Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance of the industry index to exceed the market performance by more than 5% over the next six months [6]. Core Viewpoints - The report highlights that the white liquor industry is experiencing a rational clearance of inventory, leading to a stabilization and improvement in the fundamentals. The net profit growth rate for major companies has declined significantly, with specific declines reported as follows: 37% for Jinshiyuan, 63% for Yanghe, 35% for Yingjia Gongjiu, and 71% for Kouzi Jiao [5]. - Central media has been promoting a correct consumption perspective, which is expected to help stabilize white liquor sales. The price of Feitian Moutai has stabilized after a rapid decline, with current prices reported at 1930 yuan for scattered sales and 1970 yuan for boxed sales as of August 26 [5]. - High-end liquor companies are maintaining a high dividend payout ratio, providing support for stock prices. As of August 25, the expected dividend yield for Kweichow Moutai is 3.8% and for Wuliangye is 4.6% [5]. - The report suggests that the current stabilization of the white liquor fundamentals, along with the upcoming Mid-Autumn Festival and National Day, may catalyze consumption growth. The focus is on three main lines: high-end liquor with relatively strong demand, mid-range liquor with ongoing national expansion, and local wines with solid market bases [5]. Summary by Sections - **Industry Performance**: The white liquor industry is facing challenges due to macroeconomic conditions, with a notable decline in net profits for major companies [5]. - **Market Dynamics**: The report indicates that the pricing dynamics in the white liquor sector are being affected by competition, but there are signs of stabilization in sales due to media influence on consumer behavior [4][5]. - **Investment Opportunities**: The report identifies potential investment opportunities in high-end liquor, mid-range liquor, and local wines, emphasizing the importance of dividend yields in supporting stock prices [5].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 47.08 yuan [1]. Core Insights - The company reported a revenue of 246 million yuan for the first half of 2025, a decrease of 7.97% year-on-year, while achieving a net profit attributable to shareholders of 52.88 million yuan, an increase of 8.40% year-on-year [3][6]. - The company continues to lead in the core trading system for the "Xin Chuang" (信创) sector, with the A5 system being implemented in 11 official projects [6][7]. - The company has successfully developed and launched several advanced trading systems and platforms, enhancing its product offerings in the financial industry [7]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 70.03%, an increase of 0.85 percentage points compared to the same period last year [6]. - The company’s operating expenses ratio decreased by 1.54 percentage points to 56.84%, with specific reductions in management and R&D expenses [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 239 million yuan, 297 million yuan, and 373 million yuan, respectively, with corresponding EPS of 1.16 yuan, 1.45 yuan, and 1.81 yuan [7][11]. Market Position and Growth Potential - The company is positioned to benefit from the increasing demand for "Xin Chuang" and AI capabilities in financial institutions, with expectations for continued growth in its core products [7]. - The company has established a strong foothold in the securities IT sector, with a leading market share in core trading systems [7][11]. - The company’s investment in product development and market expansion, particularly in the Hong Kong market, is expected to further enhance its growth trajectory [7].

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended (Maintain)" with a stock price of 12.25 CNY [1] Core Views - The report highlights that the company is returning cash dividends to shareholders and anticipates a rebound in performance driven by recovering coal prices [1][5] - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 744.36 billion CNY, down 19.9% year-on-year, and net profit at 77.05 billion CNY, down 21.3% year-on-year [4][7] - The report suggests that while coal prices have been under pressure, there are signs of recovery, with market coal prices rebounding since July 2025 [8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 744.36 billion CNY, a decrease of 19.9% year-on-year, and a net profit of 77.05 billion CNY, down 21.3% year-on-year [4] - The company plans to distribute a cash dividend of 0.166 CNY per share, with a cash dividend rate of 30% [4] Coal Business - The total coal sales volume for H1 2025 was 12.868 million tons, a decrease of 3.6% year-on-year, with coal business revenue at 605.68 billion CNY, down 22.1% year-on-year [7] - The company's self-produced coal sales volume increased slightly by 1.4% year-on-year, but the selling price dropped by nearly 20% [7] Coal Chemical Business - The coal chemical business reported revenue of approximately 93.6 billion CNY, down 13.6% year-on-year, with a gross profit of 14.2 billion CNY, down 36.0% year-on-year [8] - The report indicates that the company is accelerating the progress of ongoing projects to build a "coal-electric-chemical-new" integrated industrial chain [8] Market Outlook - The report notes that coal prices have started to recover, with the Qinhuangdao port Q5500 thermal coal price rising from a low of 609 CNY/ton to 704 CNY/ton as of August 22, 2025 [8] - The company is expected to benefit from its rich coal resources and ongoing project developments, which may lead to improved performance as coal prices rise [8]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company has demonstrated solid core business advantages, with distributed energy solutions opening up incremental growth opportunities [1]. - In the first half of 2025, the company achieved a revenue of 321 million yuan, representing a year-on-year growth of 43.15%, and a net profit attributable to shareholders of 46 million yuan, up 32.48% year-on-year [3][6]. Financial Performance Summary - **Revenue Growth**: The company’s revenue for the first half of 2025 was 321 million yuan, with the power prediction service contributing 205 million yuan (up 55.14%), while the smart grid control business saw a decline of 4.56% [6]. - **Profitability**: The net profit attributable to shareholders was 46 million yuan, with a non-recurring net profit of 43 million yuan, reflecting a growth of 53.52% [3][6]. - **Future Projections**: The company’s projected net profits for 2025-2027 are 124 million yuan, 164 million yuan, and 216 million yuan respectively, with corresponding EPS of 0.94, 1.24, and 1.63 yuan [5][7]. Business Segment Insights - **Power Prediction Services**: The company has expanded its power prediction service user base significantly, with a net increase of 1,116 new power station users in the first half of 2025, bringing the total to 5,461 [6][7]. - **Distributed Energy Solutions**: The company’s solutions for distributed energy management have been deployed across multiple provinces, enhancing its market presence [7]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 57.6, 43.6, and 33.2 respectively, indicating a favorable valuation trend as earnings grow [5][10].

公 司 报 告 食品饮料 2025年08月26日 推荐 ( 维持) 股价:44.3元 行情走势图 相关研究报告 【平安证券】今世缘（603369.SH）*年报点评*目标 制定理性，业绩稳健增长*推荐20250430 【平安证券】今世缘（603369.SH）*季报点评*主动 控制节奏，成长势能仍在*推荐20241031 证券分析师 事项： 今世缘发布2025年中报，1H25实现营收70亿元，同比-4.8%，归母净利22.3 亿元，同比-9.5%；2Q25实现营收19亿元，同比-29.7%，归母净利5.8亿元， 同比-37.1%。 今世缘(603369.SH) 理性出清，轻装前行 平安观点： 公 司 半 年 报 点 评 券 张晋溢 投资咨询资格编号 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

公 司 报 告 江苏银行(600919.SH) 营收亮眼，扩表积极 强烈推荐（维持） 股价：11.15 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.jsbchina.cn | | 大股东/持股 | 江苏省国际信托有限责任公司/6.98% | | 实际控制人 | | | 总股本(百万股) | 18,351 | | 流通 A 股(百万股) | 18,351 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 2,046 | | 流通 A 股市值(亿元) | 2,046 | | 每股净资产(元) | 13.59 | | 资产负债率(%) | 92.9 | 行情走势图 银行 2025 年 8 月 26 日 事项： 江苏银行 2025 年半年报，公司上半年实现营业收入 449 亿元，同比增长 7.8%， 实现归母净利润 202 亿元，同比增长 8.0%。截至 2025 年半年末，公司总资产 规模同比增长 27.0%，其中贷款规模同比增长 18.3%。 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

公 司 报 告 房地产 2025年08月26日 保利发展(600048.SH) 股价:8.3元 行情走势图 相关研究报告 【平安证券】保利发展（600048.SH）*年报点评*土 储结构优化，融资优势明显*推荐20250505 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 抢销售抢资金，投资精准资源优化 推荐 ( 维持) 事项： 公司公布2025年半年报，上半年实现营业收入1168.6亿元，同比下降16.1%， 归母净利润27.1亿元，同比下降63.5%，与业绩预告基本一致。 平安观点： 半 年 报 点 评 研 究 报 告 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 346,828 | 311,666 | 266,475 | 221,174 | 194,633 | | Y ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [1][14]. Core Views - The company is focusing on strategic deepening and fully embracing AI to accumulate momentum for future growth [1][9]. - Despite a decline in overall revenue, the company achieved significant profit growth, primarily due to changes in the accounting treatment of investments [4][8]. - The company continues to invest heavily in research and development, which is expected to support its competitive position in the market [8][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 2.426 billion yuan, a year-on-year decrease of 14.44%, while net profit attributable to shareholders reached 261 million yuan, a year-on-year increase of 771.57% [4][8]. - The company’s R&D expenditure for the first half of 2025 was 1.036 billion yuan, with an R&D expense ratio of 42.71%, reflecting a year-on-year increase of 1.75 percentage points [8][9]. - The gross profit margin for the first half of 2025 was 69.56%, down 1.76 percentage points year-on-year, but the company maintains a leading market position [8][9]. Revenue and Profit Forecast - The company’s projected net profits for 2025 to 2027 are 1.211 billion yuan, 1.449 billion yuan, and 1.756 billion yuan, respectively, with corresponding EPS of 0.64 yuan, 0.77 yuan, and 0.93 yuan [10][12]. - The report anticipates a recovery in revenue growth, with expected year-on-year increases of 7.1%, 9.1%, and 10.1% for 2025, 2026, and 2027, respectively [12][10]. Strategic Focus - The company is launching new core products and enhancing its technology systems, particularly in wealth management and asset management sectors [8][9]. - The company is also expanding its AI capabilities, integrating advanced models to improve efficiency across various business functions [9][10].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [8][13]. Core Insights - The company has demonstrated resilient revenue and profit growth despite challenges in the upstream real estate sector and tightening public finance expenditures. For the first half of 2025, the company reported revenue of 8.39 billion yuan, a year-on-year increase of 6.6%, and a net profit of 0.89 billion yuan, up 5.3% year-on-year [4][7]. - The company continues to strengthen its market position with a total managed area of 1 billion square meters and a third-party project ratio of 65.9% as of the first half of 2025, indicating an optimized business structure and accelerated marketization [7]. - The company has achieved significant growth in third-party property management services, with a revenue increase of 19.9% year-on-year in the first half of 2025, reflecting a successful expansion strategy [7]. Financial Summary - The company’s projected financial performance shows steady growth, with expected revenues of 17.68 billion yuan in 2025, representing an 8.2% year-on-year increase. Net profit is projected to reach 1.57 billion yuan, reflecting a 6.5% growth [6][10]. - Key financial metrics include a projected EPS of 2.84 yuan for 2025, with a corresponding P/E ratio of 12.0 times, indicating a favorable valuation compared to historical performance [6][11]. - The company maintains a solid balance sheet with a debt-to-asset ratio of 42.93%, suggesting a manageable level of financial leverage [4].

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a target price of 141 CNY per share [1]. Core Views - The company has seen a significant improvement in gross margin in Q2, with high-end flagship chips gradually entering the application stage. The overall gross margin reached 46.70%, an increase of 9.24 percentage points year-on-year [6][7]. - The company reported a revenue of 5.08 billion CNY in the first half of 2025, a decrease of 4.56% year-on-year, and a net profit attributable to shareholders of -0.24 billion CNY, indicating a reduction in losses [3][6]. - The company is focusing on high-end product lines, with products covering a range of switching capacities from 100Gbps to 25.6Tbps, and is well-positioned to benefit from the growing demand in the AI and data center markets [6][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.85 billion CNY, a year-on-year increase of 2.53% and a quarter-on-quarter increase of 27.78%. The net profit for the quarter was -0.08 billion CNY, showing an improvement of 83.29% year-on-year [6]. - The company’s gross margin and net margin for Q2 were 48.77% and -2.98%, respectively, reflecting a year-on-year increase of 11.74 percentage points and 15.31 percentage points [6]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are adjusted to 12.75 billion CNY, 17.14 billion CNY, and 21.98 billion CNY, respectively, with corresponding price-to-sales (P/S) ratios of 45.3X, 33.7X, and 26.3X [7]. - The company is expected to achieve profitability by 2026, with a projected net profit of 60 million CNY and 125 million CNY in 2027 [8][9]. Market Position and Strategy - The company is recognized as a rare Ethernet switch chip design enterprise in China, with a rich product lineup targeting the mid-to-high-end market. The demand for high-speed network communication devices is expected to rise due to the explosion of the AI industry [6][7]. - The company is benefiting from the trend towards domestic production and has established a first-mover advantage in the market, which is expected to enhance its market share in the future [7].