Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company has shown strong performance in the first half of the year, achieving a revenue growth of 14.3% despite a relatively weak domestic consumption environment [9]. - The operating profit margin has improved by 0.6 percentage points year-on-year, attributed to refined operations and increased contributions from high-margin brands [9]. - The main brands, Anta and Fila, are expected to maintain steady growth, while other brands like Descente and Kolon are projected to grow rapidly, contributing significantly to overall revenue [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 4.80, 5.54, and 6.21 RMB respectively, with a target price of 135.86 HKD based on a 26x PE valuation for 2025 [4][10]. - Revenue projections for the company are as follows: 62,356 million RMB in 2023, growing to 97,528 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [4][12]. - The net profit attributable to the parent company is expected to reach 10,236 million RMB in 2023, with a forecasted increase to 17,427 million RMB by 2027 [4][12]. Company Performance Metrics - The company achieved a gross margin of 62.6% in 2023, with projections indicating a slight decline to 62.5% by 2027 [4][12]. - The net profit margin is expected to fluctuate from 16.4% in 2023 to 17.9% in 2027, reflecting stable profitability [4][12]. - Return on equity (ROE) is projected to decrease from 18.3% in 2023 to 17.3% in 2027, indicating a slight reduction in efficiency over the forecast period [4][12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit growth is forecasted at 5.5%/7.9%/8.5% for the years 2025/2026/2027, with a target price of 7.70 CNY per share, reflecting a 10% premium over comparable companies [2][5] - The company's asset deployment capability has been validated, with a significant increase in loan issuance, achieving 661 billion CNY in new loans in the first half of 2025, which is more than double the total for 2024 [9] - The net interest margin remains resilient at 1.60%, with a notable improvement in funding costs, indicating strong deposit-taking capabilities [9] Financial Performance Summary - Revenue for 2023 is projected at 27,956 million CNY, with a slight decline of 3.6% year-on-year, but expected to grow gradually in subsequent years [4] - The company's net profit attributable to shareholders is expected to reach 10,902 million CNY in 2023, with a growth rate of 6.1% [4] - The forecasted earnings per share (EPS) for 2025 is 1.05 CNY, with a projected book value per share (BVPS) of 11.85 CNY [2][4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable, with a significant improvement in corporate loan quality, while individual loan quality shows some structural pressure [9] - The provision coverage ratio stands at 356%, indicating sufficient risk mitigation capacity [9]

资产投放能力得到验证，净息差韧性十足 ——渝农商行 25H1 财报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根 据 25H1 财 报 数 据 ， 预 测 公 司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 5.5%/7.9%/8.5%， BVPS 为 11.85/12.70/13.62 元（维持原预测），当前股价对应 25/26/27 年 PB 为 0.53X/0.50X/0.46X。可比公司 25 年 PB 0.59 倍，维持 10%溢 价，对应 25 年 0.65 倍 PB，目标价 7.70 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,956 | 28,261 | 28,724 | 29,670 | 30,888 | | 同比增长 (%) | -3.6% | 1.1% | 1.6% | 3.3% | 4.1% | | 营业利润( ...

安琪酵母 600298.SH 公司研究 | 中报点评 收入利润双增，海外高增延续 核心观点 盈利预测与投资建议 ⚫ 考虑到公司收入保持双位数增长、国际化和健康业务贡献提升、新产能投放节奏顺 利，我们上调盈利预测，预计公司 25–27 年 EPS 分别为 1.83/2.11/2.41 元（前次 预测 25/26 年 EPS 为 1.72/1.98 元）。公司在酵母主业具备稳固壁垒，产品结构持 续优化，海外扩张与功能性原料业务打开成长空间。我们采用历史估值法，给予公 司 2025 年 24 倍 PE 估值，对应目标价 43.92 元，维持"买入"评级。 风险提示 需求不及预期；新品和渠道拓展不及预期；食品安全事件；原材料涨价等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 13,585 | 15,197 | 16,865 | 18,746 | 20,781 | | 同比增长 (%) | 5.8% | 11.9% | 11.0% | 11.2% | 1 ...

25Q2 业绩降幅增大，优化销售管理酝酿修 复弹性 ——25H1 迎驾贡酒点评 核心观点 盈利预测与投资建议 ⚫ 考虑白酒行业需求侧受政策冲击持续疲软，下调公司收入、毛利率。我们预测公司 2025-2027年每股收益分别为2.75、3.19、3.67元（原预测25-27年为3.37、3.91、 4.46 元）。结合可比公司，我们认为目前公司的合理估值水平为 2025 年的 22 倍市 盈率，对应目标价为 60.50 元，维持买入评级。 风险提示： 白酒消费不及预期风险、禁酒令等政策风险、市场竞争加剧风险、食品安全事件风险。 | ⚫ 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 6,771 | 7,344 | 6,186 | 7,146 | 8,087 | | 同比增长 (%) | 23.0% | 8.5% | -15.8% | 15.5% | 13.2% | | 营业利润(百万元) | 3,011 | 3,444 | 2,8 ...

| 叶书怀 | yeshuhuai@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860517090002 | | 姚晔 | yaoye@orientsec.com.cn | | | 执业证书编号：S0860524090006 | | 燕斯娴 | yansixian1@orientsec.com.cn | | | 执业证书编号：S0860524080004 | | 三大主线产品稳健增长，费效提升费用率 | 2025-03-25 | | --- | --- | | 下降 | | | 年份系列高增，省外增速强劲 | 2024-10-28 | | 中高档势能持续向上，省内大本营强势增 | 2024-04-23 | | 长：——24Q1 季报点评 | | 核心观点 动销良性，结构提升，省内外双轮驱动发 金徽酒 603919.SH 公司研究 | 中报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年08月25日） | 20.9 元 | | 目标价格 | 24.18 元 | | 52 周最高价/最低价 | 23.57/15.08 元 | | 总 ...

计算机行业 行业研究 | 动态跟踪 "人工智能+"顶层文件出台，指明未来 10 年方向与目标 核心观点 事件： 国务院日前印发《关于深入实施"人工智能+"行动的意见》，提出推动人工智能与经济 社会各领域广泛深度融合，加快实施人工智能加科技、产业、消费、民生、治理、全球 合作等 6 大领域重点行动，并强化模型、数据、算力、应用等 8 个领域基础支撑能力。 投资建议与投资标的 我们认为，"人工智能+"顶层规划与文件的发布，将对 AI应用的发展与落地起到积 极推动作用，在此过程中，算力、数据等基础支撑和保障也将得到强化，AI 出海由于广 阔的市场空间和更好的商业化预期，也有望成为产业热点。 AI+应用领域，建议关注卓易信息(688258，未评级)、托普云农(301556，未评级)、 科大讯飞(002230，买入)、金山办公(688111，增持)、汉得信息(300170，未评级)、鼎 捷数智(300378，未评级)、能科科技(603859，未评级)、中控技术(688777，买入)、拓 尔思(300229，未评级)、道通科技(688208，未评级)、星环科技-U(688031，未评级)。 AI 基础支撑领域，建议关注寒 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 73.79 CNY [4][2] Core Views - The company's performance is under short-term pressure due to price reductions, but it is effectively expanding its market and product categories, indicating a positive long-term outlook [1][7] - In H1 2025, the company achieved revenue of 465 million CNY, a decrease of 23.90% year-on-year, and a net profit attributable to the parent company of 62 million CNY, down 73.03% [1] - The company is focusing on new product development and market expansion, with significant breakthroughs in new product R&D and orders [7] Financial Summary - Revenue projections for 2025 are adjusted to 1,198 million CNY, with an estimated EPS of 1.57 CNY [2] - The company expects revenue growth of 12.7% in 2025, followed by 26.0% in 2026 and 23.6% in 2027 [10] - The gross margin is projected to decline to 60.9% in 2025, with a recovery to 63.5% in 2026 and 64.4% in 2027 [10] - The net profit margin is expected to be 26.2% in 2025, improving to 30.1% in 2026 and 33.3% in 2027 [10] - The company is positioned as a leading supplier of high-reliability amplifiers in the military integrated circuit sector, benefiting from industry growth [7]

功率预测业务开始加速，全年高增长可期 核心观点 事件： 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 国能日新 301162.SZ 公司研究 | 中报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年08月26日） | 54.21 元 | | 目标价格 | 62.64 元 | | 52 周最高价/最低价 | 57.6/24.68 元 | | 总股本/流通 A 股（万股） | 13,258/8,523 | | A 股市值（百万元） | 7,187 | | 国家/地区 | 中国 | | 行业 | 计算机 | | 报告发布日期 | 2025 年 08 月 27 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 6.21 | 1.12 | 13.67 | 100.07 | | 相对表现% | 0.78 | -6.77 | -1.68 | 66.13 | | 沪深 300% | 5.43 | 7.89 | 15.35 | 33.94 | 公司发布中报，20 ...

⚫ 公司对外许可收入增厚业绩，考虑到创新药出海有望持续，假设未来对外许可收入 稳定增长，故上调 2025-2027 年 EPS 为 1.19、1.36、1.54 元（原预测值分别为 1.06、1.17、1.42 元）。根据 PE 估值法及可比公司估值水平，给予公司 2025 年 62 倍市盈率，对应目标价为 84.32 元，维持"买入"评级。 风险提示 ⚫ 创新药研发不及预期的风险，创新药销售不及预期的风险，仿制药进入集采的风 险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,820 | 27,985 | 31,684 | 35,553 | 40,900 | | 同比增长 (%) | 7.3% | 22.6% | 13.2% | 12.2% | 15.0% | | 营业利润(百万元) | 4,910 | 7,491 | 9,088 | 10,355 | 11,738 | | 同比增长 (%) | 19.4% | 52.6% | 21.3% ...