Investment Rating - The report maintains a "Buy" rating for the company, projecting significant profit growth in the coming years [5]. Core Insights - The company achieved a revenue of 1.182 billion yuan in H1 2025, representing a year-on-year increase of 46.63%, and a net profit of 122 million yuan, up 41.05% year-on-year [1]. - The company is a leader in the domestic European-style crane market, focusing on high-end clients and expanding its service business, which has led to a record number of new orders [1]. - The company is accelerating its global expansion, with overseas revenue reaching 373 million yuan in H1 2025, a 39.79% increase year-on-year, accounting for 31.52% of total revenue [2]. - The company is increasing its presence in the water conservancy and hydropower sector through its subsidiary, Guodian Dali, which is expected to benefit from major hydropower projects [3]. Financial Summary - The company forecasts net profits of 241 million yuan, 283 million yuan, and 331 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.57X, 16.67X, and 14.24X [4]. - Revenue is projected to grow from 2.129 billion yuan in 2024 to 3.454 billion yuan in 2027, reflecting a compound annual growth rate of approximately 14.13% [4]. - The company’s gross margin is expected to improve from 26.1% in 2024 to 28.9% in 2027, indicating enhanced profitability [12].

[Table_Info1] [Table_Title] 证券研究报告 / 公司动态报告 飞亚达(000026) 纺织服饰 [Table_Date] 发布时间：2025-08-22 [Table_Invest]买入 首次覆盖 | [Table_Market] 股票数据 | 2025/08/21 | | --- | --- | | 6 个月目标价（元） | 23.07 | | 收盘价（元） | 18.97 | | 12 个月股价区间（元） | 8.70~21.73 | | 总市值（百万元） | 7,697.34 | | 总股本（百万股） | 406 | | A 股（百万股） | 365 | | B 股/H 股（百万股） | 41/0 | | 日均成交量（百万股） | 18 | 深耕钟表行业，推进精密科技领域布局 [深耕钟表行业，致力于成为中国手表行业领军者 Table_Summary] 。飞亚达系中航工业集 团下属中航科创的主要投资企业之一，公司创立及发展源于航空精密科 技和材料技术，以"传承"航空报国精神"、创造品质生活"为使命，多 年来深耕钟表行业，形成了手表自有品牌与名表全面服务相互促进的核 心业务布局，致 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company's revenue for the first half of 2025 was 488 million yuan, a decrease of 23.19% year-on-year, while the net profit attributable to the parent company was 18 million yuan, down 75.16% year-on-year [1]. - The network visualization business saw significant growth, achieving revenue of 262 million yuan, a year-on-year increase of 43.48%, driven by the gradual implementation of projects in the operator market [2]. - The intelligent system platform business faced challenges, with revenue of 226 million yuan, a decline of 49.95% year-on-year, primarily due to a decrease in orders [3]. - The company is focusing on domestic product integration and enhancing its competitive edge in vertical industries, with plans to increase investment in core technology development for domestic chip adaptation and algorithm optimization [3]. Financial Summary - The company forecasts revenues of 1.36 billion yuan, 1.65 billion yuan, and 2.01 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 120 million yuan, 160 million yuan, and 204 million yuan for the same years [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 83.98, 63.35, and 49.56 respectively, indicating a positive outlook for the company's visualization business and potential recovery in the intelligent computing sector [4].

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - In the first half of 2025, the company achieved total revenue of 24.25 billion, a year-on-year increase of 174.15%, and a net profit of 0.33 billion, marking a 101.49% increase, with a gross margin reaching a historical high of 14.1% [1][2]. - The company has launched new models and upgraded existing ones, significantly enhancing its product matrix and driving sales growth. The sales guidance for the year has been raised from 500,000-600,000 units to 580,000-650,000 units, with a target of reaching 1 million units in the following year [2][3]. - The global expansion strategy is progressing, with the establishment of a joint venture with Stellantis, enabling the company to tap into overseas markets effectively. In the first half of 2025, the company exported 20,375 vehicles, leading the new forces in sales [3][4]. Financial Summary - The projected revenues for 2025-2027 are 64.86 billion, 100.70 billion, and 122.10 billion respectively, with year-on-year growth rates of 101.6%, 55.3%, and 21.2%. The net profits are expected to be 0.55 billion, 2.73 billion, and 5.01 billion respectively [3][4]. - The company’s earnings per share (EPS) is projected to turn positive in 2025, reaching 0.41, and further increasing to 2.04 and 3.75 in 2026 and 2027 respectively [4][5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [4]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of 450 million yuan in H1 2025, representing a year-on-year increase of 25.6% [1]. - The gross profit margin improved to 37.6%, up by 3.6 percentage points, driven by a substantial reduction in expense ratios, particularly in sales and management costs [1]. - The adjusted net profit reached 39 million yuan, with an adjusted net profit margin of 8.63%, reflecting a notable improvement in profitability [1]. Summary by Sections Revenue Growth - In H1 2025, total revenue reached 460 million yuan, a 36.5% increase, with self-operated maternity centers contributing 387 million yuan, up 25.3% [2]. - The number of stores increased to 113, with a net addition of 36 stores compared to the end of 2024, indicating rapid expansion in the partnership store model [2]. - Customer recognition has improved, leading to an increase in average transaction values across different brands [2]. Business Segments - The home care business saw revenue growth of 41.7% in H1 2025, with a gross margin of 36.5% [3]. - The food business, focusing on women's health, generated revenue of 243,000 yuan, up 10.5%, with a gross margin of 72.4% [3]. - The introduction of new products has expanded the product matrix, enhancing the company's market position [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1.066 billion, 1.337 billion, and 1.640 billion yuan, respectively, with net profits expected to reach 120 million, 256 million, and 326 million yuan [4]. - The report anticipates continued improvement in operational and profitability metrics, supported by the rapid expansion of partnership stores and differentiated positioning [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [7]. Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%. The net profit attributable to the parent company was 392 million yuan, up 26.65% [1][2]. - The growth in revenue is driven by strong performance in both medical devices and skincare products, with notable contributions from proprietary brands [2]. - The company has increased its marketing and R&D expenditures, leading to a rise in expense ratios, which has temporarily affected net profit margins [3]. - The introduction of new products, particularly in the recombinant collagen segment, is expected to enhance revenue growth in the future [4]. Financial Summary - For H1 2025, the company reported a gross margin of 90.68%, with a net profit margin of 45.66%. The gross margin remained stable, while the net profit margin declined due to increased expenses [3]. - Revenue projections for 2025-2027 are estimated at 2.177 billion yuan, 2.887 billion yuan, and 3.695 billion yuan, respectively, with net profits expected to reach 1.062 billion yuan, 1.433 billion yuan, and 1.865 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to grow from 9.23 yuan in 2025 to 16.21 yuan in 2027, reflecting strong growth potential [5]. Product and Market Position - The company is the only approved provider of recombinant collagen implants in the market, which is expected to enhance its market penetration [4]. - The skincare segment, particularly functional skincare products, has shown rapid growth, contributing significantly to overall revenue [2]. Expense and Profitability Analysis - The expense ratio for H1 2025 was 34.87%, with a notable increase in sales and R&D expenses. The sales expense ratio was 21.05%, reflecting increased marketing efforts [3]. - Despite the rise in expenses, the company maintains a high gross margin, indicating strong pricing power and operational efficiency [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company has demonstrated strong growth in its proprietary brand management, with a significant increase in revenue and net profit in the first half of 2025 [2]. - The company is in a phase of rapidly increasing penetration of its proprietary brands in the domestic market, which is expected to gradually release profits as business scales up [3]. - The global expansion strategy is progressing steadily, potentially opening up overseas growth opportunities [3]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.319 billion yuan, representing a year-on-year increase of 67.55%, and a net profit attributable to shareholders of 72 million yuan, up 85.60% [1]. - The revenue breakdown shows that brand management business revenue was 335 million yuan (+52.53%), accounting for 25.42% of total revenue, while the self-owned brand "Zhanjia" generated 444 million yuan (+157.11%), making up 33.63% of total revenue [2]. - The company’s gross margin improved significantly to 56.92% (+11.39 percentage points) in the first half of 2025, while the net profit margin remained relatively stable at 5.48% (+0.53 percentage points) [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.898 billion yuan, 3.784 billion yuan, and 4.723 billion yuan, respectively, with net profits expected to be 182 million yuan, 257 million yuan, and 344 million yuan [5]. - The corresponding price-to-earnings (PE) ratios are projected to be 71 times, 51 times, and 38 times for the years 2025, 2026, and 2027, respectively [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company has achieved significant revenue growth in the first half of 2025, with a revenue of 1.737 billion yuan, representing a year-on-year increase of 59.95%. The net profit attributable to the parent company reached 144 million yuan, up 8.81% year-on-year [1][2]. - The company is focusing on AI-driven programmatic advertising, benefiting from increased demand in e-commerce and entertainment sectors, with e-commerce marketing service revenue growing by 102.2% year-on-year [2][3]. - The company has established partnerships with leading platforms, enhancing its technical and resource advantages, including becoming the first-level agent for AppLovin in Greater China and gaining official certification from Snapchat [2][3]. Financial Summary - The company is projected to achieve revenues of 3.694 billion yuan, 4.447 billion yuan, and 5.226 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45.06%, 20.38%, and 17.51% [4][5]. - The net profit attributable to the parent company is expected to be 289 million yuan, 347 million yuan, and 431 million yuan for the same years, with growth rates of 24.63%, 20.17%, and 24.07% [4][5]. - The report indicates a projected PE ratio of 54X, 45X, and 36X for the years 2025, 2026, and 2027, respectively [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 18, 2025, Jindawei announced plans to issue convertible bonds worth up to 1.292 billion yuan on August 20, 2025, through online distribution. The funds will be used for projects such as the Coenzyme Q10 Reconstruction and Expansion Project, the Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, the Information System Construction Project, and to supplement working capital [1][12]. - The initial conversion price of Jinwei Convertible Bond is 19.59 yuan. As of August 19, 2025, the bond's parity is 99.95 yuan, and the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36%, with a target price of 133 - 136 yuan. It is recommended to actively subscribe [2][19]. - The estimated first - day new bond subscription winning rate is around 0.0061% - 0.0072% [20]. 3. Summary According to the Directory 3.1. Jinwei Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance methods of Jinwei Convertible Bond are priority placement and online distribution, with a debt and issuer rating of AA. The issuance scale is 1.292 billion yuan, the initial conversion price is 19.59 yuan, the bond parity is 99.95 yuan, and the pure bond value is 98.2 yuan. The game terms are normal, with high issuance scale, good liquidity, acceptable rating, and good bond floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2. Analysis of New Bond Initial Listing Price - The company mainly engages in the R & D, production, and sales of nutritional health foods (including raw materials and end - products) and feed additives. The funds raised from this issuance will be used for specific projects, which are in line with industry trends, can enhance the company's market competitiveness, optimize its capital structure, and support its development [18]. - The target price of the convertible bond on the first day of listing is 133 - 136 yuan, and it is recommended to actively subscribe. Considering the market environment and parity level, the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36% [2][19]. 3.1.3. Analysis of Convertible Bond New Bond Subscription Winning Rate - As of the end of 2024, the top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. Assuming the old shareholders' placement ratio is 53% - 61%, the scale available for the market is 507 million - 602 million yuan. Referring to recent bond issuances, the estimated winning rate is around 0.0061% - 0.0072% [20]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and Industry Upstream and Downstream - The company is mainly involved in the R & D, production, and sales of nutritional health foods and feed additives. The upstream of the nutritional health food industry includes raw material producers, and the downstream includes brand operators and channel merchants. The upstream of the feed additive industry consists of raw material - providing industries, and the downstream is the feed manufacturing industry. Various factors such as raw material price fluctuations, industry development, and market competition affect the industry [21][22]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an increasing trend, with year - on - year growth rates of - 16.78%, 3.1%, 4.43%, and 11.31% respectively. The company's comprehensive gross profit margin fluctuated slightly, and the net profit margin increased. The company's accounts receivable showed an upward trend, and the turnover rate fluctuated. The net profit attributable to the parent company began to grow [25][35][38]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. The Wang family indirectly controlled 60.18% of the shares and was the actual controller. The company had 28 holding companies and 8 participating companies [42]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in technological innovation, overseas operations, large - scale production, personnel reserves, and patents. It has multiple R & D platforms, overseas subsidiaries, rich production experience, a professional talent team, and 194 patents as of December 31, 2024 [44][47][48]. 3.2.5. Arrangement of This Fund - Raising Investment - The company plans to raise up to 1.292 billion yuan. The Coenzyme Q10 Reconstruction and Expansion Project, with a total investment of 320 million yuan and a planned use of 297 million yuan of the raised funds, aims to increase production capacity. The Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, with a total investment of 537 million yuan and a planned use of 464 million yuan of the raised funds, will supplement product categories. The Information System Construction Project, with a total investment of 153 million yuan and a planned use of 144 million yuan of the raised funds, will improve the company's informatization level [49][50][51].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Insights - The company achieved a revenue of 1.473 billion yuan in H1 2025, representing a year-on-year increase of 8.85%, and a net profit attributable to shareholders of 172 million yuan, up 70.98% year-on-year, marking a historical high in profit scale [1]. - The growth in the pre-stressed materials segment is attributed to sales expansion, product structure optimization, and deepening in traditional markets [2]. - The concrete products for rail transit segment saw a significant gross margin of 49.56%, up 22.09 percentage points year-on-year, driven by major high-speed rail projects [3]. - The company is exploring the robot tendon business, leveraging its existing technology in pre-stressed materials, and conducting market research in emerging fields [4]. Financial Summary - For 2025, the company is projected to achieve a net profit of 347 million yuan, with corresponding P/E ratios of 24.80X, 19.49X, and 16.37X for the years 2025, 2026, and 2027 respectively [5]. - Revenue is expected to grow from 3.699 billion yuan in 2025 to 4.886 billion yuan in 2027, with a compound annual growth rate of 21.13% [5]. - The net profit margin is projected to increase from 9.4% in 2024 to 10.8% in 2027, indicating improving profitability [5].