青岛港（601298）2025 年中报点评 强推（维持） 2025H1 业绩同比增长 7.6%，集装箱板块增 长强劲，强调"强推"评级 [ReportFinancialIndex] 主要财务指标 公司研究 证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,941 | 19,585 | 20,444 | 21,377 | | 同比增速(%) | 4.2% | 3.4% | 4.4% | 4.6% | | 归母净利润(百万) | 5,235 | 5,494 | 5,836 | 6,200 | | 同比增速(%) | 6.3% | 4.9% | 6.2% | 6.2% | | 每股盈利(元) | 0.81 | 0.85 | 0.90 | 0.96 | | 市盈率(倍) | 11 | 10 | 10 | 9 | | 市净率(倍) | 1.3 | 1.2 | 1.1 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 9 月 1 日收盘价 港口 2025 ...

事项： 公司发布 2025 年半年度报告，营收 193.6 亿元，同比-9.1%，归母净利-7.7 亿 元，同比-10.7 亿元。 评论： [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 江淮汽车（600418）2025 年中报点评 强推（维持） Q2 盈利略承压，持续看好尊界发展 | 目标价：68.64 | 元 | | --- | --- | | 当前价：54.22 | 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 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 42,202 | 50,682 | 67,175 | 86,696 | | 同比增速(%) | -6.3% | 20.1% | 32.5% | 29.1% | | 归母净利润(百万) | -1,78 ...

公司研究 证 券 研 究 报 告 华润微（688396）2025 年半年报点评 强推（维持） 25H1 业绩稳健增长，IDM 能力驱动产品布 局结构优化 当前价：52.40 元 事项： 集成电路 2025 年 9 月 1 日 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 公司基本数据 | 总股本(万股) | 132,752.94 | | --- | --- | | 已上市流通股(万股) | 132,752.94 | | 总市值(亿元) | 695.63 | | 流通市值(亿元) | 695.63 | | 资产负债率(%) | 16.58 | | 每股净资产(元) | 17.10 | | 12 个月内最高/最低价 | 56.95/33.99 | 市场表现对比图(近 12 个月) -4% 19% 42% 64% 24/08 24/11 25/01 25/04 25/06 25/08 2024-08-29~2025-08-29 华润微 沪深300 相关研究报告 《华润微（688396）2024 年三季报点评：24Q3 毛 利率环比回升，产品结构持 ...

Investment Rating - The report maintains a recommendation for SAF and epoxy resin, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with the wind new materials index showing a weekly change of 2.53%, compared to 0.43% for the basic chemical index [8][9]. - The first global 6G chip has been launched, utilizing photonic technology to achieve a transmission speed of 100Gbps, which is expected to bridge the digital divide between urban and rural areas [4][11]. - The report highlights significant price increases for SAF in Europe (+11.01%) and China (+5.00%), as well as epoxy resin (+3.93%), while prices for threonine (-3.07%), lysine (-1.01%), and valine (-0.76%) saw declines [4][19]. Industry Updates - The report notes that the chemical industry is experiencing a recovery in prices due to easing trade tensions between China and the U.S., leading to a replenishment window in trade [9]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of ongoing trade tensions and the need for self-sufficiency [10]. - The report suggests that the new materials sector, particularly those with high growth potential and strong technological barriers, is poised for significant investment opportunities [14]. Trading Data - The Huachuang Chemical Industry Index stands at 71.65, reflecting a week-on-week increase of 0.59% but a year-on-year decrease of 21.87% [15][20]. - The industry price percentile is at 17.84% over the past decade, indicating a slight increase, while the industry inventory percentile is at 80.18%, suggesting a relatively high level of inventory [15]. Subsector Tracking - In the new energy materials sector, the report mentions the pricing of the SAIC MG4 semi-solid-state battery version at 99,800 yuan [27]. - The report also highlights the expected growth in the global robotics market, projected to exceed $400 billion by 2029, with China capturing nearly half of that market share [11].

Investment Rating - The report maintains a "Recommendation" rating for the photovoltaic industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [5][61]. Core Insights - The report highlights that the cost support for components has strengthened, leading to potential price negotiations in the market. Since late August, prices for silicon materials, silicon wafers, and battery cells have increased, while auxiliary materials like photovoltaic glue film and glass have also seen price hikes, providing cost support [2][12]. - The report indicates that the main material prices, such as polysilicon and silicon wafers, have shown upward trends, with polysilicon prices for dense and granular materials averaging 46.0 CNY/kg, reflecting a week-on-week increase of 4.5% [3][11]. - The battery cell prices have varied by size, with 183N and 210N battery cells seeing price increases of approximately 0.005 CNY/W due to a relatively balanced supply-demand situation [11][38]. Summary by Sections 1. Component Cost Support and Price Negotiation - Silicon material prices have stabilized, with September production expected to be around 125,000 to 130,000 tons. The average transaction price for N-type recycled material is 47,900 CNY/ton, unchanged week-on-week, while N-type granular silicon has increased by 2.2% to 47,000 CNY/ton [11][12]. - Silicon wafer prices have slightly increased due to cost support, with a strong willingness to maintain prices amid rising upstream silicon material costs. The market atmosphere remains positive due to sustained demand from the downstream battery sector [11][12]. 2. Market Performance Review - The report notes that the overall industry index rose by 5.90% this week, with the electric equipment industry index increasing by 3.99%. The top-performing sectors included telecommunications and non-ferrous metals, while banking and coal sectors lagged [13][16]. - In the electric equipment sector, the top five companies by stock performance included Tonghe Technology (+50.29%) and Maguimi (+29.09%), while the worst performers included Rongyu Group (-10.93%) and Jinguang Co. (-26.19%) [19][23]. 3. Industry Price Trends - The report provides detailed pricing for various components, indicating that the average price for 182-183.75mm N-type silicon wafers is 1.25 CNY/piece, with a week-on-week increase of 4.2%. The prices for TOPCon battery cells also showed slight increases [3][38]. - Auxiliary materials such as photovoltaic glass and EVA films have maintained stable prices, with 3.2mm coated photovoltaic glass priced at 18.5-19.0 CNY/m² and transparent EVA film at 5.52 CNY/m² [4][44].

公司研究 证 券 研 究 报 告 极兔速递（01519.HK）2025 年半年报点评 推荐（维持） 上半年经调整净利润 1.56 亿美元，同比 +147%，持续看好公司三市场发力 公司公告 2025 半年报： 1、财务数据：1）收入：2025H1 公司收入 55 亿美元，同比+13.1%；其中快递 服务收入 53 亿美元，同比+12.7%；2）盈利：公司经调整净利润 1.56 亿美元， 同比+147%，经调整 EBITDA 4.4 亿美元，同比+24.2%，经调整 EBIT2.0 亿美 元，同比+65.4%。 2、分区域数据： 1）东南亚市场：H1 件量达到 32.3 亿件，同比+58%，市占率 32.8%，同比 +5.4pct；单票收入 0.61 美元，同比-0.13 美元，单票成本 0.50 美元，同比-0.10 美元，其中单票运输成本 0.12 美元，同比-0.04 美元，单票分拣成本 0.04 美 元，同比-0.02 美元。单票 EBIT 0.073 美元，同比+0.007 美元。公司在东南亚 抓住电商高增长机遇，并将中国经验赋能东南亚，进一步巩固在东南亚的竞争 优势。 2）中国市场：H1 件量达到 ...

资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 29 日收盘价 公司研究 证 券 研 究 报 告 晶合集成（688249）2025 年半年报点评 强推（维持） 25H1 业绩保持增长态势，产品结构持续优化 目标价：32.1 元 事项： 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,249 | 11,557 | 13,303 | 14,437 | | 同比增速(%) | 27.7% | 24.9% | 15.1% | 8.5% | | 归母净利润(百万) | 533 | 807 | 1,119 | 1,404 | | 同比增速(%) | 151.8% | 51.5% | 38.6% | 25.4% | | 每股盈利(元) | 0.27 | 0.40 | 0.56 | 0.70 | | 市盈率(倍) | 91 | 60 | 44 | 35 | | 市净率(倍) | 2.3 | 2.3 | 2.2 | 2.1 ...

证 券 研 究 报 告 英诺赛科（02577.HK）2025 年半年报点评 强推（上调） 毛利率转正里程碑，与英伟达联合推动 800V 直流电源架构落地 事项： ❖ 英诺赛科发布 2025 年半年报：公司 2025 年上半年实现营收 5.53 亿元 （YoY+43.43%），实现净利润-4.29 亿元（去年同期亏损 4.88 亿元，亏损收窄）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 828 | 1,542 | 2,992 | 4,755 | | 同比增速(%) | 39.8% | 86.1% | 94.1% | 58.9% | | 归母净利润(百万) | -1,046 | -792 | 196 | 978 | | 同比增速(%) | 5.1% | 24.3% | 124.7% | 400.2% | | 每股盈利(元) | -1.19 | -0.89 | 0.22 | 1.09 | | 市盈率(倍) | -66.3 | ...

证 券 研 究 报 告 闻泰科技（600745）2025 年半年报点评 强推（维持） 半导体业务表现突出，产品集成业务剥离有 序进行 事项： ❖ 公司发布 2025 年半年报：公司 2025 年上半年实现营收 253.41 亿元（YoY- 24.56%），实现归母净利润 4.74 亿元（YoY+237.36%）。单季度来看，25Q2 公 司实现营收 122.42 亿元（YoY-29.41%，QoQ-6.54%），实现归母净利润 2.12 亿 元（YoY 转盈，QoQ-18.78%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 73,598 | 37,677 | 18,472 | 20,220 | | 同比增速(%) | 20.2% | -48.8% | -51.0% | 9.5% | | 归母净利润(百万) | -2,833 | 1,801 | 2,434 | 2,848 | | 同比增速(%) | -339.8% | 1 ...

公司研究 证 券 研 究 报 告 盛邦安全（688651）2025 年中报点评 强推（维持） 深化网络身份认证与卫星互联网安全布局， 构筑未来增长极 事项： ❖ 公司发布 2025 年上半年业绩报告：公司实现营业收入 1.06 亿元，同比增长 10.98%；实现归母净利润亏损 0.36 亿元，去年同期亏损 0.19 亿元，实现扣 非净利润亏损 0.37 亿元，去年同期亏损 0.25 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 294 | 385 | 501 | 640 | | 同比增速(%) | 0.9% | 31.3% | 30.1% | 27.6% | | 归母净利润(百万) | 2 | 55 | 91 | 131 | | 同比增速(%) | -96.2% | 3,256.5% | 66.4% | 44.4% | | 每股盈利(元) | 0.02 | 0.72 | 1.21 | 1.74 | | 市盈率(倍) | ...