Both Engineering’s 2025 revenue fell by 21.19% YoY to RMB4,133mn, and attributable net profit (NP) came down 3.34% YoY to RMB205mn, missing our estimates of RMB5,700mn and RMB240mn, respectively, mainly due to uncertainties in the external environment, conservative investment in the semiconductor and optoelectronics-related industries, and contracting order intakes/revenue recognition. For 2025, recurring NP was RMB196mn (-3.91% YoY). For 4Q25, revenue was RMB857mn (-39.08% YoY, +0.50% QoQ), and attributable NP was RMB72.21mn (+34.80% YoY, +45.99% QoQ). Considering robust AI demand and accelerating investments driven by import substitution, we expect orders to grow rapidly. Furthermore, the competitive landscape of the domestic semiconductor cleanroom industry could improve. Maintain BUY.
Downstream plant construction delayed in 2025
For 2025, semiconductor/new display/food & pharmaceutical/life science/other electronics revenues were RMB2,870/540/230/130/360mn (-22.5/-40.6/+30.6%/ -49.6%/+87.4% YoY). Short-term geopolitical disruptions impeded plant construction progress in the downstream pan-semiconductor industry and order settlement. For 2025, newly signed orders were RMB3,760mn (-30.6% YoY). By region, domestic/overseas revenues were RMB3,760/360mn (-25.45/+101.0% YoY). Overall GPM climbed by 1.93pp YoY to 11.93%, which we attribute partly to the initial success of the company's "quality and efficiency enhancement" strategy. In addition, competitors from Germany and China's Taiwan region temporarily shifted their strategic focus to overseas markets, and central SOE competitors returned to the SASAC's "one profit and five ratios" evaluation standards after their performance commitments concluded. These factors may bring a phased improvement to the competitive landscape in the Chinese mainland market. For 2025, Chinese mainland GPM was 11.63% (+1.67pp YoY).
YTD new orders exceeded RMB4.3bn
In 2025, the overall expense ratio rose by 1.31pp YoY to 4.49%, mainly because the absolute value of overall expenses grew by 11.2% YoY to RMB185mn, and a smaller revenue base was less capable of diluting these expenses. Asset/credit impairment losses were RMB29/-6mn (reversal), with impairments narrowing by RMB38mn and showing a minimal drag on profitability. The net book value of accounts receivable was RMB608mn (-13.4% YoY). In 2025, net operating cash flow fell by 64.15% YoY to RMB77mn, mainly due to a lower revenue and the corresponding decline in total customer collections. As of the end of 2025, orders on hand were RMB2,448mn (-15.4% YoY), of which domestic/overseas orders on hand were RMB210/2,230mn. However, YTD newly signed orders amounted to RMB4,320mn, exceeding the figure for the full year of 2025. We expect this to offer strong support to the company's 2026 operating earnings.
Earnings forecasts and valuation
Driven by AI, buoyant chip and memory needs at home and abroad have prompted leading players to expand their capacity. In our view, this could support strong demand for cleanroom build-out in the medium to long term. Thus, we raise our 2026/2027 attributable NP forecasts by 57.44/104.58% to RMB417/577mn and add our 2028 forecast of RMB767mn, implying 2026/2027/2028 EPS of RMB0.79/1.09/1.45. To factor in competitors from Germany and China's Taiwan region temporarily shifting their strategic focus to overseas markets, which we expect to boost the company's domestic market share, we value the stock at 40x 2026E PE, a premium over its peers' average of 35x on Wind consensus. Our target price is RMB31.60 (previous: RMB17.92, based on 40x 2025E PE).
Risks: Lower capex in the domestic semiconductor industry than we expect, a sharper decline in semiconductor cleanroom GPM than we expect, order intakes and revenue conversion missing our expectations.

Both Engineering's 1Q26 revenue fell by 17.10%YoY/rose by 0.34%QoQ to RMB860mn,attributable net profit(NP)came down by 29.68/56.96%YoY/QoQ to RMB31.08mn,and recurring NP fell by 29.55%YoY to RMB29.74mn,mainly because the company primarily executed orders acquired at the end of 2025 during 1Q26.Newly signed orders in 1Q26 were still at the preliminary preparation and commencement stages,and projects had not yet entered intensive execution,contributing only c7%to 1Q26 revenue.We expect operating earnings to climb quarter by quarter as newly signed orders enter the execution stage.Robust AI demand and accelerating investments driven by import substitution enabled 1Q26 orders to grow rapidly.Furthermore,the competitive landscape of the domestic semiconductor cleanroom industry could improve.Maintain BUY.

1Q26 GPM continued to improve YoY
In 1Q26,overall GPM climbed by 1.67pp YoY(-3.26pp QoQ)to 11.94%,driven by the company's efforts to improve operational quality and efficiency.The QoQ decline was mainly due to the off-season for construction in the first quarter–holidays impeded order settlements,while the execution costs of some projects were relatively rigid.For 1Q26,overall expenses grew by 13.4%YoY to RMB53mn,and the overall expense ratio rose by 1.66pp YoY to 6.18%.Sales/administrative/R&D/financial expense ratios were 1.0/4.8/0.08/0.30%(+0.2/+1.0/-0.1/+0.6pp YoY).Sales and administrative expenses rose on alarge amount of newly signed orders in 1Q26.The higher financial expense ratio was mainly due to losses caused by forex rate fluctuations in 1Q26.

4M26 newly signed orders grew rapidly
For 1Q26,net operating cash flow was-RMB800mn(representing an additional outflow of RMB122mn YoY),and the cash receipts-to-revenue/cash payment-to-cost ratios were 65.4/162.0%.The short-term decline in operating cash collections led to aYoY increase of RMB6.26mn in the provision for bad debts of accounts receivable.For 1Q26,overall attributable NPM fell by 0.65pp YoY/4.81pp QoQ to 3.62%.Aside from factors such as GPM,overall expenses,and impairments,the company's molecular-level filtration consumables business was still at the stage of customer verification and order onboarding,with total losses in 1Q26 up by RMB2.96mn YoY.Driven by the investment expansion of downstream electronic industries such as semiconductors and new displays,newly signed contracts(excluding tax)from 1January to 28 April 2026 amounted to RMB4,325mn,already exceeding annual newly signed orders in 2025.Orders from the domestic semiconductor and pan-semiconductor industries accounted for 80.33%.

Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB417/577/767mn(3Y CAGR:55.18%),implying EPS of RMB0.79/1.09/1.45.As competitors from Germany and China's Taiwan region have temporarily shifted their strategic focus to overseas markets,which we expect to boost the company's domestic market share and profitability,we value the stock at 40x 2026E PE,a premium over its peers'average of 33x on Wind consensus.Our target price is unchanged at RMB31.60.

Risks:Lower capex in the domestic semiconductor industry than we expect,a sharper decline in semiconductor cleanroom GPM than we expect,order intakes and revenue conversion missing our expectations.

　　洁净室系统工程头部企业。柏诚股份成立于1994年，于2023年4月10日在上交所上市。公司深耕洁净系统集成行业30余年，主营业务包括洁净室系统集成（42.53%）、机电工艺系统（29.52%）、二次配（27.67%）等，公司已累计完成中高端洁净室系统集成项目超800个，积累了丰富的项目经验。公司实控人为过建廷。截至2026年03月31日，公司第一大股东柏盈柏诚投资控股（无锡）有限公司持股49.24%，前十大股东合计持股73.52%。
　　短期业绩有所回落，2026新签订单高增长。2025年，公司实现营业收入41.33亿元，同比下降21.19%。实现归母净利润2.05亿元，同比下降3.34%。实现扣非净利润1.96亿元，同比下降3.91%。2025年公司实现经营活动现金流量净额0.77亿元，同比下降64.15%。2026Q1，公司实现营业收入8.60亿元，同比下降17.10%。实现归母净利润0.31亿元，同比下降29.68%。实现扣非净利润0.30亿元，同比下降29.55%。2026年1月1日至4月28日，公司新签合同（不含税）43.25亿元，超过2025年公司全年的新签合同37.62亿元，2026年全年新签合同展望较为乐观，未来业绩有望实现高增长。
　　半导体、新型显示、生命科学等行业有望带动洁净室需求高增长。据WSTS数据显示，2025年全球半导体市场规模达到7,722亿美元，同比增长22.5%，预计在2026年将达到9,750亿美元，同比增长26.3%。半导体行业的高景气有望带动工业洁净室需求实现较快增长。新型显示面板行业逐步向国内转移，产线建设驱动洁净室系统集成需求增长。我国京东方、华星光电等本土面板厂商快速崛起，三星、LG显示、友达等国际面板大厂也在中国大陆纷纷建设高世代面板厂，我国成为新型显示产业中心。此外，OLED产能不断提高，带动洁净室系统集成需求增长。近年来生物技术不断突破，已广泛应用于单克隆抗体、重组蛋白、疫苗及基因和细胞治疗药物等生物医药行业。生物医药行业的快速发展，将带动生物洁净室需求提升。
　　投资建议：预计公司2026-2028年归母净利润分别为3.29/4.06/4.62亿元，分别同比60.2%/23.5%/13.8%，对应P/E分别为41.36/33.5/29.44倍。首次覆盖，给予“推荐”评级。

　　柏诚股份发布一季报，2026年Q1实现营收8.60亿元（yoy-17.10%、qoq+0.34%），归母净利3108.11万元（yoy-29.68%、qoq-56.96%），扣非净利2974.38万元（yoy-29.55%），收入及归母净利同比均有下降，主因一季度主要执行25年末在手订单；26Q1主要新签订单的尚处于前期准备和开工阶段，项目尚未进入密集执行期，对当期收入的贡献占比约为7%，占比贡献较低，后续我们预计随着新签订单步入执行阶段，经营业绩或逐季度走高。考虑到AI需求旺盛叠加国产替代推进加速投资落地，公司25Q1订单已迎高速增长，且境内半导体洁净室产业竞争格局有望迎来改善，维持“买入”。
　　Q1毛利率同比延续改善，费用率略有增加
　　26Q1公司综合毛利率为11.94%，同比+1.67pct、环比-3.26pct，同比提升主要系公司持续推进“提质增效”行动，改善经营效率和质量，环比下降或主因一季度为施工淡季，节假日对订单结转节奏造成影响，而部分项目执行成本相对刚性。26Q1公司期间费用同比+13.4%至0.53亿元，期间费率同比+1.66pct至6.18%，其中销售/管理/研发/财务费用率分别为1.0%/4.8%/0.08%/0.30%，同比+0.2/+1.0/-0.1/+0.6pct，销售、管理费用提升，或主因一季度新签订单规模较大，相关费用相应增长；财务费率增加，或主因一季度汇率波动造成汇兑损失影响。
　　前4月新签订单快速增长，经营回款短周期波动
　　26Q1经营活动现金流净额-8.0亿元，同比多流出1.22亿元，收现比/付现比分别为65.4%/162.0%，经营活动回款短周期下降，导致应收账款坏账准备计提同比增加626万元。26Q1公司综合归母净利率为3.62%，同比-0.65pct、环比-4.81pct，同环比均有下降，除毛利率、期间费用、减值等因素外，公司分子级过滤耗材业务处于客户验证及订单逐步导入阶段，均暂未实现盈利，一季度合计亏损同比增加296万元。受下游半导体、新型显示等电子产业投资扩容影响，26年1-4月28日新增合同额（不含税）43.25亿元，已超2025全年新签，境内半导体及泛半导体产业订单占比80.33％。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为/至4.17/5.77/7.67亿元（三年复合增速为55.18%），对应EPS为0.79/1.09/1.45元。可比公司26年Wind一致预期PE均值为33x，考虑到德国、中国台湾系竞争对手阶段性战略重心转移至海外市场，公司境内市占率及盈利能力有望迎来提升，给予公司26年40倍PE估值，维持目标价为31.6元。
　　风险提示：国内半导体行业资本开支低于预期；半导体洁净室工程业务毛利率下滑超预期；公司新签订单或转化低于预期。

　　柏诚股份发布年报，2025年实现营收41.33亿元（yoy-21.19%），归母净利2.05亿元（yoy-3.34%），扣非净利1.96亿元（yoy-3.91%），25年外部环境不确定性较强，半导体及光电相关产业投资整体较为保守，新签订单及结转规模均下滑，导致收入和归母净利均低于我们此前预期（57亿元/2.4亿元）。其中Q4实现营收8.57亿元（yoy-39.08%，qoq+0.50%），归母净利7220.83万元（yoy+34.80%，qoq+45.99%）。考虑到AI需求旺盛叠加国产替代推进加速投资落地，订单迎高速增长，且境内半导体洁净室产业竞争格局有望迎来改善，维持“买入”。
　　25年下游建厂节奏延迟，但中国大陆市场竞争阶段性改善
　　25年公司半导体/新型显示/食品药品/生物科学/其他电子类收入分别为28.7/5.4/2.3/1.3/3.6亿元，同比-22.5%/-40.6%/+30.6%/-49.6%/+87.4%，外部国际局势短周期扰动下游泛半导体产业建厂节奏，订单结转节奏亦受此影响。全年公司新签订单为37.6亿元，同比-30.6%；分地区看，境内/境外分别实现营业收入37.6/3.6亿元，同比-25.45%/+101.0%。综合毛利率11.93%，同比增加1.93个百分点，我们认为毛利率同比改善或部分源于公司“提质增效”战略初具成效，此外德国系、中国台湾系竞争对手阶段性战略重心转移至海外市场，央企竞争对手业绩对赌结束后，亦回归对于“一利五率”的国资委考核导向上，均使得中国大陆行业竞争或迎来阶段性改善，25年中国大陆毛利率为11.63%，同比+1.67pct。
　　26年以来新签订单超43亿，洁净室需求高速释放
　　25年公司整体费用率同比+1.31pct至4.49%，主因期间费用绝对值相对刚性，同比+11.2%至1.85亿元，收入规模下降导致摊薄能力削弱。资产/信用减值损失分别为0.29/-0.06（冲回）亿元，减值规模收敛0.38亿元，整体对盈利扰动较小，账面应收账款净值为6.08亿元，同比-13.4%。25年度经营活动产生的现金流量净额0.77亿元，同比下降64.15%，主要系收入规模降低，相应地收到客户回款总额减少所致。截至25年底，公司在手订单24.48亿元，同比-15.4%，其中境内/海外在手订单分别为2.1/22.3亿元。但2026年以来，公司新签订单达43.2亿元，已超25全年新签订单规模，我们认为公司2026年经营业绩有望迎来有力保障。
　　盈利预测与估值
　　考虑到AI产业大趋势下，国内外芯片、存储需求旺盛，产业龙头均进入扩产周期，我们认为未来中长期洁净室建设需求旺盛，上调公司26-28年新签订单和收入预测，调整公司26-28年归母净利润至4.17/5.77/7.67亿元（较前值分别调整57.44%/104.58%/-，三年复合增速为55.18%），对应EPS为0.79/1.09/1.45元。可比公司26年Wind一致预期PE均值为35x，考虑到德国、中国台湾系竞争对手阶段性战略重心转移至海外市场，公司境内市占率有望迎来提升，给予公司26年40倍PE估值，对应目标价为31.6元（前值17.92元，对应40倍25年PE）。
　　风险提示：国内半导体行业资本开支低于预期；半导体洁净室工程业务毛利率下滑超预期；公司新签订单或转化低于预期。