| 1866.13 | 1952.00 | 2071.00 | 2210.00 | | --- | --- | --- | --- | | 4.14 | 4.60 | 6.10 | 6.71 | | 56.88 | 60.83 | 66.05 | 72.15 | | 4.82 | 6.94 | 8.59 | 9.24 | | 10.11 | 9.78 | 9.87 | 9.92 | | 0.93 | 1.00 | 1.08 | 1.18 | | 8.11 | 7.58 | 6.98 | 6.39 | | 市场数据 | 2025-08-26 | | --- | --- | | 股票代码 | 601117 | | A 股收盘价(元) | 8.29 | | 上证指数 | 3,868.38 | | 总股本(万股) | 610,688 | | 实际流通 A 股(万股) | 606.958 | | 流通 A 股市值(亿元) | 503 | 公司点评报告 ·建筑行业 E券|CGS 附录: 公司财务预测表 | 资产负债表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for Qingdao Beer [2][5] Core Views - The company achieved a revenue of 20.49 billion yuan in H1 2025, representing a year-on-year growth of 2.1%, and a net profit of 3.90 billion yuan, up 7.2% year-on-year [5] - In Q2 2025, revenue reached 10.05 billion yuan, with a year-on-year increase of 1.3%, and a net profit of 2.19 billion yuan, up 7.3% year-on-year [5] - The company continues to optimize its product structure, with a focus on high-end products, which saw sales growth of 3.9% for the main brand and 4.8% for mid-to-high-end products in Q2 2025 [5] - The net profit margin in Q2 2025 was 22.3%, marking a historical high since the company went public, driven by product optimization and a decrease in raw material costs [5] - The report highlights two main growth drivers: a stable competitive landscape in the beer industry and the company's active expansion into new product categories [5] Financial Forecasts - Projected revenue for 2024 is 32.14 billion yuan, with a growth rate of -5.3%, followed by 32.81 billion yuan in 2025, with a growth rate of 2.1% [2][6] - Expected net profit for 2024 is 4.34 billion yuan, with a growth rate of 1.81%, increasing to 4.78 billion yuan in 2025, with a growth rate of 9.97% [2][6] - The gross profit margin is forecasted to improve from 40.23% in 2024 to 41.30% in 2025 [2][6] - The diluted EPS is expected to rise from 3.19 yuan in 2024 to 3.50 yuan in 2025 [2][6] Market Performance - As of August 27, 2025, the closing price of Qingdao Beer was 68.98 yuan, with a market capitalization of 48.9 billion yuan [3] - The report indicates that the company's stock performance has outpaced the CSI 300 index [4]

Investment Rating - The report assigns a "Buy" rating for the company [5]. Core Views - The company has achieved significant growth in negative electrode sales, outpacing industry growth rates, and has a notable cost advantage due to its advanced graphitization technology and integrated production model [4][66]. - The company is positioned as a key supplier of artificial graphite negative materials in China, with a market share of 12.7%, ranking fourth in the industry [66]. Financial Performance - In the first half of 2025, the company reported revenue of 3.388 billion yuan, a year-on-year increase of 61.8%, driven by increased production capacity and a 65% rise in sales volume of negative materials [7][10]. - The net profit attributable to shareholders for the same period was 479 million yuan, up 34.4% year-on-year, with a net profit margin of 14.1% [32][34]. - The company forecasts revenues of 7.319 billion yuan, 9.747 billion yuan, and 11.705 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.035 billion yuan, 1.329 billion yuan, and 1.681 billion yuan [5][76]. Operational Efficiency - The company maintains a healthy capital structure with a debt-to-asset ratio of 37.3%, indicating a conservative financial structure [47]. - The cash flow situation shows a significant increase in operating cash flow in Q2 2025, reaching 591 million yuan, a year-on-year increase of 309.8% [52]. Technological Advantages - The company has a strong focus on R&D, with a 65.7% increase in R&D investment in the first half of 2025, aimed at developing next-generation artificial graphite negative materials [20][74]. - The integrated production model allows the company to control costs effectively and enhance production efficiency [66][74]. Market Position - The company has established itself as a significant player in the artificial graphite negative material market, with a production capacity expected to reach 500,000 tons by 2025 [66]. - The report highlights the company's competitive edge in the market due to its advanced graphitization technology and ongoing product innovation [69][72].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its current valuation at historical lows and the potential for growth through new channel development [5]. Core Insights - The company's main business remains under pressure, but new channels are showing strong performance. In Q2 2025, revenue increased by 5.7% year-on-year, while cash collection improved by 14.7% [5]. - The company is actively capturing opportunities in new channels domestically and expanding into Southeast Asia internationally, aiming to transition from a domestic leader to an international brand [5]. - The financial forecasts indicate a revenue growth of 5% in 2025, with a slight decline in net profit expected in the same year, followed by a recovery in subsequent years [5]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 15,126.65 million - 2025E: 15,913.24 million - 2026E: 16,915.77 million - 2027E: 17,947.63 million - Revenue growth rates are projected at 7.70% for 2024, 5.20% for 2025, 6.30% for 2026, and 6.10% for 2027 [2][7]. - **Net Profit Forecasts**: - 2024A: 1,484.83 million - 2025E: 1,421.36 million - 2026E: 1,481.49 million - 2027E: 1,567.07 million - Profit growth rates are expected to be 0.46% for 2024, -4.27% for 2025, 4.23% for 2026, and 5.78% for 2027 [2][7]. - **Key Financial Ratios**: - Gross margin is projected to decline from 23.30% in 2024 to 21.30% from 2025 onwards [2]. - The diluted EPS is expected to decrease slightly from 4.46 in 2024 to 4.26 in 2025, before recovering to 4.70 by 2027 [2][7]. - **Market Performance**: - As of August 25, 2025, the stock price was 77.06, with a market capitalization of 226 billion [3]. Business Segment Performance - In Q2 2025, the main business segments showed varied performance: - Frozen prepared foods: -1.4% - Cooked dishes: +26.1% - Frozen noodles and rice products: -10.8% - Agricultural products: -4.8% - Other businesses: -74.7% [5]. - The company is focusing on enhancing its presence in emerging channels, with significant growth in new retail and e-commerce, which saw a revenue increase of 35.2% in Q2 2025 [5].

Core Insights - The North Exchange 50 index experienced a decline of 0.76%, closing at 1591.90 points, with a trading volume of 12.94 billion shares and a total market capitalization of 915 billion yuan [3][4][5]. - The overall trading volume on the North Exchange was 32.245 billion yuan, which is a decrease compared to the average daily trading volume of 41.701 billion yuan from the previous week [3][4]. - The sectors that saw the largest gains included construction materials (+1.0%), beauty care (+1.0%), and electronics (+0.8%), while the sectors with the largest declines were environmental protection (-2.9%), non-ferrous metals (-2.5%), transportation (-2.2%), and defense industry (-1.7%) [3][4]. Company Performance - Among the 273 listed companies on the North Exchange, 78 companies saw an increase in stock price, while 192 companies experienced a decline. The top gainers included Tianrun Technology (+13.75%), Haosheng Electronics (+12.12%), and Rongyi Precision (+11.76%) [3][7]. - The companies with the largest declines included AVIC Taida (-11.63%), Wantong Hydraulic (-8.03%), and Luqiao Information (-7.90%) [3][9]. - The most actively traded stocks included Nengzhiguang (50.53% turnover rate), *ST Guandao (28.68%), and Tianrun Technology (27.34%) [3][7]. Valuation Insights - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 55.28 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (68.47 times) and the ChiNext (42.36 times) [3][10]. - The electronics sector has the highest average P/E ratio at 231.2 times, followed by computer (161.3 times) and home appliances (144.4 times). The sectors with relatively lower P/E ratios include agriculture, media, and environmental protection [3][10].

Investment Rating - The report maintains a "Recommended" rating for Petty Co., Ltd. (stock code: 300673.SZ) [1] Core Views - The company is experiencing an improvement in profitability, with significant growth in its premium product line, "Jueyan" [1][3] - The report highlights a decline in revenue for H1 2025, primarily due to the impact of overseas customer order rhythms, but notes a significant increase in gross margin [3] - The company is focusing on brand development and product innovation, particularly in the domestic market, which is expected to contribute to revenue growth [3] Financial Performance Summary - For H1 2025, the company reported revenue of 728 million yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of 79 million yuan, down 19.23% [3] - The gross margin for H1 2025 was 31.98%, an increase of 5.63 percentage points year-on-year [3] - The company’s domestic business revenue grew by 190.71% year-on-year, with the "Jueyan" brand achieving nearly 50% growth [3] - The report projects revenue growth rates of 31.03% for 2025 and 16.88% for 2026, with net profit growth rates of 20.61% and 19.16% for the same years, respectively [4] Product and Market Strategy - The company is launching new products in four high-growth categories in H2 2025, focusing on premium pet food and snacks [3] - The report indicates that the company is expanding its overseas market presence despite a 21% decline in foreign revenue due to tariff policies [3] - The company is enhancing its online and offline sales channels, with a focus on major e-commerce platforms and large retail chains [3] Financial Forecasts - The forecast for operating revenue is 2,173.91 million yuan for 2025, with a projected net profit of 219.76 million yuan [4] - The expected EPS for 2025 is 0.88 yuan, with a PE ratio of 20 times [4] - The report anticipates a gradual improvement in the company's financial metrics, including ROE increasing to 11.13% by 2025 [4][6]

Investment Rating - The report maintains a "Cautious Recommendation" rating for Semir Apparel (stock code: 002563.SZ) [1] Core Views - The company's short-term profits are under pressure, but channel optimization is ongoing, with a focus on long-term growth strategies [5] - The children's clothing segment remains robust, while the casual wear segment faces challenges due to strategic adjustments in online discounts [5] - The company is expanding its overseas business, with significant growth in international revenue [5] Financial Performance Summary - For the first half of 2025, Semir Apparel achieved revenue of 6.149 billion yuan, a year-on-year increase of 3.26%, while net profit attributable to shareholders was 325 million yuan, a decline of 41.17% [5] - The second quarter saw revenue of 3.070 billion yuan, up 9.04% year-on-year, but net profit decreased by 46.25% [5] - The company reported a mid-term dividend of 0.15 yuan per share, with a payout ratio of 124.32% [5] Business Segment Analysis - The children's clothing business generated revenue of 4.313 billion yuan, a 5.97% increase, accounting for 70.15% of total revenue [5] - Casual wear revenue was 1.723 billion yuan, down 4.98% due to adjustments in online discount strategies [5] - Direct sales, franchise, and online channels generated revenues of 948 million yuan, 2.334 billion yuan, and 2.692 billion yuan respectively, with direct sales growing by 34.78% [5] Margin and Cost Analysis - The gross margin for the first half of 2025 was 46.79%, an increase of 0.62 percentage points year-on-year [5] - Selling expenses increased by 17.67% due to new store openings and online marketing costs, impacting the net profit margin, which fell to 5.19% [5] Future Outlook - The company is expected to recover profits in the long term as channel structure optimization and overseas business development continue [5] - EPS estimates for 2025, 2026, and 2027 have been adjusted to 0.37, 0.41, and 0.46 yuan respectively, with corresponding PE ratios of 15, 13, and 12 times [5][6]

北交所日报 北交所日报（2025.08.25） 2025 年 08 月 25 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 相对沪深 300 表现图 2025-08-25 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 北证50 沪深300 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证，关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波：北交所_中 小企业的智能化赋能 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 8 月 25 日，北证 50 涨跌幅为+0.23%，收于 1604.01 点。北证 50 指数 开盘点位为 1608.69 点，最高点位达 1618.66 点，最 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved record high performance in Q2, with significant revenue growth driven by strong demand for PCB in AI servers and high-speed network infrastructure [4] - The company's PCB business generated revenue of 81.52 billion yuan in H1 2025, a year-on-year increase of 57.2% [4] - The company is actively investing in capacity expansion, including a 4.3 billion yuan project for high-end PCB related to AI chips, expected to start trial production in H2 2026 [4] Financial Performance Summary - In H1 2025, the company reported revenue of 84.94 billion yuan, up 56.59% year-on-year, and a net profit attributable to shareholders of 16.83 billion yuan, up 47.5% year-on-year [4] - Q2 2025 alone saw revenue of 44.56 billion yuan, a 56.91% increase year-on-year, with a net profit of 9.20 billion yuan, reflecting a 47.01% growth [4] - The company's gross margin for PCB declined by 1.49 percentage points due to increased stock incentive costs and losses from the Thailand plant [4] Segment Performance - The enterprise communication board revenue reached 65.32 billion yuan in H1 2025, a 70.63% increase, with AI server and HPC-related PCB products growing by 25.34% [4] - High-speed network switch and related PCB products saw a remarkable growth of 161.46%, becoming the fastest-growing segment, accounting for 53% of the revenue [4] - The automotive board business generated 14.22 billion yuan in H1 2025, a 24.18% increase, with new automotive products growing by approximately 81.86% [4] Future Financial Projections - The company is projected to achieve revenues of 182.08 billion yuan, 235.69 billion yuan, and 293.77 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 29%, and 25% [4][5] - Net profit attributable to shareholders is expected to reach 37.32 billion yuan, 48.75 billion yuan, and 61.19 billion yuan for the same years, with growth rates of 44%, 31%, and 26% [4][5] - The projected EPS for 2025, 2026, and 2027 is 1.94 yuan, 2.53 yuan, and 3.18 yuan, respectively, corresponding to PE ratios of 29, 22, and 17 times [4][5]

盛达资源（股票代码：000603.SZ） 公司点评报告 · 有色金属行业 税金及附加拖累季度业绩，矿山项目有序推进 --2025 年半年报点评 2025 年 08 月 25 日 推荐 维持评级 分析师 华立 ：021-20252629 ：huali@chinastock.com.cn 分析师登记编码：S0130516080004 阎予露 ：010-80927659 ：yanyulu@chinastock.com.cn 分析师登记编码：S0130522040004 | 市场数据 | 2025-08-22 | | --- | --- | | 股票代码 | 000603 | | A 股收盘价(元) | 16.48 | | 上证指数 | 3,825.76 | | 总股本(万股) | 68997 | | 实际流通 A 股(万股) | 66672 | | 流通 A 股市值(亿元) | 110 | 相关研究 【 银 河 有 色 】公 司深 度_盛 达 资 源 ：白 银 龙 头 增 量 明 确 ， 切 入 黄 金 提 升 估 值 20250329 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...