Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 8.59 billion yuan, a year-on-year growth of 62.8%. However, the net profit attributable to shareholders decreased by 51.5% to 210 million yuan [2][4]. - In Q2 2025, revenue reached 6.41 billion yuan, marking an 80.3% year-on-year increase, while net profit attributable to shareholders surged by 139.2% to 400 million yuan [2][4]. - The company has seen a rapid increase in wind turbine shipments, with 4.72 GW shipped in the first half of 2025, a 44% increase year-on-year, contributing approximately 6.4 billion yuan in revenue [9]. - The company has also accelerated its overseas orders, with new overseas orders exceeding 2 GW and total overseas order value surpassing 10 billion yuan [9]. Summary by Sections Financial Performance - The company achieved a gross margin of approximately 10.6% in the first half of 2025, which is a decline compared to the previous year. The gross margin for the wind turbine business was 4.65%, with overseas sales gross margin exceeding 20% [9]. - The company’s operating expenses ratio was about 11.1%, a decrease of 4.2 percentage points year-on-year, attributed to improved cost control and revenue growth [9]. Business Segments - Wind turbine business revenue was approximately 6.4 billion yuan, a 30% increase year-on-year, while wind power generation revenue fell by 36% to 80 million yuan [9]. - Wind power service revenue increased by 26% to 180 million yuan, and revenue from power station product sales was about 1.83 billion yuan, with new power stations connected totaling 0.46 GW [9]. Future Outlook - The company is expected to see a recovery in gross margins as wind turbine bidding prices stabilize. The third quarter is anticipated to witness improved performance due to the delivery of higher-priced wind turbine orders [9]. - The forecast for the company's net profit attributable to shareholders for 2025 is approximately 1.84 billion yuan, corresponding to a PE ratio of about 18.7 times [9].

丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：战略调整引发经营波动，合同负债历 史高位有望奠定交付景气基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 21.9 亿元，同比下降 3.1%；归母净利润 0.5 亿元，同比下降 75.1%； 扣非净利润 0.5 亿元，同比下降 77.8%。单季度看，公司 2025Q2 营业收入 12.6 亿元，同比增 加 4.8%；归母净利润 0.2 亿元，同比下降 73.1%；扣非净利润 0.2 亿元，同比下降 74.7%。公 司业绩落于此前预告区间。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 事件评论 丨证券研究报告丨 2025-09-09 公司研究丨点评报告 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%. However, the net profit attributable to the parent company was a loss of 93 million yuan, and the net profit after deducting non-recurring items was a loss of 95 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, which is a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%. The net profit attributable to the parent company was a loss of 119 million yuan, with a net profit after deducting non-recurring items also showing a loss of 124 million yuan [2][4]. - The company's membrane business revenue reached 5.09 billion yuan, accounting for 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for the membrane business was 13.5%, down 5.6 percentage points year-on-year due to price declines and narrowing single-unit gross margins [9]. - The company is actively expanding its solid-state battery business, with significant progress in projects related to sulfide solid electrolytes and lithium sulfide, which may enhance profitability in the future [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 5.76 billion yuan, a 20.5% increase year-on-year, while the net profit attributable to the parent company was a loss of 93 million yuan [2][4]. - In Q2 2025, the revenue was 3.03 billion yuan, reflecting a 23.6% year-on-year increase and an 11.2% quarter-on-quarter increase, with a net loss of 119 million yuan [2][4]. Business Segments - The membrane business generated 5.09 billion yuan in revenue, representing 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for this segment was 13.5%, down from the previous year due to competitive pricing pressures [9]. - The company’s overseas business is expanding, with direct export revenue of 1.15 billion yuan, accounting for approximately 20% of total revenue [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year, with current prices stabilizing and an improved shipment structure anticipated to enhance profitability [9]. - The solid-state battery business is a key focus, with ongoing projects that may lead to significant advancements in production capabilities and profitability [9].

Investment Rating - The investment rating for the company is "Accumulate" and maintained [9]. Core Views - The company reported total revenue of 4.773 billion yuan and a net profit attributable to shareholders of 87 million yuan for the first half of 2025, reflecting a year-on-year decline of 4% and 8% respectively. In Q2 2025, total revenue was 2.561 billion yuan, with a net profit of 39 million yuan, showing a year-on-year decrease of 9% and 15% respectively [2][6]. Summary by Sections Financial Performance - In H1 2025, the company's B2B business revenue was 4.756 billion yuan, down 4% year-on-year, accounting for 99.64% of total revenue. The gross margin was 9.04%, a decrease of 0.6 percentage points year-on-year, with a net profit of 85 million yuan, down 41% year-on-year [11]. - The company's Q2 performance was impacted by a slowdown in procurement from major clients, leading to a decline in revenue and profit margins [11]. - The SAAS business showed signs of recovery, with revenue of 17 million yuan in H1 2025, down 37% year-on-year, but achieving a gross margin of 24.58%, an increase of 15.3 percentage points year-on-year [11]. Business Segments - The B2B business is focusing on core clients, with over 60% of revenue coming from 100 central enterprises. The company is leveraging AI to enhance efficiency and reduce costs in its procurement services [11]. - The new brand stationery business is expected to contribute positively, with recent collaborations with quality IPs leading to new product launches [11]. Future Outlook - The company anticipates a gradual recovery in revenue and profitability, with projected net profits of 210 million yuan, 250 million yuan, and 310 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 24, 20, and 16 [11].

丨证券研究报告丨 [Table_Summary] 2025 年第 36 周，通信板块下跌 2.41%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块上涨 58.26%，在长江一级行业中排名第 1 位。博通 25Q3 业绩高增，ASIC 业务贡献 显著，三大核心客户 ASIC 需求持续攀升，斩获第四大客户百亿美元订单；阿里上线兆级模型 Qwen3-Max 预览版，支持 26 万 token 上下文，性能超越多家闭源竞品。持续看好国内与海外 算力链。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：博通 ASIC 获新大单，阿里上 线兆级模型 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：博通 2] ASIC 获新大单，阿里上 线兆级模型 [Table_Summary2] 板块行情 2025 年第 36 周，通信板块下 ...

Investment Rating - The investment rating for Jiangnan Chemical (002226.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 4.61 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7%. The net profit attributable to shareholders was 430 million yuan, up 2.2% year-on-year [5][12]. - In Q2 alone, the company achieved a revenue of 2.6 billion yuan, which is a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter. The net profit for Q2 was 280 million yuan, reflecting a year-on-year increase of 2.8% and a significant quarter-on-quarter increase of 92.5% [5][12]. - The company has seen a substantial increase in new orders, with the annualized amount for new contracts in the blasting service segment reaching 6.24 billion yuan, indicating a significant improvement in order quality [12]. - The revenue from the civil explosive materials segment was stable at 1.33 billion yuan, although it saw a slight decline of 1.7% year-on-year [12]. - The company's revenue from the new energy business was 360 million yuan, down 7.7% year-on-year, attributed to increased market competition and changes in pricing mechanisms [12]. - The international market expansion is progressing steadily, with overseas revenue reaching 600 million yuan, a year-on-year increase of 20.2%, and the overseas revenue proportion rising from 11.2% in H1 2024 to 13.0% in H1 2025 [12]. - The company is positioned as a leading integrated service provider in the civil explosive sector under the China Ordnance Industry Group, with expectations for net profits of 1.0 billion, 1.59 billion, and 1.82 billion yuan for 2025 to 2027 [12]. Summary by Sections Financial Performance - For the first half of 2025, Jiangnan Chemical achieved a total revenue of 4.61 billion yuan, with a net profit of 430 million yuan, reflecting a year-on-year growth of 3.7% and 2.2% respectively [5][12]. - In Q2 2025, the company reported a revenue of 2.6 billion yuan, a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter [5][12]. Business Segments - The blasting service segment generated 2.55 billion yuan in revenue for the first half of 2025, marking a 7.3% year-on-year increase [12]. - The civil explosive materials segment's revenue was 1.33 billion yuan, showing a slight decline of 1.7% year-on-year [12]. - The new energy business reported a revenue of 360 million yuan, down 7.7% year-on-year, with a gross margin of 42.1% [12]. Market Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 600 million yuan, a 20.2% increase year-on-year [12]. - The company plans to enhance its overseas project advantages with the anticipated injection of its subsidiary, Aoxin Chemical, which operates in 15 countries [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 24.24 billion yuan in the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 2.95 billion yuan, up 8.8% year-on-year [2][4]. - The company’s performance in Q2 2025 showed a revenue of 15.35 billion yuan, with a year-on-year growth of 22.5% and a net profit of 2.27 billion yuan, reflecting a 7.3% increase year-on-year [2][4]. - The company’s smart grid and low-carbon energy sectors continue to show strong growth, with overseas revenue increasing by 139.2% [9]. Revenue Summary - In the first half of 2025, the smart grid revenue was 12.225 billion yuan, up 28.4% year-on-year; low-carbon energy revenue was 6.541 billion yuan, up 29.5% year-on-year; and integrated and other revenues decreased by 58.6% [9]. - Domestic revenue reached 22.224 billion yuan, a 14.5% increase year-on-year, while overseas revenue was 1.987 billion yuan, marking a significant increase [9]. Profitability Summary - The gross margin for the first half of 2025 was 26.45%, down 2.48 percentage points year-on-year. The gross margin for Q2 2025 was 27.75%, down 3.82 percentage points year-on-year [9]. - The gross margin for the smart grid segment was 30.34%, down 2.93 percentage points year-on-year, while the low-carbon energy segment had a gross margin of 21.59%, down 1.68 percentage points [9]. Expense Summary - The total expense ratio for the first half of 2025 was 12.42%, down 1.45 percentage points year-on-year. The sales expense ratio was 4.12%, down 0.67 percentage points [9]. - The company benefited from a reduction in expense ratios due to increased sales revenue and ongoing cost-cutting measures [9]. Order Summary - The company signed new contracts worth 35.432 billion yuan in the first half of 2025, a year-on-year increase of 23.46%. The international contracts grew by over 200% [9]. - As of the end of Q2 2025, the contract liabilities reached 7.399 billion yuan, reflecting a year-on-year increase of 56.5% [9]. Future Outlook - The company is expected to achieve a net profit of approximately 8.5 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 20.5 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant improvement in gross margin and a notable increase in order growth [3][4]. - In the first half of 2025, the company achieved operating revenue of 4.91 billion yuan, a year-on-year decrease of 4.5%, while net profit attributable to shareholders reached 200 million yuan, up 96.3% year-on-year [3][4]. - The gross margin for the first half of 2025 was 11.91%, an increase of 3.69 percentage points year-on-year, indicating effective cost control and operational optimization [8]. - The company has successfully expanded its market presence, with cumulative bids amounting to 7.109 billion yuan, a year-on-year increase of 47.25% [8]. Summary by Sections Financial Performance - In Q2 2025, the company achieved operating revenue of 2.61 billion yuan, a slight increase of 0.1% year-on-year, and net profit attributable to shareholders of 110 million yuan, up 84.5% year-on-year [3][4]. - The company’s net profit for 2025 is projected to reach 360 million yuan, corresponding to a PE ratio of approximately 34 times [8]. Cost and Margin Analysis - The gross margin for Q2 2025 was 12.55%, reflecting a year-on-year increase of 3.14 percentage points and a quarter-on-quarter increase of 1.36 percentage points [8]. - The company’s four expense ratios reached 5.58% in the first half of 2025, with a slight increase in sales and management expense ratios [8]. Order and Market Expansion - The company has made significant strides in market development, with domestic bids totaling 5.884 billion yuan, a year-on-year increase of 68.19% [8]. - The company has also made breakthroughs in new business areas, including winning bids for new types of wind power structures [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve approximately 2.3 billion yuan in revenue for the first half of 2025, representing a year-on-year growth of 38.8%. However, the net profit attributable to shareholders is projected to be around 120 million yuan, a decrease of 8.1% year-on-year [2][4]. - The company has a robust order backlog, with approximately 5.48 billion yuan in executed and pending orders, reflecting a year-on-year increase of 29%. This strong order position is anticipated to support future delivery performance [10]. Summary by Sections Revenue Performance - For the first half of 2025, the company’s revenue is expected to be about 2.3 billion yuan, with a significant year-on-year increase of 38.8%. In Q2 2025 alone, revenue is projected to reach approximately 1.5 billion yuan, marking a 50.6% increase year-on-year [2][4]. Profitability - The net profit attributable to shareholders for the first half of 2025 is estimated at around 120 million yuan, which is an 8.1% decline compared to the previous year. The non-recurring net profit is also expected to be about 120 million yuan, down 3.5% year-on-year [2][4]. Order Backlog - The company has a strong order backlog, with approximately 5.48 billion yuan in executed and pending orders, which is a 29% increase year-on-year. New orders for onshore wind power equipment (including concrete towers) reached about 2.58 billion yuan, up 37% year-on-year, while new orders for offshore wind power and marine engineering equipment surged by 194% to approximately 410 million yuan [10]. Business Segmentation - The revenue from onshore wind power equipment (including concrete towers) for the first half of 2025 is expected to be around 1.88 billion yuan, reflecting a 25.6% year-on-year increase. The revenue from offshore wind power and marine engineering equipment is projected to be approximately 360 million yuan, a substantial increase of 226.2% [10]. Margin Analysis - The gross margin for the first half of 2025 is expected to be 12.9%, a decrease of 6.9 percentage points year-on-year, primarily due to rising raw material costs and changes in the customer structure of overseas business [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 411 million yuan, representing a year-on-year growth of 19.69%. However, the net profit attributable to the parent company was -168 million yuan. In Q2 2025, revenue reached 251 million yuan, showing a year-on-year increase of 77.94% and a quarter-on-quarter growth of 57.31%, with a net profit of -82 million yuan [2][5]. - The company is focusing on advanced carbon-based materials, particularly in the lithium battery and transportation sectors, which have seen a revenue increase of 305.35% year-on-year. Despite a decrease in revenue from the photovoltaic sector and lower operating rates, the company is implementing measures to improve quality, reduce costs, and enhance efficiency [11]. - The company maintains a high level of R&D investment, with R&D expenses in Q2 2025 amounting to 34 million yuan, representing a R&D expense ratio of 13.68%. Other expenses such as sales, management, and financial costs have decreased, indicating strong cost control capabilities [11]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 411 million yuan, with a net loss of 168 million yuan. Q2 2025 revenue was 251 million yuan, with a net loss of 82 million yuan [2][5]. - The company anticipates revenue growth to 863 million yuan in 2025E, with a projected net profit of -247 million yuan, improving to a profit of 123 million yuan by 2026E [17]. Business Segments - In the photovoltaic and semiconductor sectors, the company is adjusting its customer cooperation strategy and optimizing its customer structure. In the transportation sector, it is expanding the carbon-ceramic brake market and has recently secured a key development notification from a well-known hydrogen fuel cell system manufacturer [11]. - The company has established good relationships with leading silicon-carbon enterprises in the lithium battery sector, providing customized porous carbon product solutions [11]. Future Outlook - The company plans to continue its R&D efforts, focusing on new products and technologies, particularly in carbon-ceramic brake discs and lithium battery thermal components. The ongoing recovery in the photovoltaic sector is expected to improve industry pricing and profitability [11].