格隆汇9月4日丨东吴证券(601555.SH)公布，2025年9月4日，顾轶高先生担任公司合规总监已获中国证 监会相关派出机构认可，即日起正式任职公司合规总监，公司总裁薛臻先生不再代行合规负责人职务。 ...

Core Viewpoint - Dongwu Securities report indicates that EVE Energy has reached an operational turning point, with expectations for both volume and profit to increase significantly in the future [1] Group 1: Production and Sales - In Q2 2025, EVE Energy shipped 27.3 GWh, representing a quarter-on-quarter increase of 30% and a year-on-year increase of 21% [1] - The production capacity utilization rate reached 90% in June [1] - The company is projected to ship 130 GWh in 2025, a year-on-year increase of over 60%, and 200 GWh in 2026, a year-on-year increase of over 50% [1] Group 2: Profitability - Battery prices have bottomed out, and energy storage is operating at full capacity, contributing to improved profitability [1] - The company expects significant operational improvement in Q3, with the new large cylindrical and large iron-lithium products set to launch in 2026, further enhancing profitability [1] - The energy storage business is anticipated to contribute 7 billion yuan in profit, with profit elasticity expected in 2026-2027 [1] Group 3: Market Position and Strategy - EVE Energy is focusing on differentiated products, with strong orders for large cylindrical and large iron-lithium batteries [1] - The company maintains a target net profit of 4.7 billion yuan for 2025, a year-on-year increase of 16% [1] - Given the rapid growth in shipments, a valuation of 25x for 2026 is applied, leading to a target price of 92 yuan, with a "buy" rating maintained [1]

证券代码：601555 股票简称：东吴证券 公告编号：2025-043 关于合规总监任职的公告 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。 2025 年 8 月 26 日，东吴证券股份有限公司（以下简称"公司"）第四届董 事会第三十二次会议审议通过了《关于聘任合规总监的议案》，同意聘任顾轶高 先生为公司合规总监，并在取得中国证监会相关派出机构认可后正式履职。具体 情况详见公司 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）发布 的《公司第四届董事会第三十二次会议决议公告》（公告编号：2025-037）。 2025 年 9 月 4 日，顾轶高先生担任公司合规总监已获中国证监会相关派出 机构认可，即日起正式任职公司合规总监，公司总裁薛臻先生不再代行合规负责 人职务。 特此公告。 东吴证券股份有限公司董事会 2025 年 9 月 5 日 1 东吴证券股份有限公司 ...

东吴证券研报指出，比亚迪8月销37.4万辆，同环比+0.1%/+8.5。预计全年销量500万辆+，同比增长 17%+，其中出口90-100万辆，同比增长128%，预计本土销量405万辆+，同比增5%。纯电份额再提升、 持续推进高端化和出口。8月电池装机同增23%、外供电池持续高增。出海方面，公司在巴西独资建设 SKD/CKD工厂，泰国工厂已投产，我们预计匈牙利工厂今年底至明年Q2陆续投产。高端及海外均价 高，预计总体ASP有望提升。该行给予26年25倍PE，目标价161元，考虑公司持续推动智能化与出海， 维持"买入"评级。 ...

| 东吴证券股份有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | | 关于山东亚华电子股份有限公司 | | | | | | | 保荐人名称：东吴证券股份有限公司 | | 被保荐公司简称：亚华电子 | | | | | 保荐代表人姓名：曹飞 | 联系电话：0512-62938583 | | | | | | 保荐代表人姓名：庞家兴 | 联系电话：0512-62938583 | | | | | | 一、保荐工作概述 | | | | | | | 项目 | 工作内容 | | | | | | （1）是否及时审阅公司信息披露文件 | | | 是 | | | | （2）未及时审阅公司信息披露文件的次数 | | | | 0次 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | | | | | 于防止关联方占用公司资源的制度、募集资金管理 | | | | | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | | | | | （2）公司是否有效执行相关规章制度 | | | 是 | | | | （1）查询公司募集资金专户次数 | | 每 ...

Group 1 - The core viewpoint of the report indicates that Keda's net profit attributable to shareholders in the first half of the year reached 260 million, representing a year-on-year increase of 16.5% [1] - In Q2 of 2025, the net profit attributable to shareholders was 140 million, showing a significant quarter-on-quarter increase of 51.6% and a year-on-year increase of 29.9% [1] - The demand for orders in the communication and internet sectors is robust in 2025, with revenue from these sectors expected to surpass that from the financial sector [1]

Core Viewpoint - The report from Dongwu Securities emphasizes the expectation for the liquor industry to undergo a clearing process, focusing on identifying key contradictions and the visibility of future performance recovery, prioritizing companies that are earlier in their turning points and have leading growth elasticity [1] Group 1: Industry Performance - In the first half of 2025, the liquor sector's total operating revenue decreased by 0.3% year-on-year, while net profit attributable to the parent company fell by 0.9% [1] - In Q2 2025, the liquor sector's total operating revenue declined by 4.7% year-on-year, with net profit attributable to the parent company dropping by 7.3% [1] - The macroeconomic environment in Q2 2025 saw significant impacts on business scenarios, with high-end and sub-high-end liquor demand experiencing a downward trend [1][2] Group 2: Sales and Revenue Trends - The revenue growth rate of most liquor companies has accelerated decline, with pre-receivable balances at near two-year lows, indicating ongoing channel repayment pressure [2] - The second-tier sub-high-end liquor companies have strengthened shipment control since Q2 2024, leading to a narrowing decline in revenue year-on-year in Q2 2025 [2] Group 3: Profitability and Margin Analysis - In the first half of 2025, the gross margins for high-end liquor, sub-high-end liquor, and regional liquor companies decreased by 0.5, 0.4, and 0.3 percentage points respectively, indicating pressure on product structure and pricing [3] - The profit growth rates for high-end liquor (5.49%) outperformed sub-high-end (-3.22%) and real estate liquor (-24.90%), reflecting challenges in product structure and sales conversion [3]

Core Viewpoint - Dongwu Securities report indicates that Tianqi Lithium's net profit attributable to shareholders in the first half of the year was 0.08 billion yuan, representing a year-on-year increase of 101.6% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was -0.02 billion yuan, showing a significant decline of 98.5% year-on-year and 119% quarter-on-quarter [1] - The decline in lithium prices in the first half of 2025 has been noted, but the company maintains a significant cost advantage [1] Production and Sales Outlook - The chemical-grade lithium plant is expected to be completed by the end of the year [1] - The sales volume of lithium salts in 2025 is projected to remain flat year-on-year, while the Kwinana plant is anticipated to continue reducing losses [1] Investment Contributions - The stable investment income contribution from SQM in the first half of the year is highlighted, with expectations for a significant increase in investment income due to higher sales volume in the second half [1] Profit Forecast Adjustments - Due to the sharp decline in lithium prices in the first half of the year and the current prices remaining at a low range, the company has revised its net profit forecasts for 2025-2027 to 0.45 billion, 0.86 billion, and 1.44 billion yuan respectively, down from previous expectations of 1.62 billion, 1.86 billion, and 2.40 billion yuan [1] - The revised forecasts still indicate year-on-year growth of 106%, 93%, and 67% respectively, with corresponding PE ratios of 114x, 59x, and 35x [1] Investment Rating - Given the company's excellent resource endowment and significant cost advantages, it is expected that lithium salt profitability will further improve, leading to a maintained "buy" rating [1]

Core Viewpoint - Ji Dong Cement reported a significant improvement in its financial performance, with a net profit of 7.19 billion yuan in Q2, marking a year-on-year increase of 153.3% and a reduction in net loss for the first half of the year by 80.9% to -1.54 billion yuan [1] Financial Performance - The company achieved a net profit of 7.19 billion yuan in Q2, reflecting a year-on-year growth of 153.3% [1] - For the first half of the year, Ji Dong Cement's net profit was -1.54 billion yuan, which represents an 80.9% reduction in losses compared to the previous year [1] Market Strategy - The company is focusing on stabilizing and improving prices in its core markets, which has led to significant profit recovery in Q2 [1] - Ji Dong Cement is enhancing cost reduction and efficiency internally while promoting industry ecosystem optimization externally [1] - The company is pursuing strategic integration in key markets, increasing mineral reserves, and expanding its "Cement+" industry layout, along with overseas capacity expansion [1] Industry Outlook - The company anticipates continued improvement in its performance due to ongoing industry self-discipline, despite facing pressure on overall industry demand [1] - The profit forecasts for 2025 and 2026 have been revised down to 2.7 billion yuan and 5.9 billion yuan, respectively, from previous estimates of 3.6 billion yuan and 6.9 billion yuan [1] - A new profit forecast for 2027 has been introduced at 8.8 billion yuan [1] Incentive Mechanism - Ji Dong Cement has implemented a restricted stock incentive plan to strengthen its long-term incentive mechanism [1]

Core Viewpoint - Dongpeng Holdings reported a net profit attributable to shareholders of 219 million yuan for the first half of 2025, reflecting a year-on-year increase of 3.85% [1] - The second quarter net profit reached 249 million yuan, showing a year-on-year growth of 12.18% [1] Industry Summary - The industry is facing pressure on demand, yet retail channel revenue has shown growth against the trend [1] - Dongpeng Holdings is recognized as a leading company in the domestic ceramic tile and bathroom industry [1] Company Strategy - The company is enhancing its operational capabilities through channel deepening, lean operations, and cost reduction [1] - The effects of channel optimization have already begun to show in the first half of the year, indicating a positive trend in profitability [1] - Expectations are set for further improvement in profitability due to adjustments in retail channel optimization and sales enhancement [1]