锂电池产业链 买入（维持） Q2 净利同比大增，业绩拐点已至 公 司 点 评 先导智能（300450）2025 年中报点评 2025 年 9 月 1 日 投资要点： 分析师：黄秀瑜 事件：公司发布2025年半年度报告。 点评： 主要数据 2025Q2业绩同比大幅增长。公司是全球锂电设备龙头供应商，2025年上 半年受益于国内头部电池企业开工率显著提升、扩产节奏逐渐恢复，订 单同比强势反弹，同时国际化战略稳步推进，经营态势筑底回升，经营 现金流回款明显改善。2025H1实现营收66.10亿元，同比增长14.92%；归 母净利润7.40亿元，同比增长61.19%。其中Q2实现营收35.12亿元，同比 增长43.85%，环比增长13.35%；归母净利润3.75亿元，同比增长456.29%， 环比增长2.67%。上半年经营现金流净额23.53亿元，同比增长231.33%。 公 司 上半年信用减值损失大幅减少贡献主要利润来源。2025H1公司毛利率 33.75%，同比下降2.55pct，主要系锂电设备业务毛利率有所下滑；净利 率10.82%，同比上升3.31pct，主要系信用减值损失大幅减少5.63亿元， 由于应收账款 ...

2025 年 9 月 1 日 投资要点： 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn 2025Q2 归母净利润增速由负转正，存款成本继续 优化 招商银行（600036）2025 年半年报点评 银行业 买入（维持） | 主要数据 2025 年 | 8 月 29 日 | | --- | --- | | 收盘价(元) | 42.89 | | 总市值（亿元） | 10,857 | | 总股本(百万股) | 25,220 | | 流通股本(百万股) | 25,220 | | ROE（TTM） | 13.85% | | 12 月最高价(元) | 46.55 | | 12 月最低价(元) | 27.93 | 股价走势 招商银行 资料来源：iFinD，东莞证券研究所 事件：招商银行发布2025年半年报。2025年上半年，招商银行实现营业收入 1,699.69亿元，同比-1.72%；归母净利润749.30亿元，同比+0.25%。 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 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - 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%. The net profit attributable to shareholders was 384 million yuan, a 26.89% increase year-on-year, while the net profit after deducting non-recurring items was 357 million yuan, up 19.55% year-on-year [3][4]. - The growth in revenue is attributed to the expansion of new customers and products, as well as an optimization of the product structure, which has led to an increase in the average price of high-value products [4]. - The company's gross margin for the first half of 2025 was 22.72%, remaining stable year-on-year, while the net margin improved by 2.37 percentage points to 14.38% [4]. Business Development and Product Optimization - The company is consolidating its automotive application base and actively advancing AI+ applications. It has secured contracts with major domestic automotive clients for intelligent driving projects and has entered mass production supply [4]. - In the AI server sector, the company has achieved mass production capabilities for various products and has entered the supply chains of major players like NVIDIA and AMD [4]. - The company is also expanding its production capacity in Thailand, with a factory expected to commence operations by the end of this year, focusing on high-layer and HDI products [4]. Financial Forecast - The company is projected to achieve total revenue of 6.248 billion yuan in 2025 and 7.834 billion yuan in 2026, with net profits expected to reach 885 million yuan and 1.177 billion yuan respectively [5]. - The earnings per share (EPS) are forecasted to be 1.23 yuan for 2025 and 1.63 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 32 and 24 [4][5].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1][9]. Core Views - The life insurance business shows stable growth in scale and value, with net profit attributable to shareholders increasing by 11% year-on-year [1]. - In the first half of 2025, China Pacific Insurance achieved operating revenue of CNY 200.50 billion, a year-on-year increase of 3.0%, and a net profit of CNY 27.88 billion, up 11.0% year-on-year [1]. Summary by Sections Life Insurance Business - The scale premium for the first half of 2025 reached CNY 193.47 billion, a year-on-year increase of 13.1%. The new business value was CNY 9.54 billion, up 5.6% year-on-year, and up 32.3% on a comparable basis [6]. - The average number of insurance marketers was 183,000, with a year-end total of 186,000, reflecting a 1.6% year-on-year increase, including 39,000 new hires, a 19.8% increase year-on-year [6]. - The bancassurance channel saw rapid growth, with scale premiums reaching CNY 41.66 billion, a year-on-year increase of 82.6% [6]. - The proportion of participating insurance increased, with new premium payments for participating insurance rising significantly, accounting for 42.5% of new premium payments [6]. Property Insurance Business - The property insurance segment reported original insurance premium income of CNY 112.76 billion, a year-on-year increase of 0.9%, with auto insurance and non-auto insurance premiums increasing by 2.8% and decreasing by 0.8%, respectively [7]. - Underwriting profitability improved, with a combined ratio of 96.3%, down 0.8 percentage points year-on-year [7]. Asset Management Business - As of June 2025, total investment assets reached CNY 1.92 trillion, a 7.0% increase from the end of the previous year, with bond and stock allocations increasing to 62.5% and 9.7%, respectively [9]. - The net investment yield was 1.7%, down 0.1 percentage points year-on-year, while the total investment yield was 2.3%, down 0.4 percentage points year-on-year [9]. Profit Forecast - The report forecasts net profit for China Pacific Insurance to be CNY 46.66 billion in 2025 [10].

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 [6]. Core Insights - The company, Zijin Mining (601899.SH), reported a significant increase in both revenue and profit for the first half of 2025, with total revenue reaching 167.71 billion yuan, a year-on-year growth of 11.50%, and a net profit attributable to shareholders of 23.29 billion yuan, up 54.41% year-on-year [2][4]. - The company's operational performance in Q2 2025 showed a revenue of 88.78 billion yuan, reflecting a year-on-year increase of 17.38% and a quarter-on-quarter increase of 12.49%. The net profit for the same quarter was 13.13 billion yuan, up 48.75% year-on-year [4]. - Zijin Mining's production of key minerals increased, with copper production at 570,000 tons (up 9% year-on-year), gold at 41 tons (up 16%), and silver at 224 tons (up 6%) [4]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 23.75%, an increase of 4.6 percentage points year-on-year, and a net margin of 17.08%, up 4.8 percentage points year-on-year [4]. - The overall gross margin for mineral products increased by 3 percentage points to 60.23% due to rising production and price optimization [4]. Resource Development - The company has strengthened its resource base through exploration and acquisitions, adding 2.049 million tons of copper resources and 888 tons of gold resources in the first half of 2025 [4]. - Significant exploration results were reported, including the discovery of 1.33 million tons of copper and 90,000 tons of molybdenum in Fujian, marking the largest discovery in the region in 20 years [4]. Future Outlook - The company is expected to continue its growth momentum, with projected earnings per share of 1.70 yuan and 1.98 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 13.60 and 11.64 times based on the closing price on August 29 [5].

医药生物行业 增持（下调） Q2 业绩保持稳定增长 百济神州（688235）2025 年半年报点评 2025 年 9 月 1 日 投资要点： 事件：公司发布2025年半年度报告。2025年半年度，公司实现营业收入175.16 亿元，同比增长46.03%；实现归属于上市公司股东的净利润4.50亿元；实现 扣非归母净利润2.61亿元。 电话：0769-22110925 xiexiongxiong@dgzq.com.c 点评： ◼ 给予公司"增持"评级。预计公司2025-2026年EPS分别为0.50元和2.35 本报告的风险等级为中高风险。 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。 公 司 点 评 SAC 执业证书编号： S0340523110002 邮箱： n 主要数据 2025 年 8 月 30 日 | 收盘价(元) | 278.00 | | --- | --- | | 总市值（亿元） | 4,280.81 | | 总股本(亿股) | 15.40 | | 流通股本(亿股) | 1.15 | | ROE（TTM） | -6.15% | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company achieved a record high quarterly revenue in Q2 2025, with strong growth in both major business segments [1][6]. - In the first half of 2025, the company reported revenue of 1.819 billion yuan, a year-on-year increase of 15.37%, and a net profit attributable to shareholders of 201 million yuan, up 12.42% year-on-year [2][6]. - The company is a leading domestic analog IC design firm, with a comprehensive product matrix covering signal chain and power management sectors, serving various industries including industrial control, automotive electronics, communication equipment, medical instruments, and consumer electronics [6][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.029 billion yuan, representing a year-on-year growth of 21.46% and a quarter-on-quarter increase of 30.35%, marking a historical high for quarterly revenue [6]. - The net profit for Q2 2025 was 141 million yuan, with a year-on-year growth of 13.52% and a quarter-on-quarter increase of 136.04% [6]. - The gross margin for Q2 2025 was 51.00%, a decrease of 1.19 percentage points year-on-year but an increase of 1.94 percentage points quarter-on-quarter [6]. Business Segments - The power management segment generated revenue of 1.127 billion yuan in the first half of 2025, a year-on-year increase of 8.16%, while the signal chain products achieved revenue of 692 million yuan, up 28.57% year-on-year [6][7]. - The gross margin for signal chain products was 58.85%, an increase of 1.55 percentage points year-on-year, while the gross margin for power management products was 44.64%, a decrease of 5.11 percentage points year-on-year [6]. Research and Development - The company significantly increased its R&D investment, with R&D expenses in the first half of 2025 amounting to 508 million yuan, accounting for 27.90% of revenue [6][7]. - The number of R&D personnel reached 1,219, representing 72.56% of the total workforce, and the company held a total of 430 authorized patents by the end of 2025 [6][7]. Earnings Forecast - The company is expected to achieve earnings per share of 1.31 yuan and 1.82 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 66 times and 48 times [7][8].

2025 年 9 月 1 日 投资要点： 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 买入（维持） 金山办公（688111）2025 年半年报点评 公 司 点 WPS 365 业务高速增长，WPS AI 3.0 开启办公智能体时代 SAC 执业证书编号： 事件：公司发布2025年半年报，2025H1，公司实现营业收入26.57亿元，同比 增长10.12%；归母净利润7.47亿元，同比增长3.57%；扣非后归母净利润7.27 亿元，同比增长5.77%。 评 点评： 本报告的风险等级为中高风险。 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。 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： 收盘价(元) 334.50 总市值（亿元） 1,549.33 总股本(亿股) 4.63 流通股 ...

消费者服务行业 增持（维持） 公 司 点 评 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 | | | --- | --- | | 2025 年 8 月 29 日 | | | 收盘价(元) | 21.1 | | 总市值（亿元） | 54.86 | | 总股本(亿股) | 2.6 | | 流通股本(亿股) | 2.6 | | ROE（TTM） | 3.95% | | 12 月最高价(元) | 29.04 | | 12 月最低价(元) | 15.32 | 股价走势 资料来源：东莞证券研究所，Wind 相关报告 新店爬坡致业绩阶段性承压，现金流增长强化 长期业绩预期 同庆楼（605108）2025 年半年报点评 2025 年 9 月 1 日 投资要点： 事件：同庆楼发布2025年半年度报告。 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。 公 司 研 究 证 券 研 究 报 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6][9]. Core Insights - The company has accelerated its transformation towards dividend insurance, achieving rapid growth in both new business value (NBV) and net profit. In the first half of 2025, the company reported an operating income of 70.041 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 14.799 billion yuan, up 33.5% year-on-year [4][5]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved original insurance premium income of 121.262 billion yuan, a year-on-year increase of 22.7%. The new business value reached 6.182 billion yuan, reflecting a year-on-year growth of 58.4% [5]. - The company’s return on equity (ROE) for the trailing twelve months (TTM) stands at 35.90% [2]. Business Segments - The rapid growth in new single premium income was driven by long-term insurance, which saw first-year premium income of 39.622 billion yuan, a significant increase of 113.1%. The first-year regular premium and lump-sum premium increased by 64.95% and 353.3%, respectively [5]. - The company has enriched its dividend insurance product offerings, leading to a 24.9% year-on-year increase in dividend insurance premium income, with new single scale increasing by an extraordinary 231,250.0% [5]. Distribution Channels - The individual insurance channel's NBV was 3.105 billion yuan, up 11.69% year-on-year, with long-term insurance first-year premium income reaching 14.506 billion yuan, a 70.8% increase [5]. - The bancassurance channel achieved a historical breakthrough in NBV, reporting 3.267 billion yuan, a year-on-year increase of 137.08%, with new single premium income rising by 150.3% [5]. Investment Strategy - The company has shifted its investment strategy towards high-dividend OCI-type equity instruments, increasing its investment in high-dividend OCI equity tools from 30.640 billion yuan at the beginning of the year to 37.466 billion yuan, an increase of 6.826 billion yuan [5]. - As of June 2025, the company's investment in bonds and stocks accounted for 50.6% and 11.6% of its portfolio, respectively [5]. Dividend Policy - The company plans to distribute an interim cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which represents 14.1% of the net profit attributable to shareholders for the first half of 2025 [7].