Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In H1 2025, the company's revenue was 4.08 billion yuan, a year-on-year decrease of 12.0%, and the net profit attributable to the parent company was 560 million yuan, down 26.1% [2][4]. - In Q2 2025, the company's revenue was 1.79 billion yuan, a year-on-year decrease of 32.4%, and the net profit attributable to the parent company was 300 million yuan, down 33.9% [2][4]. - The decline in revenue and profit was primarily due to weakened demand for Mongolian coal, with the average price of coking coal dropping approximately 40% in Q2 2025 [2][4]. - The company is seeing steady growth in its African logistics projects, particularly with the opening of the Kasai highway and the expected profit increase from new projects in Zambia [2][4]. - Since July, the rebound in coking coal prices driven by "anti-involution" in the coal market is expected to lead to a recovery in trade price differentials in Q3 [2][4]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 4.08 billion yuan, down 12.0% year-on-year, and a net profit of 560 million yuan, down 26.1% [2][4]. - In Q2 2025, the revenue was 1.79 billion yuan, a decrease of 32.4% year-on-year, with a net profit of 300 million yuan, down 33.9% [2][4]. - The company announced an interim dividend plan, distributing a cash dividend of 0.2 yuan per share (including tax), with a payout ratio of 48.8% [4]. Business Operations - The Mongolian coal business faced challenges, with both volume and price declining due to domestic demand issues, leading to a significant drop in revenue from this segment [2][4]. - The company has been expanding its overseas logistics network, establishing international transport fleets and specialized teams in Mongolia, Africa, and Central Asia, which has resulted in a rapid increase in cross-border logistics service revenue [2][4]. - The Kasai highway's traffic volume is steadily increasing, contributing to sustained profitability, with new projects in Zambia expected to enhance earnings in the second half of the year [2][4]. Future Outlook - The company anticipates that the Mongolian coal supply chain trade business will recover from its performance bottom, with a potential rebound in earnings in the second half of the year [2][4]. - The logistics network in Africa is taking shape, with ongoing projects expected to drive high growth, which the market may currently underestimate [2][4]. - Forecasts for net profit attributable to the parent company are 1.30 billion yuan, 1.54 billion yuan, and 1.79 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12.9, 11.0, and 9.4 [2][4].

丨证券研究报告丨 公司研究丨点评报告丨中国外运（601598.SH） [Table_Title] REIT 增厚 Q2 盈利，高分红政策延续 报告要点 [Table_Summary] 2025H1，公司营业收入为 505.2 亿元，同比下降 10.4%；归母净利润为 19.5 亿元，同比增长 0.1%。2025Q2，公司营业收入为 267.5 亿元，同比下降 16.6%；归母净利润为 13.0 亿元，同 比增长 14.0%。二季度国内有效需求不足，合同物流需求承压；外部冲击加大，海运业务量增 价减，空运代理业务量缩减，公司加强各业务成本管控，利润保持稳定。同时，中银中外运仓 储物流 REIT 上市，增厚 Q2 投资收益。展望下半年，公司积极盘活存量资产，聚焦优势主业， 维持稳定的高分红政策，股息率相对可观。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 280 million yuan for the first half of 2025, a year-on-year decrease of 17.9%, and a net profit attributable to shareholders of 30 million yuan, down 70.6% year-on-year. The second quarter revenue was 130 million yuan, showing a year-on-year increase of 52.4% but a quarter-on-quarter decrease of 16.5% [2][6]. - The decline in revenue is primarily attributed to a reduction in orders for evaporation source equipment, while the materials business saw a revenue increase of 22.0% year-on-year [9]. - The OLED industry is undergoing a critical transition from 6th generation to 8.6th generation production lines, with the company successfully securing contracts for new projects, reinforcing its leading position in the domestic evaporation source equipment market [9]. Summary by Sections Financial Performance - In H1 2025, the company's revenue decreased by 17.9% year-on-year, with a gross margin of 45.8%, down 5.7 percentage points. The Q2 gross margin was 44.3%, reflecting a year-on-year decrease of 1.8 percentage points and a quarter-on-quarter decrease of 2.9 percentage points [9]. - The company’s organic light-emitting materials generated revenue of 340 million yuan in 2024, a year-on-year increase of 7.1%, with a gross margin of 47.7% [9]. Market Position and Developments - The company has made significant progress in both equipment and materials, completing acceptance work for major projects and successfully winning bids for equipment upgrades [9]. - The materials business has shown consistent revenue growth over five years, with new product developments in packaging materials and perovskite materials progressing steadily [9]. Future Outlook - The company is expected to achieve net profits of 180 million yuan, 310 million yuan, and 380 million yuan for the years 2025, 2026, and 2027, respectively [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's performance in the second quarter was impacted by weaker wind conditions in Fujian and increased power restriction rates in regions where its external units are located, leading to a year-on-year decrease in power generation by 18.08% [2][6]. - The company reported a revenue of 280 million yuan in the second quarter, a decrease of 20.58% year-on-year, and a net profit attributable to shareholders of 63 million yuan, down 51.11% year-on-year [2][6]. - Despite the short-term performance pressure, the company is focused on long-term growth opportunities, including potential asset injections from the group and ongoing project developments [6][12]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total revenue of 794 million yuan, a decrease of 2.95% year-on-year, and a net profit of 314 million yuan, down 8.07% year-on-year [6]. - The total power generation for the first half was 1.405 billion kWh, a slight decrease of 0.89% year-on-year [12]. Operational Challenges - The second quarter saw a significant drop in power generation, with Fujian's wind power output at 445 million kWh, down 18.76% year-on-year, and external units in Heilongjiang experiencing a 19.59% decrease [12]. - The company's operating costs increased by 4.27% year-on-year in the second quarter, totaling 174 million yuan, which further pressured profit margins [12]. Growth Prospects - The company is expected to benefit from future asset injections, including projects like Yongtai Pumped Storage and various offshore wind assets, which could enhance earnings per share [12]. - The company is actively pursuing both internal development and quality project acquisitions, indicating significant growth potential in the coming years [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's nuclear power business shows steady growth, with a 12.01% year-on-year increase in electricity generation in the first half of 2025, driven by capacity expansion. However, net profit growth was impacted by a decline in market electricity prices, with net profits increasing by 8.62% and 3.60% year-on-year for the first half and second quarter, respectively [2][6] - The renewable energy segment experienced high growth in electricity generation, but net profits decreased by 31.71% year-on-year in the first half of 2025 due to reduced utilization hours and lower market electricity prices. The report suggests that the pressure on renewable energy profits may ease in the second half of the year [2][6] - The company has a strong reserve of nuclear and renewable energy projects, with 19 nuclear units under construction or approved, totaling 21.86 million kilowatts. This robust project reserve supports long-term growth expectations despite short-term profit fluctuations [2][6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 40.973 billion yuan, a year-on-year increase of 9.43%, and a net profit attributable to shareholders of 5.666 billion yuan, a decrease of 3.66% [6] - The nuclear power segment generated 99.65 billion yuan in net profit in the first half, up 8.62% year-on-year, while the renewable energy segment's net profit was 1.138 billion yuan, down 31.71% year-on-year [6][11] Operational Highlights - The company’s nuclear power generation reached 99.861 billion kilowatt-hours in the first half of 2025, a 12.01% increase, primarily due to the commissioning of the Zhangzhou Nuclear Power Plant [11] - The renewable energy segment's installed capacity grew by 48.52% year-on-year, with total generation of 21.915 billion kilowatt-hours in the first half, reflecting a 35.76% increase [11] Future Outlook - The company expects earnings per share (EPS) of 0.51 yuan, 0.55 yuan, and 0.62 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 17.66, 16.55, and 14.71 [11]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [8] Core Views - The coal price has dropped below 700 RMB/ton, but the bottom is expected to be established due to tightening supply under the "anti-involution" context, leading to potential profit recovery for coal companies in the future [6][7] - Short-term excess returns in the coal sector may not be significant, but the probability of achieving absolute returns is high, with a focus on long-term investment opportunities in companies like Yanzhou Coal Mining Company, China Power Investment Corporation, Lu'an Mining, and Shaanxi Coal and Chemical Industry [6][7] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze River) fell by 2.71%, underperforming the CSI 300 index by 5.42 percentage points, ranking last among all sectors [13] - As of August 29, the market price for Qinhuangdao thermal coal was 690 RMB/ton, down 14 RMB/ton week-on-week [13] Supply and Demand Situation - As of August 28, the daily coal consumption in 25 provinces was 602.7 million tons, down 6.2% week-on-week [14] - The available days of inventory for power plants in these provinces increased to 19.8 days, up 1.1 days week-on-week [14] Price Trends - The report indicates that the price of thermal coal is expected to stabilize and potentially rise to 700-750 RMB/ton due to limited supply and upcoming replenishment demand [6][14] - The average price of thermal coal in Q3 2025 is projected to improve, with the average price as of August 29 being 663 RMB/ton, an increase of 5% from Q2 [6][7] Company Performance - Major coal companies reported significant profit declines in Q2 2025 due to falling coal prices, but profits are expected to recover in Q3 2025 [6][7] - Specific companies highlighted for potential investment include Yanzhou Coal Mining Company, China Shenhua Energy, and Shaanxi Coal and Chemical Industry, which are seen as stable profit leaders [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.747 billion in H1 2025, representing a year-over-year increase of 7.87%. The net profit attributable to the parent company was 605 million, with a year-over-year increase of 0.24% [2][6] - In Q2 2025, the company achieved a revenue of 1.346 billion, which is a year-over-year increase of 9.47% but a quarter-over-quarter decrease of 3.95%. The net profit for Q2 was 247 million, showing a year-over-year decrease of 2.12% and a quarter-over-quarter decrease of 30.91% [2][6] - The company is on track to meet its annual operational goals, with H1 2025 revenue accounting for 47.37% of the annual target and total profit reaching 53.27% of the annual goal [13] - The gross margin showed a slight increase, with H1 2025 gross margin at 37.79%, up 0.54 percentage points year-over-year [13] - The company is accelerating capacity construction to support business expansion in civil aviation and commercial aircraft sectors [13] - Profit forecasts for the company indicate net profits of 1.235 billion, 1.410 billion, and 1.634 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 28, 25, and 21 [13] Summary by Sections Financial Performance - H1 2025 revenue was 2.747 billion, up 7.87% year-over-year, with a net profit of 605 million, up 0.24% year-over-year [2][6] - Q2 2025 revenue was 1.346 billion, up 9.47% year-over-year, but down 3.95% quarter-over-quarter, with a net profit of 247 million, down 2.12% year-over-year and down 30.91% quarter-over-quarter [2][6] Business Segments - The aerospace industrial composite materials segment generated 2.627 billion in revenue, up 9.41% year-over-year, while the advanced manufacturing segment saw a revenue increase of 83.37% year-over-year [13] Capacity and Investment - The company had 153 million in construction in progress at the end of H1 2025, a 44.22% increase from the beginning of the period, with several projects nearing completion [13] Profitability and Margins - The overall gross margin for H1 2025 was 37.79%, with a slight increase year-over-year, while the net profit margin was affected by credit impairment losses [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a rare diversified real estate developer in China, with significant advantages in its business model. It has leading capabilities in development, finance, operations, and branding, along with ample and well-structured land reserves to ensure future sales scale. The pressure from impairments has been relatively well-released, and the profit margins from newly acquired land are attractive, indicating a high degree of performance solidity and realization [5][8]. - As a leader in the commercial sector, the company excels in various dimensions such as layout, leasing, operations, rental income, efficiency, and luxury retail. The commercial REITs facilitate asset exit channels, and high-quality self-owned assets provide stable cash flow to help navigate through cycles, which can also enhance the company's dividend and valuation potential [5][8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 94.9 billion (up 19.9%) and a net profit attributable to shareholders of 11.9 billion (up 16.2%). The core net profit was 10 billion (down 6.6%), with a comprehensive gross margin of 24.0% (up 1.8 percentage points). The interim dividend per share was 0.2 HKD, with a payout ratio of 14.3% relative to core earnings [5][8]. - Revenue and profitability improvements are driving performance growth, with a stable outlook for the future. The company’s total sales for the first half of 2025 were 110.3 billion (down 11.6%), ranking third in the industry, with a sales area of 4.119 million square meters (down 21.0%) and an average selling price of 27,000 HKD per square meter (up 11.9%) [8]. Land Acquisition and Sales - The company remains in the top tier for sales, with robust investments and ample land reserves ensuring future sales stability. In the first half of 2025, the company acquired 18 projects with a total land acquisition amount of 44.73 billion (up 74.7%) and a land area of 1.482 million square meters (down 26.8%). The average land price was 30,000 HKD per square meter (up 138.5%) [8]. - As of the first half of 2025, the company had a developable land reserve of 41.19 million square meters, with 70% located in first and second-tier cities, ensuring stable future sales [8]. Commercial Operations - The company is a leader in commercial operations, with both retail sales and occupancy rates showing growth. In the first half of 2025, shopping center retail sales reached 110.1 billion (up 20.2%), with luxury and non-luxury segments growing by 13.3% and 24.9%, respectively. The same-store sales growth rate was 9.4%, and the occupancy rate improved to 97.3% [8]. - Rental income for the first half of 2025 was 10.4 billion (up 9.9%), with a decrease in selling and administrative expense ratio to 12.1%, leading to an operating profit margin of 65.9%, showcasing industry-leading operational efficiency [8]. Investment Recommendations - The company is positioned as a rare diversified real estate developer with clear business model advantages. It is expected that the net profit attributable to shareholders will reach 26.2 billion, 27 billion, and 28.2 billion for 2025-2027, representing year-on-year growth of 2%, 3%, and 5%, respectively. The corresponding price-to-earnings ratios are projected to be 7.6, 7.4, and 7.0 times [5][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 5.799 billion yuan, down 42.85% year-on-year, and net profit at 639 million yuan, down 69.52% year-on-year [2][4]. - The second quarter of 2025 saw revenue of 2.661 billion yuan, a decrease of 52.8% year-on-year and 15.19% quarter-on-quarter, with net profit dropping to 66 million yuan, down 93.56% year-on-year and 88.46% quarter-on-quarter [2][4]. - Despite the downturn, the company achieved a positive operating cash flow of 447 million yuan, an increase of 55.84% year-on-year [2][4]. Summary by Sections Financial Performance - In 2025H1, the company's revenue and net profit experienced substantial declines, with specific figures indicating a 42.85% drop in revenue and a 69.52% drop in net profit compared to the previous year [2][4]. - The gross profit margin for 2025H1 was 24.38%, down 12.62 percentage points year-on-year, with equipment and service margins at 32.93% and materials at 6.22%, reflecting declines in both segments [2][4]. Business Segments - The equipment and service segment faced order and acceptance delays, while the semiconductor equipment segment benefited from accelerated domestic production, with an order backlog exceeding 3.7 billion yuan at the end of Q2 2025 [2][4]. - The company successfully secured bulk orders for 8-inch silicon carbide from international clients, expected to ramp up production next year, and improved its market share in photovoltaic crucibles [2][4]. Future Outlook - The company is focusing on enhancing its technological capabilities and operational quality during the industry downturn, with plans to expand its product offerings in the semiconductor and photovoltaic sectors [2][4]. - Forecasts for 2025 and 2026 project net profits of 1.5 billion yuan and 1.75 billion yuan, respectively, with corresponding price-to-earnings ratios of 27 and 23 [2][4].

丨证券研究报告丨 [Table_Author] 徐科 王筱茜 叶之楠 盛意 SAC：S0490517090001 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490525070006 SFC：BUV415 SFC：BWM115 联合研究丨公司点评丨龙净环保（600388.SH） [Table_Title] 龙净环保 2025H1 点评：Q2 归母净利润同比增 12.0%，H1 清洁能源净利润近亿元 报告要点 [Table_Summary] 龙净环保发布 2025 年中报， Q2 实现营收 27.18 亿元，同比增 13.5%；归母净利润 2.60 亿 元，同比增 12.0%。上半年烟气治理业务收入确认存波动（预计全年维度将实现相对稳健）、毛 利率上行；清洁能源净利润近亿元，海内外项目有序快速推进；储能开始盈利，矿山装备快速 形成能力。公司持续推进业务提质增效，主业毛利率稳步上行，现金流预计向好，有息负债率 保持低位，紫金持续增持、赋能，看好公司长期发展。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...