ESTUN埃斯顿 002747 ↗

Caveat

Recast before quoting any profit figure. The H1 2026 preannouncement of 2026-07-15 puts attributable net profit at RMB 150–180m, up 2,144.74% to 2,593.68% year over year, but recurring net profit at only RMB 60–75m.

In Q1 2026 attributable net profit was RMB 97.84m (+674.64%) with non-recurring items of RMB 86.54m and recurring net profit of RMB 19.36m, reported as more than 88% of Q1 net profit coming from non-sustainable items; note that 19.36 plus 86.54 does not equal the stated 97.84, most likely a gross-versus-net-of-tax presentation: resolve it from the quarterly report rather than interpolating. Q1 2026 revenue was RMB 1.217bn, down 2.22% year over year: revenue is declining.

FY2025 revenue was RMB 4.888bn (+21.93%) with attributable net profit of RMB 44.97m, recurring net profit of RMB 7.28m and a net margin of 0.93%. The company is pursuing a Hong Kong listing.

Goodwill original cost of RMB 1.34bn is still unverified. Return −22.09%.

风险提示

引用任何利润数字之前，先做重构。2026-07-15 的半年度预告：归母净利 1.5–1.8 亿元，同比 +2,144.74% 至 +2,593.68%，但扣非净利润仅 6,000 万–7,500 万元。

2026 年 Q1 归母净利 9,784 万元（+674.64%），非经常性损益 8,654 万元，扣非净利润 1,936 万元，有报道称“Q1 净利中超过 88% 来自不可持续项目”；注意 1,936 + 8,654 ≠ 9,784，很可能是税前与税后列示口径的差异，应从季报中查实，不得插值估算。2026 年 Q1 收入 12.17 亿元，同比 −2.22%：收入在下滑。

FY2025 收入 48.88 亿元（+21.93%），归母净利 4,497 万元，扣非净利润 728 万元，净利率 0.93%。公司正在推进香港上市。

13.4 亿元商誉原值仍未验证。回报 −22.09%。