Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.661 billion yuan for 1H2025, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders was 397 million yuan, an increase of 11.08% year-on-year [8] - The improvement in profitability is attributed to the continuous growth in hotel scale and enhanced operational efficiency [8] - The company is expected to achieve net profits of 916 million yuan, 1.062 billion yuan, and 1.201 billion yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to PE ratios of 19X, 16X, and 14X [8] Financial Performance Summary - Revenue for 2023A is 7,793 million yuan, with a projected revenue of 7,945 million yuan for 2025E, reflecting a growth rate of 2.5% [7] - The net profit for 2023A is 795 million yuan, with an expected increase to 916 million yuan in 2025E, indicating a net profit growth rate of 13.6% [7] - The company's EPS is projected to rise from 0.71 yuan in 2023A to 0.82 yuan in 2025E [7] Operational Efficiency - The company has shown good cost control, with an operating profit of 550 million yuan in 1H2025, a year-on-year increase of 15.3% [8] - The operating profit margin improved to 15.02%, up by 2.24 percentage points year-on-year [8] - The company opened 664 new hotels in 1H2025, a year-on-year increase of 17%, with 378 of these being standard management hotels, up by 39.5% [8] Market Performance - The company's stock performance over the last 12 months shows a decline of 5%, while the Shanghai and Shenzhen 300 index has increased by 4% [4]

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2025.09.01 投资评级:看好(维持) 最近 12 月市场表现 -4% 6% 17% 28% 39% 49% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 | 1. 《AI 服务器渗透加速，特种电子布需求 | | --- | | 放量》 2025-09-01 | | 2. 《建材行业策略周报》 2025-08-24 | | 3. 《建材行业策略周报》 2025-08-17 | H1 业绩分化，关注消费建材和水泥补涨 核心观点 ❖ 风险提示：宏观环境波动风险、行业竞争加剧、地产及基建开工不及预期。 请阅读最后一页的重要声明！ ❖ 消费建材 H1 业绩分化，三棵树展现强 alpha：1H2025 业绩分化，涂 料行业竞争格局优化、公司 alpha 显著，三棵树业绩好于其他细分行业企业。 2Q2025 地产仍有承压，1-7 月地产竣工/销售面积同比-16.5 ...

短期经营承压，期待改革后经营提效 金陵饭店(601007) 证券研究报告 教育/ 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 7.83 | | 流通股本(亿股) | 3.90 | | 每股净资产(元) | 4.02 | | 总股本(亿股) | 3.90 | 最近 12 月市场表现 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《高基数下业绩承压，关注资源整合进 展》 2024-11-06 2. 《主业相对稳 健，聚 焦 效率提升》 2024-09-10 3. 《经营业绩稳健增长，国改深化提质增 效》 2024-04-11 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元 ...

Q2 业绩承压，期待暑期旺季回暖 长白山(603099) 证券研究报告 教育/ 公司点评 / 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 44.90 | | 流通股本(亿股) | 2.67 | | 每股净资产(元) | 4.27 | | 总股本(亿股) | 2.67 | 最近 12 月市场表现 -7% 23% 54% 85% 115% 146% 长白山 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《关注公司四季度冰雪游主题催化》 2024-10-29 2. 《冰雪游显著带动业绩，沈白高铁持续推 进》 2024-08-08 3. 《冰雪游带动业绩高增，关注外部交通改 善》 2024-04-27 核心观点 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 20 ...

潮宏基(002345) 投资评级:买入(维持) 核心观点 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 14.76 | | 流通股本(亿股) | 8.67 | | 每股净资产(元) | 4.10 | | 总股本(亿股) | 8.89 | 最近 12 月市场表现 新品迭代+跨界合作双轮驱动，深化时尚非遗 -3% 58% 120% 182% 243% 305% 潮宏基 沪深300 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 相关报告 证券研究报告 饰品 / 公司跟踪研究报告 / 2025.09.01 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,900 | 6,518 | 7,841 | 9,197 ...

Q2 整体承压，索道主业运营效率提高 三特索道(002159) 证券研究报告 旅游及景区/ 公司点评 / 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 15.70 | | 流通股本(亿股) | 1.38 | | 每股净资产(元) | 7.84 | | 总股本(亿股) | 1.77 | 最近 12 月市场表现 -7% 2% 11% 20% 29% 39% 三特索道 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 ❖ 事件：公司发布 1H2025 业绩报告。1H2025，公司实现收入 2.92 亿元 /yoy-6.16%，归母净利润 0.68 亿元/yoy-11.49%，扣非归母净利润为 0.67 亿元/yoy-7.26%。2Q2025，公司实现收入 1.61 亿元/yoy-5.44%，归母净 利润 0.37 亿元/yoy-12.09%，扣非归母净利润为 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2] Core Views - The company has achieved a revenue of 92.33 billion yuan in the first half of 2025, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.2% to 6.34 billion yuan [7] - The gross margin has slightly declined, and the expense ratio has increased, with a gross margin of 18.38%, down by 1.56 percentage points year-on-year [7] - The company has established a comprehensive production layout both domestically and internationally, with a total sales volume of 568,852 vehicles in the first half of 2025, a year-on-year increase of 2.52%, including 160,435 new energy vehicles, which grew by 23.64% year-on-year [7] - The company is expected to achieve net profits of 14.62 billion, 17.53 billion, and 21.47 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 15.1, 12.6, and 10.3 respectively, maintaining the "Accumulate" rating [7] Financial Performance - Revenue forecast for 2023A to 2027E shows a growth from 173.21 billion yuan in 2023 to 331.06 billion yuan in 2027, with a revenue growth rate of 26.1% in 2023, gradually decreasing to 18.6% in 2027 [6] - The net profit forecast indicates a recovery from a decline of 15.1% in 2023 to a growth of 22.5% by 2027 [6] - The earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 2.51 yuan in 2027 [6] Production and Sales - The company has 10 fully integrated vehicle production bases in China and has established three fully integrated vehicle production bases in Thailand and Brazil, along with several KD factories in Ecuador, Malaysia, and Pakistan [7] - The company is focusing on the smart new energy vehicle segment, enhancing its market influence [7]

营收高速增长，亏损大幅减少，新获补助 中科飞测(688361) 证券研究报告 电子 / 公司点评 / 2025.09.01 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 99.62 | | 流通股本(亿股) | 2.48 | | 每股净资产(元) | 7.85 | | 总股本(亿股) | 3.22 | 最近 12 月市场表现 -6% 21% 48% 75% 102% 128% 中科飞测 沪深300 分析师 王雨然 SAC 证书编号：S0160524120003 wangyr01@ctsec.com 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 891 | 1,380 | 1,916 | 2,680 | ...

切入银发科技赛道，发布 AI 智能眼镜 老凤祥(600612) 证券研究报告 饰品 / 公司跟踪研究报告 / 2025.09.01 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 47.30 | | 流通股本(亿股) | 5.23 | | 每股净资产(元) | 24.50 | | 总股本(亿股) | 5.23 | 最近 12 月市场表现 -5% 3% 12% 21% 29% 38% 老凤祥 沪深300 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《短期业绩承压，静待修复》 2025-08- 31 2. 《毛利率有所提升，门店突破 6000 家》 2024-09-05 3. 《盈利能力持续提升，24Q1 净利润同比 +12%》 2024-04-30 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

业绩承压，期待制剂新产品带来增长动能 仙琚制药(002332) 证券研究报告 化学制药 / 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 10.63 | | 流通股本(亿股) | 9.85 | | 每股净资产(元) | 6.07 | | 总股本(亿股) | 9.89 | 最近 12 月市场表现 -23% -11% 1% 13% 26% 38% 仙琚制药 沪深300 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 数据来源：wind 数据，财通证券研究所（以 2025 年 08 月 29 日收盘价计算） 请阅读最后一页的重要声明！ ❖ 事件：公司发布 2025 年半年度报告，2025 年上半年，公司实现营收 18.69 亿元（-12.56%）；实现归母净利 3.08 亿元(-9.26%)；2Q2025 公司实现 收入 8.61 亿元(-21.72%)；实现归母净利 1.64 亿元（-12.89 %）。 ❖ 原料药价格下行叠加制剂集采 ...