2025 年 9 月 3 日 投资要点： 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 评 资料来源：东莞证券研究所，iFind 买入（维持） 中国电信（601728）2025 年半年报点评 公 司 点 上半年稳健增收，算力支持能力持续增强 SAC 执业证书编号： 事件：中国电信发布2025年半年报，2025年上半年实现营业收入为2694.22 亿元，同比增长1.3%；归母净利润、扣非后归母净利润分别为230和217亿元， 同比分别增长5.5%和0.2%。 点评： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 主要数据 2025 年 9 月 2 日 收盘价(元) 7.62 总市值（亿元） 6972.84 总股本(亿股) 915.07 流通股本(亿股) 776.30 ROE（TTM） 7.33% 12 月最高价(元) 8.61 12 ...

有色金属行业 买入（维持） 黄金产品价格上升，公司业绩大幅增长 公 司 点 赤峰黄金（600988.SH）2025 年中报点评 2025 年 9 月 2 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 事件：公司发布2025年中报，2025年上半年，公司实现营业收入52.72亿元，同 比增长25.64%；实现归母净利润11.07亿元，同比增长55.79%；实现扣非归母净 利润11.12亿元，同比增长73.98%。 评 点评： 股价走势 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn | 主要数据 2025 | 年 | 9 | 月 1 | 日 | | --- | --- | --- | --- | --- | | 收盘价（元） | | | 28.05 | | | 总市值（亿元） | | | 533.07 | | | 总股本 | A（亿股） | | 19.00 | | | 流通 A | ...

资料来源：Wind，东莞证券研究所 买入（维持） 充分受益政策红利，公司业绩逐步提振 公 司 点 中国稀土（000831）2025 年中报点评 有色金属行业 2025 年 9 月 2 日 投资要点： 分析师：许正堃 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 评 | 收盘价（元） | 59.12 | | --- | --- | | 总市值（亿元） | 627.39 | | 总股本（亿股） | 10.61 | | 流通 A 股（亿股） | 10.61 | | ROE(TTM) | 3.42% | SAC 执业证书编号： 事件：公司发布2025年中报，2025年上半年，公司实现营业收入18.75亿元， 同比增长62.38%；实现归母净利润1.62亿元，实现扣非归母净利润1.55亿元， 同比扭亏为盈。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 主要数据 2025 年 9 月 1 日 总市值（亿元） 627.39 总股本（亿股） 1 ...

Investment Rating - The report maintains an "Accumulate" rating for Huaxin Cement (600801) [1][4]. Core Views - The company's profitability has significantly improved, with a net profit of 1.103 billion yuan in the first half of 2025, representing a year-on-year increase of 51.05% [1][3]. - The cement business revenue increased, while concrete and aggregate business revenues declined [1][3]. - The company is accelerating its internationalization strategy, having completed the acquisition of assets in Nigeria and expanded its presence in Africa [3][4]. - The overall profitability of the industry is expected to rise due to the implementation of self-discipline and staggered production policies in 2025 [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 16.047 billion yuan, a year-on-year decrease of 1.17%, while total profit increased by 50.74% to 2.025 billion yuan [1][3]. - The gross profit margin improved to 31.13% for cement, 13.12% for concrete, and 47.91% for aggregates, with a comprehensive gross margin rising from 23.65% to 28.92% [3]. Business Segments - Cement sales generated revenue of 8.755 billion yuan, up 4.62% year-on-year, accounting for 54.56% of total revenue [1]. - Concrete sales revenue decreased by 12.33% to 3.457 billion yuan, while aggregate sales revenue fell by 6.72% to 2.763 billion yuan [1]. Future Outlook - The company forecasts earnings per share (EPS) of 1.24 yuan and 1.43 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 13.2 and 11.4 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved double growth in both year-on-year and quarter-on-quarter performance for Q2 2025, with revenue reaching 205.09 billion yuan, a year-on-year increase of 26.73%, and a net profit of 29.68 billion yuan, up 40.15% year-on-year [6]. - The company benefits from a recovering downstream demand and has a clear advantage in multi-platform and customized solutions, with its general automation business revenue growing by 17.11% year-on-year [6][7]. - The renewable energy business continues to grow rapidly, with revenue of approximately 90.00 billion yuan in H1 2025, reflecting a year-on-year increase of about 50.00% [6]. - Strategic business initiatives are progressing quickly, with significant advancements in industrial AI technology and international market growth, particularly in regions like Vietnam and the Middle East [7]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 205.09 billion yuan and a net profit of 29.68 billion yuan, with a gross margin of 30.23% and a net margin of 14.65% [6]. - Q2 2025 revenue was 115.31 billion yuan, showing a year-on-year growth of 18.99% and a quarter-on-quarter growth of 28.44% [6]. Business Segments - The general automation business saw revenue of 88.07 billion yuan in H1 2025, with notable growth in various segments: frequency converters (8.00%), general servo systems (23.33%), and PLC&HMI (30.43%) [6]. - The renewable energy segment's revenue growth is attributed to increased orders from domestic and international clients, with over 30 domestic projects and 5 international projects in progress [6][7]. Strategic Developments - The company has made significant progress in integrating industrial AI technology, launching the iFG platform, and expanding its product offerings in humanoid robotics [7]. - International revenue grew by 39.34% year-on-year, indicating successful penetration into new markets [7].

2025 年 9 月 2 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 | 2025 | 年 | 9 月 | 1 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 15.34 | | | | 总市值（亿元） | | | 280.16 | | | | 总股本(亿股) | | | 18.26 | | | | 流通股本(亿股) | | | 15.85 | | | | ROE（TTM） | | | -117.61% | | | | 12月最高价(元) | | | 17.18 | | | | 12月最低价(元) | | | 7.36 | | | 股价走势 资料来源：东莞证券研究所，Wind 电力设备及新能源行业 买入（首次） 二季度业绩扭亏为盈，ABC 组件出货量高增 公 司 点 评 爱旭股份（600 ...

Investment Rating - The investment rating for BYD (002594) is "Buy" (maintained) [2][6]. Core Insights - The report highlights that BYD's total revenue for the first half of 2025 reached 371.28 billion yuan, a year-on-year increase of 23.3%, while the net profit attributable to shareholders was 15.51 billion yuan, up 13.8% year-on-year. However, the net profit for Q2 saw a decline of 29.9% year-on-year due to ongoing price wars in the domestic electric vehicle market [6]. - The report emphasizes the steady progress of BYD's overseas business, with a significant increase in export sales of new energy vehicles, which reached 545,000 units from January to July, marking a 133.5% year-on-year growth. The overseas revenue accounted for 36.5% of total revenue, with a gross margin of 19.8%, higher than the domestic market [6]. - The report also notes that BYD's R&D investment for the first half of 2025 was 30.9 billion yuan, a 53% increase year-on-year, supporting innovations in various advanced technologies [6]. Summary by Sections Financial Performance - In H1 2025, BYD's total revenue was 371.28 billion yuan, with a year-on-year growth of 23.3%. The net profit attributable to shareholders was 15.51 billion yuan, up 13.8% year-on-year. Q2 revenue was 200.92 billion yuan, a 14.0% year-on-year increase, but net profit fell by 29.9% year-on-year [6]. - The gross margin for Q2 2025 was 16.3%, down 2.4 percentage points year-on-year and 3.8 percentage points quarter-on-quarter [6]. Overseas Business - BYD's overseas sales of new energy vehicles reached 545,000 units from January to July, a 133.5% increase year-on-year. The overseas revenue for H1 2025 was 135.36 billion yuan, a 50.5% increase year-on-year [6]. R&D Investment - The company invested 30.9 billion yuan in R&D in H1 2025, which is nearly double its net profit, indicating a strong commitment to innovation in the automotive sector [6]. Future Profit Projections - The projected net profits for BYD from 2025 to 2027 are 47.64 billion yuan, 61.17 billion yuan, and 73.38 billion yuan, respectively, with corresponding PE ratios of 20.99, 16.35, and 13.63 [6][8].

半导体行业 买入（维持） Q2 业绩呈季节性波动，平台化布局成效显著 公 司 点 北方华创（002371.SZ）2025 年半年报点评 2025 年 9 月 2 日 投资要点： 事件：公司发布2025年半年报。公司2025年上半年实现营收161.42亿元，同 比增长30.86%，实现归母净利润32.08亿元，同比增长15.37%。 评 SAC 执业证书编号： 点评： 总市值（亿元） 2,726.51 总股本（亿股） 7.22 ROE(TTM) 17.90% 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 刘梦麟 S0340521070002 n 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 陈伟光 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.c 主要数据 2025 年 9 月 1 日 收盘价（元） 377.84 公司 Q2 业绩呈季节性波动，盈利能力同比有所下滑。公司 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][10]. Core Insights - The company has shown robust growth in its self-developed software business, with significant advancements in AI application commercialization [3][4]. - In the first half of 2025, the company achieved a revenue of 1.575 billion yuan, representing a year-on-year increase of 3.54%, while the net profit attributable to shareholders was 85 million yuan, up 1.90% year-on-year [7]. - The company has strategically adjusted its business development approach to align with market demands and industry trends, optimizing its business structure by reallocating resources from traditional businesses to new strategic focuses [7]. Financial Performance Summary - The company's self-developed software business (including industrial and financial digitalization) generated a revenue of 903 million yuan in the reporting period, marking a year-on-year growth of 9.98% [7]. - The industrial digitalization segment saw the highest growth rate, with revenues of 533 million yuan, up 13.75% year-on-year, while the financial digitalization segment reported revenues of 370 million yuan, a 4.98% increase [7]. - The overall gross margin for the first half of 2025 reached 34.87%, an increase of 2.43 percentage points year-on-year, driven by significant growth in the gross margin of self-developed software products [7]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities increasing by 87.65% compared to the same period last year [7]. Future Projections - The company is expected to benefit from the development of AI and digital transformation initiatives, with projected earnings per share (EPS) of 0.24 yuan and 0.31 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 80 and 63 [8][7].

S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn | 主要数据 2025 年 9 月 1 日 | | --- | | 收盘价（元） 12.46 | | 总市值（亿元） 1235.30 | | 总股本（百万股） 9914.09 | | 流通股本（百万股）9902.13 | | ROE（TTM） 8.92% | | 12 月最高价（元） 15.26 | | 12 月最低价（元） 11.30 | 股价走势 iFind 买入（维持） 长安汽车（000625）2025 年半年报点评 公 司 点 评 Q2 毛利率同比有所提升，新能源汽车销量大幅增长 汽车行业 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 9 月 2 日 投资要点： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 事件：长安汽车发布2025年半年报。 分析师：刘梦麟 SAC 执业证书编号： 研究助理：吴镇杰 ...