Investment Rating - The investment rating for Shanxi Coking Coal is "Buy" [4] Core Views - The coal business is under short-term pressure due to a significant decline in coal prices, leading to a decrease in revenue and net profit for the first half of 2025 [5][6] - The company emphasizes shareholder returns by optimizing its cash dividend schedule, marking its first interim dividend distribution [6] - The company is expected to improve its performance through enhancing its main business and increasing efficiency, supported by its stable coal seam and low extraction costs [5][8] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit attributable to shareholders of 1.014 billion yuan, down 48.44% [5] - The net cash flow from operating activities increased by 78.88% to 3.327 billion yuan [5] - The company's gross profit margin for the coal segment was 47.55%, down 6.69 percentage points year-on-year, but still maintained at a high level [5] Business Segment Analysis - The coal segment generated revenue of 10.394 billion yuan, a year-on-year decline of 13.48%, influenced by a downward trend in coking coal prices [5] - The coking segment's revenue fell by 34.76%, resulting in a negative gross margin, impacting overall performance [5] - The electricity and heat segment benefited from lower fuel costs and the elimination of outdated capacity, with a gross margin increase of 7.66 percentage points to 8.44% [5] Future Outlook - The company is expected to see improvements in net profit from 1.933 billion yuan in 2025 to 2.819 billion yuan in 2027, with EPS projected to rise from 0.34 yuan to 0.50 yuan [8] - The company has secured exploration rights for coal and associated bauxite resources, which will enhance its sustainable development capabilities [5][8]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 学大教育(000526) [Table_S 事件：25ummar H1，公司实现收入 y] 19.2 亿元、同增 18.3%、实现归母净利润 2.3 亿元、同增 42.2%，实现扣非后净利润 2.1 亿元、同增 39.1%。 点评： 相关研究 [Table_OtherReport] 24 年报&25Q1 点评：开启快速扩张进 程 | | 买入 | | --- | --- | | 投资评级 | | [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 25H1 点评：业绩靓丽，盈利能力提升 [Table_ReportDate] 2025 年 08 月 28 日 学大教育：个性化教育开创者，多元 化布局展新颜 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 | [Table_Prof ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 宸展光电(003019.SZ) 投资评级 上次评级 [Table_A 宿一赫 uthor 中小市值] 首席 执业编号：S1500524080004 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 中小市值研究助理 联系电话：18916616659 邮 箱：zhanghongbin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 宸展光电2025年半年报点评：三大业务协同发展， 切入加密支付新场景 [Table_ReportDate] 2025 年 8 月 28 日 [Table_S 事件：公司披露 ummary] 2025 年半年报。2025H1 公司实现营收 11.96 亿元，同比 -8.64%；实现归母净利润 1.12 亿元，同比-13.85%；实现扣非归母净利润 0.90 亿元，同比-26.63%。 点评 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 圆通速递(600233) 投资评级 买入 上次评级 买入 [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 相关研究 [Table_OtherReport] 圆通速递（600233.SH）点评：25Q1 归 母净利润 8.57 亿元，单票核心成本持 续下降 圆通速递（600233.SH）点评：10 月快 递件量同比+31%，单票收入环比+6% 圆通速递（600233.SH）2024 年中报点 评：24H1 快递业务归母净利润同比稳 增 13%，看好数字化工程持续降本提效 [Table_Title] 圆通速递（600233.SH）2025 年半年报点评：25H1 归母净利润同比-7.9%，份额提升 0.3pct [Table_ReportDate] 2025 年 08 月 28 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's core business is showing positive operational trends, with significant growth in overseas market expansion opportunities [1][6] - The company reported a revenue of 414 million yuan for H1 2025, representing a year-on-year growth of 21.74%, and a net profit of 63 million yuan, up 40.52% year-on-year [1][2] Revenue and Profit Analysis - Revenue growth is recovering, with a notable performance in profits. Excluding the impact of Fuli Instruments in January and February 2025, the revenue growth for H1 2025 is 16.20% year-on-year [2] - The core business of chromatography fillers and media generated revenue of 238 million yuan, a growth of approximately 20% year-on-year [2][3] - The overall gross margin for H1 2025 was 72.06%, a slight decrease of 0.36 percentage points year-on-year, primarily due to the consolidation of Fuli Instruments [2] Business Segment Performance - The chromatography fillers and media segment saw a revenue of 238 million yuan, with significant contributions from small molecule drugs, particularly driven by the demand for GLP-1 and other peptide drugs, which achieved a revenue of 75 million yuan, growing 108% year-on-year [3][5] - The company has established strong strategic partnerships, with sales from signed biopharmaceutical clients reaching 108 million yuan, accounting for about 45% of the chromatography fillers business revenue [5] International Market Expansion - The company is actively expanding its international market presence, with international revenue for H1 2025 reaching 44 million yuan, a year-on-year increase of approximately 136% [6] - The company is well-positioned to benefit from the increasing number of domestic innovative drug companies expanding overseas, potentially entering the supply chains of large multinational corporations [6] Financial Forecast - The company is projected to achieve revenues of 984 million yuan, 1.212 billion yuan, and 1.496 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 142 million yuan, 214 million yuan, and 284 million yuan [8] - The estimated EPS (diluted) for the years 2025, 2026, and 2027 are 0.35 yuan, 0.53 yuan, and 0.70 yuan, respectively, with corresponding P/E ratios of 82.27, 54.62, and 41.20 [8]

Investment Rating - The report assigns a "Hold" rating for the stock, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [13]. Core Views - The report highlights that the company's performance is under pressure due to industry cyclicality, but there is a marginal acceleration in order growth, suggesting potential improvement in future financial results [2][3]. - The company is focusing on expanding its overseas market presence, with international revenue showing a year-on-year increase of 7.13% in the first half of 2025, accounting for 37.69% of total revenue [4][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability [1][2]. - The laboratory services segment experienced a significant decline in profit, with a net loss of approximately 97 million yuan, primarily due to increased competition leading to a drop in gross margin [2]. - The company had an order backlog of approximately 2.3 billion yuan as of the first half of 2025, indicating a recovery from the previous quarter [2]. Market Expansion - The company has signed nearly 500 projects for international submissions over the past two and a half years, with over 90% of these projects being dual submissions in China and the United States [4]. - The internationalization strategy is supported by comprehensive industry qualifications, enabling smooth operations in global markets [4]. Earnings Forecast - The company is projected to achieve revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years [7].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_StockAndRank] 新奥股份 (600803.SH) | | --- | | 投资评级 买入 | 上次评级 买入 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 私有化进展顺利，核心利润稳健增长 [Table_S 事件：8ummar 月 27y]日晚，公司发布 2025 年上半年业绩公告，2025H1 公司实现 营业收入 659.91 亿元，同比减少 1.47%；实现归母净利润 24.08 亿元，同比 减少 4.82%；实现扣非后归母净利润 24.14 亿元，同比增长 21.13%；实现核 心利润 27.36 亿元， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [5]. Core Insights - The company achieved a revenue of 7.07 billion yuan in H1 2025, representing a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 130 million yuan, up 47.0% [2]. - The flexible employment segment saw significant growth, with revenue reaching 6.74 billion yuan, a 29.3% increase year-on-year, and the number of registered flexible workers exceeding 49,500, up approximately 28% [2]. - The recruitment process outsourcing segment also showed notable improvement, with revenue from mid-to-high-end talent search at 200 million yuan, a decrease of 1.2%, while recruitment process outsourcing revenue increased by 26.8% to 45.1 million yuan [2]. - Revenue from mainland China grew significantly, reaching 5.86 billion yuan, a 33.6% increase, while Hong Kong and overseas revenue also turned positive, with a 5.1% increase to 1.22 billion yuan [2]. - The overall gross margin decreased by 1.2 percentage points to 5.5%, primarily due to a decline in the gross margin of flexible employment services [2]. - The company has been actively developing AI applications, launching nine intelligent agents in July 2025 to enhance recruitment processes and improve efficiency [2][3]. Financial Summary - The company forecasts total revenue of 14.37 billion yuan for 2025, with a year-on-year growth rate of 21.9% [4]. - The net profit attributable to shareholders is projected to be 289 million yuan in 2025, reflecting a growth rate of 40.9% [4]. - The gross margin is expected to stabilize at around 6.5% from 2025 to 2027 [4]. - The price-to-earnings ratio (P/E) is projected to decrease from 22x in 2025 to 15x by 2027, indicating a potentially attractive valuation [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's internal business is experiencing steady growth, and the consolidation of Yuefeng has further enhanced profits. The revenue decline is primarily due to a decrease in PPP project income and sanitation business scale, while the net profit attributable to shareholders has increased significantly [1][3] - The successful acquisition of Yuefeng Environmental has solidified the company's leading position in the industry, with a clear growth path both internally and externally. The report predicts revenue and net profit growth for the years 2025 to 2027, indicating strong growth potential and dividend capability [6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating income of 5.763 billion yuan, a year-on-year decrease of 1.05%. The net profit attributable to shareholders was 967 million yuan, an increase of 8.99% year-on-year. The net cash flow from operating activities was 1.221 billion yuan, up 29.77% year-on-year [1][4] - The company plans to implement a mid-term dividend, distributing 0.25 yuan per share (including tax), which accounts for approximately 21.08% of the net profit attributable to shareholders for the first half of 2025 [1][4] Business Segments - The solid waste treatment business generated 2.949 billion yuan in revenue, a year-on-year decrease of 3.36%, but net profit increased by 24.51% to 724 million yuan. The heating business showed significant growth, with external heating reaching 943,500 tons, a year-on-year increase of 41.60% [3][4] - The energy segment reported revenue of 1.865 billion yuan, a year-on-year increase of 0.71%, while the water supply and drainage businesses also showed stable growth [3] Acquisition and Integration - The acquisition of Yuefeng Environmental was completed in June 2025, with a total waste incineration power generation capacity of 97,590 tons per day, ranking among the top in the industry. The integration work is progressing smoothly, and initial synergies are being realized [3][6] - Financial synergies from the acquisition include a reduction in total loans by approximately 1.3 billion yuan and a decrease in financing rates, effectively lowering financial costs [3][6] Cash Flow and Shareholder Returns - The company has set a target to recover at least 2 billion yuan of outstanding accounts receivable in 2025, with over 1.15 billion yuan already collected in the first half of the year. This has contributed to a significant improvement in cash flow [4] - The company is committed to sharing development results with shareholders, as evidenced by the planned mid-term dividend distribution [4][6]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 西子洁能(002534.SZ) 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 订单量基本稳定，2012 年业绩增长可 期 继续享受余热锅炉行业的高景气 订单稳定，2012 年业绩预期乐观 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com [Table_Title] 优化订单结构推动业务高质量发展，积极布 局 SOFC 和核电领域开启新篇章 [Table_ReportDate] 2025 年 08 月 27 日 [Table_S 事件：公司ummar发布y] 2025 年半年报，2025H1 公司实现营业收入 27.94 亿元， 经调整后同比减少 6. ...