Investment Rating - The investment rating for the company is "Accumulate" with a target price of 66.75 CNY per share [6]. Core Views - The company has shown significant improvement in its performance in the first half of 2025, with a notable reduction in losses. The demand for smart education is recovering, and the AI consumer business is expanding, indicating a positive long-term growth outlook for the company [2][12]. Financial Summary - Total revenue for 2023 is projected at 19.65 billion CNY, with a year-on-year growth of 4.4%. Revenue is expected to reach 28.06 billion CNY in 2025, reflecting a growth rate of 20.2% [4]. - The net profit attributable to the parent company is forecasted to be 845 million CNY in 2025, a significant increase of 50.8% compared to 2024 [4]. - The earnings per share (EPS) is expected to rise to 0.37 CNY in 2025, with a projected return on equity (ROE) of 4.6% [4][13]. Revenue Breakdown - The revenue from the smart education segment is expected to reach 72.29 billion CNY in 2024, growing by 24% year-on-year, and maintaining a gross margin of 55% [14]. - The enterprise AI solutions segment has shown remarkable growth, with revenue expected to increase by 349.92% year-on-year, reaching 4.39 billion CNY [12][14]. - The overall revenue forecast for the company is 280.56 billion CNY in 2025, with a year-on-year growth of 20% [14].

业务结构调整，展望资产良性循环 外高桥(600648) 股票研究 /[Table_Date] 2025.09.05 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，公司增收但未增利，毛利率小幅下滑；增发顺利完成，正加速推进不动产 ABS 发行，有助于进一步盘活存量资产。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...

2025/9/5 姓名:王政之(分析师) 邮箱: wangzhengzhi@gtht.com 电话:021-38674944 证书编号: S0880517060002 名:施怡昀(分析师) 邮箱:shiyiyun@gtht.com 电话:021-38032690 证书编号:S0880522060002 姓名:王思琪(分析师) 邮箱:wangsiqi3@gtht.com 电话:021-38038671 证书编号: S0880524080007 证券研究报告 IPO月度数据 (2025年8月) 数据来源：Wind，国泰海通证券研究。注：数据截至2025.8.31。 摘要 2 发行上市节奏：2025年8月，A股沪深北三市上市新股共计8只、首发募资总额40.93亿元。当月沪深仅上市3只新股， 且平均募资规模较小，单月募资额环比7月大幅下滑。同比上年8月，当月上市家数基本持平、募资额下滑23%； 2025年1-8月，上市新股数量合计67家、募资总额656.13亿元，相较2024年同期分别提升14%和55%，全年新股上 市节奏相比上年同整体期提速，年内大项目上市带动募资额明显提升。 首日涨幅表现：2025年8月，沪深市场 ...

产销恢复增长，业绩下滑主要受到煤炭售价下行影响 华阳股份(600348) 华阳股份 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 | 本报告导读： 2025H1 产销恢复增长，业绩下滑主要受到煤炭售价下行影响，Q2 成本环比下降， 毛利环比恢复，对冲煤价下跌影响，预计 Q3 伴随煤价回升，业绩压力将得到缓解。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 28,518 | 25,060 | 21,367 | 23,694 | 24,788 | | (+ ...

Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

景气度分化，关注细分赛道投资机会 [Table_Industry] 耐用消费品 轻工制造 2025 年中报业绩综述 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | | 王文杰(分析师) | 021-23185637 | wangwenjie4@gtht.com | S0880525040070 | 本报告导读： 板块景气度明显分化，建议关注景气度上行板块投资机会。 投资要点： [Table_Report] 相关报告 耐用消费品《新型烟草行业增长提速，新品市场 表现可期》2025.08.05 耐用消费品《AI 眼镜新品百花齐放，产品加速破 圈》 ...

军工[Table_Industry] /可选消费品 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格(元): | 50.42 | 国之重器长坡厚雪，产品龙头军民市场广阔 航发动力(600893) 航发动力公司首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭磊(分析师) | 010-83939806 | penglei2@gtht.com | S0880518100003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 公司为航发集团旗下四大主机厂上市平台，拥有国内最全发动机产品谱系。受益于 下游军、民市场需求高景气，公司业绩有望持续迎来高增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | -- ...

股 票 研 究 毛利率提升现金流改善，投建营业务取得新突破 中工国际(002051) 中工国际 2025 半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 中工国际 2025H1 归母净利润同比下降 34.9%，其中 Q1/Q2 同比 12.17/-70.39%。 2025H1 应收账款下降，经营现金流显著改善，新签合同增长 33%。 投资要点： 建筑工程业 [Table_Industry] /工业 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Targe ...

板块租金短期承压，核心资产静待复苏 中国国贸(600007) 中国国贸中报点评 | [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 | | 陈昭颖(研究助理) | 021-23183953 | chenzhaoying@gtht.com | S0880125042226 | 本报告导读： 我们预计公司 2025-2026 年 EPS 分别为 1.29 元、1.34 元，给予公司 2025 年 20XPE， 目标价为 25.78 元，维持公司"增持"评级。 投资要点： 股票研究 /[Table_Date] 2025.09.03 [Table_Industry] 房地产/金融 [Table_Market] 交易数据 | 52 周内股价区间(元) | 20.40-27.59 | | --- ...

改革成果落地，尚界首款车型值得期待 上汽集团(600104) 上汽集团 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 管正月(分析师) | 021-38032026 | guanzhengyue@gtht.com | S0880521030003 | 本报告导读： [Table_Market] 交易数据 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 24.34 | | 52 周内股价区间(元) | 11.55-21.04 | | --- | --- | | 总市值(百万元) | 217,836 | | 总股本/流通A股(百万股) | 11,495/11,495 | | 流通 B 股/H 股(百万股) | 0/0 | [Table_Balance] 资产负债表摘要(LF) 投资要点 ...