丨证券研究报告丨 公司研究丨点评报告丨长城汽车（601633.SH） [Table_Title] 长城汽车点评：8 月销量 11.6 万辆，新能源同 比持续高增，出口创新高 报告要点 [Table_Summary] 长城汽车 2025 年 8 月销量 11.6 万辆，同比+22.3%，环比+10.7%，其中出口销量 4.5 万辆， 销量占比达 39.1%，新能源销量 3.7 万辆，新能源乘用车销量占比达 36.7%。公司加速全球化 布局，坚定新能源转型，持续的新车周期有望推动公司销量与业绩改善。长期来看，公司四大 拓展战略打开销量长期增长空间，智能化转型开启全产业链盈利空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 长城汽车（601633.SH） cjzqdt11111 [Table_Title 长城汽车点评：2] 8 月销量 11.6 万辆，新能源同 比持续高增，出口创新高 [Table_Sum ...

公司研究丨点评报告丨卓越新能（688196.SH） [Table_Title] 2025H1 点评：生物柴油销量下滑拖累收入，天 然脂肪醇投产带动归母业绩同比增 16% 报告要点 [Table_Summary] 卓越新能 2025H1 实现营收 13.12 亿元，同比减少 32.12%；归母净利润 1.17 亿元，同比增长 16.01%。2025H1 业绩受生物柴油销量下滑拖累，天然脂肪醇于 2025 年 4 月开始试生产，贡 献收入 8224 万元。公司积极应对欧盟生物柴油反倾销制裁，加速全球化布局与产业链延伸。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 卓越新能（688196.SH） cjzqdt11111 [Table_Titl ...

丨证券研究报告丨 公司研究丨点评报告丨美埃科技（688376.SH） [Table_Title] 美埃科技 2025H1 业绩点评：并购扩大收入，股 权激励费用拖累业绩提升 报告要点 [Table_Summary] 2025 上半年公司实现营业收入 9.35 亿元，同比增长 23.51%，归母净利润 0.98 亿元，同比增 长 5.53%，其中 Q2 单季度实现营业收入 6.18 亿元，同比增长 27.73%，归母净利润 0.56 亿 元，同比下滑 2.42%。上半年增收不增利主要受股权激励费用影响，竞争加剧，毛利率开始承 压，美埃科技出台股权激励，未来业绩成长可期，产能扩张带动未来业绩持续提升。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美埃科技 ...

丨证券研究报告丨 公司研究丨点评报告丨万辰集团（300972.SZ） [Table_Title] 万辰集团2025 年半年报点评：利润率持续提升， 开店节奏有望加快 报告要点 [Table_Summary] 公司 2025H1 营业总收入 225.83 亿元（同比+106.89%，下文皆为同比）；归母净利润 4.72 亿 元（同比增加 4.71 亿元），扣非净利润 4.51 亿元（同比扭亏）。2025Q2 营业总收入 117.62 亿 元（+93.29%）；归母净利润 2.57 亿元（同比扭亏），扣非净利润 2.39 亿元（同比扭亏）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 万辰集团（300972.SZ） cjzqdt11111 [Table_Title 万辰集团 2025 2] 年半年报点评：利润率持续提 升，开店节奏有望加快 [Table_Summary2] 事件描述 公司 2025H1 营业总收入 225.83 亿元（同比+106.89%，下文皆为同比） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Viewpoints - In the first half of 2025, the company achieved revenue of 1.223 billion, a year-on-year decrease of 2.9%, while the net profit attributable to shareholders was 108 million, a year-on-year increase of 228.0% [2][4] - As of the end of June 2025, the total number of stores reached 2,864, including 1,573 self-operated stores and 1,291 franchised stores, covering 292 cities across 28 provinces, autonomous regions, and municipalities in China [2][4] - The average store efficiency for self-operated stores improved by 11.6% year-on-year, while the average revenue contribution per franchised store increased by 13.8% [8] - The company implemented four core strategies to enhance store efficiency: empowering staff, deepening private domain marketing, comprehensive traffic attraction, and extending operating hours [8] - The company reduced the number of stores by 167 in the first half of 2025, with self-operated stores decreasing by 9.3% and franchised stores decreasing by 25.0% year-on-year [8] - The gross profit margin increased by approximately 3.2 percentage points to 58.6% year-on-year, driven by improved store operation quality and supply chain efficiency [8] - Revenue from channels other than self-operated, franchised, and online sales grew by 27.5% year-on-year, indicating new growth points in retail and overseas channels [8] - The company forecasts net profits attributable to shareholders of 200 million, 230 million, and 266 million for 2025, 2026, and 2027, respectively, corresponding to current price-to-earnings ratios of 22, 19, and 17 [8]

丨证券研究报告丨 公司研究丨点评报告丨宝立食品（603170.SH） [Table_Title] 宝立食品 2025 年半年报点评：渠道拓展多管齐 下，利润率改善表现亮眼 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 公司 2025H1 营业总收入 13.8 亿元（同比+8.39%，下文皆为同比）；归母净利润 1.17 亿元 （+7.53%），扣非净利润 1.11 亿元（+12.14%）。其中 2025Q2 营业总收入 7.11 亿元（+9.54%）； 归母净利润 5841.03 万元（+22.45%），扣非净利润 5364.33 万元（+14.66%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 宝立食品（603170.SH） cjzqdt11111 [Table_Title 宝立食品 2025 2] 年半年报点评：渠道拓展多管齐 下，利润率改善表现亮眼 [Table_Summary2] 事件描述 公 ...

丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业 2025 年半年报点评：线上渠道引领增 长，降本增效改善盈利 报告要点 [Table_Summary] 公司2025年H1营业总收入152.3亿元（同比+7.59%）；归母净利润39.14亿元（同比+13.35%）， 扣非净利润 38.17 亿元（同比+14.77%）。公司 2025Q2 营业总收入 69.15 亿元（同比+7%）； 归母净利润 17.12 亿元（同比+11.57%），扣非净利润 16.69 亿元（同比+13.93%）。单看调味 品主业，上半年实现营收 145.62 亿元（同比+10.45%），2025Q2（同比+10.59%）。 分析师及联系人 [Table_Author] 董思远 徐爽 陈硕旸 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海天味业（603288.SH） cjzqdt11111 [Ta ...

公司研究丨点评报告丨珠江啤酒（002461.SZ） [Table_Title] 珠江啤酒 2025 年中报点评：创新驱动，高质发 展 报告要点 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary] 公司 2025H1 营业总收入 31.98 亿元（同比+7.09%）；归母净利润 6.12 亿元（同比+22.51%）， 扣非净利润 5.87 亿元（同比+23.31%）。 公 司 2025Q2 营业总收入 19.71 亿元（同比 +4.96%）；归母净利润 4.55 亿元（同比+20.17%），扣非净利润 4.41 亿元（同比+18.8%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 research.95579.com 1 珠江啤酒（002461.SZ） cjzqdt11111 [Table_Title 珠江啤酒 2025 2] 年中报点评：创新驱动，高质发 展 [Table_Summary2] 事件描述 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a total revenue of 2.07 billion yuan for the first half of 2025, representing a year-on-year increase of 16.20%. The net profit attributable to shareholders was 171 million yuan, up 26.24%, while the net profit excluding non-recurring items was 167 million yuan, an increase of 33.28% [2][5]. - In Q2 2025, the total revenue reached 1.02 billion yuan, reflecting an 18.4% year-on-year growth. The net profit attributable to shareholders was approximately 82.39 million yuan, a 40.84% increase, and the net profit excluding non-recurring items was about 80.24 million yuan, up 40.36% [2][5]. Financial Performance - The company's revenue from frozen baked goods accounted for approximately 55% of total revenue, growing about 6% year-on-year. Revenue from baking ingredients (cream, sauces, fruit products, etc.) made up about 45% and saw a growth of over 30%, driven by strong sales of cream and sauces [11]. - The gross profit margin decreased by 2.25 percentage points to 30.35%, while the net profit margin increased by 0.66 percentage points to 8.25% in the first half of 2025. The operating expense ratio decreased by 3.28 percentage points to 19.84% [11]. Channel Development - The company is actively diversifying its sales channels, with nearly 50% of revenue coming from distribution channels, which remained stable year-on-year. Revenue from supermarket channels grew nearly 30%, while innovative channels such as restaurants and new retail accounted for over 20% of total revenue, with a combined growth rate of about 40% [11]. Profit Forecast - The company is expected to achieve net profits of 350 million yuan, 427 million yuan, and 517 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 2.07 yuan, 2.52 yuan, and 3.05 yuan, with price-to-earnings (PE) ratios of 23, 19, and 16 times, respectively [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance met expectations, with a significant recovery in overseas growth. In the first half of 2025, the company achieved revenue of 544 million yuan, a year-on-year increase of 42.30%. The net profit attributable to the parent company was 131 million yuan, also up 42.19% year-on-year [2][6]. - The overseas revenue for the first half of 2025 reached 353 million yuan, reflecting a year-on-year growth of 61.33%. In the second quarter alone, revenue was 279 million yuan, with overseas business revenue at 183 million yuan, marking a year-on-year increase of 95.97% and a quarter-on-quarter increase of 7.97% [2][11]. - The company is focusing on research and development, with a new noise-reducing cotton respirator expected to launch in the U.S. market in the second half of 2025 [11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 544 million yuan, with a net profit of 131 million yuan and a non-recurring net profit of 99 million yuan, showing year-on-year increases of 42.30%, 42.19%, and 49.34% respectively. In the second quarter, revenue was 279 million yuan, with a net profit of 59 million yuan, reflecting year-on-year growth of 46.54% and 39.92% respectively [6][11]. Overseas Market Growth - The U.S. market saw a revenue increase of 252.89% year-on-year, while Europe experienced a growth of 63.95%. This growth is attributed to the end of the inventory destocking cycle in the U.S. respiratory market and the completion of cloud platform construction in Europe [2][11]. Domestic Market Strategy - Domestic revenue reached 191 million yuan in the first half of 2025, a year-on-year increase of 16.87%. The company is transitioning from a distribution model to direct sales, which is expected to drive further growth [11]. Research and Development - The company has established a comprehensive R&D system, with 266 overseas patents, including 45 in the U.S. and 38 in Europe. The new noise-reducing cotton respirator is anticipated to begin volume sales in the U.S. market in the latter half of 2025 [11]. Profit Forecast - The company is projected to be a global leader in home medical devices, with net profits expected to reach 255 million yuan, 332 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 31, 23, and 18 [11].