证券研究报告 | 2025年09月09日 银行业专题报告——金融科技系列 优于大市 FICO：信用评分机构到数字决策管理服务商 公司概况：全球信用评分与决策管理领域的标杆企业。公司成立于 1956 年， 初衷是通过数据分析助力企业优化业务决策。旗下主力产品 FICO Score 自 1989 年开发至今，已成为美国信贷信贷决策的行业标准，美国主要贷款机构 中 90%都将 FICO 评分作为审核的重要依据。同时，FICO 积极拓展业务至决 策管理领域，提供包括账户管理、反欺诈、催收等众多业务场景决策引擎， 每个决策引擎都包含数量庞杂的算法，充分体现了 FICO 的数据分析和预测 能力。公司业务覆盖全球 100 多个国家和地区，2024 财年实现总收入 17.2 亿美元，净利润 5.1 亿美元。其中，Score 业务收入占比为 53.5%。 软件业务：围绕决策管理与预测性分析构建，2022 年以来平台化战略进一 步强化其核心壁垒。2024 财年软件业务实现营收 7.98 亿美元，营业利润 2.58 亿美元，营业利润率 32.3%。FICO 软件产品形态包括预配置行业解 决方案和模块化软件产品两类。2022 年以来 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company achieved a revenue of 1.57 billion yuan in H1 2025, representing a year-on-year growth of 67.1% [1][8] - The net profit for H1 2025 was -5.23 billion yuan, with an adjusted operating loss of -1.11 billion yuan [1][8] - The automotive solutions revenue reached 1.516 billion yuan, up 66.1% year-on-year, driven by a 250% increase in automotive product solutions revenue [1][9] - The company has a strong order backlog for its Journey 6 series chips, with over 20 mainstream OEMs having adopted the technology [3][30] Revenue and Profitability - The gross margin for H1 2025 was 65.36%, a decrease of 13.7 percentage points year-on-year, while the net margin improved by 209.6% [2][16] - The automotive product solutions gross margin was 45.6%, up 3.9 percentage points year-on-year [2][17] - The company’s three expense ratios decreased by 15% year-on-year, indicating improved operational efficiency [2][23] Product and Market Position - The company delivered 1.98 million sets of automotive-grade Journey series hardware in H1 2025, doubling the previous year's volume [2][28] - The company has secured nearly 400 new model approvals, with over 100 models featuring highway-assisted driving capabilities [2][28] - The Journey 6 series chips are expected to support over 100 smart models, with significant international expansion efforts underway [3][30] Financial Forecast - Revenue projections for 2025-2027 are estimated at 3.39 billion, 5.34 billion, and 7.45 billion yuan respectively, with net profits expected to improve from -1.87 billion to 790 million yuan [4]

Investment Rating - The investment rating for BYD Electronics is "Outperform the Market" [6]. Core Views - The company's profitability is improving quarter by quarter, with steady revenue growth. In 1H25, BYD Electronics achieved revenue of 80.61 billion yuan (YoY +2.6%) and a net profit of 1.73 billion yuan (YoY +14.0%) [1]. - The company is expanding its AI server business across multiple segments, with a focus on assembly, liquid cooling, and power supply solutions [3]. - BYD's overseas sales of new energy vehicles have exceeded expectations, with a significant increase in unit value, surpassing 5,000 yuan per vehicle [2]. Summary by Sections Financial Performance - In 1H25, the company reported revenue of 80.61 billion yuan, with a net profit of 1.73 billion yuan and a gross margin of 6.88% [1]. - For 2Q25, revenue reached 43.73 billion yuan (YoY +3.9%, QoQ +18.6%) and net profit was 1.11 billion yuan (YoY +22.1%, QoQ +78.1%) [1]. - The company's new energy vehicle business generated revenue of 12.45 billion yuan in 1H25, accounting for 15.45% of total revenue [2]. Market Trends - The global AI data center market is expected to exceed $236.4 billion by 2025, with liquid cooling technology projected to grow by 88% to $4.9 billion [3]. - BYD Electronics is leveraging its parent company, BYD, to enhance its product offerings in high-value segments such as intelligent driving and thermal management systems [2]. Profitability Forecast - The profit forecast for BYD Electronics has been adjusted downward, with expected net profits of 4.7 billion yuan, 6.3 billion yuan, and 7.8 billion yuan for the years 2025, 2026, and 2027 respectively [4]. - The corresponding price-to-earnings ratios are projected to be 21, 15, and 12 times for the same years [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a total revenue of 34.55 billion yuan in 1H25, representing a year-on-year increase of 20.58%. The net profit attributable to the parent company was 6.01 billion yuan, up 41.55% year-on-year [1] - The automotive electronics sector continues to grow rapidly, with the company being recognized among the top 50 automotive chip manufacturers and gaining certifications from several international Tier 1 clients [2] - The overseas business saw a significant increase of 35% year-on-year, with revenue reaching 8.34 billion yuan in 1H25, accounting for approximately 24% of total revenue [3] - The company is expanding its product offerings in the SiC (Silicon Carbide) sector, with a completed share buyback plan of 40.98 million yuan and a proposed dividend of 4.2 yuan per 10 shares [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 18.76 billion yuan, a year-on-year increase of 22.02% and a quarter-on-quarter increase of 18.79%. The net profit for the quarter was 3.28 billion yuan, reflecting a year-on-year growth of 34.4% and a quarter-on-quarter growth of 20.3% [1] - The gross margin improved to 33.1%, with a year-on-year increase of 1.78 percentage points [1] Business Growth - The automotive electronics segment is experiencing robust growth, driven by policies promoting the replacement of old products and a recovery in industrial demand. The company has established a fully automated production line for automotive power modules [2] - The overseas market is expanding, with the company's MCC brand products targeting the European and American markets through a combination of online and offline sales channels [3] Future Outlook - The company is expected to achieve net profits of 1.24 billion yuan, 1.45 billion yuan, and 1.70 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 28, 24, and 20 [4] - The gross margin is anticipated to gradually increase as the share of overseas business rises and production capacity in Vietnam is released [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved significant revenue growth in the first half of 2025, with a revenue of 3.226 billion yuan, up 80.41% year-on-year, but faced a decline in profitability due to a decrease in gross margin [1][7] - The wind power industry's high demand contributed to the revenue increase, while low-margin pig iron exports impacted profitability [1][19] - The company is actively enhancing its product delivery capabilities through the construction of an "integrated delivery" supply chain [20] Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit of 284 million yuan, down 32.74% year-on-year, while the non-recurring net profit was 259 million yuan, up 69.98% [1][7] - The gross margin for the first half of 2025 was 15.74%, a decrease of 3.40 percentage points year-on-year, and the net margin was 8.52%, down 15.05 percentage points year-on-year [1][7] - In Q2 2025, the company achieved a revenue of 1.925 billion yuan, up 76.58% year-on-year and 48.03% quarter-on-quarter [19] Product Segmentation - The company’s ductile iron products generated a revenue of 2.823 billion yuan, up 66.00% year-on-year, with a gross margin of 17.38%, down 1.90 percentage points [2][19] - The mold products saw a revenue increase of 530.20% year-on-year, reaching 54 million yuan, but with a significant drop in gross margin [2][19] - The company is making progress in the nuclear power and alloy steel sectors, successfully developing special materials for casting products [20] Capacity and Strategy - As of the first half of 2025, the company has established a casting capacity of 700,000 tons and precision processing capacity of 420,000 tons [20] - The company is focusing on enhancing its product structure and has developed capabilities for batch delivery in the nuclear power sector [20] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits of 677 million yuan, 937 million yuan, and 1.212 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 9%, 39%, and 29% [3][21]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][27] Core Views - The company has experienced steady growth in wind turbine sales and has made significant breakthroughs in overseas orders, with a total of over 2GW of new overseas orders as of the mid-year report [3][19] - The company has adjusted its profit forecasts for 2025-2026 down to 2.13 billion and 2.68 billion yuan respectively, while introducing a new profit forecast for 2027 at 3.5 billion yuan, reflecting a year-on-year growth of 17.6% [22][23] Financial Performance - In the first half of 2025, the company achieved an operating income of 8.59 billion yuan, a year-on-year increase of 63%, while the net profit attributable to shareholders was 210 million yuan, a decrease of 52% [8][19] - The comprehensive gross margin was 10.6%, down 5.4 percentage points year-on-year, while the net profit margin was 10.3%, up 2.1 percentage points year-on-year [8][19] Revenue Breakdown - The revenue from wind turbine sales, power station products, power generation business, and wind power services in the first half of 2025 was 6.41 billion, 1.83 billion, 0.83 billion, and 0.18 billion yuan respectively, with year-on-year growth rates of 30%, not comparable, -36%, and 26% [2][19] - The company sold 4.72GW of wind turbines in the first half of 2025, a year-on-year increase of 44%, with an average selling price of 1358 yuan/KW, down 132 yuan/KW year-on-year [2][19] Order Status - As of the end of the second quarter, the company had over 28GW of orders on hand, with new overseas orders of 1GW and new domestic offshore wind orders of 450MW in the first half of 2025 [2][19] Market Expansion - The company has been actively expanding its overseas market presence, with significant orders received in the Asia-Pacific, Latin America, and Europe regions, enhancing its brand influence internationally [3][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][21] Core Views - The company's industrial power supply business revenue has increased, benefiting from the recovery in downstream manufacturing and industrial sectors, as well as accelerated domestic data center construction. The industrial power supply business achieved revenue of 280 million yuan in the first half of 2025, a year-on-year increase of 12%, with a gross margin of 58.7% [2][4] - The company's energy storage business is under short-term pressure, with revenue of 284 million yuan in the first half of 2025, a year-on-year decrease of 39%. The company is actively expanding into emerging markets such as North Africa, the Middle East, and South America, which is expected to stabilize the energy storage business [2][4] - The charging pile business has maintained steady growth, achieving revenue of 632 million yuan in the first half of 2025, a year-on-year increase of 14%. The company is expanding its presence in both domestic and overseas markets [3][4] Financial Performance Summary - In Q2 2025, the company achieved a net profit attributable to shareholders of 85 million yuan, a year-on-year decrease of 27%, but a quarter-on-quarter increase of 16%. The gross margin for Q2 2025 was 38.5%, down 1 percentage point year-on-year [1][9] - For the first half of 2025, the company reported total revenue of 1.36 billion yuan, a year-on-year decrease of 4.8%, and a net profit of 158 million yuan, a year-on-year decrease of 12.9% [1][9] - The company has adjusted its profit forecast for 2025-2027 to 465 million, 533 million, and 613 million yuan, respectively, reflecting a year-on-year growth of 8.3%, 14.7%, and 15% [4][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has achieved a steady growth in performance, with a net profit of 246 million yuan in the first half of 2025, representing a year-on-year increase of 4.1%. The revenue for the same period was 2.334 billion yuan, up 16.12% year-on-year [1][8] - The company is focusing on the "Two Smart, One New" strategy, shifting its business focus towards new energy and data centers. It has streamlined its organizational structure into four major segments: new energy, smart buildings, infrastructure, and digital energy [1][16] - The company's new energy business is solid, with strong ties to high-quality clients such as Sungrow, Huawei, CATL, and BYD. It has launched new products that enhance its position in the new energy sector and is actively expanding into overseas markets [2][16] - The company's AIDC (Artificial Intelligence Data Center) business is expected to become a new growth driver, leveraging over 20 years of experience in the data center field and maintaining deep collaborations with major players like Huawei and ZTE [2][18] Summary by Sections Financial Performance - In the second quarter of 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 16.64% and a quarter-on-quarter increase of 14.38%. The net profit for the quarter was 143 million yuan, down 2.61% year-on-year but up 38.9% quarter-on-quarter [1][8] - The sales net profit margin was 11.68%, showing a year-on-year decrease of 2.3 percentage points but an increase of 2.2 percentage points quarter-on-quarter [1][8] Profit Forecast and Financial Indicators - The profit forecast has been adjusted, with expected net profits for 2025-2027 projected at 461 million, 523 million, and 604 million yuan, respectively, reflecting year-on-year growth rates of 48%, 14%, and 15% [3][19] - Earnings per share (EPS) are expected to be 0.41, 0.47, and 0.54 yuan for 2025, 2026, and 2027, respectively, with dynamic price-to-earnings (PE) ratios of 28, 25, and 21 [3][19] Market Position and Strategy - The company has integrated its previous seven industries into four key segments, focusing on high-growth areas such as smart distribution and new energy, which are expected to drive future growth [1][16] - The company is also enhancing its product offerings in the data center sector, with a comprehensive range of solutions that have been successfully implemented in major projects [2][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][21] Core Views - The company achieved a revenue of 279 million yuan in the first half of 2025, representing a year-on-year growth of 24.61%, while the net profit attributable to the parent company reached 77 million yuan, up 31.54% year-on-year [1][3] - The company maintains a high gross margin of 60.06% and a net margin of 27.57%, with a focus on high R&D and sales investments to support future growth [2][3] - The proportion of high-end products continues to increase, with high-end product revenue growing by 71.92% year-on-year, indicating a successful high-end strategy [2][3] Financial Performance - For the first half of 2025, the company reported a gross profit margin of 60.06% and a net profit margin of 27.57%, with R&D expenses at 21.60% of revenue [2][3] - The company forecasts net profits of 167 million yuan, 217 million yuan, and 279 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 28, and 22 [3][4] - The projected revenue growth rates for the years 2025 to 2027 are 24.8%, 24.9%, and 25.5% respectively, indicating a stable growth trajectory [4][3]

证券研究报告 | 2025年09月09日 人工智能周报（25 年第 36 周） 优于大市 谷歌图像模型 Nano Banana 持续火爆，腾讯开源混元 Voyager 人工智能动态：1）产品应用：谷歌 8 月底推出图像模型 Nano Banana， 一致性强、编辑可控、速度快，社区实测与口碑热度极高；OpenAI 向 免费用户开放 ChatGPT Projects 功能，强化任务管理与隐私保护；微 软发布 GPT-realtime，语音与多模态交互全面升级；亚马逊上线 Lens Live：AI 驱动实时视觉购物体验；苹果发布 STAR Flow，实现归一化 流与自回归 Transformer 结合的图像生成新突破；腾讯发布并开源 3D 世界模型混元 Voyager；美团发布 LongCat-Flash-Chat，MoE 架构革新， 兼顾高效推理与低成本。2）底层技术：Meta 与 UCSD 推出 DeepConf， 提升推理准确率并降低算力消耗；阿里通义发布 AgentScope 1.0，开 源多智能体开发框架。3）行业政策：由国家互联网信息办公室、工业 和信息化部等部门联合发布的《人工智能生成合成内容标识办 ...