通用计算机设备 天融信（002212.SZ） 增持-A(维持) 二季度收入实现正增长，一体机成为新增长点 2025 年 8 月 25 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 8 | 25 | | | 日 | 月 | | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 10.23 | | | | 年内最高/最低（元）： | | 11.17/3.99 | | | | | 流通 股/总股本（亿 A | | 11.67/11.79 | | | | | 股）： | | | | | | | 流通 A 股市值（亿）： | | | 119.37 | | | | 总市值（亿）： | | | 120.66 | | | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.06 | | 摊薄每股收益(元)： | | | -0.06 | | 每股净资产(元)： | | | 7.91 | | 净资产收益率(%)： | | | -0.70 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8][19] Core Views - The company achieved a revenue of 3.009 billion yuan in the first half of 2025, representing a year-on-year growth of 11.16%. The net profit attributable to shareholders was -228 million yuan, a significant improvement of 61.54% year-on-year [5][6] - In Q2 2025, the company reported a revenue of 1.747 billion yuan, a year-on-year increase of 4.50%, and turned a profit with a net profit of 22 million yuan [5][6] - The growth drivers include the super-converged and EDS businesses, with the cloud computing and IT infrastructure segment growing by 26.15% year-on-year [6][7] Financial Performance - The company's gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year. The gross margin for the cloud computing business improved by 3.46 percentage points [7] - Operating expenses decreased by 6.81% year-on-year, leading to a significant improvement in the net profit margin, which reached -7.56%, an increase of 14.31 percentage points year-on-year [7] - The operating cash flow improved from -977 million yuan in the previous year to -235 million yuan, attributed to increased sales and better supply chain management [7] Revenue and Profit Forecast - The company is expected to see rapid growth in its cloud business driven by the explosion in AI demand, with EPS forecasts for 2025, 2026, and 2027 at 1.23, 1.88, and 2.45 yuan respectively [8][11] - The projected P/E ratios for 2025, 2026, and 2027 are 97.3, 63.8, and 48.9 respectively, based on the closing price of 119.85 yuan on August 22, 2025 [8][11] Market Performance - As of August 22, 2025, the company's closing price was 119.85 yuan, with a year-to-date high of 142.00 yuan and a low of 42.70 yuan [4][5]

Investment Rating - The report maintains a "Buy-A" rating for the company [2][7]. Core Views - The company has shown continuous improvement in revenue and is actively expanding into new business areas. In Q2 2025, the company achieved revenue of 319 million yuan, a year-on-year increase of 10.29%, marking a return to growth after Q1 [5][6]. - The company is experiencing a recovery in downstream demand, with increasing orders and delivery volumes. The construction of funded projects is progressing smoothly, and the company is expected to benefit from increased national investment in aerospace and other high-reliability specialty fields [6]. Financial Data and Valuation - For the fiscal year 2023A, the company reported revenue of 1,467 million yuan, with a year-on-year decrease of 14.4%. The projected revenue for 2025E is 1,542 million yuan, reflecting a significant year-on-year increase of 67.3% [5][12]. - The net profit for 2023A was 97 million yuan, with a projected net profit of 103 million yuan for 2025E, indicating a recovery from a loss of 501 million yuan in 2024A [5][12]. - The gross margin is expected to improve from 40.0% in 2024A to 47.4% in 2025E, while the return on equity (ROE) is projected to rise from -19.5% in 2024A to 4.0% in 2025E [5][12]. - The company’s earnings per share (EPS) are projected to be 0.19, 0.48, and 0.75 for the years 2025E, 2026E, and 2027E respectively, with corresponding price-to-earnings (P/E) ratios of 104.0, 41.4, and 26.3 [5][7]. Market Performance - As of August 22, 2025, the company's closing price was 19.84 yuan, with a market capitalization of 107.63 billion yuan [3].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has shown steady growth in its aerospace new materials business, benefiting from the booming composite materials market. The military aviation market's demand for composite materials remains stable, while the civil aviation market presents new opportunities, particularly in the low-altitude economy and other sectors like new energy [6]. - The company reported a revenue of 2.747 billion yuan for the first half of 2025, a year-on-year increase of 7.87%, and a net profit attributable to shareholders of 605 million yuan, up 0.24% year-on-year [4][5]. Financial Performance - In the first half of 2025, the aerospace new materials business achieved a revenue of 2.717 billion yuan, a year-on-year growth of 7.89%, with a net profit of 644 million yuan, up 1.75% [5]. - The company's gross margin improved by 0.54 percentage points to 37.79% in the first half of 2025 [5]. - The company’s total liabilities reached 2.665 billion yuan, a year-on-year increase of 1.73%, while cash and cash equivalents rose by 10.57% to 1.936 billion yuan [4]. Future Projections - The company is expected to have EPS of 0.96, 1.12, and 1.32 for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.1, 23.2, and 19.7 based on the closing price of 25.95 yuan on August 22 [7][12]. - Revenue projections for the years 2025 to 2027 are 5.891 billion yuan, 6.901 billion yuan, and 8.152 billion yuan, reflecting year-on-year growth rates of 16.1%, 17.1%, and 18.1% respectively [9][13]. Market Position - The company is recognized as the only professional entity in China engaged in the research and engineering of composite materials in the aviation sector, positioning it as a leader in R&D and results transformation within the domestic market [6]. - The company plans to expand its market presence in civil aviation and the low-altitude economy while consolidating its leadership in military products [6].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [11]. Core Insights - The company reported a revenue of 3.104 billion yuan for the first half of 2025, a year-on-year decrease of 6.12%, while the net profit attributable to shareholders was 288 million yuan, reflecting a year-on-year increase of 3.19% [5][6]. - Despite a decline in revenue, the company managed to achieve profit growth through effective cost control, with significant reductions in sales and administrative expenses [6][9]. - The online sales channel showed resilience, with a revenue increase of 8.88% year-on-year, contributing to 19.16% of total revenue [8][9]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 76.41%, a slight increase of 0.11 percentage points year-on-year, with the e-commerce channel's gross margin rising by 2.28 percentage points to 63.40% [9]. - The company’s operating cash flow for the first half of 2025 was 896 million yuan, a substantial year-on-year increase of 98.27% [10]. - The company plans to enhance brand strength and product excellence in the second half of 2025, with expectations for slight revenue improvement and profit elasticity due to reduced store numbers and lower incentive costs [11]. Revenue and Profit Forecast - The company’s projected earnings per share (EPS) for 2025-2027 are 0.84, 0.90, and 0.95 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.0, 7.5, and 7.1 [11][13].

纺织服饰 李宁（02331.HK） 买入-A(维持) | 市场数据：2025 | | --- | | 年 | | 月 8 | | 日 22 | | 收盘价（港元）： | 19.700 | | --- | --- | | 年内最高/最低（港元）： | 21.000/12.560 | | 流通/总股本（亿股）： | 25.85/25.85 | | 流通市值（亿港元）： | 509.21 | | 总市值（亿港元）： | 509.21 | 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2025H1 营收稳健增长，全渠道库存处于健康可控水平 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司披露 2025 年上半年业绩，2025H1，公司实现营收 148.17 亿元， 同比增长 3.3%，实现归母净利润 17.37 亿元，同比下降 11.0%。董事会建议派发 2025 年中期股息 33.59 分/股，中期派息率 50%。 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

Investment Rating - The report maintains a "Buy-A" rating for China Unicom (600050.SH) [1] Core Views - China Unicom's H1 2025 revenue reached 200.2 billion yuan, a year-on-year increase of 1.5%, with a total profit of 17.7 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 6.349 billion yuan, also up 5.1% year-on-year [2][3] - The growth in mobile and broadband connections is robust, with a total user base exceeding 1.2 billion, including a net increase of over 11 million users, marking a historical high [3] - The company is focusing on AI opportunities and enhancing its data center capabilities, with a revenue of 37.6 billion yuan from cloud services, up 4.6% year-on-year [4][10] - Capital expenditure for 2025 is planned at 55 billion yuan, a decrease of 10.4% year-on-year, with a focus on efficient investment strategies [5] Summary by Sections Financial Performance - In H1 2025, China Unicom achieved a revenue of 200.2 billion yuan, with a profit total of 17.7 billion yuan and a net profit of 6.349 billion yuan, reflecting year-on-year growth of 1.5%, 5.2%, and 5.1% respectively [2][3] - The company anticipates continued revenue and profit growth, with projected net profits of 9.521 billion yuan, 10.038 billion yuan, and 10.624 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 5.4%, 5.4%, and 5.8% [11] User Growth and Service Expansion - The user base for mobile and broadband services has reached historical highs, with mobile and broadband users exceeding 480 million and IoT connections reaching 690 million [3] - The adoption of "dual-gigabit" services is significant, with 50% of users opting for this offering, and the penetration rate of integrated services surpassing 77% [3] Strategic Focus - The company is enhancing its AI capabilities and expanding its cloud market share, with a focus on building a robust international network and data center infrastructure [4][10] - China Unicom plans to invest in AI infrastructure and major projects, with a special budget allocation for AI initiatives [11] Capital Expenditure and Cost Management - The planned capital expenditure for 2025 is 55 billion yuan, reflecting a 10.4% decrease year-on-year, with a focus on optimizing operational costs [5] - The company aims to maintain stable cost ratios, with a significant focus on improving data center resource utilization [10]

| 收盘价（港元）： | 47.100 | | --- | --- | | 年内最高/最低（港元）： | 55.000/20.000 | | 流通/总股本（亿股）： | 12.27/12.43 | | 流通市值（亿港元）： | 577.80 | | 总市值（亿港元）： | 585.28 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025Q2 名创业务同店销售显著改善，经营拐点显现 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司公布截至 2025 年 6 月 30 日止季度业绩及上半年中期业绩。 2025Q2，公司实现营收 49.66 亿元，同比增长 23.1%；实现经调整净利润 6.92 亿元，同比增长 10.6%。2025H1，公司实现营收 93.93 亿元，同比增长 21.1%； 实现经调整净利润 12.79 亿元，同比增长 3.0%。 事件点评 市场数据：2025 年 ...

Investment Rating - The report maintains a "Buy-A" rating for Kingsoft Office (688111.SH) [1][9] Core Views - The company achieved a steady revenue growth of 10.12% year-on-year in the first half of 2025, with total revenue reaching 2.657 billion yuan [4] - The WPS personal business and WPS 365 business are driving overall revenue growth, with WPS 365 revenue increasing by 62.27% year-on-year [5][6] - The launch of WPS AI 3.0 has significantly increased monthly active users to 29.51 million, up from 19.68 million at the end of 2024 [7][9] Financial Performance - In the first half of 2025, the company reported a net profit of 747 million yuan, a year-on-year increase of 3.57% [4] - The gross margin for the first half of 2025 was 85.03%, an increase of 0.11 percentage points compared to the same period last year [6] - The company’s R&D expense ratio increased to 36.07%, reflecting continued investment in AI [6] Business Segmentation - WPS personal business revenue reached 1.748 billion yuan, growing by 8.38% year-on-year, with domestic revenue at 1.619 billion yuan [6] - WPS 365 business revenue was 309 million yuan, benefiting from enhanced product capabilities and new key clients [6] - WPS software revenue decreased by 2.08% year-on-year to 542 million yuan due to some clients transitioning to WPS 365 [6] Future Projections - The report projects EPS for 2025-2027 to be 3.87, 4.56, and 5.42 yuan respectively, with corresponding P/E ratios of 85.06, 72.27, and 60.77 [9][10]