点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 苏交科发布25年半年报,25H1公司实现营业收入/归母净利润/扣非归母净利润17.8/1.0/0.7亿元，同 比-13.8%/-39.5%/-50.9%。25Q2公司实现营业收入/归母净利润/扣非归母净利润9.7/0.5/0.3亿元，同 比-17.4%/-50.0%/-64.0%。 点评： 传统业务下滑，新兴业务增速较快但尚待培育 公司主要业务工程咨询业务25H1实现营收17.1亿元，占营业收入的97%，同比下降7.8%，工程咨询业务毛 利率为32.4%，同比下降0.8pct。25H1公司传统业务收入有所下滑，新兴业务实现快速增长但体量较小， 尚不足以对公司的整体营收增长产生显著的拉动作用，25H1公司城市生命线、多式 ...

| | | 07月29日券商推荐家数排名 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 收盘价(元) | 评级劳商数量 | 行业 | | 605499 | 东鹏饮料 | 286.72 | 5 | 饮料乳品 | | 002311 | 海大集团 | 54.84 | ম | 同科 | | 601168 | 西部矿业 | 17.35 | 3 | 工业会属 | | 300284 | 赤交科 | 9.58 | 2 | 工程咨询服务 | | 603259 | 药明康德 | 98.69 | 2 | 医疗服务 | | | | 日期:07月29日,南财投研通×南财快讯制图 | | | 首次覆盖方面，7月29日券商共给出了3次首次覆盖，其中瑞纳智能获得国泰海通证券给予"增持"评级， 亚钾国际获得上海证券给予"买入"评级，东鹏饮料获得群益证券(香港)给予"买进"评级。 南财投研通数据显示，7月29日，券商给予上市公司目标价共19次，按最新收盘价计算，目标价涨幅排 名居前的公司有科沃斯、英科医疗、瑞纳智能，目标价涨幅分别为46.04%、39.79%、38.85%，分别属 于 ...

证券研究报告 | 2025 年 07 月 30 日 晨会集萃 中美即将进行第三轮贸易会谈。我们预计在 8 月 1 日特朗普对各国新一轮 "对等关税"生效之际，本次瑞典谈判或重点聚焦于能源、稀土等部分原 材来料领域，不排除会延长 8 月 12 日谈判期限，同时谈判情况或作为月 底政治局会议的重要参考。 1、权益：A 股方面，上周三大权益指数普遍 延续小幅上涨，其中中证 500 和创业板分别涨 3.28%和 2.76%。万得微盘 股指数上周上涨近 3.63%。2、固收：公开市场操作方面，央行上周整体 净投放资金 1095 亿元（含国库现金）。临近月末，DR0077 月下旬小幅反 弹，7 月 25 日逐步回落至 1.65%以上。3、大宗商品：有色金属小幅回升； 原油小幅下跌；贵金属再度下跌；黑色金属小幅反弹；猪粮比再度回落至 警戒线附近。4、外汇：美元指数震荡小幅走弱。截止 7 月 25 日，美元 指数收于 97.67，周环比下跌 0.8%。人民币贬值压力有所缓解，截至 7 月 25 日报 7.17，周度升值 0.18%。政策影响：银行结售汇连续两个月转正； 欧央行 7 月维持三大利率不变；俄罗斯央行降息 200b ...

Financial Performance - The company reported a total revenue of 1.776 billion yuan for the first half of 2025, a decrease of 13.75% year-on-year [1] - The net profit attributable to shareholders was 95.39 million yuan, down 39.54% compared to the previous year [1] - The gross profit margin increased to 31.87%, up 6.46% year-on-year, while the net profit margin decreased to 5.21%, down 32.88% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 312 million yuan, representing 17.56% of total revenue, an increase of 37.28% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents decreased by 20.93% to 2.654 billion yuan, attributed to operating expenditures [2] - Short-term borrowings increased by 28.06% due to new borrowings, while long-term borrowings decreased by 100% as they were reclassified to current liabilities [2] - The company’s cash flow from investment activities saw a significant increase of 111.18%, attributed to reduced investment expenditures [2] Return on Investment - The company's Return on Invested Capital (ROIC) was reported at 2.19%, indicating weak capital returns [3] - Historical data shows a median ROIC of 7.78% over the past decade, with the lowest ROIC recorded in 2024 [3] Business Model and R&D - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [5] Market Position and Analyst Expectations - Analysts project the company's performance for 2025 to reach 211 million yuan, with an average earnings per share of 0.17 yuan [6] - The largest fund holding the company’s shares is the Zhonghang Military-Civilian Integration Selected A Fund, which has increased its holdings [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company experienced a revenue decline of 13.75% year-on-year in H1 2025, with total revenue of 1.776 billion and a net profit attributable to shareholders of 0.95 billion, down 39.54% year-on-year [1] - The company is transitioning from a traditional design institute to a "think tank technology enterprise," focusing on new fields such as low-altitude economy and green low-carbon initiatives, which have shown over 100% growth [2][3] - The company has established a complete low-altitude economic product system, including three core platforms for airspace service management, low-altitude regulatory services, and AI-integrated inspection [3] Financial Performance - In H1 2025, the company's gross margin was 31.9%, an increase of 1.93 percentage points year-on-year, while the net profit margin was 5.21%, a decrease of 2.55 percentage points year-on-year [4] - The company plans to distribute a cash dividend of 25.26 million (including tax) for H1 2025, with a dividend payout ratio of 26.48% [1] - The projected net profit for the company from 2025 to 2027 is estimated to be 2.1 billion, 2.3 billion, and 2.6 billion respectively, with corresponding P/E ratios of 58, 52, and 47 [1] Business Segments - The engineering consulting business generated revenue of 1.714 billion in H1 2025, down 7.82% year-on-year, while the engineering contracting business saw a significant decline of 69.1%, with revenue of 0.62 billion [2] - Domestic and overseas revenues for H1 2025 were 1.424 billion and 0.352 billion, respectively, with domestic revenue down 17.14% and overseas revenue up 3.35% year-on-year [2] Future Outlook - The company is expected to face significant pressure in the traditional surveying and design industry, but the growth in emerging businesses such as urban lifelines and multimodal transport is promising [2][3] - The company aims to enhance its cash flow management, with a net cash outflow of 690 million in H1 2025, which is a reduction of 33 million year-on-year [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 10.51 [7][6]. Core Views - The company reported a revenue of RMB 1.776 billion for H1 2025, a year-on-year decrease of 13.75%, and a net profit attributable to shareholders of RMB 95.39 million, down 39.54% year-on-year, primarily due to exchange rate losses affecting profit margins [1][6]. - The company is transitioning from a traditional design institute to a "think tank-type technology enterprise," focusing on emerging growth areas such as digitalization, urban lifelines, low-altitude economy, and multimodal transport [1][2]. - Emerging businesses have shown significant growth, with areas like urban lifelines, multimodal transport, low-altitude economy, lightweight detection, green low-carbon initiatives, and road materials achieving over 100% growth [2][6]. Summary by Sections Financial Performance - For H1 2025, the overall gross margin increased by 1.93 percentage points to 31.87%, while the engineering consulting business revenue was RMB 1.714 billion, down 7.82% year-on-year, with a gross margin of 32.36% [2][3]. - The company experienced a significant increase in financial expenses, totaling RMB 45.68 million, primarily due to exchange losses of RMB 41.59 million, compared to a gain of RMB 14.86 million in the same period last year [3][4]. - Operating cash flow improved year-on-year, with a net cash outflow of RMB 690 million, which was a reduction of RMB 33 million compared to the previous year [4]. Business Development - The company is deepening its low-altitude industry ecosystem layout and has participated in the development of provincial standards for low-altitude take-off and landing sites and airspace designation [5]. - The company has developed a comprehensive low-altitude economic product system, including core platforms for airspace service management, low-altitude regulatory services, and AI-based comprehensive inspection [5]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with net profits projected at RMB 211 million, RMB 227 million, and RMB 239 million, reflecting a decrease of 15.67%, 16.43%, and 17.06% respectively [6][11]. - The company is assigned a PE ratio of 63x for 2025, with an updated target price of RMB 10.51, which corresponds to a 53x PE ratio for the same year [6][12].

情绪影响：正面 国家育儿补贴制度实施方案7月28日公布，现阶段国家基础标准为每孩每年3600元，发放补贴至婴幼儿 年满3周岁。专家表示，在微观层面，育儿补贴对不同家庭生育的促进作用存在差异，但从宏观层面来 看，总体上有利于提升生育水平或防止生育水平进一步降低。 2、工信部：巩固新能源汽车"内卷式"竞争整治成效，加强光伏等行业治理 类型：行业 情绪影响：正面 盘前要闻 1、育儿补贴方案公布!3周岁前每孩每年3600元，专家解读六大热点问题 类型：宏观 全国工业和信息化主管部门负责同志座谈会在京召开。会议提出，将巩固新能源汽车行业"内卷式"竞争 综合整治成效，加强光伏等重点行业治理;制定增强消费品供需适配性助力扩大消费行动方案。推动"人 工智能+制造"行动走深走实，加强底座攻关和重点场景应用。 3、中美在瑞典开始第三轮经贸会谈，外交部：中方立场是一贯、明确的 类型：宏观 情绪影响：正面 当地时间7月28日，中美两国经贸团队在瑞典斯德哥尔摩举行中美经贸会谈。当被问及中方在此次会谈 中持何立场时，中国外交部发言人表示，在经贸问题上，中方立场是一贯、明确的。希望美方同中方一 道，落实两国元首通话达成的重要共识，发挥中美 ...

Meeting Overview - The sixth meeting of the Supervisory Board of Sujiao Science and Technology Group Co., Ltd. was held, with all three supervisors present, including one via telecommunication [1][2]. Meeting Resolutions - The Supervisory Board approved the full text and summary of the "2025 Semi-Annual Report," confirming that the report accurately reflects the company's operational status for the first half of 2025 without any false records or misleading statements [1][2]. - The board also approved the "Special Report on the Storage and Use of Raised Funds for the First Half of 2025," affirming that the company adhered to relevant regulations and did not alter the use of raised funds in a way that would harm shareholder interests [2]. - Additionally, the board approved the "Profit Distribution Plan for the First Half of 2025," which aligns with the company's shareholder return planning and is deemed legal, compliant, and reasonable [2][3]. Voting Results - All resolutions received unanimous approval with 3 votes in favor, 0 against, and 0 abstentions [2][3]. Reference Documents - The resolutions and related documents are available for review as per the announcement [3].

Group 1: WuXi AppTec Financial Performance - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, representing a year-on-year increase of 20.64% [2] - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant growth of 101.92% compared to the previous year [2][3] - The total profit increased by 96.20% year-on-year, driven by the focus on CRDMO business model and improved operational efficiency [1][2] Group 2: Haida Group Financial Performance - Haida Group achieved a revenue of 588.31 billion yuan in the first half of 2025, marking a 12.50% increase year-on-year [6] - The net profit attributable to shareholders was 26.39 billion yuan, reflecting a growth of 24.16% compared to the same period last year [6] - The company plans to distribute a cash dividend of 2 yuan per 10 shares to all shareholders [6] Group 3: Shandong Gold's H-Share Listing - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The listing aims to enhance global strategic layout and accelerate overseas business development [9] Group 4: Xinwei Technology Fundraising - Lexin Technology's non-public offering has been approved, aiming to raise up to 1.778 billion yuan for various technology projects [10] - The funds will be used for the development and industrialization of Wi-Fi 7 router chips and AI edge chips [10] Group 5: Zhonghua Equipment Acquisition - Zhonghua Equipment plans to issue shares to acquire 100% equity of two companies, enhancing its capabilities in rubber machinery and chemical equipment [13] - The transaction is expected to constitute a major asset restructuring [13] Group 6: Company Leadership Changes - Jiangshan Co. elected Wang Li as the new chairman and appointed Meng Changchun as the new general manager following leadership adjustments [22] - The previous chairman, Xue Jian, will continue to provide consulting and advisory services as the honorary chairman [22]

中国商务部发言人23日表示，中美双方将按照两国元首6月5日通话重要共识，发挥好中美经贸磋商机制作 用，本着相互尊重、和平共处、合作共赢的原则，继续就彼此关心的经贸问题开展磋商。 2、育儿补贴方案公布!3周岁前每孩每年3600元，专家解读六大热点问题 重要程度：★★★★★ 1、中美两国经贸团队在瑞典斯德哥尔摩举行中美经贸会谈 重要程度：★★★★★ 当地时间7月28日，中美两国经贸团队在瑞典斯德哥尔摩举行中美经贸会谈。 国家育儿补贴制度实施方案28日公布。这是一项全国性的重要民生政策，面向育儿家庭全国范围全面直接 发放现金补贴，有助于缓解家庭养育压力。 根据方案，补贴对象为从2025年1月1日起，符合法律法规规定生育的3周岁以下婴幼儿。换言之，无论一 孩、二孩、三孩，均可申领育儿补贴。2025年1月1日前出生、不满3周岁的婴幼儿，也可享受政策，按应 补贴月数折算计发补贴。 3、工信部：巩固新能源汽车"内卷式"竞争整治成效，加强光伏等行业治理 重要程度：★★★★ 7月28日，全国工业和信息化主管部门负责同志座谈会在京召开。会议强调，下半年突出"强筋壮骨"、价 值创造、安全保障、行业治理，重点抓好八个方面工作。 其中 ...