证 券 研 究 报 告 赛轮轮胎（601058）2025 年中报点评 强推（维持） 业绩短期承压，坚定推进全球化产能布局 目标价：21 元 事件： 点评： 公司研究 轮胎 2025 年 08 月 29 日 当前价：14.30 元 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 公司基本数据 | 总股本(万股) | 328,810.03 | | --- | --- | | 已上市流通股(万股) | 328,810.03 | | 总市值(亿元) | 470.20 | | 流通市值(亿元) | 470.20 | | 资产负债率(%) | 50.43 | | 每股净资产(元) | 6.25 | | 12 个月内最高/最低价 | 16.08/11.89 | 市场表现对比图(近 12 个月) -6% 8% 22% 36% 24/08 24/11 25/01 25/04 25/06 25/08 2024-08-29~2025-08-28 赛轮轮胎 沪深300 ...

Investment Rating - The report maintains a "Recommendation" rating for Ningbo Bank, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [9][25]. Core Insights - Ningbo Bank's revenue and profit growth accelerated in the first half of 2025, with operating income reaching 37.16 billion yuan, up 7.91% year-on-year, and net profit attributable to shareholders at 14.77 billion yuan, up 8.23% year-on-year [2][9]. - The bank's asset quality remains strong, with a non-performing loan ratio stable at 0.76% and a provision coverage ratio of 374.16% [2][9]. - The report highlights the bank's robust corporate business expansion and effective cost management, which contributed to the profit growth despite increased credit and asset impairment losses [9]. Financial Performance Summary - **Revenue Growth**: The bank's net interest income, net fee and commission income, and other non-interest income grew by 11.11%, 4.04%, and 0.49% respectively year-on-year in the first half of 2025 [9]. - **Profitability**: The net profit growth rate improved by 2.5 percentage points compared to the first quarter, driven by effective cost management and a significant reduction in income tax expenses [9]. - **Loan and Deposit Growth**: New loans amounted to 197.2 billion yuan in the first half of 2025, with total loans increasing by 13.36% year-to-date. Total deposits grew by 13.07%, with corporate deposits contributing significantly to this increase [9]. Asset Quality and Risk Management - **Asset Quality**: The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 374.16%, indicating strong risk mitigation capabilities [9]. - **Forward-Looking Indicators**: The report notes a decrease in the non-performing loan generation rate and a slight increase in the attention rate, suggesting improving asset quality [9]. - **Retail Risk Management**: The bank is actively addressing retail loan risks, with a focus on reducing non-performing loans, particularly in personal loans [9]. Valuation and Price Target - The report sets a target price of 32.82 yuan for Ningbo Bank, based on a projected price-to-book ratio of 1.0X for 2025, indicating potential for valuation recovery as retail risks are cleared and performance remains stable [9].

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,835 | 4,415 | 4,963 | 5,534 | | 同比增速(%) | 9.6% | 15.1% | 12.4% | 11.5% | | 归母净利润(百万) | 268 | 352 | 432 | 526 | | 同比增速(%) | 266.9% | 31.2% | 23.0% | 21.6% | | 每股盈利(元) | 1.58 | 2.08 | 2.55 | 3.10 | | 市盈率(倍) | 31 | 23 | 19 | 16 | | 市净率(倍) | 3.2 | 2.9 | 2.6 | 2.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 28 日收盘价 公司研究 证 券 研 究 报 告 立高食品（300973）2025 年中报点评 强推（维持） 经营景气延续，效率更上台阶 目标价：62.4 元 事项： 休闲食品 2025 年 8 月 29 ...

证 券 研 究 报 告 爱柯迪（600933）2025 年中报点评 强推（维持） 2Q 业绩超预期，期待机器人业务拓展 目标价：30.2 元 事项： 公司发布 2025 年中报，上半年营收 34.5 亿元、同比+6%，归母净利 5.73 亿 元、同比+27%，扣非归母净利 5.53 亿元、同比+32%。 评论： 公司研究 汽车零部件Ⅲ 2025 年 08 月 29 日 当前价：19.55 元 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 公司基本数据 | 总股本(万股) | 98,512.12 | | --- | --- | | 已上市流通股(万股) | 97,736.92 | | 总市值(亿元) | 192.59 | | 流通市值(亿元) | 191.08 | | 资产负债率(%) | 40.88 | | 每股净资产(元) | 8.63 | | 12 个月内最高/最低价 | 21.52/1 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 50 yuan [1][7]. Core Insights - The company achieved a revenue of 15.23 billion yuan in the first half of 2025, representing a year-on-year increase of 7.59%, while the net profit attributable to shareholders was 3.91 billion yuan, up 13.35% year-on-year [1][7]. - The second quarter of 2025 saw a revenue of 6.92 billion yuan, with a year-on-year growth of 7.00%, and a net profit of 1.71 billion yuan, reflecting an 11.57% increase year-on-year [1][7]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares, totaling 1.52 billion yuan [1]. Financial Performance Summary - Total revenue projections for the company are as follows: 26.90 billion yuan in 2024, 28.89 billion yuan in 2025, 31.53 billion yuan in 2026, and 34.04 billion yuan in 2027, with respective year-on-year growth rates of 9.5%, 7.4%, 9.1%, and 8.0% [3]. - The net profit attributable to shareholders is projected to be 6.34 billion yuan in 2024, 7.25 billion yuan in 2025, 8.16 billion yuan in 2026, and 8.99 billion yuan in 2027, with year-on-year growth rates of 12.8%, 14.2%, 12.6%, and 10.2% [3]. - The earnings per share (EPS) are expected to be 1.08 yuan in 2024, 1.24 yuan in 2025, 1.39 yuan in 2026, and 1.54 yuan in 2027 [3]. Business Segment Performance - The company's condiment business experienced a year-on-year growth of 10.59% in Q2 2025, with soy sauce, oyster sauce, and seasoning sauce revenues increasing by 10.35%, 9.77%, and 9.62% respectively [7]. - Online sales showed a significant increase of 35.05% year-on-year, while offline sales grew by 9.23% [7]. - The company added 13 new distributors in Q2 2025, bringing the total to 6,681 [7]. Profitability Metrics - The gross profit margin for Q2 2025 was 40.2%, an increase of 3.9 percentage points year-on-year, attributed to lower raw material costs and improved production efficiency [7]. - The net profit margin for Q2 2025 was recorded at 24.8%, reflecting a slight improvement of 1.0 percentage points year-on-year [7].

公司研究 其他发电 2025 年 08 月 29 日 证 券 研 究 报 告 中闽能源（600163）2025 年中报点评 强推（维持） 目标价：7.3 元 当前价：5.27 元 限电及来风偏弱导致 25H1 业绩承压，看好 海风远期成长弹性 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,741 | 1,769 | 1,897 | 2,190 | | 同比增速(%) | 0.5% | 1.6% | 7.2% | 15.4% | | 归母净利润(百万) | 651 | 695 | 741 | 826 | | 同比增速(%) | -4.0% | 6.8% | 6.6% | 11.4% | | 每股盈利(元) | 0.34 | 0.37 | 0.39 | 0.43 | | 市盈率(倍) | 15 | 14 | 14 | 12 | | 市净率(倍) | 1.5 | 1.4 | 1.3 | 1.2 | 资料来源：公司公告，华创证券预测 注： ...

Investment Rating - The report maintains a "Strong Buy" rating for Anker Innovations with a target price of 165 CNY [2][4]. Core Insights - The company's H1 2025 revenue reached 12.87 billion CNY, a year-on-year increase of 33.4%, with a net profit of 1.17 billion CNY, also up 33.8% year-on-year [2][4]. - Despite a recall event affecting profits, the company demonstrated resilience with a gross margin improvement, achieving a gross margin of 46.0% in Q2 2025, up 0.8 percentage points year-on-year [2][4]. - The company is expected to maintain high growth momentum, driven by new product launches and expansion into European markets, with a projected revenue growth rate of 31.9% for 2025 [2][4]. Financial Summary - For 2025, the total revenue is projected at 32.58 billion CNY, with a year-on-year growth rate of 31.9% [4][9]. - The net profit for 2025 is estimated at 2.79 billion CNY, reflecting a growth rate of 31.9% [4][9]. - The earnings per share (EPS) for 2025 is forecasted to be 5.20 CNY, with a price-to-earnings (P/E) ratio of 27 [4][9].

公司研究 证 券 研 究 报 告 水井坊（600779）2025 年中报点评 强推（维持） Q2 释放压力，新财年轻装上阵 目标价：64 元 事项： ❖ 公司公布 2025 年中报，2025 年上半年实现营业总收入 15.0 亿元，同减 12.8%， 归母净利润 1.1 亿元，同减 56.5%。单 Q2 实现营业总收入 5.4 亿元，同降 31.4%，归母净利润-0.8 亿元，去年同期为 0.6 亿元。Q2 实现销售回款 9.9 亿 元，同增 29.5%，Q2 末合同负债 9.8 亿元，环比 Q1 末增加 0.5 亿元。 评论： ❖ 风险提示：经济复苏不及预期，次高端竞争加剧，公司调整措施不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,217 | 4,687 | 4,959 | 5,463 | | 同比增速(%) | 5.3% | -10.1% | 5.8% | 10.2% | | 归母净利润(百万) | 1,341 | ...

公司研究 证 券 研 究 报 告 山西汾酒（600809）2025 年中报点评 强推（维持） 降速纾压，经营良性 目标价：285 元 事项： ❖ 公司发布 2025 年半年报，上半年实现营收 239.6 亿元，同增 5.4%；归母净利 润 85.1 亿元，同增 1.1%；其中单 Q2 实现营收 74.4 亿元，同增 0.4%，归母净 利 18.6 亿元，同降 13.5%。单 Q2 销售回款 69.4 亿元，同降 6.1%，经营活动 现金流净额-10.5 亿元，去年同期为 8.9 亿元，Q2 末合同负债 59.8 亿元，环比 Q1 末增加 1.6 亿元。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 36,011 | 36,375 | 36,470 | 38,518 | | 同比增速(%) | 12.8% | 1.0% | 0.3% | 5.6% | | 归母净利润(百万) | 12,243 | 11,734 | 11,434 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yili Co., Ltd. with a target price of 36 yuan [2][6]. Core Views - The company's performance is showing clear signs of recovery, with a notable improvement in profitability trends. The second quarter of 2025 saw a significant increase in net profit and a positive revenue growth trajectory [2][6]. - The report highlights that despite a challenging industry environment, Yili's inventory management and innovative product offerings in the low-temperature segment are expected to stabilize revenue growth [2][6]. Financial Performance Summary - For the first half of 2025, Yili achieved a revenue of 61.777 billion yuan, a year-on-year increase of 3.49%. The net profit attributable to shareholders was 7.2 billion yuan, down 4.39% year-on-year, while the net profit excluding non-recurring items was 7.016 billion yuan, up 31.78% year-on-year [2][6]. - The second quarter of 2025 recorded a revenue of 28.838 billion yuan, reflecting a year-on-year growth of 5.9%, with net profit increasing by 44.65% to 2.326 billion yuan [2][6]. - Key financial metrics forecasted for 2025 include total revenue of 119.109 billion yuan, a net profit of 10.742 billion yuan, and earnings per share of 1.70 yuan, with a price-to-earnings ratio of 16 times [2][6]. Product Segment Performance - The report notes that the liquid milk segment faced challenges with a revenue decline of 0.85% year-on-year, while the low-temperature liquid milk segment experienced robust growth, with the "Changqing" brand achieving double-digit growth [2][6]. - Revenue from milk powder and dairy products increased by 9.65% year-on-year, driven by a recovery in the infant formula market and enhanced competitiveness [2][6]. - The ice cream segment saw a remarkable revenue increase of 37.96% year-on-year, attributed to higher summer temperatures and improved consumer spending [2][6]. Cost and Efficiency Improvements - The gross margin for Q2 2025 was reported at 34.19%, an increase of 0.61 percentage points year-on-year, primarily due to cost advantages and a higher proportion of high-margin products [2][6]. - The report indicates a reduction in credit impairment losses and asset impairment losses, contributing positively to profitability, with the net profit margin reaching 7.94%, up 2 percentage points year-on-year [2][6]. Future Outlook - The report anticipates stable revenue growth in the second half of 2025, supported by healthy inventory levels and innovative product launches. The demand for infant formula is expected to recover, and the cheese segment is projected to drive growth [2][6]. - The report suggests that with the stabilization of milk prices and reduced impairment pressures, Yili is well-positioned to meet its annual operational targets [2][6].