Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a target price of 20 yuan over the next six months [6]. Core Insights - The company reported a robust performance in Q2 2025, with a year-on-year revenue increase of 5.31% to 1.317 billion yuan and a net profit increase of 6.58% to 221 million yuan [2][3]. - The core design business saw a slight revenue growth of 0.93% year-on-year, while the engineering contracting business experienced significant growth of 73.98%, increasing its revenue share to 16.07% [2]. - The company is focusing on expanding its business into energy-saving renovations and has begun to explore the integration of low-altitude economy with rail transit projects [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.317 billion yuan, with Q2 showing a remarkable growth of 15.76% compared to Q1, which had a decline of 5.60% [2]. - The gross profit margin for H1 2025 was 36.74%, with the main design business margin increasing to 41.68% [3]. - Operating cash flow improved, with a net outflow of 521 million yuan, which is a reduction of 75 million yuan compared to the previous year [3]. Business Development - The company is recognized as a leading urban rail transit design firm in A-shares, with strong competitive advantages and resilience in operations [4]. - It is actively pursuing new business lines, including low-altitude economy services, which encompass various areas such as aerial photography and data services [4]. Future Projections - The company is expected to achieve revenues of 3.008 billion yuan, 3.266 billion yuan, and 3.519 billion yuan from 2025 to 2027, with corresponding net profits of 543 million yuan, 598 million yuan, and 652 million yuan [11][12]. - The projected PE ratios for the next three years are 12.0, 10.9, and 10.0, indicating a favorable valuation outlook [10].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.78 CNY over the next six months [5][9]. Core Insights - The company has shown improvement in its Q2 2025 performance, with a revenue of 4.91 billion CNY, reflecting a year-on-year growth of 8.72%. The net profit for Q2 2025 was 0.04 billion CNY, marking a significant increase of 103.17% year-on-year [1][2]. - The strategic focus is shifting towards the "Intelligent Computing Cloud" business, which is expected to drive new growth for the company. This includes the launch of integrated hardware and cloud platforms that combine security and computing capabilities [3][4]. Revenue and Cost Management - In Q2 2025, the company's revenue from the cybersecurity business was 7.18 billion CNY, a decline of 6.41% year-on-year, while the Intelligent Computing Cloud business generated 1.02 billion CNY, growing by 3.00% year-on-year [2]. - The company effectively controlled its expenses, with total R&D, management, and sales expenses decreasing by 14.04% year-on-year to 7.84 billion CNY, contributing to a significant reduction in losses [2]. Future Growth Potential - The company is positioning itself to leverage the trends in AI and computing power demand, aiming to establish a second growth curve through its Intelligent Computing Cloud initiatives [3][4]. - Revenue projections for the company are expected to improve, with estimates of 3.01 billion CNY in 2025, 3.30 billion CNY in 2026, and 3.64 billion CNY in 2027 [9][10].

2025 年 08 月 26 日 比依股份(603215.SH) Q2 收入增长向好，盈利能力短期承压 事件：比依股份公布 2025 年半年度公告。公司 2025H1 实现收 入 11.6 亿元，YoY+34.5%；实现归母净利润 0.5 亿元，YoY-21.0%。 经折算，Q2 单季度实现收入 6.3 亿元，YoY+16.1%；实现归母净 利润 0.4 亿元，YoY-33.1%。展望后续，随着公司持续深耕老客户 及拓展新客户，收入有望保持快速增长。 Q2 公司收入实现较快增长：为了应对美国关税政策的风险，公 司一方面快速推进泰国厂区投产落地，另一方面抓住关税缓冲期 充分发挥交付优势。我们判断 2025Q2 公司空气炸锅收入实现稳健 增长。根据公司公告，公司重点研发项目咖啡机已进一步获得客 户订单和项目合作意向，尤其是全自动机型获得 SharkNinja 的意 向订单。我们分析 2025Q2 公司咖啡机收入快速增长。 Q2 盈利能力同比下降：Q2 公司归母净利率同比-4.5pct。Q2 公 司净利率下降主要原因包括：1）受小家电代工行业竞争较为激烈、 毛利率较低的咖啡机收入占比提升等因素影响，Q2 公司整体毛 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 32.4 yuan over the next six months [9]. Core Views - The company has shown stable revenue growth, with a 7.87% year-on-year increase in revenue to 2.747 billion yuan in the first half of 2025, and a slight increase in net profit of 0.24% to 605 million yuan [2]. - The aerospace composite materials segment has experienced stable growth, with a 7.89% increase in revenue to 2.717 billion yuan, driven by the delivery of prepreg products [3]. - The company is focusing on research and development, with a total R&D investment of 102 million yuan in the first half of 2025, leading to breakthroughs in aerospace composite materials and civil aviation products [4]. - The company is expanding into the low-altitude economy, with subsidiaries focusing on eVTOL and drone markets, and has completed several key projects related to composite materials [5]. Financial Summary - The company is expected to achieve net profits of 1.3 billion yuan, 1.5 billion yuan, and 1.7 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 16.1%, and 11% [6]. - The average PE ratio for comparable companies is projected to be 36 and 30 times for 2025 and 2026, respectively, while the company is given a PE of 36 times for 2025 [6]. - The company's revenue is forecasted to grow from 4.78 billion yuan in 2023 to 5.93 billion yuan in 2025, reflecting a growth rate of 16.9% [15].

2025 年 08 月 26 日 清溢光电(688138.SH) 平板显示领域：AMOLED/HTM 产能提升，佛山基地下半年试生产 25H1 实现收入 4.92 亿元，同比+12.27%。公司持续提升 8.6 代 a-Si、 6 代 AMOLED 及 LTPS 显示核心技术能力，通过智能制造和研发投入扩 大中高端市场份额。产能方面，合肥工厂 AMOLED、LTPS 及 Micro LED 掩膜版产能和工艺提升，HTM 产品量产能力增强，并规划新增 PSM 掩 膜版生产能力；佛山生产基地已封顶并搬入首批设备，计划于 25H2 实现平板显示配套掩膜版生产线试生产；深圳工厂提升 FMM OLED 大 尺寸和 HTM 掩膜版工艺技术能力。 半导体领域：180nm 批量交付，AOI 设备 Q3 投产驱动产能提升 2）25Q2 公司实现营业收入 3.23 亿元，同比+11.91%；实现归母净利 润 0.4 亿元，同比+2.49%；实现扣非后归母净利润 0.36 亿元，同比 -0.75%。 营收稳健增长，汇兑损益拖累利润表现 1）公司收入实现稳健增长，归母净利润同比增幅较小，主要受财务 费用大幅增加所致。25H1 公司财 ...

国投证券宏观定期报告 周度经济观察 ————内外因素共振，市场上涨或未完 袁方1张端怡2 魏薇（联系人）3 2025 年 08 月 26 日 内容提要 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2宏观分析师，zhangdy2@essence.com.cn，S1450525060002 3联系人，weiwei2@essence.com.cn，S1450123100017 第 1页，共 11页 2025 年 8 月 国投证券宏观定期报告 一、外需拉动财政收支改善 在权益市场上涨的过程中，通过宏观基本面的因素来推断市场是否超涨是 极其困难的，或许成交量、融资融券水平、散户进场速度有助于我们把握市场的 热度。就目前的情况来看，我们倾向于认为市场尚未达到难以维持的水平。 推动市场上涨的宏观因素当前仍然在维持甚至强化。比如金融体系的主动 信贷创造、散户和机构从安全资产向风险资产的切换、弱美元环境下资金的溢出 以及海外市场牛市的延续。 近期鲍威尔在全球央行年会上发言的鸽派程度远超市场预期，他更为关注 劳动力市 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 84.5 HKD for the next 6 months [7]. Core Insights - The company reported excellent mid-year performance for 2025, achieving a revenue of 24.25 billion RMB, a year-on-year increase of 174.0%, and a net profit of 30 million RMB, with an adjusted net profit of 330 million RMB, marking a turnaround from losses [1]. - In Q2 2025, the company achieved a revenue of 14.23 billion RMB, reflecting a year-on-year growth of 165.5% and a quarter-on-quarter increase of 42.0%, driven by new vehicle launches and strategic partnerships [2]. - The company demonstrated further scale effects with a gross margin of 13.6% in Q2 2025, an increase of 10.8 percentage points year-on-year, while optimizing its expense ratios across sales, management, and R&D [3]. - The company is accelerating its global expansion, having exported 20,000 vehicles in H1 2025, leading the new energy vehicle sector, and localizing production in Malaysia [4]. Financial Projections - Revenue projections for the company from 2025 to 2027 are 64.67 billion RMB, 103.79 billion RMB, and 129.74 billion RMB, respectively, with corresponding price-to-sales ratios of 1.4, 0.9, and 0.7 [4]. - The company is expected to achieve a net profit of 886 million RMB in 2025, with a projected net profit margin of 1.4% [10]. - The earnings per share (EPS) is forecasted to be 0.66 RMB in 2025, increasing to 4.89 RMB by 2027 [10].

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 27.98 CNY for the next six months [6][3]. Core Views - Hisense Visual reported a revenue of 27.23 billion CNY for H1 2025, representing a year-over-year increase of 7.0%, and a net profit of 1.06 billion CNY, up 26.6% YoY. In Q2 alone, revenue reached 13.86 billion CNY, with a YoY growth of 8.6%, and net profit of 500 million CNY, reflecting a 36.7% increase YoY [1][2]. - The company benefits from the domestic "old-for-new" policy, which stimulates demand in the television industry. Hisense, as a leading player, has seen a 24% YoY increase in domestic television retail sales in Q2 2025 [2]. - The company's gross profit margin improved by 1.4 percentage points YoY in Q2, driven by the sales of mid-to-high-end products like Mini LED TVs and supply chain optimization [2]. Financial Performance Summary - For 2025, the expected earnings per share (EPS) are projected to be 2.15 CNY, with net profits forecasted at 2.81 billion CNY, reflecting a growth rate of 25.0% [3][4]. - The company’s revenue is expected to grow from 53.62 billion CNY in 2023 to 73.06 billion CNY by 2027, indicating a steady growth trajectory [4][13]. - The net profit margin is projected to improve from 3.9% in 2023 to 4.7% in 2027, showcasing enhanced profitability [9][13].

2）25Q2 公司实现营业收入 10.65 亿元，同比增加 17.93%；归母净利 润 0.06 亿元，同比减少 87.98%。 2025 年 08 月 26 日 甬矽电子(688362.SH) 客户拓展与技术创新双轮驱动，25H1 盈利能力持续改善 事件：8 月 25 日公司发布 2025 年半年度报告 1）25H1 公司实现营业收入 20.10 亿元，同比增加 23.37%；归母净利 润 0.30 亿元，同比增加 150.45%。 客户突破驱动增长，规模效应带动费用率下降 1）得益于海外大客户突破及原有核心客户群高速成长，25H1 公司实 现营收快速增长。报告期内，公司共有 13 家客户销售额超过 5000 万 元，其中 4 家客户销售额超过 1 亿元，客户结构进一步优化；海外大 客户取得较大突破，前五大客户中两家中国台湾地区行业龙头设计公 司的订单持续增长。此外，公司重点打造的"Bumping+CP+FC+FT"一 站式交付能力不断提升，量产规模稳步爬升，贡献了新的营收增长点。 2）利润端：随着营收规模的增长，规模效应逐渐体现，公司期间费 用率下降明显，盈利能力显著提升。25H1 公司整体毛利率为 15 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 12-month target price of 53.29 CNY [6]. Core Views - The company has shown a strong revenue recovery, achieving 201 million CNY in revenue for H1 2025, a year-on-year increase of 180.16%. The net profit attributable to shareholders reached 57 million CNY, compared to a loss of 24 million CNY in the same period last year [1]. - The company is experiencing a rapid recovery in downstream demand, with significant increases in projects and orders. The gross margin for H1 2025 was 68.04%, up 13.35 percentage points year-on-year, and the net margin was 28.15%, compared to -33.81% in the same period last year [1]. - The company is focusing on R&D, with a 45% increase in R&D expenditure to 53 million CNY in H1 2025, aligning with trends in miniaturization, lightweight, high integration, and low-cost equipment [2]. Financial Summary - The company is projected to achieve net profits of 115 million CNY, 171 million CNY, and 232 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 48.3% and 36.2% in the following years [3]. - The company’s revenue is expected to grow from 426 million CNY in 2025 to 737 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 29.2% [9]. - The company’s accounts receivable increased by 25% to 615 million CNY, primarily due to the growth in business scale [2].