[Table_Reportdate] 2025年09月02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] 20250902 重点推荐 财经要闻 ➢ 1.习近平主持上海合作组织成员国元首理事会第二十五次会议并发表重要讲话 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.康泰生物（300601）：收入端增长良好，研发快速推进——公司简评报告 ➢ 2.2025H1化工整体业绩同比修复，关注"反内卷"带来的供给弹性及科技新趋势下的国产 化需求——基础化工行业周报（2025/8/25-2025/8/31） ➢ 3.国茂股份（603915）：关注工业减速机下游复苏进程，精密减速器布局可期——公司简 评报告 ➢ 4.无人叉车进入加速渗透 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the potential for recovery in the industrial reducer downstream market and the promising layout of precision reducers [1] - The company is expected to benefit from industry consolidation, which may drive market share concentration and enhance its diversified product matrix [1] - The company has adjusted its net profit forecasts for 2025-2026, now estimating net profits of 282 million and 327 million respectively, with an introduction of a 2027 forecast of 379 million [1][2] Financial Performance - In H1 2025, the company achieved revenue of 1.29 billion, a year-on-year increase of 1.71%, while net profit was 107 million, a decrease of 26.97% [3] - The company’s gross margin for H1 2025 was 20.46%, down 3.07 percentage points year-on-year, with a net profit margin of 8.43% [3] - The company’s total revenue is projected to grow from 2.59 billion in 2024 to 3.15 billion in 2027, with corresponding net profits increasing from 294 million to 379 million [2][4] Market Position and Strategy - The company maintains a competitive advantage in market share despite a weak recovery in overall industry demand, with a 5% increase in total shipments of industrial reducers [3] - The company is actively expanding its overseas market presence, particularly in Southeast Asia, India, and Russia, while also exploring opportunities in South America and Europe [3] - The precision reducer business is gaining traction, with significant growth in product sales and collaborations with other firms to enhance product offerings [3] Valuation Metrics - The estimated EPS for 2025, 2026, and 2027 are 0.43, 0.50, and 0.58 respectively, with corresponding P/E ratios of 39X, 34X, and 29X [1][2]

买入（维持） 报告原因：业绩点评 ——公司简评报告 [table_main] 投资要点 业绩短期承压，海外市场表现亮眼。2025年H1，公司实现营业收入11.96亿元（同比- 2.27%），归母净利润1.43亿元（同比-39.09%），扣非后归母净利润1.23亿元（同比- 41.68%）；业绩下滑主要系复杂多变的全球和行业形势、同期高基数、新建产能爬坡以及 公司主动进行中长期战略投入等因素综合影响。报告期内，公司毛利率为46.28%，同比下 降1.99pct，主要系新建工厂产能爬坡对制造费用产生扰动所致；净利率为12.31%，同比 下降7.24pct。分区域来看，国内市场短期承压，2025年H1实现收入7.61亿元（同比- 14.64%）；海外市场表现强劲，2025年H1实现收入4.27亿元（同比+30.17%），2025Q2海 外收入规模与增速均创2023年以来单季新高。截至2025年8月份公司国内市场大项目漏斗 的增速达到38%，在手项目医疗渠道增速接近200%，制药渠道增长118%，我们认为公司 盈利能力于2025年Q2呈筑底态势，2025年H2将持续向好。 医 药 生 物 [数据日期 Table_co ...

Group 1 - The report highlights the focus on capital flows and corporate profit improvement, indicating a positive trend in the domestic equity market compared to global assets [6][8] - The report notes that in the first half of 2025, the total revenue of listed companies in A-shares grew by 0.02% year-on-year, while the net profit attributable to shareholders increased by 2.45%, suggesting better profit improvement than revenue growth [8][10] - The report emphasizes the strong performance of Baipusais (301080), with a revenue of 387 million yuan in H1 2025, representing a year-on-year increase of 29.38%, and a net profit of 83.8 million yuan, up 47.81% [11][12] Group 2 - Tongkun Co., Ltd. (601233) reported a slight increase in performance, with total revenue of 44.158 billion yuan in H1 2025, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, up 2.93% [15][16] - Rongchang Bio (688331) achieved a revenue of 1.098 billion yuan in H1 2025, reflecting a year-on-year growth of 48.02%, although it still reported a net loss of 450 million yuan [19][20] - Guangxin Co., Ltd. (603599) experienced a decline in revenue to 1.890 billion yuan in H1 2025, down 17.36% year-on-year, with a net profit of 351 million yuan, a decrease of 14.95% [23][24] Group 3 - The report indicates that the agricultural pesticide industry is expected to improve due to various policies, with a significant reduction in inventory levels for Guangxin Co., Ltd. [25][26] - The report suggests that the domestic market for long silk is expected to improve, with a focus on the upcoming peak season in September and October [17][18] - The report projects that Baipusais will achieve revenues of 799 million yuan, 966 million yuan, and 1.148 billion yuan from 2025 to 2027, with corresponding net profits of 166 million yuan, 208 million yuan, and 252 million yuan [11][12]

[Table_Reportdate] 2025年09月01日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 1. 国产芯片新机遇，小米业绩亮眼 迎新高——电子行业周报 子行业周报2025/6/2-2025/6/8 （2025/8/18-2025/8/24） 2. 全球智能眼镜市场上半年同比增 长110%，国产半导体设备迎双重突 破——电子行业周报（2025/8/18- 2025/8/24） 3. 中芯国际、华虹二季度业绩优于 指引，GPT-5正式发布——电子行 业周报（2025/8/4-2025/8/10） [Table_NewTitle] 全球科技共振，"AI+算力"驱动增长 ——电子行业周报2025/8/25-2025/8/31 [table_main] 投资要点： 业 周 报 ➢ 电子板块观点：英伟达第二季度营收467. ...

[Table_Reportdate] 2025年9月1日 公 司 简 评 买入（维持） 报告原因：业绩点评 [青岛啤酒（ Table_NewTitle] 600600）：量价稳定，行稳致 远 ——公司简评报告 投资要点 | 盈利预测与估值 | | --- | | 单位：亿元 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 321.38 | 332.18 | 342.72 | 354.84 | | 同比增速 | -5.30% | 3.36% | 3.17% | 3.54% | | 归母净利润 | 43.45 | 46.53 | 50.01 | 54.61 | | 同比增速 | 1.81% | 7.09% | 7.47% | 9.20% | | EPS(元) | 3.19 | 3.41 | 3.67 | 4.00 | | P/E | 21.82 | 20.38 | 18.96 | 17.36 | 资料来源：携宁，东海证券研究所，截至 2025 年 8 月 29 日 食 品 饮 料 [数据日期 Table_comi ...

[Table_Reportdate] 2025年08月29日 [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） | 772 | 1083 | 1717 | 2389 | 3174 | 4127 | | 增长率（%） | -45.87% | 40.26% | 58.54% | 39.13% | 32.86% | 30.03% | | 归母净利润（百万元） | -999 | -1511 | -1468 | -875 | -327 | 89 | | 增长率（%） | -461.6% | -51.3% | 2.8% | 40.4% | 62.6% | 127.3% | | EPS（元/股） | -1.77 | -2.68 | -2.61 | -1.55 | -0.58 | 0.16 | | 市盈率（P/E） | — | — | — | — | — | 528.29 | | 市净率（P/B） | 9.4 ...

Key Insights - The report highlights significant growth in the performance of several companies, including Cambrian (688256), Zhejiang Dingli (603338), Juhua (600160), and Laobaixing (603883), with each company showing strong revenue and profit increases in the second quarter of 2025 [3][6][13][18][22]. Group 1: Cambrian (688256) - Cambrian reported a substantial increase in revenue for the first half of 2025, achieving 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a return to profitability [6][7]. - In Q2 2025, Cambrian's revenue reached 1.769 billion yuan, up 4425.01% year-on-year and 59.19% quarter-on-quarter, with a net profit of 683 million yuan, reflecting a year-on-year increase of 324.97% and a quarter-on-quarter increase of 92.03% [6][7]. - The company plans to raise 3.985 billion yuan through a private placement to invest in software and hardware platform projects, which is expected to enhance its R&D capabilities and product upgrades [9][11]. Group 2: Zhejiang Dingli (603338) - Zhejiang Dingli achieved a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year increase of 12.35%, and a net profit of 1.052 billion yuan, up 27.63% [13][14]. - The company experienced growth in overseas revenue, with a 21.25% increase in its main business income from international markets, despite a decline in overall exports in the industry [14][15]. - R&D investment reached 144 million yuan, a year-on-year increase of 21.82%, focusing on innovative technologies in electric, green, digital, and unmanned developments [15][16]. Group 3: Juhua (600160) - Juhua reported a revenue of 13.331 billion yuan in the first half of 2025, a 10.36% increase year-on-year, and a net profit of 2.051 billion yuan, up 146.97% [18][19]. - The company benefited from rising refrigerant prices, with significant price increases for various products, including R22 and R32, which saw year-on-year increases of 18.33% and 66.20%, respectively [19][20]. - Juhua's production quotas for refrigerants are highly concentrated, positioning the company to benefit from ongoing industry demand and supply tightening [20][21]. Group 4: Laobaixing (603883) - Laobaixing's revenue for the first half of 2025 was 10.774 billion yuan, a slight decrease of 1.51% year-on-year, with a net profit of 398 million yuan, down 20.86% [22][23]. - The company is expanding its franchise business and focusing on new retail strategies, with online sales growing by approximately 32% year-on-year [23][24]. - Laobaixing's store network optimization includes a net increase of 305 franchise stores, while reducing the number of direct stores, indicating a strategic shift towards a franchise model [24].

[Table_Reportdate] 2025年08月28日 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] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn | [数据日期 Table_cominfo] | 2025/08/27 | | --- | --- | | 收盘价 | 35.84 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 33.56% | | 市净率(倍) | 4.49 | | 净资产收益率(加权) | 10.86 | | 12个月内最高/最低价 | 36.95/14.25 | [Table_QuotePic] -39% -12% 14% 41% 67% 94% 121% 147% 24-08 24-11 25-02 25-05 巨化股份 沪深300 [相关研究 Table_Report] 《巨化股份（600160）：制冷 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has achieved record high revenue and profit, with overseas income continuing to grow [1][5] - The company reported a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [5] - The company is actively responding to trade friction impacts, with overseas revenue increasing by 21.25% year-on-year [5] - R&D investment reached 144 million yuan in the first half of 2025, a 21.82% increase year-on-year, focusing on innovative technologies [5] - The company leads the industry in intelligent manufacturing, utilizing big data and AI technologies [5] Summary by Sections Financial Performance - Total revenue for 2024A is projected at 7.799 billion yuan, with a growth rate of 23.56%. For 2025E, revenue is expected to reach 8.902 billion yuan, reflecting a 14.15% growth [2] - Net profit attributable to shareholders for 2024A is estimated at 1.629 billion yuan, with a projected increase to 2.068 billion yuan in 2025E, representing a 26.97% growth [2] - The company’s diluted EPS for 2025E is forecasted at 4.08 yuan, with a P/E ratio of 13.12 [2] Market Position and Strategy - The company has a strong global presence, with a focus on expanding its market share in emerging countries [5] - The company is recognized for its innovative product design and has a comprehensive product line that is well-received by both domestic and international clients [5] - The company is actively optimizing its overseas subsidiaries and enhancing customer relationships to expand its market coverage [5] R&D and Innovation - The company holds 273 patents, including 146 invention patents and 97 overseas patents, showcasing its commitment to innovation [5] - The R&D efforts are directed towards electric, green, digital, and unmanned technologies, aiming to meet new market demands [5] Manufacturing Capabilities - The company operates the most intelligent and automated manufacturing facility in the industry, ensuring high production quality and efficiency [5] - The production capacity for large intelligent aerial platforms is ramping up, with ongoing projects to further enhance production capabilities [5]