保险Ⅱ 新华保险 1H25 业绩点评： 投资利差大幅改善带动净利润超预期增长 新华保险（601336.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 归母净利润（百万元） | 8,712 | 26,233 | 20,173 | 21,399 | 23,374 | | 分析师：葛玉翔 | | 增长率 yoy% | -59.5% | 201.1% | -23.1% | 6.1% | 9.2% | | 执业证书编号：S0740525040002 | | 每股收益（元） | 2.79 | 8.41 | 6.47 | 6.86 | 7.49 | | | | 每股净资产 | 33.68 | 30.85 | 33.69 | 38.90 | 44.64 | | Email：geyx01@zts.com.cn | | ...

水星家纺（603365.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：张潇 | | 营业收入（百万元） | 4,211 | 4,193 | 4,423 | 4,817 | 5,159 | | | | 增长率 yoy% | 15% | 0% | 5% | 9% | 7% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | 379 | 367 | 376 | 409 | 434 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | 36% | -3% | 3% | 9% | 6% | | | | 每股收益（元） | 1.44 | 1.40 | 1.43 | 1.56 | 1.65 | | 分析师：吴思涵 | | 每股现金流量 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance in H1 2025 met expectations, with a revenue of 19.113 billion yuan, down 6.87% year-on-year, and a net profit attributable to shareholders of 1.78 billion yuan, up 1.26% year-on-year [4] - The company is gradually increasing its overseas revenue, with foreign sales reaching 640 million yuan, up 71.89% year-on-year [4] - The report highlights the company's integrated advantages in pulp and paper production, with significant new capacity planned to support long-term growth [4][5] Financial Summary - For 2023, the company is projected to have a revenue of 39.544 billion yuan, with a year-on-year growth rate of -1% [2] - The net profit attributable to shareholders for 2023 is expected to be 3.086 billion yuan, with a year-on-year growth rate of 10% [2] - The earnings per share (EPS) for 2023 is estimated at 1.10 yuan [2] - The company plans to expand its production capacity significantly, with several new projects expected to come online between 2025 and 2026 [4] - The projected net profit for 2025 is 3.101 billion yuan, with a year-on-year growth rate of 1% [2]

Email：youzp@zts.com.cn 执业证书编号：S0740523080001 Email：houxd@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 3,149.80 | | 流通股本(百万股) | 3,149.80 | | 市价(港元) | 4.93 | | 市值(百万港元) | 15,528.50 | | 流通市值(百万港 | 15,528.50 | | 元) | | 房地产服务 执业证书编号：S0740523020005 1、《业绩高增长，盈利能力改善》 2025-04-03 2、《收入业绩高增长，业务结构持 续优化》2024-09-05 绿城服务（02869.HK） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：由子沛 | | 营业收入（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7.10% in H1 2025, achieving a total revenue of 7.876 billion yuan and a net profit attributable to shareholders of 554 million yuan, reflecting an 11.42% increase [5] - The company's overseas business has been a significant growth driver, with international revenue increasing by 27.21% year-on-year, while domestic revenue slightly declined by 1.59% [5] - The company has implemented effective cost control measures, resulting in a slight improvement in profitability, with a net profit margin increase of 0.27 percentage points to 7.03% [5] Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 15,223 million yuan, with a projected growth rate of 13% for 2024, reaching 17,157 million yuan [3] - The net profit attributable to shareholders for 2023 was 1,438 million yuan, with an expected increase of 17% in 2025, reaching 1,646 million yuan [3] - The earnings per share (EPS) for 2023 was 1.56 yuan, projected to rise to 1.79 yuan in 2025 [3] Cash Flow and Dividend Policy - The company reported a net cash flow from operating activities of 1.571 billion yuan in H1 2025, representing a year-on-year increase of 21.61% [5] - The company plans to distribute a cash dividend of 4.3 yuan per 10 shares, totaling 389 million yuan, which constitutes 70.2% of the net profit attributable to shareholders, indicating an increase in the dividend payout ratio compared to previous years [5] Employee Incentives - The company has initiated an employee stock ownership plan with a total fundraising amount not exceeding 208 million yuan, aimed at binding core employees and enhancing internal motivation [5]

收入规模稳健增长，经营质量持续提升 ——立高食品 2025 年半年报点评 休闲食品 立高食品（300973.SZ） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） 分析师：熊欣慰 | | | | | 3,499 | 3,835 | 4,459 | 5,037 | 5,580 | | 增长率 yoy% | | | | | 20% | 10% | 16% | 13% | 11% | | 归母净利润（百万元） 执业证书编号：S0740519080002 | | | | | 73 | 268 | 343 | 408 | 473 | | 增长率 yoy% | Email：xiongxw@zts.com.cn | | | | -49% | 267% | 28% | 19 ...

航空机场 盈利表现提升可期，分红回购增强信心 春秋航空（601021.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 17,938 | 20,000 | 21,806 | 24,637 | 27,496 | | 分析师：杜冲 | | 增长率 yoy% | 114% | 11% | 9% | 13% | 12% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | 2,257 | 2,273 | 2,664 | 3,232 | 4,007 | | Email：duchong@zts.com.cn | | 增长率 yoy% | 174% | 1% | 17% | 21% | 24% | | | | 每股收益（元） | 2.31 | 2.32 | 2. ...

通信设备 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | 总股本(百万股) | 210.60 | | --- | --- | | 流通股本(百万股) | 108.99 | | 市价(元) | 25.94 | | 市值(百万元) | 5,462.96 | | 流通市值(百万元) | 2,827.24 | 1、《多重因素致盈利承压，进军半导 体行业及高端精密产业》2025-04-24 美利信（301307.SZ） 证券研究报告/公司点评报告 2025 年 08 月 28 日 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 评级： | 增持（下调） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | ...

美国与其他经济体达成贸易协议的内容与影响 ——当前经济与政策思考 证券研究报告/宏观专题报告 2025 年 08 月 28 日 分析师：杨畅 执业证书编号：S0740519090004 分析师：夏知非 执业证书编号：S0740523110007 Email：xiazf01@zts.com.cn 相关报告 请务必阅读正文之后的重要声明部分 报告摘要 近期美国与部分经济体先后达成贸易协议，基于白宫网站发布信息（6 月 17 日英国、 7 月 22 日印度尼西亚、7 月 23 日日本、8 月 21 日欧盟）以及特朗普与白宫官员面向 媒体发布（7 月 3 日越南、7 月 22 日菲律宾、7 月 30 日韩国、泰国、柬埔寨、巴基 斯坦）相关情况梳理（注意：发布情况均为贸易协定概要，最终协议仍待敲定后公布， 细节可能存在变化），涉及内容较多，大致可分为"贸易"与"产业"两大部分。"贸 易"部分又可划分为"对美出口"与"自美进口"两个维度。 以上协议内容所产生的影响并不局限美国与其他经济体之间，而在短期引发全球贸易 格局变形，在中期引发全球产业格局重塑。 风险提示：海外政策风险；地缘政治风险；研究报告中使用的公开资料可能存 ...

医疗服务 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740522060001 Email：cuisy@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 212.97 | | 流通股本(百万股) | 181.87 | | 市价(元) | 43.49 | | 市值(百万元) | 9,261.98 | | 流通市值(百万元) | 7,909.73 | 整体稳步恢复，后端增长强劲，一体化优势有望逐步发力 药石科技（300725.SZ） 证券研究报告/公司点评报告 2025 年 08 月 28 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | 1,725.20 | 1,688.62 | 1,982.00 | 2,392.87 ...