丨证券研究报告丨 [Table_Summary] 2025 年第 36 周，通信板块下跌 2.41%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块上涨 58.26%，在长江一级行业中排名第 1 位。博通 25Q3 业绩高增，ASIC 业务贡献 显著，三大核心客户 ASIC 需求持续攀升，斩获第四大客户百亿美元订单；阿里上线兆级模型 Qwen3-Max 预览版，支持 26 万 token 上下文，性能超越多家闭源竞品。持续看好国内与海外 算力链。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：博通 ASIC 获新大单，阿里上 线兆级模型 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：博通 2] ASIC 获新大单，阿里上 线兆级模型 [Table_Summary2] 板块行情 2025 年第 36 周，通信板块下 ...

Investment Rating - The investment rating for Jiangnan Chemical (002226.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 4.61 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7%. The net profit attributable to shareholders was 430 million yuan, up 2.2% year-on-year [5][12]. - In Q2 alone, the company achieved a revenue of 2.6 billion yuan, which is a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter. The net profit for Q2 was 280 million yuan, reflecting a year-on-year increase of 2.8% and a significant quarter-on-quarter increase of 92.5% [5][12]. - The company has seen a substantial increase in new orders, with the annualized amount for new contracts in the blasting service segment reaching 6.24 billion yuan, indicating a significant improvement in order quality [12]. - The revenue from the civil explosive materials segment was stable at 1.33 billion yuan, although it saw a slight decline of 1.7% year-on-year [12]. - The company's revenue from the new energy business was 360 million yuan, down 7.7% year-on-year, attributed to increased market competition and changes in pricing mechanisms [12]. - The international market expansion is progressing steadily, with overseas revenue reaching 600 million yuan, a year-on-year increase of 20.2%, and the overseas revenue proportion rising from 11.2% in H1 2024 to 13.0% in H1 2025 [12]. - The company is positioned as a leading integrated service provider in the civil explosive sector under the China Ordnance Industry Group, with expectations for net profits of 1.0 billion, 1.59 billion, and 1.82 billion yuan for 2025 to 2027 [12]. Summary by Sections Financial Performance - For the first half of 2025, Jiangnan Chemical achieved a total revenue of 4.61 billion yuan, with a net profit of 430 million yuan, reflecting a year-on-year growth of 3.7% and 2.2% respectively [5][12]. - In Q2 2025, the company reported a revenue of 2.6 billion yuan, a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter [5][12]. Business Segments - The blasting service segment generated 2.55 billion yuan in revenue for the first half of 2025, marking a 7.3% year-on-year increase [12]. - The civil explosive materials segment's revenue was 1.33 billion yuan, showing a slight decline of 1.7% year-on-year [12]. - The new energy business reported a revenue of 360 million yuan, down 7.7% year-on-year, with a gross margin of 42.1% [12]. Market Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 600 million yuan, a 20.2% increase year-on-year [12]. - The company plans to enhance its overseas project advantages with the anticipated injection of its subsidiary, Aoxin Chemical, which operates in 15 countries [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 24.24 billion yuan in the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 2.95 billion yuan, up 8.8% year-on-year [2][4]. - The company’s performance in Q2 2025 showed a revenue of 15.35 billion yuan, with a year-on-year growth of 22.5% and a net profit of 2.27 billion yuan, reflecting a 7.3% increase year-on-year [2][4]. - The company’s smart grid and low-carbon energy sectors continue to show strong growth, with overseas revenue increasing by 139.2% [9]. Revenue Summary - In the first half of 2025, the smart grid revenue was 12.225 billion yuan, up 28.4% year-on-year; low-carbon energy revenue was 6.541 billion yuan, up 29.5% year-on-year; and integrated and other revenues decreased by 58.6% [9]. - Domestic revenue reached 22.224 billion yuan, a 14.5% increase year-on-year, while overseas revenue was 1.987 billion yuan, marking a significant increase [9]. Profitability Summary - The gross margin for the first half of 2025 was 26.45%, down 2.48 percentage points year-on-year. The gross margin for Q2 2025 was 27.75%, down 3.82 percentage points year-on-year [9]. - The gross margin for the smart grid segment was 30.34%, down 2.93 percentage points year-on-year, while the low-carbon energy segment had a gross margin of 21.59%, down 1.68 percentage points [9]. Expense Summary - The total expense ratio for the first half of 2025 was 12.42%, down 1.45 percentage points year-on-year. The sales expense ratio was 4.12%, down 0.67 percentage points [9]. - The company benefited from a reduction in expense ratios due to increased sales revenue and ongoing cost-cutting measures [9]. Order Summary - The company signed new contracts worth 35.432 billion yuan in the first half of 2025, a year-on-year increase of 23.46%. The international contracts grew by over 200% [9]. - As of the end of Q2 2025, the contract liabilities reached 7.399 billion yuan, reflecting a year-on-year increase of 56.5% [9]. Future Outlook - The company is expected to achieve a net profit of approximately 8.5 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 20.5 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant improvement in gross margin and a notable increase in order growth [3][4]. - In the first half of 2025, the company achieved operating revenue of 4.91 billion yuan, a year-on-year decrease of 4.5%, while net profit attributable to shareholders reached 200 million yuan, up 96.3% year-on-year [3][4]. - The gross margin for the first half of 2025 was 11.91%, an increase of 3.69 percentage points year-on-year, indicating effective cost control and operational optimization [8]. - The company has successfully expanded its market presence, with cumulative bids amounting to 7.109 billion yuan, a year-on-year increase of 47.25% [8]. Summary by Sections Financial Performance - In Q2 2025, the company achieved operating revenue of 2.61 billion yuan, a slight increase of 0.1% year-on-year, and net profit attributable to shareholders of 110 million yuan, up 84.5% year-on-year [3][4]. - The company’s net profit for 2025 is projected to reach 360 million yuan, corresponding to a PE ratio of approximately 34 times [8]. Cost and Margin Analysis - The gross margin for Q2 2025 was 12.55%, reflecting a year-on-year increase of 3.14 percentage points and a quarter-on-quarter increase of 1.36 percentage points [8]. - The company’s four expense ratios reached 5.58% in the first half of 2025, with a slight increase in sales and management expense ratios [8]. Order and Market Expansion - The company has made significant strides in market development, with domestic bids totaling 5.884 billion yuan, a year-on-year increase of 68.19% [8]. - The company has also made breakthroughs in new business areas, including winning bids for new types of wind power structures [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve approximately 2.3 billion yuan in revenue for the first half of 2025, representing a year-on-year growth of 38.8%. However, the net profit attributable to shareholders is projected to be around 120 million yuan, a decrease of 8.1% year-on-year [2][4]. - The company has a robust order backlog, with approximately 5.48 billion yuan in executed and pending orders, reflecting a year-on-year increase of 29%. This strong order position is anticipated to support future delivery performance [10]. Summary by Sections Revenue Performance - For the first half of 2025, the company’s revenue is expected to be about 2.3 billion yuan, with a significant year-on-year increase of 38.8%. In Q2 2025 alone, revenue is projected to reach approximately 1.5 billion yuan, marking a 50.6% increase year-on-year [2][4]. Profitability - The net profit attributable to shareholders for the first half of 2025 is estimated at around 120 million yuan, which is an 8.1% decline compared to the previous year. The non-recurring net profit is also expected to be about 120 million yuan, down 3.5% year-on-year [2][4]. Order Backlog - The company has a strong order backlog, with approximately 5.48 billion yuan in executed and pending orders, which is a 29% increase year-on-year. New orders for onshore wind power equipment (including concrete towers) reached about 2.58 billion yuan, up 37% year-on-year, while new orders for offshore wind power and marine engineering equipment surged by 194% to approximately 410 million yuan [10]. Business Segmentation - The revenue from onshore wind power equipment (including concrete towers) for the first half of 2025 is expected to be around 1.88 billion yuan, reflecting a 25.6% year-on-year increase. The revenue from offshore wind power and marine engineering equipment is projected to be approximately 360 million yuan, a substantial increase of 226.2% [10]. Margin Analysis - The gross margin for the first half of 2025 is expected to be 12.9%, a decrease of 6.9 percentage points year-on-year, primarily due to rising raw material costs and changes in the customer structure of overseas business [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 411 million yuan, representing a year-on-year growth of 19.69%. However, the net profit attributable to the parent company was -168 million yuan. In Q2 2025, revenue reached 251 million yuan, showing a year-on-year increase of 77.94% and a quarter-on-quarter growth of 57.31%, with a net profit of -82 million yuan [2][5]. - The company is focusing on advanced carbon-based materials, particularly in the lithium battery and transportation sectors, which have seen a revenue increase of 305.35% year-on-year. Despite a decrease in revenue from the photovoltaic sector and lower operating rates, the company is implementing measures to improve quality, reduce costs, and enhance efficiency [11]. - The company maintains a high level of R&D investment, with R&D expenses in Q2 2025 amounting to 34 million yuan, representing a R&D expense ratio of 13.68%. Other expenses such as sales, management, and financial costs have decreased, indicating strong cost control capabilities [11]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 411 million yuan, with a net loss of 168 million yuan. Q2 2025 revenue was 251 million yuan, with a net loss of 82 million yuan [2][5]. - The company anticipates revenue growth to 863 million yuan in 2025E, with a projected net profit of -247 million yuan, improving to a profit of 123 million yuan by 2026E [17]. Business Segments - In the photovoltaic and semiconductor sectors, the company is adjusting its customer cooperation strategy and optimizing its customer structure. In the transportation sector, it is expanding the carbon-ceramic brake market and has recently secured a key development notification from a well-known hydrogen fuel cell system manufacturer [11]. - The company has established good relationships with leading silicon-carbon enterprises in the lithium battery sector, providing customized porous carbon product solutions [11]. Future Outlook - The company plans to continue its R&D efforts, focusing on new products and technologies, particularly in carbon-ceramic brake discs and lithium battery thermal components. The ongoing recovery in the photovoltaic sector is expected to improve industry pricing and profitability [11].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company reported a revenue of 4.388 billion yuan, a year-on-year decrease of 37.13%, and a net profit attributable to shareholders of -597 million yuan. In Q2 2025, the revenue was 2.309 billion yuan, down 15.46% year-on-year but up 11.1% quarter-on-quarter, with a net profit of -435 million yuan [4][10]. Financial Performance - The company’s Q2 2025 expense ratio was 11.94%, a decrease of 2.42 percentage points quarter-on-quarter, attributed to scale effects as the company's shipment volume gradually recovered. The R&D expense ratio increased by 0.69 percentage points in Q2 2025, with ongoing projects in the carbon neutrality research center [10]. - The company recorded a net cash flow from operating activities of 335 million yuan in Q2 2025, continuing to maintain positive cash flow [10]. - The company recognized an asset impairment loss of 166 million yuan in H1 2025, primarily due to inventory depreciation [10]. Market Outlook - Looking ahead, with the recent supply-side reforms in the photovoltaic sector, silicon wafer prices have started to rise, indicating potential recovery in profitability. There is also a possibility of reversing inventory depreciation losses [10]. - The company has established a direct sales network for its green hydrogen systems across various regions in China and is gradually expanding sales channels in Europe, the Middle East, South Asia, and Southeast Asia, suggesting a positive outlook for the new energy equipment segment [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 639 million yuan, down 24.7% year-on-year, and a net profit attributable to shareholders of 40 million yuan, down 19.0% year-on-year [2][4]. - The company is shifting its focus from energy storage system integration to energy management systems (EMS) and software sales, leading to a 95% decline in energy storage business revenue [10]. - Core technology product sales, including high-voltage vacuum circuit breakers, saw a substantial increase of 68% year-on-year [10]. - The gross profit margin improved to 19.58% in the first half of 2025, up 2.9 percentage points year-on-year, primarily due to the reduction of low-margin energy storage integration business [10]. - The company completed the acquisition of 51.16% of Kessel Technology, resulting in increased sales volume and revenue for vacuum circuit breakers, with sales volume up 18% and revenue up 24% year-on-year [10]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 639 million yuan, a decrease of 24.7% year-on-year, and a net profit of 40 million yuan, down 19.0% year-on-year [2][4]. - In Q2 2025, revenue was 320 million yuan, down 28.5% year-on-year, with a net profit of 20 million yuan, down 38.0% year-on-year [2][4]. Revenue and Profitability - The company is transitioning its business model, leading to a drastic reduction in energy storage revenue while core technology products are experiencing growth [10]. - The gross profit margin for the first half of 2025 was 19.58%, reflecting an improvement due to the strategic shift away from low-margin businesses [10]. Strategic Developments - The acquisition of Kessel Technology is expected to enhance market share in the vacuum circuit breaker segment, with positive sales growth reported post-acquisition [10]. - The company is expanding its international market presence, successfully entering potential markets in Europe and South Asia [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.949 billion yuan for the first half of 2025, representing a year-on-year growth of 1.11%. The net profit attributable to shareholders was 343 million yuan, up 10.04% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 980 million yuan, with a year-on-year increase of 0.74%, and a net profit of 140 million yuan, reflecting a significant growth of 22.24% year-on-year [2][4] - The company is experiencing robust growth in its health sector, with a notable increase in sales of its core products, particularly in the treatment of hemorrhoids, which saw a revenue growth of over 7% [10] Financial Performance - The company's gross profit margin for H1 2025 was 49.58%, an increase of 1.23 percentage points year-on-year, while the net profit margin was 17.61%, up 1.43 percentage points year-on-year [10] - The company’s operating income is projected to reach 4.267 billion yuan in 2025, with net profits expected to be 637 million yuan, 729 million yuan, and 837 million yuan for 2025, 2026, and 2027 respectively [10] Market Position and Strategy - The company is focusing on enhancing its retail capabilities and expanding into new health product categories, including functional probiotics and eye care products, which are expected to drive future growth [10] - The company has been actively investing in marketing and promotional activities to boost sales and has introduced several new products in the health sector [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance is in line with expectations, with a significant improvement anticipated in domestic performance in Q3 2025. The total revenue for the first half of 2025 was 16.743 billion yuan, with domestic revenue at 8.411 billion yuan, reflecting a year-on-year decline of 33.37%. This decline is attributed to the extended cycle from public bidding to revenue recognition, as the revenue corresponds to a significant drop in 2024's bidding. A recovery in hospital procurement activities is expected to lead to a performance turning point in Q3 2025 [2][13]. - The company has successfully penetrated high-end overseas markets, with overseas revenue reaching 8.332 billion yuan in the first half of 2025, a year-on-year increase of 5.39%. The overseas revenue now accounts for approximately 50% of total revenue, with significant growth in regions such as the CIS and Middle East Africa. The company plans to enhance its local production capabilities in 14 countries, with 11 already initiated, to meet overseas market demand [2][13]. - The company continues to strengthen its core competitive advantages across three main business areas. In the in-vitro diagnostics sector, revenue was 6.424 billion yuan, down 16.11% year-on-year, while overseas sales showed double-digit growth. In the medical imaging sector, revenue was 3.312 billion yuan, down 22.51% year-on-year, but is expected to recover as domestic bidding activities improve. The life information and support segment generated 5.479 billion yuan, down 31.59% year-on-year, with international revenue now constituting 67% of this segment [2][13]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 16.743 billion yuan, a year-on-year decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96%. The second quarter alone saw revenue of 8.506 billion yuan, down 23.77%, and a net profit of 2.440 billion yuan, down 44.55% [6][13]. Future Outlook - The company is expected to see a recovery in domestic performance in Q3 2025, driven by a resurgence in hospital procurement activities and the rollout of medical equipment updates. The overseas market is also projected to accelerate in the second half of 2025, supported by ongoing breakthroughs with high-end clients [2][13]. Business Segments - The in-vitro diagnostics segment is focusing on new product launches, with eight new chemical luminescence reagent products introduced in the first half of 2025. The medical imaging segment is expected to stabilize and grow, while the life information and support segment is expanding its international presence [2][13]. Valuation - The projected net profits for the company from 2025 to 2027 are estimated at 11.5 billion, 13.4 billion, and 15.6 billion yuan respectively, with corresponding price-to-earnings ratios of 26, 22, and 19 times [13].