证券研究报告 | 公司动态点评 2025 年 08 月 21 日 东方财富（300059.SZ） 证券业务支撑业绩增长，持续看好 AI 赋能下的发展前景 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 11,081.44 | 11,604.34 | 15,850.40 | 17,597.92 | 19,007.71 | | 增长率 yoy（%） | -11.25 | 4.72 | 36.59 | 11.03 | 8.01 | | 归母净利润（百万元） | 8,193.47 | 9,610.12 | 12838.83 | 14325.59 | 15597.02 | | 增长率 yoy（%） | -3.71 | 17.29 | 33.60 | 11.58 | 8.88 | | ROE（%） | 17.25 | 16.83 | 18.35 | 17.00 | 15.62 | | EPS 最新摊薄（元） | 0.52 | 0.61 | 0.81 | 0.91 | 0 ...

Group 1: Mergers and Acquisitions Overview - During the period from August 15 to August 21, 2025, three listed companies announced new mergers and acquisitions: Zhenyang Development, Tongye Technology, and ST Jinggu, involving three M&A events across the basic chemicals, machinery equipment, and agriculture, forestry, animal husbandry, and fishery industries [1][9]. Group 2: Zhenyang Development - Zhenyang Development primarily engages in the research, production, and sales of chlor-alkali related products, with core products including chlor-alkali products, MIBK products, and PVC products. The chlor-alkali products are widely used in agriculture, electricity, petrochemicals, pharmaceuticals, metallurgy, new energy materials, light industry, textiles, and dyeing [2][10]. - In 2024, Zhenyang Development achieved a main business revenue of 2.898 billion yuan, representing a year-on-year growth of 37.06%, primarily driven by the production and sales of PVC products [2][10]. - The company is undergoing a stock swap merger with Zhejiang Huhangyong Expressway Co., Ltd., which plans to issue A-shares to Zhenyang Development's shareholders [2][10]. Group 3: Tongye Technology - Established in 2000, Tongye Technology specializes in the rail transit industry, with three core product lines: power products, intelligent control products, and motors and fans, covering various rail transit scenarios such as locomotives, subways, and high-speed trains [3][11]. - The company has a nationwide after-sales service network, providing regular maintenance and repair services to ensure the normal operation of equipment. It serves domestic clients like China Railway Corporation and China CRRC, while also exporting products to countries including Kazakhstan, Uzbekistan, Belarus, and South Africa [3][11]. - Tongye Technology plans to acquire 100% of Beijing Silingke Semiconductor Technology Co., Ltd. through a cash payment, aiming to enhance its overall layout and expand its scale and operational performance [3][11]. Group 4: ST Jinggu - ST Jinggu is primarily engaged in the manufacturing of engineered wood products, chemical products from forest resources, and forestry operations. Its engineered wood products include plywood, fiberboard, particleboard, and veneer, widely used in furniture manufacturing and construction [4][12]. - The company operates through self-procurement, production, and sales, utilizing both direct sales and distribution channels to meet diverse customer needs. Its forestry operations focus on land resource management through cooperative afforestation, timber harvesting, and sales [4][12]. - ST Jinggu plans to transfer 51% of its stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., in a cash transaction, aiming to divest underperforming assets and optimize its asset structure [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company is positioned at the forefront of domestic manufacturers in terms of process node layout and is steadily advancing its high-generation, high-precision mask production capacity [1]. - The company has become a key supplier for BOE's G8.6 AMOLED production line, with plans to deliver the first set of G8.6 AMOLED masks in Q3 2025 [2]. - The company is expanding its semiconductor mask production capabilities, with ongoing projects aimed at advanced process nodes, including 14nm technology [3][8]. Financial Performance - The company reported a revenue of 672 million yuan in 2023, with projected growth rates of 30.2% in 2024 and 37.5% in 2025, reaching 1.204 billion yuan [1][9]. - The net profit attributable to the parent company is expected to grow from 149 million yuan in 2023 to 275 million yuan in 2025, reflecting a growth rate of 44.3% [1][9]. - The company's return on equity (ROE) is projected to increase from 9.7% in 2023 to 22.5% by 2027 [1][9]. Market Position and Strategy - The company has successfully attracted over 70 new clients in the first half of 2025, with total cooperative clients exceeding 500, indicating strong market demand [8]. - The company is investing in a new high-generation, high-precision mask production base in Xiamen, which is expected to enhance its production capacity and market share [2][3]. - The company plans to invest 4-6 billion yuan in the second phase of its semiconductor mask project, focusing on 40-28nm process nodes, with construction expected to begin in 2026-2027 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][7]. Core Views - The company demonstrates steady revenue growth and high interim dividends, showcasing its value [7]. - The company is a leading player in the decorative materials sector, focusing on furniture panels and has effectively diversified its product offerings [7]. Financial Performance Summary - **Revenue**: The company is projected to achieve revenues of CNY 9,063 million in 2023, with a slight growth to CNY 9,189 million in 2024, and further growth to CNY 11,057 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8% from 2024 to 2027 [1][8]. - **Net Profit**: The net profit is expected to reach CNY 689 million in 2023, with a forecasted increase to CNY 985 million by 2027, indicating a growth rate of 10.7% in 2027 compared to 2026 [1][8]. - **Return on Equity (ROE)**: The ROE is projected to remain strong, with values of 21.2% in 2023 and stabilizing around 20.9% by 2027 [1][8]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from CNY 0.83 in 2023 to CNY 1.19 in 2027 [1][8]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is projected to decrease from 12.7 in 2023 to 8.9 by 2027, indicating an attractive valuation over time [1][8]. Business Segment Performance - **Custom Home Revenue**: The custom home segment showed a revenue increase of 4.46% year-on-year, while the decorative materials segment experienced a decline of 9.05% [1][2]. - **Gross Margin Improvement**: The gross margin for decorative materials improved to 17.59%, driven by effective cost control and a focus on high-margin products [1][2]. - **Sales Growth in Channels**: The company reported a 46.5% increase in sales through home decoration company channels, indicating successful channel expansion efforts [1][2]. Dividend Policy - The company plans to distribute a cash dividend of CNY 2.8 per share, totaling CNY 2.29 billion, which represents 85% of the net profit attributable to shareholders [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][5]. Core Insights - The company has shown robust growth in the first half of 2025, with revenue reaching 11.546 billion yuan, a year-on-year increase of 39.98%. The net profit attributable to shareholders was 471 million yuan, up 125.03% year-on-year [2][3]. - The company is diversifying its module product lines and enhancing operational efficiency, which has contributed to improved profitability [2][3]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 882 million yuan in the first half of 2025, representing 7.64% of revenue [3]. Financial Summary - Revenue projections for 2025-2027 are 23.755 billion yuan, 29.644 billion yuan, and 36.415 billion yuan, respectively, with growth rates of 27.8%, 24.8%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 902 million yuan in 2025, 1.131 billion yuan in 2026, and 1.413 billion yuan in 2027, with growth rates of 53.4%, 25.3%, and 24.9% respectively [4]. - The company's P/E ratio is projected to decrease from 27.4 in 2025 to 17.5 in 2027, indicating a potentially attractive valuation as earnings grow [4].

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The construction of hydrogen pipelines has achieved multiple breakthroughs, and hydrogen fuel cell trucks have seen a resurgence in bulk orders. This week, five new electrolyzer projects were awarded, suggesting a focus on companies with strong bidding capabilities for electrolyzers. The midstream sector is accelerating the construction of hydrogen pipelines, with several projects making progress, indicating a recommendation to pay attention to companies capable of hydrogen transportation. Additionally, bulk orders for hydrogen fuel cell trucks were announced this week, highlighting the potential of related enterprises [2][36]. Industry Performance - As of August 15, 2025, the hydrogen energy index closed at 2386.88 points, with a weekly increase of 2.75% and a year-to-date increase of 34.33%. The hydrogen energy sector ranked 39th among Shenwan's secondary industry rankings, showing a slight decline [8][14]. Stock Performance - The top five companies in the hydrogen energy sector by weekly increase were Dayuan Pump Industry (61.11%), Tenglong Co., Ltd. (35.05%), Kaimete Gas (34.73%), Fuan Energy (28.72%), and Chuanhuan Technology (27.58%). Conversely, the top five companies with the largest weekly declines were Donghua Energy (-11.49%), Xiling Power (-6.65%), Xinxinda (-5.75%), Shandong Molong (-5.59%), and Huadian Liaoning Energy (-5.48%) [14][15]. Hydrogen Industry Data Review - This week, there were a total of six awarded hydrogen projects with a scale of 15MW, and a total hydrogen production capacity of 3000 Nm³/h. Among these, two electrolyzer projects were awarded to Aidemann and Han Hydrogen Technology [16][17]. Industry Dynamics - Domestic developments include Geely's signing of an order for 270 alcohol-hydrogen commercial vehicles, and the planned construction of a 195 km hydrogen pipeline by Huadian, set to begin on September 5, 2025. Additionally, breakthroughs in hydrogen pipeline steel products have been achieved by Shougang Jingtang [31][32]. Policy and Announcements - The Ministry of Finance announced that hydrogen energy can be tax-deductible under certain conditions, which is expected to stimulate the industry. Furthermore, the 398th batch of the "Announcement of Production Enterprises and Products of Road Motor Vehicles" has been released, indicating a resurgence of hydrogen fuel cell passenger vehicles [33][34].

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/8/11-2025/8/15 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年8月20日 交易型指数基金资金流向 www.cgws.com | 投资类型 | 大 类 | 所属概念 | 板 块 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 30年 | | 89.69 | -1.53 | 40.46 | | | | | | 10年 | | 40.90 | -0.31 | 0.24 | | | | | | 5-10年 | | 389.52 | -0.33 | -9.86 | | | | | 利率 | 5年 | | 69.48 | -0.12 | -1.92 | | | | | | 5年以下 | | 227.25 | -0.01 | -3 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown steady performance in H1 2025, with revenue reaching 2.099 billion yuan, a year-on-year increase of 10.14%, and a net profit attributable to shareholders of 474 million yuan, up 14.85% year-on-year [2][3] - The company is expected to benefit from the aging population in China, leading to an expansion in the orthopedic medication market, and is focusing on optimizing product structure and cost efficiency [4][5] Financial Performance Summary - **Revenue and Profit Growth**: - 2025H1 revenue was 2.099 billion yuan, with a year-on-year growth of 10.14% - Net profit attributable to shareholders was 474 million yuan, reflecting a year-on-year increase of 14.85% [2][3] - **Profitability Metrics**: - Gross margin and net profit margin for 2025H1 were 81.33% and 22.60%, respectively, both showing year-on-year increases [2] - **Expense Ratios**: - Sales, management, R&D, and financial expense ratios were 47.37%, 5.08%, 3.00%, and -0.20%, respectively, with sales expense ratio increasing due to higher sales investments [2][3] Future Projections - The company is projected to achieve revenues of 39.51 billion yuan, 43.96 billion yuan, and 48.28 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 11%, and 10% [4] - Net profit attributable to shareholders is expected to reach 831 million yuan, 951 million yuan, and 1.067 billion yuan for the same years, with year-on-year growth rates of 15%, 14%, and 12% [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [7]. Core Views - The company is experiencing a phase of pressure in Q2 performance, but the paint business shows strong growth, with a significant increase in overseas sales [1][2]. - The company is implementing a "one body, two wings" strategy, which is expected to enhance its growth trajectory and expand its market presence [3][7]. - The projected net profit for the company from 2025 to 2027 is estimated to be 39 billion, 43 billion, and 49 billion CNY, representing year-on-year growth rates of 8%, 10%, and 14% respectively [7]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 13.558 billion CNY, a decrease of 0.29% year-on-year, and a net profit of 1.930 billion CNY, down 12.85% year-on-year [1]. - The company's gross margin and net margin for the first half of the year were 30.35% and 14.56%, showing a year-on-year decrease of 0.59 and 2.01 percentage points respectively [2]. - The company’s operating cash flow decreased by 52.86% year-on-year to 0.962 billion CNY, primarily due to the impact of last year's consolidation of Jia Baoli and a reduction in cash received from sales [2]. Strategic Developments - The company plans to invest in a new production line for gypsum boards and light steel keels in Ningbo, with a total investment of 631.8 million CNY, expected to enhance production capacity and reduce logistics costs [3]. - The overseas sales reached 324 million CNY in the first half of 2025, marking a year-on-year increase of 68.78%, driven by the company's international expansion efforts [1]. Market Position - The company is recognized as a leading player in the gypsum board industry, with substantial production capacity and a comprehensive strategy for global expansion [7]. - The report highlights the successful expansion into the waterproofing and paint sectors, which are anticipated to provide new growth opportunities [7].