证券研究报告·公司点评报告·专业服务 广电计量（002967） 2025 年半年报业绩预告点评：归母净利同比 +20%，战略转型与政策拉动共振增长 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,889 | 3,207 | 3,541 | 3,916 | 4,330 | | 同比（%） | 10.94 | 11.01 | 10.41 | 10.59 | 10.58 | | 归母净利润（百万元） | 199.39 | 352.11 | 399.85 | 453.84 | 515.44 | | 同比（%） | 8.39 | 76.59 | 13.56 | 13.50 | 13.57 | | EPS-最新摊薄（元/股） | 0.34 | 0.60 | 0.69 | 0.78 | 0.88 | | P/E（现价&最新摊薄） | 52.48 | 29.72 | 26.17 | 23.06 | 20.30 | ◼ 业绩稳 ...

Investment Rating - The report suggests a focus on magnesium alloy die-casting leading companies such as Baowu Magnesium and Xingyuan Zhuomai, and recommends lightweight joint component companies in humanoid robots like Xusheng Group, as well as leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [2] Core Viewpoints - The trend towards lightweight humanoid robots is driven by material and process design, addressing issues like insufficient endurance, low flexibility, and poor heat dissipation. The main paths for achieving this include structural optimization, component performance enhancement, and material replacement, with magnesium alloys and high-performance engineering plastics being key materials [2][4] - Magnesium alloys offer significant advantages, including better weight reduction compared to aluminum alloys, lower costs due to sustained low raw material prices, and improved electromagnetic shielding and heat dissipation efficiency. The semi-solid process addresses corrosion resistance issues, making magnesium alloys suitable for humanoid robot components [2][21] - High-performance engineering plastics like PEEK, PPS, and PPA are gaining traction in the lightweight revolution, with PEEK being particularly notable for its applications in high-value areas such as joint bearings and gear components, indicating a potential market space in the billions [2][67] Summary by Sections 1. Lightweight Trend in Humanoid Robots - The lightweight trend is evident in various humanoid robot models, with significant weight reductions achieved while increasing height [6][8] - Lightweight solutions address critical issues such as limited endurance and flexibility, with a notable example being a 40% weight reduction leading to a 6-hour operational time [13][14] - The main paths to achieve lightweight humanoid robots include structural optimization, component replacement, and material substitution, with a focus on magnesium alloys and high-performance engineering plastics [18][19] 2. Cost Down & Technological Breakthroughs for Magnesium Alloys - The report highlights that the cost of magnesium ingots has been decreasing since 2022, making magnesium alloys more economically viable compared to aluminum [27][28] - China is a major supplier of magnesium, with a significant increase in production capacity, ensuring stable pricing and supply [27][28] - The semi-solid forming technology is identified as a future trend for magnesium alloys, improving product quality and performance [36][40] 3. High-Performance Engineering Plastics Revolution - Engineering plastics like PEEK and PPS are positioned as superior alternatives to traditional materials, with a high concentration of production among a few key players [73][89] - PEEK is noted for its exceptional mechanical properties, making it comparable to metals, and is increasingly used in various high-value applications [78][84] - PPS is recognized for its excellent chemical resistance and cost-effectiveness, further solidifying its position in the market [90]

Investment Rating - The report suggests that lightweighting is a crucial step before the commercialization of humanoid robots, with a focus on material lightweighting as the current mainstream path [2][8]. Core Insights - Lightweighting addresses several pain points in the humanoid robot industry, including endurance, heat dissipation, component performance, and flexibility [2][8]. - The report identifies two main paths for lightweighting: structural lightweighting and material lightweighting, with material lightweighting currently being the dominant approach [11][13]. - Key materials discussed include PEEK, magnesium alloys, and nylon, each with distinct advantages and market potential [2][28][46]. Summary by Sections PART1: Lightweighting - Lightweighting is essential for improving endurance, reducing component requirements, enhancing flexibility, and facilitating easier handling of humanoid robots [8][9]. - Major manufacturers like Tesla and UBTECH are actively pursuing lightweight designs to enhance robot performance [9][10]. PART2: Structural Lightweighting - Structural lightweighting involves parameter optimization, topology optimization, and integration to achieve cost-effective solutions [13][15]. - Parameter optimization is the simplest method, while topology optimization refines material distribution to maximize performance [20][22]. - Integration trends are emerging, similar to those in the electric vehicle sector, to reduce part count and enhance structural strength [24][27]. PART3: Material Lightweighting - Magnesium Alloys - Magnesium alloys are highlighted for their low density and high strength, already seeing mature applications in automotive lightweighting [29][33]. - The economic viability of magnesium alloys is increasing, with current price comparisons favoring their use over aluminum [37][40]. PART4: Material Lightweighting - PEEK - PEEK is positioned at the top of the engineering plastics pyramid, known for its excellent mechanical properties and high thermal resistance [50][68]. - The production of PEEK involves high barriers due to the complexity of its raw materials and manufacturing processes, particularly the reliance on DFBP [51][57]. - PEEK's performance is influenced by its production process, with a focus on balancing melt flow index and viscosity for optimal application [68][69]. PART5: Material Lightweighting - Nylon - Nylon, particularly PA6 and PA66, is recognized for its excellent flexibility and established applications in various systems [2][28]. - The market for nylon is stable, with a CAGR of less than 5% from 2018 to 2023, indicating mature demand [2][28]. PART6: Industry Chain Analysis - The report outlines key players in the industry, recommending specific companies for investment based on their roles in lightweighting technologies [2][28]. - Notable companies include Keda Li, Zhaomin Technology, and Xusheng Group, among others, with varying focuses on PEEK, nylon, and magnesium alloys [2][28]. PART7: Investment Recommendations - The report emphasizes the importance of lightweighting in the humanoid robot sector and suggests specific companies to watch for potential investment opportunities [2][28].

证券研究报告·行业点评报告·证券Ⅱ 证券Ⅱ行业点评报告 中证协发布自律管理实施意见，全方位推动 证券业高质量发展 增持（维持） [Table_Tag] [Table_Summary] 投资要点 1）做好规划、引导和动态跟踪，建立健全长效工作机制，分层分类推进 一流投行和投资机构建设；引导激励证券公司更好支持新质生产力发 展，做好金融 "五篇大文章"，探索构建科学合理的激励约束机制。 2）引导提升投行综合金融服务能力，积极参与多层次资本市场体系建 设，加大对并购重组财务顾问业务的投入，健全投行内控体系，加强中 介机构职责边界和 "过罚相当" 的责任认定问题研究；持续推动发展 债券业务，推动证券公司构建以偿债能力为中心的履职体系，在项目承 揽、承做、推介、定价、配售、受托管理等各环节不断提高执业质量。 3）加快发展财富管理业务，加强投资研究能力，支持推动券商证券投 顾业务转型，规范债券等投顾业务发展，鼓励更多券商申请基金投顾业 务资格，壮大买方中介力量。目前共有 29 家券商先后取得基金投顾牌 照，基金投顾业务自试点转为常规以来，获批券商稳步推动基金投顾业 务的发展，已取得初步成效。此外将稳步推动更多合规风控有效 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured an EPC order for a natural gas booster station project in Algeria, valued at approximately 8.5 billion USD, which is expected to enhance production efficiency and gas processing capacity in the region [2][3] - The project marks a significant expansion of the company's oil and gas engineering services in North Africa, strengthening its market position in the integrated development of oil and gas fields [3] - The company's influence in the Middle East and Africa is anticipated to grow, leveraging its manufacturing advantages in natural gas compression equipment and gas turbine generator sets [3] - The company is entering a harvest period in the Middle East market, with several large EPC contracts signed, indicating strong trust from international oil companies in its capabilities [4] Financial Summary - The company's total revenue is projected to grow from 13,912 million RMB in 2023 to 20,195 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.75% [1] - Net profit attributable to shareholders is expected to increase from 2,454 million RMB in 2023 to 3,990 million RMB in 2027, reflecting a CAGR of about 14.25% [1] - The earnings per share (EPS) is forecasted to rise from 2.40 RMB in 2023 to 3.90 RMB in 2027, indicating a strong growth trajectory [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 14.70 in 2023 to 9.04 by 2027, suggesting an attractive valuation over time [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received conditional approval from the National Medical Products Administration (NMPA) for its self-developed Bcl-2 selective inhibitor APG-2575, marking it as the first domestically produced Bcl-2 inhibitor to be launched in China [7] - APG-2575 is positioned as a new treatment option for adult patients with chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) who have previously undergone at least one systemic therapy, including BTK inhibitors [7] - The company expects rapid revenue growth driven by the sales of its drug Aolebatin and potential payments from Takeda, with projected revenues of 5.19 billion, 32.15 billion, and 20.95 billion yuan for 2025, 2026, and 2027 respectively [1][7] Financial Projections - Total revenue is projected to reach 980.65 million yuan in 2024, followed by 519 million yuan in 2025, and then a significant increase to 3,215 million yuan in 2026, before declining to 2,095 million yuan in 2027 [1][8] - The net profit attributable to the parent company is expected to be (405.43) million yuan in 2024, (726.53) million yuan in 2025, 1,097.79 million yuan in 2026, and (841.66) million yuan in 2027 [1][8] - The earnings per share (EPS) are forecasted to be (1.16) yuan in 2024, (2.08) yuan in 2025, 3.15 yuan in 2026, and (2.42) yuan in 2027 [1][8]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250711 长钱长投新规出台，创业板综编制优化 2025 年 07 月 11 日 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《北证 50 修复性回弹，成交额缩量下 跌》 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 2025-06-23 《北证指数震荡回调，开展专精特新 指数测试》 2025-06-22 东吴证券研究所 1/7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）财政部发布《关于引导保险资金长期稳健投资 进一 步加强国有商业保险公司长周期考核的通知》。主要内容包括将"净资 产收 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 9% year-on-year growth in net profit attributable to the parent company for the first half of 2025, indicating stable growth [1] - The decline in revenue is attributed to the contraction of the traditional fuel vehicle business in the automotive trade sector, as the company accelerates its transition to new energy vehicles, which has led to a significant increase in gross margin despite lower revenue [7] - The company is recognized as a leading regional retailer with excellent governance and operational capabilities, benefiting from a mixed-ownership reform that has improved corporate governance [7] - The company is expected to maintain a high dividend yield, with a projected dividend yield of approximately 5% as of July 11 [7] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 8.04 billion yuan, a year-on-year decrease of 10.45%, while the net profit attributable to the parent company was 774 million yuan, a year-on-year increase of 8.74% [7] - The company’s investment income increased by 7.87% year-on-year to approximately 360 million yuan, primarily from its 31% stake in a consumer finance subsidiary [7] - The forecast for net profit attributable to the parent company for 2025-2027 is 14.1 billion, 15.0 billion, and 15.8 billion yuan, representing year-on-year growth rates of 7.0%, 6.6%, and 5.5% respectively [7][8]

证券研究报告·公司点评报告·专业服务 华测检测（300012） 2025Q2 预告快评：Q2 归母净利润同比 +8%~10%，检测龙头经营持续稳健 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,605 | 6,084 | 6,535 | 7,118 | 7,760 | | 同比（%） | 9.24 | 8.55 | 7.42 | 8.92 | 9.01 | | 归母净利润（百万元） | 910.20 | 921.07 | 1,055.55 | 1,172.53 | 1,311.79 | | 同比（%） | 0.83 | 1.19 | 14.60 | 11.08 | 11.88 | | EPS-最新摊薄（元/股） | 0.54 | 0.55 | 0.63 | 0.70 | 0.78 | | P/E（现价&最新摊薄） | 22.61 | 22.34 | 19.50 | 17.55 | 15.69 | [Tabl ...

证券研究报告 · 宏观报告 · 宏观深度报告 宏观深度报告 20250711 房地产对中国经济的影响已明显减弱 ■ 理性看待经济动能转换过程中地产的负增长 ■ 宏观视角:地产投资对经济增长的影响已明显减弱 > 其一,从经济增长的角度,尽管过去几年地产投资维持着 10%的负增 长,但我国经济总量维持着平稳增长,且地产投资对经济增长的影响在 逐步减弱。从直接影响来看,今年一季度我国房地产开发投资累计同比 ） 乐吴让莽 2025年07月11日 证券分析师 芦哲 执业证书:S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书:S0600524120007 lichm@dwzq.com.cn 证券分析师 刘子博 执业证书:S0600524120014 liuzb(@dwzq.com.cn 相关研究 《6 月超预期非农令市场降息预期延 后至9月》 2025-07-06 《政府债融资多增或推升 6月社融增 增速录得-9.9%,较去年全年的-10.6%小幅收窄,对经济增长的影响也由 去年全年的-0.9%降至了-0.7%;从间接影响来看,一方面,地产及其拉 动相关行业的增加值占 GDP ...