陕鼓动力2026年第一季度报告深度解读

一、财务表现及主要经营数据

• 营业收入：25.88亿元，同比增长1.13%。
• 归属于上市公司股东净利润：1.92亿元，同比下降22.61%。
• 扣非净利润：1.78亿元，同比下降24.38%。
• 经营活动现金流净额：4.38亿元，同比增长85.89%，主要由于诉讼案件资金解冻。
• 基本每股收益：0.11元，同比减少26.67%。
• 净资产收益率：2.13%，同比减少0.62个百分点。
• 总资产：237.76亿元，同比减少1.44%。
• 归属于股东的净资产：90.95亿元，同比增长2.1%。

二、非经常性损益及影响因素

• 本期非经常性损益合计1382.7万元，主要来源包括债务重组收益1291万元、金融资产处置及公允价值变动282万元、政府补助174万元及非流动资产处置损益64万元。所得税影响339万元，少数股东权益影响136万元。

三、股东结构及持股变动

• 报告期末普通股股东总数为29,715名，前十大股东持股集中，第一大股东陕西鼓风机（集团）有限公司持股比例高达56.26%。
• 第二大股东为西安工业投资集团有限公司，持股5.03%。其余为公募基金、自然人及香港中央结算有限公司等。
• 公司无大额股份质押、冻结或转融通出借情况。

四、业务及市场进展：多项里程碑项目落地，国际化加速推进

• 国内市场突破：
  1. 签订全球海拔最高、空气密度最低的350MW压缩空气储能项目，采用全球最大压缩机组，对高原、低密度市场有示范意义。
  2. 首个50万吨/年丁辛醇及原料配套全流程压缩机组项目，刷新公司排气压力、压比、叶轮线速度纪录，CO₂压缩机领域实现首台多轴多级压缩机落地。
  3. 30万吨/年油页岩流化干馏制页岩油工业示范项目，填补国内油页岩、低阶煤综合利用空白，为后续百万吨级市场开拓铺路。
• 海外市场拓展：
  1. 首个海外高原地区（海拔2100米）18万吨/年硝酸四合一机组出口非洲，提升国际认可度。
  2. 100万吨/年氢基竖炉项目配套机组，全部采用国产设备，响应“一带一路”倡议，推动当地工业现代化。
  3. 30万吨/年纯碱项目首次出口，标志着公司产品和技术国际化新突破。
  4. 2.7万空分项目配套机组，为海外氢还原冶炼项目提供首台套空分设备，示范意义突出。
  5. 10万吨/年烷基化和1万吨/年废酸再生项目C4冷剂压缩机实现该国首单，强化公司当地竞争力。

五、技术创新与智能制造升级

• 报告期立项科技进步与技术提升项目53项，验收42项。专利总数达799项，其中发明专利163件，实用新型605件，外观设计31件。累计获批发布标准142项（国家标准60项）。
• 推进生产智能化与核心制造能力提升，重点投产叶轮智慧车间和五轴加工中心，建设大型试车站及高端设备，持续降本增效。

六、数智化与服务型制造全面发力

• 打造“陕鼓数智化”品牌，工业互联网平台已实现关键工序设备联网，产品不良率下降。
• 建成全生命周期数据管理体系，提升客户服务能力。无人巡检项目在内蒙古气体厂上线，实现高危环境下自动化巡检和风险闭环管理。
• 围绕能效提升，构建全新服务型制造体系，推动机组控制系统升级改造及变频节能方案，提升客户产品价值和安全性。

七、品牌建设与行业影响力提升

• 成立新疆分公司，发布两大节能降碳新品，完善全球化布局，助力新疆能源资源基地建设。
• 承办及参与多项行业高规格会议，获中国科学院“质量管理之星”等多项荣誉。10项核心装备入选2026年度能源化工行业技术装备国产化创新产品推荐目录。
• 多家权威媒体集中报道，提升品牌影响力。

八、财务稳健，现金流大幅改善

• 经营活动现金流净额大幅增长至4.38亿元，主要因诉讼案件资金解冻，显示公司资金链稳健。
• 投资活动现金流净流出2.38亿元，主要因固定资产和长期资产投入增加。
• 筹资活动现金流净额6711万元，受借款增加、还债支出影响。
• 期末现金及现金等价物余额27.42亿元，保持充裕。

九、投资者需重点关注和潜在股价影响因素

• 业绩短期承压但核心业务与现金流稳健：受利润下滑影响，股价短期或有波动，但公司现金流大幅改善且主业转型成效显著。
• 国际化与高端市场突破具备长期增长潜力：多项国内外首单、首台套项目落地，技术创新能力强，提升公司长期成长空间和估值预期。
• 服务型制造与智能化转型驱动新增长：数智化、服务型制造战略已显成效，未来有望带动业绩恢复和提升估值。
• 品牌与行业影响力持续上升：多项荣誉、行业标准制定提升公司市场地位，有望吸引更多优质客户及合作机会。

结论

陕鼓动力2026年一季度业绩受宏观影响短期承压，但公司在高端装备、国际市场、智能制造和服务转型方面持续突破，现金流大幅改善，长期成长逻辑未变。投资者应关注公司后续新订单落地、海外市场开拓与服务型制造转型成效，预计随着订单转化和新业务释放，未来业绩有望逐步修复，具备长期配置价值。

免责声明：本文仅为信息解读，不构成投资建议。投资有风险，请审慎决策。

English Version

Xian Shaangu Power Q1 2026 Report In-Depth Analysis: Business Focus, Tech Innovation, Cash Flow Surge

1. Financial Performance and Key Data

• Revenue: RMB 2.588 billion, up 1.13% year-on-year.
• Net Profit Attributable to Shareholders: RMB 191 million, down 22.61% year-on-year.
• Non-recurring Net Profit: RMB 178 million, down 24.38%.
• Operating Cash Flow: RMB 438 million, up 85.89%, mainly due to unfreezing of litigation funds.
• Basic EPS: RMB 0.11, down 26.67%.
• ROE: 2.13%, down 0.62 pct points.
• Total Assets: RMB 23.78 billion, down 1.44%.
• Shareholders’ Equity: RMB 9.10 billion, up 2.1%.

2. Non-Recurring Items and Impact

• Total non-recurring gain: RMB 13.83 million, mainly from debt restructuring, financial asset gains, government subsidies, and asset disposal. Tax and minority interests deducted.

3. Shareholding Structure

• 29,715 shareholders at period-end. Top 10 shareholders hold concentrated stakes—first major shareholder holds 56.26%.
• No significant stock pledge, freeze, or securities lending.

4. Business & Market Progress: Multiple Milestone Projects, Internationalization Accelerates

• Domestic Breakthroughs:
  1. Signed the world’s highest-altitude, lowest air-density 350MW compressed air storage project, with the world’s largest compressor unit.
  2. First 500,000 tpa butanol chemical integrated compressor project, setting company records in pressure, pressure ratio, and impeller speed; first multi-axis multi-stage CO₂ compressor unit.
  3. 300,000 tpa shale oil demonstration project, filling China’s industry gap, paving the way for future million-ton projects.
• Overseas Expansion:
  1. First export of 180,000 tpa nitric acid unit to Africa, at 2,100m altitude, boosting global reputation.
  2. 1 million tpa hydrogen-based shaft furnace project, all using Chinese equipment, supporting Belt & Road, local modernization.
  3. First soda ash project export, technological breakthrough.
  4. First air separation unit for overseas H-DRI project.
  5. First C4 refrigerant compressor order in new market, strengthening local competitiveness.

5. Tech Innovation & Smart Manufacturing Upgrades

• 53 new R&D projects launched, 42 completed. 799 patents (163 invention), 142 standards (60 national) in total.
• Smart manufacturing upgrades: impeller workshop, 5-axis centers, large test stands, continuing cost reduction & efficiency improvements.

6. Digitalization & Service Transformation

• Launched “Shaangu Digital” brand, IoT-enabled key manufacturing lines, reduced defect rates.
• Full lifecycle digital management system, smart service solutions, unmanned inspection launched at Inner Mongolia gas plant, automated safety risk management.
• New service system focused on energy efficiency, upgraded turbine control, VFD retrofits, raising customer value and safety.

7. Brand Building & Industry Influence

• Xinjiang branch established, two new energy-saving products released, advancing national energy strategies.
• Won “Quality Management Star” from CAS and multiple national honors, 10 core products listed in 2026 Recommended Catalogue for localization in energy and chemical equipment.
• Extensive coverage by major media, boosting industry stature.

8. Financial Stability & Cash Flow Improvement

• Operating cash flow surged to RMB 438 million due to litigation fund release, showing strong liquidity.
• Investment cash flow outflow of RMB 238 million, mainly due to fixed asset investments.
• Financing cash flow positive at RMB 67 million, mainly from increased borrowings.
• Ending cash and equivalents at RMB 2.74 billion, ample liquidity.

9. Investor Focus & Price-Relevant Issues

• Short-term profit under pressure, but core business and cash flow solid: May cause short-term stock volatility; cash flow and business transformation are positive for long-term outlook.
• International and high-end market breakthroughs offer long-term growth: Multiple first/breakthrough orders domestically and abroad, strong innovation pipeline, enhance long-term value.
• Service and digital transformation driving new growth: Digital and service transformation showing tangible results, likely to support future earnings and re-rating.
• Rising brand and industry influence: Winning honors and setting standards may attract more quality clients and partners.

Conclusion

Shaangu Power’s Q1 performance was pressured by macro factors, but its strategic transformation, international breakthroughs, and cash flow improvement sustain its long-term growth story. Investors should watch for new order intake, international expansion, and service transformation impacts on future earnings. Long-term allocation value remains intact.

Disclaimer: This article is for information only and does not constitute investment advice. Please make investment decisions prudently.

View 陕鼓动力 Historical chart here