Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [7]. Core Views - The company's performance is under short-term pressure, but operational quality continues to improve, with opportunities for growth driven by deep collaboration with China Mobile and the AI wave [3][4]. - The company achieved a revenue of 1.133 billion yuan in H1 2025, a year-on-year decrease of 28.03%, while the net profit attributable to shareholders was -93 million yuan, a year-on-year increase of 48.78% [4][5]. - The overall gross margin improved to 59.91% in H1 2025, up 3.4 percentage points year-on-year, driven by a higher proportion of high-margin products [5]. Financial Performance Summary - Revenue Forecast: The company is projected to generate revenues of 3.315 billion yuan in 2024, 3.413 billion yuan in 2025, and 4.074 billion yuan in 2027, with a growth rate of -26% in 2024 and a recovery to 13% by 2027 [3][6]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be -226 million yuan in 2024, 81 million yuan in 2025, and 274 million yuan in 2027, reflecting a significant recovery [3][6]. - Earnings Per Share (EPS): The EPS is forecasted to be -0.19 yuan in 2024, 0.07 yuan in 2025, and 0.23 yuan in 2027 [6]. Market Position and Strategy - The company is a leading player in the cybersecurity sector, leveraging resources from China Mobile to expand its presence in government and enterprise security scenarios [5]. - The company has maintained the number one market share in 19 product categories, including data security and industrial internet security, while other products rank among the top in the market [5]. - The collaboration with China Mobile focuses on enhancing personal and family security markets, with innovative products like "Dedicated Line Guardian" to meet digital transformation security needs [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.747 billion yuan in H1 2025, representing a year-on-year increase of 10.55%. However, the net profit attributable to shareholders was 60 million yuan, a decrease of 29.43% year-on-year. The non-recurring net profit was 52 million yuan, showing a year-on-year increase of 47.33% [2][3] - The company's innovative business continues to grow, with AI initiatives being steadily advanced. The financial technology segment generated 890 million yuan in revenue in H1 2025, up 6.06% year-on-year, with a gross margin of 23.34%. The intelligent IoT segment achieved revenue of 606 million yuan, up 23.85% year-on-year, with a gross margin of 24.62% [3] - The company has launched 13 software versions based on the open-source HarmonyOS, with applications in various industries including power, healthcare, and education. The AI-driven integrated testing service platform and other AI products have been adopted by numerous financial industry clients [3] Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 3,106 million yuan, with a growth rate of 4% year-on-year. The net profit was 164 million yuan, reflecting a growth rate of 55% year-on-year. The earnings per share (EPS) for 2023 was 0.21 yuan [2] - The projected revenues for 2025, 2026, and 2027 are 3,806 million yuan, 4,333 million yuan, and 5,013 million yuan respectively, with corresponding net profits of 195 million yuan, 237 million yuan, and 276 million yuan [5] Business Segments - The financial technology segment remains a leader in the IT testing services market, serving major state-owned banks and over 280 financial institutions. The innovative business segment has contributed significantly to revenue growth, accounting for 21.07% of total revenue in H1 2025 [3] - The smart energy information technology segment generated 200 million yuan in revenue in H1 2025, with a gross margin of 23.27%. The company is actively developing solutions for the energy sector, leveraging its existing technology [3] Valuation and Forecast - The company is expected to benefit from the domestic OS localization process, maintaining high growth rates due to its strong partnerships and technological capabilities in the HarmonyOS and Euler ecosystems. The projected net profits for 2025-2027 are 1.89 billion yuan, 2.31 billion yuan, and 2.68 billion yuan respectively [3][5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5][12]. Core Views - The company has shown stable revenue in Q2, with a control change that enhances resource integration capabilities [1][6][9]. - The company is a leader in the domestic lithium battery management chip market and is expected to benefit from the integration of state-owned capital [10][11]. - The company is actively expanding its MCU product offerings and has successfully introduced AMOLED display driver chips to brand clients [11][12]. Financial Performance - In H1 2025, the company reported revenue of 652 million yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 41 million yuan, down 42% year-on-year [7]. - In Q2 2025, revenue was 333 million yuan, a year-on-year decrease of 0.4% but an increase of 4% quarter-on-quarter; net profit attributable to shareholders was 26 million yuan, down 36% year-on-year but up 64% quarter-on-quarter [7][8]. - The company's gross margin for H1 2025 was 32.5%, down 2 percentage points year-on-year, while the net profit margin was 3.1%, down 5 percentage points year-on-year [7]. Inventory and Cost Management - The company aims to reduce inventory levels while maintaining market share, with expected inventory levels approaching appropriate levels by the end of 2025 [8][9]. - The increase in costs is attributed to depreciation expenses from the new Hefei Zhongying Technology Plaza and a reduction in procurement scale leading to decreased VAT input deductions [7][8]. Strategic Developments - The completion of control change to Zhinen Gongdian, which holds 14.2% of the company's shares and controls a total of 23.4% of the company, is expected to enhance resource integration capabilities [9][10]. - The strategic background of Zhinen Gongdian includes significant investments in the semiconductor industry, which may provide new growth momentum for the company [10][11]. Future Outlook - The company is projected to have a net profit of 84 million yuan in 2025, with adjustments made due to market competition affecting product pricing [12]. - The company is expected to maintain a leading position in the domestic MCU market, with increasing penetration in international markets [11][12].

Q2 营收快速增长，产品送样稳步推进 ——安培龙点评报告 通用设备 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 98.40 | | --- | --- | | 流通股本(百万股) | 52.67 | | 市价(元) | 121.44 | | 市值(百万元) | 11,949.94 | | 流通市值(百万元) | 6,395.67 | 相关报告 1、《Q3 业绩超预期，六维力传感器 研发进展顺利》2024-10-25 | 公司盈利预测及估值 | 增持（维持） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 747 | 940 | 1,18 ...

休闲食品 | | | 2025-03-29 2、《收入增速承压，成本红利延续》 2024-10-24 劲仔食品（003000.SZ） 证券研究报告/公司点评报告 2025 年 08 月 27 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 450.89 | | 流通股本(百万股) | 300.39 | | 市价(元) | 13.32 | | 市值(百万元) | 6,005.91 | | 流通市值(百万元) | 4,001.24 | 新品新渠道加速拓展，业绩短期承压 ——劲仔食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 11.24 亿元（同比-0.50%）， 归母净利润 1.12 亿元（同比-21.86%），扣非净利润 0.87 亿元（同比-28.94%）。其 中 25Q2，公司实现营业收入 5.28 亿元（同比-10.37%），归母净利润 0.44 亿元（同 比-36.27%），扣非净利润 0.34 亿元（同比- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to increased competition in the API and formulation business, as well as price impacts from centralized procurement [5] - The CDMO business is expected to drive future growth, with a significant increase in ongoing projects and revenue [5] - The company is focusing on stabilizing its formulation business and has completed several key product approvals, which are anticipated to contribute positively to future revenue [5] Financial Performance Summary - For 2023A, the company reported revenue of 11,474 million yuan, with a year-on-year growth rate of 8.81% [2] - The projected revenue for 2025E is 12,815 million yuan, with a growth rate of 6.59% [2] - The net profit for 2023A was 1,055 million yuan, with a year-on-year growth rate of 6.69% [2] - The projected net profit for 2025E is 1,119 million yuan, with a growth rate of 8.55% [2] Business Segment Analysis - The API intermediate segment reported a revenue of 3,603 million yuan in 2025H1, down 23.41% year-on-year [5] - The CDMO segment showed a revenue increase of 20.32% in 2025H1, reaching 1,236 million yuan [5] - The formulation segment generated revenue of 583 million yuan in 2025H1, a decrease of 14.2% year-on-year [5] Future Projections - The company expects revenues of 12,815 million yuan, 14,218 million yuan, and 15,941 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.6%, 11.0%, and 12.1% [5] - The projected net profit for the same years is 1,119 million yuan, 1,270 million yuan, and 1,462 million yuan, with growth rates of 8.55%, 13.50%, and 15.06% respectively [5]

消费电子稳健增长，AI 算力&汽车打开增量空间 消费电子 立讯精密（002475.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 买入（维持） | 评级： | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 231,905 | 268,795 | 310,086 | 372,100 | 427,900 | | | | 增长率 yoy% | 8% | 16% | 15% | 20% | 15% | | 执业证书编号：S0740521120002 | | 归母净利润（百万元） | 10,953 | 13,366 | 16,774 | 19,737 | 22,714 | | Email：wangfang02@zts.com.cn | | 增长率 yoy% | 20% | 22% | 26% | 18% | 15% | | | | 每股收益（元） ...

医疗器械 国内外高端产品占比持续提升，看好公司海外业务持续快速增长 新产业（300832.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 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：谢木青 | | 营业收入（百万元） | 3,930 | 4,535 | 5,049 | 5,926 | 6,962 | | | | 增长率 yoy% | 29% | 15% | 11% | 17% | 17% | | 执业证书编号：S0740518010004 | | 归母净利润（百万元） | 1,654 | 1,828 | 1,841 | 2,145 | 2,508 | | Email：xiemq@zts.com.cn | | 增长率 yoy% | 25% | 11% | 1% | 16% | 17% | | | | 每股收益（元） | 2.10 | 2.33 | ...

新品验证顺利放量，Q2 盈利能力大幅回升 半导体 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 联系人：冯光亮 相关报告 1 、《【 中 泰 电 子 】 拓 荆 科 技 动业绩爆发》2024-09-10 拓荆科技（688072.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 Email：fenggl@zts.com.cn | 总股本(百万股) | 279.73 | | --- | --- | | 流通股本(百万股) | 279.73 | | 市价(元) | 182.86 | | 市值(百万元) | 51,151.27 | | 流通市值(百万元) | 51,151.27 | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E ...

Investment Rating - The investment rating for the company is "Hold" [3] Core Views - The company reported a steady growth in its automotive parts business, with significant contributions from overseas markets and the new energy vehicle sector [5] - The first-tier turbocharger business is primarily driven by overseas demand, with revenue from international markets reaching 278 million yuan, a year-on-year increase of 14.71% [5] - The second-tier new energy vehicle parts business is gaining momentum, with the subsidiary in Anhui generating revenue of 20.75 million yuan in the first half of 2025 [5] - The third-tier business, focusing on linear motion components, is also showing growth potential, with the subsidiary achieving revenue of 1.94 million yuan in the first half of 2025 [5] Financial Summary - For the first half of 2025, the company achieved operating revenue of 716 million yuan, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [4] - The company forecasts operating revenues of 1.62 billion yuan, 2.01 billion yuan, and 2.54 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 19.3%, 24.3%, and 26.1% [5][7] - The net profit attributable to shareholders is expected to reach 330 million yuan, 399 million yuan, and 509 million yuan for the same years, with growth rates of 14.9%, 19.5%, and 27.9% respectively [5][7] - The price-to-earnings (P/E) ratio is projected to decrease from 42.8 in 2025 to 28.0 in 2027, indicating improving valuation [5][7] Business Segments - The automotive parts segment generated 667 million yuan in revenue, reflecting a year-on-year growth of 6.05% [5] - The company is expanding its production capacity in Thailand, which is expected to further enhance the growth of its turbocharger business [5] - The new energy vehicle parts segment is supported by the new production facility in Anhui, which is ramping up its output [5] Market Comparison - The company is positioned well within the automotive parts industry, with its stock rating reflecting a stable outlook compared to market indices [8]