证券研究报告 公司点评（R3） 沃格光电(603773.SH) 电子｜ 光学光电子 传统主业经营稳健，玻璃基业务逐步贡献收入 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(亿元) | 18.14 | 22.21 | 30.53 | 42.28 | 62.17 | | 归母净利润(亿元) | -0.05 | -1.22 | 0.68 | 1.84 | 3.46 | | 每股收益（元） | 18.14 | 22.21 | 30.53 | 42.28 | 62.17 | | 每股净资产（元） | 6.13 | 5.59 | 5.90 | 6.72 | 8.27 | 资料来源： iFinD ，财信证券 投资要点： 涨跌幅比较 % 1M 3M 12M 沃格光电 42.53 81.96 117.66 光学光电子 8.89 16.51 41.43 -11% 39% 89% 139% 2024-09 2024-12 2025-03 2025-06 沃格光电 光学光电子 袁鑫 分析师 执 ...

Investment Rating - The investment rating for the company is "Buy" [1][10] Core Insights - The company has shown significant revenue growth, with a 25.63% year-on-year increase in the first half of 2025, reaching 10.453 billion yuan, and a net profit growth of 37.75% to 1.36 billion yuan [7] - The PCB business is a key driver of growth, with a revenue increase of 29.21% year-on-year, contributing 60.02% to total revenue [7] - The company is expected to benefit from the demand for technology self-sufficiency, with projected revenues of 22.237 billion yuan, 27.441 billion yuan, and 33.094 billion yuan for 2025, 2026, and 2027 respectively [5][7] Financial Performance Summary - In the first half of 2025, the gross margin was 26.28%, with a net margin of 13.02% [7] - The second quarter of 2025 saw a revenue of 5.671 billion yuan, a year-on-year increase of 30.06%, and a net profit of 869 million yuan, up 42.92% year-on-year [7] - The company’s earnings per share (EPS) are projected to grow from 2.10 yuan in 2023 to 7.97 yuan in 2027 [5][8] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 86.91 in 2023 to 22.87 in 2027, indicating improving valuation [5][8] - The price-to-book (P/B) ratio is expected to decline from 9.22 in 2023 to 5.29 in 2027 [5][8]

Investment Rating - The investment rating for the company is "Buy" [1][12]. Core Insights - The company has shown significant growth in revenue and profit, with a 106.89% year-on-year increase in revenue for H1 2025, reaching 225.83 billion yuan, and a staggering 50358.80% increase in net profit, amounting to 4.72 billion yuan [7]. - The company is expanding its store network steadily, with a total of 15,365 stores by the end of the reporting period, reflecting a net increase of 1,169 stores since the beginning of the year [7]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 496.63 billion yuan in 2025, 573.32 billion yuan in 2026, and 630.97 billion yuan in 2027, representing year-on-year growth rates of 53.62%, 15.44%, and 10.06% respectively [9]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 225.83 billion yuan, with a net profit of 4.72 billion yuan, indicating a strong recovery and growth in profitability [7]. - The average revenue per store decreased by nearly 20% to 760,000 yuan due to increased store density, which may pressure same-store sales growth [7]. - The gross margin for the bulk snack business improved to 11.49%, with a comprehensive expense ratio of 5.97%, down 1.97 percentage points year-on-year [7]. Earnings Forecast - The company is projected to achieve net profits of 10.07 billion yuan in 2025, 12.58 billion yuan in 2026, and 14.77 billion yuan in 2027, with corresponding P/E ratios of 36, 29, and 25 [9][10]. - The expected return on equity (ROE) is forecasted to improve significantly, reflecting the company's enhanced profitability and operational efficiency [10].

Market Overview - The overall market showed positive performance with the Shanghai Composite Index closing at 3812.51, up 1.24%, and the Shenzhen Component Index rising 3.89% to 12590.56 [1] - The ChiNext Index and the STAR 50 Index experienced significant gains, with increases of 6.55% and 3.39% respectively [1] Industry Dynamics - The China Securities Regulatory Commission released a draft regulation on the management of public fund sales fees, aiming to lower investor costs and enhance market order [29] - In August 2025, sales of excavators and loaders in China increased, with domestic sales growth outpacing exports [30][32] - The Jinshang-Hubei ±800 kV UHVDC project commenced operations, capable of delivering 4 million kilowatts of electricity, marking a significant development in China's power transmission capabilities [34] - Global OLED panel shipments saw a slight decline of 2% year-on-year in Q2 2025, with a notable shift in demand towards IT products like monitors and laptops [36] Company Updates - Muyuan Foods reported a 27.1% year-on-year increase in pig sales for August 2025, although sales revenue decreased by 12.3% [41] - Wens Foodstuff Group experienced a 17.7% decline in pig sales revenue in August, while chicken sales revenue saw a minor decrease of 0.71% [42] - Junshi Biosciences announced positive results from a Phase III clinical trial for its anti-IL-17A monoclonal antibody for treating moderate to severe plaque psoriasis [45] - Aihua Long received IVDR CE certification for its hepatitis B testing kits, allowing entry into the EU market [47] - Beingmate released its sixth employee stock ownership plan, aiming to align employee interests with company growth [49][51]

Investment Rating - The investment rating for the company is "Buy" [1][6][9] Core Views - The company has shown significant growth in its financial performance, with a revenue increase of 79.85% year-on-year in the first half of 2025, reaching 1.283 billion yuan, and a net profit increase of 153.34%, amounting to 188 million yuan [5] - The wind power spindle business has been a key driver of revenue growth, achieving 870 million yuan in revenue, a year-on-year increase of 93.60% [5] - The company is expected to continue its growth trajectory, with projected revenues of 28.5 billion yuan in 2025, 37 billion yuan in 2026, and 45 billion yuan in 2027 [5] Financial Performance Summary - For the first half of 2025, the company reported a gross margin of 23.47%, an increase of 2.50 percentage points year-on-year, and a net profit margin of 14.63%, up by 4.26 percentage points [5] - The second quarter of 2025 saw a revenue of 778 million yuan, a year-on-year increase of 69.98% and a quarter-on-quarter increase of 54.16% [5] - The company’s earnings per share (EPS) is projected to be 1.34 yuan in 2025, 1.88 yuan in 2026, and 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 20.33, 14.45, and 11.60 respectively [5][7] Business Segment Analysis - The core business of wind power forging has adapted to the trend of larger wind turbines, with sales revenue of 589 million yuan, a year-on-year increase of 47.33% [5] - The wind power casting segment has also seen rapid growth, with sales revenue reaching 280 million yuan, a year-on-year increase of 276.06% [5] - The company has expanded its production capabilities for large wind turbine components, enhancing its competitive position in the offshore wind power market [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company has shown strong performance in the first half of 2025, with revenue reaching 285.37 billion yuan, a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 14.88 billion yuan, up 7.26% year-on-year [5][6] - The company is experiencing robust growth in its main business of wind turbine manufacturing, with sales revenue of 218.52 billion yuan in the first half of 2025, a year-on-year increase of 71.15% [5][6] - The company has a strong order backlog, with a total of 51,811.47 MW of external orders, representing a year-on-year increase of 45.58% [6] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 504.57 billion yuan, 2024A: 566.99 billion yuan, 2025E: 760.00 billion yuan, 2026E: 820.00 billion yuan, 2027E: 890.00 billion yuan [5][7] - Net profit attributable to shareholders is projected to be: 2023A: 13.31 billion yuan, 2024A: 18.60 billion yuan, 2025E: 32.71 billion yuan, 2026E: 37.04 billion yuan, 2027E: 43.47 billion yuan [5][7] - Earnings per share (EPS) is expected to grow from 0.32 yuan in 2023A to 1.03 yuan in 2027E [5][7] Market Position and Outlook - The company is expanding its overseas business, with foreign revenue reaching 83.79 billion yuan in the first half of 2025, a year-on-year increase of 75.34% [5][6] - The report anticipates that the company will achieve a target price range of 8.77 to 13.15 yuan based on a price-to-earnings (P/E) ratio of 10-15 times for 2026 [6][7]

| 2025 年 09 月 05 日 | | | --- | --- | | 评级 | 买入 | | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 49.11 | | 52 周价格区间（元） | 38.19-59.68 | | 总市值（百万） | 4272.57 | | 流通市值（百万） | 1288.40 | | 总股本（万股） | 8700.00 | 流通股（万股） 2623.50 % 1M 3M 12M 崇德科技 -1.21 -1.03 17.52 通用设备 8.20 18.69 76.51 -8% 42% 92% 142% 2024-09 2024-12 2025-03 2025-06 2025-09 崇德科技 通用设备 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 相关报告 1 崇德科技（301548.SZ）24 年三季报点评：盈 利能力保持稳定，海外布局动作不断 2024-11-06 2 崇德科技（301548.SZ）24 年半年报点评：业 绩稳增长，船舶和石化表现亮眼 2024-08-28 3 崇德科技（30 ...

晨会纪要（R3） 晨会纪要 2025 年 09 月 05 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3765.88 | -1.25 | | 深证成指 | 12118.70 | -2.83 | | 创业板指 | 2776.25 | -4.25 | | 科创 50 | 1226.98 | -6.08 | | 北证 50 | 1538.98 | -0.80 | | 沪深 300 | 4365.21 | -2.12 | 上证指数-沪深 300 走势图 -3% 17% 37% 57% 2024-09 2024-12 2025-03 2025-06 上证指数 沪深300 | 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 周舒鹏 | 研究助理 | zhoushupeng@hnchasing.com 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】央行：9 月 5 日将开展 100 ...

晨会纪要（R3） 晨会纪要 2025 年 09 月 04 日 请务必阅读正文之后的免责声明 证券研究报告 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3813.56 | -1.16 | | 深证成指 | 12472.00 | -0.65 | | 创业板指 | 2899.37 | 0.95 | | 科创 50 | 1306.48 | -1.64 | | 北证 50 | 1551.45 | -1.49 | | 沪深 300 | 4459.83 | -0.68 | 上证指数-沪深 300 走势图 -3% 17% 37% 57% 2024-09 2024-12 2025-03 2025-06 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | | 晨会聚焦 | | --- | 一、财信研究观点 【市场策 ...

Market Overview - The market experienced a day of fluctuation with the technology sector showing significant declines, while the overall A-share market saw a drop of 1.48%, closing at 6133.63 points [8] - The Shanghai Composite Index fell by 0.45% to 3858.13 points, while the ChiNext Index dropped 2.85% to 2872.22 points, indicating a weak performance in growth sectors [8][9] - The banking sector showed resilience, with over 60% of listed banks reporting positive revenue growth, and over 70% reporting net profit increases [10] Industry Dynamics - The software industry in China reported revenues of 83,246 billion yuan in the first seven months of the year, reflecting a year-on-year growth of 12.3% [22] - The biopharmaceutical sector is being prioritized by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance the development of central enterprises in this field [24] - The offshore wind power sector is witnessing significant developments, with projects in Germany and the UK receiving approvals and moving forward with installations [25][27] Company Updates - Jiejia Weichuang (300724.SZ) has made significant advancements in the perovskite battery equipment sector, successfully delivering multiple PVD devices, which are crucial for the industrialization of perovskite batteries [33] - Juxing Agriculture (603477.SH) reported a revenue of 3.717 billion yuan for the first half of 2025, marking a year-on-year increase of 66.49%, with a significant rise in pig production [35] - Zhuzhou Smelter Group (600961.SH) is undergoing a change in its controlling shareholder to Hunan Nonferrous Metals Group, which will increase its stake in the company to 31.26% [37]