业绩简评 8 月 25 日公司发布 2025 年半年度业绩报告，2025H1 公司实现营 收 17.46 亿元，同比+5.78%，实现归母净利润 1.83 亿元，同比 +1.72%。其中 25Q2 实现营收 8.98 亿元，同比+10.07%，实现归母 净利润 0.94 亿元，同比+0.65%。25H1 公司拟分红方案为 0.28 元 /股，对应的股利支付率为 93.58%。 经营分析 塑料软包表现亮眼，贡献主要业绩增量。2025H1，公司彩印复合包 装/塑料软包/油墨/镀铝包材实现营收 12.19/3.69/0.74/0.35 亿 元，同比分别+2.64%/+20.34%/+3.80%/+22.33%。公司主业彩印复 合包装营收增速缓慢，预计主因下游食品日化领域消费需求尚未 完全恢复，市场销量增长动力不足。塑料软包装薄膜业务实现加快 增长，主因近年来公司顺应环保包装发展趋势，塑料薄膜项目不断 投产度过爬坡期后，贡献显著业绩增量。 25H1 毛利率短期承压，费用管控优异。2025H1，公司毛利率/净利 率为 21.18%/10.55%，同比分别-1.20/-0.49pct，其中 25Q2 毛利 率/净利率为 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company achieved a revenue of $16.14 million in H1 2025, representing a year-on-year growth of 33.1%. Net profit reached $1.42 million, up 583.6%, while adjusted net profit was $1.95 million, growing by 84.8% [2]. - The rapid growth of overseas business has become a core driver, with revenue from global markets outside mainland China reaching $7.1 million, a 123% increase year-on-year. Domestic revenue slightly increased to $8.97 million. The total case count for H1 2025 was 225,800, up 47.7% [3]. - The company is focusing on enhancing R&D capabilities, increasing investments in IT, legal, and operational teams, optimizing legal services, expanding production capacity, and broadening its sales network to strengthen its global market presence [4]. Financial Performance Summary - The company forecasts net profits for 2025-2027 to be $1.2 million, $1.9 million, and $2.4 million, respectively, with growth rates of 1.85%, 53.03%, and 27.37%. The expected EPS for the same period is $0.072, $0.111, and $0.141, with corresponding P/E ratios of 133, 87, and 68 [5][9].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 591 million yuan for H1 2025, representing a year-on-year increase of 9.03%, and a net profit attributable to shareholders of 98 million yuan, up 0.61% year-on-year [2] - In Q2 2025, the company achieved a quarterly revenue of 321 million yuan, reflecting a year-on-year growth of 6.74% and a quarter-on-quarter increase of 18.63%, with a net profit of 45.26 million yuan, up 21.99% year-on-year [2] - The company focuses on consumer electronics, automotive/new energy sectors, and is developing new fields such as AR/VR and low-altitude economy [3] - The company’s products include precision functional components and intelligent automation equipment, widely used in smartphones, smart wearables, smart home devices, smart cockpits, power batteries, and energy storage batteries [3] - The gross margin for H1 2025 was 35.59%, slightly up from 35.06% in the same period last year, attributed to a focus on high-value-added product lines in AR/VR, optics, and semiconductors [3] - R&D expenses for H1 2025 were 48.86 million yuan, an increase of 2.66% year-on-year, with 7 patents published internationally and 384 patents obtained domestically [3] Financial Forecasts and Valuation - The company is expected to achieve net profits of 267 million yuan, 313 million yuan, and 374 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26.50%, 17.19%, and 19.38% [4] - The corresponding price-to-earnings (PE) ratios are projected to be 25, 21, and 18 times for the years 2025, 2026, and 2027 [4]

业绩简评 2025 年 8 月 25 日公司发布 2025 年半年度报告，公司 1H25 营收 104.37 亿元，同比增长 282.64%；归母净利润 39.42 亿元，同比 增长 355.68%。对应 2Q25 营收 63.85 亿元，同比增长 295.39%； 归母净利润 23.70 亿元，同比增长 338.36%。考虑一次计提绩效奖 金和减值损失，业绩略超预期。 经营分析 800G 高速率光模块放量，带动公司增收增利：公司 1H25 境外点对 点光模块收入达 98.53 亿，同比增长 355.96%；光模块产能 1520 万只，同比增长 66.67%；光模块产量 710 万只，同比增长 86.35%。 公司是北美云厂商的重要光模块供应商，下游大客户 AI 算力投资 增长带动高速率光模块需求量高增。2Q25公司销售毛利率46.64%， 同比+2.88pct，环比-2.02pct，我们认为环比下降主要系：1）公 司给 Mellanox 做代工带来产品结构调整；2）原材料成本涨价。 前瞻布局 LPO、AEC、硅光，市场规模有望进一步扩大：公司 800G LPO 光模块已进入大批量生产，单模产品功耗降至行业领 ...

2025 年 08 月 26 日 ③成本：2Q25 煤价持续下行，长协、市场煤同比降幅已分别达到 3.6%、25.3%，使得公司在收入负增长时录得利润端的正增长，对应 1H25 公司发电业务成本降幅约为 11.6%。 成本低位、装机放量，后续年内业绩预计同比仍有增长空间。7-8M25 煤价在需求增长拉动下有所抬升，但较去年同期仍同比-22.6%；且 预计后续随气温回落，煤价涨至 8 月底已基本见顶；此外，公司控 股装机放量带来的电量增长空间有望释放，叠加公司参股的池州二 期、国安二期、安庆三期、中煤六安电厂预计 25-26 年投产，有望 贡献投资收益增量空间。 皖能电力（000543.SZ） 买入（维持评级） 公司点评 证券研究报告 度电成本显著下滑，2Q25 利润转正 2025 年 8 月 25 日公司披露半年报，上半年实现营收 131.85 亿元， 同比-5.83%；实现归母净利润 10.82 亿元，同比+1.05%。其中，公 司 Q2 实现营收 67.66 亿元，同比-3.6%；实现归母净利润 6.38 亿 元，同比+3.2%。 公司 1H25 归母净利润正增长，其中 Q1 负增长，Q2 在电价、电量持 ...

事件 8 月 26 日公司发布 2025 年半年报，1H25 公司实现收入 284.36 亿 元，同比+87.89%；归母净利润为 6.56 亿元，同比+49.66%。2Q25 公司实现收入 153.15 亿元，环比+16.72%，同比+109.32%；归母净 利润为 3.23 亿元，环比-2.71%，同比+17.28%。 点评 外购非标金业务比重增加，拖累盈利水平。2Q25 锑、金均价分别 环比+42.98%、+14.96%至 22.02 万元/吨、770 元/克。面对主营产 品价格显著增长，毛利水平有所增加、但毛利率水平有所下降： 2Q25 公司毛利环比/同比分别+13.30%/+27.02%至 7.24 亿元；毛利 率环比/同比分别-0.14pct/-3.06pct 至 4.73%，毛利率下降主要 原因是外购非标金业务比重增加。 自产金、锑产量同比减少。1H25 公司黄金自产 1,722 千克，同比 减少 12.2%；锑品自产 7,712 吨，同比减少 5.64%；钨精矿自产 505 标吨，同比增长 23.11%。 降本增效推进，资本结构优化。2Q25 公司期间费用、期间费率分 别环比+26.39%、+ ...

2025 年 08 月 26 日 皖能电力（000543.SZ） 买入（维持评级） 公司点评 证券研究报告 度电成本显著下滑，2Q25 利润转正 2025 年 8 月 25 日公司披露半年报，上半年实现营收 131.85 亿元， 同比-5.83%；实现归母净利润 10.82 亿元，同比+1.05%。其中，公 司 Q2 实现营收 67.66 亿元，同比-3.6%；实现归母净利润 6.38 亿 元，同比+3.2%。 公司 1H25 归母净利润正增长，其中 Q1 负增长，Q2 在电价、电量持 续承压时净利润由负转正，主要受度电成本下滑驱动： ①电价：根据 2025 年安徽年度长协电量签约结果，省内发电企业电 价较 2024 年下降略超 0.02 元/kwh，2Q25 安徽省代理购电价格同比 下滑 6.4%，压低度电收入。 ②电量：公司省内控股 2×45 万千瓦气电机组、控股新疆英格玛电 厂 2×66 万千瓦煤电机组分别于 4M24、11-12M24 投产，且钱营孜公 司二期 100 万千瓦机组扩建工程已于 25 年 3 月正式投产，1H25 公 司控股火电装机较去年同期增幅明显；或因受部分终端制造业用电 短期增长承 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 8.188 billion RMB for H1 2025, representing a year-on-year growth of 49.04%, with a net profit attributable to shareholders of 745 million RMB, up 63.95% year-on-year [2] - The overseas building materials segment benefited from optimized layout and pricing strategies, achieving a revenue of 3.771 billion RMB in H1 2025, a significant increase of 90.08% [3] - The lithium carbonate segment saw a sales volume of approximately 20,600 tons in H1 2025, with a contribution to net profit of 168 million RMB, reflecting a positive trend due to cost optimization [4] Summary by Sections Performance Review - In H1 2025, the company achieved a revenue of 8.188 billion RMB, with a net profit of 745 million RMB and a non-recurring net profit of 700 million RMB, marking increases of 49.04%, 63.95%, and 75.06% respectively [2] Operational Analysis - Revenue structure for H1 2025: Overseas building materials (46%), building materials machinery (31%), lithium battery materials (11%), and new energy equipment (9%), with overseas revenue accounting for over 65% [3] - The overseas building materials segment's revenue reached 3.771 billion RMB, with a gross margin of 36.80%, an increase of 5.85 percentage points year-on-year [3] - The ceramics machinery segment experienced a revenue decline of 5.01% to 2.570 billion RMB due to industry demand slowdown [4] - The lithium carbonate segment's average price was 60,300 RMB/ton, down 2,270 RMB/ton year-on-year, but still contributed positively to profits due to cost reductions [4] Profit Forecast and Valuation - The company is expected to achieve net profits of 1.544 billion RMB, 1.807 billion RMB, and 1.962 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.7, 12.6, and 11.6 [5]

8 月 25 日，公司发布 25 年中报。25Q2 公司实现收入 37.6 亿元， 同比+9.9%，环比+5.6%；归母净利润 2.5 亿元，同比+8.6%，环比 +12.0%。分业务来看，25H1 气体销售业务实现收入 45.9 亿元，同 比+14.1%，毛利率 21.2%，同比+2.8pct；空分设备业务实现收入 23.2 亿元，同比持平，毛利率 20.4%，同比-5.0pct。 经营分析 业绩符合预期，主要由于气体业务毛利率超预期提升对设备业务 盈利能力的下滑形成了对冲。公司气体业务毛利率改善，或因在需 求良好地区产能集中释放、多元化气体业务拓展良好、直销占比持 续提升。空分设备业务毛利率承压，根据化工在线，25H1 中国化 工产品价格指数同比-9.7%；根据 Wind，25H1 上海螺纹钢价格 （HRB400E，20mm)同比-12.6%。钢铁化工产品价格下滑或带来了资 本开支需求走弱与竞争加剧。 看好实物消耗回升带动气价上涨与空分负荷提升。根据卓创资讯 工业气体，自 6 月底以来液氧价格同比转正，近几周同比涨幅持 续扩大，250821 液氧价格同比+13.6%，此外液氩跌幅明显缩窄， 液氮价格平稳。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 2.9 billion, 3.4 billion, and 4.1 billion RMB respectively, corresponding to PE valuations of 39, 33, and 27 times [4]. Core Insights - The company reported a revenue of 5.7 billion RMB for the first half of 2025, a year-on-year increase of 7%, and a net profit of 1.43 billion RMB, up 11% year-on-year. In Q2 2025 alone, revenue reached 2.75 billion RMB, reflecting an 11% increase year-on-year, with net profit at 810 million RMB, an 18% increase year-on-year [2]. - The excavator market recovery has significantly boosted business revenue in Q2, with a notable increase in both domestic and export sales of excavators. The company sold 308,300 hydraulic cylinders for excavators in the first half of the year, marking a growth of over 15% [3]. - The company's gross margin for the first half of 2025 was 41.85%, a year-on-year increase of 0.21 percentage points, while the net margin reached 27.70%, up 1.01 percentage points, both representing the highest levels in three years [4]. - The company is optimistic about its emerging business lines, particularly the linear actuator project, which has developed over 50 new products in the first half of the year, with nearly 300 new customers added [4]. Summary by Sections Performance Review - The company achieved a revenue of 5.7 billion RMB in the first half of 2025, with a net profit of 1.43 billion RMB, both meeting expectations [2]. Operational Analysis - The recovery in the excavator market has led to rapid revenue growth, with domestic excavator sales increasing by 22.9% and exports by 10.2% in the first half of the year. The company also expanded its product offerings in non-excavator hydraulic pumps and valves, achieving over 30% growth in sales [3]. Profitability Analysis - The company reported a gross margin of 41.85% and a net margin of 27.70% for the first half of 2025, both at three-year highs, attributed to product structure optimization and cost control [4]. Future Outlook - The company is focused on expanding its new business lines, particularly in linear actuators, which are expected to drive growth as the excavator industry stabilizes and non-excavator business increases [4].