公司报告 | 半年报点评 极米科技（688696） 证券研究报告 内销格局优化&海外份额提升，新领域打开成长空间 事件： 2025 年 8 月 28 日，极米科技公布 2025 年半年报。公司 25H1 营业收入 16.3 亿元（同比+1.6%，下同），归母净利润 0.89 亿元（+2062.3%），扣非归母 净利润 0.77 亿元（同期亏损 1484 万元）。单 25Q2 看，公司实现营业收入 8.2 亿元（+5.4%），归母净利润 2602 万元（同期亏损 1022 万元），扣非归 母净利润 2128 万元（同期亏损 2295 万元），非经主要包括政府补助 209 万元、公允价值变动损益 317 万元。 点评： 家用投影内销保持引领、外销持续拓份额，车载及商用等新业务领域持续 打造第二增长曲线。国内投影：25Q2 极米智能投影品类零售额份额达 31.0%，公司份额持续保持引领且进一步提升，同/环比分别+4.7/+3.3pcts。 我们认为主系当前国补趋向头部品牌，叠加行业价格竞争以及口碑积累， 中小品牌面临洗牌，2025 上半年 500 元以下销量份额同比下降 11.1pcts 至 22.1%，低价低质产 ...

公司报告 | 半年报点评 四川路桥（600039） 证券研究报告 收入和利润阶段性承压，订单保持亮眼增速 受阶段性业务衔接影响，收入和利润有所承压 公司发布 25 年半年报，25H1 公司实现营业收入 435.36 亿元，同比-4.91%， 实现归母净利润 27.80 亿元，同比-13.00%，扣非归母净利润 27.20 亿元， 同比-13.72%。单季度看，25Q2 公司收入、归母净利润分别为 205.50、10.05 亿元，同比分别-13.21%、-30.10%，上半年公司收入和利润有所承压，主 要系：1）新开工项目受土地组卷报批、项目红线用地征拆等前期工作影响， 未能实现大面积动工，项目接续不足，在建项目规模总量有所下降；2）公 司在建及新开工项目多位于盆周山区，地质条件复杂，环境敏感度高，安 全、环保要求高，叠加 2025 年汛期防汛形势严峻，项目建设进度有所放缓； 3）公司战略调整，蜀道矿业集团及蜀道清洁能源集团已于 2024 年末完成 出表，受此影响，营业收入较去年同期呈现同比下降趋势。 工程板块收入承压，新签订单保持较快增长 25H1 公司工程建设板块实现营业收入 388.36 亿元，同比下降 ...

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank with a target price not specified [9] Core Views - Agricultural Bank's revenue and profit have shown improvement in the first half of 2025, with a year-on-year revenue increase of 0.85% and a net profit increase of 2.66% [2][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.28% and a provision coverage ratio of 295% [5][28] Revenue and Profitability - In H1 2025, Agricultural Bank achieved a revenue of approximately 369.94 billion yuan, with net interest income of 282.47 billion yuan, accounting for 76.36% of total revenue [2][14] - Non-interest income was strong, reaching 87.46 billion yuan, a year-on-year increase of 15.10% [3][22] - The bank's net interest margin recorded at 1.32%, slightly down by 2 basis points from Q1 2025 [17][19] Asset and Liability Management - As of H1 2025, the total interest-earning assets amounted to 46 trillion yuan, growing by 8.42% from the end of 2024 [4][23] - The total interest-bearing liabilities reached 42.47 trillion yuan, with a year-on-year growth of 13.02% [4][27] Asset Quality - The non-performing loan ratio stood at 1.28%, unchanged from the previous quarter, while the overdue rate increased slightly to 1.22% [5][28] - The provision coverage ratio remains high at 295%, indicating strong risk management [5][29] Future Profitability Projections - The report forecasts Agricultural Bank's net profit growth for 2025-2027 at 1.98%, 3.94%, and 4.63% respectively [6][8]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has experienced rapid growth in optical communication devices, with a revenue increase of 41.58% year-on-year, reaching 597 million yuan in the first half of 2025. The net profit attributable to the parent company grew by 70.96% to 52 million yuan [1] - The gross margin has decreased to 30.92%, down 4.24 percentage points year-on-year, primarily due to lower margins in optical communication devices and laser radar light source modules. However, revenue from optical communication devices surged by 73.89% to 280 million yuan [2] - The company is actively enhancing its product offerings and customer base through significant R&D investments and strategic acquisitions, including the acquisition of Jabil Technology (Wuhan) Co., Ltd. and plans to acquire Suzhou Anjie Xun [3][4] - The financial forecast has been revised upwards, with expected net profits for 2025-2027 projected at 133 million yuan, 207 million yuan, and 283 million yuan respectively, reflecting the impact of the Jabil acquisition and strong growth in optical communication devices [5] Financial Data Summary - For 2025, the company is expected to achieve a revenue of 1,443.16 million yuan, with a growth rate of 44.48%. The net profit attributable to the parent company is projected to be 133.19 million yuan, representing a growth rate of 98.85% [6] - The company's EBITDA for 2025 is estimated at 230.20 million yuan, with a significant increase in profitability metrics such as EPS expected to reach 0.53 yuan per share [6] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 38.64% and a projected return on equity (ROE) of 6.63% for 2025 [8][14]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's natural gas sales business shows strong resilience, with core profit increasing by 1.4% year-on-year in the first half of 2025 despite a 1.5% decline in total revenue [1] - The retail gas volume increased by 1.9% to 12.95 billion cubic meters, supported by a strategy of volume-driven profit [1] - The company has signed long-term contracts with ADNOC and Chevron, enhancing its mid-to-long-term resource optimization [2] - The company's diversified energy and smart home businesses are showing steady growth, with solar installation capacity increasing by 231% year-on-year [3] - The company commits to a minimum cash dividend of 1.14 CNY per share for 2025, corresponding to a dividend yield of 6.1% [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 66.015 billion CNY, a decrease of 1.5% year-on-year, and a net profit attributable to shareholders of 2.408 billion CNY, down 4.8% [1] - The company's platform trading gas volume remained stable at 2.69 billion cubic meters, with domestic and international sales showing contrasting trends [2] - The company expects net profit attributable to shareholders to reach 5.19 billion CNY in 2025, with a projected PE ratio of 11.23x [4]

全产业链一体化运营模式呈现高业绩稳定性 公司 2025 年 H1 营业收入达 1381.1 亿元，同比-18.3%，归母净利润 246.4 亿元，同比-12%，扣非归母净利润达 243.1 亿元，同比-17.5%。公司煤电 运一体化大幅提高了业绩的稳定性，2025 年 H1 秦皇岛动力煤价格跌幅约 为-22.8%，公司归母净利润下滑幅度大幅小于煤价跌幅。 煤炭业务整体运行稳定，成本控制能力仍然出色 公司 2025 年 H1 商品煤产量 1.654 亿吨，同比-1.7%，煤炭销售量 2.049 亿 吨，同比-10.9%，其中自产煤销售量 1.619 亿吨，同比-3.4%，外购煤销售 量 4300 万吨，同比-31.1%。同时，可以看到公司铁路运输量、港口装船量、 航运货运量同比均有所下滑，我们推测可能是受到了上半年煤炭需求走弱 等因素影响。 公司报告 | 半年报点评 中国神华（601088） 证券研究报告 业绩呈现高稳定性，分红支付率再度提高 此外，公司的业绩高稳定性还得益于较高的长协比例，从最新的数据上看， 公司年度长协+月度长协比再度提升，现货比例再度下降，有利于公司稳定 销售收入。成本方面，公司的控制能力 ...

公司报告 | 半年报点评 兖矿能源（600188） 证券研究报告 煤炭量价齐跌致业绩承压，中报分红+回购回馈股东 公司发布 2025H1 业绩，2025H1 归母净利润同比-38.5% 公司发布 2025 年中报，2025H1 公司实现营业收入 593.5 亿元，同比-17.9%； 实现归母净利润 46.5 亿元，同比-38.5%；实现扣非归母净利润 44.3 亿元， 同比-39.3%；单 Q2 看，实现营业收入 290.4 亿元，环比-4.2%，实现归母 净利润 19.4 亿元，环比-28.3%，实现扣非归母净利润 17 亿元，环比-37.7%。 自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善 煤炭业务：2025H1 公司商品煤产/销量为7360/6481 万吨，同比+6.5%/-4.5%， 其中自产煤/贸易煤销量 6234/247 万吨，同比-2.2%/-40%；2025H1 公司商 品 煤 / 自 产 煤 / 贸 易 煤 单 吨 售 价 532/529/593 元 / 吨，同比 -23.8%/-20.7%/-49%，商品煤/自产煤/贸易煤单吨成本 367/362/507 元/吨， 同比-14% ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Views of the Report - In the first half of 2025, over half of the convertible bond issuers saw year - on - year revenue growth. It is advisable to focus on some industry targets with in - line mid - year reports and reasonable valuations, while avoiding targets with lower - than - expected mid - year reports and high prices and premiums. Also, pay attention to the repair market of individual bonds with marginal improvements in post - mid - year - report orders/ prices in the 'anti - involution' industries and track policy catalysts from the third quarter onwards [1][2][10][16]. - Currently, A - shares still show good allocation value in terms of risk premium. In the convertible bond market, considering the impact of refinancing policies, there is some support on the demand side under the background of supply contraction. However, as the current overall valuation of convertible bonds is at a relatively high level, caution should be exercised regarding correction risks. Attention should be paid to hot themes, the repair opportunities of low - level technology growth sectors, and industries with improved domestic demand and high - dividend sectors [18]. 3. Summary According to the Directory 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. How were the Issuers' Performance in the First Half of 2025? - Among 440 convertible bond issuers, 269 and 218 issuers saw year - on - year increases in operating income and net profit attributable to shareholders, accounting for 61.14% and 49.55% respectively. There were 75 convertible bonds with a net profit growth rate of over 50% and 90 with a growth rate below - 50%. There were 12 convertible bonds with a revenue growth rate of over 50% and 5 with a growth rate below - 50% [10]. - At the industry level, the agricultural, forestry, animal husbandry, and fishery industry had the highest year - on - year growth rate of net profit attributable to shareholders, while the light manufacturing industry had the lowest. Six industries had positive median revenue and profit growth rates, and six had negative ones. Loss - making issuers were mainly concentrated in power equipment, computer, basic chemicals, and pharmaceutical biology industries [12]. - Among individual bonds, 169 issuers achieved year - on - year growth in both revenue and net profit attributable to shareholders, and 122 issuers saw year - on - year declines in both [16]. 3.1.2. Weekly Review and Market Outlook - This week, the A - share market fluctuated upward. Considering the risk premium, A - shares still have good allocation value. In the convertible bond market, supply contraction provides some support on the demand side, but high valuations pose correction risks. Industries worthy of attention include hot themes, low - level technology growth sectors, domestic - demand - oriented industries, and high - dividend sectors [17][18]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, major equity market indices closed higher, with a market style more inclined towards large - cap growth. Among the Shenwan industries, 15 rose and 16 fell, with communication, non - ferrous metals, and electronics leading the gains [22][25]. 3.2.2. The Convertible Bond Market Closed Lower, and the Premium Rate per 100 - Yuan Par Value Declined - The convertible bond market closed lower this week, with the average daily trading volume increasing. All 29 industries in the convertible bond market declined, with the automotive, social services, and non - banking finance industries leading the losses. Most individual bonds fell, and the median convertible bond price decreased [27][32][34]. - The weighted conversion value of the whole market increased, and the premium rate decreased. The current premium rate per 100 - yuan par value is above the 50th percentile since 2017 [39]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, there was valuation differentiation in the convertible bond structure. The valuation of convertible bonds with a par value between 110 - 120 increased, while most others decreased. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have bottomed out and rebounded [49]. 3.2.3.2. Market Index Performance - This week, convertible bonds of all ratings and scales declined. Historically, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have weaker downside resistance and greater rebound potential [60][61]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - One new convertible bond was listed this week, and three were issued but not yet listed. There were 11 primary approvals this week, and Jinchengxin received approval from the CSRC to issue 2 billion yuan of convertible bonds [68]. 3.3.2. Downward Revision and Redemption Clauses - This week, 7 convertible bonds announced potential downward revisions, 7 announced no downward revisions, 1 proposed a downward revision, and Ou 22 Convertible Bond announced the result of a downward revision. Also, 7 convertible bonds announced potential redemptions, 4 announced no early redemptions, and 9 announced early redemptions. As of the end of this week, 3 convertible bonds were still in the put - option period, and 16 were in the company's capital - reduction repayment period [73][76][79].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company achieved a turnaround in Q2, reporting a net profit of 0.1 billion yuan, marking a significant recovery compared to the previous year, driven by cost reduction and efficiency improvements [1] - The company is expected to benefit from the acceleration of domestic innovation and the high demand in cross-border payment services, leading to rapid growth in annual performance [2] - The issuance of convertible bonds indicates confidence in achieving a minimum net profit of 0.7 billion yuan for 2025, reinforcing the positive outlook for the company's performance [3] Financial Performance Summary - In H1 2025, the company reported revenue of 1.98 billion yuan, a year-on-year increase of 6.7%, with significant growth in the government sector [1] - Q2 revenue reached 1.23 billion yuan, up 6.86% year-on-year, with a net profit of 0.21 billion yuan, indicating a strong recovery [1] - The company expects revenues of 5.77 billion yuan, 6.84 billion yuan, and 8.13 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.19 billion yuan, 1.83 billion yuan, and 2.22 billion yuan [3] Financial Data and Valuation - The company’s financial metrics for 2023 to 2027 include projected revenues of 549.23 million yuan in 2023, declining to 500.56 million yuan in 2024, before recovering to 576.51 million yuan in 2025 [8] - The net profit is expected to fluctuate from 11.22 million yuan in 2023 to a loss of 47.82 million yuan in 2024, before rebounding to 118.52 million yuan in 2025 [8] - The company’s P/E ratio is projected to improve from 415.71 in 2023 to 21.02 by 2027, indicating a potential increase in profitability [8]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - In August, the capital market experienced a "roller - coaster" with multiple factors causing an unexpected tightening of funds, but the central bank's timely intervention stabilized the situation. In September, seasonal disturbances will increase, and non - seasonal factors may also have an impact. However, the capital market is expected to maintain a reasonably abundant state with support from fiscal expenditures and the central bank [1][4] Group 3: Summary According to the Directory 1. August, the "Roller - Coaster" of Funds 1.1 Review: Characteristics of the August Capital Market - **Interest rate volatility**: Interest rates changed from "low - level and low - volatility" to a "roller - coaster" pattern. In the first half of August, rates were low and stable, while in the middle, they rose rapidly due to tax payments and bond fund redemptions. After the central bank's intervention, rates gradually declined [9] - **Deviation between expectation and reality**: Despite non - traditional tax - heavy months and more precise central bank operations, the capital market tightened unexpectedly in the middle of August, mainly due to the resonance of tax payments and bond fund redemptions [12] - **Central bank support**: The central bank increased short - and long - term liquidity injections. Short - term liquidity was promptly supplemented, and long - term net investment reached 60 billion yuan, second only to January [16] - **Change in lending entities**: The willingness of large banks to lend decreased, while money market funds and wealth management products took over as lending entities due to higher lending rates [20] 1.2 Focus: Reasons for the Unexpected Tightening of Funds - **Stock market impact**: The strength of the stock market led to capital occupation and diversion. North Exchange new - share subscriptions froze funds, and the rise of the stock market drove asset reallocation, causing some deposits to flow into the stock market, which affected large banks' lending willingness [23] - **Fund redemption pressure**: Bond market "negative feedback" concerns increased, leading to large - scale bond sales by funds, which raised liquidity premiums and further tightened the capital market [36] 2. Re - encountering the Quarter - End: Similarities and Differences - **Historical September pattern**: Historically, in September, capital interest rates generally trended upwards with increased volatility in the second half of the month. Seasonal factors such as banks' end - of - quarter liquidity needs and cash reserve requirements for holidays increased, while fiscal expenditures at the end of the month provided support [37] - **This year's September situation**: In addition to seasonal factors, non - seasonal factors such as the strength of the equity market, more prominent end - of - quarter credit impulse, large - scale government bond supply, and the maturity of medium - and long - term liquidity and certificates of deposit may also affect the capital market. However, the capital market in the first half of September is expected to be balanced and loose, and the disturbances in the second half are controllable [4][50]