证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 兴业银锡（000426.SZ） 短期因素干扰业绩释放，银锡龙头成长可期 事件：公司发布 2025 年半年度报告。上半年实现营收 24.73 亿元，同比 +12.50%，归母净利润 7.96 亿元，同比-9.93%，扣非归母净利润 8.01 亿 元，同比-10.42%，Q2 单季度实现营业收入 13.24 亿，同比-7.7%，环比 +15.2%，归母净利润 4.21 亿，同比-35.6%，环比+12.5%，扣非归母净 利润 4.27 亿，同比-35.9%，环比+14.0%。 矿产锡、矿产银营业收入合计占比达 65.6%。上半年实现矿产锡收入 7.62 亿元，占比 30.81%；矿产银 8.61 亿元，占比 34.80%；矿产锌 4.78 亿 元，占比 19.32%；矿产铅 1.27 亿元，占比 5.12%；矿产铁 0.83 亿元， 占比 3.34%；矿产锑 0.72 亿元，占比 2.90%；矿产铜 0.50 亿元，占比 2.01%；矿产金 0.16 亿元，占比 0.66%。 矿产锡、矿产银毛利合计占比达 70.5%。上半年 ...

证券之星消息，8月29日工业金属板块较上一交易日上涨2.15%，江西铜业领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600362 | 江西铜业 | 27.90 | 6.98% | 81.14万 | | 22.45 Z | | 002379 | 宏创控股 | 18.43 | 6.04% | 29.63万 | | · 5.36亿 | | 000426 | 兴银锡 | 21.33 | 4.87% | 69.84万 | | 14.67亿 | | 603993 | 洛阳镇外 | 12.36 | 4.22% | 255.28万 | | 31.18亿 | | 000807 | 云铝股份 | 19.39 | 4.19% | 58.67万 | | 11.19亿 | | 603979 | 金诚信 | 63.75 | 4.18% | 11.48万 | | 7.26 ...

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Investment Rating - The report maintains a "Buy" rating for the company [7][3] Core Views - The company achieved a revenue of 2.473 billion yuan in H1 2025, representing a year-on-year increase of 12.5%, while the net profit attributable to shareholders decreased by 9.9% to 796 million yuan [1][7] - The decline in net profit is attributed to several factors, including production disruptions due to safety incidents and construction impacts [2] - Future growth is anticipated from projects such as the expansion of Yinman Mining and acquisitions like the 85% stake in Yubang Mining [3][2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.324 billion yuan, down 7.7% year-on-year but up 15.2% quarter-on-quarter; net profit for the same period was 421 million yuan, down 35.6% year-on-year but up 12.5% quarter-on-quarter [1][2] - The production of tin and silver saw a year-on-year increase of 4.57%, while zinc and lead production experienced declines of 20.64% and 1.09%, respectively [3] Future Outlook - The company is expected to benefit from the approval of the 2nd phase expansion project at Yinman Mining, increasing its capacity from 1.65 million tons per year to 2.97 million tons per year [3] - The acquisition of Atlantic Tin Industry (ATL) is also projected to enhance growth potential, with plans to acquire 100% ownership [3] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.08 yuan, 1.39 yuan, and 1.64 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 12 [3][5]

盈利预测：我们预计2025-2027 年公司EPS 分别为1.08、1.39、1.64 元，PE 分别为19、15、12 倍，维 持"买入"评级。 风险提示：项目进度及产能释放不及预期风险、金属价格变化不及预期、债务重整计划不及预期拖累公 司经营。 展望未来：我们预期银漫二期+宇邦+大西洋锡业等有望打开公司成长空间。 虽然由于部分短期因素影响，25H1 产量释放不及预期，其中银锡产量分别为131.32/3589.82 吨，同比 +4.57%/-20.64%，锌/铅/铜/锑产量为 3.0 万吨/0.9 万吨/960.74 吨/968.69 吨, 同比 +6.42%/-1.09%/-44.22%/+4.72%。但展望未来，2025 年 1 月，公司子公司银漫矿业 297 万吨扩建工程项 目已取得立项批复，项目建设规模由165 万吨/年扩建为 297 万吨/年。此外公司也以自有资金及自筹资 金人民币 23.88 亿元收购宇邦矿业85%股权，未来仍具有明显成长潜力。2025 年8 月，公司成功收购大 西洋锡业96.04%股权，后续将对ATL 剩余股权发起强制收购，最终达到100%持股ATL。 事件：公司发布25 年半 ...

人民财讯8月28日电，兴业银锡（000426）8月28日在互动平台表示，银漫矿业和宇邦矿业扩建项目，目 前均在办理开工前相关审批手续。 ...

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

25H1 公司销售利润率有所下滑。2025H1，公司销售毛利率为 56.90%，同比 -7.73pct；销售净利率为 31.67%，同比-7.90pct；期间费用率为 12.55%， 同比+1.50pct。2025Q2，公司销售毛利率为 58.05%，同比-11.23pct，环比 +2.49pct；销售净利率为 31.50%，同比-13.48%，环比-0.36%。截至 2025 年 6 月 30 日，公司的资产负债率为 40.88%，较 2024 年末提升 6.49pct。 证券研究报告 | 2025年08月27日 兴业银锡（000426.SZ） 优于大市 锡产量受银漫停产影响较大，静待影响消退后盈利修复 公司 25H1 实现归母净利润 8.0 亿元，同比-9.9%。公司 2025 年上半年实现 营收 24.73 亿元，同比+12.50%；实现归母净利润 7.96 亿元，同比-9.93%； 实现扣非归母净利润 8.01 亿元，同比-10.42%。25Q2，公司实现营收 13.24 亿元，同比-7.68%，环比+15.19%；实现归母净利润 4.21 亿元，同比-35.58%， 环比+12.54%；实现扣非归母 ...

据证券之星公开数据整理，近期兴业银锡（000426）发布2025年中报。根据财报显示，兴业银锡增收不 增利。截至本报告期末，公司营业总收入24.73亿元，同比上升12.5%，归母净利润7.96亿元，同比下降 9.93%。按单季度数据看，第二季度营业总收入13.24亿元，同比下降7.68%，第二季度归母净利润4.21 亿元，同比下降35.58%。 本次财报公布的各项数据指标表现一般。其中，毛利率56.9%，同比减11.97%，净利率31.67%，同比减 19.98%，销售费用、管理费用、财务费用总计2.71亿元，三费占营收比10.97%，同比增14.2%，每股净 资产4.83元，同比增23.04%，每股经营性现金流0.93元，同比增94.63%，每股收益0.45元，同比减6.8% | 兴业银锡 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 21.98亿 | 24.73亿 | 12.50% | | 归母净利润(元) | 8.83 Z | 7.96 Z | -9.93% | | 扣非 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-08-26 兴业股票投资评级 买入 |维持 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -18% -9% 0% 9% 18% 27% 36% 45% 54% 63% 72% 兴业银锡 有色金属 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） | 42.38 | | --- | --- | | 总股本/流通股本（亿股）15.70 | / 15.70 | | 总市值/流通市值（亿元）665 | / 665 | | 52 周内最高/最低价 | 43.80 / 21.93 | | 资产负债率(%) | 8.2% | | 市盈率 | 25.84 | | 第一大股东 | 西藏藏格创业投资集团 | | 有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 兴业银锡(000426) 银 ...