证券研究报告：基础化工 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 11.06 | | --- | --- | | 总股本/流通股本（亿股）28.53 / 28.53 | | | 总市值/流通市值（亿元）316 / 316 | | | 52 周内最高/最低价 | 11.65 / 8.83 | | 资产负债率(%) | 38.8% | | 市盈率 | 11.77 | | 第一大股东 | 孟庆山 | 研究所 分析师:张泽亮 SAC 登记编号:S1340523100003 Email:zhangzeliang@cnpsec.com 分析师:许灿杰 SAC 登记编号:S1340525040002 Email:xucanjie@cnpsec.com 梅花生物(600873) 发布时间：2025-09-08 股票投资评级 买入|维持 个股表现 -7% -1% 5% 11% 17% 23% 29% 35% 41% 47% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 梅花生物 基础化工 资料来源：聚源，中邮证券研究所 业绩稳步增长，出海战略顺利起航 市场有风险 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-08 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 -6% 2% 10% 18% 26% 34% 42% 50% 58% 66% 74% 中联重科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 7.41 | | | --- | --- | | 总股本/流通股本（亿股）86.49 | / 70.70 | | 总市值/流通市值（亿元）641 | / 524 | | 52 周内最高/最低价 8.39 | / 5.75 | | 资产负债率(%) | 51.6% | | 市盈率 | 18.07 | | | 香港中央结算(代理人) | | 第一大股东 有 | 限 公 司 (HKSCC | | NOMINEES | LIMITED) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenji ...

证券研究报告：机械设备 |公司点评报告 发布时间：2025-09-08 股票投资评级 增持 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 6% 15% 24% 33% 42% 51% 60% 69% 78% 恒立液压 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 88.00 | | --- | --- | | 总股本/流通股本（亿股）13.41 | / 13.41 | | 总市值/流通市值（亿元）1,180 | / 1,180 | | 52 周内最高/最低价 | 95.00 / 50.06 | | 资产负债率(%) | 19.4% | | 市盈率 | 47.06 | | 第一大股东 | 常州恒屹智能装备有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 恒立液压(601100) 经营业绩稳健向上， ...

证券研究报告：煤炭 | 公司点评报告 发布时间：2025-09-08 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.72 | | --- | --- | | 总股本/流通股本（亿股）5.58 | / 5.58 | | 总市值/流通市值（亿元）77 | / 77 | | 周内最高/最低价 52 | 13.87 / 10.49 | | 资产负债率(%) | 44.0% | | 市盈率 | 10.39 | | 第一大股东 | 物产中大集团股份有限 | | 公司 | | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 物产环能(603071) 煤炭流通短期受煤价影响，热电联产积极收购增厚 利润 l 投资要点 事件：2025 年 8 月 18 日，公司发布 2025 年半年报。 2025H1 公司营收 184.2 亿元，同比-7.6%；归母净利润 3.0亿元， 同比-16.0%；其中 2025Q2 公司营收 84.7 亿元，同环比分别-10.5%/- 14.8%，归母净利润 1.5 亿，同环比 ...

证券研究报告：基础化工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 4064.3 | | --- | --- | --- | | 52 | 周最高 | 4113.57 | | 52 | 周最低 | 2687.54 | 行业相对指数表现 发布时间：2025-09-08 -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 47% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 基础化工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:张泽亮 SAC 登记编号:S1340523100003 Email:zhangzeliang@cnpsec.com 分析师:许灿杰 SAC 登记编号:S1340525040002 Email:xucanjie@cnpsec.com 近期研究报告 《关注 PEEK 和液冷等科技方向》 - 2025.08.18 基础化工行业报告 （2025.08.25-2025.08.29） 继续关注化工反内卷和科技方向 ⚫ 投资要点 本周 AI 方向表现良好，继续 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-09-08 股票投资评级 增持 |调整 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 -22% 13% 48% 83% 118% 153% 188% 223% 258% 293% 328% 华丰科技 国防军工 资料来源：聚源，中邮证券研究所 l 投资要点 紧抓通讯、工业、新能源汽车领域发展机遇，业绩增长显著。在 全球数字化进程加速及能源结构转型的驱动下，公司紧抓数据中心基 础设施升级、AI 算力需求爆发及新能源汽车渗透率提升三重机遇，上 半年实现营业收入 11.05 亿元，同比增长 128.26%；归母净利润 1.51 亿元，较去年同期增长 1.68 亿元，盈利能力显著提升。 前瞻性技术布局+快速产业化能力，支撑 AI 服务器厂商需求。公 司抓住国内 AI 服务器需求爆发时机，通过前瞻性技术布局和快速产 业化能力，有效支撑了 AI 服务器厂商的快速上量需求。公司通过深 度绑定头部 AI 服务器厂商，成功实现市场占位与规模跃升，下游客 户群体覆盖华为、浪潮、超聚变、曙光、华勤、中兴、新华三等 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown strong growth in its camera module business, particularly in the automotive and IoT sectors, with a significant increase in both revenue and profit margins [3][4][5]. - The company reported a revenue of RMB 8.832 billion for the first half of 2025, representing a year-on-year increase of 15.07%, and a net profit of RMB 308 million, which is a remarkable increase of 167.59% [3]. - The average selling price of camera modules has increased by approximately 27.2% year-on-year, driven by the optimization of product structure [4]. Company Overview - The latest closing price is HKD 14.16, with a total market capitalization of HKD 168.44 billion [2]. - The company has a debt-to-asset ratio of 65.06% and a price-to-earnings ratio of 32.96 [2]. Business Segments - The smartphone camera module segment has seen a shift towards high-end specifications, with modules of 32 million pixels and above accounting for about 53.4% of total sales, an increase of 5.5 percentage points year-on-year [4]. - In the non-smartphone sector, the company shipped 8.084 million camera modules for automotive and IoT applications, marking a year-on-year growth of 47.9% [5]. - The fingerprint recognition module business also experienced significant growth, with revenue reaching RMB 830 million, a year-on-year increase of 109.3% [6][8]. Financial Projections - The company is projected to achieve revenues of RMB 19.124 billion, RMB 21.705 billion, and RMB 24.472 billion for the years 2025, 2026, and 2027, respectively [10]. - The net profit forecast for the same years is RMB 745 million, RMB 938 million, and RMB 1.102 billion, indicating strong growth potential [10]. Strategic Developments - The company has deepened its vertical integration in smart vision systems, enhancing its capabilities in smartphone, IoT, and NB sectors through strategic investments [9]. - The company has established partnerships with seven leading automotive Tier 1 manufacturers, which supports its growth in the automotive camera module market [5].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-05 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.26 | | --- | --- | | 总股本/流通股本（亿股）37.08 | / 27.89 | | 总市值/流通市值（亿元）677 | / 509 | | 52 周内最高/最低价 | 22.07 / 17.47 | | 资产负债率(%) | 62.1% | | 市盈率 | 14.85 | | 第一大股东 | 上海医药(集团)有限公 | | 司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 上海医药(601607) 经营稳中有进，坚持创新业务驱动 l 经营稳中有进，费用把控能力强 公司发布2025年中报：2025H1营业收入1415.93亿元（+1.56%）， 其中：医药工业实现销售收入 121.60 亿元（-4.50%）；医药商业实 ...

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-09-05 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 7.22 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）45 | / 37 | | 52 周内最高/最低价 | 8.65 / 6.77 | | 资产负债率(%) | 31.5% | | 市盈率 | 17.77 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 长高电新(002452) 业绩不及预期，看好新产品持续开拓 l 投资要点 事件：2025 年 8 月 25 日，公司发布 2025 年半年报。 电网需求不及预期的风险；产能建设不及预期的风险；原材料价 格波动的风险。 n 盈利预测和财务指标 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 2025H1 公司营收 7.3 亿元，同比+0.4%；归母净利润 1.1 亿元， 同 比 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company has shown stable revenue growth, with a 12.85% year-on-year increase in revenue for the first half of 2025, reaching 1.902 billion yuan, and a 19.19% increase in net profit attributable to shareholders, amounting to 81 million yuan [5][6]. - The decline in net profit after deducting non-recurring gains and losses is attributed to economic cycle fluctuations, intensified market competition, and increased costs, leading to a decrease in product gross margin [6]. - The company is actively investing in research and development for new products, including flexible sterile packaging production lines and humanoid robots, with several designs already completed [7]. Summary by Sections Company Overview - Latest closing price: 10.17 yuan - Total shares: 488 million, circulating shares: 480 million - Total market value: 5 billion yuan, circulating market value: 4.9 billion yuan - Highest/Lowest price in the week: 12.13 / 5.54 yuan - Debt-to-asset ratio: 68.3% - Price-to-earnings ratio: 321.84 [4]. Financial Performance - For the first half of 2025, the company reported revenue of 1.902 billion yuan, a 12.85% increase year-on-year, and a net profit of 81 million yuan, a 19.19% increase year-on-year [5]. - The gross margin decreased by 1.55 percentage points to 26.93%, while the expense ratio decreased by 1.44 percentage points to 20.27% [6]. Market Outlook - The demand for packaging equipment in the beverage, beer, and snack food sectors remains stable, with growth in sales of standard single machines and intelligent packaging production lines [6]. - The company expects revenue growth of 11.75%, 11.66%, and 5.72% for 2025, 2026, and 2027, respectively, with net profit projections of 184 million, 233 million, and 289 million yuan for the same years [8][10]. Valuation - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 26.95, 21.31, and 17.18, respectively, indicating a favorable valuation outlook [8][10].