证券研究报告 | 公司动态点评 2025 年 09 月 03 日 隆基绿能（601012.SH） 前期布局迎收获，硅片组件亏损收窄 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 129,498 | 82,582 | 67,635 | 81,919 | 95,436 | | 增长率 yoy（%） | 0.4 | -36.2 | -18.1 | 21.1 | 16.5 | | 归母净利润（百万元） | 10,751 | -8,618 | -4,190 | 2,763 | 4,836 | | 增长率 yoy（%） | -27.4 | -180.2 | 51.4 | 165.9 | 75.0 | | ROE（%） | 15.1 | -14.1 | -7.3 | 4.7 | 7.8 | | EPS 最新摊薄（元） | 1.42 | -1.14 | -0.55 | 0.36 | 0.64 | | P/E（倍） | 12.0 | -15.0 | -30.9 | 46.8 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 国机重装（601399.SH） 经营稳健根基牢固，在手订单大幅增长 经营业绩稳定增长，业务布局多点开花。2025 H1 公司营收及利润稳定增长， 2025 Q2 毛利率达到 14.34%，盈利能力环比有所回暖。分业务看，核能装 备领域，公司签订广西白龙核电稳压器设备、山东海阳堆芯补水箱、中核华 龙一号 SG 锻件等合同，市场份额持续提升；压力容器方面，公司签订了中 海油大榭舟山、中石化九江、神华榆林煤液化项目反应器等一批重型容器合 同，市场拓展取得新成效；高端大型铸锻件方面，公司 Cr12 转子、FB2 转子、 CB2 汽缸等产品已经实现批量订货；冶金领域，公司签订了梅钢 1422 热轧产 线机组、河北津西钢铁 1880mm 带钢热连轧机组、金威铜业 800mm 铜带四 辊粗轧机组等重大项目。 海外水电项目进展顺利，出口订单大幅增长。订单方面，公司的大件物流、 理化检验等制造服务业务市场开拓成果丰硕。投资建设并运营的柬埔寨达岱 水电站连续 10 年超额完成发电目标，已成为"一带一路"共建共赢、中柬两 国互利合作的标杆典范。2025H1 公司与柬 ...

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 中科电气（300035.SZ） 快充产品持续发力，业绩表现符合预期 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,908 | 5,581 | 7,551 | 9,192 | 10,917 | | 增长率 yoy（%） | -6.6 | 13.7 | 35.3 | 21.7 | 18.8 | | 归母净利润（百万元） | 42 | 303 | 664 | 859 | 1,116 | | 增长率 yoy（%） | -88.5 | 626.6 | 119.3 | 29.2 | 30.0 | | ROE（%） | 0.2 | 7.4 | 13.6 | 15.2 | 16.9 | | EPS 最新摊薄（元） | 0.06 | 0.44 | 0.97 | 1.25 | 1.63 | | P/E（倍） | 255.7 | 35.2 | 16.1 | 12.4 | 9.6 | | P/B（倍） | 2. ...

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 晶澳科技（002459.SZ） 反内卷助力行业反转，股权激励体现扭亏决心 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 81,556 | 70,121 | 61,454 | 69,652 | 81,270 | | 增长率 yoy（%） | 11.7 | -14.0 | -12.4 | 13.3 | 16.7 | | 归母净利润（百万元） | 7,039 | -4,656 | -3,582 | 1,010 | 2,999 | | 增长率 yoy（%） | 27.2 | -166.1 | 23.1 | 128.2 | 197.0 | | ROE（%） | 18.9 | -17.9 | -15.0 | 4.1 | 11.6 | | EPS 最新摊薄（元） | 2.13 | -1.41 | -1.08 | 0.31 | 0.91 | | P/E（倍） | 6.0 | -9.0 | -11.7 | 4 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's core investment income is stable, with significant contributions from hydropower investments, particularly from Yalong River and Dadu River, showcasing long-term value [2] - The company achieved a revenue of 7.12 billion yuan in the first half of 2025, representing a year-on-year growth of 17.95%, and a net profit attributable to shareholders of 2.461 billion yuan, up 6.9% year-on-year [1] - The report highlights the operational resilience of the hydropower sector, with the commissioning of the Yinjing hydropower station enhancing performance elasticity [2] Financial Summary - Revenue projections for 2025-2027 are 18.64 billion, 19.97 billion, and 21.09 billion yuan, with corresponding net profits of 51.65 billion, 53.49 billion, and 55.32 billion yuan, indicating growth rates of 14.6%, 3.6%, and 3.4% respectively [3] - The company's earnings per share (EPS) are projected to be 1.06, 1.10, and 1.13 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (P/E) ratios of 13.8X, 13.4X, and 12.9X [3] - The report indicates a stable return on equity (ROE) of 11.7% in 2023, projected to decline slightly to 10.4% by 2027 [8]

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 江海股份（002484.SZ） AI 服务器驱动超容增长，Q2 营收创历史新高 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,845 | 4,808 | 5,816 | 6,890 | 7,889 | | 增长率 yoy（%） | 7.1 | -0.8 | 21.0 | 18.5 | 14.5 | | 归母净利润（百万元） | 707 | 655 | 801 | 1,000 | 1,150 | | 增长率 yoy（%） | 6.9 | -7.4 | 22.4 | 24.8 | 15.0 | | ROE（%） | 12.8 | 11.2 | 12.4 | 13.7 | 14.0 | | EPS 最新摊薄（元） | 0.83 | 0.77 | 0.94 | 1.18 | 1.35 | | P/E（倍） | 44.1 | 47.6 | 38.9 | 31.2 | 27.1 | | P/B（倍） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company has shown significant revenue growth, with a 56.59% year-over-year increase in revenue for the first half of 2025, reaching 8,494 million yuan, and a net profit increase of 47.50%, amounting to 1,683 million yuan [2][3]. - The company is focusing on expanding its presence in AI computing and automotive sectors, with substantial investments in new projects and R&D [3][8]. - The company’s revenue from the enterprise communication market has surged, particularly in AI server and HPC-related PCB products, which grew by 25.34% and accounted for 23.13% of the segment's revenue [2][3]. Financial Performance Summary - Revenue projections show a steady increase from 8,938 million yuan in 2023 to 27,155 million yuan by 2027, with growth rates of 7.2% in 2023 and peaking at 49.3% in 2024 [1][9]. - Net profit is expected to rise from 1,513 million yuan in 2023 to 5,885 million yuan in 2027, with a notable growth rate of 71.1% in 2024 [1][9]. - The company’s return on equity (ROE) is projected to improve from 15.1% in 2023 to 24.5% in 2027, indicating enhanced profitability [1][9]. Investment and R&D Focus - The company has committed approximately 4.82 billion yuan to R&D in the first half of 2025, marking a 31.36% increase year-over-year, focusing on next-generation high-speed and high-density products [3][8]. - A new AI chip-related PCB expansion project, with a total investment of about 4.3 billion yuan, commenced construction in June 2025, expected to start trial production in the second half of 2026 [2][3]. Market Position and Growth Areas - The automotive PCB segment has also shown growth, with revenue reaching 1,422 million yuan in the first half of 2025, a 24.18% increase, driven by products like millimeter-wave radar and advanced driver-assistance systems [3][8]. - The company is actively expanding its overseas production capacity, particularly in Thailand, where it has gained recognition from multiple clients in AI server and switch applications [2][3].

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [4][17]. Core Views - The company has shown steady revenue growth in the first half of 2025, with a revenue of 5.502 billion yuan, representing a year-on-year increase of 9.70%. However, the net profit attributable to the parent company decreased by 15.11% to 330 million yuan [2][3]. - The company is transitioning from a focus on functional implementation to providing scenario-based and intelligent solutions, leveraging its full-stack technical capabilities in smart control [2]. - The laser radar motor has achieved scale production, and the robotics-related business is growing rapidly, with a revenue increase of 22.72% in the robotics segment [3]. Financial Performance Summary - Revenue projections for the company are as follows: 8,992 million yuan in 2023, increasing to 15,959 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.9% [1]. - The net profit attributable to the parent company is expected to grow from 516 million yuan in 2023 to 1,177 million yuan in 2027, with a notable increase of 30.2% in 2024 [1][8]. - The company's return on equity (ROE) is projected to improve from 8.0% in 2023 to 12.6% in 2027, indicating enhanced profitability [1]. Business Segment Performance - The tools and home appliances segment generated revenue of 4.377 billion yuan in the first half of 2025, up 16.15%, with a gross margin of 22.22% [2]. - The digital energy and smart automotive business reported a revenue of 848 million yuan, down 16.98%, while the smart automotive segment saw a significant growth of 86.03% [3]. - The robotics segment achieved a revenue of 277 million yuan, reflecting a year-on-year increase of 22.72%, with a gross margin of 26.95% [3].

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5][19]. Core Views - The company's profitability has significantly increased year-on-year, with a notable rise in net profit driven by the life nutrition products segment [2][11]. - The vitamin industry is expected to continue its upward trend, benefiting from increased market demand and price fluctuations [4][11]. - The company is implementing cost reduction and efficiency improvement measures across its two main segments to enhance competitiveness and support future growth [10][11]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 4.323 billion, a decrease of 1.87% year-on-year, while net profit increased by 113.52% to 673 million [1][2]. - The overall gross margin for the first half of 2025 was 39.82%, an increase of 4.43 percentage points compared to the same period in 2024 [2]. - The life nutrition products segment generated a revenue of 2.034 billion, a slight increase of 0.58% year-on-year, with a gross margin of 54.95%, up 15.41 percentage points [4][10]. Cash Flow and Financial Ratios - The net cash flow from operating activities for the first half of 2025 was 798 million, a significant increase of 281.20% year-on-year [3]. - The company’s cash and cash equivalents at the end of the period stood at 2.709 billion, an increase of 84.43% year-on-year [3]. - The projected earnings per share (EPS) for 2025 is 1.16, with corresponding P/E ratios of 13.5, 9.9, and 9.2 for the years 2025, 2026, and 2027 respectively [11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][23]. Core Views - The company's organic fluorine business continues to grow, driven by innovation, which supports long-term growth prospects [1]. - The overall sales gross margin for the first half of 2025 is 25.05%, a decrease of 2.83 percentage points compared to the same period in 2024 [2]. - The company has seen significant growth in its operating cash flow, with a net cash flow from operating activities of 569 million, up 321.57% year-on-year [3]. - The company is focusing on technological research and strategic layout to enhance its core competitiveness across four major business modules [10]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 4.248 billion, an increase of 18.58% year-on-year, and a net profit of 484 million, up 16.36% year-on-year [1]. - The company expects revenues of 10.236 billion, 12.634 billion, and 14.115 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.178 billion, 1.537 billion, and 2.030 billion [12]. - The company's three main business segments—battery chemicals, organic fluorine chemicals, and electronic information chemicals—are all experiencing growth, with battery chemicals revenue reaching 2.815 billion, up 22.77% year-on-year [3][9]. Business Segment Performance - The organic fluorine chemicals segment achieved revenue of 722 million, a year-on-year increase of 1.37%, with a gross margin of 62.80% [4]. - The electronic information chemicals segment reported revenue of 679 million, a growth of 25.18% year-on-year, with a gross margin of 47.82% [9]. - The company is enhancing its global layout to meet customer demands, with ongoing projects in Malaysia and the United States to expand its battery chemicals capacity [11].