Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]

建筑装饰/基础建设 中国能建（601868.SH） 营收利润同比增长，新签订单保持增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 2.45 | | 一年最高最低(元) | 3.09/2.01 | | 总市值(亿元) | 1,021.43 | | 流通市值(亿元) | 794.50 | | 总股本(亿股) | 416.91 | | 流通股本(亿股) | 324.29 | | 近 3 个月换手率(%) | 86.74 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国能建 沪深300 相关研究报告 新签订单保持增长，新能源业务开展顺利 2025 年上半年，公司实现新签合同额 7753.57 亿，同比增长 4.98%。其中，能源 电力、水利核心主业新签合同额、营业收入分别同比增长 3.12%和 18.58%，分 别占公司全部新签合同、营业收入的 69.02%、74.49%；国内火电、电网业务签 约合同保持高速增长，分别同比 ...

北交所信息更新 北 交 所 研 究 佳先股份（920489.BJ） 英特美增资扩股拟新建年产 1000 吨光刻胶原料，2025H1 一期投产实现销售 ——北交所信息更新 2025 年 09 月 01 日 投资评级：增持（维持） | 财务摘要和估值指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 536 | 575 | 721 | 952 | 1,228 | | YOY(%) | -5.5 | 7.3 | 25.3 | 32.1 | 29.0 | | 归母净利润(百万元) | 20 | 12 | 26 | 39 | 60 | | YOY(%) | -66.2 | -42.4 | 120.2 | 52.5 | 52.3 | | 毛利率(%) | 14.3 | 11.4 | 13.4 | 14.2 | 15.1 | | 净利率(%) | 3.8 | 2.0 | 3.6 | 4.1 | 4.9 | | ROE(%) | 3.8 | 2.0 | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Views - The company achieved a total revenue of 503 million yuan in H1 2025, representing a year-on-year growth of 44.86%, and a net profit attributable to the parent company of 85 million yuan, up 39.96% year-on-year. The earnings forecast for 2025-2027 has been revised upwards, with expected net profits of 181 million, 226 million, and 267 million yuan respectively [5][6] - The growth is driven by the expansion of actuator sales and the development of robotics, with a projected net profit growth of 40% in H1 2025 [5][6] Financial Performance Summary - In H1 2025, revenue from sensor products was 154 million yuan (up 19.7% YoY), actuator products reached 226 million yuan (up 77.41% YoY), and controller products generated 117 million yuan (up 32.50% YoY) [6] - The gross margin for sensor products was 49.61%, for actuators it was 25.27% (up 0.89 percentage points YoY), and for controllers it was 22.22% (up 7.5 percentage points YoY) [6] - The company is progressing with capacity expansion projects, including the completion of the second phase of the Yunmeng Electronics project, which is expected to enhance production capacity significantly [6] Financial Forecasts - The projected financials for the company are as follows: - Revenue (million yuan): 2023A: 653, 2024A: 826, 2025E: 1068, 2026E: 1310, 2027E: 1555 [7] - Net profit (million yuan): 2023A: 114, 2024A: 138, 2025E: 181, 2026E: 226, 2027E: 267 [7] - EPS (yuan): 2023A: 0.63, 2024A: 0.77, 2025E: 1.01, 2026E: 1.26, 2027E: 1.49 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is expected to show resilience in the first half of 2025, with revenue growth driven by improved gross margins and effective cost control. The relocation of production capacity is anticipated to enhance performance certainty [5][6] - Despite cautious customer orders in Q3 2025, the company is projected to benefit from a stable gross margin and strict expense management, leading to resilient profit performance [7] - The company’s revenue for H1 2025 reached USD 910 million, a year-on-year increase of 11.9%, with a notable contribution from the core brand EGO [6] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 have been adjusted to USD 140 million, USD 160 million, and USD 220 million respectively, with year-on-year growth rates of 22.9%, 18.7%, and 35.3% [5] - The company’s financial metrics indicate a projected revenue of USD 1.85 billion in 2025, with a net profit of USD 138.2 million, reflecting a year-on-year growth of 22.9% [8] - The estimated P/E ratios for 2025-2027 are 10.6, 9.0, and 6.6 respectively, indicating a favorable valuation outlook [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a double-digit growth in commercial management revenue, while the turnover scale continues to decline, and gross profit margins remain under pressure [6] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 1.05 billion, 1.50 billion, and 1.75 billion yuan for 2025-2027, with corresponding EPS of 0.46, 0.67, and 0.78 yuan [6] - The current stock price corresponds to P/E ratios of 32.0, 22.3, and 19.1 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan, a year-on-year decrease of 34.8% [7] - The net profit attributable to the parent company was 895 million yuan, down 32.1% year-on-year [7] - The company reported a cash flow from operating activities of 286 million yuan, a significant decline of 86.3% year-on-year [7] - The gross profit margins for real estate development and property leasing and management were 7.96% and 71.20%, respectively, showing declines of 2.97 percentage points and 1.01 percentage points year-on-year [7] Sales and Rental Performance - The company recorded a contract sales area of 1.335 million square meters, a year-on-year decrease of 59.1%, with a contract sales amount of 10.33 billion yuan, down 56.2% [8] - The total cash inflow was 11.88 billion yuan, with a cash recovery rate of 115% [8] - The company has a total of 1,179.2 million square meters of unsold area and cash on hand of 9.183 billion yuan [8] Property Leasing Growth - The company’s rental properties performed well, achieving commercial operating income of 6.944 billion yuan, a year-on-year increase of 11.78% [9] - As of the end of the first half of 2025, the company operated 205 Wuyue Plazas, with 174 currently in operation and a total operating area of 16.08 million square meters, achieving a rental rate of 97.81% [9] - The total foot traffic for Wuyue Plaza reached 950 million, an increase of 16% year-on-year, with total sales of 51.5 billion yuan, up 16.5% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in Q2 2025 was in line with expectations, with a revenue of 61.93 billion yuan for H1 2025, representing a year-on-year increase of 3.4%, and a net profit attributable to shareholders of 7.20 billion yuan, down 4.4% year-on-year. In Q2 2025, revenue reached 28.91 billion yuan, up 5.8% year-on-year, while net profit attributable to shareholders was 2.33 billion yuan, up 44.6% year-on-year [4][5] - The company is expected to maintain its profit forecast, with net profits projected at 10.81 billion yuan, 11.64 billion yuan, and 12.41 billion yuan for 2025-2027, respectively. The earnings per share (EPS) are expected to be 1.71 yuan, 1.84 yuan, and 1.96 yuan for the same period, with the current stock price corresponding to price-to-earnings (PE) ratios of 16.7, 15.5, and 14.6 times [4][8] Business Performance - In Q2 2025, the company's liquid milk, milk powder, and ice cream businesses experienced year-on-year changes of -0.8%, +9.7%, and +38.0%, respectively. The decline in liquid milk was mitigated by a low base from the previous year, while milk powder and ice cream showed strong growth [5][6] - The gross margin for Q2 2025 was 34.2%, an increase of 0.6 percentage points year-on-year, attributed to sustained cost benefits and ongoing business structure optimization. The net profit margin improved to 8.1%, up 2.2 percentage points year-on-year [6][7] Industry Outlook - The industry is expected to see improved supply and demand dynamics in the second half of the year, driven by seasonal demand and the gradual rollout of deep processing capacity. This is anticipated to support steady revenue growth and stable profit margins for the company [7]

房地产/房地产开发 南京高科（600064.SH） 股权投资进展顺利，归母净利润双位数增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 8.77/5.43 | | 总市值(亿元) | 137.04 | | 流通市值(亿元) | 137.04 | | 总股本(亿股) | 17.30 | | 流通股本(亿股) | 17.30 | | 近 3 个月换手率(%) | 65.61 | 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 南京高科 沪深300 数据来源：聚源 相关研究报告 《地产业务收缩影响营收，归母净利 润同比增长—公司信息更新报告》 -2025.4.23 《营收规模同比收缩，融资成本优势 保持—公司信息更新报告》-2024.9.4 | ——公司信息更新报告 | | --- | | 齐东（分析师） | | | | | | 胡耀文（分析师） | | 杜致远（联系人） | | --- | --- | --- | -- ...

Group 1 - The core viewpoint of the report emphasizes that the revenue growth of the A-share market has turned positive, while profit growth has slowed down in the first half of 2025 compared to Q1 [2][12] - The revenue growth rate for the entire A-share market in H1 2025 is 0.04%, an improvement from -0.15% in Q1, while the net profit growth rate has decreased to 2.40% from 4.02% in Q1 [2][12] - The report identifies a "dual-driven" market structure, highlighting strong resilience in growth categories under global technological collaboration and a cyclical recovery in PPI under the "anti-involution" trend [3][12] Group 2 - The report categorizes industries based on profit growth levels, identifying high-growth sectors primarily in technology manufacturing, with consumer and cyclical sectors showing divergence [19] - Expanding high-growth industries include technology manufacturing (electronics, machinery), consumer (home appliances), cyclical (non-ferrous metals), and large financials (non-bank financials) [19][20] - Industries that have shown significant improvement from negative profit growth in Q1 to H1 include electric equipment, defense, and biomedicine [20] Group 3 - The competitive landscape indicates that profit distribution in the A-share market is increasingly concentrated among leading companies, with a notable positive correlation between profit growth and market capitalization [21][22] - The median net profit growth rates for companies with market caps above 200 billion, 100-200 billion, 50-100 billion, and below 50 billion are 9.2%, 5.5%, 1.7%, and -3.4% respectively, showing a clear decreasing trend [21][22] - Industries with high growth and relatively balanced growth rates include non-bank financials, basic chemicals, and steel, while industries like electronics and agriculture show significant growth divergence [22][23]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 99.17 million yuan in H1 2025, representing a year-on-year growth of 18.44%, and a net profit attributable to the parent company of 17.98 million yuan, up 53.73% year-on-year [5] - The company plans to acquire a 55.01% stake in a smart layout industrial robot and intelligent equipment company for 14.15 million yuan, which will enhance its strategic positioning in the industrial robot and intelligent equipment sectors [6] - The company has been recognized as a "2024 Shandong Innovative Enterprise" and has become a partner in Huawei's Ascend ecosystem, indicating its strong innovation capabilities [7] Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 78 million yuan, 93 million yuan, and 110 million yuan respectively, with corresponding EPS of 0.61 yuan, 0.72 yuan, and 0.86 yuan [5][9] - The projected P/E ratios for 2025, 2026, and 2027 are 65.8, 55.4, and 46.8 respectively, indicating a positive outlook on earnings growth [5][9] - The company’s revenue is expected to grow from 239 million yuan in 2023 to 445 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [9][10]