分析师：邢甜 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 华龙证券研究所 事件： 证券研究报告 机械 报告日期：2025 年 09 月 01 日 传统业务稳健增长，出口+线性执行器贡献新增量 ——恒立液压（601100.SH）2025 年半年报点评报告 最近一年走势 | 当前价格（元） | 89.42 | | --- | --- | | 52 周价格区间（元） | 48.21-99.47 | | 总市值（百万元） | 119,896.21 | | 流通市值（百万元） | 119,896.21 | | 总股本（万股） | 134,082.10 | | 流通股（万股） | 134,082.10 | | 近一月换手（%） | 19.84 | 投资评级：增持（首次覆盖） 公司发布 2025 年半年报: 2025H1 公司实现总营业收入 51.71 亿 元，同比增长 7%；实现归属于母公司净利润 14.29 亿元，同比增长 10.97%。 观点： 请认真阅读文后免责条款 市场数据 2025 年 08 月 29 日 Q2 利润创单季度新高，盈利能力有所增强。单二季度，实现收 入 27. ...

证券研究报告 食品饮料 报告日期：2025 年 09 月 01 日 中报圆满收官，关注基本面稳健的标的 ——食品饮料行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 《白酒持续出清，关注成长板块估值修 复—食品饮料行业周报》2025.08.26 《进入中报披露期，白酒龙头业绩稳健 —食品饮料行业周报》2025.08.18 《六月社零增速环比趋缓，消费需求有 待修复—食品饮料行业周报》2025.07.21 摘要： 请认真阅读文后免责条款 市场流动性带来估值提升。上周申万一级食品饮料板块上涨 2.13%，子板块零食（+10.20%）、乳品（+2.67%）、白酒（+2.14%） 涨幅居前，预加工食品（-1.49%）跌幅居前。上周中报披露完毕， 白酒中报业绩压力集中释放，大众品零食、乳品、调味品板块龙 头公司业绩实现稳健增长。我们维持行业"推荐"评级。 白酒：2025 上半年，白酒上市公司中仅贵州茅台、五粮液、山西 汾酒、古井贡酒、老白干和金徽酒实现营收和归母净利润的正增 长。自二季度禁酒令以来， 白酒需求端持 ...

证券研究报告 建筑材料 报告日期：2025 年 09 月 01 日 公司盈利能力改善，关注供给侧积极变化 ——海螺水泥（600585.SH）2025 年半年报点评报告 投资评级：增持（维持） 最近一年走势 | 当前价格（元） | 24.35 | | --- | --- | | 52 周价格区间（元） | 19.53-28.75 | | 总市值（百万元） | 129,038.02 | | 流通市值（百万元） | 97,392.76 | | 总股本（万股） | 529,930.26 | | 流通股（万股） | 399,970.26 | | 近一月换手（%） | 25.59 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 《行业协同加强有望筑底，公司盈利能 力有望改善—海螺水泥（600585.SH） 2024 年年报点评报告》2025.03.26 华龙证券研究所 事件： 2025 年 8 月 27 日，海螺水泥发布 2025 年半年报：2025 年上半 年公司实现营业收入 412.92 亿元，同比下滑 9.38%；实现归属上市公 司股东的净利润 43.68 亿元，同 ...

证券研究报告 联系人：朱凌萱 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 《"人工智能+"顶层设计出台，重视 AI 产业投资机会—计算机行业点评报 告》2025.08.28 《从 WAIC 2025 看国产 AI 的崛起—计 算机行业点评报告》2025.07.28 《稳定币合规化发展已成趋势—计算机 事件点评》2025.07.22 摘要： 计算机 报告日期：2025 年 09 月 01 日 "人工智能+"迎政策催化，阿里 AI 与云业务高增长 ——计算机行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 请认真阅读文后免责条款 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 分析师：孙伯文 "人工智能+"顶层设计出台，AI 应用有望进入黄金发展期。2025 年 08 月 26 日，国务院印发《关于深入实施"人工智能+"行动 的意见》（下称《意见》）。到 2027 年，率先实现人工智能与 6 大重点领域广泛深度融合，新一代智能终端、智能体等应用普及 率超 70%，智能经济核心产业规模快速增长，人工智能在公共治 理中的作用明显增强，人 ...

证券研究报告 汽车 报告日期：2025 年 09 月 01 日 Q2 营收增长业绩短暂承压，看好公司人形机器人领域战略布局 ——隆盛科技（300680.SZ）2025 年半年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 43.14 | | --- | --- | | 52 周价格区间（元） | 15.25-49.50 | | 总市值（百万元） | 9,823.67 | | 流通市值（百万元） | 7,585.66 | | 总股本（万股） | 22,771.61 | | 流通股（万股） | 17,583.81 | | 近一月换手（%） | 193.92 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：李浩洋 执业证书编号：S0230525080001 邮箱：lihy@hlzq.com 2025.04.22 2025.03.14 请认真阅读文后免责条款 事件： 公司发布 2025 年半年报：公司 2025 年上半年实现营收 12.24 亿 元，同比+15.44%，实现归母净利润 1.05 亿元，同比+1.38%； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The demand for high-speed optical devices is robust, leading to continuous growth in the company's performance. In the first half of 2025, the company achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, a year-on-year increase of 37.46% [3][5] - The company is expected to benefit from the ramp-up of 800G and 1.6T high-speed optical device products in the second half of 2025, which will further drive performance growth [5] - The company is increasing R&D investment to build technological barriers and is pursuing a global layout to cultivate new growth spaces. In the first half of 2025, R&D investment reached 126 million yuan, a year-on-year increase of 11.97% [5] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of 2.456 billion yuan, up 57.84% year-on-year, and a net profit of 899 million yuan, up 37.46% year-on-year [3][5] - The company forecasts operating revenues of 4.885 billion yuan, 6.525 billion yuan, and 8.222 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.065 billion yuan, 2.807 billion yuan, and 3.616 billion yuan for the same years [6][5] - The projected P/E ratios for 2025, 2026, and 2027 are 67.8, 49.9, and 38.7 respectively, indicating potential for growth compared to the average valuation of comparable companies at 46 times P/E [5][7] Market Position and Strategy - The company is focusing on market-driven demands and technological innovation, particularly in upgrading and iterating 1.6T high-speed products while enhancing core process innovation to reduce costs and increase efficiency [5] - The company has established dual headquarters and dual production bases, along with multiple R&D centers globally, including locations in Suzhou, Singapore, Japan, and Thailand, to provide diversified options and localized technical support [5]

证券研究报告 通信 报告日期：2025 年 08 月 29 日 高速光模块持续放量，公司业绩持续高增 ——新易盛（300502.SZ）2025 年半年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 354.95 | | --- | --- | | 52 周价格区间（元） | 65.64-355.19 | | 总市值（百万元） | 352,719.10 | | 流通市值（百万元） | 314,184.54 | | 总股本（万股） | 99,371.49 | | 流通股（万股） | 88,515.15 | | 近一月换手（%） | 137.33 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 《高速光模块持续放量，2025Q1 公司业 绩超预期—新易盛（300502.SZ）2024 年年报及 2025 年一季报点评报告》 2025.04.28 预期—新易盛（300502.SZ）2024 年三 季报点评报告》2024.10.29 《高速光模块持续放量，公司业绩持续 高增—新易盛（300502.SZ）2024 年半 年报点评报 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Viewpoints - AI is identified as the core engine driving growth, leading to simultaneous increases in revenue and gross margin, with a significant year-on-year increase in contract liabilities [6] - The company achieved total operating revenue of 738 million yuan, a year-on-year growth of 4.91%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year increase of 18.75% [4] - The self-developed "Ling Series" AI agent products and solutions are expected to accelerate implementation, contributing to the company's second growth curve [6] Financial Performance Summary - Total operating revenue for the reporting period was 738 million yuan, with a gross margin of 52.40%, an increase of 4.22% year-on-year [6] - Contract liabilities at the end of the reporting period reached 405 million yuan, a year-on-year increase of 158.26% [6] - The company has improved its cost control, with sales, management, and financial expenses decreasing by 26.02%, 1.16%, and 107.53% respectively [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 251 million yuan, 303 million yuan, and 365 million yuan for the years 2025, 2026, and 2027 respectively [6] - The estimated EPS for 2025, 2026, and 2027 is projected to be 1.02 yuan, 1.24 yuan, and 1.49 yuan respectively [6] - The corresponding PE ratios for 2025, 2026, and 2027 are expected to be 51.8, 42.8, and 35.5 times respectively [6] Comparable Company Analysis - The report compares the company with peers such as Saiyi Information, Dingjie Smart, and Zhongke Electric, providing a benchmark for valuation [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong performance in the new energy sector, with a diversified business layout supporting long-term development [1] - In H1 2025, the company achieved total operating revenue of 1.876 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to the parent company of 163 million yuan, a year-on-year increase of 69.69% [3][5] - The consumer electronics business accounted for 62.75% of total revenue, while the new energy sector saw a 30.3% year-on-year growth, contributing 30.35% to total revenue [5] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 32.64% and a net profit margin of 8.21% [5] - The sales gross margin for Q2 was 33.12%, down 5.59 percentage points year-on-year, while the net profit margin increased by 6.05 percentage points to 16.63% [5] - The company’s operating expenses as a percentage of revenue were 9.14% for sales, 5.9% for management, 12.55% for R&D, and 1.58% for financial expenses [5] Business Segments - The consumer electronics segment is expected to grow rapidly due to Apple's upcoming product launches, including new iPhone models [5] - The new energy business is expanding with a focus on smart charging and battery swapping stations, having received orders for over 500 stations and delivered more than 300 [5][6] - The semiconductor segment has seen significant growth, with a year-on-year revenue increase of 314.4% in H1 2025, driven by high-precision equipment orders from leading global companies [6] Future Outlook - The company is projected to achieve net profits of 513 million yuan, 630 million yuan, and 757 million yuan for the years 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 31.1x for 2025, 25.3x for 2026, and 21.1x for 2027 [9] - The diversified business structure, particularly in new energy and semiconductors, is expected to enhance the company's profitability as these segments mature [9]

华龙证券研究所 最近一年走势 | 当前价格（元） | 21.01 | | --- | --- | | 52 周价格区间（元） | 13.33-21.18 | | 总市值（百万元） | 29,323.04 | | 流通市值（百万元） | 28,469.68 | | 总股本（万股） | 139,567.06 | | 流通股（万股） | 135,505.36 | | 近一月换手（%） | 71.88 | 证券研究报告 汽车 报告日期：2025 年 08 月 27 日 毛利率同环比改善明显，智驾&具身智能新业务逐步落地 ——均胜电子（600699.SH）2025 年半年报点评报告 事件： 投资评级：增持（首次覆盖） 公司发布 2025 年半年报：公司 2025H1 实现营收 303.47 亿元， 同比+12.07%，实现归母净利润 7.08 亿元，同比+11.13%。公司 2025Q2 实现营收 157.71 亿元，同比+14.27%，实现归母净利润 3.67 亿元，同 比+11.18%。 观点： 请认真阅读文后免责条款 市场数据 2025 年 08 月 26 日 降本增效推进 2025Q2 毛利率同环比+2.9/+ ...