惠泰医疗（ [Table_StockNameRptType] 688617） 公司点评 业绩符合预期，PFA 成为电生理业务新看点 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-02 | | | [Table_BaseData] 收盘价（元） | | 305.49 | | 近 12 个月最高/最低（元） | | 329.83/ | | | | 214.72 | | 总股本（百万股） | | 141 | | 流通股本（百万股） | | 141 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 431 | | 流通市值（亿元） | | 431 | [公司价格与沪深 Table_Chart] 300 走势比较 -17% -1% 16% 33% 49% 9/24 12/24 3/25 6/25 惠泰医疗 沪深300 [Table_Author] 分析师：谭国超 1.【华安医药】公司点评：惠泰医疗 （688617）：业绩延续高增长，房颤 解决方案完善 2025-04-25 2.【华安医药】公司点 ...

中国铝业（ [Table_StockNameRptType] 601600） 公司点评 业绩表现稳健，中期分红回馈股东 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-02 | | | [收盘价（元） Table_BaseData] | | 7.85 | | 近 12 个月最高/最低（元） | | 9.72/5.96 | | 总股本（百万股） | | 17,156 | | 流通股本（百万股） | | 13,166 | | 流通股比例（%） | | 76.74 | | 总市值（亿元） | | 1,347 | | 流通市值（亿元） | | 1,034 | -18% -1% 16% 32% 49% 9/24 12/24 3/25 6/25 中国铝业 沪深300 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 主要观点： ⚫[Table_Summary] 中 ...

神火股份（ [Table_StockNameRptType] 000933） 公司点评 煤炭板块触底，电解铝成本优化 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-09-02 | [Table_BaseData] 收盘价（元） 19.28 近 12 个月最高/最低（元） 22.05/13.04 总股本（百万股） 2,249 流通股本（百万股） 2,248 流通股比例（%） 99.92 总市值（亿元） 434 流通市值（亿元） 433 ⚫ 煤炭：价跌拖累因素，但已显现触底迹象 [公司价格与沪深 Table_Chart] 300 走势比较 -21% -3% 15% 33% 51% 9/24 12/24 3/25 6/25 神火股份 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuyq@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 主要观点： ⚫[Table_Summary] 神火股份发布 2025 年半年报 公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is currently undergoing a period of reform, which is causing some pain in its operations. However, there are expectations for revenue improvement in the coming years [5][7] - In Q2 2025, the company experienced marginal revenue improvement due to a low base effect, despite overall revenue pressure [5][6] - The gross margin improved significantly due to cost benefits from lower raw material prices, although profit margins were under pressure due to ongoing reforms [6][7] Financial Performance Summary - For H1 2025, the company reported revenue of 2.13 billion yuan (down 19% YoY) and a net profit of 260 million yuan (down 27% YoY) [9] - In Q2 2025, revenue was 1.03 billion yuan (down 9% YoY) with a net profit of 76 million yuan (down 32% YoY) [9] - The company’s gross margin for Q2 2025 was 39.4%, reflecting a year-on-year increase of 3.2 percentage points, primarily due to lower raw material costs [6][9] - Revenue projections for 2025-2027 are 5.04 billion, 5.50 billion, and 6.03 billion yuan respectively, with expected net profits of 715 million, 854 million, and 965 million yuan [7][10] Product and Regional Performance - In Q2 2025, revenue from soy sauce increased by 6.4% YoY, while chicken essence and cooking oil saw declines of 13.7% and 48.8% respectively [9] - Revenue performance varied by region, with East and North regions showing improvements of 1.1% and 6.8% YoY, while the South region declined by 12.4% [9]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company achieved robust growth in H1 2025, with revenue of 5.535 billion yuan, up 16.58% year-on-year, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [5] - The company's inverter business generated revenue of 2.644 billion yuan in H1 2025, a year-on-year increase of 13.90%, while the energy storage battery pack business saw a significant revenue increase of 85.80% year-on-year [6] - The company is expected to benefit from strong demand in emerging markets, particularly in the industrial storage sector, which is anticipated to be a key growth driver [7] Financial Performance - For H1 2025, the company reported a net profit of 1.522 billion yuan, with a net profit margin of 27.5% [5] - The company forecasts net profits of 3.550 billion yuan and 4.394 billion yuan for 2025 and 2026, respectively, with a projected P/E ratio of 16x for 2025 [8] - The company's revenue is expected to grow from 11.206 billion yuan in 2024 to 21.203 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 17.4% [11] Market Position and Strategy - The company has established a strong presence in emerging markets, particularly in Africa and Southeast Asia, with a focus on modular energy storage solutions [7] - The company is actively expanding its production capacity in Malaysia to mitigate uncertainties related to U.S. trade policies [7] - The company’s product offerings include a comprehensive range of solutions for residential, industrial storage, and large-scale energy storage applications [6]

国轩高科（ [Table_StockNameRptType] 002074） 公司点评 动力业务稳健增长，固态技术进展领先 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-09-01 | | Table_BaseData] [收盘价（元） | 36.47 | | 近 12 个月最高/最低（元） | 36.47/17.83 | | 总股本（百万股） | 1,805 | | 流通股本（百万股） | 1,728 | | 流通股比例（%） | 95.68 | | 总市值（亿元） | 658 | [公司价格与沪深 Table_Chart] 300 走势比较 -13% 18% 48% 79% 109% 9/24 12/24 3/25 6/25 国轩高科 沪深300 [Table_Author] 分析师：张志邦 | 执业证书号：S0010523120004 | | --- | | 邮箱： zhangzhibang@hazq.com | [Table_CompanyReport] 相关报告 1.技术引领推动电池创新，高度国际 化盈利领先 2025-07- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported its Q2 2025 performance, with a gross margin decrease of 0.95 percentage points year-on-year to 87.9%, primarily due to product mix issues. The net profit margin also declined by 1.5 percentage points to 43.2% [9][12] - Despite a 15.1% year-on-year decrease in cash sales, the company showed strong channel cooperation willingness, with a slight increase in "revenue + Δ contract liabilities" by 0.6% year-on-year [10] - Looking ahead to the second half of 2025, the company is expected to enhance channel penetration and adapt to younger and lower-alcohol consumption trends, with new products likely to drive growth [11] Financial Performance Summary - For Q2 2025, the company achieved revenue of 7.102 billion (down 7.97%) and a net profit of 3.070 billion (down 11.10%) [12] - For the first half of 2025, revenue was 16.454 billion (down 2.67%) and net profit was 7.663 billion (down 4.54%) [12] - The company anticipates achieving total revenues of 29.474 billion, 30.203 billion, and 33.375 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.472 billion, 12.947 billion, and 14.457 billion [13][15] Financial Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 16, 15.44, and 13.83 respectively [13][15] - The gross margin is expected to be 85.2% in 2025, improving to 86.3% by 2027 [15] - The return on equity (ROE) is projected to decline from 28.4% in 2024 to 20.8% in 2025, stabilizing at 19.3% from 2026 onwards [15]

⚫[Table_Summary] 华安观点：9 月债市可能打破季节性规律，仍有做多机会 9 月债市：规律向左，情绪向右 ——债市情绪面周报（8 月第 4 周） 报告日期： 2025-09-01 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 分析师：洪子彦 执业证书号：S0010525060002 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： [Table_IndNameRptType]2 固定收益 固收周报 ① 24%机构均持偏多态度，关键词：10 年期国债利率在 1.8%附近已具备吸 引力，经基本面偏弱，内外需疲软，广谱利率下行趋势不改，央行宽松政 策可期，有降息可能； ② 66%机构均持中性态度，关键词："股债跷跷板"效应已部分脱敏，市场 对降准降息预期持续修正，机构久期调整不充分，有受风险资产继续扰动 的可能； ③ 10%机构均持偏空态度，关键词：股市持续上涨，风险偏好提升，资金分 流债市，交易极端拥挤，通胀预期可能抬升，后 ...

天奈科技（ [Table_StockNameRptType] 688116） 主要观点： [⚫Table_Summary] 25 年半年度业绩稳健，扣非净利短期承压 2025 年上半年公司实现营收 6.54 亿元，同比增长 1.08%；实现归属于 上市公司股东的净利润 1.17 亿元，同比增长 1.07%。扣非归母净利润 为 1.04 亿元，同比下降 6.93%，主要因当期政府补助及理财收益等非 经常性损益项目增加所致。报告期内，公司主营业务毛利率为 35.04%， 保持在较好水平。 | [收盘价（元） Table_BaseData] | 50.86 | | --- | --- | | 近 12 个月最高/最低（元） | 56.46/19.16 | | 总股本（百万股） | 366 | | 流通股本（百万股） | 345 | | 流通股比例（%） | 94.08 | | 总市值（亿元） | 186 | | 流通市值（亿元） | 175 | 公司点评 [公司价格与沪深 Table_Chart] 300 走势比较 业绩稳健增长，单壁管放量打开新空间 -13% 37% 87% 136% 186% 9/24 12/2 ...

[Ta大ble北_Sto农ckN（ameRptType] 002385） 公司点评 生猪出栏 800 万头可期，完全成本已降至 12.7 元 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-09-01 | | [收Ta盘bl价e_（Ba元se）Data] | 4.23 | | 近 12 个月最高/最低（元） | 5.20/3.72 | | 总股本（百万股） | 4,300 | | 流通股本（百万股） | 3,524 | | 流通股比例（%） | 81.95 | | 总市值（亿元） | 182 | | 流通市值（亿元） | 149 | 主要观点： [T1aHb2le0_2S5um归m母a净ry]利 2.35 亿元，6 月末资产负债率降至 64.0% 公司发布 2025 年中报：1H2025，公司实现收入 135.6 亿元，同比+3.6%， 归母净利润 2.35 亿元，同比+250.9%，扣非后归母净利润 1.7 亿元， 同比+182%。分季度看，2025Q1、Q2 公司实现收入 68.65 亿元、66.94 亿元，同比+2.4%、+4.8%， ...