当权益上行调结构遇上转债高估值 —— 9 月转债投资策略与关注个券 [Table_ReportTime] 2025 年 09 月 02 日 [李一爽 Table_ First固定Author 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 证券研究报告 债券研究 [T债券able_ReportType] 专题 | ] [Table_A 李一爽 uthor固定收益 首席分析师 | | | --- | --- | | 执业编号：S1500520050002 | | | 联系电话：+86 18817583889 | | | 箱： liyishuang@cindasc.com | 邮 | 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 信达证券股份有 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 869 million yuan in the first half of 2025, representing a year-on-year increase of 21.15%, with a net profit of 163 million yuan, up 3.84% year-on-year [2][3] - The acquisition of Hai Ji has enhanced the company's performance, and the traditional diagnostic business is expected to return to a rapid growth trajectory [3] - The company is focusing on international expansion, with overseas business revenue growing over 60% year-on-year, driven by the continuous output of the "Shengxiang Plan" [3] - The company is establishing a "diagnosis + treatment" dual-driven model through strategic acquisitions and independent research and development [3] - Revenue forecasts for 2025-2027 are 1.836 billion, 2.183 billion, and 2.526 billion yuan, with corresponding net profits of 310 million, 407 million, and 499 million yuan, indicating growth rates of 25.9%, 18.9%, and 15.8% respectively [3][4] Financial Summary - The total revenue for 2025 is projected to be 1.836 billion yuan, with a year-on-year growth rate of 25.9% [4] - The net profit for 2025 is expected to be 310 million yuan, reflecting a year-on-year increase of 12.7% [4] - The gross margin is forecasted to be 75.5% in 2025, with a return on equity (ROE) of 4.3% [4] - The earnings per share (EPS) for 2025 is estimated at 0.54 yuan, with a price-to-earnings (P/E) ratio of 39.84 [4]

执业编号：S1500523110003 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 劲仔食品(003000.SZ) 投资评级 买入 上次评级 买入 [Table_Author] 程丽丽 食品饮料分析师 证券研究报告 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] 邮 箱：chenglili@cindasc.com ➢ 鱼制品保持稳健增长，鹌鹑蛋增速放缓。品类端公司鱼制品/豆制品/禽 肉制品/蔬菜制品 25H1 分别实现营收 7.6/1.1/2.0/0.34 亿，分别同比 +7.6%/3.6%/-24.0%/-10.7%，核心单品鱼制品、豆制品增速保持稳健，增 速受上半年辣卤赛道竞争激烈略有影响；禽肉制品同比下滑我们预计主 要系鹌鹑蛋增长承压，鹌鹑蛋品类竞争仍激烈及公司进行品牌切换等影 响；魔芋等蔬菜制品 25H1 处于产品优化阶段，未贡献显著增量。渠道 端，公司 24Q4 通过大包装顺利开拓 KA/BC 等现代渠道，25H1 来看现 代渠道的边际红利有所减弱；零食量贩 ...

Investment Rating - The report does not specify an investment rating for the company [1]. Core Insights - The company reported a slight decrease in total revenue to 1.898 billion yuan in H1 2025, down 2.65% year-on-year, primarily due to a reduction in engineering and connection income [1][4]. - The net profit attributable to the parent company reached 0.525 billion yuan, reflecting a year-on-year growth of 9.87%, while the net profit after deducting non-recurring items was 0.5 billion yuan, up 0.22% year-on-year [1][4]. - The company is focusing on developing multiple patented technologies in the heating supply sector, positioning itself as a technology-driven comprehensive energy service provider [4]. - The company has a strong presence in Shenyang, a key city in Northeast China, with significant growth potential in emerging districts [4][5]. Financial Summary - For H1 2025, the company's main business segments generated the following revenues: heating (1.416 billion yuan, +2.08%), advertising (0.293 billion yuan, -8.81%), power generation (0.068 billion yuan, -9.18%), and engineering construction (0.022 billion yuan, -52.33%) [4]. - The gross profit margins for these segments were 38.99%, 26.78%, 12.01%, and 93.42%, respectively, with notable changes in margins year-on-year [4]. - The company forecasts revenues of 3.570 billion yuan for 2025, with a growth rate of 1.7%, and net profits of 0.843 billion yuan, with a growth rate of 27.9% [7]. Future Outlook - The company aims to leverage its technological advancements and geographical advantages in Shenyang to capture market opportunities in emerging urban areas [4][5]. - The report highlights the potential for growth in the steam supply market in Jiangsu province, where the company is the sole biomass industrial steam supplier [5].

Investment Rating - The report does not specify an explicit investment rating for the company [1] Core Views - The company is recognized as a leading manufacturer of cooling towers in China, with a strong order backlog of 3.376 billion yuan, which supports its revenue growth [2] - The company reported a total revenue of 775 million yuan in H1 2025, representing a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 35 million yuan, up 25.31% year-on-year [1][2] - The gross profit margin improved to 27.4%, an increase of 2.01 percentage points year-on-year, while the net profit margin rose to 4.74%, up 0.29 percentage points year-on-year, indicating steady improvement in profitability [2] - The company has diversified its business and optimized its industrial chain layout, which is expected to enhance its market position [2] Financial Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of 1.62 billion yuan, 1.858 billion yuan, and 2.101 billion yuan, with growth rates of 1.3%, 14.7%, and 13.1% respectively [3] - The net profit attributable to shareholders is forecasted to be 129 million yuan, 147 million yuan, and 165 million yuan for the same period, with growth rates of 34.2%, 14.3%, and 11.9% respectively [3] - The company's gross margin is expected to stabilize around 28.6% from 2025 to 2027, while the return on equity (ROE) is projected to increase from 12.3% in 2025 to 13.4% in 2027 [3]

证券研究报告 公司研究 相关研究 [Table_OtherReport] 招商港口（001872.SH）2024 年年报点 评：归母净利润高增 26%，静待海外并 购协同效应释放 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 招商港口(001872) | 上次评级 | 增持 | | --- | --- | | 投资评级 | 增持 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号 S1500524070004 邮箱 kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号 S1500524110001 邮箱 huangan@cindasc.com 招商港口（001872.SZ）深度报告：央 企港口投资运营平台，海内外布局协 同并进 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] 招商港口（001872.SH）2025 年半年报点评：归母 净利润+3.73%，各控股、参股区域表现整体稳健 [Table_ ...

公司研究 证券研究报告 [Table_ReportType] 点评报告 [Table_StockAndRank] 纳思达(002180.SZ) 投资评级：买入 上次评级：买入 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@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] 国产打印机龙头地位稳固，非耗材芯片布局初具成效 [Table_ReportDate] 2025 年 9 月 1 日 [Table_S 事件：纳思达ummar发布y] 2025 年半年度报告，公司 2025 年上半年实现营收 123.27 亿元，同比减少 3.65%；实现归母净利润-3.12 亿元，同比减少 132.02%； 实现扣非净利润-1.65 亿元，同比减少 126.51%；单 2025Q2 来看，公司实 现营收 63.99 亿元，同比减少 1.58%；实现归母净利润-3.96 亿元。 [Table_Ot ...

证券研究报告 相关研究 [五粮液 Table_O（ther 000858. ReportSZ] ）：营销落 地，高质前行 2025.04.26 五粮液（000858.SZ）：找准发 力方向，品牌优势凸显 2024.08.29 五粮液（000858.SZ）：改革 信号显著，定调"营销执行 年" 2024.03.25 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] 改革推进，彰显韧性 [Table_ReportDate] 2025 年 09 月 01 日 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 五粮液 (000858.SZ) 投资评级 买入 上次评级 买入 [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮 箱： zhaodanchen@cindasc.com [Table_S 事件：公司ummar公告，y] 2025 年上半年实现营收 527.71 亿元，同比增长 4.19%； ...

证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 东方盛虹(000301) 刘红光[Table_Author] 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@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 [上半年业绩实现扭亏，静待行业景气复苏 Table_Title] 其中，公司第二季度实现营业收入 306.07 亿元，同比下降 15.20%，环比 增长 0.98 %；单季度归母净利润 0.45 亿元，同比下降 37.12%，环比下降 86.79%；单季度扣非后净利润-0.21 亿元，同比下降 233.71%，环比下降 107.21%；基本每股收益 0.01 元/股，同比持平，环比下降 80.00% 点评： 请阅读最后一页免责声明及 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 周黑鸭(1458.HK) | | | 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] 门店有望企稳，盈利快速修复 [Table_ReportDate] 2025 年 9 月 1 日 [Table_Summary] 事件：公司发布 2025 半年报，公司 25H1 实现收入 12.2 亿元，同比-2.9%。 实现净利润 1.08 亿元，同比+228%。收入落在预告中枢位置，盈利落在预告 偏上线。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 同店企稳下，门店业务有望逐步止跌向上。25H1 公司收入同比-2.9%， 收入降幅收窄有望逐步企稳。门店业务端，25H1 自营门店实现营收 7.1 亿，特许经营实现营收 2.7 亿，25H1 公司门店数量较 24 年底净减少 167 家至 2864 家，25H1 平均单店同比增长 15.5%，我们预计公司上半年 ...