证券研究报告：国防军工|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 | 1493.76 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 2 周：以伊战争 持续，军贸行情有望扩散》 - 2025.06.17 国防军工行业报告 美国介入以伊冲突空袭伊朗核设施，歼 35A 首次海 外亮相巴黎航展 投资要点 当地时间 21 日，美国投掷了六枚钻地弹用于袭击伊朗福尔多 核设施，美国还向伊朗其 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][5] Core Views - The market is experiencing a recovery, with increased demand from downstream customers as the semiconductor industry cycle comes to an end. The company's revenue is gradually recovering to a high growth trend due to the continuous release of various chips, including 2.5G Ethernet physical layer chips and automotive chips [2] - The automotive Ethernet chip market in China is expected to see explosive growth, with the market size for automotive PHY chips projected to exceed 12 billion yuan by 2025. The urgency for domestic alternatives is increasing as overseas manufacturers dominate the market [3] - The company is entering its third round of R&D investment, with a significant focus on enhancing its product line, including 2.5G series networking products and automotive Ethernet chips, which are expected to contribute to revenue growth from 2024 to 2026 [4] Financial Projections - The projected revenues for the company are 582 million yuan in 2025, 805 million yuan in 2026, and 1.107 billion yuan in 2027, with net profits expected to improve from a loss of 191.8 million yuan in 2025 to a profit of 9 million yuan in 2027 [5][9] - The company’s R&D expenses are projected to be 2.94 billion yuan in 2024, accounting for 74.1% of revenue, and are expected to continue to be a significant portion of revenue in the following years [4][9] Market Performance - The stock has shown a performance increase of 66% from June 2024 to June 2025, indicating positive market sentiment [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][9]. Core Insights - The company is set to issue 610 million shares at a price of 4.68 yuan per share, raising a total of 2.853 billion yuan to address liquidity issues and optimize its capital structure [5][6]. - The company primarily operates in phosphate chemicals and non-ferrous metal zinc smelting, with key products including phosphate series products, compound fertilizers, synthetic ammonia, and zinc ingots and alloys [5]. - The company has faced liquidity challenges due to a heavy debt burden from a contract dispute, necessitating the current fundraising efforts [6]. - The new controlling shareholder, Shudao Group, has committed to fully subscribe to the share issuance, reflecting confidence in the company's future [6][7]. - The company holds a 30% stake in the multi-dragon copper mine, which is expected to significantly boost production and revenue once developed [8]. Financial Summary - As of the end of 2024, the company is projected to achieve revenues of 3.723 billion yuan in 2025, with a year-on-year growth of 9.20% [11]. - The net profit attributable to the parent company is expected to reach 56.05 million yuan in 2025, reflecting a substantial year-on-year increase of 55.21% [11]. - The company's earnings per share (EPS) is forecasted to be 0.03 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 290.04 [9][11].

证券研究报告：社会服务 | 公司点评报告 发布时间：2025-06-26 股票投资评级 买入|首次覆盖 个股表现 -35% -27% -19% -11% -3% 5% 13% 21% 29% 37% 45% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 学大教育 社会服务 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） | 48.03 | | --- | --- | | 总股本/流通股本（亿股）1.22 / 1.18 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 63.49 / 40.56 | | 资产负债率(%) | 79.0% | | 市盈率 | 31.62 | | 第一大股东 | 浙江台州椰林湾投资策 | | 划有限公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 业务扩展多点开花，教培、职教、书店、医教各有进展。教培端， 2024 年公司的个性化学习中心从 240 余所增加至超过 300 所， ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is expected to achieve a revenue growth of 12.70% in 2024, reaching 3.362 billion yuan, with a significant increase in net profit by 138.86% to 50.32 million yuan, driven by the expansion of high-end products in the market [5][9]. - The company is actively expanding its production capacity, with an expected capacity of over 4 million sheets per month by the end of the year, supporting long-term growth [6]. - The demand for high-end products is increasing due to advancements in AI and computing power, with the company making significant strides in various high-tech material markets [7][8]. Company Overview - The latest closing price is 42.07 yuan, with a total market capitalization of 10 billion yuan [4]. - The company has a debt-to-asset ratio of 46.9% and a price-to-earnings ratio of 191.23 [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.851 billion yuan, 6.280 billion yuan, and 7.860 billion yuan, respectively, with corresponding net profits of 226.99 million yuan, 528.45 million yuan, and 833.94 million yuan [9][11]. - The expected growth rates for revenue in the coming years are 44.30% for 2025, 29.48% for 2026, and 25.15% for 2027 [11][14]. Production Capacity and Expansion - The company has multiple production bases, with significant capacity in Shanghai and Jiangxi, and plans for further expansion in overseas markets [6]. - The production lines are flexible and can support high-speed product manufacturing, with a current utilization rate of approximately 90% [6]. Market Position and Product Development - The company is focusing on high-end materials for various applications, including AI servers and automotive electronics, with several products already in mass production [7][8]. - The company has developed advanced materials that meet the stringent requirements of high-performance applications, positioning itself well in the competitive landscape [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 10 months [7][13]. Core Insights - The company demonstrates strong product iteration capabilities in the cream sector, with new frozen baking products performing well in the Sam's Club channel. The introduction of a new national standard for cream in March 2025 is expected to benefit leading companies like the report's subject as the industry becomes more standardized [5][6]. - The company is diversifying its channels, successfully launching new products in the Sam's Club channel and exploring new retail scenarios in catering and tea drinks. It is also actively developing new channels such as supermarkets and snack wholesale [6]. - The company is effectively managing raw material price fluctuations and focusing on cost efficiency. It has implemented strategies to alleviate cost pressures through bulk purchasing and domestic substitution of key raw materials [6]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 44.66 billion, 50.49 billion, and 55.39 billion yuan, representing year-on-year growth rates of 16.45%, 13.05%, and 9.7% respectively. Net profit attributable to the parent company is projected to be 3.57 billion, 4.14 billion, and 4.61 billion yuan for the same period, with growth rates of 33.24%, 15.93%, and 11.3% respectively [7][9]. - The earnings per share (EPS) for the next three years are estimated at 2.11, 2.44, and 2.72 yuan, corresponding to price-to-earnings (P/E) ratios of 23, 20, and 18 times based on the current stock price [7][9].

证券研究报告：固定收益报告 发布时间：2025-06-26 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:李书开 SAC 登记编号:S1340524040001 Email:lishukai@cnpsec.com 近期研究报告 《中长久期高评级城投债流动性上升- - 流 动 性 打 分 周 报 20250623 》 - 2025.06.24 信用周度观点 超长期限：行情还能走多远？ ——信用周报 20250625 ⚫ 超长期限：行情还能走多远？ 六月中旬开始行情意外到来，上周信用债整体走势上行，但涨幅 普遍不及利率债，且在期限上与利率债有所不同。上周利率债整体走 强，中短期限涨幅较大，而超长期限涨幅较小。信用债走势跟利率债 一致，也在持续上涨，但不同的地方在于信用债中短期限反而涨幅较 低，长期限的涨幅却高于同期限的利率债。此外，超长期限信用债行 情意外回暖，涨幅不仅超过同期限利率债，也好于普信债的普遍表现。 从折价成交的情况来看，上周机构卖出超长期限信用债的意愿十 分淡薄。周一-周五超长期限信用债折价成交的占比分别为 ...

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Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - The company is expected to benefit from the rising prices of DDR4 memory, with anticipated price increases of 18-23% for server DDR4 and 13-18% for PC DDR4 in the second quarter [3]. - The transition to DDR5 is accelerating, with major suppliers planning to phase out DDR4 production by early 2026, while consumer demand for DDR4 remains strong [3]. - The company has made significant progress in developing its proprietary enterprise-level storage modules, including DDR4, DDR5, and Gen4 eSSD, which are now in mass production [4]. - Revenue projections for the company are optimistic, with expected revenues of 300 billion, 352 billion, and 404 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 7.0 billion, 11.2 billion, and 14.1 billion yuan [5][10]. Summary by Sections Company Overview - The latest closing price is 36.05 yuan, with a total market capitalization of 167 billion yuan and a total share capital of 4.64 billion shares [2]. Financial Forecasts - The company is projected to achieve revenues of 30 billion yuan in 2025, with a growth rate of 23.64%, and net profits of 704 million yuan, reflecting a significant increase of 166.52% from the previous year [10][11]. - The expected earnings per share (EPS) for 2025 is 1.52 yuan, with a price-to-earnings (P/E) ratio of 24.12 [10][11]. Market Position - The enterprise SSD market is primarily dominated by international manufacturers, but there is a growing opportunity for domestic companies, with the company positioning itself to capture this market through its "Haipu Storage" brand [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing strong growth in AI server demand, driven by continuous capital expenditure from cloud vendors to enhance AI computing infrastructure. The revenue from the cloud computing segment increased by over 50% year-on-year in Q1 2025, with AI servers and general servers also seeing over 50% growth [4] - The company is transitioning its product offerings from 100G/200G to 400G/800G switches, with a forecast that 800G switches will become mainstream by 2025. The company is increasing its market share in high-end products [5] - Revenue projections for the company are estimated at 768.28 billion yuan, 922.87 billion yuan, and 1,112.57 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 28.94 billion yuan, 35.07 billion yuan, and 41.83 billion yuan for the same years [6] Company Overview - The latest closing price of the company's stock is 20.29 yuan, with a total market capitalization of 402.9 billion yuan. The company has a debt-to-asset ratio of 51.8% and a price-to-earnings ratio of 17.34 [3]