股 票 研 究 25H1 减值拖累业绩，光伏玻璃价格开始回暖 福莱特(601865) 福莱特公司 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 徐柏乔(分析师) | 021-23183820 | xubaiqiao@gtht.com | S0880525040113 | | 罗青(分析师) | 021-23185966 | luoqing2@gtht.com | S0880525070002 | 本报告导读： 公司短期受光伏行业下行拖累业绩，但凭借技术迭代深化市场竞争力，加之光伏玻 璃行业回暖，长期增长动能明确。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 21,524 | ...

股票研究 /[Table_Date] 2025.09.05 增利润，降负债，提分红 [Table_Industry] 畜牧业 ——生猪养殖板块 2025 年中报总结 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | | 蔡子慕(分析师) | 021-23183965 | caizimu@gtht.com | S0880525070015 | 本报告导读： [Table_Report] 相关报告 畜牧业《高盈利而增产慢，看好周期持续性》 2024.08.28 畜牧业《强现实弱预期，周期位置与估值水位错 配》2024.07.22 畜牧业《产能继续下 ...

制冷多点开花，汽零环比改善 三花智控(002050) 本报告导读： 公司发布 2025H1 财报，Q2 业绩维持高增速，制冷部件持续高增，汽零业务逐步改 善，盈利能力改善明显。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 24,558 | 27,947 | 32,375 | 37,019 | 41,978 | | (+/-)% | 15.0% | 13.8% | 15.8% | 14.3% | 13.4% | | 净利润(归母) | 2,921 | 3,099 | 3,856 | 4,514 | 5,201 | | (+/-)% | 13.5% | 6.1% | 24.4% | 17.1% | 15.2% | | 每股净收益(元) | 0.69 | 0.74 | 0.92 | 1.07 | 1.24 | | 净资产收益率(%) | 16.3% | 16.1% | 12.8% | 13.7% | 14.4% | ...

Economic Trends - Indonesia's exports grew by 11.3% in July, maintaining high growth levels, while imports fell by -5.3%, resulting in a trade surplus of over $4.1 billion[7] - Thailand's retail sales averaged a growth rate of 31.3% over the past five months, despite a slight decline in production in July[12] - Vietnam attracted $11.72 billion in foreign direct investment (FDI) in the first half of the year, marking an 8.1% increase, the highest level for the same period in five years[22] - Malaysia's exports rebounded in July with a growth rate of 6.8%, significantly improving from the previous two months[23] Policy Developments - Indonesia launched the world's largest village-level solar energy project, aiming for a total installed capacity of 100GW over five years[28] - Thailand relaxed electric vehicle policy conditions, leading to a 52% year-on-year increase in new electric vehicle registrations in the first half of 2025[29] - Vietnam abolished its long-standing gold monopoly, allowing commercial banks and qualified enterprises to trade gold freely[31] - Malaysia introduced its first AI processing chip, the MARS1000, to compete in the global AI component market[32] Geopolitical Relations - Thailand's trade promotion department implemented measures to counteract the 19% tariffs imposed by the U.S., including low-interest loans and market expansion initiatives[33] Risk Factors - The report highlights geopolitical risks and economic downturn risks as potential challenges for the Southeast Asian markets[34]

| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 30,554 | 28,403 | 27,006 | 28,045 | 28,981 | | (+/-)% | -16.0% | -7.0% | -4.9% | 3.8% | 3.3% | | 净利润(归母) | 2,904 | 1,847 | 2,054 | 2,244 | 2,491 | | (+/-)% | -38.6% | -36.4% | 11.2% | 9.3% | 11.0% | | 每股净收益(元) | 1.04 | 0.66 | 0.73 | 0.80 | 0.89 | | 净资产收益率(%) | 13.7% | 8.8% | 9.6% | 10.2% | 11.1% | | 市盈率(现价&最新股本摊薄) | 9.76 | 15.35 | 13.81 | 12.64 | 11.38 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 下行周期 ...

橱衣柜收入降幅收窄，盈利水平逆势提升 欧派家居(603833) 欧派家居 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | 本报告导读： 25Q2 公司核心业务橱衣柜收入降幅收窄；降本控费能力突出，毛利率及扣非后利润 率有效改善。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 22,782 | 18,925 | 19,029 | 20,233 | 21,086 | | (+/-)% | 1.3% | -16.9% | 0.6% | 6.3% | 4.2% ...

预计 H1 业绩下滑主因在于价格，反内卷政策下 H2 焦煤价格有望 企稳 山西焦煤(000983) 山西焦煤半年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 王楠瑀(分析师) | 021-38032030 | wangnanyu@gtht.com | S0880525070029 | 本报告导读： 预计 H1 业绩下滑主因在于价格，反内卷政策下 H2焦煤价格有望企稳。公司焦煤资 源优质，预计未来价格有望持续领跑行业。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 55,523 | 45,290 | 38,382 | 41,005 | 43,344 | | (+/-)% | -14.8% ...

H1 产量明显回复，Q2 销量环比大幅提升 山煤国际(600546) 山煤国际 2025 年中报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 王楠瑀(分析师) | 021-38032030 | wangnanyu@gtht.com | S0880525070029 | | 52 周内股价区间(元) | 8.56-13.96 | | --- | --- | | 总市值(百万元) | 19,151 | | 总股本/流通A股(百万股) | 1,982/1,982 | | 流通 B 股/H 股(百万股) | 0/0 | 本报告导读： 2025H1 产量明显回复，Q2 销量环比恢复明显；公司优化成本管控，2025H1成本同 比环比均大幅下滑，我们预计公司 H2 产销量情况及业绩情况有望继续恢复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | ...

股票研究 /[Table_Date] 2025.09.05 多元业务齐头并举，机器人股权投资步入收获期 首开股份(600376) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 黄可意(分析师) | 010-83939815 | huangkeyi@gtht.com | S0880525070021 | 本报告导读： 2025H1，公司利润层面仍然承压，出现业绩亏损；销售规模同比下滑，拿地保持谨 慎；经营业务和创新业务稳定推进，展望多元业务协同发展。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

深耕银发经济，25Q2 经营显著改善 可靠股份(301009) 可靠股份 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | 本报告导读： 在人口老龄化带来的政策与需求双轮驱动下，公司通过产品创新推动成人失禁用品 产销增长；同时参与各项标准制定，推动行业发展。 投资要点： | 风险提示。产品拓展不及预期；核心客户流失风险 | | --- | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,081 | 1,079 | 1,136 | 1,180 | 1,210 | | ...