格隆汇9月25日丨唯万密封(301161.SZ)公布，股东上海方谊企业管理咨询合伙企业（有限合伙）（简称"上海方谊"）持有公司股份4,437,000股（占公司总股本比例3.6975%），为公司首次 ...

Investment Highlights - The company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 38.60, based on a P/E valuation method corresponding to FY2026 at 13x P/E [1] - The company is a leading player in the high-end CNC lathe market, with strong internal competitiveness [1] Business Performance - Established in 2003, the company is rooted in China's manufacturing sector, with a stable growth in its main business. The company is primarily focused on lathes (Swiss-type lathes) and supplemented by machining centers and grinding machines [1] - For FY2025 (Q2 2024 to Q1 2025), the company expects revenue of CNY 4.262 billion and a net profit attributable to shareholders of CNY 780 million, representing year-on-year growth of 36.6% and 63% respectively [1] Market Position and Expansion - The metal cutting machine tools are long-lasting general-purpose equipment, with demand influenced by capital expenditures in the automotive and general manufacturing sectors. The cumulative growth rate of metal cutting output in China from January to August 2025 is 14.6%, indicating a recovery in the industry [1] - The CNC machine tool market in China is projected to be CNY 71.5 billion in 2024, with the company holding a market share of 4.1% (by revenue), ranking first in the lathe market [1] - In March 2025, the company announced the construction of its sixth factory in Pinghu, which is expected to add approximately 3,000 units of assembly capacity per year [1] Profitability and Dividends - The company has shown significant growth in profitability, maintaining a dividend payout ratio of over 40% since FY2023, reflecting stable operational quality [2] New Growth Areas - Since 2024, the company has actively expanded into AI liquid cooling connector processing and humanoid robot components, such as lead screws and reducers [2] - The market has not fully recognized the incremental potential of liquid cooling and robotics, but the company remains optimistic about the opportunities these sectors present [2] Earnings Forecast and Valuation - The company forecasts EPS of CNY 2.6 and CNY 3.1 for FY2026 and FY2027 respectively, with a CAGR of 22%. The target price of HKD 38.60 corresponds to a P/E of 13x for FY2026, with current prices reflecting P/E ratios of 11x and 10x for FY2026 and FY2027 respectively, indicating a potential upside of 17.1% [2]

FY25 业绩符合公司前期预告，符合我们和市场预期公司发布FY25 业绩：FY25 实现收入632.41 亿元， 同比+6.3%，扣除永续债~4 亿元利息，归母净利润为17.67 亿元，符合公司前期预告区间。其中， 2HFY25 实现归母净利润12.97 亿元，环比+176%，主因自制浆红利释放及煤价下跌带来的成本改善， 符合我们和市场预期。 我们预期FY26 仍有增量。公司公告FY25 总销量2,150 万吨，同比+10%，核心增量在牛卡纸（同比+110 万吨）、白卡纸（+50万吨）、文化纸（+40 万吨），公司新增产销量呈两点变化：一在箱板瓦楞纸领 域，公司不同于过去扩产提份额逻辑，当前公司优化产品结构，提升高端牛卡占比；二在于公司近几年 核心扩产重心在浆、及配套浆纸产品。 机构：中金公司 研究员：徐贇妍/陈彦/楼兰 业绩回顾 发展趋势 公司披露1HFY26 已投产120 万吨白卡纸、35 万吨文化纸、70万吨化机浆，并拟投产另一条35 万吨文化 纸，我们预估FY26 公司造纸产销量同比增5%+；此外公司披露1HFY27 拟新增投放70 万吨化学浆（重 庆）、50 万吨化学浆（天津），我们看好公司在逐渐健 ...

格隆汇9月25日丨赣锋锂业(002460.SZ)公布，为提升赣锋锂电的综合实力，助力公司锂生态上下游一体 化战略布局，赣锋锂电拟引入投资人，共同对赣锋锂电以货币方式进行增资，增资价格为人民币3元/1 元注册资本，增资金额合计不超过人民币250,000万元。因投资人内部审批决策流程及进度不同，最终 投资主体将在其内部审批决策通过后，与公司在董事会审议通过的增资额度内协商确定。 ...

現時精選的兩款認購證各有針對性亮點：麥銀認購證（18261）槓桿 3.4 倍，行使價 41.772 元，核心優勢係「溢價最低，引伸波幅及槓桿都比較理想」—— 3.4 倍槓桿在周期股窩輪中屬於「高性價比」水平，既能在股價突破 42 元時放大收益，又不會因過高槓桿導致小幅回調就大幅虧損；行使價 41.772 元與現 價差距不大，只要股價再漲 5.9% 就能達到行使價，若周期風口延續，很快就能進入「實際收益區」。至於摩通認購證（19574），槓桿 2.1 倍，行使價 41.79 元，雖槓桿略低，但「槓桿及引伸波幅較為理想」，適合對周期走勢偏謹慎、想以更低波動跟進的投資者 ——2.1 倍槓桿能減少短期超買回調帶來的 虧損壓力，引伸波幅穩定也能降低時間值損耗風險。 | 相關資產 名稱 | 產品 | 植桿 | 行使價 | | | --- | --- | --- | --- | --- | | 贛鋒鋰業(01772) 摩通認購證 | 19574 | 2.1 | 41.79 | | | 贛鋒鋰業(01772) 麥銀認購證 | 18261 | 3.4 ! | 41.772 | | | | | | | 国商餐汇 | 9 月 25 ...

格隆汇9月25日丨交通银行(601328.SH)公布，公司会议审议批准了《关于选举任德奇先生为第十一届董 事会董事长的议案》，同意选举任德奇先生为第十一届董事会董事长。 ...

光伏反内卷，反了个寂寞。因为反到现在，就连问题最大的暴雷光伏企业润阳股份，在盐城国资鼎力支 持下，也已经成功化债了。这场淘汰赛，没有人会轻易退出。那么，光伏去产能，接下来还怎 么"去"呢？横竖切一刀，但这一刀应该怎么切、从哪里动手呢？这是当下摆在光伏反内卷行动的组织 者、推动者、参与者面前的一道难题。 来自悦达集团官网 第二大股东悦达集团，为什么要执意拯救润阳呢？ 据说，2024年6月润阳股份暴雷以后，盐城市及悦达集团对于是否拯救润阳，在地方政府的决策层内是 存在很大争议的。一方认为，救润阳的代价太大，而且未必救得活，应该充分遵循市场规律，该怎样就 怎样；另一方则认为，应该全力保护本地产业，全力拯救润阳，化解各类风险。双方争执不下，听说最 后还闹到了省一级来最终决策。 不管怎样，最终悦达集团决定全力拯救润阳。2024年9月，江苏悦达集团党委书记及董事长张乃文，亲 自出任润阳股份董事长。 百度百科显示，张乃文长期在盐城政府工作，其在2017年4月，任江苏省盐城市人民政府国有资产监督 管理委员会主任、党委书记；2020年12月，任江苏省盐城市财政局局长、党委书记，市国资委主任、党 委书记，2021年9月， 任江苏 ...

研究员：陆伏崴/吕晔 机构：西部证券 事件：2025H1 公司实现营业总收入6.53 亿元，同比增长1.72%；归母净利润0.38 亿元，同比增长 33.37%；毛利率增长1.86pct。 "全球 4+2"的研发布局及持续的研发投入，自有产品组合不断扩大。 2025H1 自有产品收入达到2.03 亿元，同比增长14.04%，占收入比重增加3.36pct 至31.09%。其中，自产 人工晶体的收入贡献为1.71 亿元，同比增长11.4%，主要由于人工晶体国采政策带来客户覆盖度和用量 的提升，以及海外人工晶体业务的稳定增长。经销产品收入为3.27 亿元，同比下降6.81%，占比 50.09%。 加强研发投入，增强创新能力。截止2025 年上半年，公司拥有研发生产人员共 252 名，占总员工数比 约为 28.0%。境内研发生产基地分布在深圳、苏州、无锡及温州四个城市，境外研发生产基地分布在荷 兰及德国。在人工晶体及 OK 镜、眼科手术设备及配套耗材、眼电生理设备及配套耗材、眼科手术刀、 视光设备及干眼诊断设备的研发方面进行了重要投资。2025H1公司研发开支为43.4 百万元，同比增长 23.6%，占自有产品收入的 ...

Core Viewpoint - The company achieved revenue of 1.49 billion yuan in H1 2025, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 150 million yuan, up 41.9% year-on-year, with operating cash flow of 300 million yuan, an increase of 111% year-on-year, and free cash flow of 210 million yuan, up 466% year-on-year [1] Group 1: Financial Performance - The company's revenue from healthcare solutions reached 1.48 billion yuan in H1 2025, a year-on-year increase of 10.4% [1] - Revenue from the sales of health products was 10 million yuan, a decrease of 50.9% year-on-year, primarily due to a reduction in low-margin product sales [1] - Offline institutional revenue was 1.37 billion yuan, a year-on-year increase of 11.1%, with same-store sales accounting for 97.3% of this revenue, indicating growth driven by existing store operations [1] Group 2: Strategic Developments - The company added 7 new stores in H1 2025 (4 self-built and 3 acquired) and entered 2 new cities, indicating a strategy of "steady growth from existing stores and orderly expansion of new stores" [1] - The company reported a 209% year-on-year increase in revenue from in-hospital preparations and other self-priced products, marking explosive growth [2] - The company has established deep collaborations with major platforms like Xiaohongshu, Meituan, Douyin, and Gaode Map, with new users from these platforms accounting for 7.6% of the group's offline new user count [2] Group 3: Future Outlook - The company aims to enhance its AI capabilities, with the AI prescription payment rate reaching 76.7%, showing a month-on-month improvement [2] - The company has accumulated over 20 million consultation data, 18 million cases, and 100,000 high-quality expert data, indicating a strong data foundation for future AI applications [2] - The company plans to open AI-related functions to young doctors in October, further expanding its AI product offerings [2] Group 4: Earnings Forecast - Based on the mid-year report for 2025, the company adjusted its revenue downwards but raised its gross margin forecast, with projected earnings per share for 2025-2027 being 1.54, 1.88, and 2.30 yuan respectively [3] - The company is assigned a target price of 45.54 HKD based on a 27 times price-to-earnings ratio for 2025, maintaining a "buy" rating [3]

机构：华鑫证券 研究员：孙山山 票形式收购潮玩公司HIDDEN WOOO 约27.74%的股份，并为其提供约0.10亿元可转换贷款，待收购及 转换完成后公司将共持有其51%的股份，HIDDEN WOOO 可获得充裕资金拓展海外业务，完善公司IP 矩阵，拓展潮玩市场，并通过财务并表直接增厚公司业绩。 业务全线复苏，自营项目贡献增量 分业务看，2025H1 公司电子商务及其他业务收入同增31%至0.44 亿元，主要系公司加大电商平台推广 力度以及向中国、东南亚其他电商平台扩张所致；角色授权业务收入同增46%至0.38 亿元，其中商品授 权/实景娱乐授权/设计咨询服务费收入分别同增1%/560%/48%至0.18/0.10/0.11 亿元，被授权商数量较年 初净增47 家至577 家，主要系公司上半年开展数项自营实景娱乐计划并获得约0.04 亿元的门票收入所 致。未来，公司将进一步扩大自营实景娱乐计划规模，门票收入叠加内置店铺IP 产品销售，预计将形 成新增长极。 内地根基稳健，海外加速拓展 分区域看，2025H1 公司中国内地/香港/东南亚及台湾/其他区域收入分别同增34%/35%/145%/297% 至 0.7 ...