温氏股份(300498) 证券研究报告 养殖业 / 公司点评 / 2025.08.28 肉猪提质增效稳健发展，鸡价低迷业绩暂承压 投资评级:增持(维持) | 基本数据 | 2025-08-27 | | --- | --- | | 收盘价(元) | 18.11 | | 流通股本(亿股) | 59.63 | | 每股净资产(元) | 6.21 | | 总股本(亿股) | 66.54 | 最近 12 月市场表现 -10% -1% 8% 18% 27% 36% 温氏股份 沪深300 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《猪鸡成本延续改善，稳健高质量增长》 2025-04-24 2. 《猪鸡盈利高增，回购分红彰显发展信 心》 2024-10-23 3. 《Q2 扭亏为盈，持续受益畜禽周期景气》 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue of 2.755 billion yuan, down 14.18% year-on-year, and a net profit of -30 million yuan, a decrease of 0.35 billion yuan [8][9] - Domestic real estate-related business is under pressure, while overseas growth is performing well, with overseas revenue increasing by 30.75% year-on-year [8][10] - The increase in raw material prices has pressured gross margins, leading to a decline in net profit due to reduced expense dilution [8][10] - The company is focusing on local operations overseas, which is expected to become a growth point [10] Financial Performance Summary - Revenue forecast for 2023A is 7.802 billion yuan, with a projected decline to 6.638 billion yuan in 2024A and further to 6.259 billion yuan in 2025E, before recovering to 6.639 billion yuan in 2026E and 7.120 billion yuan in 2027E [7] - Net profit is expected to decrease to 76 million yuan in 2025E, followed by increases to 114 million yuan in 2026E and 190 million yuan in 2027E [7] - Earnings per share (EPS) is projected to be 0.21 yuan in 2025E, 0.32 yuan in 2026E, and 0.54 yuan in 2027E [7] - The price-to-earnings (PE) ratio is forecasted to be 105.44x in 2025E, 70.04x in 2026E, and 42.22x in 2027E [7] Revenue Breakdown - In the first half of 2025, the revenue from various product categories showed significant declines: door and window hardware systems (-17.60%), home products (-27.69%), and other construction hardware (-16.00%), while door and window accessories increased by 7.79% [8][10] - Domestic revenue was 2.278 billion yuan, down 19.95%, while overseas revenue reached 477 million yuan, up 30.75% [8][10] Cost and Margin Analysis - The gross margin for the first half of 2025 was 30.37%, a decrease of 0.90 percentage points, primarily due to rising metal raw material prices [8][10] - The company reported a net cash flow from operating activities of -204 million yuan, indicating a cash outflow compared to the previous year [8][10]

证券研究报告 固收点评报告 / 2025.08.28 联系人 郑惠文 zhenghw01@ctsec.com 相关报告 1. 《利率 | 政策性金融工具的杠杆作用能 放大吗？》 2025-08-26 2. 《信用 | 短久期高票息资产选什么？》 2025-08-25 3. 《信用 | 哑铃策略，关注二永交易》 2025-08-24 核心观点 ❖ 本次调整的原因有哪些？（1）固收+投资者可能在降低含权资产配置。近 一周来看，随着权益市场整体价格站上历史高位，纯债市场连续回调节奏放 缓，叠加 9 月将近，部分投资者可能增配纯债仓位，减配股票、转债。（2） 绝对收益投资者止盈盘或不少。6 月末开始转债 ETF 的份额出现明显增长， 而中证转债指数 6 月末至今已有 10%以上收益。或有不少绝对收益投资者已 经完成全面业绩目标。（3）估值高位或触发部分止盈指标，近期转债市场估 值已经来到历史极高水平，收盘价中位数本周也向上突破至 135 元这个重要 阈值点，或触发部分投资者卖出指标。 请阅读最后一页的重要声明！ 择券空间有所恢复，转债或"超调"——0827 分析师 孙彬彬 SAC 证书编号：S016052502000 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated steady growth in performance, with multiple business segments contributing to its success. The telecommunications and automotive sectors have shown rapid growth, while the consumer electronics segment continues to perform well. The company has successfully integrated new product projects and expanded its client base in emerging fields such as AR/VR and 3D printing [7][6] - The company reported a revenue of 124.5 billion yuan for the first half of 2025, representing a year-on-year increase of 20.18%, and a net profit of 6.644 billion yuan, up 23.13% year-on-year. The second quarter of 2025 saw a revenue of 62.715 billion yuan, a 22.51% increase year-on-year [7] - The company has provided guidance for the third quarter of 2025, forecasting a net profit of 4.246 to 4.699 billion yuan, which is a year-on-year increase of 15.41% to 27.74% [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 231.91 billion yuan, 2024A: 268.79 billion yuan, 2025E: 323.50 billion yuan, 2026E: 387.71 billion yuan, 2027E: 428.70 billion yuan, with a revenue growth rate of 8.4% in 2023, increasing to 20.4% in 2025 [6] - The net profit forecast for the company is: 2023A: 10.95 billion yuan, 2024A: 13.37 billion yuan, 2025E: 16.64 billion yuan, 2026E: 20.11 billion yuan, 2027E: 23.53 billion yuan, with a net profit growth rate of 19.5% in 2023, reaching 24.5% in 2025 [6] - The earnings per share (EPS) are projected to be: 2023A: 1.54 yuan, 2024A: 1.86 yuan, 2025E: 2.29 yuan, 2026E: 2.77 yuan, 2027E: 3.24 yuan, with corresponding price-to-earnings (PE) ratios of 22.4 in 2023, decreasing to 19.6 in 2025 [6] Business Segment Performance - The consumer electronics segment generated revenue of 97.799 billion yuan in the first half of 2025, a year-on-year increase of 14.32%, while the telecommunications segment saw revenue of 11.098 billion yuan, up 48.65%, and the automotive segment reached 8.658 billion yuan, an increase of 82.07% [7] - The company has successfully completed the acquisition of assets from Wentech Technology, enhancing its product integration capabilities [7] - The company continues to expand its market share among leading cloud service providers and AI server clients, with multiple high-value products being delivered in bulk [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%, and a net profit of 384 million yuan, up 26.89% year-on-year [8] - Significant customer expansion has been noted, particularly in high-value products, with successful certifications from top-tier overseas clients and entry into the supply chains of major technology firms [8] - The company is strategically investing in new production lines, particularly in embedded PCB packaging technology, with a total investment of approximately 1.5 billion yuan planned for the "Chip Innovation Smart Carrier" project [8] - Revenue projections for 2025-2027 are estimated at 6.247 billion yuan, 7.730 billion yuan, and 8.980 billion yuan respectively, with corresponding net profits of 884 million yuan, 1.152 billion yuan, and 1.402 billion yuan [8] Financial Performance - The company reported a revenue growth rate of 2.0% in 2023, 11.1% in 2024, and is expected to achieve 24.4% in 2025 [7] - The net profit growth rate is projected at 14.2% for 2023, 36.2% for 2024, and 31.1% for 2025 [7] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, increasing to 1.23 yuan in 2025 and reaching 1.95 yuan by 2027 [7] Market Performance - The company's stock has shown a market performance of -4% over the last 12 months, while the industry benchmark (CSI 300) has seen a performance of 21% [4]

柏诚股份(601133) 收入下滑业绩承压，静待下半年招标落地 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《竞争加剧毛利率承压，Q4 回款大幅加 快》 2025-04-22 2. 《收入增速有所放缓，现金流仍有承压 》 2024-10-29 3. 《下游景气带动收入高增，竞争加剧拖累 毛利率》 2024-08-28 证券研究报告 专业工程/ 公司点评/ 2025.08.27 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 13.92 | | 流通股本(亿股) | 1.49 | | 每股净资产(元) | 5.48 | | 总股本(亿股) | 5.28 | 最近 12 月市场表现 -6% 5% 17% 29% 41% 53% 柏诚股份 沪深300 上证指数 专业工程 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) ...

海外扩张推动主业修复，AI 新材料研发稳步布局 志特新材(300986) 证券研究报告 专业工程 / 公司点评 / 2025.08.27 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-26 | | 收盘价(元) | 14.26 | | --- | --- | | 流通股本(亿股) | 4.12 | | 每股净资产(元) | 4.62 | | 总股本(亿股) | 4.12 | 最近 12 月市场表现 -7% 31% 70% 108% 147% 186% 志特新材 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com 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) | 2,238 | 2,526 | 2,793 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 53.37 billion yuan, down 23.3% year-on-year, and net profit at 210 million yuan, down 89.7% year-on-year [8][9] - The decrease in revenue is attributed to a decline in the area of property delivered, which fell by 22.7% year-on-year, impacting the company's revenue [8][10] - Despite the challenges, the company's sales decline was less than the average decline of the top 10 real estate companies, with total contract sales down 3.4% to 122.2 billion yuan [8][10] - The company has a strong land acquisition strategy, with 35 new land parcels acquired in the first half of 2025, totaling a buildable area of 3.55 million square meters, representing a 171% increase year-on-year [8][10] - The company maintains a solid financial position with a cash-to-short-term debt ratio of 2.9, indicating strong liquidity [10] Financial Performance Summary - Revenue projections for 2025-2027 are estimated at 153.16 billion yuan, 153.46 billion yuan, and 155.96 billion yuan respectively, with net profits projected at 1.4 billion yuan, 1.59 billion yuan, and 1.81 billion yuan [8][10] - The company's earnings per share (EPS) for 2025 is projected to be 0.55 yuan, with a price-to-earnings (PE) ratio of 16.76 [8][10] - The return on equity (ROE) is expected to decline to 3.77% in 2025, with a gradual recovery in subsequent years [8][10]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][9] Core Insights - The company reported a significant increase in net profit by 286% year-on-year, with strong sales performance and brand influence [9] - The company aims to expand its store network and international presence, particularly in Southeast Asia and Europe [9] - The company has a strong market position in the high-end jewelry sector, with substantial growth potential in customer penetration [9] Financial Performance - For the fiscal year 2023, the company achieved a revenue of 3,180 million RMB, with a projected revenue of 27,571 million RMB for 2025, reflecting a growth rate of 224.15% [7][10] - The net profit for 2023 was 416 million RMB, expected to rise to 4,837 million RMB by 2025, indicating a net profit growth rate of 228.38% [7][10] - The earnings per share (EPS) is projected to increase from 3.03 RMB in 2023 to 28.01 RMB in 2025 [7][10] Market Position and Brand Influence - The company has established itself as a leader in the high-end gold market, with the highest sales per store in mainland China, averaging 4.59 billion RMB per store [9] - The company has seen a rapid increase in its loyal customer base, reaching 480,000 members, with a significant overlap in consumer demographics with luxury brands like LV and Hermes [9] Expansion Strategy - The company has expanded its presence to 41 self-operated stores across 16 cities, with plans to enhance its footprint in major urban centers and shopping districts [9] - New store openings include high-profile locations such as Shanghai and Singapore, with further expansion anticipated [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a significant advantage in customer resources and strategically locates its production capacity close to downstream customers [7] - The company has established joint ventures with international partners, enhancing its market presence and technological capabilities [7] - The company has a well-structured layout with 16 production bases across various regions, ensuring timely response and supply to major manufacturers [7] - The forecasted net profit for 2025-2027 is expected to be 5.31 billion, 6.37 billion, and 7.71 billion respectively, with corresponding PE ratios of 10.8, 9.0, and 7.4 [7] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.78 billion, a year-on-year increase of 17.18%, while the net profit attributable to shareholders was 216 million, a year-on-year decline of 15.63% [7] - The gross margin for the first half of 2025 was 15.40%, down by 2.76 percentage points year-on-year [7] - The company’s revenue projections for the next few years are as follows: 2023A at 4,599 million, 2024A at 5,667 million, 2025E at 6,526 million, 2026E at 7,663 million, and 2027E at 9,036 million [6][8] - The net profit projections are: 2023A at 546 million, 2024A at 425 million, 2025E at 531 million, 2026E at 637 million, and 2027E at 771 million [6][8] - The company’s EPS is projected to be 1.44 in 2023, 1.12 in 2024, 1.40 in 2025, 1.67 in 2026, and 2.03 in 2027 [6][8]