格隆汇9月9日｜东兴证券研报指出，江丰电子2025年上半年实现营业收入20.95亿元，同比增长 28.71%；扣非归母净利润1.76亿元，同比增长3.60%，两轮驱动释放成长动能。公司继续强化先端制程 产品竞争力，努力扩大全球市场份额，国内外客户订单持续增加，营业收入持续增长，报告期内公司实 现营业收入20.95亿元，同比增长28.71%。目前多个半导体精密零部件生产基地陆续完成建设并投产， 因处于投产初期，规模效应尚未形成，导致短期盈利能力承压，毛利率下降，后续随着产能的逐步释 放，盈利能力将稳步提升。公司是国内半导体靶材龙头，半导体零部件业务持续发力。预计2025-2027 年公司EPS分别为1.98元，2.41元和2.98元，维持"推荐"评级。 ...

东兴证券研报指出，齐鲁银行1H25实现营收、归母净利润67.8亿、27.3亿，分别同比+5.8%、+16.5% (1Q25：+4.7%、+16.5%)。公司对公投放强劲，贷款保持较快增长；负债成本加速改善之下，上半年净 息差稳中有升；资产质量整体向好，拨备覆盖率进一步提升。齐鲁银行中报营收增速环比改善，量、 价、中收同步改善；资产质量持续向好，净利润保持高增长，继续处于上市银行领先水平。结合当前宏 观环境和公司经营情况，预计2025-2027年净利润增速为16.9%、15.2%、14.9%，对应BVPS分别为 7.64、8.70、9.93元/股。9月5日收盘价对应2025年0.73倍PB估值，维持"推荐"评级。 ...

东兴证券研报指出，五粮液上半年归母净利润194.92亿元，同比+2.28%。其中2025Q2归母净利润46.32 亿元，同比-7.58%。在复杂的大环境下公司Q2保持经营稳定实属不易。2025年7月，公司实施2024年度 现金分红123.01亿元，加上2024年度中期分红99.99亿元，现金分红比率达70.01%，分红规模和分红比 率均创上市以来新高。我们看好公司稳健经营跨越周期的能力，认为公司在高端酒的市场影响力在持续 提升。预计公司2025年实现归母净利润为320.12亿元，同比增长0.5%，对应EPS分别为8.25元。当前股 价对应PE估值14.12倍，按照历史估值水平，给予18倍目标估值，目标价为148.5元，给予"强烈推荐"评 级。 ...

Core Viewpoint - Dongxing Securities report indicates that Wuliangye's net profit attributable to shareholders for the first half of the year reached 19.492 billion yuan, a year-on-year increase of 2.28% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.632 billion yuan, a year-on-year decrease of 7.58% [1] - The company maintained stable operations in a complex environment during Q2 [1] Dividend Policy - In July 2025, the company implemented a cash dividend of 12.301 billion yuan for the 2024 fiscal year, along with a mid-year dividend of 9.999 billion yuan, resulting in a cash dividend ratio of 70.01% [1] - Both the scale and ratio of dividends reached a record high since the company went public [1] Market Outlook - The company is expected to achieve a net profit attributable to shareholders of 32.012 billion yuan in 2025, representing a year-on-year growth of 0.5% [1] - The corresponding earnings per share (EPS) is projected to be 8.25 yuan [1] Valuation - The current stock price corresponds to a price-to-earnings (PE) ratio of 14.12 times [1] - Based on historical valuation levels, a target PE of 18 times is suggested, leading to a target price of 148.5 yuan [1] - The company is given a "strong buy" rating [1]

证券日报网讯 9月5日晚间，东兴证券（601198）发布公告称，公司计划于2025年9月15日13：00-14： 00举行2025年半年度业绩说明会。 ...

证券代码：601198 证券简称：东兴证券 公告编号：2025-041 东兴证券股份有限公司（以下简称公司）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年经 营成果、财务状况，公司计划于 2025 年 9 月 15 日下午 13:00-14:00 举行 2025 年 半年度业绩说明会，就投资者关心的问题进行交流。 东兴证券股份有限公司 2025 年半年度业绩说明会预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 15 日（星期一）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 8 日（星期一）至 9 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 ...

Core Viewpoint - Zhonggu Logistics achieved a net profit attributable to shareholders of 1.072 billion yuan in the first half of the year, representing a year-on-year increase of 41.59% [1] Financial Performance - The company's performance slightly exceeded expectations, driven by a sustained boom in foreign trade chartering [1] - The increase in profitability is primarily due to rising freight rates and an increase in foreign trade shipping capacity during the reporting period [1] - The gross profit margin improved significantly from 12.6% in the same period last year to 23.4% [1] Dividend Policy - The company's high dividend policy is considered sustainable, with an estimated dividend payout ratio of around 85% for the year [1] - Based on projected earnings for 2025, the dividend yield could reach as high as 7.8%, making it an attractive investment option [1] - The company maintains a "recommended" rating based on its strong financial performance and dividend prospects [1]

Core Viewpoint - The report from Dongxing Securities highlights that Jucan Optoelectronics achieved record-breaking performance in the first half of the year, with a net profit attributable to shareholders of 117 million yuan, representing a year-on-year increase of 3.43% [1]. Financial Performance - The company's net profit excluding non-recurring gains and losses reached 114 million yuan, up 8.12% year-on-year [1]. - The second quarter marked a new high for single-quarter performance, indicating a continuous enhancement in profitability [1]. Business Development - Strong operational performance is driven by robust production and sales, with steady development in core business areas [1]. - Key material consumption improvements and economies of scale have led to a continuous decline in manufacturing costs, further enhancing profitability [1]. Growth Drivers - The release of production capacity from the red and yellow light projects is expected to solidify the company's second growth curve [1]. - Collaborative sales with blue and green light products, along with adjustments in product structure, are anticipated to provide new growth points for performance [1]. - The market for secondary replacement in lighting is becoming a growth engine, with accelerated penetration in the Mini/MicroLED market [1]. Market Position - The company is recognized as a leading LED chip manufacturer in China, with expectations for sustained performance growth due to ongoing construction and optimization of existing product structures [1]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected at 0.28 yuan, 0.37 yuan, and 0.45 yuan, respectively, maintaining a "recommended" rating [1].

Core Viewpoint - Major shareholders of Baolande (688058.SH) plan to reduce their holdings, with a total reduction of up to 1,165,000 shares, accounting for 1.50% of the company's total share capital, due to personal financial needs [1][2]. Shareholder Reduction Plans - Beijing Yidongxing Equity Investment Center (Limited Partnership) plans to reduce its holdings by up to 1,165,000 shares, representing 1.50% of the total share capital [1]. - Shareholder Zhao Yanxing also plans to reduce his holdings by the same amount, 1,165,000 shares, or 1.50% of the total share capital [1]. - The reduction period is set for three months starting from 15 trading days after the announcement [1]. Current Shareholding Status - As of the announcement date, Yidongxing holds 5,522,738 shares, accounting for 7.10% of the total share capital, while Zhao Yanxing holds 3,468,312 shares, accounting for 4.46% [1]. - Both shareholders' shares are unrestricted and were acquired prior to the company's initial public offering and through capital reserve increases [1]. Previous Reduction Activities - Yidongxing previously reduced its holdings by 542,618 shares between July 8 and August 12, 2025, at prices ranging from 28.00 to 33.60 CNY per share, realizing between 15.19 million and 18.23 million CNY [2]. - Zhao Yanxing reduced his holdings by 725,277 shares from September 19 to August 21, 2025, at prices between 16.60 and 33.67 CNY per share, realizing between 12.04 million and 24.42 million CNY [2]. Financial Performance - In the first half of 2025, Baolande reported revenue of 81.74 million CNY, a decrease of 41.63% year-on-year, and a net loss attributable to shareholders of 67.77 million CNY, compared to a loss of 32.91 million CNY in the same period last year [8][9]. - The company also reported a net cash flow from operating activities of -12.53 million CNY, an improvement from -31.75 million CNY in the previous year [9].

Core Viewpoint - The report from Dongxing Securities highlights that Kuka Home achieved a net profit attributable to shareholders of 1.02 billion yuan in the first half of the year, representing a year-on-year increase of 13.9% [1]. Financial Performance - In Q2, the net profit attributable to shareholders was 500 million yuan, showing a year-on-year growth of 5.4% [1]. - Domestic sales revenue for the first half reached 5.23 billion yuan, with a year-on-year increase of 10.7%, indicating growth despite industry pressures [1]. Market Dynamics - Both domestic and international sales have seen growth, with the main brand and independent brands (such as LAZBOY) contributing to the overall performance increase [1]. - The growth is primarily attributed to the implementation of the old-for-new policy and the results of the company's retail transformation [1]. Strategic Positioning - Kuka Home has a comprehensive product range and a leading channel layout, which positions the company favorably in the market [1]. - The entry of Yingfeng Group is expected to leverage synergies and optimize the organizational structure [1]. Long-term Outlook - The brand value of soft furniture is anticipated to increase over the long term, with Kuka Home expected to continue expanding its product categories and market share due to its brand and product advantages [1].