Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of the year exceeded expectations, and it announced its first interim dividend, reflecting management's confidence [5] - The company reported a revenue of 57.2 billion yuan in the first half, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [7] - The decline in coal prices and growth in installed capacity contributed significantly to the profit increase, particularly in the coal and wind power sectors [7] Summary by Sections Market Performance - The closing price of the company's stock is 3.72 yuan, with a market capitalization of approximately 68.84 billion yuan [3] Financial Data - The company’s total assets are projected to be 322.6 billion yuan in 2024, with a debt-to-asset ratio of 68.25% [8] - The forecasted revenue for 2025 is 121.2 billion yuan, with a net profit of 6.474 billion yuan, reflecting a growth rate of 43.67% [6][8] Earnings Forecast and Valuation - The company is expected to achieve a net profit of 6.652 billion yuan in 2026 and 6.752 billion yuan in 2027, with corresponding P/E ratios of 10.35 and 10.20 [6] - The new dividend policy indicates a commitment to distribute at least 50% of the net profit attributable to ordinary shareholders, enhancing predictability in cash dividends [7]

hyzqdatemark 2025 年 09 月 09 日 证券分析师 证券研究报告 海外 行业定期报告 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： 特朗普现身辟谣健康问题，DAT 模式面临更强监管 投资评级： 无 ——海外科技周报（25/9/1-25/9/5） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 海外 AI：本周世界核能研讨会召开，WNA 发布 2025 年世界核燃料报告。核电发展预期上修，能源转型驱动增 强。报告将 2040 年全球核电装机容量在"参考情景"下上调至 686 GWe（较 2023 年版上调 60GWe），在 "高情景"下可能接近 966 GWe（较 2023 年版上调 35 GWe）。这一上修反映出各国政府在碳中和目标下对 核电接受度显著提升，核电在保障能源安全与主权独立方面的战略地位持续强化。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 541 million yuan in H1 2025, representing a year-on-year increase of 16%, with a net profit attributable to shareholders of 64.77 million yuan, up 8% year-on-year [7] - The growth is driven by demand in automotive electronics, consumer electronics, and AI servers, with significant overseas market breakthroughs [7] - The company is focusing on high-potential applications such as optical modules, server BBU, and HDI boards, with a new subsidiary in Thailand expected to add 4 million square meters of production capacity [7] Summary by Sections Market Performance - Closing price as of September 8, 2025, is 38.30 yuan, with a total market capitalization of 5,823.31 million yuan and a circulating market value of 2,684.88 million yuan [3] Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 78.51 million yuan, with a sales expense ratio of 1.31% and a management expense ratio of 3.10% [7] - For Q2 2025, revenue reached 299 million yuan, a year-on-year increase of 20%, with a net profit of 36.35 million yuan, also up 20% year-on-year [7] Revenue and Profit Forecast - The company forecasts revenues of 1,207 million yuan in 2025, with a year-on-year growth rate of 15.71%, and net profits of 148 million yuan, reflecting a growth rate of 19.96% [8] - Expected earnings per share (EPS) for 2025 is 0.97 yuan, with a projected price-to-earnings (P/E) ratio of 39.37 [8] Strategic Focus - The company is expanding its focus on high-end server BBU applications and optical communication modules, with significant investments in R&D, amounting to 20.93 million yuan in H1 2025 [7] - The automotive electronics segment has become the largest application area, accounting for over 40% of revenue in H1 2025, driven by the electrification trend in new energy vehicles [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's mid-year performance slightly exceeded market expectations, with a focus on the integration of hydropower assets [5][8] - The company aims to become a global leader in clean energy supply, with ongoing asset restructuring to enhance its market position [8] Financial Performance - For the first half of 2025, the company reported revenue of 23.858 billion RMB, a year-on-year decrease of 13.48%, while the profit attributable to equity holders was 2.835 billion RMB, an increase of 1.16% [8] - The company's net profit (including perpetual bond interest) for the first half of 2025 was 2.835 billion RMB, with contributions from coal, hydropower, wind, and solar power segments showing mixed results [8] - The forecasted net profit for 2025-2027 is approximately 3.7 billion, 4.0 billion, and 4.5 billion RMB, respectively, with corresponding P/E ratios of 11, 10, and 9 [6][9] Segment Performance - Coal power segment performance exceeded expectations due to a significant decrease in fuel costs, with a unit fuel cost of 234.52 RMB/MWh, down 14% year-on-year [8] - Wind power segment growth was attributed to the acquisition of multiple power plants, while hydropower and solar segments faced declines due to adverse weather and market conditions [8] - The company plans to increase its wind and solar capacity to 16.4 GW and 22.4 GW, respectively, by the end of 2025 [8] Market Data - The closing price of the company's stock is 3.48 HKD, with a market capitalization of approximately 43.048 billion HKD [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 09 日 证券分析师 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 光通信作为通信行业主流通信方式之一，应用于数据中心、电信网络等领域。光通信是以光波为信息载 体的通信方式，主要采用光纤作为传输介质从而实现用户间信息的传递。相较于传统的电信号传输模式， 光通信具有更大的传输带宽及传输容量、更低的传输损耗、更强的抗电磁干扰能力和更高的传输质量。 随着国家新一轮光通信网络建设带来发展机遇，国内光通信企业走向国际市场，华为、中兴、烽火通信 等企业位居全球光通信企业前列。随着 5G 通信、云计算、物联网等新技术的发展，光通信在这些领域得 到了广泛应用。光电子器件是光电子技术的关键和核心部件，是现代光电技术与微电子技术的前沿研究 领域，是信息技术的重要组成部分。2024 年中国光电子元器件产量达 18479.7 亿只，同比增长 28.51%， 2025 年中国光电子器件产量或将超过 20000 亿只。光通信器件包括光芯片、光模块等关键组件，它们负 ...

证券研究报告 商贸零售 行业点评报告 新消费 2025H1 板块表现总结 投资评级： 看好（维持） ——25H1 强者恒强，建议关注新兴消费趋势 hyzqdatemark 2025 年 09 月 09 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 王悦 wangyue03@huayuanstock.com 板块表现： 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 25H1 美妆板块表现平淡。2025 年 1-6 月中国限额以上单位化妆品类商品零售额同比增长 2.9%，低于中国消费品社零总额增速 5.0%，整体表现较为平稳。拆分月度数据来看，2025 年 1-2 月中国限额以上单位化妆品类商品零售额同比增长 4.4%，3 月增速放缓至 1.1%，我 们认为主要系 38 大促线上平台提前至 2 月开启预售致使部分需求前置释放，4 月增速回升至 7.2%，5 月增速为 4.4%，6 月同比下滑 2.3%，为今年以来首个同比下降月份，我们认为原 因或为 618 大促前置影响叠 ...

证券研究报告 晨会 hyzqdatemark 2025 年 09 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年09月08日 华源晨会精粹 20250908 固定收益 基金赎回费新规对债市有何影响？——公募基金赎回费新规点评：公募基 金赎回费新规即将落地。上半年银行自营基金投资规模增长停滞。理财持有纯债基 金规模不大。赎回费新规约束频繁申赎。我们认为，理财、年金等对资产流动性有 要求，估计未来纯债基金投资会逐步转到债券 ETF 上。但理财持有主动管理的债基 规模不大，且以信用债基及固收+基金为主，对债市影响有限。此外，新规实施后， 债基规模的稳定性将增强，或提升债基投资的灵活性，有助于实施拉长久期等策略。 债券 ETF 不受赎回费新规影响，我们预判，理财、年金、险资在债基投资方面可能 将更偏好债券 ETF。银行负债成本下行或将支撑债券收益率震荡下行。我们预判， 未来几年，10 年期国债收益率或将跟随银行计息负债成本下降而震荡下行。当前， 10Y 国债收益率 1.75%左右，且政府债券利息收入免企业所得税，而 A 股上市银行 整体 25Q3 计息负债成本率预计 1.67%左右，10Y ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 09 月 08 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 快递迎来全面提价，关注油运旺季表现 投资评级： 看好（维持） —交通运输行业周报（2025 年 9 月 1 日-2025 年 9 月 7 日） 投资要点： 一、行业动态跟踪 快递物流： 1）快递"反内卷"向中部、北部省份推进，全国性涨价趋势进一步巩固。根据南方 都市报报道，湖南、湖北、江西等地快递公司近期发布涨价通知：9 月 1 日起江西省、 湖北省出港快件在现价基础上上涨不低于 0.2 元/票，10 月 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's short-term performance is under pressure due to reduced water inflow, but the major shareholder's increase in holdings reflects confidence in the company's future [5][7] - The company reported a revenue of 883 million yuan in the first half of 2025, a year-on-year increase of 1.23%, while the net profit attributable to shareholders decreased by 4.54% [7] - The company has no approved projects under construction, and the water inflow in the first half of 2025 was 23% lower than the same period last year [7] Financial Performance Summary - Revenue forecast for 2023 is 1,990 million yuan, with a year-on-year decrease of 23.83%, and is expected to grow to 2,379 million yuan by 2025, reflecting a growth rate of 23.10% [6][8] - The net profit attributable to shareholders is projected to be 265 million yuan in 2023, decreasing by 36.09%, and expected to rise to 401 million yuan by 2025, with a growth rate of 83.77% [6][8] - The earnings per share (EPS) is forecasted to be 0.62 yuan in 2023, increasing to 0.94 yuan by 2025 [6][8] Market and Operational Insights - The company operates under the Guizhou region's clean energy platform, with a total installed capacity of 4.14 million kilowatts, including 3.23 million kilowatts from hydropower [7] - The major shareholder, China Huadian, plans to increase its stake in the company, indicating strong support for its future development [7] - The company has a stable cash flow, with an average distributable cash flow of 750 million yuan over the past five years, suggesting potential for increased dividends [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights that the distribution segment is optimizing its business structure, leading to a steady improvement in the profitability of Guoda Pharmacy [4] - In H1 2025, the company achieved revenue of 36.8 billion yuan (down 2.6% year-on-year) and a net profit attributable to shareholders of 670 million yuan (down 10.4% year-on-year) [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 18.5 billion yuan (down 1.0% year-on-year) and a net profit of 340 million yuan (down 4.7% year-on-year) [4] - The distribution segment generated revenue of 26.78 billion yuan in H1 2025 (down 1.1% year-on-year), while the retail segment (Guoda Pharmacy) generated revenue of 10.48 billion yuan (down 6.5% year-on-year) [7] - Guoda Pharmacy's net profit in H1 2025 was 17 million yuan (up 215.8% year-on-year), with a total of 8,591 stores, including 6,931 direct-operated stores and 1,660 franchise stores [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.32 billion yuan, 1.37 billion yuan, and 1.43 billion yuan, with growth rates of 105.9%, 3.9%, and 3.9% respectively [6][7] - The current stock price corresponds to a P/E ratio of 11X for 2025, 10X for 2026, and 10X for 2027 [7]