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 公司发布 2025 年中报业绩，2025H1 营业总收入为 1564.94 亿元， yoy+10.22%，2025H1 归母净利润为 120.33 亿元，yoy+15.59%。2025Q2 营 业总收入为773.76亿元，yoy+10.39%，归母净利润为65.46亿元，yoy+16.02%。 事件点评 市场数据：2025 年 9 月 1 日 收盘价（元）： 25.95 年内最高/最低（元）： 35.37/23.58 内销有韧性，外销新兴市场高速增长。内销：2025H1 收入 yoy+8.8%， 其中卡萨帝收入增长超过 20%，Leader 品牌收入增长超过 15%。外销：2025H1 收入 yoy+11.7%，美国、欧洲白电与暖通业务持续跑赢行业，南亚增长 33%； 东南亚增长 18%；中东非增长 65%。展望后续，预计国内市场会继续深化多 品牌战略协同，巩固高端引领优势，海外市场将积极的强化本土化能力，积 极打通各环节壁垒，实现降本增效。 流通A股/总股本（亿）： 62.55/93.83 流通 A 股市值（亿）： 1,623. ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Insights - The company has experienced significant revenue growth in high-speed communication cables, with a notable increase in demand driven by AI products from Nvidia [7] - The company's revenue from new energy products has also shown strong growth, alongside steady performance in electronic materials [8] - The overall financial outlook is positive, with projected increases in net profit and earnings per share (EPS) for the coming years [9] Financial Performance - In the first half of 2025, the company achieved revenue of 3.945 billion yuan, a year-on-year increase of 27.46%, and a net profit of 558 million yuan, up 33.06% [5] - The second quarter of 2025 saw a revenue of 2.186 billion yuan, reflecting a year-on-year growth of 28.15% and a quarter-on-quarter increase of 24.28% [5] - The company's communication cable segment reported revenue of 1.246 billion yuan in the first half of 2025, a substantial year-on-year increase of 62.46% [7] Revenue Projections - The company forecasts revenues of 9.447 billion yuan in 2025, 11.953 billion yuan in 2026, and 14.311 billion yuan in 2027, with corresponding net profits of 1.288 billion yuan, 1.941 billion yuan, and 2.634 billion yuan respectively [10][9] - The expected EPS for 2025, 2026, and 2027 are projected to be 1.02 yuan, 1.54 yuan, and 2.09 yuan respectively [10][9] Market Position - The company is positioned as a leader in the domestic high-speed communication cable market, benefiting from increased demand for copper interconnects due to advancements in AI technology [7] - The new energy segment is expanding its market presence, particularly in DC charging solutions for electric vehicles [8]

航空军工 航宇科技（688239.SH） 增持-A(维持) 在手订单持续增长，加速突破新兴领域 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 分析师： 骆志伟 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 李通 执业登记编码：S0760521110001 电话：010-83496308 | 市场数据：2025 | 年 | 月 | 日 | 8 | 29 | 收盘价（元）： | 37.91 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 49.80/26.70 | | | | | | | | 流通 | 股/总股本（亿股）： | A | 1.91/1.92 | | | | | | 流通 | 股市值（亿元）： | A | 72.27 | | | | | | 总市值（亿元）： | 72.75 | | | | | | | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company reported a significant revenue increase of 25.28% year-on-year for the first half of 2025, reaching 10.241 billion yuan, while the net profit attributable to shareholders decreased by 5.12% to 282 million yuan [5][6] - The company is focusing on the low-altitude economy development strategy, enhancing its product offerings and optimizing costs [6][8] Financial Performance - For the first half of 2025, the company achieved a revenue of 10.241 billion yuan, with a year-on-year growth of 25.28% [5] - The net profit attributable to shareholders was 282 million yuan, a decrease of 5.12% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 23.91% to 206 million yuan [5] - The total liabilities decreased by 7.58% to 31.192 billion yuan, and cash and cash equivalents increased by 158.08% to 7.941 billion yuan [5] - The company reported a significant increase in revenue in Q2 2025, achieving 7.865 billion yuan, a year-on-year growth of 63.80% [6] Cost Optimization - The company has successfully reduced its management expense ratio by 1 percentage point to 4.54%, sales expense ratio by 0.66 percentage points to 0.51%, and financial expense ratio by 0.36 percentage points to -0.38% [6] Future Outlook - The company is committed to enhancing its product lineup and capitalizing on opportunities in the low-altitude economy, with ongoing improvements and testing of new helicopter models [6][8] - EPS forecasts for 2025-2027 are projected at 0.71, 0.85, and 0.99 yuan, with corresponding P/E ratios of 55.8, 47.1, and 40.4 [8]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company has achieved significant growth in investment and investment banking businesses, driven by a recovery in the capital market [5] - The wealth management transformation is progressing well, with notable contributions from fund advisory services [4] - The company's self-operated investment strategy has led to substantial increases in equity investment income [4] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 2.808 billion yuan, a year-on-year increase of 43.09%, and a net profit attributable to shareholders of 1.035 billion yuan, up 44.94% [4] - The weighted average return on equity (ROE) improved to 4.52%, an increase of 1.19 percentage points [4] - The company's brokerage, investment banking, and investment businesses all showed significant improvement, with investment business revenue reaching 1.083 billion yuan, a year-on-year growth of 68.36% [4] Future Earnings Forecast - The company is expected to benefit from the capital market recovery, with projected net profits for 2025, 2026, and 2027 being 1.933 billion yuan, 2.227 billion yuan, and 2.552 billion yuan, respectively, reflecting year-on-year growth rates of 30.11%, 15.23%, and 14.60% [5][7] - The price-to-book (PB) ratios for the same years are forecasted to be 1.21, 1.13, and 1.04 [5][7] Market Data - As of September 1, 2025, the closing price of the company's stock was 6.43 yuan, with a year-to-date high of 7.13 yuan and a low of 4.23 yuan [3]

| 年 月 市场数据：2025 9 | 日 1 | | | --- | --- | --- | | 收盘价（元）： | | 10.36 | | 年内最高/最低（元）： | | 10.79/6.95 | | 流通A股/总股本（亿）： | | 37.13/37.13 | | 流通 A 股市值（亿）： | | 384.62 | | 总市值（亿）： | | 384.62 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.30 | | 摊薄每股收益(元)： | | | 0.30 | | 每股净资产(元)： | | | 9.32 | | 净资产收益率(%)： | | | 3.22 | 资料来源：最闻 分析师： 公司近一年市场表现 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 证券Ⅲ 国金证券（600109.S ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 38.544 billion yuan for the first half of 2025, representing a year-on-year growth of 14.3%, while the net profit attributable to shareholders decreased by 8.9% to 7.031 billion yuan [2][4] - The company plans to distribute an interim dividend of 1.37 HKD per share, with a payout ratio of 50.2% [2] - The growth in outdoor brands is strong, and the effects of refined operational management are becoming evident [1] Revenue and Profitability - In the first half of 2025, the company's revenue reached 38.544 billion yuan, with a year-on-year increase of 14.3%. Excluding the one-time gain from Amer's listing, the revenue and performance showed good growth [4] - The e-commerce channel revenue grew by 17.6% year-on-year, accounting for 34.8% of total revenue, an increase of 1.0 percentage points [4] - The overall gross profit margin decreased by 0.7 percentage points to 63.4%, primarily due to the lower margin from e-commerce and increased contributions from footwear products [9] Brand Performance - Anta brand revenue increased by 5.4% to 16.95 billion yuan in the first half of 2025, with direct-to-consumer (DTC) model, e-commerce, and traditional wholesale revenues growing by 5.3%, 10.1%, and declining by 10.6% respectively [5] - FILA brand revenue grew by 8.6% to 14.18 billion yuan, but the gross profit margin decreased by 2.2 percentage points to 68.0% due to increased costs from enhancing product functionality [6] - Other brands, including Descente and KOLON Sports, saw a revenue increase of 61.1% to 7.41 billion yuan, with gross profit margin improving by 1.2 percentage points to 73.9% [7] Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 4.97, 5.65, and 6.55 yuan for the years 2025, 2026, and 2027 respectively [11] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.6, 15.5, and 13.4 times respectively [11] - Revenue forecasts for the years 2025 to 2027 are 78.943 billion yuan, 88.275 billion yuan, and 98.821 billion yuan, with year-on-year growth rates of 11.5%, 11.8%, and 11.9% respectively [13]

计算机 行业政策点评 领先大市-A(维持) "人工智能+"意见正式发布，助推山西 AI 产业发展再次提速 2025 年 9 月 2 日 行业研究/行业快报 计算机行业近一年市场表现 事件描述： 资料来源：最闻 【山证计算机】"人工智能+"意见正式 发布，AI 产业发展再次提速 2025.8.27 【山证计算机】全球稳定币监管框架建 立，产业将迎来爆发时刻 2025.7.7 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 研究助理： 邹昕宸 邮箱：zouxinchen@sxzq.com 8 月 26 日，国务院印发《关于深入实施"人工智能+"行动的意见》，明 确提出三阶段总体目标：到 2027 年，实现 AI 与 6 大重点领域深度融合，新 一代智能终端、智能体等应用普及率超 70%；到 2030 年，新一代智能终端、 智能体等应用普及率超 90%，智能经济成为重要增长极；到 2035 年，我国 全面步入智能经济和智能社会发展新阶段。 事件点评： 首选股票 评级 相关报告： 《关于深入实施"人工智能+"行动的意见》重点强调了 AI 应用场景化 落地，同时兼顾模 ...

研究早观点 2025 年 9 月 2 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,875.53 | 0.46 | | 深证成指 | | 12,828.95 | 1.05 | | 沪深 | 300 | 4,523.71 | 0.60 | | 中小板指 | | 7,785.03 | 0.06 | | 创业板指 | | 2,956.37 | 2.29 | | 科创 | 50 | 1,357.15 | 1.18 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】太阳能：202508 光伏行业月度报告-7 月光伏新增装机同 比下降 47.6%，逆变器出口额同比维持增长 【山证纺服】周大生2025H1中报点评-2025H1业绩表现显著好于营收， 单店盈利能力提升 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【今日要点】 【行业评论 ...

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - Despite a significant decline in revenue, the company's performance in terms of net profit was better than expected, with a notable growth in Q2 2025 driven by product structure optimization and rising gold prices [4][13] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, resulting in a mid-term payout ratio of 45.7% [3] Revenue and Profitability - In H1 2025, the company achieved revenue of 4.597 billion yuan, a year-on-year decrease of 43.92%, while net profit attributable to shareholders was 594 million yuan, down 1.27% year-on-year [3][4] - The company's gross profit margin significantly improved, rising by 11.96 percentage points to 30.34% in H1 2025 [7] Channel Performance - Revenue contributions from self-operated offline, online, and franchise channels in H1 2025 were 19.37%, 25.41%, and 52.76%, respectively [5] - The self-operated offline channel generated 890 million yuan in revenue, a decline of 7.56% year-on-year, while the franchise channel saw a substantial drop of 59.12% to 2.425 billion yuan [5] Product Performance - The revenue from embedded products and pure gold products in H1 2025 was 286 million yuan and 3.415 billion yuan, reflecting year-on-year declines of 23.08% and 50.94%, respectively [6] - The gross margins for embedded products and pure gold products improved to 30.40% and 16.77%, up by 4.38 percentage points and 6.98 percentage points year-on-year [6] Future Earnings Projections - The company is projected to have earnings per share (EPS) of 1.03, 1.17, and 1.32 yuan for the years 2025, 2026, and 2027, respectively [13] - The price-to-earnings (P/E) ratios corresponding to the closing price on August 28 are estimated to be 13.0, 11.5, and 10.2 for the years 2025, 2026, and 2027 [13]