——公司简评报告 [table_main] 投资要点 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 4,499.39 | 5,462.00 | 5,000.00 | 5,204.50 | | 同比增速(%) | 21.69% | 21.39% | -8.46% | 4.09% | | 归母净利润(百万元) | 302.07 | 550.58 | 587.49 | 664.73 | | 同比增速(%) | 8.87% | 82.27% | 6.70% | 13.15% | | EPS摊薄(元) | 0.39 | 0.70 | 0.75 | 0.85 | | 市盈率（P/E） | 33.42 | 18.33 | 17.18 | 15.19 | | | 资料来源：携宁，东海证券研究所（数据截取时间：2025年9月4日盘后） | | | | [Table_Reportdate] 2025年09月05日 公 司 简 评 [Table_invest] ...

Investment Rating - The semiconductor industry shows a positive outlook with a recommendation to gradually accumulate positions in key segments [7][8]. Core Insights - The semiconductor industry experienced a recovery in August 2025, with prices increasing and demand improving across various sectors, including AI computing, AIOT, semiconductor equipment, and key components [7][8]. - The overall semiconductor demand is expected to continue its recovery into September, driven by growth in AI servers and new energy vehicles [7][8]. - The A-share semiconductor companies reported significant growth in performance, with major cloud service providers in China showing strong contributions to revenue and ongoing capital expenditure increases [7][8]. - The report highlights the ongoing trend of domestic chip replacement and the acceleration of AI computing investments by local cloud vendors [4][7]. Monthly Market Review - The semiconductor sector recorded a 27.22% increase in August, outperforming the overall electronic sector, which rose by 24.79% [14][16]. - The semiconductor industry is currently valued at a PE of 96.53% and a PB of 67.95%, indicating a high valuation compared to historical averages [27][28]. Supply and Demand Tracking - Global semiconductor sales in June 2025 showed a year-on-year increase of 19.58%, reflecting a recovery in demand [7][8]. - The prices of memory chips, including DRAM and NAND FLASH, fluctuated between -5.14% to 14.70% in August, indicating a mixed pricing environment [7][8]. Downstream Demand Data - The demand for TWS headphones, wearable devices, AI servers, and new energy vehicles has shown strong recovery, while smartphone demand remains relatively flat [7][8]. - In Q2 2025, global smartphone shipments increased by 1.03%, while new energy vehicle sales rose by 25.21% year-on-year [7][8]. Key Industry News - NVIDIA announced the cessation of H20 chip production, impacting its revenue in China, which fell by 24.49% year-on-year in Q2 2025 [7][8]. - Domestic cloud service providers reported strong financial results, with significant capital expenditures aimed at enhancing AI computing capabilities [8][30].

[Table_Reportdate] 2025年09月05日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.科伦药业（002422）：业绩短期承压，创新成果持续兑现——公司简评报告 ➢ 2.华厦眼科（301267）：屈光业务增长良好，业绩持续企稳向好——公司简评报告 ➢ 3.普门科技（688389）：国内业务短期下滑，国际业务稳健增长——公司简评报告 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250905 重点推荐 财经要闻 ➢ 1.央行：9月5日开展10000亿元买断式逆回购操作，期限为3个月 ➢ 2.国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业高质量发展的意见》 ➢ 3.《电子信息制造业2025－2 ...

[Table_Reportdate] 2025年09月04日 买入（维持） 报告原因：业绩点评 [华厦眼科（ Table_NewTitle] 301267）：屈光业务增长良 好，业绩持续企稳向好 ——公司简评报告 [table_main] 投资要点 医 药 生 物 lfhong@longone.com.cn [数据日期 Table_cominfo] 2025/09/04 收盘价 19.97 总股本(万股) 84,000 流通A股/B股(万股) 32,883/0 资产负债率(%) 25.77% 市净率(倍) 2.77 净资产收益率(加权) 4.80 [Table_QuotePic] -19% -5% 9% 23% 37% 51% 65% 79% 24-09 24-12 25-03 25-06 华厦眼科 沪深300 [相关研究 Table_Report] 《华厦眼科（301267）：业绩短期承 压，消费眼科稳健增长——公司简评 报告》 2025.05.09 《华厦眼科（301267）：消费眼科平 稳增长，业绩短期承压——公司简评 报告》 2024.09.02 《华厦眼科（301267）：业绩稳健增 长，内生外延完 ...

Group 1: Key Recommendations - Boya Bio (300294) shows steady growth in plasma collection, with high-concentration immunoglobulin approved for market launch. The company reported a revenue of 1.008 billion yuan in H1 2025, a year-on-year increase of 12.51%, while net profit decreased by 28.68% to 225 million yuan [5][6][8] - The RMB appreciation is driven by market forces rather than policy interventions, with the recent strengthening attributed to a weak dollar and increased attractiveness of RMB assets [9][10][11] - Anjuke Food (603345) faces short-term profit pressure but is expected to see demand improvement. The company achieved a revenue of 7.604 billion yuan in H1 2025, a slight increase of 0.80%, while net profit fell by 15.79% [14][15][19] Group 2: Company Performance Insights - Boya Bio's blood product business generated 852 million yuan in revenue in H1 2025, a year-on-year increase of 7.90%. The company is focusing on its core business after divesting from non-core assets [6][7] - Anjuke Food's core products showed mixed performance, with revenue from prepared foods declining by 1.94% in H1 2025, while dish products increased by 9.40% [16][18] - The gross margin for Anjuke Food decreased to 20.52% in H1 2025, primarily due to rising raw material costs and increased competition [18] Group 3: Market Trends and Economic Indicators - The A-share market is experiencing a downward trend, with the Shanghai Composite Index closing at 3813 points, down 1.16%. The market sentiment remains low, with significant net outflows of large funds [22][24] - The RMB's recent appreciation has not been affected by foreign capital outflows from the bond market, indicating a strategic shift by foreign investors towards equities [12][13] - The food industry is facing challenges from increased competition and rising raw material prices, impacting profit margins across companies [19][20]

[Table_Reportdate] 2025年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [博雅Table_NewTitle] 生物（300294）：采浆量稳健增长， 高浓度静丙获批上市 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：浆站获批进度不及预期风险；产品研发进展不及预期风险；产品降价风险；商 誉减值风险等。 [盈利预测与估值简表 Table_profits] | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2759 | 2652 | 1735 | 1929 | 2248 | 2601 | | 增长率（%） | 4.08% | -3.87% | -34.58% | 11.18% | 16.56% | 15.70% | | 归母净利润（百万元） | 432 | 237 | 397 | 449 | 549 | 665 | | 增长率（%） | 25.45% | ...

[Table_Reportdate] 2025年09月03日 [再论人民币本轮升值背后的逻辑 Table_NewTitle] ——人民币专题跟踪研究（一） 投资要点 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 邓尧天 dytian@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [table_main] ➢ 人民币近期升值原因。自2025年8月以来，人民币兑美元开启了新一轮的下行周期，即期 汇率盘间最高触及7.12，而中间价则一度触及7.10重要汇率关口。根据人民币中间价构建 公式：人民币中间价="人民币收盘价"+"一揽子货币隔夜变化"+"逆周期因子"，我们 将各种驱动因素分别进行贡献度量化，得到本轮升值主要是受到市场自身驱动影响，而非 逆周期因子导致的政策驱动。 ➢ 顺势而为的逆周期调节。我们认为本轮中间价走强并非政策引导型升值信号，相反地，近 期央行所运用的逆周期因子操作相当有限。我们测算结果显示逆周期 ...

[Table_Reportdate] 2025年09月03日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250903 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.益丰药房（603939）：优化门店布局，利润稳步提升——公司简评报告 ➢ 2.快克智能（603203）：技术驱动增长，半导体设备布局开启新篇章——公司简评报告 ➢ 3.爱柯迪（600933）：2025Q2业绩表现超预期，卓尔博股权收购进展顺利——公司简评报 告 ➢ 1.两部门：划转充实社保基金国有股权及现金收益免征增值税和印花税 ➢ 2.央行公布8月各项工具流动性投放情况 ➢ 3.国家主席习近平同俄罗斯总统普京会谈 | 1.1. 益丰 ...

[Table_Reportdate] 2025年09月03日 [Table_invest] 买入（维持） 报告原因：业绩点评 [安井食品（ Table_NewTitle] 603345）：短期盈利承压，静 待需求改善 ——公司简评报告 投资要点 ➢ 风险提示：行业竞争加剧、新品拓展不及预期、原材料波动风险、食品安全风险。 | 盈利预测与估值 | | | | | | --- | --- | --- | --- | --- | | 单位：亿元 | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 151.27 | 159.14 | 170.91 | 182.17 | | 同比增速 | 7.70% | 5.20% | 7.40% | 6.59% | | 归母净利润 | 14.85 | 14.34 | 15.93 | 17.91 | | 同比增速 | 0.46% | -3.40% | 11.09% | 12.42% | | EPS(元) | 4.46 | 4.30 | 4.78 | 5.38 | | P/E | 16.70 | 17.29 | 15.56 | 13.84 | 资料来源 ...

[Table_Reportdate] 2025年09月02日 [相关研究 Table_Report] 《爱柯迪（600933）：全球化产能加 速释放，卡位机器人赛道开辟新增长 极——公司简评报告》 2025.04.03 《爱柯迪（600933）：收入端增长稳 健，持续推进中大件转型、全球产能 布 局 — — 公 司 简 评 报 告 》 2024.11.01 《爱柯迪（600933）：内销保持较高 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/09/01 | | --- | --- | | 收盘价 | 19.25 | | 总股本(万股) | 98,512 | | 流通A股/B股(万股) | 97,737/0 | | 资产负债率(%) | 40.88% | | 市净率(倍) | 2.13 | | 净资产收益率(加权) | 6.77 | | 12个月内最高/最 ...