业绩简评 2025 年 8 月 27 日，公司披露 2025 年半年报，上半年实现营收 108.9 亿元，同比增长 26.3%，实现归母净利润 1.44 亿元，同比 下降 2.6%；其中 Q2 公司实现收入 68.8 亿元，同比增长 41.2%， 环比增长 71.7%，实现归母净利润 0.85 亿元，同比增长 10.4%， 环比增长 44.2% 经营分析 风机毛利率明显修复，看好全年量利齐升：受益于"136 号文"落 地带来的风电非季节性抢装，上半年公司风电机组业务实现销量 6.3GW，同比增长 55.6%，实现收入 95.4 亿元，同比增长 47.1%， 上半年公司风机毛利率为 7.27%，同比提升 2.15pct，环比 24H2 提 升 0.66pct。展望下半年，随着国内风电行业进入常规装机旺季， 以及去年四季度以来的涨价订单陆续进入排产周期，看好公司风 机制造量利齐升趋势延续。 电站建设稳步推进，发电收入大幅增长：截至报告期末，公司累计 权益并网容量约 1.2GW，环比期初新增约 182MW；收入口径看，上 半年实现发电收入约 2.2 亿元，同比增长 31.1%；受"136 号文" 落地带来的政策不确 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.235 billion yuan for H1 2025, a year-on-year decrease of 17.22%, with a net profit attributable to the parent company of 242 million yuan, down 19.58% year-on-year [2] - Domestic revenue for H1 2025 was 810 million yuan, reflecting a decline of 25.79% year-on-year, primarily due to weak downstream demand [3] - The company achieved overseas revenue of 425 million yuan in H1 2025, an increase of 6.12% year-on-year, indicating robust growth in international markets [3] Summary by Sections Performance Review - In H1 2025, the company achieved total revenue of 1.235 billion yuan, down 17.22% year-on-year, and a net profit of 242 million yuan, down 19.58% year-on-year [2] - Q2 2025 saw revenue of 581 million yuan, a decrease of 27.50% year-on-year, with a net profit of 110 million yuan, down 31.07% year-on-year [2] Operational Analysis - Domestic revenue faced pressure, with a reported 810 million yuan in H1 2025, down 25.79% year-on-year, attributed to weak demand [3] - The domestic gross margin for H1 2025 was 27.80%, a decline of 2.08 percentage points year-on-year [3] - The company is optimistic about overseas growth, with a gross margin of 39.93% in H1 2025, an increase of 3.67 percentage points year-on-year [3] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 2.536 billion yuan, 2.829 billion yuan, and 3.207 billion yuan respectively, with net profits expected to be 484 million yuan, 561 million yuan, and 663 million yuan [5] - The company is focusing on automation upgrades in furniture manufacturing, which is expected to enhance market share [4]

◼ 8 月 27 日晚间公司披露 25 年中报，1H25 实现营收 391.7 亿 元，同比-0.5%；实现归母净利润 59.5 亿元，同比-16.3%。2Q25 实现营收 191.4 亿元，同比-5.2%；实现归母净利润 29.3 亿元， 同比-16.5%。 ◼ 我们预计公司 2025~2027 年 分 别 实 现 归 母 净 利 润 100.8/101.5/115.2 亿元，EPS 分别为 0.20/0.20/0.23 元，对 应 PE 分别为 19 倍、19 倍和 17 倍，维持"买入"评级。 ◼ 核电站安全运营风险、核电机组检修影响电量风险、电力价格 波动风险等。 敬请参阅最后一页特别声明 1 0 500 1,000 1,500 2,000 2,500 3,000 3.00 4.00 5.00 6.00 7.00 240828 241128 250228 250531 | 公司基本情况 (人民币) | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百 ...

业绩简评 2025 年 8 月 27 日，公司披露 25 年半年报，期内实现营收 527.7 亿元，同比+4.2%；归母净利 194.9 亿元，同比+2.3%。其中，25Q2 实现营收 158.3 亿元，同比+0.1%；归母净利 46.3 亿元，同比-7.6%。 经营分析 产品结构方面，主品牌持续优化"1+3"架构，八代普五份额稳定， 1618、39 度五粮液开瓶量&宴席场次稳定增长，浓香系列酒适应消 费趋势、中低价位酒明显放量。25H1 五粮液/其他酒分别实现营收 410.0/81.2 亿元，同比分别 +4.6%/+2.7% ， 其 中 销 量 分 别 +12.7%/+58.8% ， 吨 价 分 别 -7.2%/-35.3% ， 毛 利 率 分 别 -0.2pct/-1.5pct 至 86.5%/60.7%。 拆分渠道及区域结构：1）25H1 经销/直销收入分别为 279.2/211.9 亿元，同比 +1.2%/+8.6% ，毛利率分别 -1.0pct/+0.1pct 至 78.7%/86.8%。2）期内公司将原 27 个大区整合为三大片区，形成 "总部-区域中心-终端"的垂直管控体系。25H1 东部/南部 ...

2025 年 08 月 28 日 中航成飞（302132.SZ） 买入（维持评级） 公司点评 证券研究报告 产品交付节奏修复，25H2 有望提速 业绩简评 公司发布 2025 半年报：25H1 实现营收 207.02 亿（-38.99%），实 现归母净利润 9.13 亿（-68.33%），实现扣非净利润 8.55 亿 （+1180.03%）；25Q2 单季实现营收 173.93 亿，同比+5.9%，环比 +426%；实现归母净利润 7.56 亿，同比-45.6%，环比+383%；实现 扣非净利润 7.25 亿，同比+1314%，环比+462%。 经营分析 25Q2 公司营收稳健增长，产品交付节奏修复：1）公司 25Q2 营收 173.93 亿，同比+5.9%，环比+426%，或系产品交付节奏修复所致。 2）公司 25Q2 归母净利润 7.56 亿，同比-45.6%，环比+383%，归 母净利润同比下滑；25Q2 毛利率 8.49%，同比-4.25pct，环比 -2.56pct；归母净利率 4.35%，同比-4.12pct，环比-0.38pct，或 系半年度维度产品交付结构变化，核心规模化批产产品占比较少 所致 ...

业绩简评 2025 年 8 月 27 日公司发布了半年报，公司 2025 年上半年实现营 业收入 111 亿元，同比增长 13%；归母净利润 36 亿元，同比增长 63%。2025 年 2 季度单季度实现营业收入 57 亿元，同比增长 6%， 环比增长 4%；归母净利润 17 亿元，同比增长 29%，环比下滑 8%。 经营分析 营养品和香料板块收入和盈利共同向好，推动业绩高速增长。从 公司 2025 年上半年的收入结构来看，营养品板块收入为 72 亿元， 同比增长 8%，毛利率为 48%，同比提高 12pct；香精香料收入 21 亿元，同比增长 9%，毛利率为 54%，同比提高 4pct，其中营养品 板块盈利提升显著。销售端抢抓营养品、新材料、香料等主要领域 市场机遇，在巩固原有产品市场优势的同时，积极推动 HA 系列、 色氨酸等新产品的市场拓展；生产聚焦降本增效，不断优化产能负 荷，通过共线生产、集中开停、高产低耗等保持产线高效运行。 项目建设有序开展，出海进程稳步推进。新项目方面公司大部分 项目稳步推进，进度整体稳定可控。与中石化镇海炼化合资合作的 18 万吨/年液体蛋氨酸（折纯）项目投入试生产运营；天津 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][11] Core Views - The company is expected to achieve revenue of 4.96 billion, 6.09 billion, and 7.23 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 0.28 billion, 0.47 billion, and 0.64 billion RMB [3][8] - The current price corresponds to a PE valuation of approximately 190.2, 116.0, and 85.0 times for the years 2025, 2026, and 2027 respectively [3][8] Revenue and Profit Forecast - The company's revenue for 2023 is projected at 4.10 billion RMB, with a growth rate of -6.76% compared to the previous year [8] - The net profit for 2023 is estimated at 0.10 billion RMB, with a significant increase of 321.88% expected in 2024 [8] - The diluted earnings per share are forecasted to be 0.068 RMB in 2023, increasing to 0.276 RMB by 2027 [8] Financial Performance - In the first half of 2025, the company reported a revenue of 1.18 billion RMB, a year-over-year decrease of 18.41% [9] - The gross margin for the first half of 2025 was 47.4%, reflecting a slight decline of 1.57 percentage points year-over-year [9] - The company’s expenses in R&D, sales, and management have increased, indicating a focus on expanding its sales network in the smart education sector [9] Business Segments - The smart education segment saw a revenue decline of 28.13% in the first half of 2025, while the smart examination segment grew by 32.06% [9] - The smart rail segment experienced a robust growth of 71.03% in the same period, indicating strong demand in that area [9] Valuation Metrics - The report provides a detailed breakdown of the company's valuation metrics, including a projected P/E ratio of 190.23 for 2025, which reflects the company's growth expectations [8][10] - The return on equity (ROE) is expected to improve from 0.68% in 2023 to 2.75% by 2027, indicating better profitability over time [8][10]

2025 年 8 月 27 日，公司披露 25 年半年报，期内实现营收 10.7 亿 元，同比-19.5%；归母净利 1.6 亿元，同比-17.8%。其中，25Q2 实 现营收 2.7 亿元，同比-44.9%；归母净利 0.18 亿元，同比-52.7%。 25Q2 业绩表现承压，内部结构中直销&线上仍录得快速增长，传统 批发渠道受景气冲击明显。具体拆分：1）分产品档次来看，25H1 高档/中档/低档分别实现营收 8.0/2.0/0.7 亿元，同比-8.0%/- 42.3%/-36.0%；25Q2 分别实现营收 1.8/0.6/0.31 亿元，同比- 39.8%/-57.5%/-29.6%。 2）分渠道来看，25H1 直销/线上销售/批发代理分别实现营收 3.0/0.7/6.9 亿元，同比分别+59.7%/+5.8%/-34.7%；25Q2 分别实 现营收 1.0/0.3/1.4 亿元，同比分别+43.5%/+15.0%/-63.8%。期 内公司推出"直营+合伙人+推荐官"新模式，带动直销收入大幅增 长；压力主要集中于传统经销渠道，预计各价位老包销商在景气冲 击下主要以去库为主、回款趋谨。 3）分区域来看，25 ...

业绩简评 8 月 27 日公司披露 2025 年半年报，上半年实现营收 57.0 亿 元，同比+61%；实现归母净利润 0.52 亿元，同比-71%。其中 Q2 实 现营收 31.1 亿元，同比+51%、环比+20%；实现归母净利润 0.25 亿 元，同比-77%、环比-8%。业绩处于预告范围内，符合预期。 经营分析 边框加工费下降盈利承压，差异化越南产能贡献超额盈利。 上半年边框产品实现收入 49.15 亿元，同比显著增长，主要源自 边框产销量增长。上半年光伏行业供需矛盾凸显，铝边框行业竞争 加剧、加工费下滑，公司边框业务毛利率下降至 4.74%。Q2 公司越 南产能基地快速释放，聚焦美国、印度等潜力地区市场，海外边框 实际供给较少的背景下，越南差异化产能获得了较高的加工费与 利润率，Q2 公司销售毛利率 4.51%，环比提升 0.57 PCT。 边框产能扩张稳步推进，积极推进业务延伸。上半年公司积 极推进边框产能扩张及业务延伸，光伏边框产能方面，公司包头基 地年产 100GW 光伏铝边框及 60 万吨铝合金新材料熔铸项目已于 2025 年 4 月完成奠基，为后续持续提升产品市占率、巩固行业地 位奠定了坚实 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 1.01 billion RMB in the first half of 2025, a year-on-year decrease of 32%, with a net profit attributable to shareholders of 85 million RMB, down 69% year-on-year [2]. - The company's diamond wire product sales volume was 52.88 million kilometers, a decline of 26.83%, primarily due to the increasing penetration of tungsten wire diamond products, leading to a decrease in industry demand [3]. - The company has a strong competitive position in the diamond wire industry, maintaining a leading market share despite the challenges posed by intensified competition and declining product prices [3]. - The company is investing 230 million RMB to establish a new project with a monthly production capacity of 6 million kilometers of tungsten wire, which is expected to enhance product competitiveness and risk resilience [4]. - The financial position of the company is robust, with cash and financial assets increasing by nearly 3 billion RMB, and a low debt-to-asset ratio of 13.6%, ensuring the company can navigate through industry cycles [4]. Summary by Sections Financial Performance - In Q2, the company achieved a revenue of 580 million RMB, a year-on-year decrease of 7% but a quarter-on-quarter increase of 38%, with a net profit of 580 million RMB, down 28% year-on-year but up 120% quarter-on-quarter [2]. - The company's revenue from the diamond wire business was 853 million RMB, a decline of 39.7%, with a gross margin of 10.37%, down 18.15 percentage points [3]. Market Position and Strategy - The company is focusing on the development of raw materials and has made significant progress in core materials such as yellow wire and tungsten wire, which is expected to stabilize raw material supply and reduce production costs [4]. - The acceptance and demand for tungsten wire diamond products are increasing in the downstream market, which is anticipated to positively impact the company's profitability [4]. Profitability Forecast - The net profit forecasts for 2025-2027 have been adjusted to 210 million RMB, 310 million RMB, and 430 million RMB respectively, reflecting the company's strong financial health and competitive advantages in the diamond wire market [5].