公司点评报告 · 有色金属行业 业绩稳定，电解铝产能增量落地在即 ——2025 年半年报点评 2025 年 8 月 28 日 天山铝业（002532.SZ） | 推荐 | | --- | | 维持评级 | ：huali@chinastock.com.cn 分析师 华立 ：021-20252629 分析师登记编码：S0130516080004 | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 002532 | | A 股收盘价(元) | 10.01 | | 上证指数 | 3,800.35 | | 总股本（万股） | 465,189 | | 实际流通 A 股(万股) | 413,001 | | 流通 A 股市值(亿元) | 413 | | 相对沪深 300 表现图 | 2025-08-27 | -20% -10% 0% 10% 20% 30% 40% 50% 60% 天山铝业 沪深300 资料来源：Wind，中国银河证券研究院 资料来源：中国银河证券研究院 相关研究 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 ...

公司点评 · 食品饮料行业 业务阶段性承压，期待调整成效释放 —— 2025 年中报业绩点评 2025 年 8 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2411.94 | 2513.95 | 2864.36 | 3251.97 | | 收入增长率% | 16.79 | 4.23 | 13.94 | 13.53 | | 归母净利润（百万元） | 291.33 | 273.47 | 328.97 | 390.84 | | 利润增速% | 39.01 | -6.13 | 20.30 | 18.81 | | 毛利率% | 30.47 | 30.56 | 31.06 | 31.45 | | 摊薄 EPS(元) | 0.65 | 0.61 | 0.73 | 0.87 | | PE | 19.83 | 21.12 | 17.56 | 14.78 | | PB | 4.06 | 3.49 | 2.99 | 2.56 | 资料来源：公司公告，中国银河证券研究院 劲 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 16.955 billion yuan in H1 2025, a year-on-year increase of 1.96%, with a net profit attributable to shareholders of 758 million yuan, up 35.21% year-on-year [4]. - The electronic circuit segment remains the primary revenue source, while the new energy business shows rapid growth, achieving a revenue of 4.940 billion yuan, a year-on-year increase of 29.66% [4]. - The company plans to invest up to 1 billion USD to expand PCB capacity, focusing on high-end PCB products to meet increasing customer demand [4]. - The company is actively pursuing acquisitions to diversify its business, including the acquisition of GMD Group and Solstice Optoelectronics, with total investments not exceeding 5.935 billion yuan [4]. Financial Performance Summary - H1 2025 financial highlights include: - Revenue: 16.955 billion yuan, up 1.96% year-on-year - Net profit: 758 million yuan, up 35.21% year-on-year - Gross margin: 13.59%, up 0.52 percentage points year-on-year - Net margin: 4.47%, up 1.11 percentage points year-on-year [4]. - The company forecasts revenues of 42.118 billion yuan, 52.404 billion yuan, and 60.264 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.524 billion yuan, 3.425 billion yuan, and 4.565 billion yuan [5][6]. Future Projections - Expected revenue growth rates are 15% for 2025, 24% for 2026, and 15% for 2027 [5]. - The projected earnings per share (EPS) are 1.38 yuan for 2025, 1.87 yuan for 2026, and 2.49 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 40, 30, and 22 times [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown improved profitability despite a decline in revenue, with a focus on international expansion under the "Belt and Road" initiative [4]. - The company achieved a net profit of 4.24 billion yuan in the first half of 2025, reflecting a year-on-year growth of 1.11% [4]. - The report forecasts a gradual increase in net profit for 2025 to 2027, with expected figures of 8.75 billion yuan, 9.20 billion yuan, and 9.83 billion yuan respectively, indicating growth rates of 4.75%, 5.18%, and 6.79% [4][6]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 176.47 billion yuan - 2025E: 180.10 billion yuan - 2026E: 188.90 billion yuan - 2027E: 201.20 billion yuan - Revenue growth rates are projected at -33.10%, 2.06%, 4.89%, and 6.51% respectively [6]. - **Net Profit Forecasts**: - 2024A: 8.35 billion yuan - 2025E: 8.75 billion yuan - 2026E: 9.20 billion yuan - 2027E: 9.83 billion yuan - Corresponding profit growth rates are 9.69%, 4.75%, 5.18%, and 6.79% [6]. - **Gross Margin**: - The gross margin for 2025 is projected at 12.24%, down from 14.50% in 2024 [6]. - **Earnings Per Share (EPS)**: - EPS is expected to increase from 0.58 yuan in 2024 to 0.68 yuan in 2027 [6]. - **Price-to-Earnings Ratio (P/E)**: - The P/E ratio is forecasted to decrease from 11.25 in 2024 to 9.56 in 2027, indicating a potentially more attractive valuation over time [6]. Operational Highlights - The company reported a significant increase in overseas revenue, which grew by 6.36% year-on-year, while domestic revenue saw a decline of 59.88% [4]. - The company ranked 77th among the "Top 250 International Contractors" globally in 2024, marking its best performance to date [4].

公司点评 · 食品饮料行业 传统渠道仍承压，新业务取得进展 —— 2025 年中报业绩点评 2025 年 8 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1854.78 | 1576.56 | 1612.82 | 1695.07 | | 收入增长率% | -3.53 | -15.00 | 2.30 | 5.10 | | 归母净利润（百万元） | 147.38 | 85.40 | 103.36 | 129.23 | | 利润增速% | -47.06 | -42.05 | 21.02 | 25.03 | | 毛利率 | 34.00 | 29.80 | 30.80 | 31.80 | | 摊薄 EPS(元) | 0.34 | 0.20 | 0.24 | 0.30 | | PE | 51.65 | 89.13 | 73.65 | 58.90 | | PB | 6.71 | 6.96 | 6.36 | 5.74 | 资料来源：公司公告，中国银河证券研究院 欢乐 ...

公司点评报告 · 银行业 负债成本优化加速，规模稳健高增 —— 成都银行 2025 年半年报业绩点评 2025 年 8 月 27 日 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601838 | | A 股收盘价(元) | 18.04 | | 上证指数 | 3800.35 | | 总股本（万股）） | 423843.54 | | 实际流通 A 股(万股) | 423105.82 | | 流通 A 股市值(亿元) | 763.28 | 核心观点 成都银行（股票代码：601838） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 相对沪深 300 表现图 2025-08-27 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 60% 成都银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

Market Performance - On August 27, 2025, the North Exchange 50 index decreased by 2.60%, closing at 1550.44 points[3] - The overall trading volume on the North Exchange was 32.872 billion CNY, with a turnover rate of 5.59%[3] - Compared to the previous week, the average daily trading volume decreased from 41.701 billion CNY[3] Index Comparison - The Shanghai Composite Index closed at 3800.35 points, down by 1.76%[3] - The CSI 300 index closed at 4386.13 points, down by 1.49%[3] - The STAR 50 index increased slightly by 0.13%, closing at 1272.56 points[3] Sector Performance - Only the communication sector saw an increase of 0.7%, while the largest declines were in construction materials (-3.9%), beauty care (-3.9%), textiles and apparel (-3.8%), and basic chemicals (-3.7%)[3] - Among 273 listed companies, 34 saw an increase, 1 remained flat, and 238 experienced a decline[3] Stock Highlights - The top gainers included *ST Guandao (+30.00%), *ST Yunchuang (+17.10%), and Digital Human (+12.84%)[3] - The largest declines were seen in Xinzhi Biological (-9.92%), Tianrun Technology (-8.28%), and Hengtou Kaiyuan (-7.81%)[3] Valuation Metrics - The overall valuation of the North Exchange is at a P/E ratio of 53.90 times, which is higher than the ChiNext's 41.39 times[3] - The highest sector P/E ratio is in electronics at 259.3 times, followed by computers at 155.4 times[3] Risk Factors - Risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[3]

E券 CG 宏观动态报告 利润增速磨底,"反内卷"略见成效 2025 年 1-7 月工业企业利润分析 2025 年 8 月 27 日 分析师 张迪 网：zhangdi_yj @chinastock.com.cn 分析师登记编码：S0130524060001 铁伟奥 ☎: 136-8324-0373 極: tieweiao_yj@chinastock.com.cn 分析师登记编码：S0130525060002 研究助理：薄一程 风险提示 1. 国内政策时滞的风险 2. 海外经济衰退的风险 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 8 月 27 日，国家统计局发布：1—7 月份，全国规模以上工业企业实现利润总 额 40203.5 亿元，同比下降 1.7%（前值-1.8%）；实现营业收入 78.07 万亿 元,同比增长 2.3%(前值 2.5%)。7 月 利润当月同比下降 1.5%(前值-4.3%), 工业企业利润降幅连续收窄。 工业生产保持韧性,价格和利润边际改善。从量、价、利润率三要素来看, o 7 月生产的韧性是带动企业利润降幅收窄的主要动 ...

E券 CG 宏观动态报告 利润增速磨底,"反内卷"略见成效 2025 年 1-7 月工业企业利润分析 2025 年 8 月 27 日 分析师 张迪 网：zhangdi_yj @chinastock.com.cn 分析师登记编码：S0130524060001 铁伟奥 ☎: 136-8324-0373 極: tieweiao_yj@chinastock.com.cn 分析师登记编码：S0130525060002 研究助理：薄一程 风险提示 1. 国内政策时滞的风险 2. 海外经济衰退的风险 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 8 月 27 日，国家统计局发布：1—7 月份，全国规模以上工业企业实现利润总 额 40203.5 亿元，同比下降 1.7%（前值-1.8%）；实现营业收入 78.07 万亿 元,同比增长 2.3%(前值 2.5%)。7 月 利润当月同比下降 1.5%(前值-4.3%), 工业企业利润降幅连续收窄。 工业生产保持韧性,价格和利润边际改善。从量、价、利润率三要素来看, o 7 月生产的韧性是带动企业利润降幅收窄的主要动 ...

| 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 | | --- | --- | ...