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 [4][18]. Core Views - The company's performance in the first half of 2025 shows significant growth, driven by rising refrigerant prices, with a year-on-year revenue increase of 38.58% and a net profit increase of 159.22% [1][2]. - The overall market for refrigerants is expected to remain tight, with prices likely to continue rising due to the gradual consumption of production quotas and seasonal demand increases [8][10]. Financial Performance Summary - Revenue projections for the company are as follows: 2025E at 6,294 million yuan, 2026E at 7,172 million yuan, and 2027E at 8,011 million yuan, reflecting growth rates of 55.8%, 14.0%, and 11.7% respectively [1][10]. - The net profit is projected to reach 2,108 million yuan in 2025E, with a growth rate of 170.8%, followed by 2,615 million yuan in 2026E and 3,068 million yuan in 2027E [1][10]. - The company's return on equity (ROE) is expected to improve significantly, reaching 25.1% in 2025E, 24.1% in 2026E, and 22.3% in 2027E [1][10]. Product Performance Summary - In the first half of 2025, the company reported revenues from refrigerants, foam agents, and hydrogen fluoride of 2,419 million yuan, 98 million yuan, and 276 million yuan respectively, with year-on-year growth rates of 46.59%, 15.33%, and 1.80% [2]. - The average selling prices for refrigerants, foam agents, and hydrogen fluoride were 39,000 yuan/ton, 22,700 yuan/ton, and 8,500 yuan/ton respectively, showing year-on-year increases of 56.53%, 36.87%, and 11.79% [2]. Industry Outlook Summary - The refrigerant market is currently in a tight balance, with prices expected to remain high due to ongoing supply constraints and seasonal demand spikes [8][10]. - The company is advancing multiple projects aimed at enhancing its integrated fluorochemical industry chain, which is expected to further strengthen its market position [9][10].

证券研究报告 | 公司动态点评 2025 年 09 月 01 日 百合股份（603102.SH） 战略转型致短期承压，跨境并购赋能长期发展 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 871 | 801 | 944 | 1,421 | 1,687 | | 增长率 yoy（%） | 20.1 | -8.0 | 17.8 | 50.4 | 18.8 | | 归母净利润（百万元） | 169 | 139 | 152 | 205 | 245 | | 增长率 yoy（%） | 22.7 | -17.6 | 9.3 | 34.5 | 19.8 | | ROE（%） | 11.2 | 8.7 | 9.3 | 11.5 | 12.5 | | EPS 最新摊薄（元） | 2.64 | 2.18 | 2.38 | 3.20 | 3.83 | | P/E（倍） | 16.2 | 19.6 | 18.0 | 13.4 | 11.2 | | P/B（倍） | 1.8 | 1.7 ...

嘉必优（688089.SH） 1H25 公司业绩同比持续增长，ARA&DHA 基石产品需求持续增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 444 | 556 | 703 | 834 | 964 | | 增长率 yoy（%） | 2.4 | 25.2 | 26.5 | 18.7 | 15.5 | | 归母净利润（百万元） | 91 | 124 | 190 | 220 | 289 | | 增长率 yoy（%） | 41.9 | 35.9 | 52.6 | 16.0 | 31.6 | | ROE（%） | 5.8 | 7.7 | 10.7 | 11.2 | 13.1 | | EPS 最新摊薄（元） | 0.54 | 0.74 | 1.13 | 1.31 | 1.72 | | P/E（倍） | 53.1 | 39.1 | 25.6 | 22.1 | 16.8 | | P/B（倍） | 3.3 | 3.1 | 2.8 | 2.6 | 2.3 | 资料来源：公 ...

证券研究报告|公司动态点评 2025 年 09 月 01 日 国投电力（600886.SH） 火电提质+水电稳健，多元能源协同支撑业绩韧性 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 56,712 | 57,819 | 56,812 | 60,389 | 63,347 | | 增长率 yoy（%） | 12.3 | 2.0 | -1.7 | 6.3 | 4.9 | | 归母净利润（百万元） | 6,705 | 6,643 | 7,017 | 7,536 | 7,850 | | 增长率 yoy（%） | 64.3 | -0.9 | 5.6 | 7.4 | 4.2 | | ROE（%） | 11.9 | 11.0 | 10.7 | 10.6 | 10.2 | | EPS 最新摊薄（元） | 0.84 | 0.83 | 0.88 | 0.94 | 0.98 | | P/E（倍） | 17.1 | 17.3 | 16.3 | 15.2 | 14.6 | | P/ ...

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][9][17]. Core Views - The company's performance is currently under pressure due to a decline in the prices of its main products, which has led to a significant drop in profitability. However, there is potential for recovery as prices of key flexible products are expected to rebound [2][9]. - The company reported a revenue of 14.739 billion yuan in the first half of 2025, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 34.81% to 763 million yuan [1][2]. Financial Summary - **Revenue Forecast**: The projected revenues for 2025-2027 are 32.644 billion yuan, 34.771 billion yuan, and 37.592 billion yuan, respectively, with growth rates of 9.7%, 6.5%, and 8.1% [1][9]. - **Net Profit Forecast**: The expected net profits for the same period are 1.844 billion yuan, 2.434 billion yuan, and 3.223 billion yuan, with growth rates of -9.1%, 32.0%, and 32.4% [1][9]. - **Earnings Per Share (EPS)**: The projected EPS for 2025-2027 are 0.96 yuan, 1.27 yuan, and 1.68 yuan, respectively [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the next three years are expected to be 14.7, 11.2, and 8.4 times [1][9]. - **Return on Equity (ROE)**: The ROE is projected to improve from 9.2% in 2025 to 13.9% in 2027 [1][9]. Product Performance - The company's revenue from various segments in the first half of 2025 was as follows: chemical new materials (9.738 billion yuan), basic chemicals (2.964 billion yuan), fertilizers (1.777 billion yuan), and others (260 million yuan), with year-on-year growth rates of 2.39%, 5.14%, 22.36%, and 0.74%, respectively [2]. - The gross margins for these segments were 11.43%, 22.12%, 5.84%, and 12.03%, showing a decline in the chemical new materials segment [2]. Cash Flow Analysis - The net cash flow from operating activities in the first half of 2025 was 3.192 billion yuan, an increase of 37.51% year-on-year [3]. - The net cash flow from investing activities was -813 million yuan, while financing activities resulted in a net cash outflow of -2.411 billion yuan [3].

证券研究报告 | 公司动态点评 2025 年 09 月 01 日 鼎捷数智（300378.SZ） 2025 H1 业绩点评：AI 赋能效果显现，双端市场贡献业绩增量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,228 | 2,331 | 2,575 | 2,890 | 3,308 | | 增长率 yoy（%） | 11.7 | 4.6 | 10.5 | 12.2 | 14.5 | | 归母净利润（百万元） | 150 | 156 | 202 | 231 | 286 | | 增长率 yoy（%） | 12.3 | 3.6 | 30.0 | 14.1 | 24.1 | | ROE（%） | 7.1 | 6.8 | 8.2 | 8.6 | 9.7 | | EPS 最新摊薄（元） | 0.55 | 0.57 | 0.75 | 0.85 | 1.06 | | P/E（倍） | 95.0 | 91.8 | 70.6 | 61.9 | 49.9 | | P/B（倍 ...

证券研究报告 | 公司动态点评 2025 年 09 月 01 日 扬农化工（600486.SH） 以量补价，公司 1H25 业绩稳中有进，看好辽宁优创产能爬坡 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 11,478 | 10,435 | 11,832 | 13,429 | 14,397 | | 增长率 yoy（%） | -27.4 | -9.1 | 13.4 | 13.5 | 7.2 | | 归母净利润（百万元） | 1,565 | 1,202 | 1,419 | 1,665 | 1,915 | | 增长率 yoy（%） | -12.8 | -23.2 | 18.1 | 17.3 | 15.0 | | ROE（%） | 16.2 | 11.4 | 12.2 | 12.8 | 13.2 | | EPS 最新摊薄（元） | 3.85 | 2.96 | 3.49 | 4.09 | 4.71 | | P/E（倍） | 19.3 | 25.1 | 21.3 | ...

证券研究报告 | 行业周报 2025 年 09 月 01 日 通信 我国厂商加码国产 AI 芯片布局，端侧 AI 加速发展，看好模组等算 力相关产业投资机会 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 242.95 | 72.89 | | 002881.SZ | 美格智能 | 买入 | 0.77 | 1.09 | 73.64 | 52.02 | | 002913.SZ | 奥士康 | 买入 | 1.39 | 1.74 | 29.49 | 23.56 | | 688668.SH | 鼎通科技 | 买入 | 1.75 | 2.28 | 77.14 | 59.21 | | 300870.SZ | 欧陆通 | 买入 | 3.11 | 4.3 | 85.88 | 62.11 | | 605277.SH | 新亚电子 | 买入 | 0. ...

积极拓展 AI 数据中心领域新业务，25H1 营收利润实现双增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,555 | 2,415 | 3,018 | 3,562 | 4,096 | | 增长率 yoy（%） | -4.3 | 55.3 | 25.0 | 18.0 | 15.0 | | 归母净利润（百万元） | 137 | 175 | 258 | 352 | 404 | | 增长率 yoy（%） | -45.9 | 28.1 | 47.0 | 36.5 | 14.8 | | ROE（%） | 6.9 | 8.3 | 11.1 | 13.2 | 13.2 | | EPS 最新摊薄（元） | 0.67 | 0.85 | 1.25 | 1.71 | 1.96 | | P/E（倍） | 117.4 | 91.6 | 62.3 | 45.7 | 39.8 | | P/B（倍） | 8.3 | 7.7 | 7.0 | 6.1 | 5.3 | 资料来源：公司财报 ...

新亚电子（605277.SH） 25H1 业绩实现稳步增长，持续推进线缆产品升级迭代 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,186 | 3,531 | 4,032 | 4,725 | 5,647 | | 增长率 yoy（%） | 88.9 | 10.8 | 14.2 | 17.2 | 19.5 | | 归母净利润（百万元） | 144 | 153 | 181 | 220 | 276 | | 增长率 yoy（%） | 1.0 | 6.0 | 18.1 | 21.6 | 25.8 | | ROE（%） | 10.8 | 10.4 | 11.3 | 13.0 | 14.6 | | EPS 最新摊薄（元） | 0.45 | 0.47 | 0.56 | 0.68 | 0.85 | | P/E（倍） | 56.8 | 53.6 | 45.4 | 37.3 | 29.7 | | P/B（倍） | 6.1 | 5.6 | 5.1 | 4.8 | 4.3 | 资 ...