-0.67/+7.07/-1.25/+10.54pp.Gross margins mostly improved,which we attribute mainly due to low raw material costs,with the average annual procurement prices for polyethylene/polyvinyl chloride/steel wire/steel pipe and steel strip down 5.1%/14.2%/6.5%/8.7%YoY.Despite intense industry competition,gross margins saw arecovery.
2025 Cash flow improved on reversal in credit impairment
The 2025 expense ratio increased by 1.4pp YoY to 11.5%,with sales/administrative/R&D/financial expense ratios at 5.2%/4.6%/3.5%/0.3%,representing YoY changes of+0.9/+1.0/+0/-0.6pp.The decline in financial expenses was due to reduced bank loan interest expenses.Asset/credit impairment losses were RMB+6/-114mn(reversal).The recovery of accounts receivable led to alarger reversal in the current year,with an additional reversal of RMB103mn vs 2024,thus driving good growth in attributable NP.In 2025,the attributable NP margin was 11.32%,up 4.52pp YoY.Net operating cash flow for the full year was RMB380mn,up 302.58%YoY,mainly due to adecrease in cash paid for purchasing goods and receiving services.
Earnings forecasts and valuation
We largely maintain our 2026/2027 earnings forecasts and introduce our 2028 earnings forecast at RMB177/223/275mn,corresponding to EPS of RMB0.63/0.79/0.97.With peers'2026 Wind consensus PE average at 17x,and considering the company's location in East China,better central fiscal support for urban infrastructure renewal,and its forward-looking deployment in hydrogen pipelines,we assign a2026E PE multiple of 25x,resulting in atarget price of RMB15.75(previous:RMB13.50,at 25x 2025E PE).
Risks:slow order execution;sharp raw material cost increases;intensifying industry competition.