证券研究报告 非金融公司|公司点评|滨江集团（002244） 毛利改善业绩大增，聚焦杭州稳健发展 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月29日 证券研究报告 |报告要点 公司 2025 年上半年实现营收 454.49 亿元，同比+87.80%；实现净利润 26.92 亿元，同比+120%； 实现归母净利润 18.53 亿元，同比+58.87%。1H2025 公司毛利率为 12.24%，同比提升 2.67pct。 公司 2025 年上半年销售金额 528 亿元，同比-9%，居克而瑞全国销售榜第 10；在杭州销售额 为 397 亿元，稳居当地销售榜单第一。2025 年上半年公司全口径拿地金额 333 亿元，拿地强 度 0.63，行业领先。我们预计公司 2025-2027 年归母净利润分别为 29.39/32.46/35.24 亿元， 维持"买入"评级。 |分析师及联系人 杜昊旻 方鹏 姜好幸 刘汪 非金融公司|公司点评 glzqdatemark2 2025年08月29日 SAC：S0590524070006 SAC：S0590524100003 SAC：S05905240700 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved total operating revenue of 3.66 billion yuan in Q2 2025, representing a year-on-year growth of 10.8% and a quarter-on-quarter growth of 18.4%. The net profit attributable to shareholders was 380 million yuan, with a year-on-year increase of 9.3% and a quarter-on-quarter increase of 19.3%. This growth is primarily attributed to the addition of high-quality client Hongmeng Zhixing starting in 2024 and contributions from multiple new projects [5][13] - The sales volume of major clients showed stable year-on-year growth in Q2 2025, with specific sales figures for clients such as Hongmeng Zhixing, Chery, Li Auto, Hongqi, and FAW Volkswagen being 127,000, 640,000, 111,000, 116,000, and 207,000 vehicles respectively, with growth rates of 14.3%, 12.1%, 2.3%, 14.8%, and 10.3% [5][13] - The gross profit margin for Q2 2025 was 19.6%, up 0.3 percentage points year-on-year and 0.8 percentage points quarter-on-quarter, driven by the delivery of the Wenjie M8 model, which sold 41,000 units [13][14] - The company has undertaken 52 new model R&D projects for various clients in the first half of 2025, with 37 models entering mass production. The entry into a well-known international new energy vehicle company is expected to provide a foundation for future revenue growth [14] Financial Summary - The company is projected to achieve operating revenues of 16.1 billion yuan, 20.2 billion yuan, and 24.3 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.5%, 25.3%, and 20.5% [15] - The net profit attributable to shareholders is expected to be 1.65 billion yuan, 2.28 billion yuan, and 2.85 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.0%, 38.2%, and 24.9% [15] - Earnings per share (EPS) are projected to be 5.8 yuan, 8.0 yuan, and 10.0 yuan for the years 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 26.4% [15]

Investment Rating - The investment rating for the company is "Buy" [5][7][17] Core Views - The company reported a revenue of 2.526 billion yuan in Q2 2025, representing a year-on-year increase of 20% but a quarter-on-quarter decrease of 4% [5][13] - The net profit attributable to the parent company for the same period was 252 million yuan, with a projected revenue growth of 29.0%, 24.5%, and 26.5% for 2025, 2026, and 2027 respectively [5][17] - The company is expected to benefit from capacity expansion and product technology upgrades, which are anticipated to support future revenue growth [5][17] Summary by Sections Financial Performance - In Q2 2025, the main business revenue was 2.45 billion yuan, a year-on-year increase of 21.5% [14] - The company achieved a gross margin of 19.2%, which is a year-on-year decline of 2.2 percentage points but a quarter-on-quarter increase of 1.2 percentage points [15] - The net profit margin for Q2 2025 was 10.0%, down 1.8 percentage points year-on-year [15] Growth Drivers - The number of new projects has shown strong performance, with 486 ongoing and 282 newly added projects in H1 2025 [14] - The company has accelerated capacity construction, adding significant production capacity across various product lines, which is expected to support future revenue growth [14] Research and Development - The company invested 160 million yuan in R&D in Q2 2025, a quarter-on-quarter increase of 22.5%, ensuring product upgrades and progress [16] - Key products have successfully entered mass production for multiple client projects, reinforcing the company's leading position in the market [16] Profitability Forecast - The company is projected to achieve revenues of 12.82 billion yuan, 15.95 billion yuan, and 20.18 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.46 billion yuan, 1.87 billion yuan, and 2.42 billion yuan [17][18]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 6.7 billion yuan for H1 2025, a year-on-year decrease of 35%, with a net profit attributable to shareholders of 310 million yuan, down 43% year-on-year. The second quarter of 2025 saw revenues, net profit, and net profit excluding non-recurring items of 3.1 billion, 130 million, and 130 million yuan, respectively, reflecting year-on-year declines of 43%, 52%, and 51% [5][13] - The company is facing pressure on its revenue due to weak trading volumes and prices for coking coal in H1 2025. The trading volume of coking coal was 2.22 million tons, compared to 3.16 million tons in H1 2024. The company is focusing on its integrated investment and operation model, with projects in Mongolia and Croatia as benchmarks for its ongoing transformation [14][16] - There are signs of improvement in coking coal prices in H2 2025, which may provide better profit elasticity. The current price corresponds to a PE ratio of 10x for 2025, maintaining the "Buy" rating [16] Summary by Sections Financial Performance - In H1 2025, the company's revenue was 6.7 billion yuan, down 35% year-on-year, with a net profit of 310 million yuan, down 43% year-on-year. The second quarter figures were 3.1 billion yuan in revenue, 130 million yuan in net profit, and 130 million yuan in net profit excluding non-recurring items, reflecting year-on-year declines of 43%, 52%, and 51% respectively [5][13] - The company’s gross margin for H1 2025 was 13.1%, with a year-on-year increase of 3.1 percentage points. The gross margins for engineering, resource equipment supply chain, and power operations were 17.4%, 0.7%, and 70.5%, respectively [15] Business Transformation - The company is steadily advancing its integrated investment and operation model, with significant projects such as the Mongolia mining integration project and the Croatia wind power project. The transformation is ongoing and is expected to enhance profitability [16] Future Outlook - The company forecasts revenues of 20.8 billion, 22.7 billion, and 24.7 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9% for each year. The net profit attributable to shareholders is expected to be 1.2 billion, 1.3 billion, and 1.4 billion yuan for the same years, with growth rates of 14%, 9%, and 8% respectively [16][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The main brand, Proya, shows stable performance despite a high base, while sub-brands Caitang and OR achieve rapid growth, with revenue changes in H1 2025 being -0.08% for Proya, +21.11% for Caitang, and +102.52% for OR [5][12] - Revenue growth is steady, and cost reduction efforts have improved efficiency, with a comprehensive gross margin of 73.4% in H1 2025 (up 3.56 percentage points year-on-year) and a net profit margin of 14.89% (up 0.86 percentage points year-on-year) [5][12] - The "big product strategy" continues to solidify, with expectations for strong performance during the Double 11 shopping festival, focusing on innovative product offerings that cater to complex consumer needs and trends in medical aesthetics [12][13] Financial Data Summary - For H1 2025, the company reported revenue of 5.362 billion yuan (up 7.2% year-on-year) and a net profit of 799 million yuan (up 13.8% year-on-year) [11] - Revenue projections for 2025-2027 are 12.584 billion yuan, 14.440 billion yuan, and 16.302 billion yuan, with corresponding growth rates of 16.8%, 14.8%, and 12.9% [14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 4.60 yuan, 5.35 yuan, and 6.16 yuan respectively [14]

证券研究报告 非金融公司|公司点评|牧原股份（002714） 业绩表现亮眼，股东回报兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月25日 证券研究报告 |报告要点 公司披露 2025 年中报，实现营收 764.63 亿元，同比增长 34.46%；归母净利润 105.30 亿元， 同比上升 1169.77%；拟向全体股东每 10 股派发现金红利 9.32 元(含税)。公司 2025 年上半年 度生猪养殖业务板块营收 754.46 亿元，同比增长 34.68%；公司共销售生猪 4691.0 万头，其 中商品猪 3839.4 万头，仔猪 829.1 万头，种猪 22.5 万头。2025 年上半年，公司生产成绩持 续改善，生猪养殖成本逐月下降，2025 年 6 月生猪养殖完全成本低于 12.1 元/kg。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 基本数据 | 总股本/流通股本(百万股) | 5,463/3,811 | | --- | --- | | 流通 A 股市值(百万元) ...

2025年08月25日 证券研究报告 非金融公司|公司点评|恒瑞医药（600276） 创新成果引领业绩增长，内生发展与对 外许可并进 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 |报告要点 恒瑞医药发布 2025 年半年报，上半年公司实现营收 157.61 亿元（同比+15.88%），实现归母 净利润 44.50 亿元（同比+29.67%），实现扣非归母净利润 42.73 亿元（同比+22.43%）。公司 二季度实现营收 85.56 亿元（同比+12.53%），实现归母净利润 25.76 亿元（同比+24.88%）， 实现扣非归母净利润 24.10 亿元（同比+17.56%）。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 夏禹 郑薇 SAC：S0590518070004 SAC：S0590521070002 非金融公司|公司点评 glzqdatemark2 2025年08月25日 恒瑞医药(600276) 创新成果引领业绩增长，内生发展与对外许 可并进 | 行 业： | 医药生物/化学制药 | | --- | --- | | 投资评级： | 买入（维持） | | 当 ...

证券研究报告 港股公司|公司点评|阳光保险（06963） 阳光保险 2025 年半年报点评：利润稳 健增长，分红险转型成效显现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月25日 请务必阅读报告末页的重要声明 1 / 5 证券研究报告 |报告要点 阳光保险发布 2025 年半年报， 2025H1 公司实现总保费收入 808.1 亿元，同比+5.7%；保险服 务收入为 324.4 亿元，同比+3.0%；归母净利润 33.9 亿元，同比+7.8%。考虑到公司坚持价值 发展理念、DPS 有望稳健增长，我们看好公司后续投资价值，维持"买入"评级。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 港股公司|公司点评 glzqdatemark2 2025年08月25日 阳光保险(06963) 阳光保险 2025 年半年报点评：利润稳健增 长，分红险转型成效显现 | 行 业： | 非银金融/保险Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 4.48 港元 | 基本数据 | 总股本/流通 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has experienced a recovery in performance in H1 2025 after a brand structure adjustment in 2024, with self-owned brand revenue reaching 1.039 billion yuan, accounting for 41.55% of total revenue, and a gross margin of 76.83%, an increase of 5.7 percentage points year-on-year [5][14] - The company focuses on high-end brand development and brand structure optimization, which has significantly improved overall gross margins [5][14] - The company is committed to empowering brands through research and digitalization, implementing a comprehensive R&D system and enhancing collaboration efficiency across multiple brands and channels [15] Financial Performance and Forecast - In H1 2025, the company achieved operating revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [13] - Revenue projections for 2025-2027 are 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan, with corresponding growth rates of 8.3%, 6.5%, and 5.3% [16] - Net profit attributable to shareholders is expected to be 247 million yuan, 322 million yuan, and 363 million yuan for 2025-2027, with growth rates of 124.4%, 30.4%, and 13.0% respectively [16] - Earnings per share (EPS) are projected to be 0.63 yuan, 0.82 yuan, and 0.93 yuan for 2025-2027 [16] Key Financial Metrics - The company has a total share capital of 390 million shares and a circulating A-share market value of 7,740.38 million yuan [8] - The asset-liability ratio stands at 48.99% [8] - The highest and lowest stock prices in the past year were 22.36 yuan and 9.60 yuan respectively [8]

请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月22日 证券研究报告 |报告要点 近日，东方电缆发布 2025 年度中报，2025 上半年，公司实现营业收入 44.32 亿元，同比提升 8.95%，实现归母净利润 4.73 亿元，同比下降 26.57%，实现扣非归母净利润 4.62 亿元，同比 下降 21.83%。2025 年 Q2，公司实现营业收入 22.85 亿元，同比下降 17.13%，实现归母净利 润 1.92 亿元，同比下降 49.56%，实现扣非归母净利润 1.88 亿元，同比下降 47.13%。 证券研究报告 非金融公司|公司点评|东方电缆（603606） 业绩拐点或已至，海内外订单有望加速 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 陈子锐 张磊 SAC：S0590524080006 SAC：S0590524110005 非金融公司|公司点评 glzqdatemark2 2025年08月22日 东方电缆(603606) 业绩拐点或已至，海内外订单有望加速 | 行 业： | 电力设备/电网设备 | | --- | --- | | 投资评级： | 买入（维 ...