Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.39 CNY, based on a PE ratio of 61 times for 2025 [4][2]. Core Views - The company's H1 2025 revenue reached 2.935 billion CNY, a slight increase of 0.47%, while the net profit attributable to the parent company was 87 million CNY, down 77.49% [1]. - The decline in profitability is attributed to several factors, including a decrease in military product orders, rising raw material costs, and increased depreciation [8]. - The company expects a recovery in defense revenue in the second half of the year, driven by improved order fulfillment and cash collection efforts [8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are adjusted to 6.537 billion CNY, 8.246 billion CNY, and 9.873 billion CNY, respectively, with expected growth rates of 30.1%, 26.1%, and 19.7% [3]. - The forecasted EPS for 2025, 2026, and 2027 are 0.99 CNY, 1.77 CNY, and 2.20 CNY, respectively [2]. - The company's gross margin is expected to decline to 34.3% in 2025, with net profit margins stabilizing at 6.9% [3]. Market Position and Outlook - The company is positioned as a leader in military connectors, with significant market share in aerospace and missile sectors, benefiting from the recovery in defense spending and technological advancements [8]. - The company is also focusing on expanding into emerging markets and new industries, such as commercial aerospace and data centers, which are expected to drive future growth [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company has achieved a turnaround in profitability, reporting a net profit of approximately 12.53 million yuan in the first half of 2025, with a significant improvement in the second quarter [8]. - Cost reduction and efficiency enhancement have been key drivers for the company's improved profitability, with a notable reduction in comparable costs by 65.90 yuan per ton compared to the previous year [8]. - The company is focusing on optimizing its product structure by reducing the sales proportion of lower-margin rebar products and increasing the sales of higher-margin specialty steel products [8]. Financial Performance Summary - Revenue is projected to decline from 90.475 billion yuan in 2023 to 77.893 billion yuan in 2025, reflecting a year-on-year decrease of 11.5% in 2023 and 5.1% in 2025 [11]. - The company is expected to return to profitability with a net profit of 25 million yuan in 2025, following losses in previous years [11]. - Gross margin is anticipated to improve from 4.0% in 2023 to 5.4% in 2025, while net margin is expected to reach 0.0% in 2025 [11]. - The company's earnings per share (EPS) is projected to be 0.00 yuan in 2025, with a gradual increase to 0.14 yuan by 2027 [11]. Valuation and Target Price - The target price for the company is set at 1.80 yuan, based on a price-to-book (PB) ratio of 1.02X for comparable companies [2][4]. - The current share price is 1.55 yuan, indicating potential upside based on the target price [4].

有色、钢铁行业 行业研究 | 行业周报 如何理解当前稀土板块的行情 ——有色钢铁行业周观点（2025 年第 34 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；关税等因素影响出口需求与产业链稳定性；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 08 月 24 日 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | | | | 重视有色新材料在 AI 硬件的加速应用：— | 2025-08-17 | | --- | --- | | —有色钢铁行业周思考（2025 年第 33 | | | 周） | | | 电解铝：盈利拉久期，周期转红利：—— | 2025-08-15 | | 铝行业深度报告 | | | 大阅兵催化限产政策落地，行业供给侧变 | 2025-08-12 | | 化或将临近 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看 ...

产品结构变动和价格等因素导致业绩承 压，随着景气上行有望 Q3 起环比改善 核心观点 事件：公司发布 2025 年半年报。2025 年 H1 实现营收 24.10 亿（-0.83%）；实现归母 净利润 3.12 亿（-25.74%）；单 Q2 实现营收 15.01 亿元（+6.05%）；归母净利润 2.53 亿元（-20.34%）。 盈利预测与投资建议 | | 增持 （维持） | | --- | --- | | 股价（2025年08月22日） | 51.9 元 | | 目标价格 | 63.69 元 | | 52 周最高价/最低价 | 65.63/32.05 元 | | 总股本/流通 A 股（万股） | 55,417/55,409 | | A 股市值（百万元） | 28,761 | | 国家/地区 | 中国 | | 行业 | 国防军工 | | 报告发布日期 | 2025 年 08 月 24 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 3.92 | 8.19 | 8.46 | 43.34 | | 相对表现% ...

二季度环比改善，特种功能材料有望在十 五五迎来新一轮高增长 核心观点 ⚫ 盈利预测与投资建议 ⚫ 维持 25-27 年归母净利润预期为 4.32、5.89 亿元、7.58 亿元。参考可比公司 25 年 估值水平，对应 25 年 49 倍 PE，目标价 77.42 元，维持增持评级。 华秦科技 688281.SH 公司研究 | 中报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年08月22日） | 71.11 元 | | 目标价格 | 77.42 元 | | 52 周最高价/最低价 | 84.48/46.05 元 | | 总股本/流通 A 股（万股） | 27,257/17,036 | | A 股市值（百万元） | 19,383 | | 国家/地区 | 中国 | | 行业 | 国防军工 | | 报告发布日期 | 2025 年 08 月 24 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -2.59 | 11.76 | 31.86 | 35.62 | | 相对表现% | -6. ...

核心观点 投资建议与投资标的 风险提示 有色、钢铁行业 行业研究 | 动态跟踪 出口高增单价高企，稀土磁材板块有望持 续向上 ——稀土磁材行业动态跟踪 稀土磁材行业出口政策变化、下游需求不及预期、假设条件变化影响测算结果 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 08 月 24 日 看好（维持） 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | | | | 战略金属板块的行情还能延续吗：——有 | 2025-07-27 | | --- | --- | | 色钢铁行业周思考（2025 年第 29 周） | | | 从政治政策风险溢价的角度看有色钢铁： | 2025-07-13 | | ——有色钢铁行业周思考（2025 年第 28 | | | 周） | | | 从战略与策略角度看稀土板块的配置价 | 2025-06-23 | | 值：——有色钢铁行业周观点（2025 年第 | | | 25 周） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明 ...

金融工程 | 动态跟踪 Beta 风格领衔，一年动量因子表现出色， 建议关注高弹性和高特异性波动的资产 ——东方因子周报 研究结论 投资建议 风格表现监控 本周市场正收益风格集中在 Beta 风格上，负收益风格表现在 Value 风格上。一年动 量是中证全指成分股中，本周表现最好的因子。 因子表现监控 公募基金指数增强产品表现跟踪 风险提示 | 重点关注科技医药双主线和中小盘高成长 | 2025-07-24 | | --- | --- | | 主题基金：——主动权益基金 2025 年二季 | | | 报全解析 | | | DFQ-FactorGCL：基于超图卷积神经网络 | 2025-07-21 | | 和时间残差对比学习的股票收益预测模 | | | 型：——因子选股系列之一一七 | | | 工银瑞信基金股权变更，九泰基金获增资 | 2025-06-15 | | 6000 万元 | | | ESG 基金规模突破 8200 亿，首只浮动费 | 2025-06-08 | | 率基金结募 | | | Neural ODE：时序动力系统重构下深度学 | 2025-05-27 | | 习因子挖掘模型：——因子选股系列之 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.95 CNY, reflecting a calculated equity value of 169 billion CNY [2][4]. Core Insights - The company's industrial catering business is experiencing rapid growth, with significant potential for margin improvement in single product categories. The overall gross margin has decreased due to a higher proportion of lower-margin industrial catering products, but there is substantial room for improvement in individual product margins as domestic raw material substitution increases [1][10]. Financial Performance Summary - The company reported a revenue of 25.7 billion CNY in the first half of 2025, representing an 8.0% year-on-year increase, and a net profit attributable to the parent company of 1.3 billion CNY, up 86.3% year-on-year. In Q2 alone, revenue reached 13.3 billion CNY (+9.6%) and net profit was 0.5 billion CNY (+53.1%) [10]. - Revenue projections for 2025-2027 are 5.602 billion CNY, 6.485 billion CNY, and 7.482 billion CNY, respectively, with expected growth rates of 15.7%, 15.8%, and 15.4% [8]. - The gross margin for the first half of 2025 was 35.5%, down 3.9 percentage points year-on-year, primarily due to the increased share of lower-margin industrial catering products [10]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 CNY, 0.63 CNY, and 0.83 CNY, respectively [2][8].

⚫ 考虑到公司短期在手订单充足、产能稳步释放、积极开拓业务，同时加码长期资本 开支，我们上调收入、毛利率和费用率预测，调整公司 2025-2027 年每股收益分别 为 1.29、1.78、2.45 元（25-27 年原预测为 1.05、1.41 和 1.91 元），考虑到公司是 全球 ADC CRDMO 龙头，长期发展潜力大，我们采取 DCF 估值法，给予目标价格为 65.82 港元（按照港元兑人民币 1:0.9125 汇率测算），维持"买入"评级。 药明合联 02268.HK 公司研究 | 中报点评 上调全年收入指引，加码长期资本开支 ——药明合联 2025 年中报点评 核心观点 盈利预测与投资建议 风险提示 海外政策和市场环境、ADC 行业增速不及预期、CXO 行业竞争加剧、汇率和估值等风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2124 | 4052 | 5876 | 8062 | 10693 | | 同比增长 (%) | 114.4 ...

格尔软件 603232.SH 公司研究 | 动态跟踪 抗量子加密大势所趋，公司有望占得先机 核心观点 盈利预测与投资建议 ⚫ 受宏观经济扰动影响，公司下游需求不及预期，下调营收预期，上调费用率水平， 我们预测公司 25-27 年 EPS 分别为 0.19/0.26/0.35 元（原预测 25-26 年 EPS 为 0.36/0.41 元），根据可比公司 PE 水平，我们给予公司 26 年 72 倍 PE，对应目标价 为 18.72 元，维持买入评级。 风险提示 安全需求释放不及预期；安全市场竞争加剧；业绩不及预期导致估值波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 561 | 529 | 536 | 598 | 651 | | 同比增长 (%) | -14.9% | -5.7% | 1.2% | 11.7% | 8.8% | | 营业利润(百万元) | 45 | 28 | 52 | 71 | 97 | | 同比增长 (%) | 561. ...