证券研究报告·行业深度报告·传媒 传媒行业深度报告 短剧出海，不止于"奈飞平替" 2025 年 07 月 16 日 增持（维持） [关键词： Table_Tag#产能扩张 ] #新需求、新政策 [Table_Summary] 投资要点 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 2024/7/15 2024/11/13 2025/3/14 2025/7/13 传媒 沪深300 相关研究 《24Q4&25Q1 业绩综述：25Q1 板块 整体优于市场预期，影视及游戏行业 表现亮眼》 2025-05-05 执业证书：S0600517110002 021-60199793 zhoulj@dwzq.com.cn 证券分析师 张文雨 执业证书：S0600525070007 zhangwy@dwzq.com.cn 行业走势 《AI Agent 深度（二）：2025 Agent 元 年，AI 从 L2 向 L3 发展》 2025-05-04 东吴证 ...

证券研究报告·公司深度研究·化学制品 新和成（002001） 营养品业务构筑基本盘，香精香料、新材料 提供发展动能 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,117 | 21,610 | 21,709 | 23,260 | 24,684 | | 同比（%） | (5.13) | 42.95 | 0.46 | 7.14 | 6.12 | | 归母净利润（百万元） | 2,704 | 5,869 | 6,001 | 6,939 | 7,347 | | 同比（%） | (25.30) | 117.01 | 2.25 | 15.63 | 5.89 | | EPS-最新摊薄（元/股） | 0.88 | 1.91 | 1.95 | 2.26 | 2.39 | | P/E（现价&最新摊薄） | 24.44 | 11.26 | 11.01 | 9.52 | 8.99 | [Table_Tag] [Table_Summ ...

证券研究报告·公司点评报告·化学制药 博瑞医药（688166） 在研管线进展点评：BGM0504 片 IND 申请 获受理，稀缺双靶点口服多肽即将进入临床 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,180 | 1,283 | 1,295 | 1,490 | 1,762 | | 同比（%） | 15.94 | 8.74 | 0.95 | 15.11 | 18.21 | | 归母净利润（百万元） | 202.47 | 189.17 | 261.90 | 302.94 | 433.39 | | 同比（%） | (15.51) | (6.57) | 38.45 | 15.67 | 43.06 | | EPS-最新摊薄（元/股） | 0.48 | 0.45 | 0.62 | 0.72 | 1.03 | | P/E（现价&最新摊薄） | 144.41 | 154.57 | 111.64 | 96.52 | 67.4 ...

证券研究报告·行业点评报告·电力 电力行业点评报告 重视 RWA 与虚拟电厂、电交易、碳交易融 合的产业链机会 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 16 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/7/15 2024/11/13 2025/3/14 2025/7/13 电力 沪深300 相关研究 《双核弥强，灯火万家——未来能源 享稀缺长期成长性，ROE 翻倍分红提 升》 2024-07-29 《虚拟电厂系列深度二：虚拟电厂是 电力物联网的升级，推荐智能电网设 备、软硬件板块》 2023-03-20 | 代码 | 公司 | 总市值 | 收盘价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q2 2025, with revenue of 258 million yuan, representing a year-on-year increase of 59% and a quarter-on-quarter increase of 35%. The net profit attributable to the parent company reached 50 million yuan, up 53% year-on-year and 20% quarter-on-quarter, indicating strong growth driven by AI technology [8] - The company is heavily investing in R&D, with over 70 million yuan allocated in Q2 2025, marking significant growth compared to previous periods. The focus is on developing the second-generation in-memory computing chip technology [8] - The transformation of edge products towards AI has shown impressive results, with strong downstream demand. The company has successfully introduced its first-generation in-memory computing technology into various leading brands, leading to significant sales growth [8] Financial Forecasts - Revenue projections for 2025-2027 have been slightly adjusted to 9.25 billion yuan, 11.87 billion yuan, and 14.85 billion yuan respectively, with net profit forecasts of 1.9 billion yuan, 2.7 billion yuan, and 3.7 billion yuan for the same years. The corresponding P/E ratios are 44, 31, and 22 [8][9]

安踏体育（02020.HK） 25Q2 流水点评：安踏品牌推进渠道升级，户 外品牌引领增长 买入（维持） 证券研究报告·海外公司点评·纺织及服饰(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,356 | 70,826 | 78,173 | 86,079 | 94,239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10,236 | 15,596 | 13,232 | 14,763 | 16,431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 22.41 | 14.71 | 17.34 | 15.54 | 13.96 | [T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 is in line with expectations, with a focus on the progress of the game "异环" (Yihuan) launch [1] - The company is expected to achieve a net profit attributable to shareholders of 4.80-5.20 billion yuan in 2025H1, with a significant turnaround compared to the previous year [7] - The game "诛仙世界" (Zhuxian World) is steadily releasing profits, and cost reduction and efficiency improvement measures are showing initial results [7] - The new game "异环" has performed well in its second test, and the company is actively monitoring its launch schedule [7] - The film and television business is focusing on quality over quantity, with a strategy to develop short dramas [7] - The earnings forecast has been adjusted upwards, with expected EPS for 2025-2027 being 0.40, 0.74, and 0.90 yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 7,791 million yuan, with a year-on-year growth of 1.57% [1] - The net profit attributable to shareholders for 2023 is expected to be 491.48 million yuan, reflecting a year-on-year decline of 64.31% [1] - The latest diluted EPS for 2023 is estimated at 0.25 yuan, with a P/E ratio of 57.27 [1] - The company anticipates a significant recovery in net profit in 2025, with a projected net profit of 775.17 million yuan, representing a year-on-year growth of 160.20% [1]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-16 宏观策略 [Table_MacroStrategy] 宏观点评 20250715：城市更新的空间有多大？——2025 年 7 月中央城市 工作会议点评 城市更新"预计能够落地多大规模？"十五五"期间，城市更新预计至少 能够完成 4.48 万亿元总投资，折合每年近 9000 亿元。未来，城市更新的 潜在需求预计将主要来自城中村改造、老旧小区改造与城市基础设施建 设改造。其中： （1）老旧小区改造与城市基础设施建设改造：2024 年， 国家发改委披露"2023-2024 年安排中央预算内投资、增发国债和超长期 特别国债资金超过 4700 亿，重点支持地下管网改造、城镇老旧小区改造 等城市更新项目。今后几年，城市更新仍是政府投资的支持重点。"如果 未来保持这样的投资强度，那么在"十五五"期间,即使不考虑财政资金 的撬动作用，老旧小区改造与城市基础设施建设改造预计至少也可贡献 2.35 万亿元新增投资。 （2）城中村改造：2020 年，全国城镇家庭居住 的自建房总建筑面积估算值约为 6.66 亿平方米。剔除 2025 年底之前可 能已完成改造部分 ...

证券研究报告·行业点评报告·国防军工 国防军工行业点评报告 9·3 阅兵在即，看好阅兵催化下的军工装备 升级周期 增持（维持） [Table_Tag] [Table_Summary] 事件：9 月 3 日上午，北京天安门广场将举行纪念中国人民抗日战争暨世 界反法西斯战争胜利 80 周年大会，包括检阅部队。 投资要点 2025 年 07 月 15 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 xumu@dwzq.com.cn 《CJ-1000A 突破国际技术封锁，助力 C919 实现航空中国心》 2025-06-18 《深海科技六问六答，深海开发始于 海洋探测，信息化与工具载体先行》 2025-03-31 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 证券分析师 高正泰 执业证书：S0600525060001 gaozht@dwzq.com.cn 行业走势 -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024/7/15 2024/11/13 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance forecast for the first half of 2025 indicates a significant decline in net profit due to falling lithium prices and expected losses in copper smelting, although there is potential for reduced losses in the upcoming quarters [7] - The report anticipates a recovery in net profit starting in 2026, driven by the ramp-up of copper and germanium production and stable growth in cesium and rubidium business [7] - The overall revenue is projected to increase significantly in the coming years, with a forecasted total revenue of 10.38 billion yuan by 2027, reflecting a growth rate of 47.40% [1][8] Financial Summary - Total revenue for 2023 is expected to be 6.013 billion yuan, with a year-on-year decrease of 25.22%. The forecast for 2024 is 5.364 billion yuan, a further decline of 10.80%, followed by a recovery to 6.521 billion yuan in 2025 [1][8] - The net profit attributable to the parent company is projected to drop to 400.28 million yuan in 2025, a decrease of 47.12% compared to the previous year, before rebounding to 1.933 billion yuan by 2027 [1][8] - The earnings per share (EPS) is expected to decline to 0.55 yuan in 2025, with a recovery to 2.68 yuan by 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to be 60.08 in 2025, decreasing to 12.44 by 2027, indicating an improvement in valuation as earnings recover [1][8]