丨证券研究报告丨 公司研究丨点评报告丨凌云股份（600480.SH） [Table_Title] 凌云股份中报点评：收入稳健增长，降本增效加 之汇兑贡献公司业绩表现优秀 报告要点 [Table_Summary] 公司 2025Q2 实现营业收入 49.2 亿元，同比+6.1%；归母净利润 2.2 亿元，同比+22.7%。长 期看，公司战略转型新能源，轻量化产品储备齐全，加快全球供应能力，全球新能源轻量化市 场地位持续提升，后续新业务打开公司第二成长曲线。 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 凌云股份（600660.SH） cjzqdt11111 [Table_Title 凌云股份中报点评：收入稳健增长，降本增效加 2] 之汇兑贡献公司业绩表现优秀 [Table_Summary2] 事件描述 公司 2025Q2 实现营业收入 49.2 亿元，同比+6.1%；归母净利润 2.2 亿元，同比+22. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In the first half of 2025, the company achieved revenue of 2.753 billion, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of 61 million, down 16.05% year-on-year. The company plans to optimize its store layout, adjust store types, and expand into global markets, focusing on countries and cities with a significant Chinese population to capture international market share. Additionally, the company is advancing its supply chain center construction, with the Guangzhou Nansha supply chain center having begun trial operations in the first half of 2025, effectively reducing existing supply chain capacity pressure. Revenue projections for 2025-2027 are 6.289 billion, 6.763 billion, and 7.398 billion, with net profits of 153 million, 240 million, and 294 million respectively [2][6][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 2.753 billion, a decrease of 10.1% year-on-year, and a net profit of 61 million, down 16.05% year-on-year [2][6]. Store Expansion and Management - The company opened 10 new restaurants in the first half of 2025, while closing 88 underperforming locations. As of June 30, 2025, the company operated 729 restaurants, with a focus on optimizing store models and concentrating resources on core quality restaurants [2][9]. Cost Structure and Profitability - The cost of raw materials and consumables accounted for 35.6% of total revenue, while employee costs represented 30.1%. The company experienced a decline in restaurant-level profit margins to 11.8% and core operating profit margins to 3.6% due to revenue decreases and cost pressures [2][9].

丨证券研究报告丨 港股研究丨公司点评丨特海国际（9658.HK） [Table_Title] 2025 年中期业绩点评：翻台率同比提升，东亚 市场表现优异 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 3.97 亿美元，同比增长 6.79%；实现净利润 0.28 亿美元， 同比扭亏为盈，利润改善主要受到汇率变动影响。在餐饮出海浪潮下，特海国际以其独特的服 务形式、优越的品牌力、快速本土化的适应能力成为中餐出海品牌中的弄潮儿。在规模庞大且 竞争格局分散的国际餐饮市场中，特海国际具备广阔的发展空间。公司单店模型不断优化，新 店快速实现盈亏平衡，我们看好火锅行业在国际市场的发展空间以及公司未来的发展前景，预 计公司 2025-2027 年实现归母净利润 4681、5908、7067 万美元，维持"买入"评级。 分析师及联系人 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 1 特海国际（96 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - In the first half of 2025, the company achieved operating revenue of 1.08 billion yuan, a year-on-year decline of 8.3%, and a net profit attributable to the parent company of 384 million yuan, down 29.8% year-on-year. In the second quarter of 2025, the company reported operating revenue of 519 million yuan, a year-on-year decline of 16.06%, and a net profit attributable to the parent company of 145 million yuan, down 51.49% year-on-year [2][6] - The company is focusing on its core performing arts business, streamlining operations. Upgrades to existing projects are enhancing reception capacity and economic efficiency, while new projects are gradually maturing and generating new contracts, establishing a foundation for stable long-term growth [2][6] - The company expects net profits attributable to the parent company for 2025-2027 to be 1.187 billion, 1.340 billion, and 1.452 billion yuan, respectively, corresponding to price-to-earnings ratios of 20, 18, and 16 times [2][6] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 1.08 billion yuan, down 8.3% year-on-year, and a net profit of 384 million yuan, down 29.8% year-on-year. For Q2 2025, revenue was 519 million yuan, a decline of 16.06%, with net profit at 145 million yuan, down 51.49% year-on-year [2][6] Project Development - The company is advancing both project expansion and content innovation. In the first half of 2025, it signed two light-asset output projects in Qingdao and Taizhou, expected to generate a total service revenue of 520 million yuan upon opening in 2026 and 2028 [2][6] - Existing projects are undergoing upgrades, such as the transformation of the Guangdong "Ancient Love" scenic area into a more adaptable theater, enhancing visitor experience [2][6] Marketing and Profitability - The company has increased marketing investments, leading to a short-term pressure on net profit margins. The overall gross margin decreased by 3.47 percentage points to 65.72% due to reduced income from light-asset output projects [2][6] - The company’s expense ratios increased, with sales expenses rising due to heightened advertising efforts, while overall net profit margin fell by 9.53 percentage points to 38.09% [2][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability has improved, and its product line has been further enriched. The gross margin in Q2 2025 increased significantly, indicating a steady recovery [12][10]. - The company has a substantial backlog of orders, with contract liabilities reaching 4.536 billion, a 52.07% increase compared to the end of 2024, laying a solid foundation for future revenue growth [12][10]. - The company is expanding its product line and enhancing its advanced packaging business, with several new products achieving customer certification and entering mass production [12][10]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.954 billion, a year-on-year increase of 54.25%. The net profit attributable to the parent company was 94 million, a decrease of 26.96%, while the non-recurring net profit increased by 91.35% to 38 million. The gross margin was 31.96%, down 15.1 percentage points year-on-year [6][12]. - In Q2 2025, the company reported revenue of 1.245 billion, a year-on-year increase of 56.64%, and a net profit attributable to the parent company of 241 million, an increase of 103.37%. The non-recurring net profit surged by 240.42% to 218 million, with a gross margin of 38.82%, down 8.1 percentage points year-on-year [6][12]. Future Profitability Forecast - The company is expected to achieve net profits attributable to the parent company of 950 million, 1.29 billion, and 1.67 billion for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 55x, 41x, and 31x based on the current stock price [12][10].

Investment Rating - The report provides a "Buy" recommendation for the technology sector, specifically highlighting key stocks in electronics, computing, communication, and media [4][7]. Core Insights - The report identifies key stocks in the technology sector for September 2025, including GoerTek, Yutong Optical, Jiufang Zhitu, Meitu, Tianfu Communication, Huafeng Technology, Kaiying Network, and Giant Network [4][7]. - GoerTek is positioned for long-term growth through investments in AI smart hardware and AR/VR, with a focus on XR optics and smart wearable devices [9]. - Yutong Optical is recognized as a leader in the security lens market, with strong growth potential in automotive lenses and molded glass [10]. - Jiufang Zhitu is noted for its leadership in online high-end investment education services, with a robust talent pool and multiple growth drivers [11]. - Meitu has successfully transitioned to a subscription model and is leveraging its aesthetic expertise to expand globally [12]. - Tianfu Communication is expected to benefit from the growth of high-speed optical engines and new product forms [12]. - Huafeng Technology is positioned to capitalize on the strong demand for AI applications and high-performance connectivity solutions [12]. - Kaiying Network is set to drive growth through new game launches and AI technology integration [15]. - Giant Network is experiencing significant growth in user engagement and revenue from its popular game titles [16]. Summary by Category Electronics - GoerTek: Focus on AI smart hardware and strategic partnerships with leading tech companies [9]. - Yutong Optical: Market leader in security lenses with growth in automotive and new consumer segments [10]. Computing - Jiufang Zhitu: Leading online investment education firm with a strong operational model and talent base [11]. - Meitu: Transitioned to subscription services with a focus on aesthetic technology and global expansion [12]. Communication - Tianfu Communication: Growth in high-speed optical products and new customer acquisition [12]. - Huafeng Technology: Strong demand for AI applications and high-performance connectivity solutions [12]. Media - Kaiying Network: New game launches and AI integration expected to drive revenue growth [15]. - Giant Network: Significant user engagement and revenue growth from popular game titles [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 7.327 billion yuan for the first half of 2025, representing a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 479 million yuan, up 9.61% year-on-year [2][6] - The gas sales business is recovering, with a 14.12% year-on-year increase in gas sales revenue, while the petrochemical product revenue grew by 50.28% [12] - The company is actively expanding into overseas markets, achieving a 78.89% year-on-year growth in overseas sales [12] - The gross profit margin for Q2 2025 was 20.05%, a decrease of 1.44 percentage points year-on-year, but is expected to recover in the second half of 2025 [12] - Operating cash flow improved significantly, reaching 1.215 billion yuan in H1 2025, an increase of 97.84% year-on-year [12] Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 73.27 billion yuan, with Q2 revenue at 37.63 billion yuan, both showing positive year-on-year growth [2][6] - The net profit for H1 2025 was 4.79 billion yuan, with Q2 net profit at 2.53 billion yuan, indicating consistent profitability [2][6] Business Segments - The gas sales business showed a year-on-year increase of 14.12%, while the engineering contracting business saw a decline of 44.05% [12] - The company maintained a leading position in the domestic market for petrochemical equipment, with a record contract amount of 8.41 billion yuan in H1 2025 [12] Market Expansion - The company has made significant strides in overseas markets, with a notable increase in sales and the establishment of subsidiaries in Southeast Asia [12] - The gross margin for overseas sales improved by 5.34 percentage points, benefiting from competitive pricing and tax rebate policies [12] Future Outlook - The company anticipates a steady increase in gas sales volume and the successful development of new business areas such as standard gases and medical gases in H2 2025 [12] - Projected net profits for 2025-2027 are estimated at 1.055 billion, 1.230 billion, and 1.453 billion yuan, respectively, with corresponding PE ratios of 23, 20, and 17 times [12]

丨证券研究报告丨 港股研究丨公司点评丨北控水务集团（0371.HK） [Table_Title] 北控水务集团 2025H1 业绩点评：减值拖累利 润，中期每股派息额提升 5.0% 报告要点 [Table_Summary] 北控水务集团发布 2025 年中报，2025H1 公司实现营业收入 104.6 亿元，同比下降 7.5%；归 母净利润 8.97 亿元，同比下降 20.0%。2025 年中期每股派息 7.35 港仙，较去年同期的 7.0 港 仙增长 5.0%。运营业务经营稳定，建造收入继续下滑改善收入结构，资产减值拖累公司业绩， 财务费用持续优化。资本开支大幅下降，现金流向好趋势不变。 分析师及联系人 [Table_Author] SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Tit ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In the first half of 2025, the company achieved operating revenue of 5.763 billion yuan, a year-on-year decrease of 1.05%, while the net profit attributable to the parent company was 967 million yuan, an increase of 8.99% [2][6] - The second quarter alone saw operating revenue of 3.162 billion yuan, a year-on-year increase of 1.73%, and a net profit of 547 million yuan, up 8.03% year-on-year [2][6] - The company has improved operational efficiency, with key metrics such as waste incineration power generation and grid connection power generation increasing by 2.60% and 3.51% respectively [12] - The completion of the acquisition of Yuefeng has significantly boosted profits in the solid waste segment, contributing an additional 110 million yuan to net profit [12] Summary by Sections Financial Performance - The solid waste business generated revenue of 2.949 billion yuan, down 3.36%, but net profit increased by 24.51% to 724 million yuan due to the consolidation of Yuefeng [12] - The energy business reported revenue of 1.865 billion yuan, a slight increase of 0.71%, while the water supply and drainage businesses maintained stable revenues of 458 million yuan and 334 million yuan, respectively [12] Operational Efficiency - The company has seen continuous improvement in operational metrics, with external heating volume increasing by 41.60% [12] - The comprehensive plant electricity consumption rate decreased by 0.77 percentage points to 12.64% [12] Cost Management - There is significant potential for cost reduction through lower financial expenses and the expansion of external heating projects [12] - The company has reduced financial expenses by approximately 1.3 billion yuan, with financing rates decreasing from 2.75%-4.75% to 2.50%-4.00% [12] Future Outlook - The company expects to recover over 2 billion yuan in accounts receivable by the end of the year, improving cash flow [12] - Capital expenditures are projected to decrease by 20.11% year-on-year to approximately 893 million yuan [12] - The company anticipates net profits of 1.9 billion yuan, 2.21 billion yuan, and 2.49 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.5x, 9.9x, and 8.8x [12]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company has experienced significant growth in revenue and net profit, with a revenue of 1.105 billion yuan, representing a year-on-year increase of 128.26%, and a net profit of 151 million yuan, up 940.64% year-on-year [4][8]. - The demand for high-speed connectors is expected to grow due to the increasing needs in AI computing and the automotive sector, particularly in electric vehicles [4][8]. - The company is projected to achieve net profits of 353 million yuan, 668 million yuan, and 873 million yuan for the years 2025 to 2027, respectively [2][8]. Summary by Sections Company Overview - The company has capitalized on the accelerating global digitalization and energy transition, leading to a robust performance in its communications and new energy vehicle sectors [8]. Financial Performance - The company reported a significant increase in both revenue and net profit for the first half of 2025, driven by strong performance in its communications and industrial new energy vehicle businesses [4][8]. - The company’s R&D investment reached 64.974 million yuan, a 27.31% increase year-on-year, focusing on high-speed and system-level innovations [8]. Market Opportunities - The global market for backplane connectors is expected to reach 3.69 billion USD by 2031, driven by AI server demands [8]. - The automotive high-frequency and high-speed connector market in China is projected to reach 13.62 billion yuan by 2025, fueled by the rise of smart driving and smart cockpit applications [8]. Strategic Initiatives - The company is enhancing its strategic positioning in communications, defense, and industrial sectors, focusing on high-speed connector advantages and expanding its client base [8]. - The company is also pursuing technological breakthroughs in high-speed products and system-level interconnect solutions for emerging fields like low-altitude economy and AI [8].