Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company has demonstrated steady growth in operating performance, with an increasingly refined capacity layout [1] - The company achieved revenue of 1.038 billion yuan in the first half of 2025, representing a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 251 million yuan, up 25.15% year-on-year [4] - The company is focusing on its core business, with significant progress in key project construction and an improved capacity layout [5] Financial Performance - In H1 2025, the company's digital printing equipment generated revenue of 670 million yuan, a year-on-year increase of 42.75%, with a notable rise in the sales proportion of single-pass models [5] - The ink sales also grew, achieving revenue of 272 million yuan in H1 2025, up 14.76% year-on-year [5] - The company’s IPO project for an intelligent factory producing 2,000 sets of industrial digital printing equipment and consumables has commenced production, yielding approximately 90.08 million yuan in benefits [5] Future Projections - The company is expected to see net profits of 550 million yuan, 700 million yuan, and 870 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.2%, 28.5%, and 23.5% [8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.1 yuan, 3.9 yuan, and 4.9 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 19, and 15 [8] Market Position and Strategy - The company has over 30 years of experience in the industrial digital printing field, forming a complete industrial ecosystem covering digital printing equipment, supporting inks, consumables, and process solutions [7] - The shift from traditional printing to digital printing is accelerating, with increasing market penetration and a growing order volume [6] - The company is actively exploring extended applications of digital printing technology to enhance market share [8]

纺织服装机械 杰克股份（603337.SH） 买入-A(维持) | 年 月 市场数据：2025 9 | 日 2 | | --- | --- | | 收盘价（元）： | 48.05 | | 年内最高/最低（元）： | 57.33/24.40 | | 流通A股/总股本（亿）： | 4.71/4.76 | | 流通 A 股市值（亿）： | 226.33 | | 总市值（亿）： | 228.92 | | 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.05 | | 摊薄每股收益(元)： | | | 1.05 | | 每股净资产(元)： | | | 10.05 | | 净资产收益率(%)： | | | 10.14 | 资料来源：最闻 分析师： 姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 杨晶晶 执业登记编码：S0760519120001 25H1 盈利能力再创新高，本地化运营提升国际份额 2025 年 9 月 3 日 公司研究/公司快报 事件描述 公司披露 2025 年半 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company's main business shows steady growth, with a focus on advancements in humanoid robotics [1] - The company achieved a revenue of 570 million yuan in the first half of 2025, representing a year-on-year increase of 15.0%, and a net profit of 120 million yuan, up 22.2% year-on-year [2] - The company is actively expanding its investment in humanoid robotics and has made strategic acquisitions to enter emerging fields [5][6] Financial Performance - In Q2 2025, the company reported a revenue of 310 million yuan, an increase of 8.4% year-on-year and 15.0% quarter-on-quarter, with a net profit of 60 million yuan, up 18.0% year-on-year and 7.4% quarter-on-quarter [2] - The revenue from new energy products reached 460 million yuan in the first half of 2025, a 20.7% increase year-on-year, accounting for 80.5% of total revenue [4] - The company's gross margin and net margin for the first half of 2025 were 35.7% and 21.6%, respectively, reflecting increases of 2.0 and 1.3 percentage points year-on-year [4] Strategic Initiatives - The company has established a wholly-owned subsidiary, Zhejiang Rongtai Intelligent Robot Co., Ltd., to expand its business development [5] - The establishment of overseas production bases in Germany, Thailand, and Mexico is underway to enhance global competitiveness and better serve international clients [6] - The company aims to leverage its customer relationships to achieve core positioning and expand its component layout through mergers and acquisitions [7] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.86 yuan, 1.20 yuan, and 1.65 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 100.4, 72.0, and 52.4 [7][10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's performance meets expectations, with significant growth in revenue and net profit, driven by advancements in AI technology in the thermal power sector [2][4] - The company is actively integrating AI technology with traditional equipment, focusing on pain points in existing management systems within thermal power plants [4][5] - The company has developed an AI-based intelligent operation and maintenance management platform for slag transportation equipment, recognized as internationally leading [4][5] Financial Performance - For the year ending June 30, 2025, the company reported revenue of 1.19 billion yuan, a year-on-year increase of 130.8%, and a net profit of 110 million yuan, up 351.8% [2] - The gross profit margin for Q2 2025 was 27.96%, an increase of 4.76 percentage points from the previous quarter [2] - The company expects continued revenue growth in the second half of 2025, with anticipated orders in various environmental protection systems [5] Market Data - As of September 2, 2025, the company's closing price was 30.08 yuan, with a market capitalization of 4.062 billion yuan [4] - The company has a basic earnings per share (EPS) of 0.88 yuan and a return on equity (ROE) of 10.60% [5] Future Projections - The company forecasts EPS of 1.76 yuan, 2.29 yuan, and 2.95 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17.1, 13.1, and 10.2 [6][9] - Revenue is projected to grow from 1.947 billion yuan in 2025 to 2.977 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [9][10]

化学原料行业近一年市场表现 资料来源：最闻 相关报告： 加速发展，关注高频高速覆铜板材料机 遇-新材料周报（250818-0822）2025.8.27 【山证新材料】首届世界人形机器人运 动会圆满闭幕，关注人形机器人领域材 料进展-新材料周报（ 250811-0815） 2025.8.20 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250825-0829） 领先大市-B(维持) 国务院印发"人工智能 +"行动意见，AI 新材料有望实现高速发展 【山证新材料】算力需求驱动 AI 服务器 可降解材料：PLA(FY201 注塑级)(17800 元/吨，不变)、PLA(REVODE 201 吹膜级)(17200 元/吨，不变)、PBS(17800 元/吨，不变)、PBAT(9850 元/吨，不变) 维生素：维生素 A(64000 元/吨，不变)、维生素 E(65500 元/吨，-2.96%) ...

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,858.13, down 0.45% [4] - The agricultural sector performed positively, with the agricultural and forestry sector index increasing by 2.02% during the week of August 25 to August 31, 2025 [5] Agricultural Sector Insights - The report suggests focusing on the recovery cycle of feed and marginal improvements in livestock farming [5] - The average price of live pigs in key provinces as of August 29 was 13.25, 14.84, and 13.73 CNY/kg for Sichuan, Guangdong, and Henan respectively, with an overall average pork price of 19.94 CNY/kg, reflecting a 0.80% decrease week-on-week [5] - The report highlights the potential for a recovery in the feed industry due to declining upstream raw material prices and improving conditions in the livestock sector, recommending investment in companies like Haida Group [5] AI Industry Development - The State Council issued an opinion on August 26, 2025, to implement "Artificial Intelligence+" actions, aiming for deep integration of AI with six key sectors by 2027 [7] - Shanxi Province has established a leading position in computing power resources, with a comprehensive computing power index ranking eighth nationally, and has built a robust AI application ecosystem [7][8] Company Performance: Midea Group - Midea Group reported a revenue of 252.33 billion CNY for H1 2025, a year-on-year increase of 15.68%, with a net profit of 26.01 billion CNY, up 25.04% [9] - The fastest growth was seen in the new energy and industrial technology sectors, with revenues of 21.96 billion CNY, reflecting a 28.61% increase [9] Company Performance: Walden Materials - Walden Materials achieved a revenue of 3.945 billion CNY in H1 2025, a 27.46% increase year-on-year, with a net profit of 558 million CNY, up 33.06% [12][14] - The company’s communication cable business performed well, with high-speed communication line products seeing a revenue increase of 397.80% [12] Company Performance: Aerospace Technology - Aerospace Technology reported a revenue of 914 million CNY for H1 2025, a decrease of 8.71%, but with a strong order backlog totaling 2.938 billion CNY [16][17] - The company’s new energy business grew by 26.26%, indicating a solid market position in the electric vehicle sector [17] Company Performance: Haier Smart Home - Haier Smart Home reported a total revenue of 156.49 billion CNY for H1 2025, a year-on-year increase of 10.22% [37] - The company’s global strategy has shown effectiveness, contributing to its robust performance [37] Company Performance: Anta Sports - Anta Sports achieved a revenue of 38.544 billion CNY in H1 2025, reflecting a 14.3% year-on-year growth [33] - The company’s e-commerce channel revenue grew by 17.6%, indicating a strong online presence [33]

化学原料行业近一年市场表现 冀泳洁 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 新材料 天然色素行业点评 领先大市-A(维持) 资料来源：最闻 相关报告： 加速发展，关注高频高速覆铜板材料机 遇-新材料周报（250818-0822）2025.8.27 【山证新材料】首届世界人形机器人运 动会圆满闭幕，关注人形机器人领域材 料进展-新材料周报（250811-0815 ） 2025.8.20 分析师： FDA 计划淘汰合成色素，国内天然色素企业或受益于需求爆发 2025 年 9 月 3 日 行业研究/行业快报 事件描述： 美国 HHS 和 FDA 宣布计划逐步淘汰石油基合成食用色素，美国天然色 素增量需求有望爆发。2025 年 4 月 22 日，美国食品药品监督管理局 （FDA）和美国卫生与公众服务部（HHS）宣布一系列措施，旨在到 2026 年 底前消除美国食品供应中所有石油基合成色素。具体措施如下：1）FDA 将 建立国家标准和时间表，鼓励行业自愿从合成色素过渡到天然色素。2 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong expectation for price appreciation [3][7]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 252.33 billion yuan, up 15.68% year-over-year, and net profit at 26.01 billion yuan, up 25.04% year-over-year [4]. - The fastest growth segments include the New Energy and Industrial Technology sectors, with revenue growth of 28.61% year-over-year [5]. - The company aims to reduce structural costs and simplify operations to promote growth, while also focusing on direct-to-consumer (DTC) model transformation [5]. Financial Performance - For the first half of 2025, the company achieved a gross margin of 27.1%, with a net profit margin of 10.61%, reflecting effective cost control measures [6]. - The company’s earnings per share (EPS) for 2025 is projected to be 6.09 yuan, with a corresponding price-to-earnings (P/E) ratio of 12.5 times based on the closing price of 76.16 yuan [7][12]. - The company’s revenue is expected to grow from 373.71 billion yuan in 2023 to 581.55 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.8% [12][16]. Segment Performance - The smart home segment generated 167.2 billion yuan in revenue, accounting for 66.58% of total revenue, while the New Energy and Industrial Technology segment contributed 21.96 billion yuan, representing 8.74% of total revenue [5]. - Domestic revenue for the first half of 2025 was 1439.31 billion yuan, up 14.05% year-over-year, while overseas revenue reached 1071.93 billion yuan, up 17.7% year-over-year [5]. Valuation Metrics - The report forecasts the company’s P/E ratios to decrease from 12.5 in 2025 to 9.9 in 2027, indicating a potential undervaluation relative to its earnings growth [7][12]. - The projected return on equity (ROE) is expected to remain strong, averaging around 18.9% from 2025 to 2027 [12][17].

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

2025 年 9 月 2 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公布 2025 年中报业绩，净利润同比增长 56%。2025 年上半年，公 司实现营业收入 29.21 亿元，同比增加 1.55%；实现归母净利润 2.96 亿元， 同比增加 56.16%。2025Q2，公司实现营业收入 14.68 亿元，同比减少 1.85%， 环比增长 1.06%；实现归母净利润 1.56 亿元，同比增长 36.14%，环比增长 12%。 事件点评 市场数据：2025 年 9 月 1 日 收盘价（元）： 6.14 年内最高/最低（元）： 6.69/3.47 流通A股/总股本（亿）： 8.65/11.62 流通 A 股市值（亿）： 53.11 总市值（亿）： 71.36 基础数据：2025 年 6 月 30 日 基本每股收益(元)： 0.26 摊薄每股收益(元)： 0.26 每股净资产(元)： 3.29 越南基地收益同比增长 196%，越南帘子布一期及工业丝二期项目有望 进一步打开成长空间。报告期内，公司越南年产 11 万吨差别化涤纶工业长 丝（一期）项目实现满产满销，基于自身产能国际布局的优势以及越南税收 ...