Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][17]. Core Insights - The company's operating performance aligns with its earnings forecast, with a focus on the progress of the highly anticipated new product "Yihuan" [1]. - The company achieved a revenue of 3.691 billion yuan in H1 2025, a year-on-year increase of 33.74%, and turned a profit with a net profit of 503 million yuan [7]. - The gaming segment contributed significantly to revenue growth, driven by the self-developed MMORPG "Zhuxian World" and continued growth in esports titles like "CS:GO" and "DOTA2" [7]. - The film and television segment saw a remarkable revenue increase of 756.35% year-on-year, with several popular series released in 2025 [7]. - The upcoming game "Yihuan" is expected to enhance the company's market position and revenue potential, with ongoing adjustments based on player feedback [7]. Financial Summary - Total revenue projections for 2025-2027 have been adjusted to 6.5 billion, 10.2 billion, and 9.9 billion yuan respectively, reflecting year-on-year growth rates of 16%, 57%, and -3% [7]. - The forecast for net profit has been revised to 700 million, 2.1 billion, and 2 billion yuan for the same period, indicating significant recovery and growth [7]. - The target price for the company's stock is set at 21.65 yuan, based on a projected price-to-earnings ratio of 20x for 2026 [7].

证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,849 | 8,432 | 9,105 | 9,854 | | 同比增速(%) | -7.9% | -4.7% | 8.0% | 8.2% | | 归母净利润(百万) | 122 | 242 | 334 | 392 | | 同比增速(%) | -68.6% | 98.2% | 37.6% | 17.3% | | 每股盈利(元) | 0.16 | 0.32 | 0.44 | 0.51 | | 市盈率(倍) | 60 | 30 | 22 | 19 | | 市净率(倍) | 2.1 | 2.0 | 2.0 | 1.9 | 资料来源：公司公告，华创证券预测 九阳股份（002242）2025 年半年报点评 推荐（维持） 国内市场经营稳健，海外业务有所承压 目标价：11.3 元 事项： ❖ 公司发布 2025 年半年报，实现营业收入 39.9 亿元，YoY-9.1%；实现归属于上 市公司股东的净利润 1.23 亿元，YoY-30.0 ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1] Core Views - The company is expected to benefit from strong elasticity in performance under the "anti-involution" trend in the industry, with key indicators approaching those of industry leaders [1][3] - The market share gap between the company and the leading competitor is gradually narrowing, with the company achieving the second-largest market share in the industry in 2023 [1][10] - The company's single-ticket net profit margin is closing in on that of its main competitor, with a significant reduction in the profit gap [2][15] Summary by Sections Market Position and Performance - The company surpassed Yunda to become the second-largest player in the industry in 2023, maintaining a business volume growth rate higher than the industry average [1][10] - The market share difference between the company and Zhongtong decreased from 6.8 percentage points in 2023 to 3.5 percentage points in Q2 2025 [1][10] - In Q2 2025, the company's e-commerce express business growth rate was 21.8%, outperforming the industry average of 17.3% [1][14] Profitability and Cost Management - The difference in single-ticket net profit (excluding non-recurring items) between the company and Zhongtong has narrowed to less than 0.1 yuan [2][15] - In Q2 2025, the company's single-ticket net profit decreased by 22.8%, the smallest decline among major competitors [16] - The company's cost efficiency has improved, with the single-ticket transportation and sorting costs decreasing significantly over the years [29][31] Industry Trends and Future Outlook - The report highlights the potential for price and profit improvement in the industry, supported by historical trends from 2021 to 2022 [3][40] - The company is projected to achieve a net profit of 43.6 billion yuan in 2025, with a target price of 25.4 yuan, representing a potential upside of approximately 37% from the current price [48] - The report anticipates that the company will benefit from price elasticity as the industry moves away from "involution" competition [48]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 142.7 CNY, compared to the current price of 125.68 CNY [5][6]. Core Insights - The company has returned to a growth trajectory, achieving a revenue of 1.63 billion CNY in H1 2025, representing a year-over-year increase of 1.6%. The net profit attributable to the parent company reached 90 million CNY, a significant year-over-year increase of 2062.3% [2][9]. - In Q2 2025, the company reported a revenue of 820 million CNY, with a year-over-year growth of 5.4%, indicating a clear improvement trend [2][9]. - The core business of complete machines and accessories generated 1.49 billion CNY in revenue during H1 2025, showing a slight decline of 0.4% year-over-year, primarily due to poor performance in overseas markets, which saw a year-over-year decrease of 10.9%. However, domestic market performance remained stable with a year-over-year increase of 1.3% [9]. - The company benefited from the incubation growth of non-core businesses, which saw a year-over-year increase of 314.9% [9]. - The overall gross margin improved significantly, reaching 33.3% in H1 2025, an increase of 4.2 percentage points year-over-year. The gross margin for Q2 2025 was 32.6%, up 2.4 percentage points year-over-year [9]. - The net profit margin for H1 2025 was 5.5%, an increase of 5.2 percentage points year-over-year, with Q2 2025 showing a net profit margin of 3.2%, marking a turnaround from the previous year [9]. Financial Summary - The company is projected to achieve total revenue of 3.777 billion CNY in 2025, with a year-over-year growth rate of 10.9%. The net profit attributable to the parent company is expected to reach 237 million CNY, reflecting a year-over-year growth of 97.5% [4][10]. - Earnings per share (EPS) are forecasted to be 3.39 CNY in 2025, with a price-to-earnings (P/E) ratio of 37 [4][10]. - The company’s total assets are projected to grow from 5.319 billion CNY in 2024 to 6.527 billion CNY by 2027 [10].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 41.7 yuan [1]. Core Views - The company reported a revenue of 2.12 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the net profit attributable to shareholders was 320 million yuan, an increase of 1.77% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 960 million yuan, down 16.2% year-on-year, and a net profit of 140 million yuan, up 3.5% year-on-year [1]. - The decline in revenue is attributed to the company's strategic choice to reduce marketing expenses and optimize its business structure for higher profitability [8]. - The overall gross margin improved to 57.5%, an increase of 1.9 percentage points year-on-year, with Q2 2025 gross margin reaching 59.1%, up 5.0 percentage points year-on-year [8]. - The net profit margin for the first half of 2025 was 15.2%, an increase of 1.6 percentage points year-on-year, with Q2 2025 net profit margin at 14.6%, up 2.8 percentage points year-on-year [8]. - The company is recognized as a leading player in the domestic personal care small appliance sector, with significant channel transformation and continuous product innovation to meet diverse consumer needs [8]. - Future earnings per share (EPS) are projected to be 1.5 yuan in 2025, 1.8 yuan in 2026, and 2.0 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 25, 21, and 19 respectively [8]. Financial Summary - Total revenue for 2024 is estimated at 4.147 billion yuan, with a year-on-year growth rate of -18.0%, followed by 4.243 billion yuan in 2025 with a growth rate of 2.3% [4]. - The net profit attributable to shareholders is projected to be 458 million yuan in 2024, with a significant decline of 55.1%, and is expected to recover to 646 million yuan in 2025, reflecting a growth of 41.0% [4]. - The company’s total assets are expected to grow from 3.776 billion yuan in 2024 to 5.258 billion yuan in 2027 [9].

Group 1 - The "anti-involution bull" is seen as a crucial opportunity for the market to switch between the two halves of the bull market, with the first half driven by financial re-inflation and the second half by real asset re-inflation, leading to a return of blue-chip stocks driven by both valuation and performance [2][11][12] - The recent policy shift from the central government marks a significant turning point for "anti-involution," which is expected to drive inflation recovery and facilitate the transition between the two halves of the bull market [2][11][14] - The improvement in local government finances has provided the central government with the confidence to implement policies effectively, as evidenced by the recovery in land auction activities and the narrowing decline in land transfer revenues [2][11][14] Group 2 - The recent two months have seen a strengthening of policy determination from the top down, alongside an increase in corporate willingness to cooperate from the bottom up, alleviating previous market concerns regarding the execution of "anti-involution" policies [3][28][29] - The central government's intervention has shifted from industry association-led self-regulation to more direct involvement, with significant policy announcements aimed at curbing irrational competition in key sectors such as photovoltaics and new energy vehicles [3][29][32] - Corporations, particularly in the photovoltaic sector, have begun to respond positively to "anti-involution" initiatives, with major companies committing to production cuts and inventory control to align with industry-wide efforts [3][33][34] Group 3 - Industries that are expected to benefit from "anti-involution" include glass fiber, coal, energy metals, cement, commercial vehicles, and wind power equipment, identified through various criteria such as state-owned enterprise ratios and industry concentration [3][38] - The report emphasizes the importance of monitoring price elasticity and tax implications in identifying potential beneficiaries of the "anti-involution" strategy, with a focus on cyclical resource products [3][38]

证 券 研 究 报 告 泰和新材（002254）2025 年半年报点评 推荐（维持） 氨纶利润同比减亏，芳纶涂覆产业化项目投 料试车 事项： 公司发布 2025 年半年报，2025H1 实现营收 19.03 亿元，同比-2.48%；归母净 利润为 0.26 亿元，同比-77.58%；扣非归母净利润为 0.02 亿元，同比-95.70%。 其中 25Q2 实现营收 8.46 亿元，同比-14.18%/环比-20.05%；归母净利润为 0.15 亿元，同比-83.98%/环比+28.01%；扣非后归母净利润为-0.01 亿元，同比- 103.33%/环比-139.08%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,929 | 4,465 | 5,831 | 7,568 | | 同比增速(%) | 0.1% | 13.6% | 30.6% | 29.8% | | 归母净利润(百万) | 90 | 72 | 180 | 338 ...

行业研究 非银金融 2025 年 09 月 12 日 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 当华尔街遇上区块链：纳斯达克的探索 | 华创证券研究所 | | --- | | 证券分析师：徐康 | | 电话：021-20572556 | | 邮箱：xukang@hcyjs.com | | 执业编号：S0360518060005 | 事项： 2025 年 9 月 8 日，纳斯达克正式向美国证券交易委员会（SEC）提交了关于代币化 交易"Tokenized Form"的规则提案，核心目标是在不破坏现有国家市场体系（NMS）的前 提下，引入代币化证券结算的合规通道。若获批准，预计美国存托结算公司（DTC）将 在 2026 年三季度上线链上结算功能。 评论： 代币化的合规逻辑与 SEC 沟通策略：纳斯达克在提案中强调，代币化并非发行新币，而 是传统证券的一种替代结算形式。本次于 2025 年 9 月 8 日提交的提案，是美国资本市 场首次尝试在合规层面为证券代币化结算提供路径。其说服 SEC 的主要逻辑包括：1）投 资者需求驱动：投资者对于可持有与交易代币化版本的证券的需求正在上升， ...

证 券 研 究 报 告 浙江美大（002677）2025 年半年报点评 推荐（维持） 市场需求不佳，短期业绩承压 目标价：7.7 元 事项： ❖ 公司发布 2025 年半年度报告，25H1 公司实现营业总收入 2.1 亿元，YoY-53.8%； 归母净利润 0.1 亿元，YoY-87.4%。经折算，公司 25Q2 单季度营收 1.1 亿元， YoY-38.8%；实现归母净利润 0.04 亿元，YoY-78.0%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 877 | 575 | 659 | 822 | | 同比增速(%) | -47.5% | -34.5% | 14.7% | 24.7% | | 归母净利润(百万) | 110 | 48 | 76 | 112 | | 同比增速(%) | -76.2% | -56.9% | 59.8% | 47.0% | | 每股盈利(元) | 0.17 | 0.07 | 0.12 | 0. ...

行业研究 证 券 研 究 报 告 汽车行业新车跟踪报告 9 月成都车展开启新品周期 ❑ 风险提示：宏观经济及汽车销量不及预期、新车型推出节奏及销量不及预期等。 推荐（维持） 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 225 | 0.03 | | 总市值(亿元) | 30,810.37 | 3.80 | | 流通市值(亿元) | 23,623.17 | 3.72 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -3.5% | -4.3% | -9.1% | | 相对表现 | -2.1% | 1.3% | 3.2% | -1% 19% 40% 60% 24/09 24/11 25/02 25/04 25/06 25/09 2024-09-12~2025-09-11 汽车 沪深300 相关研究报告 《【华创汽车】 ...