丨证券研究报告丨 公司研究丨点评报告丨招商公路（001965.SZ） [Table_Title] 收入表现稳健，成本拖累 Q2 业绩 报告要点 [Table_Summary] 招商公路发布 2025 年中报，2025Q2 公司实现营业收入 28.6 亿元，同比下降 3.4%，实现归 属净利润 11.7 亿元，同比下滑 17.0%。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 招商公路（001965.SZ） cjzqdt11111 [Table_Title2] 收入表现稳健，成本拖累 Q2 业绩 [Table_Summary2] 事件描述 招商公路发布 2025 年中报，2025H 公司实现营业收入 56.6 亿元，同比下滑 5.36%，实现归 属净利润 25.0 亿元，同比下滑 7.56%；其中 2025Q2 公司实现营业收入 28.6 亿元，同比下降 3. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant increase in performance for Q2, with revenue reaching 46.0 billion yuan, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 45.8%. The net profit attributable to shareholders was 4.6 billion yuan, reflecting a year-on-year increase of 97.0% and a quarter-on-quarter increase of 148.9% [2][6]. - The company's "3+1" business segments showed strong growth, particularly in the fluorochemical sector, which benefited from rising prices of refrigerants. The sales revenue in this segment increased by 25.0%, and gross profit rose by 40.7% [7]. - The electronic chemicals segment achieved a sales revenue growth of 17.5%, with a notable increase in the sales volume of nitrogen trifluoride and sulfur hexafluoride [7]. - The high-end manufacturing chemical materials segment experienced a revenue growth of 7.2%, while the carbon reduction and engineering technology services segment saw a revenue increase of 29.6% [7]. - The company is positioned as a leading technology-driven new materials platform, with expected net profits attributable to shareholders of 17.1 billion yuan, 23.2 billion yuan, and 34.7 billion yuan for the years 2025 to 2027, respectively [11]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 77.6 billion yuan, a year-on-year increase of 19.5%, and a net profit of 6.4 billion yuan, up 20.8% year-on-year. The net profit after deducting non-recurring items was 6.2 billion yuan, reflecting a 67.8% increase year-on-year [2][6]. Business Segments - The fluorochemical segment's revenue growth was driven by the rising prices of refrigerants, with average domestic market prices for R32, R134a, and R125 increasing by 12.8%, 6.8%, and 4.1% respectively from Q1 2025 [7]. - The electronic chemicals segment maintained stable gross margins despite competitive pressures, with a 32% increase in nitrogen trifluoride sales and a 35% increase in sulfur hexafluoride sales [7]. - The carbon reduction segment's revenue growth was supported by price increases in copper and nickel catalysts, with year-on-year increases of 9.9% and 7.6% respectively [7]. Future Outlook - The company is expected to continue its growth trajectory, with strategic projects in high-performance organic fluorine materials and electronic specialty gases progressing well [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.987 billion yuan in the first half of 2025, a year-on-year decrease of 9.11%. The net profit attributable to the parent company was 123 million yuan, down 30.02% year-on-year [2][5]. - The domestic sales remained stable, while overseas sales faced pressure, with a significant decline of 48.70% in overseas revenue, primarily due to reduced sales to a related party [10]. - The gross margin improved to 27.20%, an increase of 0.59 percentage points year-on-year, indicating enhanced profitability in core product categories [10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.987 billion yuan, a decline of 14.40% year-on-year, with a net profit of 21 million yuan, down 53.24% year-on-year [2][5]. - The company’s core product, food processing machines, generated revenue of 1.462 billion yuan, a growth of 2.58% year-on-year, accounting for 36.67% of total revenue [10]. Margin Analysis - The gross margin for food processing appliances was 34.96%, up 1.45 percentage points year-on-year, while the nutrition pot series and Western-style electrical appliances saw slight declines in gross margins [10]. - Domestic gross margin was 29.76%, down 1.58 percentage points year-on-year, while overseas gross margin was 5.82%, down 0.58 percentage points year-on-year [10]. Future Outlook - The company is positioned as a high-quality small appliance manufacturer, adapting to changes in demand and channels, and is expected to achieve net profits of 283 million, 335 million, and 381 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.22, 22.95, and 20.23 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first half of 2025, the company achieved a revenue of 25.62 billion yuan, representing a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 7.62 billion yuan, which is a year-on-year increase of 22.2% [2][6]. Summary by Sections - **Revenue Breakdown**: In H1 2025, the revenue from various product categories was as follows: packaged water 9.44 billion yuan (+10.7%), tea beverages 10.09 billion yuan (+19.7%), functional drinks 2.90 billion yuan (+13.6%), juice 2.56 billion yuan (+21.3%), and others 630 million yuan (+14.8%) [7]. - **Profitability**: The gross margin increased by 1.5 percentage points to 60.3% due to a decline in raw material prices such as PET and sugar. The net profit margin reached 29.7%, up by 1.6 percentage points, marking a new high for the company [7]. - **Market Outlook**: The company expects continued growth in market share for packaged water, driven by a favorable competitive landscape and improved brand strength. Projected net profits for 2025, 2026, and 2027 are 14.5 billion yuan, 16.6 billion yuan, and 18.6 billion yuan, respectively, with corresponding EPS of 1.29 yuan, 1.47 yuan, and 1.65 yuan [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant revenue increase of 38.8% year-on-year, reaching 3.082 billion yuan in the first half of 2025, with a remarkable net profit growth of 268.0% to 755 million yuan [2][4]. - The performance of games such as "Heart Town" and "Ragnarok M: Original Server" has driven revenue growth and significantly improved profit margins [2][7]. - The TapTap platform has shown high revenue growth due to algorithm upgrades and increased user engagement, indicating ongoing commercial potential [2][7]. - The company has a strong pipeline of new games and is expanding its presence in the PC gaming sector, which is expected to enhance community commercialization potential [2][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% [2][4]. - Adjusted net profit reached 796 million yuan, reflecting a year-on-year increase of 235.3% [2][4]. Game Business - The game revenue increased by 39.4% year-on-year to 2.071 billion yuan, with a sequential increase of 6.3% compared to the second half of 2024 [7]. - The average monthly active users (MAU) and paying users increased by 19.7% and 21.1% year-on-year, reaching 11.409 million and 1.322 million, respectively [7]. - The gross margin for the game business improved by 8.0 percentage points year-on-year to 68.0% [7]. TapTap Platform - TapTap's revenue grew by 37.6% year-on-year to 1.011 billion yuan, benefiting from improved advertising algorithms and user engagement [7]. - The MAU for TapTap in China increased by 0.9% year-on-year to 43.625 million, while the international version saw a slight decline [7]. Operational Efficiency - The company improved its operational efficiency, with a decrease in sales expense ratio by 7.2 percentage points year-on-year to 24.1% [7]. - The overall gross margin increased by 5.7 percentage points year-on-year to 73.1%, leading to a significant improvement in net profit margin to 25.8% [7]. Future Outlook - The company has several promising new game releases planned, including the overseas version of "Heart Town" and the next-generation title "Ragnarok RO: Guardian of Eternal Love 2" [7]. - TapTap is focusing on increasing the number of PC games, which is expected to drive growth in the community commercialization potential [7].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company's revenue is under pressure due to business structure adjustments, but profitability is improving. The card and marketing business has seen an increase in profit margins, and the company is expected to maintain steady growth in its main business while enhancing efficiency [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.438 billion yuan, a year-on-year decrease of 24.64%. The net profit attributable to the parent company was 256 million yuan, down 9.98% year-on-year. In Q2 2025, revenue was 660 million yuan, down 28.84% year-on-year, with a net profit of 115 million yuan, down 13.70% year-on-year [4][6]. Business Segments - **Gaming**: Revenue for the gaming segment in H1 2025 was 481 million yuan, a decrease of 6.33% year-on-year, accounting for 33.44% of total revenue. The gross margin slightly increased to 96.39% [6]. - **Playing Cards**: The playing card segment generated revenue of 429 million yuan in H1 2025, down 12.72% year-on-year, representing 29.79% of total revenue. The gross margin decreased slightly to 29.93% [6]. - **Digital Marketing**: Revenue from digital marketing was 520 million yuan, down 40.76% year-on-year, making up 36.19% of total revenue, with a gross margin increase to 8.16% [6]. Profitability and Forecast - The company's gross margin improved to 45.10% in Q2 2025, up from 35.68% in Q2 2024 and 44.27% in Q1 2025. The report forecasts net profits of 590 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to PE ratios of 20.3 and 18.1 [6][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company achieved a revenue of 2.746 billion yuan in H1 2025, representing a year-on-year increase of 15.89%. The net profit attributable to the parent company was 345 million yuan, up 15.15% year-on-year [2][6] - In Q2 2025, the revenue was 1.559 billion yuan, with a year-on-year growth of 10.20%, and the net profit attributable to the parent company was 212 million yuan, reflecting a year-on-year increase of 15.70% [2][6] - The company is experiencing accelerated growth in injection molding machine exports, with overseas markets gradually expanding, indicating a more complete global layout [2][6] - The magnesium alloy business is expected to become a new growth point for the company, with significant advantages in lightweight applications and a broad market outlook [2][6] Financial Performance - In H1 2025, the revenue from injection molding machines, die-casting machines, and rubber machines was 1.932 billion yuan (up 13.09%), 556 million yuan (up 33.29%), and 119 million yuan (up 23.85%) respectively [12] - The company's inventory value increased by 13.12% year-on-year, indicating that the actual operating conditions are better than reported [12] - The gross profit margin for Q2 2025 was 31.42%, with a year-on-year increase in net profit margin of 0.7 percentage points [12] Future Outlook - The company is expected to continue benefiting from the trend of injection molding machine exports, with a projected net profit attributable to the parent company of 721 million yuan, 839 million yuan, and 977 million yuan for 2025-2027 [12] - The company maintains a leading position in the magnesium alloy injection molding machine sector, with a promising market outlook due to its unique technology and applications in various fields [12]

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 achieved rapid growth in performance, with total revenue of 11.33 billion yuan in the first half of 2025, representing a year-on-year increase of 8.9%. The net profit attributable to shareholders reached 600 million yuan, up 30.1% year-on-year [3][8]. - In Q2 2025, the company achieved a total revenue of 6.07 billion yuan, a year-on-year increase of 7.2% and a quarter-on-quarter increase of 15.4%. The net profit attributable to shareholders was 300 million yuan, reflecting a year-on-year increase of 20.2% and a quarter-on-quarter increase of 2.9% [3][8]. Revenue Analysis - In the first half of 2025, the company's revenue from transformers was 4.935 billion yuan, up 10.5% year-on-year; switch revenue was 4.245 billion yuan, up 4.0%; power electronics revenue was 399 million yuan, up 517.5%; R&D and testing revenue was 371 million yuan, up 51.1%; capacitor revenue was 291 million yuan, up 5.3%; and insulators and lightning arresters revenue was 110 million yuan, down 29.8%. The significant increase in power electronics revenue is mainly attributed to the delivery of ultra-high voltage direct current converter stations [8]. - The company's overseas revenue reached 2.171 billion yuan, a year-on-year increase of 64.0%, indicating strong growth [8]. Margin and Cost Management - The gross margin for the first half of 2025 was 21.82%, an increase of 2.15 percentage points year-on-year. In Q2 2025, the gross margin was 22.29%, up 1.82 percentage points year-on-year and 1.02 percentage points quarter-on-quarter. The improvement in gross margin is expected to be due to product mix optimization and cost reduction in transformer products [8]. - The company's expense ratio for the first half of 2025 was 12.55%, a decrease of 0.41 percentage points year-on-year, with the sales expense ratio at 2.87%, down 0.57 percentage points; management expense ratio at 6.29%, roughly unchanged; R&D expense ratio at 3.81%, up 0.25 percentage points; and financial expense ratio at -0.42%, down 0.10 percentage points [8]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 4.998 billion yuan, a year-on-year increase of 29.2% and a quarter-on-quarter increase of 2.7%. Contract liabilities reached 5.319 billion yuan, up 38.1% year-on-year and 28.3% quarter-on-quarter, indicating a positive trend in future deliveries [8]. Future Outlook - With the delivery of ultra-high voltage orders in the second half of the year and ongoing cost reduction and efficiency improvements, the company is expected to achieve sustained rapid growth in operations. The estimated net profit attributable to shareholders for 2025 is approximately 1.5 billion yuan, corresponding to a PE ratio of about 23 times [8].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a significant improvement in gross margin, with key project deliveries expected to support future growth [4][5]. - In the first half of 2025, the company achieved operating revenue of 6.45 billion yuan, a year-on-year decrease of 5.7%, while net profit attributable to shareholders was 630 million yuan, an increase of 1.0% [2][4]. - The second quarter of 2025 saw a recovery with operating revenue of 4.1 billion yuan, a year-on-year increase of 1.8% and a quarter-on-quarter increase of 74.6% [2][4]. Summary by Sections Revenue Performance - The company's revenue from various segments in the first half of 2025 included: - Smart distribution and transformation systems: 1.847 billion yuan, down 13.0% year-on-year - Smart meters: 1.528 billion yuan, down 4.4% year-on-year - Smart medium-voltage power supply equipment: 1.339 billion yuan, down 5.5% year-on-year - New energy and system integration: 696 million yuan, down 30.4% year-on-year - Charging and swapping equipment: 577 million yuan, up 4.9% year-on-year - DC transmission systems: 460 million yuan, up 211.7% year-on-year [9]. Gross Margin Analysis - The gross margin for the first half of 2025 reached 23.75%, an increase of 2.85 percentage points year-on-year. In Q2 2025, the gross margin was 23.91%, up 1.17 percentage points year-on-year and 0.44 percentage points quarter-on-quarter [9]. - Segment-wise gross margins included: - Smart distribution systems: 26.93%, up 3.81 percentage points year-on-year - Smart meters: 24.06%, down 3.50 percentage points year-on-year - Smart medium-voltage equipment: 23.67%, up 3.34 percentage points year-on-year - New energy systems: 10.61%, up 4.11 percentage points year-on-year - Charging equipment: 15.23%, up 2.79 percentage points year-on-year - DC transmission systems: 40.76%, down 10.74 percentage points year-on-year [9]. Expense Management - The total expense ratio for the first half of 2025 was 11.70%, an increase of 2.08 percentage points year-on-year. The breakdown included: - Selling expense ratio: 4.23%, up 1.01 percentage points - Management expense ratio: 3.14%, up 0.18 percentage points - R&D expense ratio: 4.71%, up 0.85 percentage points - Financial expense ratio: -0.39%, up 0.03 percentage points [9]. Cash Flow and Future Outlook - The company reported a net operating cash flow of 1.12 billion yuan in the first half of 2025, a year-on-year increase of 237.1%. In Q2 2025, the cash flow reached 957 million yuan, a year-on-year increase of 1232.0% [9]. - Future growth is expected to be supported by the delivery of key projects such as Qingzhou Wuhai Wind and Gan-Zhe converter valve orders, along with ongoing cost reduction and efficiency improvements. The projected net profit for 2025 is estimated to reach 1.4 billion yuan, corresponding to a PE ratio of approximately 17X [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 420 million yuan for the first half of 2025, representing a year-on-year increase of 11.6%. The net profit attributable to shareholders was 130 million yuan, up 14.1% year-on-year, while the net profit excluding non-recurring items reached 120 million yuan, marking a 37.6% increase [3][4]. - In the second quarter of 2025, the company achieved a revenue of 210 million yuan, reflecting an 11.1% year-on-year growth. The net profit attributable to shareholders was 70 million yuan, up 15.9% year-on-year, and the net profit excluding non-recurring items was 65 million yuan, a 40.4% increase [3][4]. - The company is benefiting from stable growth in the high-voltage testing demand, with ongoing expansion in the new energy sector and international markets [8]. Summary by Sections Revenue Performance - The company maintains steady revenue growth, primarily driven by continuous technological innovation and upgrades in downstream products. Significant orders have been secured in the core transmission and distribution sector, including various high-voltage equipment for projects in Brazil, Saudi Arabia, and Turkey [8]. Profitability - The gross margin for the first half of 2025 reached 55.96%, an increase of 2.35 percentage points year-on-year. The gross margin for Q2 2025 was 53.73%, up 1.05 percentage points year-on-year, but down 4.52% quarter-on-quarter. The improvement in gross margin is attributed to the cost dilution effect from increased revenue scale [8]. Expense Management - The total expense ratio for the first half of 2025 was 20.44%, a decrease of 0.51 percentage points year-on-year. The sales expense ratio was 1.86%, down 0.30 percentage points year-on-year, while the management expense ratio was 10.57%, up 0.08 percentage points year-on-year [8]. Cash Flow and Contracts - As of the end of Q2 2025, the company's contract liabilities amounted to 329 million yuan, a year-on-year increase of 57.3%. The operating net cash flow for the first half of 2025 was 290 million yuan, up 13.5% year-on-year, indicating strong cash flow quality [8]. Future Outlook - The company is expected to continue benefiting from the upgrade and iteration of power equipment products, with a projected net profit attributable to shareholders of 280 million yuan for 2025, corresponding to a PE ratio of approximately 21 times [8].