东 兴 晨 报 东兴晨报 P1 2025 年 8 月 31 日星期日 经济要闻 1. 《中共中央国务院关于推动城市高质量发展的意见》8 月 28 日对外公 布。意见提出，到 2030 年，现代化人民城市建设取得重要进展，适应城市高 质量发展的政策制度不断完善，新旧动能加快转换，人居品质明显提升，绿 色转型深入推进，安全基础有力夯实，文化魅力充分彰显，治理水平大幅提 高；到 2035 年，现代化人民城市基本建成.意见围绕 7 个方面提出重点任务， 具体包括优化现代化城市体系，培育壮大城市发展新动能，营造高品质城市 生活空间，推动城市发展绿色低碳转型，增强城市安全韧性，促进城市文化 繁荣发展，提升城市治理能力水平等。（资料来源：同花顺） 2. 美国撤销三星、SK 海力士、英特尔在华 VEU 豁免 存储国产化窗口期再 度打开。8 月 30 日，《中国经营报》记者查询联邦公报于 2025 年 8 月 29 日 归档的文件了解到，特朗普政府已决定撤销三星电子、SK 海力士在中国业务 的"验证最终用户"（Validated End-User, VEU）授权。这一政策变动将于 公告发布后 120 天生效，旨在进一步限制中国 ...

甘源食品（002991.SZ）：转型期 承压，新渠道新产品有望驱动修复 事件：公司发布2025年半年度报告：实现营业收入9.45亿元，同比下降 9.34%； 归母净利润 0.75 亿元，同比下降 55.20%；扣非归母净利润 0.64 亿元，同比 下降 56.01%。其中二季度单季营收约 4.41 亿元，同比-3.37%；归母净利润 0.22 亿元，同比-70.96%；扣非归母净利润 0.18 亿元，同比-70.91%。 品类表现分化，总体承压。2025H1，公司各主要品类走势分化，整体压力较 大。综合果仁及豆果系列收入 2.73 亿元，同比-19.92%，库存有所累积，为拖 累业绩的主要因素之一，主要考虑为春节错期以及公司取消部分低价礼盒的影 响。老三样表现相对平稳。青豌豆系列收入 2.34 亿元，同比-1.56%，蚕豆系 列收入 1.25 亿元，同比+2.11%，公司新品翡翠豆、蚕豆带来蚕豆系列增量。 瓜子仁系列收入 1.25 亿元，同比-9.51%。其他系列收入 1.75 亿元，同比 -11.50%。受渠道改革及大环境需求疲软，公司整体收入下滑。 渠道分化明显，电商及海外突出，经销承压。2025H1，经 ...

Investment Rating - The report maintains a "Strong Buy" rating for Ganyuan Food [5][9]. Core Views - Ganyuan Food is currently undergoing a transformation period, facing pressure on its performance, but new channels and products are expected to drive recovery [3][4]. - The company reported a revenue of 945 million yuan for the first half of 2025, a year-on-year decline of 9.34%, with a net profit attributable to shareholders of 75 million yuan, down 55.20% [1][3]. Summary by Sections Financial Performance - In H1 2025, Ganyuan Food's revenue was 945 million yuan, a decrease of 9.34% year-on-year. The net profit attributable to shareholders was 75 million yuan, down 55.20%, and the net profit after deducting non-recurring items was 64 million yuan, down 56.01% [1]. - In Q2 2025, the company achieved approximately 441 million yuan in revenue, a decline of 3.37% year-on-year, with a net profit of 22 million yuan, down 70.96% [1]. Product Category Performance - The performance of various product categories showed significant divergence, with the comprehensive nut and bean series revenue at 273 million yuan, down 19.92% year-on-year, primarily due to inventory accumulation and the impact of the Spring Festival timing [1]. - The green pea series generated 234 million yuan, down 1.56%, while the broad bean series saw a revenue increase of 2.11% to 125 million yuan, driven by new products [1]. Channel Performance - The distribution channel revenue was 696 million yuan, a decline of 19.84% year-on-year, primarily due to the shift from traditional distribution to direct sales [2]. - E-commerce channel revenue increased by 12.42% to 153 million yuan, driven by significant growth on platforms like Douyin [2]. - Direct sales and other channels saw a substantial increase of 154.63%, indicating strong growth potential during the transition period [2]. Cost and Margin Analysis - The gross margin for H1 2025 was 33.61%, a decrease of 1.33 percentage points year-on-year, influenced by changes in channel structure and rising palm oil prices [3]. - The sales expense ratio increased to 18.56%, up 5.27 percentage points year-on-year, due to higher marketing and new product promotion expenses [3]. Future Outlook - The company is in a phase of business adjustment and transformation, with expectations of revenue and profit fluctuations in the short term. However, as channels are optimized and new products gain traction, performance is anticipated to gradually recover [3][4]. - Profit forecasts for 2025-2027 project net profits of 254 million, 372 million, and 439 million yuan, respectively, with corresponding EPS of 2.73, 3.99, and 4.71 yuan [4][10].

公 司 研 究 皖通高速（600012.SH）：收入稳健增长， 下半年重点关注宣广车流恢复 2025 年 8 月 29 日 强烈推荐/维持 皖通高速 公司报告 事件：公司上半年实现营业收入 37.41 亿元，同比增长 11.7%，实现归母净利 润 9.60 亿元，同比增长 4.0%。排除建造期收入的变化影响，仅考虑通行费收 入，则上半年通行费收入 24.51 亿元，同比增长 13.59%。 注：由于公司完成了对泗许高速与阜周高速的收购，公司对 24 年中报数据进 行了重述，本文所涉及的同比数据皆默认使用重述后数据。 新收购资产开始贡献利润：公司于 24 年 12 月 31 日与大股东签署了收购泗许 与阜周高速 100%股权的交易协议，并于 25 年 3 月 27 日完成对阜周公司和泗 许公司的工商变更登记。上半年新收购资产已经开始贡献利润，其中阜周公司 上半年实现净利润 8505.43 万元，泗许公司净利润 3321.93 万元，二者净利润 合计占公司上半年归母净利润的 12.3%。 宣广高速收入初步恢复，后续还有较大提升空间：宣广高速于年初完成改扩建 正式通车，上半年通行费收入同比提升 98.67%至 2. ...

风险提示：原料及产品价格大幅波动；技术路线竞争加剧；新建产能投放进度 不及预期；下游需求不及预期。 公 司 研 究 新和成（002001.SZ）：业绩同比增 长，项目建设持续推进 2025 年 8 月 29 日 强烈推荐/维持 新和成 公司报告 新和成发布 2025 年中报：公司上半年实现营业收入 111.01 亿元， YoY+12.76%，归母净利润 36.03 亿元，YoY+63.46%。公司中期分红方案为 每 10 股派发现金红利 2 元（含税）。 维生素等核心产品市场价格同比上涨，带动公司业绩同比增长。公司营养品板 块主要产品维生素、蛋氨酸市场价格同比去年上半年有所上涨，带动公司营养 品板块营收同比增长 7.78%至 72.00 亿元，此外公司香精香料板块营收同比增 长 9.35%至 21.05 亿元。公司综合毛利率同比大幅增长 8.78 个百分点至 45.89%，带动公司净利润大幅增长。其中，营养品板块毛利率提升 11.93 个百 分点至 47.79%，香精香料板块毛利率提升 4.32 个百分点至 54.01%。 新产品、新项目的开发建设有序推进，公司产品体系进一步丰富。公司坚持一 体化、系列化、协 ...

Investment Rating - The report maintains a "Strong Buy" rating for YTO Express [2][5] Core Views - The company achieved a revenue of 35.883 billion yuan in H1 2025, a year-on-year increase of 10.19%, while the net profit attributable to shareholders was 1.831 billion yuan, a decrease of 7.90% [3] - The business volume grew steadily, with a total of 14.863 billion parcels delivered in H1 2025, representing a year-on-year increase of 21.79% [3] - The decline in single-ticket revenue due to price wars was a significant factor in the decrease in net profit [3][4] - The company has optimized its cost structure, with single-ticket costs decreasing from 2.11 yuan to 2.02 yuan, a reduction of 4.51% [4] - The company is focusing on improving service quality, with a significant reduction in lost parcels and false sign-offs [5] Revenue and Profitability - The company's single-ticket revenue in H1 2025 was 2.19 yuan, down 6.27% from the previous year [3] - The gross profit per single ticket decreased by 25.34% year-on-year, from 0.23 yuan to 0.17 yuan [4] - The forecasted net profits for 2025, 2026, and 2027 are 3.98 billion yuan, 4.66 billion yuan, and 5.15 billion yuan, respectively [5][10] Market Position and Strategy - YTO Express's market share increased from 15.2% to 15.5% year-on-year [3] - The company is expanding its reverse logistics business, which has seen a growth of over 112% [5] - Regulatory attention on price wars is expected to ease competitive pressures, potentially improving profitability [5] Financial Metrics - The company’s total market capitalization is approximately 58.794 billion yuan [7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.15 yuan, 1.35 yuan, and 1.50 yuan, respectively [5][10] - The price-to-earnings (PE) ratios for the same years are projected to be 14.9X, 12.7X, and 11.5X [5][10]

公 司 研 究 中科创达（300496.SZ）：端侧智能 驱动收入高增，机器人产品已于海 外落地 | 2025 | 年 | 8 月 | 28 | 日 | | --- | --- | --- | --- | --- | | 强烈推荐/维持 | | | | | | 中科创达 | | 公司报告 | | | ——2025 年中报点评 事件： 中科创达披露 2025 年中报，公司上半年实现营收、归母净利润、扣非净利润 分别为 32.99（同比+37.44%）、1.58（同比+51.84%）、1.36（同比+54.44%）亿 元，其中单二季度实现营收、归母净利润、扣非净利润分别为 18.31（同比 +49.72%）、0.66（同比+384.21%）、0.49（同比+1613.93%）亿元。 点评： 端侧业务驱动上半年收入高增，全球化布局优势渐显。上半年创达手机、汽车、 物联网业务线分别实现收入 8.41（同比+10.52%）、11.89（同比+7.85%）、12.70 （同比+136.14%）亿元，物联网业务线已超越汽车成为公司第一大收入板块。 我们认为公司的核心竞争力之一在于其操作系统领域的卡位优势，以及对相关 优势的 ...

公 司 研 究 中国巨石（600176.SH）：新需求增 量推动盈利底部持续改善 2025 年 8 月 28 日 强烈推荐/维持 中国巨石 公司报告 公司发布 2025 年中报：上半年实现营业收入 91.09 亿元，同比增长 17.70%； 归母净利润 16.87 亿元，同比增长 75.51%；扣非后归母净利润为 17.01 亿元， 同比增长 170.74%，实现 EPS 为 0.42 元。 量价同比改善推动营业收入和利润持续增长。公司上半年营业收入和利润继续 保持较高的增速，主要是产品销量和价格同比均改善。2025 年上半年公司玻 纤粗纱及制品销量为 158.22 万吨，同比增长 3.95%；电子布销量为 4.85 亿米， 同比增长 5.90%。从去年一季度行业的"复价"，玻纤价格有所提升。虽然后续 价格仍有波动，但仍保持在一定的水平。以泰山玻纤价格 2400tex 产品为例， 2025 年上半年平均价格为 3880 元/吨，同比去年提高 8.49%。除了新增产能 减少外，主要是下游应用领域需求增加，特别是风电和热塑需求保持良好增长， 还有新能源汽车和新型储能等领域。国家对新能源产业的大力支持和玻纤使用 渗 ...

Group 1: Recommended Stocks - Torch Electronics (603678.SH) shows confidence with an employee stock ownership plan despite a 20.04% decline in revenue to CNY 2.8 billion in 2024[9] - Jiejie Microelectronics (300623.SZ) reported a 35.05% increase in revenue to CNY 2.845 billion and a 115.87% rise in net profit to CNY 473 million in 2024[13] - Meige Intelligent (002881.SZ) leads in smart cockpit modules with a 35.1% market share, achieving 881,000 units shipped in 2024[19] - Kingsoft Office (688111.SH) achieved a revenue of CNY 26.57 billion in H1 2025, a 10.12% year-on-year increase[20] - Parker New Materials (605123.SH) aims for high-end markets with a focus on aerospace and energy sectors, despite a 46.37% drop in net profit in 2024[25] - Jinyinhai (300619.SZ) is a leader in lithium battery equipment, expecting revenues of CNY 18.95 billion in 2025[29] Group 2: Financial Metrics and Projections - Torch Electronics forecasts EPS of CNY 1.10, 1.40, and 1.74 for 2025-2027[12] - Jiejie Microelectronics anticipates EPS of CNY 0.78, 1.02, and 1.35 for 2025-2027[16] - Kingsoft Office projects net profits of CNY 17.68 billion, 21.50 billion, and 26.93 billion for 2025-2027, with a PE ratio of 84, 69, and 55 respectively[23] - Jinyinhai expects net profits of CNY 0.11 billion, 0.80 billion, and 2.60 billion for 2025-2027, with a PE ratio of 318.45X, 45.82X, and 14.01X[35]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][10][17] Core Views - The company achieved a year-on-year revenue growth of 35.36% to 4.507 billion yuan and a net profit growth of 191.21% to 271 million yuan in the first half of 2025 [2][3] - The agricultural chemical industry is expected to recover from its bottom, with signs of price increases for key products, including the company's core product, glyphosate [3][4] Financial Performance - The company's revenue from pesticide raw materials increased by 62.67% to 2.757 billion yuan, while pesticide formulations grew by 12.49% to 960 million yuan [3] - The overall gross margin improved by 1.43 percentage points to 18.53%, with raw materials and formulations showing respective gross margins of 17.57% and 20.54% [3] - The company forecasts net profits of 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.54, 0.74, and 0.96 yuan [4][5] Industry Outlook - The pesticide market is currently characterized by oversupply, but inventory levels are normalizing, leading to potential price recoveries [3][4] - Glyphosate has become the second-largest herbicide for genetically modified crops globally, with increasing demand expected due to new product launches and supportive policies in China [4]