行业日报 | 北交所 风险提示：政策监管风险，北交所政策不及预期，行业竞争加剧风险。 分析师 曹森元 S0800524100001 19821289688 caosenyuan@research.xbmail.com.cn 缩量整固显韧性，新质生产力主题引领结构性机会 证券研究报告 2025 年 08 月 29 日 北交所市场点评——20250828 核心结论 行情回顾：1）指数层面：8 月 28 日北证 A 股成交金额达 305.3 亿元，较上一 交易日减少 23.4 亿元，北证 50 指数收盘价为 1554.43，上涨 0.26%，PE_TTM 为 73.72 倍。北证专精特新指数收盘价为 2725.14，上涨 0.59%。2）个股层面： 当日北交所 274 家公司中 151 家上涨，9 家平盘，114 家下跌。其中涨幅前五的 个股分别为：舜宇精工（30.0%）、凯腾精工（15.9%）、则成电子（12.2%）、 龙竹科技（11.6%）、创远信科（8.7%）；跌幅前五的个股分别为：云创数据 （-7.2%）、大唐药业（-4.4%）、新赣江（-4.0%）、华洋赛车（-3.9%）、机 科股份（-3.7%）。 新闻 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is experiencing short-term pressure on performance but is actively expanding in both existing and overseas markets [1][4] - The company is implementing a multi-brand, full-category, and full-channel strategy, indicating a forward-looking approach to market positioning [4] Revenue and Profit Analysis - For the first half of 2025, the company's revenue was 4.55 billion yuan, a year-on-year decrease of 7.7%, while the net profit attributable to the parent company was 320 million yuan, down 43.4% [1][6] - The company's non-net profit for the same period was 430 million yuan, reflecting a decline of 19.3% year-on-year [1][6] Channel and Market Expansion - The company is actively exploring emerging channels in the existing market, with revenue from distribution, direct sales, and bulk sales showing varied performance [2] - As of the first half of 2025, the company has established 26 overseas distributors covering 23 countries/regions [2] Product Category Performance - Revenue from key product categories such as wardrobes, cabinets, and wooden doors showed declines, with wardrobes experiencing a decrease of 8.5% [3] - The main brand, Sophia, generated 4.13 billion yuan in revenue, down 7.1% year-on-year, while the average transaction price decreased by 5.65% [3] Financial Metrics and Forecast - The company expects to achieve net profits attributable to the parent company of 1.246 billion, 1.397 billion, and 1.544 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The projected revenue for 2025 is estimated at 11.406 billion yuan, with a growth rate of 8.7% [4][11]

我们认为：在下游客户持续扩大资本开支，生成式 AI 应用加速落地的背景 下，公司面向生成式 AI 推理场景积极迭代软硬件，或将进一步提升公司产 品的竞争优势，在新一代产品落地和商业化后，有望不断扩大市场份额。 投资建议：考虑到国内 AI 算力需求的高速增长以及公司在 AI 计算领域的长 期积累，我们预计公司 2025 年-2027 年营业收入为 68.90 亿元、115.70 亿 元、173.52 亿元，同比增长 486.7%、67.9%、50.0%，维持"买入"评级。 公司点评 | 寒武纪 费用端相对刚性，造就利润高弹性 寒武纪（688256.SH）2025 年半年报点评 业绩摘要：2025 年上半年，公司实现营业收入 28.81 亿元，归母净利润 10.38 亿元。其中，公司 2025Q2 单季度实现营业收入 17.69 亿元（QoQ+59%）， 归母净利润 2.72 亿元（QoQ+92%）。 公司存货小幅下降，2025 年二季度末存货为 26.90 亿元，环比 2025 年一季 度末减少 0.65 亿元。2025 年二季度末，公司预付款项为 8.28 亿元 （QoQ-15%），合同负债环比大幅上升，为 ...

Investment Rating - The investment rating for the company is "Buy" [5][12] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 13.33 billion and net profit at 2.05 billion, representing year-on-year growth of 10.36% and 145.84% respectively [2][4] - The refrigerant business continues to drive the company's performance, with the average price of fluorinated refrigerants recovering, contributing significantly to profit growth [3][4] - The company has ongoing projects that are expected to enhance future performance, including the construction of high-performance fluorinated materials projects [3] Summary by Sections Financial Performance - In 25H1, the company achieved a gross margin of 28.72% and a net margin of 17.07%, reflecting improvements of 11.99 and 9.43 percentage points year-on-year [2] - Revenue from various business segments showed diverse growth, with refrigerants up by 55.09% year-on-year [2][3] Business Segments - The company’s revenue from fluorinated chemical raw materials, refrigerants, and fluorinated fine chemicals showed significant increases, with refrigerants alone contributing 6.09 billion in revenue [2][3] Future Outlook - The company expects net profits to grow to 4.41 billion, 5.31 billion, and 6.53 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22.16, 18.39, and 14.96 [4][11]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's performance improved in the first half of 2025, with a year-on-year increase in net profit despite a slight decline in revenue. The second quarter showed a significant recovery in profitability [2][4]. - The company is actively expanding its production capacity in new materials, particularly in semiconductor manufacturing materials, which is expected to drive future growth [3][4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.87 billion, a year-on-year decrease of 4.42%, while net profit attributable to shareholders was 218 million, an increase of 1.35% [2][6]. - For Q2 2025, revenue was 1.01 billion, with a year-on-year increase of 17.12%, and net profit was 138 million, reflecting a significant quarter-on-quarter growth of 73.13% [2][6]. - The gross margin for Q2 2025 was 39.77%, showing an improvement compared to previous periods, while the net margin reached 16.02% [2][3]. Business Segment Performance - The functional materials segment generated revenue of 1.47 billion, down 9.55% year-on-year, while the life sciences and pharmaceutical products segment saw a revenue increase of 20.80% to 376 million [2][3]. - The company is focusing on high-performance polymer products, with PEEK materials already in trial production and ongoing market promotion [3]. Future Outlook - The company expects to achieve net profits of 434 million, 519 million, and 581 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 29.23, 24.44, and 21.80 [4][10]. - The ongoing construction of the new materials project is 55% complete, with plans to add 7,900 tons/year of functional materials capacity, which is anticipated to start production within the year [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 895 million yuan in the first half of 2025, representing a year-on-year increase of 20.31%, with a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1][4] - The strong performance in the infant and child care segment is driving growth, with significant contributions from the egg yolk oil special care series and children's sunscreen products [1] - The company is strategically expanding its product matrix to include youth-oriented products, which is expected to enhance user lifetime value and open a second growth curve [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 655 million yuan, a year-on-year increase of 13.46%, while the net profit was 143 million yuan, down 0.85% year-on-year [1][4] - The infant care revenue reached 405 million yuan, up 38.73% year-on-year, while the mosquito repellent product growth slowed to 13.43%, totaling 375 million yuan [1][2] - The overall gross margin for H1 2025 was 58.01%, a slight decrease of 0.63 percentage points year-on-year, with a net profit margin of 20.95%, down 3.25 percentage points year-on-year [2] Product and Market Strategy - The company is launching over 40 new products, including a youth acne treatment series and children's sunscreen gel, which are expected to drive revenue growth in the second half of the year [3] - The company is deepening its channel layout, with significant online and offline sales growth, including new partnerships with major retailers [1][2] Future Projections - The company forecasts revenue growth rates of 20.7% for 2023, 27.6% for 2024, and 23.6% for 2025, with net profit growth rates of 41.2%, 32.8%, and 10.2% respectively [3][8] - Expected EPS for 2025 is projected at 0.82 yuan, with a P/E ratio of 37.0 [3][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 519 million in H1 2025, representing a year-on-year increase of 17.12%, and a net profit attributable to the parent company of 139 million, up 18.01% year-on-year [1][3]. - The company is focusing on functional advanced powder materials, benefiting from the growth in downstream demand, particularly in high-performance electronic circuit substrates and thermal materials [2][3]. - The company is expanding its high-end production capacity, with plans to increase production of ultra-pure spherical silica and high thermal conductivity spherical alumina materials [2]. Financial Summary - For 2025-2027, the projected net profits attributable to the parent company are 337 million, 413 million, and 492 million respectively, with corresponding PE ratios of 42.81, 34.97, and 29.33 [3][4]. - The company’s revenue is expected to grow from 712 million in 2023 to 1.657 billion in 2027, with growth rates of 7.5%, 34.9%, 26.4%, 17.7%, and 15.9% for the respective years [4][11]. - The gross margin for H1 2025 was 40.84%, with a net margin of 26.70% [1][2].

Chenj 公司点评 | 招商证券 业绩符合预期，收费类业务全面回暖 招商证券（600999.SH）2025 年中报点评 事件：招商证券发布 2025 年中报，业绩基本符合预期。25H1 公司分别实现营 收和归母净利润 105.2 和 51.86 亿元，分别同比+9.6%和+9.2%；25Q2 公司分 别实现营收和归母净利润 58.07 和 28.78 亿元，分别环比+23.2%和+24.7%。公 司 25H1 加权平均 ROE 同比+0.1pct 至 4.2%；截至 25 上半年末剔除客户资金 后经营杠杆为 4.11 倍，较年初减少 6.1%。公司管理费用同比+5.6%至 47.89 亿 元，管理费用率同比-1.74pct 至 45.5%。 收费类业务同比增长，财富管理转型成效显现。2025 年上半年公司经纪、投行 和资管净收入分别为 37.33、4.02 和 4.40 亿元，同比分别+44.9%、+41.4%和 +29.3%。经纪业务方面，25H1 市场交投活跃下公司财富管理客户数、高净值 客户数分别同比+46%、+24%，正常交易客户数约 2006.1 万户，同比+9%。资 管业务方面， 25H1 招商 ...

Investment Rating - The report maintains a "Buy" rating for China Galaxy [6] Core Views - China Galaxy reported strong performance in its 2025 mid-year report, achieving revenue and net profit of 13.747 billion and 6.488 billion yuan, respectively, representing year-on-year increases of 37.7% and 47.9% [1][6] - The company's net profit for Q2 2025 was 3.472 billion yuan, with a quarter-on-quarter increase of 15.1% [1] - The weighted average ROE for H1 2025 increased by 1.53 percentage points to 5.2%, and the operating leverage, excluding customer funds, was stable at 4.14 times [1][6] - Management expenses rose by 15.4% year-on-year to 6.18 billion yuan, while the management expense ratio decreased by 9.22 percentage points to 45.1% [1] Revenue Breakdown - In H1 2025, the company achieved net income from brokerage, investment banking, and asset management of 3.647 billion, 316 million, and 268 million yuan, respectively, with year-on-year growth rates of 45.3%, 18.9%, and 17.5% [2] - The average daily trading volume of A-shares increased by 61.1% year-on-year, driving significant growth in brokerage net income [2] - The investment banking net income continued to expand, with equity underwriting and major asset restructuring ranking 8th and 7th in the market, respectively, while bond underwriting grew by 82.8% year-on-year, ranking 6th [2] Investment Income and Asset Management - In H1 2025, the company reported net interest income and investment income of 1.940 billion and 7.405 billion yuan, respectively, with year-on-year increases of 5.5% and 51.8% [3] - The company’s financial asset scale reached 407.6 billion yuan, up 6.6% from the beginning of the year, with a notable increase in bond holdings [3] - The report highlights the company's solid wealth management advantages and increasing customer numbers, projecting stable future profitability [3] Profit Forecast - The profit forecast for 2025-2027 is adjusted, with expected net profits of 13.263 billion, 14.693 billion, and 16.054 billion yuan, representing year-on-year growth rates of 32.2%, 10.8%, and 9.3% [3]

Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company achieved a record high in performance for the first half of 2025, with operating revenue and net profit attributable to shareholders reaching 33.039 billion and 13.719 billion yuan, respectively, representing year-on-year changes of +20.4% and +29.8% [1][6]. - The company’s return on equity (ROE) increased by 0.95 percentage points to 4.9% in the first half of 2025, indicating improved profitability [1][6]. - The company’s self-operated income remains a major source of profit, with investment income increasing by 30.5% year-on-year, and investment returns up by 135% [3][6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 33.039 billion yuan and net profit of 13.719 billion yuan, with a significant increase in Q2 net profit to 7.174 billion yuan, up 27.9% year-on-year and 9.6% quarter-on-quarter [1][2]. - The average ROE for the first half of 2025 was 4.9%, with a slight decrease in operating leverage to 4.42 times [1][3]. Business Segments - The brokerage, investment banking, and asset management segments reported net revenues of 6.402 billion, 2.098 billion, and 5.444 billion yuan, respectively, with year-on-year growth rates of 31.2%, 20.9%, and 10.8% [2][3]. - The company maintained a leading position in the A-share market with a market share of 19% in equity underwriting [2][3]. Future Outlook - The company’s net profit forecasts for 2025-2027 are 27.552 billion, 29.708 billion, and 32.499 billion yuan, reflecting year-on-year growth rates of +26.9%, +7.8%, and +9.4% [3][4]. - The price-to-book (PB) ratios for 2025-2027 are projected to be 1.61, 1.46, and 1.33, respectively, indicating a favorable valuation outlook [3][4].