证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 富安娜（002327.SZ） 电商渠道：2025H1 电商业务营收降幅较小，产品结构优化带动毛利率提升。 2025H1 公司电商业务营收同比下降 5.01%至 5 亿元，毛利率同比提升 2.89pcts 至 49.41%，电商毛利率持续提升，展望 2025H2 公司将重点聚焦大单品战略，集 中资源加大大单品推广力度，同时通过精细化运营提升大单品市场占有率和毛利 率。 公司推动库存去化以及应收账款回流，2025H1 经营活动现金流大幅增长。截止 2025H1 公司存货金额同比下降 6.6%至 7.6 亿元（较年初持平），公司应收账款金 额同比增长 10.9%至 2.8 亿元（较年初下降 50%），面对波动的消费环境，公司加 大库存管控力度，同时持续推进应收账款回流，2025H1 公司经营性现金流净额同 比大幅增长 210.8%至 2.9 亿元。 展望 2025 全年，我们预计公司业绩下滑 30%左右。家纺品类作为可选性较强的 品类，需求恢复速度相对较慢，同时 2025 年富安娜持续推进库存去化，结合上半 年的经营表现，我们 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a turnaround in Q2 with a revenue of 4.91 billion yuan, a year-on-year increase of 8.72%, and a net profit of 3.7 million yuan, marking a significant recovery [1] - The company is actively advancing its "AI + Security" strategy, with a strong demand for integrated AI computing machines and a reported business opportunity of nearly 100 million yuan [3] - The company has improved its revenue quality, with a gross margin of 67.41%, up 4.11 percentage points year-on-year, due to a focus on core business and control of low-margin projects [2] Financial Performance - In the first half of 2025, the company reported a revenue of 8.26 billion yuan, a decrease of 5.38% year-on-year, and a net loss of 65 million yuan, which is a 68.56% reduction in losses compared to the previous year [1] - The company expects revenues for 2025-2027 to be 30.46 billion, 33.18 billion, and 36.44 billion yuan respectively, with net profits projected at 1.79 billion, 2.33 billion, and 3.07 billion yuan [4] - The company’s R&D expense ratio was 36.26%, down 4.33 percentage points year-on-year, while management and sales expense ratios also saw declines [2] Market Opportunities - The company has received orders for integrated AI computing machines exceeding 8 million yuan, with over 5 million yuan in revenue already recognized [3] - The application of AI technology is expected to significantly enhance production and operational efficiency, with 61% of clients planning to purchase AI-based security products and services in the next 1-3 years [3]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 业绩稳健增长，龙头竞争力有望持续提升 公司发布 2025 年半年报。2025 年上半年，公司实现营业收入 117.22 亿 元，同比-0.3%；归母净利润 8.8 亿元，同比+10.3%；扣非归母净利润 8.57 亿元，同比+9.1%。2025Q2，公司实现营业收入 57.13 亿元，同比 -1.4%；归母净利润 4.31 亿元，同比+10.1%；扣非归母净利润 4.19 亿 元，同比+8.5%。 经营稳步推进，龙头优势持续加强。2025 年上半年公司毛利率为 40.47%， 同比提高 0.42pct；公司净利率为 8.07%，同比提高 0.76pct。2025Q2 公 司毛利率为 41.34%，同比提高 0.46pct；公司净利率为 7.92%，同比提高 0.77pct。公司坚持直营为主的营销模式，区域拓展以"巩固中南华东华北， 拓展全国市场"为发展目标，立足于中南华东华北市场，在上述区域密集 开店，形成旗舰店、区域中心店、中型社区店和小型社区店的多层次门店 网络布局，深耕区域市场，通过门店网络广度和深度扩展，品牌渗透 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [2]. Core Views - The report highlights a bullish outlook for precious metals, particularly silver, driven by rising interest rate cut expectations and a weakening dollar, with silver prices reaching new highs [1][34]. - For industrial metals, the report is optimistic about copper prices due to macroeconomic easing and seasonal demand, while aluminum prices are expected to fluctuate in the short term [1][4]. - Energy metals, particularly lithium, are experiencing price declines amid weaker market sentiment, although demand remains stable due to seasonal factors [1][24]. Summary by Sections Precious Metals - Silver prices have surged, with COMEX silver reaching $40.75 per ounce, marking a significant technical breakout [1][34]. - Gold prices are also approaching $3,500 per ounce, with expectations of inflation rising in the U.S. economy [1][34]. Industrial Metals - Copper: The report anticipates a price increase due to macroeconomic easing and seasonal demand, with global refined copper production expected to rise by 3.6% year-on-year [1][4]. - Aluminum: The report notes a slight increase in theoretical operating capacity in China's aluminum industry, but anticipates price fluctuations due to mixed production adjustments [1][4]. Energy Metals - Lithium: Prices have declined, with battery-grade lithium carbonate dropping to 80,000 yuan per ton, while production and inventory levels are also decreasing [1][24]. - Metal Silicon: The report indicates stable supply and demand dynamics, with short-term price fluctuations expected [1][24]. Key Stocks - The report recommends several stocks in the non-ferrous metals sector, including: - Shandong Gold (Buy) with an EPS forecast of 1.75 yuan for 2027 [3]. - Chifeng Jilong Gold Mining (Buy) with an EPS forecast of 2.01 yuan for 2027 [3]. - China Hongqiao Group (Buy) with an EPS forecast of 2.83 yuan for 2027 [3].

Investment Rating - The report suggests a positive outlook for the computing industry, indicating that the sector is significantly undervalued, particularly in computing services [1][16][31]. Core Insights - The computing service sector has seen hardware investments surge, with representative hardware stocks experiencing price increases of over 100%, and some even reaching 200-300% [1][11]. - Major companies like Microsoft, Meta, and Google have significantly increased their capital expenditures, indicating strong demand for computing infrastructure [12][13][14]. - Domestic semiconductor manufacturer SMIC is expanding its production capacity, contributing to a favorable outlook for the domestic computing supply chain [14][15]. - Alibaba is expected to correct its cloud service expectations, with its capital expenditures reaching a historical high and AI-related product revenues growing significantly [18][19][20]. Summary by Sections Computing Market Dynamics - The computing hardware market has seen substantial growth, with many stocks increasing by over 100% since June [1][11]. - The demand for computing services, including cloud services and data centers, remains strong, with growth rates for these services lagging behind hardware [16][31]. Major Players and Developments - CoreWeave has successfully validated the computing rental business model, demonstrating a shift from capital expenditures (Capex) to operational expenditures (Opex) among clients [24][26]. - Equinix is expanding its data center operations globally, showing improved operational efficiency and profitability [27][29]. - Oracle's cloud business is experiencing significant growth, with a projected increase in cloud infrastructure revenue [30]. Investment Opportunities - The report highlights several companies to watch in the core computing sector, computing rental, cloud services, and IDC providers, indicating potential investment opportunities [7][31][32].

Investment Rating - Maintain "Buy" rating for the optical communication sector, particularly for leading companies like Zhongji Xuchuang and Xinyi Sheng [4][11]. Core Insights - The report emphasizes the ongoing expansion of AI computing power globally, driven by Nvidia's strong financial performance, which enhances the valuation of upstream optical modules and related industries [8][21]. - The Chinese overseas computing power supply chain is transitioning from "performance realization" to "expectation amplification," indicating a secondary market rally [3][8]. - The optical communication industry is poised for a new growth opportunity due to technological iterations and demand upgrades, particularly in the context of the Scale-up trend [21][24]. Summary by Sections Investment Strategy - Focus on the optical communication sector, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][14]. Market Review - The communication sector has seen an increase, with the optical communication index performing the best, showing a rise of 29.5% [19][20]. Key Developments - Nvidia's recent financial results have reinforced expectations for AI expansion, with Q2 revenue reaching $46.7 billion, a 56% year-on-year increase [25]. - The data center segment is experiencing robust growth, with revenues of $41.1 billion, reflecting a 56% year-on-year increase [25]. - The importance of networking is highlighted, with optical interconnects expected to be a key technology supporting the Scale-up architecture [25][26]. Performance Realization - Leading optical module companies have reported significant growth, with Xinyi Sheng's revenue increasing by 282.64% year-on-year and net profit by 355.68% [26]. - The global market for Ethernet optical modules is projected to exceed $30 billion by 2030, with nearly $20 billion attributed to AI clusters [26][6]. Structural Opportunities - The report identifies structural opportunities in optical fibers and cables, particularly in high-density short-distance applications [27]. - Innovations such as hollow-core fibers are being piloted, with Microsoft planning to deploy 15,000 kilometers of hollow-core fiber within two years [27]. Recommendations - The report continues to favor the computing power sector, recommending investments in leading optical module companies and related firms in the domestic computing power supply chain [8][28].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has significantly reduced its losses and is entering a new phase of growth, with a revenue of 700 million yuan in 2025H1, representing a year-on-year increase of 22.3% [1]. - The company is focused on the "AI + Manufacturing" sector, launching a comprehensive range of AI products and solutions that span the entire manufacturing chain [1][2]. - The company is expected to achieve a revenue of 1.5 billion, 1.9 billion, and 2.2 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19.6%, 27.6%, and 20.6% [3][12]. Financial Performance - The company recorded a non-GAAP net loss of 7 million yuan in 2025H1, a reduction of 82.1% year-on-year, with a non-GAAP net loss margin of approximately 1.0% [1]. - The projected non-GAAP net profit for 2025, 2026, and 2027 is 5 million, 61 million, and 144 million yuan, respectively, indicating substantial growth [3][12]. - The company’s revenue is expected to recover from a decline in 2024, with a forecasted revenue of 1.462 billion yuan, up from 1.222 billion yuan in 2024 [5][12]. Market Position - The company ranks third in the Chinese computer vision and machine learning platform markets, and seventh in the large model application market according to IDC data [1]. - Strategic partnerships have been established with industry leaders such as Bentley, KUKA, and Alibaba DingTalk to expand the AI + manufacturing ecosystem [2].

Investment Rating - The report maintains a rating of "Buy" for companies such as Beixin Building Materials and China Jushi, while recommending "Overweight" for Weixing New Materials [9][10]. Core Insights - The construction materials sector experienced a decline of 2.02% from August 25 to August 29, 2025, with cement down 3.21% and glass manufacturing down 2.52%. However, fiberglass manufacturing saw an increase of 4.90% [1][12]. - Recent policy adjustments in Shanghai aim to optimize the real estate market, including reducing housing purchase limits and improving housing credit policies, which may positively impact the construction materials sector [2][3]. - The report highlights a potential recovery in municipal engineering projects due to increased local government bond issuance, which rose by 3.2% month-on-month and 70.7% year-on-year in July 2025 [2][3]. Cement Industry Summary - As of August 29, 2025, the national cement price index was 337.65 CNY/ton, a decrease of 1.12% from the previous week. Cement output was 2.56 million tons, down 4.53% week-on-week [3][17]. - The cement industry is currently facing a demand bottoming out, with production cutbacks being implemented to stabilize prices around the breakeven point [2][3]. Glass Industry Summary - The average price of float glass was 1189.67 CNY/ton, down 1.34% from the previous week, with inventory levels remaining high despite some demand recovery [6][7]. - The report notes that the supply-demand imbalance in the float glass market is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [2][6]. Fiberglass Industry Summary - The fiberglass market is showing signs of recovery, with prices stabilizing after a price war. Demand from the wind power sector is expected to increase significantly in 2025 [2][7]. - The report emphasizes structural opportunities in the fiberglass sector, particularly with the anticipated growth in wind power installations [2][7]. Consumer Building Materials Summary - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials being highlighted for their growth potential [2][6]. - The report indicates a weak recovery in consumer building materials demand, influenced by seasonal factors and price sensitivity [6][7]. Carbon Fiber Industry Summary - The carbon fiber market is experiencing stable prices, with production levels maintaining at 1852 tons and an operating rate of 61.52% [8]. - The report notes that downstream demand is slowly recovering, with growth expected in sectors such as wind energy and hydrogen storage [8].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 中联重科（000157.SZ） Q2 扣非归母净利润增长接近 50%，表现亮眼 公司发布 2025 年半年度报告。今年上半年公司实现营业收入 248.55 亿 元，同比增长 1.30%；归属于母公司净利润 27.65 亿元，同比增长 20.84%。 今年单 2 季度，公司扣非后归母净利润 10.51 亿元，同比增长接近 50%。 混凝土、起重机市场地位稳固。混凝土机械、工程起重机械、建筑起重机 械三大传统优势产品线，公司坚守稳健发展战略，统筹优化全局资源配置， 全面推进海外转型。三大产品线国内市场地位稳固，新能源搅拌车、履带 吊产品实现翻番增长。海外业务规模与市场地位持续提升，三大产品线整 体出口销售规模同比增幅超 13%。 土方机械全场景产品矩阵筑优势，实现海内外市场双增长。土方机械通过 全面完善微小挖型谱、全方位提升中大挖性能、引领超大吨位绿色矿山技 术，已构建覆盖全场景的产品矩阵，形成行业领先的竞争力。国内市场方 面，销售模式切换为经销模式，产品结构持续优化，中大挖市占率位居行 业前列。海外市场方面，深耕全球化布局 ...