2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李娟廷 S0350524090007 | | | lijt03@ghzq.com.cn | [Table_Title] 上半年业绩稳中有增，氮磷产业链持续完善 ——云图控股（002539）公司动态研究 最近一年走势 投资要点: 磷复肥营收及毛利率同比增长，上半年业绩稳中有增 2025 年上半年公司实现营业收入 114.00 亿元，同比增长 3.59%； 实现归属于上市公司股东的净利润 5.11 亿元，同比增长 12.60%； 加权平均净资产收益率为 5.70%，同比增加 0.34 个百分点。销售毛 利率 11.99%，同比增加 1.45 个百分点；销售净利率 4.58%，同比 增加 0.39 个百分点。 分板块看，2025 年上半年公司常规复合肥实现营 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002539 证券简称：云图控股 公告编号：2025-045 成都云图控股股份有限公司 成都云图控股股份有限公司 董事会 2025年9月6日 为进一步加强与投资者的互动交流，成都云图控股股份有限公司（以下简称"公司"）将参加由四川省上 市公司协会、深圳市全景网络有限公司联合举办的"四川辖区2025年投资者网上集体接待日及半年度报 告业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"（https://rs.p5w.net）参与本次互动交 流，活动时间为2025年9月12日（周五）14:00一17:00。届时公司副董事长兼总裁宋睿先生、财务负责 人蒋淑萍女士、董事会秘书陈银女士、独立董事胡宁先生将在线就公司2025年半年度业绩、公司治理、 发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 关于参加四川辖区2025年投资者网上集体接待日及半年度报告业绩说明会活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 ...

（编辑 任世碧） 证券日报网讯 9月5日晚间，云图控股发布公告称，公司将于2025年9月12日（周五）14：00—17：00参 加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四川辖区2025年投资者网上集体接待 日及半年度报告业绩说明会"活动。 ...

关于参加四川辖区 2025 年投资者网上集体接待日及 证券代码：002539 证券简称：云图控股 公告编号：2025-045 成都云图控股股份有限公司 成都云图控股股份有限公司董事会 2025 年 9 月 6 日 1 半年度报告业绩说明会活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，成都云图控股股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四 川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现将相关 事项公告如下： 本 次 活 动将 采 用 网 络 远 程的 方 式 举 行 ， 投资 者 可 登 录" 全 景 路 演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五） 14:00—17:00。届时公司副董事长兼总裁宋睿先生、财务负责人蒋淑萍女士、董 事会秘书陈银女士、独立董事胡宁先生将在线就公司 2025 年半年度业绩、公司 治理、发展战略、经营状况等投资者关心的问题，与投资者进行沟通 ...

Core Viewpoint - Jia Shili (Jingzhou) Fertilizer Co., Ltd. has officially received the AAA-level recognition from the national two-integration management system, indicating that the company's digital transformation achievements have been recognized by a national authority [1] Company Summary - Jia Shili is a wholly-owned subsidiary of Yuntu Holdings, primarily producing monoammonium phosphate and compound fertilizers [1] - The company has focused on production technology research and digital upgrades in recent years [1] Digital Transformation Achievements - The integration of foundational networks has optimized core application systems such as Equipment Management System (EAM), Health, Safety, and Environment Emergency Command System (HSE), and Energy Management System (EMS) [1] - The company has achieved real-time monitoring and automatic analysis of factory data, effectively reducing manual operations and inspection frequency [1] - These advancements have led to improved labor efficiency, production efficiency, and product quality, while also lowering production costs [1]

Core Insights - The company reported a revenue of 11.4 billion yuan for the first half of 2025, representing a year-on-year increase of 3.6% [1] - The net profit attributable to shareholders reached 510 million yuan, up 12.6% year-on-year, while the net profit after deducting non-recurring items was 490 million yuan, an increase of 12.1% year-on-year [1] Revenue Breakdown - The conventional compound fertilizer segment generated revenue of 3.24 billion yuan, a year-on-year increase of 10.4%, accounting for 28.4% of total revenue, up 1.7 percentage points [2] - The new compound fertilizer and phosphate segment achieved revenue of 3.98 billion yuan, a year-on-year increase of 32.5%, with a revenue share of 34.9%, up 7.6 percentage points, and a gross margin of 18.7%, up 0.7 percentage points [2] - The yellow phosphorus segment reported revenue of 620 million yuan, down 1.5% year-on-year, with a gross margin of 19.9%, up 6.3 percentage points [2] - The soda ash segment saw revenue decline to 320 million yuan, down 34.6% year-on-year, with a gross margin of 12.3%, down 11.9 percentage points [2] Project Development - The Hubei Yingcheng 700,000-ton ammonia project is progressing well, with structural construction and equipment procurement completed, and civil engineering nearing completion [3] - The Ajuelo Phosphate Mine project, with a capacity of 2.9 million tons, commenced construction in March 2025 and is advancing as planned [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenues of 22.51 billion, 24.99 billion, and 28.06 billion yuan for 2025-2027, with year-on-year growth rates of 10.5%, 11.0%, and 12.3% respectively [3] - The net profit attributable to shareholders is projected to be 1 billion, 1.29 billion, and 1.63 billion yuan for the same period, with growth rates of 24.9%, 28.4%, and 26.8% respectively [3] - Based on the closing price on August 29, the corresponding price-to-earnings ratios are 14, 11, and 9 times [3]

Fixed Income - August PMI data shows manufacturing PMI contraction slowing down, while service sector sentiment significantly rebounds, with manufacturing PMI at 49.4%, up 0.1 percentage points month-on-month [6][7] - The service sector's business activity index is at 50.3%, up 0.2 percentage points month-on-month, indicating a recovery in service sector activities [6][9] - The report suggests controlling duration levels in the bond market and focusing on structural opportunities such as tax-inclusive bonds and new/old bonds, as the bond market is expected to remain in a volatile trend [6][9] Basic Chemicals - Yuntian Holdings - Yuntian Holdings reported a 2025 H1 revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, up 12.60% year-on-year [11][12] - The company’s gross margin and net profit margin improved to 11.99% and 4.48%, respectively, with significant growth in new compound fertilizer sales [12][13] - Future net profits are projected at 1.009 billion, 1.305 billion, and 1.614 billion yuan for 2025-2027, with corresponding PE ratios of 13.7, 10.6, and 8.5, maintaining a "buy" rating [12][13] Computer - Dingjie Intelligence - Dingjie Intelligence achieved a 2025 H1 revenue of 1.045 billion yuan, a 4.1% year-on-year increase, and a net profit of 45 million yuan, up 6.1% year-on-year [15][16] - The company’s AI business saw a significant revenue increase of 125.9%, becoming a key growth driver [17] - Future revenue projections are 2.568 billion, 2.816 billion, and 3.056 billion yuan for 2025-2027, with net profits of 202 million, 251 million, and 293 million yuan, maintaining a "buy" rating [17] Media - Xindong Company - Xindong Company reported a 2025 H1 revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year [19][20] - The company’s self-developed games and the TAPTAP platform significantly contributed to revenue growth, with game revenue reaching 2.071 billion yuan, a 39.4% increase year-on-year [19][20] - Future net profit projections are 1.727 billion, 2.137 billion, and 2.305 billion yuan for 2025-2027, with growth rates of 113%, 24%, and 8% respectively, maintaining a "buy" rating [20] Home Appliances - Midea Group - Midea Group achieved a 2025 H1 revenue of 251.124 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.014 billion yuan, up 25.04% year-on-year [25][26] - The company’s B-end solutions saw a revenue increase of 20.8%, with significant contributions from new energy and industrial technology sectors [26] - Future revenue projections are expected to grow at rates of 9.9%, 8.0%, and 7.2% for 2025-2027, with net profit growth of 15.2%, 10.4%, and 9.9%, maintaining a "buy" rating [27] Automotive - Changan Automobile - Changan Automobile reported a 2025 H1 revenue of 72.69 billion yuan, a year-on-year decrease of 5.3%, with a net profit of 2.29 billion yuan, down 19.1% [29][30] - The company’s new energy vehicle sales reached 452,000 units, a 49.1% increase year-on-year, outperforming the industry average [29][30] - Future revenue projections are 187 billion, 209.6 billion, and 229.7 billion yuan for 2025-2027, with corresponding EPS of 0.90, 1.09, and 1.24 yuan, maintaining a "buy" rating [30] Light Industry Manufacturing - Craft Home - Craft Home reported a 2025 H1 revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [35][36] - The company’s gross margin improved to 25.69%, driven by product structure upgrades and increased sales of high-value products [36][37] - Future net profit projections are 903 million, 1.124 billion, and 1.332 billion yuan for 2025-2027, maintaining a "buy" rating [37] Agriculture - Juxing Agriculture - Juxing Agriculture reported a 2025 H1 revenue of 371.7 million yuan, a year-on-year increase of 66.49%, and a net profit of 18.1 million yuan, up 504.12% [39][40] - The company’s pig sales volume increased significantly, with a total of 1.907 million pigs sold in H1, a 75.02% increase year-on-year [39][40] - Future net profit projections are 569 million, 867 million, and 1.116 billion yuan for 2025-2027, maintaining a "buy" rating [41]

Group 1: Key Insights on Luoyang Molybdenum Industry - Luoyang Molybdenum achieved a net profit of 8.671 billion yuan in H1 2025, representing a year-on-year increase of 60.07% [5] - The company's performance exceeded expectations due to production surpassing planned targets across various segments [5] - Prices for copper, cobalt, molybdenum iron, ammonium paratungstate, and monoammonium phosphate all increased during H1 2025 [5] Group 2: Key Insights on Yuntou Holdings - Yuntou Holdings reported revenue of 11.4 billion yuan in H1 2025, a year-on-year growth of 3.59% [5] - The net profit attributable to shareholders was 511 million yuan, up 12.60% year-on-year [5] - In Q2 2025, the company experienced a revenue decline of 5.99% year-on-year, but net profit still grew by 6.94% [5] Group 3: Key Insights on Shandong Pharmaceutical Glass - Shandong Pharmaceutical Glass reported H1 2025 revenue of 2.37 billion yuan, down 8.2% year-on-year [6] - The net profit attributable to shareholders decreased by 21.9% to 370 million yuan [6] - The company plans to distribute a dividend of 0.28 yuan per share, yielding a dividend rate of 1.2% [6] Group 4: Key Insights on TBEA Co., Ltd. - TBEA Co., Ltd. achieved total revenue of 48.401 billion yuan in H1 2025, a year-on-year increase of 1.12% [7] - The net profit attributable to shareholders was 3.184 billion yuan, reflecting a 5.00% increase year-on-year [7] - In Q2 2025, the company reported a slight revenue decrease of 1.03% compared to the previous quarter [7] Group 5: Key Insights on Rongtai Co., Ltd. - Rongtai Co., Ltd. reported total revenue of 1.34 billion yuan in H1 2025, a year-on-year increase of 16.6% [8] - The net profit attributable to shareholders was 98 million yuan, up 13.3% year-on-year [8] - In Q2 2025, the company achieved revenue growth of 6.2% year-on-year [8] Group 6: Key Insights on Shoulv Hotel - Shoulv Hotel reported H1 2025 revenue of 3.661 billion yuan, a decrease of 1.93% year-on-year [9] - The net profit attributable to shareholders increased by 11.08% to 397 million yuan [9] - In Q2 2025, the company experienced a slight revenue growth of 0.42% year-on-year [9] Group 7: Key Insights on Jingxin Pharmaceutical - Jingxin Pharmaceutical reported H1 2025 revenue of 2.017 billion yuan, down 6.20% year-on-year [10] - The net profit attributable to shareholders was 388 million yuan, a decrease of 3.54% [10] - The company’s operating cash flow decreased by 17.48% year-on-year [10]

Core Viewpoint - The company reported stable revenue growth in its phosphate and compound fertilizer business, with a notable increase in the share of new-type fertilizers contributing to overall profitability [4][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit attributable to shareholders of 511 million yuan, up 12.60% year-on-year [4]. - In Q2 2025, the company recorded revenue of 5.689 billion yuan, a decrease of 5.99% year-on-year and 0.40% quarter-on-quarter, while net profit attributable to shareholders was 257 million yuan, an increase of 6.94% year-on-year and 1.32% quarter-on-quarter [4]. Business Segments - The phosphate and compound fertilizer segment generated revenue of 7.22 billion yuan in H1 2025, reflecting a year-on-year growth of 21.6%. The revenue from conventional compound fertilizers was 3.24 billion yuan, up 10.4%, while new-type compound fertilizers and phosphate revenue reached 3.98 billion yuan, increasing by 32.5% [5]. - The share of new-type compound fertilizers and phosphate in total revenue rose to 34.9%, an increase of 7.6 percentage points year-on-year [5]. - The overall gross margin for the phosphate and compound fertilizer business improved by 0.8 percentage points to 15.0% due to the increased share of new-type fertilizers [5]. Other Business Areas - The yellow phosphorus segment generated revenue of 620 million yuan, a decrease of 1.5%, but the gross margin improved by 6.3 percentage points to 19.9% [5]. - The soda ash segment saw revenue drop to 323 million yuan, down 34.6%, with a gross margin decline of 11.9 percentage points to 12.3% [5]. Cost and Expenses - In H1 2025, the company's selling, administrative, research and development, and financial expenses increased by 20.3%, 27.9%, 5.6%, and 2.1% respectively, leading to a rise in the selling expense ratio by 0.8 percentage points to 6.7% [5]. Strategic Developments - The company is actively enhancing its upstream nitrogen and phosphorus resource projects, with the construction of the 700,000-ton ammonia project in Hubei progressing steadily [6]. - The company has initiated the mining project at the Aju Luo Xia phosphorus mine, with a total resource reserve of approximately 549 million tons, and is advancing various related construction works [6]. - The completion of these projects is expected to significantly improve the self-sufficiency rate of nitrogen and phosphorus raw materials, thereby strengthening the company's cost advantages [6].

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The revenue share of new compound fertilizers is increasing, and the integrated industrial chain layout is continuously improving [1] - The company achieved a total revenue of 11.4 billion yuan in H1 2025, a year-on-year increase of 3.59%, and a net profit attributable to shareholders of 511 million yuan, up 12.60% year-on-year [6] - The revenue from phosphate compound fertilizers reached 7.22 billion yuan in H1 2025, a year-on-year increase of 21.55%, with the revenue share rising from 54.0% in the same period last year to 63.4% this year [6] - The company is focusing on strengthening the nitrogen and phosphorus industrial chain, with key projects progressing well, which is expected to enhance the self-sufficiency rate of raw materials for phosphate compound fertilizers [6] Financial Summary - Total revenue forecast for 2024A is 20.381 billion yuan, with a projected growth rate of -6.4% [7] - The net profit attributable to shareholders is forecasted to be 804 million yuan for 2024A, with a year-on-year decrease of 9.8% [7] - The earnings per share (EPS) is expected to be 0.67 yuan for 2024A, with a price-to-earnings (P/E) ratio of 17 times [7] - The target price for the company is set at 14.56 yuan, with the current price at 11.52 yuan [2]