证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 东软睿新集团（09616.HK） 上半年业绩受收入节奏确认影响，全年营收预计保持增长 事件：公司发布 2025 半年报。公司 2025H1 营收同减 4.5%至 9.25 亿元，经调整归 母净利同减 26.3%至 2.04 亿元（调整股权激励费用、上市开支以及汇兑损益）。公司 2025H1 毛利率同减 9.7PCTs 至 43.0%；销售费用率同减 0.30PCTs 至 1.91%；管理费 用率同减 0.06PCTs 至 11.60%；研发费用率同减 0.73PCTs 至 1.40%，经调整净利率 同减 6.5PCTs 至 22.1%。 学历职业教育业务受收入节奏确认影响，学生人数持续增长。公司目前分别在大连、成 都以及佛山运营三所民办本科高校，学校、专业行业名列前茅。2025H1 公司全日制高 等学历教育业务营收同减 2.9%至 7.80 亿元，主要是由于教学日历差异导致的收入波 动，预计 H2 该影响消除。人数方面，2025/2026 获批学额达 2.14 万人，较 2024/2025 学年增长 6.0%（其中成都学 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 山西焦煤（000983.SZ） 资源禀赋优势依旧，半年度分红回馈市场 公司发布 2025 年半年度 业绩公告。2025H1 公司营业收 入 180.53 亿元，同比减少 16.3%；归母净利润 10.14 亿 元，同比减少 48.44%；25Q2 公司营业收入 90.28 亿元， 同比减少 18.06%；归母净利润 3.33 亿元，同比减少 67.26%。 25H1 公司煤炭业务收入 103.9 亿元，同比-13.48%； 煤炭业务成本 54.5 亿元，同比-0.82%。电力业务毛利 恢复，25H1 公司电力业务收入 31.5 亿元，同比- 5.24%，电力业务成本 28.8 亿元，同比-12.6%，毛利 率同比+7.66%。 煤炭资源禀赋优势突出。截至 2024 年末，公司共拥有 17 座矿井，其中：在产矿井 16 座，在建矿井 1 座；煤炭资 源储量 65.30 亿吨。此外，公司于 2024 年 10 月 23 日通 过公开竞买的方式获取了山西省吕梁市兴县区块煤炭及 共伴生铝土矿探矿权，煤炭资源储量 9.53 亿吨， ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown impressive growth with a revenue increase of 45.6% year-on-year to 770 million yuan in H1 2025, and a net profit increase of 42.5% to 110 million yuan [1][2] - The company is in a phase of rapid channel expansion, particularly in new channels such as membership stores and e-commerce, which are driving significant growth [2][4] - The company is expected to maintain strong revenue growth rates of 38.5%, 26.8%, and 16.7% for the years 2025, 2026, and 2027 respectively, reaching revenues of 1.64 billion, 2.08 billion, and 2.42 billion yuan [4][10] Revenue and Profitability - In Q2 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 52.4%, with a net profit of 60 million yuan, up 77.0% year-on-year [1][2] - The gross margin for H1 2025 decreased by 3.3 percentage points to 27.6%, while the net profit margin remained relatively stable at 14.1% [3] - The company’s online channel revenue grew by 153.3% year-on-year to 24.375 million yuan, indicating significant potential for further expansion [2] Channel Development - The company is successfully expanding its presence in membership stores and e-commerce, with strong performance in Sam's Club and other emerging channels [2][4] - The company has demonstrated strong product development capabilities, particularly in the snack category, which is expected to drive future growth [4] Financial Projections - The company is projected to achieve net profits of 227 million, 284 million, and 341 million yuan for the years 2025, 2026, and 2027, reflecting growth rates of 44.6%, 24.8%, and 20.3% respectively [4][10] - The earnings per share (EPS) is expected to increase to 0.53, 0.66, and 0.80 yuan for the years 2025, 2026, and 2027 [10]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 101.28 billion yuan in the first half of 2025, representing a year-on-year growth of 8.45%, and a net profit attributable to shareholders of 3.25 billion yuan, up 42.15% year-on-year [1]. - The company continues to lead globally in LCD shipments, optimizing product structure and enhancing its competitive edge in high-end flagship products [2]. - The company is accelerating its OLED production capacity and innovating high-end solutions, with significant increases in flexible OLED product shipments [3]. - The company has implemented a shareholder return plan for 2025-2027, including cash dividends and share buybacks, to enhance shareholder value [4]. Financial Performance - For the first half of 2025, the company reported a revenue of 101.28 billion yuan and a net profit of 3.25 billion yuan, with a quarterly revenue of 50.68 billion yuan in Q2 2025, showing a year-on-year increase of 6.70% [1]. - The company forecasts revenues of 215.99 billion yuan, 239.57 billion yuan, and 264.06 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.42 billion yuan, 13.28 billion yuan, and 15.38 billion yuan [4][6]. - The company's current PB valuation is approximately 1.1 times for 2025 [4]. Market Position and Strategy - The company has maintained its leading position in the semiconductor display field, with the highest shipment volumes in major application areas such as mobile phones and televisions [2]. - The company is actively integrating industry assets through investments and share buybacks, enhancing control over quality production lines [2]. - The company is focusing on high-end flexible display solutions and expanding into automotive and IT applications [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Viewpoints - The company has shown positive growth in overseas sales of gaming and amusement equipment, while domestic sales are undergoing an adjustment period. The release of new products has contributed to revenue growth [2][3]. - The company is actively exploring strategic expansion directions, including the launch of IP operation and music labels, which aim to enhance user engagement and diversify entertainment experiences [5][6]. Financial Overview - In the first half of 2025, the company achieved revenue of 481 million yuan, a year-on-year increase of 4.12%. The net profit attributable to the parent company was 34.98 million yuan, a decrease of 2.84% year-on-year [1]. - For Q2 2025, the company reported revenue of 296 million yuan, a year-on-year increase of 19.96% and a quarter-on-quarter increase of 60.00%. The net profit attributable to the parent company was 23.55 million yuan, a year-on-year increase of 46.94% and a quarter-on-quarter increase of 106.04% [1]. Segment Performance - Domestic sales of gaming and amusement equipment decreased by 2.81% year-on-year to 238 million yuan in H1 2025, while the gross margin improved by 3.36 percentage points to 29.22% [2]. - The company's anime IP derivative products generated sales of 166 million yuan in H1 2025, reflecting a year-on-year growth of 14.51%. The successful launch of the new product "Pokémon: Shining Star" in Q2 contributed to record sales in this segment [3]. - The amusement park operation business generated revenue of 53.49 million yuan in H1 2025, a year-on-year increase of 1.87%. The company is focusing on a differentiated "equipment + operation + service" ecosystem to maintain regional competitive advantages [4]. Future Outlook - The company is expected to achieve revenues of 1.1 billion yuan, 1.165 billion yuan, and 1.24 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.1%, 5.9%, and 6.4% [6][7]. - The net profit attributable to the parent company is projected to be 92 million yuan, 103 million yuan, and 116 million yuan for the same years, with growth rates of 8.5%, 12.4%, and 12.0% [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 34.5% year-on-year for H1 2025, reaching 1.16 billion yuan, although net profit decreased by 21.0% to 50 million yuan [1][2] - The growth in revenue is primarily attributed to an increase in order volume, with domestic sales showing a remarkable growth of 532.8% year-on-year [2] - Despite the revenue growth, the company's profitability remains under pressure, with a gross margin decline of 2.5 percentage points to 14.4% in H1 2025 [2] Financial Performance Summary - **Revenue Breakdown**: In H1 2025, revenue from air fryers and ovens was 980 million yuan (+25.6%), coffee machines 50 million yuan (-6.4%), and environmental appliances 10 million yuan (+405.8%) [2] - **Profitability Metrics**: The net profit margin for H1 2025 was 4.3%, down 3.4 percentage points year-on-year, while the net profit for Q2 2025 was 40 million yuan, a decrease of 33.1% [2] - **Expense Ratios**: The selling, general, and administrative expenses increased, with sales expenses at 2.8%, management expenses at 3.5%, and R&D expenses at 2.7% [2] Earnings Forecast and Investment Advice - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 138 million yuan in 2025, 166 million yuan in 2026, and 195 million yuan in 2027, reflecting a year-on-year change of -1.3%, +20.4%, and +17.7% respectively [2]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The association has released a draft initiative to promote the healthy development of lithium iron phosphate (LFP) materials, which are crucial for the growing demand in the new energy vehicle and energy storage sectors. As of the first half of 2025, China's LFP production capacity accounts for over 95% of the global total. However, the industry faces challenges such as low capacity utilization and ongoing losses for many companies due to significant capacity expansion and volatile lithium resource prices [1][2] - The initiative includes four key recommendations: resisting malicious price competition, building a healthy supply chain ecosystem, strengthening capacity self-discipline management, and accelerating the elimination of inefficient capacity to optimize the industry structure [2] - In the first half of 2025, LFP battery installations in China accounted for over 81% of total installations, with a year-on-year shipment growth of 67%. The leading market player, Hunan Youneng, holds a 30% market share with a production of 400,000 tons [3] Summary by Sections Industry Overview - The demand for lithium iron phosphate has been rising due to the booming new energy vehicle and energy storage industries. The production capacity in China is projected to exceed 95% of the global total by mid-2025 [1] Recommendations from the Initiative 1. **Resist Malicious Price Competition**: Establish a cost price index for LFP products to provide objective pricing references [2] 2. **Build a Healthy Supply Chain Ecosystem**: Encourage long-term agreements and collaboration among upstream and downstream companies to mitigate raw material price volatility [2] 3. **Strengthen Capacity Self-Discipline Management**: Implement dynamic control of capacity utilization, with measures to pause new capacity investments if utilization falls below 70% [2] 4. **Accelerate Elimination of Inefficient Capacity**: Shift competitive focus from price to technology, product performance, and service improvement [2] Market Performance - In the first half of 2025, LFP battery installations reached 244.0 GWh, representing a 73% year-on-year increase. The top ten companies showed significant production growth, with some exceeding 200% [3]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 14.97 billion RMB and a net profit of 3.18 billion RMB for H1 2025, representing year-on-year growth of 15% and 8% respectively [1] - The company expects revenue growth of 10% to 15% and net profit growth in the single digits for 2025, with projected net profits of 6.56 billion RMB, 7.31 billion RMB, and 8.02 billion RMB for 2025, 2026, and 2027 respectively [5] Revenue and Profitability - In H1 2025, the company's gross margin was 27.1%, down from 29.0% in H1 2024, primarily due to rising labor costs [2] - The net profit margin decreased by 1.4 percentage points to 21.2% in H1 2025 [2] Customer and Sales Performance - Sales to the top four customers (Uniqlo, Nike, Adidas, PUMA) were 4.33 billion RMB, 3.44 billion RMB, 2.99 billion RMB, and 1.53 billion RMB respectively, with year-on-year growth rates of 27%, 6%, 28%, and 15% [3] - The company achieved sales of 2.67 billion RMB from other customers, reflecting an 8% year-on-year increase [3] Capacity and Production - The company has increased hiring and optimized production management to enhance capacity utilization and expand overseas production [4] - New production facilities in Vietnam and Cambodia are expected to contribute significantly to capacity in the medium to long term [4] Financial Projections - The company anticipates a stable growth trajectory for revenue and comparable profit margins in 2025, with a projected revenue of 32.13 billion RMB [6] - The estimated P/E ratio for 2025 is 12.5 times, indicating a favorable valuation compared to historical performance [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved steady growth in the first half of 2025, with revenue of 3.02 billion yuan, a year-on-year increase of 13.8%, and a net profit of 500 million yuan, up 17.3% year-on-year [1]. - The company is focusing on three core business areas: consumer electronics, automotive optics, and AR/VR, expanding its product matrix from components to modules and solutions [1][4]. - The company is committed to R&D innovation, with R&D investment reaching 190 million yuan in the first half of 2025, a year-on-year increase of 9.2% [4]. Summary by Sections Consumer Electronics - In the first half of 2025, the consumer electronics segment generated revenue of 2.54 billion yuan, a year-on-year increase of 12.8%, with a gross margin of 29.5% [2]. - The company is enhancing cooperation with major North American and Korean clients, optimizing product structure, and expanding its production capacity in Vietnam [2]. - The semiconductor optics segment is also expanding into new applications, maintaining a strong market share in key products [2]. Automotive Optics and AR/VR - The automotive electronics (AR+) business achieved revenue of 240 million yuan in the first half of 2025, a year-on-year increase of 79.1% [3]. - The company has made significant breakthroughs in AR-HUD technology and is expanding its market presence through collaborations with major domestic clients [3]. - In the AR/VR sector, the company has achieved key breakthroughs in reflective and diffractive waveguide technologies, positioning itself to capture market opportunities in smart glasses [3]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.59 billion yuan, 9.02 billion yuan, and 10.35 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.9%, 18.8%, and 14.8% [4][6]. - The expected net profits for the same years are 1.27 billion yuan, 1.57 billion yuan, and 1.83 billion yuan, with growth rates of 23%, 24%, and 16% [4][6]. - The current stock price corresponds to a PE ratio of 30, 24, and 21 for 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved significant growth in H1 2025, with revenue reaching 839.39 billion yuan, a year-on-year increase of 113.06%, and a net profit of 18.89 billion yuan, up 46.30% year-on-year [1][4]. - In Q2 2025, the company reported revenue of 489.42 billion yuan, reflecting a year-on-year growth of 111.24% and a quarter-on-quarter increase of 39.84%, with net profit at 10.47 billion yuan, up 52.70% year-on-year [2][4]. - The company's diverse business segments, particularly high-performance computing and smart terminals, are driving this robust performance, with high-performance computing contributing 61.9% to total revenue [2][4]. Summary by Sections Financial Performance - For H1 2025, the company’s revenue was 839.39 billion yuan, and net profit was 18.89 billion yuan, marking substantial growth [1]. - Q2 2025 results showed revenue of 489.42 billion yuan and net profit of 10.47 billion yuan, both setting new quarterly records [2]. Business Segments - High-performance computing accounted for 61.9% of total revenue, while smart terminals contributed 32.8% [2]. - The AIoT and other segments, including automotive and industrial products, made up 4.0% and 1.3% of total revenue, respectively [2]. Research and Development - The company invested 29.6 billion yuan in R&D in H1 2025, a 30.1% increase year-on-year, with total R&D investment exceeding 147.5 billion yuan over the past three years [3]. - The establishment of the X-LAB innovation center focuses on cutting-edge technology research, enhancing the company's competitive edge [3]. Strategic Initiatives - The company has implemented a "3+N+3" strategy, focusing on core businesses of smartphones, PCs, and servers, while expanding into emerging fields like automotive electronics and robotics [4]. - Recent acquisitions, including an 80% stake in Yiluda and a 75% stake in Shenzhen Haocheng Intelligent, aim to enhance vertical integration and diversify business operations [4]. Financial Projections - Revenue projections for 2025-2027 are 1398.49 billion yuan, 1673.48 billion yuan, and 1972.44 billion yuan, with expected growth rates of 27.3%, 19.7%, and 17.9% respectively [4]. - Net profit forecasts for the same period are 37.73 billion yuan, 44.50 billion yuan, and 52.94 billion yuan, with growth rates of 28.9%, 18.0%, and 18.9% respectively [4].