证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 Q2 阶段性承压，长期战略坚定 事件：劲仔食品 25H1 实现营收 11.2 亿元，同比-0.5%，归母净利润 1.1 亿元，同比-21.9%，扣非归母净利润 0.9 亿元，同比-28.9%。其中 25Q2 营收 5.3 亿元，同比-10.4%，归母净利润 0.4 亿元，同比-36.3%，扣非归 母净利润 0.3 亿元，同比-47.5%。拟中期分红 4472.9 万元，分红率 39.9%。 鹌鹑蛋缩量影响短期成长性，扩品拓渠坚定长期发展方向。25H1 劲仔食 品营收同比-0.5%至 11.2 亿元。产品维度看，25H1 鱼制品营收同比+7.6% 至 7.6 亿元，公司加强深海鳀鱼产品宣传及品牌传播，赋能终端网点拓展 覆盖，牵引鱼制品营收持续扩容；禽类制品营收同比-24.0%至 2.0 亿元， 预计与鹌鹑蛋行业竞争加剧相关，但劲仔首创"溏心鹌鹑蛋"拓展品类边 界；豆制品营收同比+3.6%至 1.1 亿元，预计与公司加大周鲜鲜等新品推 广及铺市相关；蔬菜制品营收同比-10.7%至 3404.7 万元，预计与成本压 力及魔芋品 ...

电力设备 如何看待英伟达 800V HVDC 架构投资机会？ 事件：英伟达宣布 2027 年起将推动 800V HVDC 架构以支持更高功率 密度 IT 机架。2025 年 5 月，英伟达宣布将从 2027 年起推动数据中心电 力基础设施向 800V 高压直流（HVDC）过渡，目标是支持 1MW 及以上功 率密度的 IT 机架。 什么是 HVDC？ 为什么推广 800V HVDC？ 英伟达推动 800V HVDC 主要统 AI 训练和推理任务对算力的经求激增，推 动机柜功率密度大幅提升。NVL72 机架的功率密度已突破 120kW，远超传 统服务器机柜的 10-40kW。英伟达的 Blackwell Ultra 芯片和 NVL576 机架 方案预计在 2027 年功率密度将进一步提升。高功率密度对传统 54V 直流 供电形成了巨大挑战，瓶颈体现在铜耗、空断与能效三个方面。 800V HVDC 如何提效？ 证券研究报告 | 行业点评 gszqdatemark 2025 08 27 年 月 日 投资建议： HVDC 环节关注科华数据、中恒电气、科士达、盛弘股份、欧陆通； PSU 环节关注麦格米特、欧陆通 ； 电池 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 新增在管面积 3180 万方，其中第三方占 84%，单方价格维持高位，保 持较强市场化拓展能力。公司基础物管方面，上半年新增在管面积 3180 万方（+50%），其中独立第三方占比达 84%；新增合同额 22.6 亿元，单 方价格 71 元/平维持较高水平，展现公司较强的市场化拓展能力。同时， 公司持续优化业务结构和项目治理，退盘 2680 万方。因此至 6 月 30 日， 公司在管面积达4.36亿方（较2024年末+1.2%），其中关联方占比60.9%， 独立第三方占比 39.1%。 住户增值服务毛利率逆势走高，非住增值影响边际减小。2025 年上半年， 公司非住户和住户增值业务营收占比 20.7%，毛利润贡献占比 27.4%。具 体来看，非住户增值业务因与房地产关联度相对更高，期内继续受市场调 整影响，整体营收和利润有一定的下滑。考虑到非住户增值业务占比较往 年已经明显下降，整体增值业务与地产关联度将逐步走低，边际影响有所 减小。住户增值业务方面，主要因消费疲弱等大环境影响，期内营收也有 一定下滑，但毛利率逆势走高至 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance in its financial results, with a significant increase in revenue and net profit for the first half of 2025 [1][4] - The growth in the company's two core business segments is expected to continue, driven by high-performance new products and strong demand in the market [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 1.473 billion yuan, a year-on-year increase of 8.85%, and a net profit of 172 million yuan, up 70.98% [1] - In Q2 2025, revenue reached 888 million yuan, growing by 0.88%, with a net profit of 102 million yuan, reflecting a 67.12% increase [1] - The pre-stressed materials segment generated 1.158 billion yuan in revenue, accounting for 78.58% of total revenue, with a year-on-year growth of 8.12% [2] - The gross profit margin for the company improved to 24.26%, an increase of 8.14 percentage points year-on-year [3] - The net profit margin for H1 2025 was 12.24%, up 4.45 percentage points year-on-year [3] Business Segment Performance - The pre-stressed materials segment's net profit was 130 million yuan, representing a 67.05% year-on-year increase, contributing 75.49% to the company's total net profit [3] - The concrete products segment achieved a net profit of 43 million yuan, up 76.69% year-on-year, contributing 25.03% to the total net profit [3] - The company expects continued strong growth in both core business segments, supported by market demand and product innovation [4] Earnings Forecast - The company is projected to achieve net profits of 350 million yuan, 560 million yuan, and 650 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding P/E ratios are expected to be 24X, 15X, and 13X for the same years [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for H1 2025 reached 1.899 billion yuan, a year-on-year increase of 25.99%, while the net profit attributable to shareholders was 40 million yuan, up 69.48% year-on-year [1] - The electric drive business is experiencing rapid growth, with a significant increase in revenue and profitability, although the second quarter's performance was impacted by expense recognition [1][2] - The company has a robust order backlog in its intelligent equipment segment, with new orders exceeding 1.8 billion yuan in H1 2025, including over 500 million yuan from overseas projects [2] Financial Performance - In Q2 2025, the company achieved revenue of 939 million yuan, a year-on-year increase of 42.45%, but a quarter-on-quarter decrease of 2.13% [1] - The gross margin for Q2 2025 was 15.85%, an increase of 0.65 percentage points from the previous quarter, while the total expense ratio rose to 15.34%, up 2.86 percentage points [1] - The intelligent equipment business generated revenue of 1.12 billion yuan in H1 2025, a decrease of 3.8% year-on-year, while the electric drive business saw revenue of 780 million yuan, a substantial increase of 126% year-on-year [1][2] Profitability Forecast - The company is expected to see net profits attributable to shareholders of 130 million yuan, 179 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 25, and 21 times [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 20.682 billion yuan for the first half of 2025, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% year-on-year [1] - The coal production and sales have recovered, and the company continues to implement cost reduction and efficiency enhancement measures [2] - The company is advancing its non-coal business steadily, including projects in the chemical and renewable energy sectors [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 10.083 billion yuan, a decrease of 49.47% year-on-year, with a net profit of 340 million yuan, down 74.72% year-on-year [1] - The company’s coal production capacity includes 16 coal mines with a total capacity of 34.25 million tons per year, and it has closed the Zhuozhuang coal mine due to resource depletion [3] - The company’s financial projections for 2025 to 2027 estimate net profits of 2.6 billion yuan, 3.5 billion yuan, and 4.2 billion yuan respectively, with corresponding P/E ratios of 13.6X, 10.1X, and 8.5X [4][5] Business Development - The company is expanding its chemical production, with projects yielding qualified products, and is also increasing its renewable energy output, generating 104 million kWh from solar power and 102 million kWh from gas [4] - The company is actively pursuing new mining rights and has commenced construction on the Lei Ming Kehua project in Henan [4] Market Position - The company’s coal sales volume for the first half of 2025 was 8.91 million tons, a decrease of 13.7% year-on-year, while the average selling price of coal fell by 27% year-on-year to 835 yuan per ton [10] - The report highlights the company's strategic focus on enhancing its coal and chemical business while diversifying into non-coal sectors [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company's performance is under short-term pressure, with a reported revenue of 1.29 billion yuan for the first half of 2025, representing a year-over-year decline of 8.2%. The net profit attributable to shareholders was -50.51 million yuan, a significant drop of 210.9% year-over-year [1]. - The company is focusing on high-end scientific instruments, with expectations for increased orders in the third and fourth quarters. The introduction of high-end mass spectrometry products has seen breakthroughs in various sectors, including food safety and clinical applications [3]. - A large-scale share repurchase plan has been announced, with a budget of 100 to 150 million yuan, reflecting the company's confidence in its future development [3]. Financial Performance Summary - Revenue for the first half of 2025 was 1.29 billion yuan, down 8.2% year-over-year, with Q2 revenue at 750 million yuan, down 14.2% year-over-year [1]. - The gross margin decreased by 4.1 percentage points to 40.3%, with specific margins for instruments and related software at 44.6%, and for operational services at 35.8% [2]. - Operating cash flow was negative at -110 million yuan, a decrease of 44.5% year-over-year, primarily due to reduced cash collections from sales [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.9 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.96 billion yuan in 2027, with net profits expected to be 302 million yuan, 392 million yuan, and 487 million yuan respectively [3][5]. - The price-to-earnings (P/E) ratios are forecasted to be 32.2x for 2025, 24.8x for 2026, and 20.0x for 2027, indicating a potential for valuation improvement as earnings grow [3][5]. Market Position and Strategy - The company is concentrating resources on developing high-end analytical instruments, with a focus on increasing market share and accelerating the localization of high-end analysis equipment [3]. - The report highlights the company's leading product strength in the industry and anticipates an increase in market share due to the ongoing transformation towards high-value sectors [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a projected PE of 13 times for 2025 [7]. Core Views - The company demonstrated resilience in brand development, with a revenue increase of 9% year-on-year in H1 2025, despite a 14% decline in net profit [1]. - E-commerce performance is leading the industry, with a significant revenue growth of 72% in H1 2025, contributing to a high gross margin of 78% [3]. - The company is actively expanding its offline store presence, with a net addition of over 30 stores in H1 2025, indicating a robust growth strategy [3]. Financial Performance - In H1 2025, the company's revenue reached 2.1 billion yuan, while net profit was 410 million yuan, reflecting a decline in profitability due to increased costs [1]. - For Q2 2025, revenue was 820 million yuan, up 22% year-on-year, but net profit fell by 29% to 80 million yuan, indicating pressure on margins [2]. - The gross margin for Q2 2025 decreased by 4.6 percentage points to 76.7%, with net margin dropping by 7.4 percentage points to 10.1% [2]. Business Segments - E-commerce sales in H1 2025 were 2.14 billion yuan, with a year-on-year growth of 72%, while offline direct sales grew by 11% [3]. - The company is enhancing its brand appeal through collaborations with high-profile IPs and expanding its product range to meet diverse consumer needs [4]. Cash Flow and Inventory - As of H1 2025, the company had a strong cash position with 2.47 billion yuan in cash and financial assets, supporting its business expansion [5]. - The company is actively managing inventory levels, with a year-on-year increase in stock to support its growth strategy [5]. Future Outlook - The company expects continued revenue growth of over 10% for the full year 2025, driven by its main brand and ongoing expansion efforts [5]. - Projected net profits for 2025 to 2027 are estimated at 707 million, 797 million, and 890 million yuan, respectively, indicating a recovery in profitability [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company continues to benefit from cost advantages due to declining raw material prices, particularly for green vegetables, which has positively impacted gross margins [3][4]. - The company is focusing on expanding its product categories and channels, supported by an acquisition of a 51% stake in Sichuan Weizimei Food Technology Co., Ltd., which will enhance its product offerings in compound seasonings and pre-prepared dishes [3][4]. - The report forecasts a steady growth in net profit for the years 2025 to 2027, with expected increases of 3.3%, 10.8%, and 11.3%, reaching 0.83 billion, 0.92 billion, and 1.02 billion respectively [4]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.313 billion, a year-on-year increase of 0.51%, and a net profit of 441 million, a decrease of 1.66% [1]. - The second quarter of 2025 saw revenue of 600 million, up 7.59% year-on-year, while net profit decreased by 4.59% to 168 million [1][3]. - The gross margin for Q2 2025 was reported at 52.00%, an increase of 2.82 percentage points year-on-year [3]. Product and Regional Performance - Revenue by product category for the first half of 2025 was as follows: pickled vegetables (1.123 billion, +0.45%), radishes (33 million, +38.35%), pickled cabbage (119 million, -8.37%), and others (37 million, +9.30%) [2]. - Regional revenue performance showed growth in Central China (+7.8%) and exports (+6.9%), while other regions experienced declines [2]. Dealer Network - As of the end of the first half of 2025, the company had 2,446 dealers, a net decrease of 186 compared to the end of 2024, due to the company's initiative to optimize its dealer network [2].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown strong recovery as a market leader, with impressive performance in its financial results for the first half of 2025, achieving a revenue of 25.622 billion RMB, a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 7.622 billion RMB, up 22.1% year-on-year [1][3] - The packaging water business is gradually recovering from previous public sentiment issues, with revenue of 9.443 billion RMB, a 10.7% increase year-on-year, and a net profit of 3.347 billion RMB, reflecting a 22.0% growth [1][3] - The beverage segment, particularly tea and juice, has shown remarkable growth, with revenues of 10.089 billion RMB and 2.898 billion RMB, respectively, marking increases of 19.7% and 13.6% year-on-year [2][3] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 60.3%, an increase of 1.55 percentage points year-on-year, primarily due to lower costs of PET, cartons, and sugar [3] - The company’s selling expenses decreased, leading to a net profit margin of 29.7%, up 1.61 percentage points year-on-year [3] - The projected net profit for 2025-2027 is expected to grow by 20.4%, 16.7%, and 15.7%, reaching 14.6 billion RMB, 17.0 billion RMB, and 19.7 billion RMB, respectively [3] Business Segment Analysis - The packaging water segment is expected to continue its recovery, supported by the company's strong brand and market influence [3] - The beverage segment is focused on innovation and the development of major products, contributing to overall industry growth [3] - The company plans to explore overseas markets to create new growth opportunities [3]