2025 年 8 月 31 日 公司研究 营收增速转正，经营稳健均衡 ——工商银行（601398.SH）2025 年半年报点评 买入（维持） 当前价：7.43 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 3,564.06 | | 总市值(亿元)： | 26,480.98 | | 一年最低/最高(元)： | 5.23/8.19 | | 近 3 月换手率： | 13.04% | 营收增速转正，盈利降幅收窄，基本面呈现较好韧性。上半年，工商银行营收、 PPOP 同比增速分别为 1.6%、1.4%，增速较 1Q 分别提升 4.8、5pct。归母净利 润同比下降 1.4%，降幅较 1Q 收窄 2.6pct。上半年净利息收入、非息收入同比 增速分别为-0.1%、6.5%，增速较 1Q 分别提升 2.7、10.7pct。 拆分盈利增速结构：规模为主 ...

2025 年 8 月 31 日 公司研究 出海拓展积极，充电网业务进入收获期 ——特锐德（300001.SZ）2025 年半年报点评 要点 事件：特锐德发布 2025 年半年报，公司 25H1 营业收入为 62.56 亿元，同比 增长 17%；归母净利润 3.27 亿元，同比增长 69%；扣非归母净利润 2.50 亿 元，同比增长 56%。公司 25Q2 营业收入 41.53 亿元，同比增长 25%，环比增 长 98%；归母净利润 2.62 亿元，同比增长 99%，环比增长 305%；扣非归母 净利润 2.05 亿元，同比增 81%，环比增长 350%。 "智能制造+集成服务"海外拓展高歌猛进。2025 年上半年，公司"智能制造 +集成服务"业务实现营业收入 44.15 亿元，同比增长 20.17%；归母净利润达 3.25 亿元，同比增长 52.15%。公司积极响应国家"一带一路"倡议，2025 年 上半年，海外业务实现合同额约 10 亿元，较去年同期增长 84%。2025 年 1 月，公司成功中标 7 亿元沙特国家电网高压移动式变电站项目，该项目是沙特 "2030 愿景"下优化电网结构、保障能源安全的核心工 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a positive revenue growth of 2.2% year-on-year, with a slight decline in net profit by 1.4% [4] - The annualized weighted average return on equity (ROAE) stands at 10.08%, reflecting a decrease of 0.7 percentage points [4] - The bank's non-interest income has seen a significant increase of 19.6%, contributing positively to overall revenue [10] - The bank's capital adequacy ratios have improved, with the core tier one capital ratio reaching 14.3% [12] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 394.3 billion, with a year-on-year growth rate of 2.2% and a net profit of 162.1 billion, down 1.4% year-on-year [4] - The net interest income and non-interest income growth rates were -3.2% and 19.6%, respectively, showing a recovery in non-interest income [5] - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23% and 27.3%, respectively, indicating a slight improvement in operational efficiency [5] Asset Quality - The non-performing loan (NPL) ratio was reported at 1.33%, showing a slight decrease from the beginning of the year [11] - The bank's provisioning coverage ratio improved to 239.4%, indicating a strong capacity to cover potential loan losses [11] Capital Adequacy - The core tier one capital ratio increased to 14.3%, with total capital adequacy ratio at 19.5%, reflecting a solid capital position [12] - The bank's total assets reached 42.89 trillion, with a year-on-year growth of 8.3% in risk-weighted assets [30] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025 to be 1.29, with a price-to-earnings (P/E) ratio of 6.96 and a price-to-book (P/B) ratio of 0.69 [13][14] - The bank is expected to maintain stable growth in its unique business segments such as housing rental and green finance [13]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of approximately HKD 1.456 billion in 25H1, representing a year-on-year growth of 23.4%, driven primarily by the North American and Chinese markets and efficiency improvements enabled by AI technology [1] - Gross profit reached HKD 643 million, with a year-on-year increase of 27.5%, and the gross margin improved by 1.4 percentage points to 44.1% [1] - Adjusted net profit was HKD 121 million, reflecting a significant year-on-year growth of 88.1%, attributed to the enhancement in gross margin and the continuous release of scale effects [1] Revenue Breakdown - Subscription services generated revenue of HKD 610 million in 1H25, up 11.8% year-on-year, accounting for approximately 41.9% of total revenue [2] - Monthly Recurring Revenue (MRR) from subscription services reached HKD 108 million, with a customer retention rate maintained above 99% [2] - Value-added services generated revenue of HKD 846 million in 1H25, marking a 33.3% year-on-year increase, and accounted for about 58.1% of total revenue [2] - Revenue from North America and other regions reached HKD 730 million, growing by 26.7% year-on-year, while revenue from China also reached HKD 730 million, with a year-on-year growth of 20.1% [2] Strategic Developments - The company is making significant progress with its DreamMaker and Vobile Max platforms, which are expected to impact future revenue and profit [3] - DreamMaker is a multi-modal integrated audio and video creation platform based on NVIDIA's Media ecosystem, showing significant progress in 1H25 [3] - Vobile Max is in a limited open state, aimed at creators with certain content scale and quality, focusing on data extraction and revenue aggregation [3] Financial Forecasts - The company is projected to achieve revenues of HKD 2.99 billion in 2025, HKD 3.66 billion in 2026, and HKD 4.42 billion in 2027 [5] - The adjusted net profit forecasts have been raised to HKD 240 million for 2025, HKD 360 million for 2026, and HKD 490 million for 2027, reflecting significant upward revisions [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 6.316 billion yuan in the first half of 2025, representing a year-on-year increase of 47.8%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.3% year-on-year [1] - The resource segment showed significant growth, with revenue from this segment reaching 2.91 billion yuan, a year-on-year increase of 238%, and gross profit of 1.39 billion yuan, up 277% year-on-year [2] - The company plans to produce 79,400 tons of copper in 2025, an increase of 63% compared to the previous year, and aims for a phosphate rock output of 300,000 tons [3] Summary by Sections Financial Performance - The company’s revenue and net profit for 2025 are projected to be 14.171 billion yuan and 2.341 billion yuan respectively, with net profit growth rates of 47.8% for 2025 and 22.65% for 2026 [5][14] - The company’s earnings per share (EPS) is expected to reach 3.75 yuan in 2025, with a price-to-earnings (P/E) ratio of 16 times [5][14] Production and Operations - The Lonshi copper mine's western area commenced production in Q4 2023, with the eastern area in the preparatory stage, aiming for an annual production capacity of 2.5 to 3.5 million tons [3] - The company has secured new mining service contracts worth approximately 7.1 billion yuan, contributing to the upward revision of profit forecasts for 2026-2027 [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 16, 13, and 11 respectively, indicating a favorable valuation outlook as earnings grow [4][16] - The company’s return on equity (ROE) is expected to be 21.19% in 2025, reflecting strong profitability [16]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown an improvement in revenue growth and capital strength, with a reported operating income of 329 billion and a year-on-year growth of 3.8% for the first half of 2025 [2][3] - The net profit attributable to the parent company is 117.6 billion, reflecting a slight decline of 0.9% year-on-year, but the decline has narrowed compared to the first quarter [3] - The weighted average return on equity (ROE) stands at 9.11%, down by 0.47 percentage points year-on-year [2] Summary by Sections Revenue and Profitability - The company's revenue and pre-provision operating profit (PPOP) growth rates for the first half of the year are 3.8% and 0.4%, respectively, showing an improvement from the first quarter [3] - Non-interest income has significantly increased by 26.4%, contributing to 34.7% of total revenue, which is a 6.2 percentage point increase from the previous year [3][7] Asset and Loan Growth - As of the end of the second quarter, the company's interest-earning assets and loans have grown by 8.7% and 9.1% year-on-year, respectively, with a notable increase in loan issuance in key sectors [3][4] - The company has focused on lending to strategic emerging industries, private enterprises, and green loans, with significant growth rates in these areas [4] Liability and Deposit Growth - The growth rate of interest-bearing liabilities has improved, with retail and corporate deposits increasing by 8.4% and 8.2% year-on-year, respectively [5] - The proportion of deposits to interest-bearing liabilities is 78.6%, slightly down from the previous quarter [5] Interest Margin and Non-Interest Income - The net interest margin is reported at 1.26%, a decrease of 3 basis points from the first quarter, but the company expects resilience in the margin due to effective cost control [6] - Non-interest income has shown robust growth, with significant contributions from fees, commissions, and other non-interest revenues [7] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio has decreased to 1.24%, indicating improved asset quality [8] - The company has successfully completed a capital increase of 165 billion, enhancing its capital adequacy ratios significantly [8] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is set at 0.76, 0.79, and 0.81 yuan, respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.68, 0.63, and 0.59 [9][10]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 6.04 CNY and 5.41 HKD respectively [1]. Core Insights - The report highlights an increase in non-interest income contribution, with total revenue and net profit growth observed in the first half of 2025. Total revenue reached 179.4 billion CNY, a year-on-year increase of 1.5%, while net profit attributable to shareholders was 49.2 billion CNY, up 0.9% year-on-year [3][4]. Revenue and Profitability - Revenue growth improved sequentially, with non-interest income's share rising to 22.5%. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 1.5%, 14.6%, and 0.9% respectively, showing improvements from the first quarter [4]. - Interest income decreased by 2.7% year-on-year, while non-interest income grew by 19.1%, indicating a shift towards more diversified income sources [4][9]. Loan and Asset Management - As of the end of Q2, the bank's interest-earning assets and loans grew by 10.7% and 10.1% year-on-year, respectively, with a notable increase in loan issuance [5]. - The loan structure showed significant growth in corporate loans, particularly in sectors like water conservancy and public facilities, which accounted for 19.1% of the total increase [6]. Liability and Deposit Management - The growth rate of interest-bearing liabilities increased to 10.6%, with total deposits growing by 8.4% year-on-year. The bank has optimized its deposit management strategy to enhance low-cost funding [7]. Interest Margin and Cost Management - The net interest margin slightly narrowed to 1.7%, with asset yields declining due to lower interest rates on new loans and existing loan repricing [8]. - The bank's proactive cost management strategies have led to a reduction in funding costs, benefiting from lower deposit rates [8]. Non-Interest Income Growth - Non-interest income saw a substantial increase of 19.1% year-on-year, driven by growth in fees and commissions as well as other non-interest income sources [9]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.92%, with a slight increase from the previous quarter. The bank's asset quality indicators, including the NPL generation rate, showed stability [10][29]. Capital Adequacy - The bank successfully completed a 130 billion CNY A-share placement, enhancing its capital base. As of Q2, the core Tier 1 capital adequacy ratio improved to 10.52% [11]. Earnings Forecast and Valuation - The report maintains earnings per share (EPS) forecasts for 2025-2027 at 0.74, 0.75, and 0.78 CNY, with corresponding price-to-book (PB) ratios for A-shares at 0.79, 0.74, and 0.70 [12][33].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant decline in revenue and net profit in the first half of 2025, with total revenue of 3.16 billion yuan, down 16.89% year-on-year, and net profit of 1.13 billion yuan, down 18.19% year-on-year [1] - The second quarter saw an even larger decline in revenue, with a 24.13% drop compared to the same period last year, attributed to policy impacts and increased channel pressure [2] - The company is actively adjusting its product offerings, particularly in the mid-to-low-end segments, and anticipates a gradual recovery in performance as market conditions improve [4] Summary by Sections Financial Performance - In Q2 2025, the sales gross margin was 68.33%, a decrease of 2.82 percentage points year-on-year, while the net profit margin fell to 27.12%, down 4.83 percentage points year-on-year [3] - The company reported a cash flow from operating activities of -179 million yuan in Q2 2025, indicating a decline in cash collection [3] Revenue Breakdown - Q2 2025 revenue from mid-to-high-end and ordinary liquor was 817 million yuan and 210 million yuan, respectively, reflecting declines of 23.6% and 32.9% year-on-year [2] - Sales revenue in provincial and non-provincial markets for Q2 2025 were 730 million yuan and 296 million yuan, down 20.3% and 36.4% year-on-year, respectively [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 2.173 billion yuan and 2.402 billion yuan, representing decreases of 31% and 34% from previous estimates [4] - The estimated EPS for 2025-2027 is projected at 2.72, 3.00, and 3.29 yuan, with corresponding P/E ratios of 17, 15, and 14 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a total revenue of 2.07 billion yuan in H1 2025, representing a year-on-year growth of 16.2%, with a net profit attributable to the parent company of 171 million yuan, up 26.24% year-on-year [2]. - The cream segment continues to show high growth, driven by the performance of whipped cream, while the new retail channels in the catering sector are expanding [3]. - The company has optimized its cost control and efficiency, leading to improved profitability [4]. Revenue and Profitability - In H1 2025, revenue from various product categories was as follows: frozen baking (1.125 billion yuan, +6.08%), cream (558 million yuan, +28.7%), fruit products (83 million yuan, +7.7%), sauces (142 million yuan, +36.45%), and other baking materials (151 million yuan, +63.84%) [3]. - The revenue from the cream business is expected to continue growing, with the company planning to expand its product matrix [5]. Cost Management and Margins - The gross margin for Q2 2025 was 30.72%, showing a year-on-year decrease of 1.89 percentage points but an increase of 0.73 percentage points from the previous quarter [4]. - The company has implemented effective cost control measures, resulting in a sales expense ratio of 11.14%, a management expense ratio of 5.72%, and a research and development expense ratio of 3.41% [4]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been raised to 352 million yuan, 419 million yuan, and 494 million yuan, respectively, reflecting increases of 6.0%, 8.7%, and 11.7% compared to previous estimates [5]. - The current stock price corresponds to a P/E ratio of 23, 19, and 17 for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company reported a slight increase in total revenue of 0.80% year-on-year for the first half of 2025, reaching 76.04 billion yuan, while net profit attributable to shareholders decreased by 15.79% to 6.76 billion yuan [1] - The second quarter of 2025 saw total revenue of 40.05 billion yuan, a year-on-year increase of 5.69%, but net profit attributable to shareholders fell by 22.74% to 2.81 billion yuan [1][2] - The company is shifting its growth strategy from channel-driven to product-driven, focusing on new product launches and customization for major supermarkets [3][4] Summary by Sections Financial Performance - In Q2 2025, revenue from frozen dishes grew significantly by 26.1%, primarily driven by the contribution of crayfish products, while revenue from frozen prepared foods slightly declined by 1.4% [2] - The overall gross margin in Q2 2025 was 18.0%, a decrease of 3.3 percentage points year-on-year, attributed to rising raw material costs and increased promotional efforts due to industry competition [3] Revenue and Profit Forecast - The net profit forecasts for 2025-2027 have been revised downwards to 13.9 billion yuan, 15.1 billion yuan, and 16.7 billion yuan, representing reductions of 13.3%, 14.5%, and 14.7% respectively from previous estimates [4] - The expected earnings per share (EPS) for 2025-2027 are projected to be 4.17 yuan, 4.54 yuan, and 5.02 yuan [4] Market Position and Strategy - The company is actively embracing the trend of customization for major supermarkets and has seen positive results in new retail channels such as Hema and JD.com [3] - The upcoming peak season for frozen foods is anticipated to contribute positively to revenue, with new products like grilled sausages and innovative dumplings expected to drive growth [3]