集成电路 海光信息（688041.SH） 买入-A(维持) 上半年收入保持高增，全产业链布局即将成型 2025 年 8 月 11 日 公司研究/公司快报 邹昕宸 公司近一年市场表现 事件描述 | 市场数据：2025 年 月 | 8 | 8 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 136.12 | | 年内最高/最低（元）： | | | 171.90/71.70 | | 流通 A 股/总股本（亿 | | | 8.87/23.24 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 1,206.78 | | 总市值（亿）： | | | 3,163.89 | | 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.52 | | 摊薄每股收益(元)： | | | 0.52 | | 每股净资产(元)： | | | 10.30 | | 净资产收益率(%)： | | | 6.85 | | 资料来源：最闻 | | | | 执业登记编码：S076052 ...

Group 1: Industry Overview - The report highlights the significance of Direct Air Capture (DAC) technology as a "negative carbon asset" in the context of artificial intelligence and carbon finance, emphasizing its potential in carbon removal and integration with data centers [5][6]. - The demand for DAC is driven by the surge in energy consumption and greenhouse gas emissions from data centers, with projections indicating that global data center electricity consumption will reach approximately 945 terawatt-hours by 2030 [5][6]. - Major tech companies like Microsoft and Meta are accelerating their investments in DAC to achieve carbon neutrality, leveraging clean energy sources and waste heat from data centers for DAC operations [5][6]. Group 2: Investment Opportunities - The report identifies key players in the DAC sector, including Bluestar Technology and Jianlong Micro-Nano, which are involved in the development of advanced adsorption materials and equipment essential for DAC technology [5][6]. - Bluestar Technology has established a strategic partnership with Climeworks and is engaged in commercial supply of carbon capture materials, while Jianlong Micro-Nano has developed efficient molecular sieve adsorbents that significantly reduce energy consumption in carbon capture [5][6]. - The report also mentions the collaboration between Xizhuang Co. and Carbon Life to establish a joint venture focused on sustainable aviation fuel production from DAC, with plans to produce demonstration oil by the end of 2025 [8][9]. Group 3: Company Performance - The report provides an analysis of Beiding Co., which reported a total revenue of 432 million yuan for the first half of 2025, reflecting a year-on-year increase of 34.05%, and a net profit of 56 million yuan, up 74.92% year-on-year [9][10]. - The company's revenue from its own brand reached 356 million yuan, accounting for 82.49% of total revenue, with significant growth in product categories such as electric stoves and rice cookers [9][10]. - Beiding Co. has improved its profitability, with a gross margin of 49.71% and a net margin of 12.93% for the first half of 2025, indicating enhanced operational efficiency [9][10].

Investment Rating - The report maintains an "A" rating for the industry, indicating an expected performance that will exceed the benchmark index by more than 10% [1][9]. Core Insights - The report emphasizes the significance of Direct Air Capture (DAC) technology as a "negative carbon asset" in the context of the artificial intelligence and carbon finance era. It highlights the increasing demand for DAC due to the surge in carbon emissions from data centers driven by AI [2][3]. - Major technology companies, including Microsoft and Meta, are accelerating their procurement of DAC carbon removal credits to achieve carbon neutrality goals. The integration of DAC with data centers is seen as beneficial due to the availability of clean energy and the potential to utilize waste heat from cooling systems [2][3]. - The report also notes that DAC possesses unique attributes as a "negative carbon asset," which does not rely on carbon emission sources and can remove existing CO2. This positions DAC as a foundational asset in the carbon finance era [3][4]. Summary by Sections Section 1: Technology and Market Dynamics - The report discusses the explosive growth in energy consumption by global data centers, projected to reach 1,200 terawatt-hours by 2035, and the corresponding increase in greenhouse gas emissions from major tech firms [2]. - It highlights the strategic partnerships between DAC technology companies and major players in the chemical and energy sectors, such as the collaboration between Bluestar Technology and Climeworks [4][6]. Section 2: Investment Opportunities - The report identifies key companies in the DAC space, including Bluestar Technology and Jianlong Micro-Nano, which are involved in the development of efficient CO2 adsorption materials and equipment [4]. - It mentions that Jianlong Micro-Nano is working on a sustainable aviation fuel project utilizing DAC technology, with plans for commercial production by 2027 [6]. Section 3: Industry Trends - The report notes the increasing interest from petrochemical giants in DAC technology due to their existing advantages in carbon storage and the potential for financialization of carbon credits [3][4]. - It emphasizes the ongoing technological advancements in DAC materials and equipment, which are crucial for reducing costs and enhancing efficiency in carbon capture [4].

Investment Rating - The report assigns an "Add-A" rating to the company for the first time [1] Core Views - The company has shown strong performance in the first half of 2025, with total revenue reaching 432 million yuan, a year-on-year increase of 34.05%, and a net profit attributable to shareholders of 56 million yuan, up 74.92% year-on-year [4] - The growth is attributed to the "old-for-new" policy and a favorable base effect, leading to significant revenue increases in the domestic market [4] - The company's self-owned brand revenue accounted for 82.49% of total revenue in H1 2025, with a year-on-year growth of 43.6% [4] Financial Performance - In H1 2025, the company's gross margin was 49.71%, an increase of 0.75 percentage points year-on-year, while the net profit margin improved to 12.93%, up 3.02 percentage points year-on-year [6] - The company expects revenues of 901 million yuan, 1.007 billion yuan, and 1.128 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.6%, 11.8%, and 12% [7] - The projected net profits for the same years are 112 million yuan, 129 million yuan, and 145 million yuan, with corresponding EPS of 0.34 yuan, 0.40 yuan, and 0.44 yuan [7] Market Position and Sales Channels - Direct sales accounted for 65.53% of the company's revenue in H1 2025, with a year-on-year growth of 53.04% [5] - The fastest growth in distribution channels was seen in JD.com, with a year-on-year increase of 96.36% [5] - The company has a strong online presence, with an average spending of 531.19 yuan per buyer in H1 2025, and the highest spending on Douyin at 868.99 yuan [5]

Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,639.67, up by 0.16%, while the Shenzhen Component Index fell by 0.18% to 11,157.94 [4] - The coal market has seen a significant shift, with the Qinhuangdao port's 5500 kcal thermal coal closing price rising to 667 RMB/ton, surpassing the annual long-term contract price, indicating a recovery in market confidence [7] Coal Industry Insights - The long-term contract price inversion has been resolved, boosting market confidence and leading to an expectation of rising coal prices. The inversion lasted from February 28, 2025, to August 4, 2025, during which the contract fulfillment rate declined [7] - The expectation for coal prices to rise may exceed previous forecasts, particularly for coking coal, which has shown a faster and greater increase than thermal coal [7] - Coal stocks are responding positively to favorable market conditions, with a focus on policy implementation and supply-demand dynamics. Key stocks to watch include Huayang Co., Jinkong Coal, and Shanxi Coking Coal [7] Non-Banking Financial Sector - The Ministry of Finance has announced the reintroduction of VAT on interest income from newly issued government bonds, which is expected to have a limited impact on the industry. The estimated additional tax burden for the securities industry is 5.304 billion RMB, accounting for only 1.18% of the 2024 revenue [8] Company Performance: Zhongchong Co. - Zhongchong Co. reported a revenue of 2.432 billion RMB for the first half of 2025, reflecting a year-on-year growth of 24.32%, with a net profit of 203 million RMB, up by 42.56% [9] - The company’s domestic business continues to grow robustly, with a focus on expanding its brand internationally [9] Company Performance: Dipu Technology - Dipu Technology achieved a revenue of 551 million RMB in the first half of 2025, marking a 9.59% increase year-on-year, while net profit slightly increased by 0.17% to 52 million RMB [11] - The company is accelerating its layout in AI and computing network businesses, indicating a strategic shift towards high-growth areas [11][17] Investment Recommendations - The coal sector is expected to benefit from rising prices, with specific stocks recommended for investment due to their potential for significant returns [7] - For Zhongchong Co., the growth in domestic and international markets suggests a positive outlook for future performance [9] - Dipu Technology's focus on AI and computing networks positions it well for future growth, with an adjusted earnings forecast indicating a strong potential for profitability [15][17]

Investment Rating - The coal industry is rated as "Leading the Market - A" with an upward adjustment [4] Core Viewpoints - The long-term price inversion of annual contracts has been resolved, boosting market confidence. The previous inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates. The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [1][2] - The bottom of coal prices has been reached, with expectations for price increases potentially exceeding market forecasts. The current rise in coal prices began with thermal coal, and the upward momentum for coking coal has outpaced that of thermal coal. The low point of the year has passed, and it is expected that prices will not decline again in the second half of the year [2] - The resolution of the long-term price inversion is likely to trigger positive feedback, enhancing contract fulfillment rates, improving spot demand, and further increasing spot prices. Coal stocks have shown a strong response to positive news, with significant upward potential remaining [2] Summary by Sections - **Market Dynamics**: The recent increase in the price of thermal coal at Qinhuangdao Port has surpassed the annual contract price, indicating a shift in market dynamics. The market is currently experiencing a recovery in confidence due to the resolution of the long-term price inversion [1][2] - **Investment Recommendations**: With the acceleration of coal price increases, coal stocks are expected to perform well. Key stocks to watch include Huayang Co., Jinkong Coal Industry, Shanmei International, Lu'an Environmental Energy, Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining. Leading coal companies such as Shaanxi Coal and China Shenhua also present high allocation value [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [6] Core Views - The company's domestic business continues to show high growth, with a significant increase in revenue and profit margins. The overseas expansion of its brands is also promising [6] - The company achieved a revenue of 2.432 billion yuan in the first half of 2025, representing a year-on-year increase of 24.32%. The net profit attributable to the parent company was 203 million yuan, up 42.56% year-on-year [1][6] - The company is focusing on enhancing its self-owned brands, which are expected to drive further growth in revenue and profitability [6] Financial Performance - In H1 2025, the company’s revenue from pet food snacks and staple food reached 1.529 billion yuan and 783 million yuan, respectively, with year-on-year growth of 6.37% and 85.79% [3] - The gross profit margins for snacks and staple food were 30.63% and 36.63%, respectively, indicating an improvement in product structure [3] - The company’s domestic business generated 857 million yuan in revenue, a year-on-year increase of 38.89%, with a gross margin of 37.68% [4] Global Expansion - The overseas business generated 1.575 billion yuan in revenue in H1 2025, a year-on-year increase of 17.61%, with a gross margin of 27.95% [5] - The establishment of a factory in Mexico marks a significant step in building a strong supply chain in North America, complemented by facilities in Cambodia and New Zealand [5] - The company is optimistic about its self-owned brands' international expansion, which is seen as a core driver for global growth [6] Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 464 million yuan, 555 million yuan, and 681 million yuan, respectively, with corresponding EPS of 1.52 yuan, 1.82 yuan, and 2.24 yuan [6][8] - The projected P/E ratios for 2025 and 2026 are 38.5 times and 32.2 times, respectively, indicating a favorable valuation outlook [6][8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company achieved a revenue of 551 million yuan in the first half of 2025, representing a year-on-year growth of 9.59%. The net profit attributable to the parent company was 52 million yuan, a slight increase of 0.17% year-on-year [5] - The company is accelerating its layout in AI and computing network new businesses, with significant advancements in product offerings such as a security operation intelligent body and a domestically produced 400G computing switch [6] - The company is expected to improve its profitability through self-research in underlying hardware and the promotion of application delivery products [6] Financial Performance - In the first half of 2025, the company's revenue from network security products was 319 million yuan, a decrease of 12.76% year-on-year, while revenue from application delivery and network products increased by 81.67% to 169 million yuan [5] - The company's operating income for the first half of 2025 was 1.57 billion yuan from telecom operator clients, up 16.75% year-on-year, while government client revenue decreased by 43.19% to 920 million yuan [5] - The gross profit margin decreased by 6.18 percentage points compared to the same period last year, but the net profit margin was 9.47%, only down 0.89 percentage points year-on-year due to effective cost control [5] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.31, 0.38, and 0.44 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 59.55, 48.98, and 41.76 times based on the closing price of 18.44 yuan on August 6 [6][8]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [2][3]. Core Insights - The impact of the new VAT on interest income from government bonds and financial bonds is limited, with an estimated additional tax burden of 5.304 billion yuan, which constitutes only 1.18% of the projected 2024 revenue for securities firms. This suggests that the overall financial impact on the industry is manageable [3][10]. - The introduction of "anti-involution" rules in the futures industry aims to standardize commission practices and enhance transparency, which is expected to improve the competitive landscape and service quality among futures companies [4][11]. - Recent market performance shows a decline in major indices, with the Shanghai Composite Index down by 0.94% and the CSI 300 Index down by 1.75%. The non-bank financial index fell by 2.40%, ranking 22nd among 31 sectors [12][14]. Summary by Sections Investment Recommendations - The report highlights the restoration of VAT on interest income from newly issued government bonds starting August 8, 2025, which will affect the securities industry's bond holding structure but is expected to have a limited financial impact [10][11]. Market Review - The report notes a decrease in trading activity, with a total A-share transaction amount of 9.05 trillion yuan and an average daily trading volume of 1.81 trillion yuan, reflecting a 2.11% week-on-week decline [12][14]. Industry Key Data Tracking 1. Market Performance and Scale: The report indicates a downward trend in major indices, with the CSI 300 Index and the ChiNext Index both experiencing declines [12][14]. 2. Credit Business: As of August 1, the market had 3,050.10 million pledged shares, accounting for 3.73% of total equity, with a margin balance of 1.98 trillion yuan, reflecting a 1.67% week-on-week increase [17][20]. 3. Fund Issuance: In July 2025, new fund issuance totaled 95.689 billion units, with a notable increase in equity fund issuance [17][19]. 4. Investment Banking: The report states that the equity underwriting scale in July 2025 reached 66.182 billion yuan, with IPOs accounting for 24.164 billion yuan [17][19]. 5. Bond Market: The report notes a 1.00% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield at 1.71%, up 9.82 basis points year-to-date [17][20]. Regulatory Policies and Industry Dynamics - The report discusses the ongoing decline in average commission rates in the Shanghai region, with a significant drop in the first half of 2025 compared to the previous year, indicating a trend towards lower trading costs [26][28].

Group 1: Macro Strategy - The report highlights that the U.S. labor market shows signs of weakening, with non-farm payrolls for July coming in at 73,000, below expectations of 108,000, leading to increased market expectations for interest rate cuts in September, October, and December [6] - The report notes a significant drop in the unemployment rate to 4.2% and a decrease in the labor participation rate to 62.2%, indicating a cooling labor market [6] Group 2: Industry Commentary - Chemical Raw Materials - The report discusses the upcoming World Robot Conference, emphasizing the importance of material advancements in the humanoid robot sector, with the global humanoid robot market projected to grow from $2.16 billion in 2023 to $32.4 billion by 2029, reflecting a compound annual growth rate (CAGR) of 57% [7][9] - It suggests focusing on PEEK materials, which are expected to see a market size of 2.1 billion yuan in China by 2025, growing at a rate of 10.53% year-on-year [10] Group 3: Agricultural Sector - The report indicates a rebound in pig prices, with average prices in key provinces showing increases of 0.74% to 3.22% as of August 1, while average pork prices decreased by 1.29% [12] - It highlights that the feed industry is expected to see a recovery due to falling upstream raw material prices and improving conditions in the breeding sector, recommending investment in Hai Da Group [12] Group 4: Company Review - Changhong Huayi - The report provides an analysis of Changhong Huayi's 2025 mid-year report, noting a revenue of 6.628 billion yuan, a year-on-year decrease of 1.52%, but a net profit increase of 13.42% to 257 million yuan [15] - It emphasizes the significant growth in sales of automotive air conditioning compressors, particularly for new energy vehicles, which saw a 164% year-on-year increase [15]