Investment Rating - The report maintains a "Buy" rating for the company [1][4][12] Core Views - The company has shown steady revenue growth, with a significant increase in revenue from its subsidiary, Zhiqi Photon, which grew by 74% [9][14] - The company is focusing on high-end optical components and has strengthened its R&D efforts to break foreign technology monopolies [10][11] - The financial forecasts indicate a positive outlook, with expected net profits of 2.7 billion, 3.3 billion, and 4.1 billion for 2025, 2026, and 2027 respectively [12] Financial Performance - In Q2 2025, the company reported revenue of 280 million, a year-on-year increase of 20.7%, and a net profit of 78 million, up 27.7% year-on-year [6] - The gross margin was 52%, showing a decrease of 6.5 percentage points year-on-year, while the net profit margin was 27.9%, an increase of 1.6 percentage points year-on-year [6] - The company’s revenue projections for 2023A to 2027E are 782 million, 876 million, 1,045 million, 1,268 million, and 1,540 million respectively, with growth rates of 2%, 12%, 19%, 21%, and 21% [4] Market Position and Strategy - The company has capitalized on the rapid growth of the global ultrafast laser and optical communication markets, enhancing its market presence through one-stop optoelectronic solutions [8] - Revenue from precision optical components, nonlinear optical crystal components, laser devices, and laser crystals reached 180 million, 130 million, 110 million, and 90 million respectively, with year-on-year growth rates of 29.05%, 5.98%, 29.51%, and 10.5% [8] - Zhiqi Photon, established in December 2022, has achieved significant revenue growth and profitability, indicating successful market entry and product acceptance [9]

| 利润端有所承压，期待下半年盈利能力修复 | | --- | ——索菲亚 25H1 点评 | 索菲亚（002572.SZ） | | --- | | 家居用品 | 索菲亚（002572.SZ） 证券研究报告/公司点评报告 2025 年 08 月 28 日 | 总股本(百万股) | 963.05 | | --- | --- | | 流通股本(百万股) | 651.46 | | 市价(元) | 13.68 | | 市值(百万元) | 13,174.49 | | 流通市值(百万元) | 8,912.00 | 1、《Q1 扣非利润韧性较强，看好国 补持续催化》2025-05-06 看好 Q4 订单改善》2024-11-03 3、《业绩表现靓丽，客单价逆势增长， 盈利能力提升显著》2024-08-29 7）海外渠道：公司通过高端零售、工程项目和经销商等形式持续布局海外市场；目 前公司已拥有 26 家海外经销商，覆盖 23 个国家/地区；同时与优质海外开发商和承 包商合作，已拥有 219 个工程项目。 请务必阅读正文之后的重要声明部分 基本状况 备注：股价截止自2025 年 08 月 27 日收盘价，每股指标按照最新股本 ...

旅游零售Ⅱ 执业证书编号：S0740524040004 1、《需求仍是核心变量，观察 25 年 收入情况》2025-03-31 2、《需求承压充分反映，当前仍是 交易预期》2024-11-11 Email：zhengch@zts.com.cn 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 基本状况 | 总股本(百万股) | 2,068.86 | | --- | --- | | 流通股本(百万股) | 2,068.86 | | 市价(元) | 68.69 | | 市值(百万元) | 142,109.93 | | 流通市值(百万元) | 142,109.93 | 中国中免（601888.SH） 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： ...

当"畏高情绪"遇上权益共振 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 执业证书编号：S0740525070003 Email：songkt01@zts.com.cn 执业证书编号：S0740525070004 Email：jinxx@zts.com.cn 转债及相关指数走势对比 1、《转债仓位有所回落》2025-04-24 2 、 《 转 债 仓 位 进 一 步 抬 升 》 2025-02-09 证券研究报告/转债事件点评报告 2025 年 08 月 28 日 报告摘要 - 2 - 请务必阅读正文之后的重要声明部分 择券思路来看，集中调整给品种选择上留出更大空间，总体推荐方向并未改变，我们 建议关注几个线索： 1、权益牛市氛围下，行业轮动加快，建议多主题埋伏等待行情。当前权益市场行业 轮动加快，科技内部轮动以及风格从小盘向大盘转换，行业方面建议均衡配置，埋伏 预计后期仍可能有催化的消费电子、T 链机器人、行业景气度上行的化工品种、国产 算力芯片、创新药等； 2、重视转债弹性品种，适当放宽回撤限制。根据近期报告《主动权益重返黄金时代 ——负债驱动资金 ...

603317 收入稳健增长，各项业务稳步推进 ——味知香 2025 年半年报点评 食品加工 | | | 执业证书编号：S0740519080002 | 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：熊欣慰 | | 营业收入（百万元） | | 799 | 672 | | 712 | 751 | 789 | | | | 增长率 yoy% | | 0% | -16% | | 6% | 6% | 5% | | 执业证书编号：S0740519080002 | | 归母净利润（百万元） | | 135 | | 88 | 83 | 101 | 114 | | Email：xiongxw@zts.com.cn | | 增长率 yoy% | | -5% | -35% | | -5% | 22% | 12% | | | | 每股收益（元） | | 0. ...

调味发酵品Ⅱ 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 400.01 | | 流通股本(百万股) | 400.01 | | 市价(元) | 13.61 | | 市值(百万元) | 5,444.14 | | 流通市值(百万元) | 5,444.14 | 续承压》2024-11-01 2024-09-01 宝立食品（603170.SH） 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：熊欣慰 | | 营业收入（百万元） | | 2,369 | 2,651 | 2,925 | 3,221 | 3,508 | | | | 增长率 yoy% | | 16% | 12% | ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 953.32 | | --- | --- | | 流通股本(百万股) | 953.32 | | 市价(元) | 14.42 | | 市值(百万元) | 13,746.83 | | 流通市值(百万元) | 13,746.83 | 1、《【中泰汽车】旭升集团 24 年中报 点评：下游需求阶段性承压，看好景 气复苏促业绩修复》2024-09-05 旭升集团（603305.SH） 证券研究报告/公司点评报告 2025 年 08 月 28 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown continuous high revenue growth, leading the liquid cooling field standard construction [6] - The company's server business is leading the global market, with significant revenue contributions from server products [6] - The company is focusing on AI technology integration and innovation, enhancing its competitive advantage in the intelligent computing sector [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 80.192 billion yuan, a year-on-year increase of 90.05% [6] - The adjusted net profit attributable to the parent company was 799 million yuan, with a year-on-year growth of 34.87% [6] - The gross profit margin for H1 2025 was 4.55%, showing a decline compared to previous periods [6] - The company is expected to generate revenues of 156.036 billion yuan, 176.488 billion yuan, and 196.135 billion yuan for the years 2025, 2026, and 2027 respectively [4][6] Market Position and Product Development - The company maintains a leading position in the server and storage market, ranking second globally in server market share and first in China as of Q1 2025 [6] - The company has launched several innovative products, including the Yuan Brain R1 inference server and high-end storage solutions, enhancing its product portfolio [6] - The company has been recognized as the top player in the liquid cooling server market in China for four consecutive years [6] Profitability Forecast - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is 2.811 billion yuan, 3.231 billion yuan, and 3.806 billion yuan respectively [4][6] - The expected earnings per share (EPS) for the same years are projected to be 1.91 yuan, 2.20 yuan, and 2.59 yuan respectively [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The report highlights a significant growth in the company's industrial internet platform products, with a projected revenue increase from 1,141 million yuan in 2023 to 2,201 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19% [3][5] - The company's net profit is expected to grow from 62 million yuan in 2023 to 159 million yuan by 2027, indicating a strong recovery trajectory after a decline in 2025 [3][5] - The report emphasizes the company's strategic advancements in artificial intelligence and smart mining sectors, showcasing its competitive edge in technology and market expansion [5] Financial Summary - The total share capital of the company is 677.99 million shares, with a market price of 12.76 yuan, resulting in a market capitalization of approximately 8,651.16 million yuan [1] - For the first half of 2025, the company reported revenue of 639 million yuan, a slight increase of 0.30% year-on-year, while the net profit decreased by 42.36% to 42 million yuan [5] - The gross margin for the first half of 2025 was 30.83%, showing a slight decline of 1.94 percentage points compared to the previous year [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 1,351 million yuan in 2024, 1,571 million yuan in 2025, and 1,847 million yuan in 2026, with corresponding growth rates of 18%, 16%, and 18% respectively [3][6] - The forecasted net profit for the company is expected to be 93 million yuan in 2024, 99 million yuan in 2025, and 126 million yuan in 2026, with growth rates of 50%, 7%, and 28% respectively [3][6] Market Position and Strategy - The company has made significant strides in market expansion, successfully entering non-coal mining sectors and establishing partnerships with major clients [5] - The report notes the company's commitment to innovation, particularly in AI and smart mining technologies, which positions it favorably against competitors [5]

水泥 主营业务收入增长，盈利能力大幅改善 ——海螺水泥 2025 中报点评 海螺水泥（600585.SH） 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：孙颖 | | 营业收入（百万元） | 140,999 | 91,030 | 84,174 | 82,914 | 84,695 | | | | 增长率 yoy% | 7% | -35% | -8% | -1% | 2% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 10,430 | 7,696 | 9,511 | 10,296 | 11,399 | | Email：sunying@zts.com.cn | | 增长率 yoy% | -33% | -26% | 24% | 8% | 11% | | | | 每股收益（元） ...