公 司 报 告 房地产 2025年08月31日 新城控股(601155.SH) 商业运营稳健，融资成本下行 推荐 ( 维持) 股价:14.83元 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2025年半年报，上半年实现营业收入221亿元，同比下降34.8%，归 母净利润8.9亿元，同比下降32.1%。 行情走势图 相关研究报告 【平安证券】新城控股（601155.SH）*季报点评*利 润呈现增长，商业运行稳健*推荐20250430 平安观点： 公 司 半 年 报 点 评 证 券 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) | 119,174 | 88,999 | 61,943 | 44,103 | 32,813 | | YOY(%) | 3. ...

计算机 2025年08月31日 达梦数据(688692.SH) 上半年业绩表现亮眼，市场地位持续巩固 公 司 报 告 推荐 ( 维持) 股价:285.99元 行情走势图 证券分析师 事项： 公司公告2025年半年报。2025年上半年，公司实现营业收入5.23亿元，同比 增长48.65%；实现归母净利润2.05亿元，同比增长98.36%；实现扣非归母净 利润1.89亿元，同比增长98.14%。 平安观点： 报 点 评 证 券 研 究 报 告 半 年 主要数据 行业 计算机 公司网址 www.dameng.com 大股东/持股 中国软件与技术服务股份有限公 司/18.91% 实际控制人 冯裕才 总股本(百万股) 113 流通A股(百万股) 73 流通B/H股(百万股) 总市值(亿元) 324 流通A股市值(亿元) 209 每股净资产(元) 30.40 资产负债率(%) 10.9 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 王佳一 投资咨询资格编号 S1060525070001 WANGJIAYI446@pingan.com.cn 黄韦涵 投资咨询资格编号 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10]. Core Views - The company has demonstrated steady growth in performance, with a revenue of 5.198 billion yuan for the first half of 2025, representing an 18.21% year-on-year increase, and a net profit attributable to shareholders of 332 million yuan, up 77.61% year-on-year [5][9]. - The company is focusing on continuous product research and development, with significant achievements in the first half of 2025, including a 13.13% increase in R&D expenditure to 695 million yuan, accounting for 13.37% of revenue [9][10]. - The company is expected to maintain stable growth in operating performance, with a diversified product layout showing initial results, particularly in the DDIC, CIS, and PMIC sectors [9][10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 872 million yuan, 1.342 billion yuan, and 1.811 billion yuan respectively, with corresponding P/E ratios of 55.9X, 36.3X, and 26.9X based on the closing price on August 29 [10]. - The company’s revenue and net profit are expected to grow at rates of 26.1% and 63.6% respectively in 2025, with a gross margin of 27.2% [12]. - The company’s total assets are projected to be 52.426 billion yuan in 2025, with a debt ratio of 49.0% [11][12].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that will exceed market performance by 10% to 20% over the next six months [1][8]. Core Views - The company's revenue has shown significant growth, with a 45.33% year-on-year increase in the first half of 2025, primarily driven by a substantial rise in wind turbine shipments. However, profitability remains under pressure due to previous intense price competition [4][7]. - The company has achieved a notable increase in wind turbine sales, with a total of 8.1 GW sold in the first half of 2025, representing a 102.04% year-on-year growth. The backlog of orders stands at 46.42 GW, indicating strong future sales potential [7][8]. - The successful ignition of the "Jupiter One," a 30 MW pure hydrogen gas turbine, marks a significant technological advancement for the company, which is also actively pursuing international markets for offshore wind turbines [7][8]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 171.43 billion yuan, a 45.33% increase year-on-year. However, the net profit attributable to shareholders decreased by 7.68% to 6.10 billion yuan, and the net profit after deducting non-recurring items fell by 12.68% to 4.85 billion yuan [4][7]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 16.20 billion, 26.04 billion, and 35.24 billion yuan, respectively, reflecting an expected recovery in profitability [8]. Market Position and Strategy - The company is experiencing a recovery in the wind turbine business, with expectations for improved profitability as the competitive pricing environment stabilizes [7][8]. - The company is expanding its international presence, particularly in offshore wind markets, and has established a cooperation intention with AP Power in the Philippines [7][8]. Future Outlook - The report anticipates a gradual recovery in the company's profitability due to stabilizing prices in the wind turbine sector and the potential of new technologies and international market expansion [7][8].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][14]. Core Views - The company achieved revenue of 16.142 billion yuan in the first half of 2025, representing a year-on-year increase of 29.51%, with a net profit attributable to shareholders of 3.208 billion yuan, up 14.97% year-on-year [4][9]. - The company continues to benefit from the domestic semiconductor equipment localization trend, with significant milestones in equipment delivery and new product launches enhancing its competitive position [9][10]. - The report forecasts net profits for 2025-2027 to be 7.411 billion yuan, 9.588 billion yuan, and 12.279 billion yuan respectively, with corresponding P/E ratios of 36, 28, and 22 [9][11]. Financial Performance Summary - Revenue projections for 2023A to 2027E are 22,079 million yuan, 29,838 million yuan, 39,685 million yuan, 51,590 million yuan, and 67,067 million yuan, with year-on-year growth rates of 50.3%, 35.1%, 33.0%, 30.0%, and 30.0% respectively [7][12]. - Net profit projections for the same period are 3,899 million yuan, 5,621 million yuan, 7,411 million yuan, 9,588 million yuan, and 12,279 million yuan, with year-on-year growth rates of 65.7%, 44.2%, 31.8%, 29.4%, and 28.1% respectively [7][12]. - The company reported a gross margin of 42.17% and a net margin of 19.83% for the first half of 2025, with stable expense ratios across sales, management, and financial costs [9]. Product and Market Positioning - The company has achieved significant milestones in equipment delivery, with over 1,000 units delivered for vertical furnaces and physical vapor deposition (PVD) equipment, alongside new product launches in ion implantation and electroplating [9][10]. - The company has established a comprehensive product lineup in etching, thin film deposition, and thermal processing equipment, with revenues from etching equipment exceeding 5 billion yuan and thin film deposition equipment exceeding 6.5 billion yuan in the first half of 2025 [9][10].

电子 闻泰科技(600745.SH) 战略调整，全面聚焦半导体业务 公 司 报 告 推荐 ( 维持) 股价:43.43元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.wingtech.com | | 大股东/持股 | 闻天下科技集团有限公司/12.37% | | 实际控制人 | 张学政 | | 总股本(百万股) | 1,245 | | 流通A股(百万股) | 1,245 | | 流通B/H股(百万股) | | | 总市值(亿元) | 541 | | 流通A股市值(亿元) | 541 | | 每股净资产(元) | 26.59 | | 资产负债率(%) | 46.8 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | | | XUYONG318@pingan.com.cn | 事项： 公 司 公 布 2025 年 半 年 报 ， 2025 年 上 ...

电力设备及新能源 2025 年 08 月 31 日 捷佳伟创(300724.SZ) 事项： 海外收入大幅增长，新兴业务积极进展 推荐（维持） 股价：98.76 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.chinasc.com.cn | | 大股东/持股 | 余仲/7.64% | | 实际控制人 | 余仲,左国军,梁美珍 | | 总股本(百万股) | 348 | | 流通 A 股(百万股) | 287 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 343 | | 流通 A 股市值(亿元) | 284 | | 每股净资产(元) | 35.97 | | 资产负债率(%) | 57.4 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 公司发布 2025 年半年报，上半年实现营收 83.72 亿元，同比增长 26.41%，归 母净利润 18.30 亿元，同比增长 49.26%，扣非后净利润 16.80 亿元，同比增长 42.41%。 平安观点： | | 20 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company experienced significant revenue growth, achieving a revenue of 3.226 billion yuan in the first half of 2025, representing a year-on-year increase of 80.41%. However, the net profit attributable to the parent company decreased by 32.74% to 284 million yuan due to the absence of large investment gains compared to the previous year [4][7]. - The company has a competitive advantage in the large wind power casting sector, with a total casting capacity of 700,000 tons and precision processing capacity of 420,000 tons. This includes key projects for offshore wind power components [7]. - The company is steadily advancing its product diversification strategy, successfully developing new products such as low-alloy steel and special cast steel products, which enhances its resilience against market risks [7]. Financial Summary - The company's projected revenues for 2025-2027 are 669 million yuan, 678 million yuan, and 866 million yuan respectively, with corresponding dynamic P/E ratios of 19.9, 19.6, and 15.4 times [8]. - The gross profit margin is under pressure, with a comprehensive gross margin of 15.74% in the first half of 2025, down 3.4 percentage points year-on-year [7]. - The company’s total market capitalization is 13.3 billion yuan, with a total share capital of 1.03 billion shares [1].

Investment Rating - The investment rating for Shanxi Fenjiu (600809.SH) is "Recommended" [1][4][5] Core Views - The company has shown stable growth in markets outside its home province, with ongoing national expansion efforts. The revenue for the first half of 2025 reached 24 billion yuan, a year-on-year increase of 5.4%, while the net profit attributable to shareholders was 8.5 billion yuan, up 1.1% year-on-year [4][7] - The report indicates that the overall consumption environment may be under pressure in the second half of the year, leading to adjustments in profit forecasts for 2025-2027 [7][9] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 7.4 billion yuan, a year-on-year increase of 0.4%, with net profit of 1.9 billion yuan, down 13.5% year-on-year [4][7] - The gross margin for Q2 2025 was 71.9%, a decrease of 3.2 percentage points year-on-year, attributed to a decline in product mix [7][9] Revenue Breakdown - In Q2 2025, revenue from Fenjiu was 7.2 billion yuan, up 0.6% year-on-year, while other liquor revenue was 220 million yuan, down 3.5% year-on-year [7] - Revenue from wholesale channels in Q2 2025 was 6.9 billion yuan, an increase of 0.3% year-on-year, while group purchase and e-commerce direct sales generated 500 million yuan, up 3.0% year-on-year [7] Future Projections - The company has adjusted its net profit forecasts for 2025-2027 to 11.9 billion, 12.7 billion, and 14.1 billion yuan respectively, down from previous estimates [7][9] - Long-term growth is expected to be driven by the full price range of products, including Qinghua, Laobai Fen, and Bolan [7][9] Key Financial Metrics - For 2025, the projected revenue is 36.5 billion yuan, with a net profit of 11.9 billion yuan, reflecting a year-on-year decrease of 3.0% [6][9] - The projected gross margin for 2025 is 73.9%, with a net margin of 32.5% [9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [7][9]. Core Insights - The company achieved a revenue of 4.04 billion yuan in the first half of 2025, reflecting a year-on-year decrease of 12.26%, while the net profit attributable to shareholders increased by 26.03% to 669 million yuan [4]. - The company is in a recovery phase, with projected revenues for 2025 and 2026 adjusted to 87.95 billion yuan and 98.65 billion yuan, respectively, down from previous estimates [9]. - The gross profit margin improved to 59.48% in the first half of 2025, up by 6.11 percentage points year-on-year, indicating effective cost control [8]. Financial Performance Summary - The company reported a net profit margin of 16.47% in the first half of 2025, an increase of 5.03 percentage points year-on-year [8]. - The revenue forecast for 2025 is set at 87.95 billion yuan, with a net profit forecast of 12.70 billion yuan, reflecting a significant recovery from previous years [9]. - The company’s earnings per share (EPS) is projected to be 0.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.3 times [7][9]. R&D and Product Development - The company continues to advance its innovation in traditional Chinese medicine and biopharmaceuticals, with several new drug applications currently under review [8]. - As of the first half of 2025, four innovative drug candidates have entered clinical stages, showcasing the company's commitment to R&D [6][8].