1H2025 收入稳健增长，新兴业务驱动扭亏为盈 美芯晟(688458) 投资评级:增持(维持) | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 47.45 | | 流通股本(亿股) | 0.85 | | 每股净资产(元) | 16.61 | | 总股本(亿股) | 1.12 | 最近 12 月市场表现 -7% 19% 45% 71% 98% 124% 美芯晟 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《无线充电领军，光感驱动增长 》 2025-05-29 证券研究报告 半导体 / 公司点评 / 2025.08.26 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

投资评级:增持(维持) 上半年业绩快速增长，盈利能力不断提升 汇川技术(300124) 证券研究报告 自动化设备 / 公司点评 / 2025.08.26 | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 71.85 | | 流通股本(亿股) | 23.88 | | 每股净资产(元) | 11.22 | | 总股本(亿股) | 26.95 | 最近 12 月市场表现 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) | 30,420 | 37,041 | 45,627 | 54,803 | 65,177 | | 收入增长率(%) | 32.2 | 21.8 | 23.2 | 20.1 | 18.9 | | 归母净利润(百万元) | 4,742 | 4,285 | 5,739 | 6,920 | 8,220 | | 净利润增长率(%) | 9.8 | - ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, with a 21.10% year-on-year increase in revenue for the first half of 2025, reaching 672 million yuan, and a 17.10% increase in net profit attributable to shareholders, amounting to 107 million yuan [8] - The company has a strong customer resource advantage, being a leading player in the domestic automotive sealing strip industry, with notable clients including FAW-Volkswagen, SAIC Volkswagen, and Geely [8] - The company maintains significant cost control advantages, with a gross profit margin of 29.94%, despite a slight year-on-year decline of 1.2 percentage points [8] Financial Performance Summary - Revenue projections for 2025-2027 are 1,456 million yuan, 1,770 million yuan, and 2,162 million yuan, respectively, with corresponding revenue growth rates of 18.9%, 21.6%, and 22.1% [7] - Net profit attributable to shareholders is expected to reach 252 million yuan in 2025, 308 million yuan in 2026, and 366 million yuan in 2027, with net profit growth rates of 46.7%, 22.4%, and 18.8% respectively [7] - The company’s earnings per share (EPS) is projected to be 0.93 yuan in 2025, 1.14 yuan in 2026, and 1.35 yuan in 2027, with a price-to-earnings (PE) ratio of 17.6, 14.3, and 12.1 for the respective years [7] Cost Control and Efficiency - The company has achieved a self-manufacturing rate of over 90% for its tooling and molds, contributing to its cost advantages [8] - The implementation of strict performance assessments and incentive mechanisms links employee compensation to production waste rates, enhancing operational efficiency [8] - The company has optimized its procurement processes and reduced the variety of raw materials, leading to lower procurement costs [8]

营收及业绩企稳改善，新签订单稳定增长 金螳螂(002081) 证券研究报告 装修装饰Ⅱ / 公司点评 / 2025.08.26 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-25 | | 收盘价(元) | 3.62 | | 流通股本(亿股) | 26.45 | | 每股净资产(元) | 5.16 | | 总股本(亿股) | 26.55 | 最近 12 月市场表现 数据来源：wind 数据，财通证券研究所（以 2025 年 08 月 25 日收盘价计算） 相关报告 1. 《Q1 盈利同比稳定，持续加强业务优化》 2025-04-30 2. 《主业经营仍承压，经营性现金维持净流 入》 2025-04-30 3. 《经营尚在修复期，持续深耕属地市场》 2024-05-02 请阅读最后一页的重要声明！ -7% 1% 10% 19% 28% 36% 金螳螂 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 | | | | | | | | ...

Q2 营收同比下滑，毛利率持续提升 中钢国际(000928) 证券研究报告 专业工程 / 公司点评 / 2025.08.26 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-25 | | 收盘价(元) | 6.71 | | 流通股本(亿股) | 14.35 | | 每股净资产(元) | 5.80 | 最近 12 月市场表现 -5% 3% 11% 20% 28% 36% 中钢国际 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 | 相关报告 | | --- | | 1. 《毛利率持续提升，经营现金流同比改 | | 善》 2025-04-24 | | 2. 《收入下滑毛利率改善，业绩保持较快增 | | 长》 2024-11-04 | | 3. 《海外占比持续提升，毛利率同比改善》 | | 2024-08-30 | 核心观点 | 盈利预测 | | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance due to business structure optimization and has sufficient cash flow to support dividends [10] - The company reported a revenue of 632 million yuan for the first half of 2025, representing a year-on-year increase of 22.56%, and a net profit of 94 million yuan, up 45.90% year-on-year [10] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, with a dividend payout ratio of 79.66% [10] Financial Performance - Revenue projections for 2025-2027 are 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan respectively, with net profits of 121 million yuan, 148 million yuan, and 172 million yuan [10][11] - The company achieved a gross margin of 36.04% in the first half of 2025, an increase of 2.2 percentage points year-on-year [10] - The company’s cash flow from operating activities for the first half of 2025 was 83 million yuan, an increase of 49 million yuan year-on-year [10] Business Segments - The design and soft decoration segments have shown strong growth, with revenues increasing by 29.92% and 43.75% respectively in the first half of 2025 [10] - New orders signed in the first half of 2025 totaled 1.162 billion yuan, a year-on-year increase of 65.9%, with design and soft decoration orders growing by 41.2% and 132.5% respectively [10] - As of June 30, 2025, the total amount of signed but uncompleted orders was 3.561 billion yuan, indicating a solid order reserve [10] Valuation Metrics - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 29.1, 23.7, and 20.4 respectively [10][11] - The return on equity (ROE) is expected to improve from -4.2% in 2023 to 19.5% by 2027 [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 2.15 billion yuan in the first half of 2025, a decrease of 5.04% year-on-year, and a net profit attributable to shareholders of 159 million yuan, down 16.06% year-on-year [7][8] - The domestic traditional fire protection demand is under pressure, while industrial and overseas businesses have shown growth [9] - The company is expected to see a turnaround in its traditional fire protection business due to the clearance of old inventory and the implementation of new national standards [9] Financial Performance Summary - Revenue forecast for 2023A to 2027E shows a slight decline in 2024, with expected revenues of 4.93 billion yuan in 2024 and growth to 5.97 billion yuan by 2027 [6][10] - Net profit attributable to shareholders is projected to recover from 353 million yuan in 2024 to 589 million yuan in 2027, reflecting a growth rate of 16.10% in 2025 and 14.96% in 2027 [6][10] - The company's earnings per share (EPS) is expected to increase from 0.49 yuan in 2024 to 0.80 yuan in 2027 [6][10] Business Segment Analysis - The revenue from fire automatic alarm and emergency evacuation systems decreased by 7.29% and 3.08% respectively, while industrial fire protection and extinguishing services saw increases of 3.37% and 8.60% [7][9] - Overseas revenue reached 392 million yuan, up 4.83%, with significant growth in gas detection and industrial fire protection segments [7][9] Cost and Margin Analysis - The gross margin for the first half of 2025 was 35.60%, a decrease of 1.23 percentage points year-on-year, but the company managed to maintain a gross margin of 45.65% for fire automatic alarms [7][9] - The company has implemented cost control measures, resulting in a slight decrease in sales, management, and R&D expense ratios [7][9] Future Outlook - The company is expected to benefit from the clearance of old inventory and the implementation of new standards, which may lead to a recovery in the traditional fire alarm market [9] - The company is diversifying into industrial fire protection and fire service sectors, with promising growth in data center and energy storage fire protection services [9]

证券研究报告 工程机械 / 公司点评 / 2025.08.26 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 18.89 | | 流通股本(亿股) | 8.91 | | 每股净资产(元) | 11.92 | | 总股本(亿股) | 8.91 | 最近 12 月市场表现 -6% 5% 15% 26% 36% 47% 安徽合力 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 二季度业绩逐步加速，打造智能物流第二成长曲线 安徽合力(600761) 1. 《一季度收入平稳增长，毛利率水平不断 提升》 2025-04-29 2. 《三季度业绩有所下滑，国际化步伐持续 加快》 2024-10-29 3. 《电动化及国际化持续推进，经营业绩稳 健增长》 2024-08-30 核心观点 | 盈利预测 | | --- | | [币种Table_FinchinaSimple] (人民币) ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company's second-quarter performance accelerated, achieving a record high net profit for a single quarter, with revenue of 2.749 billion yuan, up 11.24% year-on-year, and a net profit of 812 million yuan, up 18.31% year-on-year [8] - The company has seen a recovery in excavator cylinder sales, with over 308,300 units sold in the first half of the year, representing a growth of over 15% [8] - The company is expanding its overseas market presence, with its largest overseas production base in Mexico now operational, and has developed over 50 new products in its linear actuator project [8] - The company expects net profits for 2025-2027 to be 2.905 billion, 3.447 billion, and 4.087 billion yuan respectively, with corresponding PE ratios of 38.7, 32.6, and 27.5 [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 5.171 billion yuan, a year-on-year increase of 7%, and a net profit of 1.429 billion yuan, up 10.97% year-on-year [8] - The gross margin for the second quarter was 44.01%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 29.59%, up 1.79 percentage points year-on-year [8] - The company's operating cash flow for the first half of the year was 619 million yuan, a year-on-year increase of 13.25%, indicating improving cash flow conditions [8] Revenue and Profit Forecast - Revenue projections for the company are as follows: 2023A: 8,985 million yuan, 2024A: 9,390 million yuan, 2025E: 10,672 million yuan, 2026E: 12,343 million yuan, 2027E: 14,353 million yuan [7] - Net profit projections are: 2023A: 2,499 million yuan, 2024A: 2,509 million yuan, 2025E: 2,905 million yuan, 2026E: 3,447 million yuan, 2027E: 4,087 million yuan [7]

深化"AI+车"技术应用，传统与科技双线并行 千里科技(601777) 证券研究报告 摩托车及其他 / 公司点评 / 2025.08.26 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 10.64 | | 流通股本(亿股) | 45.21 | | 每股净资产(元) | 2.33 | | 总股本(亿股) | 45.21 | 最近 12 月市场表现 -5% 34% 74% 113% 153% 192% 千里科技 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 谢铭 SAC 证书编号：S0160523010001 xieming@ctsec.com 分析师 孟欣 SAC 证书编号：S0160523090002 mengxin@ctsec.com 相关报告 1. 《老树新花，千里马拥抱"AI+车"新启 程》 2025-05-18 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | ...