Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company demonstrated resilient performance in Q2 2025 with revenue and net profit increasing by 7.00% and 11.57% year-on-year, respectively, despite a sluggish industry demand [1][4]. - The company is expected to leverage its platform advantages to capture market share and enhance growth, particularly through overseas expansion [1][4]. - The report anticipates EPS for 2025, 2026, and 2027 to be 1.21, 1.32, and 1.43 CNY, respectively, with a corresponding valuation of 33X for 2025 [1][4]. Financial Performance Summary - For H1 2025, the company achieved revenue of 15.23 billion CNY, a year-on-year increase of 7.59%, and a net profit of 3.91 billion CNY, up 13.35% [3][4]. - In Q2 2025, revenue was 6.92 billion CNY, with a net profit of 1.71 billion CNY, reflecting year-on-year growth of 7.00% and 11.57%, respectively [3][4]. - The gross margin improved to 40.21% in Q2 2025, an increase of 3.88 percentage points year-on-year, driven by lower raw material costs and enhanced production efficiency [3][4]. Product and Regional Performance - The main product categories showed steady growth, with soy sauce, oyster sauce, and seasoning sauces reporting revenue increases of 9.14%, 7.74%, and 12.01% year-on-year, respectively, in H1 2025 [3][4]. - Regional performance in H1 2025 indicated that the eastern and southern regions experienced revenue growth of 13.59% and 13.76%, respectively, highlighting the company's strong market position [3][4]. Future Outlook - The report emphasizes the importance of improving consumer demand as a key driver for the industry, with expectations for the company to continue outperforming the market due to its strong brand and distribution channels [1][4]. - The company is also focusing on international expansion, tailoring its product offerings and distribution strategies to meet local market needs [1][4].

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 航材股份（688563.SH） 25H1 业绩短期承压，钛合金、高温合金资产逐步理顺 中游制造/军工 公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿 元（同比-9.92%），实现扣非归母净利润 2.51 亿元（同比-7.64%）。 强烈推荐（维持） 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 S1090525070011 zhanyongzhuang@cmschina.com. cn ❑ 业绩短期承压，加工服务增长快速，毛利率大幅提升。公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿元（同比-9.92%），实 现扣非归母净利润 2.51 亿元（同比-7.64%），主要系本期航空成品件和非航 空成品件收入减少和销售产品结构变化。单季度来看，Q2 实现营收 7.08 亿 元（Yoy-14.83%，Qoq+8.40%），实现归母净利润 1.46 亿元（Yoy-10.71%， Qoq+8.02%）。2025 年度财 ...

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 宁波银行（002142.SZ） 营收增速回升，等待宏观 alpha 总量研究/银行 宁波银行披露 2025 年半年报，25H1 营业收入、PPOP、归母利润同比增速分 别为 7.91%、11.82%、8.23%，增速分别较 25Q1 变动+2.28pct、+1.82pct、 +2.47pct。累计业绩驱动上，规模、成本收入比、有效税率下降为主要正贡献， 净息差、中收、其他非息、拨备计提形成负贡献，单季度边际来看，25Q2 手续 费和其他非息业绩拖累幅度均有所收敛，有效税率业绩贡献进一步提升。 核心观点： （1）对公存贷高增。25Q2 末公司总贷款同比增长 18.72%，增速较 25Q1 回落 1.69pct，绝对值仍保持高位，增速回落主要是个人贷款增速进一步放缓。25Q2 末受消费信贷需求疲弱，且公司主动加强风险管控，个人贷款同比增长 2.32%， 增速环比回落 3.82pct，按揭、消费贷、经营贷增速均有所回落，尤其经营贷增 速下降至-10.26%；对公贷款保持 29.07%的高增速，增速较 25Q1 回升 0.23pct， 广义基建、建筑业 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company has shown a positive turnaround in performance with a year-on-year increase in net profit of 0.21% in H1 2025, compared to a decline in previous quarters [1]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% as of Q2 2025, unchanged from the previous quarter [3]. - The company is expected to benefit from its wealth management and investment banking business advantages, supported by a strong capital market environment [4]. Summary by Sections Performance - In H1 2025, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders showed year-on-year growth rates of -2.29%, -3.08%, and 0.21%, respectively, indicating a positive trend compared to Q1 2025 [1][15]. Non-Interest Income - The company reported a 2.59% year-on-year increase in non-interest income in H1 2025, with retail wealth management and custody services performing particularly well, achieving revenue growth of 13.45% and 9.98%, respectively [2][31]. Interest Margin and Asset-Liability Structure - The total loans and total assets grew by 4.13% and 2.55% year-on-year, respectively, while total deposits increased by 8.89%. The net interest margin for H1 2025 was reported at 1.75%, reflecting relative resilience despite a 7 basis point decline from the beginning of the year [2][3]. Asset Quality - The company maintained a stable asset quality with a non-performing loan ratio of 1.08% and a provision coverage ratio of 228.54% as of Q2 2025. The focus on key risk areas has led to a reduction in new non-performing loans in corporate real estate and credit cards [3][4]. Capital and Shareholder Information - The largest shareholder, the Fujian Provincial Finance Department, converted 8.644 billion yuan of convertible bonds into shares, indicating confidence in the company's fundamentals. The core Tier 1 capital adequacy ratio stood at 9.54% as of Q2 2025, with potential for further improvement if remaining convertible bonds are fully converted [3][4].

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 千味央厨（001215.SZ） Q2 经营略承压，期待餐饮及新零售渠道改善 消费品/食品饮料 公司发布 2025 年半年报，公司Q2 收入/利润分别同比-3.12%/-42.05%，Q2 受下游餐饮相对疲软、竞争加剧影响，业绩表现略有承压。公司积极发力新零 售渠道、电商渠道，展望 H2，烘焙类和菜肴类产品占比仍会上升，随着营收 增长规模效益增加，毛利率与盈利能力将有改善趋势，关注公司新渠道进展、 新品表现。考虑到今年对渠道费用投入上升，我们调整 25-27 年归母净利润预 测为 0.77 亿/0.92 亿/1.09 亿，25-27 年 EPS 为 0.80、0.95、1.12 元，对应 26 年 31x，维持"增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1901 | 1868 | 1923 | 2078 | 2247 | 增持（维持） 当前股价：29.2 元 基 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Insights - The company reported a significant increase in revenue and profit for Q2 2025, with revenue and profit growing by 18.4% and 40.8% year-on-year, respectively. The growth was driven by strong performance in cream and sauce products, as well as new product launches in the frozen baking segment [1][5]. - The company is expected to continue its multi-channel and multi-category development strategy, with stable raw material prices and improved cost management leading to further enhancements in net profit margins [1][5]. - The forecast for net profit for 2025-2027 has been adjusted to 370 million, 440 million, and 520 million yuan, respectively, with corresponding EPS estimates of 2.18, 2.57, and 3.05 yuan [1][5]. Financial Performance Summary - For H1 2025, the company achieved a total revenue of 2.07 billion yuan, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 170 million yuan, up 26.2% year-on-year [5][6]. - In Q2 2025, the company’s revenue was 1.02 billion yuan, with net profit reaching 82 million yuan, both showing strong year-on-year growth [5][6]. - The gross margin for Q2 2025 was reported at 30.7%, with a slight decrease of 1.9 percentage points year-on-year, primarily due to rising prices of certain raw materials [5][6]. Product and Channel Performance - The cream and sauce product lines saw robust growth, with cream products increasing by approximately 30% year-on-year. The frozen baking segment also contributed positively, with new product launches enhancing sales through membership and restaurant channels [1][5]. - The distribution channels showed varied performance, with traditional channels remaining stable while new channels experienced significant growth, particularly in supermarkets and innovative retail formats [5][6]. Future Outlook - The launch of a new cream product is anticipated to further enhance market share in the cream segment in H2 2025. Continuous innovation in product offerings is expected to drive sales growth [1][5]. - The company’s commitment to cost control and efficiency improvements is projected to sustain profitability and enhance net profit margins moving forward [1][5].

证券研究报告 | 公司点评报告 2025 年 08 月 28 日 中国外运（601598.SH） REITs 项目增厚业绩，总分红率提升至 77% 周期/交通运输 公司发布 2025 年中报业绩，2025 年上半年公司实现营业收入 505.2 亿元，同比下 降 10.4%（调整后），实现归母净利润 19.5 亿元，同比持平，扣非归母净利润 14 亿元，同比下降 22.3%。其中 Q2 实现营业收入 267.5 亿元，同比下降 16.7%（调 整后），实现归母净利润 13 亿元，同比增长 14%，扣非归母净利润 8.3 亿元，同 比下降 22.5%。 强烈推荐（维持） 目标估值：NA 当前股价：5.63 元 基础数据 | 总股本（百万股） | 7272 | | --- | --- | | 已上市流通股（百万股） | 5256 | | 总市值（十亿元） | 40.9 | | 流通市值（十亿元） | 29.6 | | 每股净资产（MRQ） | 5.5 | | ROE（TTM） | 9.8 | | 资产负债率 | 47.0% | | 主要股东 中国外运长航集团有限公司 | | | 主要股东持股比例 | 34.62% ...

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Views - The Q2 performance of Meituan was impacted by increased competition, with revenue of 91.84 billion (+11.7%) and adjusted net profit of 1.49 billion (-89.0%) [1][6] - Despite the competitive pressures, the long-term outlook for the company's core domestic business remains positive due to its competitive advantages and growth potential, while overseas operations present new growth opportunities [1][6] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 370.60 billion - 2026E: 428.95 billion - 2027E: 493.90 billion - Adjusted net profit estimates show significant fluctuations, with a projected loss of 15.60 billion in 2025E, followed by a recovery in subsequent years [2][8] - The target price is set at 141.90 HKD, with the current stock price at 116.3 HKD, indicating potential upside [3][6] Business Segment Performance - Core local commerce revenue growth slowed to 7.7% in Q2, while new business revenue increased by 22.8% [6] - The food delivery segment experienced stable growth in order volume, but profitability was affected by increased competition and subsidies [6] - The in-store segment showed a GTV growth of over 20%, but revenue growth is expected to decline due to competitive pressures [6] Future Outlook - The report anticipates that Q3 will see continued competitive intensity, leading to increased losses in the food delivery segment [6] - Long-term growth potential remains strong, with expectations for core local business GMV to reach approximately 2.7 trillion in 2025E [6][7]

证券研究报告|行业简评报告 2025 年 08 月 28 日 Q2 业绩符合预期，乐观展望全球和中国 AI 基建规模 英伟达（NVDA.O）FY26Q2 跟踪报告 TMT 及中小盘/电子 事件： 英伟达发布 FY26Q2 季报，本季营收 467 亿美元，同比+56%/环比+6%，剔除 H20 相关费用影响后毛利率为 72.3%，按剔除影响后同比-3.4pcts/环比+1pct。 综合财报及交流会议信息，总结要点如下： 评论： 1、FY26Q2 营收及毛利率符合预期，尚未向中国境内客户销售 H20 产品。 FY26Q2 营收 467 亿美元，同比+56%/环比+6%，符合预期（450 亿美元）， 公司 FY26Q2 向中国境外的一位非受限客户销售约 6.5 亿美元的 H20 产品，并 由此释放了此前计提的约 1.8 亿美元库存，但未向中国境内客户销售 H20 产品； non-GAAP 毛利率为 72.7%，剔除 H20 相关费用影响后为 72.3%，超指引预期， 剔除后同比-3.4pcts/环比+1pct，同比下降主要系主要系相较于去年 Hopper HGX，今年 Blackwell 架构营收主要来自完整数据中 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company has demonstrated steady revenue growth, with a revenue of 3.373 billion yuan in H1 2025, up 4.27% year-on-year, and a net profit of 477 million yuan, up 14.57% year-on-year [1]. - The company achieved a record high gross margin in Q2, reaching 35.52%, driven by an increase in sales of high-margin products [7]. - The company is expected to continue its growth trajectory, with projected revenues of 6.788 billion yuan in 2025, 7.322 billion yuan in 2026, and 8.399 billion yuan in 2027, reflecting year-on-year growth rates of 11%, 8%, and 15% respectively [2][7]. Financial Performance - In Q2 2025, the company reported a revenue of 1.58 billion yuan, a decrease of 1.61% year-on-year and 11.86% quarter-on-quarter, while the net profit was 232 million yuan, an increase of 1.28% year-on-year [1]. - The company’s gross margin for H1 2025 was 34.07%, an increase of 2.25 percentage points year-on-year, with a net margin of 14.44%, up 1.47 percentage points year-on-year [7]. - The company’s operating profit is projected to grow significantly, with estimates of 1.041 billion yuan in 2025, 1.170 billion yuan in 2026, and 1.379 billion yuan in 2027, reflecting growth rates of 15%, 12%, and 18% respectively [2][14]. Market Position and Strategy - The company has successfully entered multiple major clients with its high-end AI sewing machines, which are expected to be launched in the market in the second half of 2025, supporting future revenue growth [7]. - The company has made advancements in core technologies, including intelligent fabric handling and autonomous processing centers, which are expected to enhance its competitive position in the market [7]. Valuation Metrics - The company’s projected PE ratios are 25x for 2025, 22x for 2026, and 19x for 2027, indicating a favorable valuation outlook as earnings grow [7][14].