公司近况跟踪 通化东宝(600867) 核心观点 证券研究报告 生物制品 / 公司跟踪研究报告 / 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 8.41 | | 流通股本(亿股) | 19.59 | | 每股净资产(元) | 3.13 | | 总股本(亿股) | 19.59 | 最近 12 月市场表现 -6% 3% 12% 21% 29% 38% 通化东宝 沪深300 上证指数 生物制品 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 相关报告 1. 《完成特宝生物股权转让》 2025-07- 11 2. 《Q2 单季压力较大，关注研发持续推进》 2024-09-03 3. 《业绩短期承压，研发持续推进》 2024-09-03 公司跟踪研究报告/证券研究报告 公司财务报表及指标预测 | [Table_FinchinaDetail] 利润表(百万元) 2023A 2023A 2024A 2025E 2026E | 2024A | 2025E | 2026E | 202 ...

模具、零部件、机床业务三轮驱动，稳步增长 豪迈科技(002595) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 59.94 | | 流通股本(亿股) | 7.95 | | 每股净资产(元) | 13.90 | | 总股本(亿股) | 8.00 | 最近 12 月市场表现 -3% 10% 22% 35% 48% 61% 豪迈科技 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 相关报告 1. 《产能产品全力运行，三大业务实现稳步 增长》 2025-03-19 2. 《业绩符合预期，看好机床业务未来发展 潜力》 2024-11-03 3. 《产品结构优化，公司盈利能力持续提 高》 2024-08-19 证券研究报告 专用设备 / 公司点评 / 2025.09.01 核心观点 | 盈利预测 | | | | | | ...

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2025, representing a year-on-year increase of 13.77%, and a net profit attributable to shareholders of 501 million yuan, up 17.35% year-on-year [8] - The consumer electronics business is a key growth driver, with a revenue of 2.54 billion yuan in the first half of 2025, reflecting a year-on-year growth of 12.8% [8] - The company is actively expanding into the automotive and AR/AI glasses sectors, with automotive revenue reaching 240 million yuan, a year-on-year increase of 79.07% [8] - The company is expected to benefit from optical innovation, with projected net profits of 1.25 billion yuan, 1.50 billion yuan, and 1.84 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Performance Summary - Revenue forecast for 2023A is 5,076 million yuan, with a growth rate of 16.0%, and projected to reach 7,167 million yuan in 2025E, with a growth rate of 14.2% [7] - Net profit attributable to shareholders is forecasted to be 600 million yuan for 2023A, increasing to 1,246 million yuan in 2025E, reflecting a growth rate of 21.0% [7] - The company's EPS is expected to grow from 0.43 yuan in 2023A to 0.90 yuan in 2025E [7]

养殖成本持续改善，业务稳健发展 天康生物(002100) 证券研究报告 饲料 / 公司点评 / 2025.08.31 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 6.63 | | 流通股本(亿股) | 13.65 | | 每股净资产(元) | 5.15 | | 总股本(亿股) | 13.65 | 最近 12 月市场表现 相关报告 1. 《养殖成本延续下行，动保饲料经营稳 健》 2025-04-30 2. 《种群优化成本持续改善，养殖利润显弹 性》 2024-10-30 3. 《养猪成本下行业绩扭亏，饲料动保稳健 发展》 2024-08-30 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) | 19,026 | 17,176 | 16,960 | 17,859 | 18,642 | | 收入增长率 ...

业绩超预期，利润与现金流拐点已现 福昕软件(688095) 证券研究报告 软件开发 / 公司点评 / 2025.08.31 1. 《国产 PDF 龙头，订阅、AI、收购三线 并发》 2025-05-20 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) | 611 | 711 | 1,097 | 1,383 | 1,778 | | 收入增长率(%) | 5.3 | 16.4 | 54.2 | 26.1 | 28.5 | | 归母净利润(百万元) | -91 | 27 | 31 | 136 | 287 | | 净利润增长率(%) | — | — | 15.3 | 338.3 | 110.4 | | EPS(元) | -1.03 | 0.30 | 0.34 | 1.49 | 3.14 | | PE | — | 221.8 | 265.5 | 60.6 | 28.8 | | ROE(%) | -3. ...

规模较快增长，养殖成本延续下行 相关报告 1. 《成本优势稳固，2025 出栏增长可期》 2025-03-23 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) | 4,041 | 6,078 | 6,303 | 7,763 | 8,515 | | 收入增长率(%) | 1.8 | 50.4 | 3.7 | 23.2 | 9.7 | | 归母净利润(百万元) | -645 | 519 | 467 | 986 | 1,171 | | 净利润增长率(%) | -508.2 | — | -10.0 | 111.1 | 18.8 | | EPS(元) | -1.28 | 1.02 | 0.92 | 1.93 | 2.30 | | PE | — | 17.4 | 23.1 | 10.9 | 9.2 | | ROE(%) | -21.0 | 15.7 | 13.6 | 23.6 | 23.4 | | PB ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 172 million yuan in the first half of 2025, representing a year-on-year increase of 16.06%, but the net profit attributable to shareholders was a loss of 24 million yuan, widening the loss by 8.67% year-on-year [7] - The company is facing short-term performance pressure due to overall cost reduction in the industry and intensified competition, with a significant increase in losses in the second quarter of 2025 [7] - The company is actively improving its product structure and has opportunities for growth in the copper foil business driven by AI [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 22 million, 79 million, and 169 million yuan respectively, with corresponding EPS of 0.27, 0.98, and 2.09 yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 345 million yuan, with a growth rate of 10.4%, and is expected to reach 1,017 million yuan by 2027, with a growth rate of 24.7% [6][8] - The net profit is expected to turn positive in 2025 with a forecast of 22 million yuan, and is projected to grow significantly to 169 million yuan by 2027 [6][8] - The company's gross margin is expected to improve from 28.2% in 2023 to 46.0% in 2027 [8] Business Segment Analysis - The shielding film business saw a 6.65% increase in sales volume, but revenue slightly declined due to intensified competition [7] - The copper foil business reported a revenue of 38.32 million yuan, with a year-on-year increase of 6%, and a significant growth in RTF copper foil shipments, which increased by 21 times [7] - The FCCL segment experienced a substantial increase of 372% in self-made copper foil FCCL, although it has not yet achieved scale effects [7]

福田汽车(600166) 证券研究报告 商用车 / 公司点评 / 2025.08.31 业绩同比高增长，坚定推进全面国际化 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 2.77 | | 流通股本(亿股) | 79.17 | | 每股净资产(元) | 1.91 | | 总股本(亿股) | 79.17 | 最近 12 月市场表现 -4% 5% 13% 21% 30% 38% 福田汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 投资评级:增持(维持) 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《加快中重卡高附加值业务的调整，拓展 海外市场》 2025-04-29 2. 《Q3 业绩同比有所下滑，积极拓展海外 市场》 2024-11-14 3. 《毛利率同比提升，出口销量维持高增 长》 2024-08-27 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | -- ...

业绩稳健增长，加速机器人和低空领域的布局 敏实集团(00425) 证券研究报告 汽车 / 公司点评 / 2025.08.31 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 32.88 | | 流通股本(亿股) | 11.66 | | 每股净资产(元) | 18.80 | | 总股本(亿股) | 11.66 | 最近 12 月市场表现 -3% 34% 72% 110% 148% 185% 敏实集团 恒生指数 汽车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《业绩稳健提升，布局人形机器人与低空 飞行器赛道》 2025-04-02 2. 《深耕零部件行业三十载，全球领先外饰 供应商》 2024-10-23 3. 《收入端同比高增长，电池盒业务不断取 得突破》 2023-03-24 ❖ 事件：公司发布 2025 年中报，2025 年上半年公司实现总营收 122.87 亿 元，同比增 ...