研究早观点 2025 年 9 月 9 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,826.84 | 0.38 | 预期 | | 深证成指 | | 12,666.84 | 0.61 | | | 沪深 | 300 | 4,467.57 | 0.16 | | | 中小板指 | | 7,750.68 | 1.95 | | | 创业板指 | | 2,933.25 | -0.84 | | | 科创 | 50 | 1,275.87 | 0.58 | | | 资料来源：最闻 | | | | | 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【今日要点】 【山证通信】炬光科技（688167.SH）：Q2 利润扭亏为盈，瑞士并购迎 来阶段性结果 【公司评论】中泰证券(600918.SH)：中泰证券 2025 半年报点评：-投资业 务显著增长，定增增厚资本实力 【公司评论】索辰科技(688507.SH)：索辰科技（68850 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5][8]. Core Insights - The company achieved a revenue of 22.583 billion yuan in the first half of 2025, representing a year-on-year growth of 106.89%. The net profit attributable to shareholders was 472 million yuan, marking a return to profitability [6]. - The core driver of growth is the bulk snack business, which accounted for over 98.95% of total revenue, reaching 22.345 billion yuan in the first half of 2025. The number of stores increased to 15,365, a net addition of 1,169 stores compared to the beginning of the year, reflecting a 131.47% year-on-year growth [7]. - The company's sales net profit margin improved to 3.85% in the first half of 2025, with a significant increase to 4.10% in Q2 compared to Q1, an increase of 0.51 percentage points [7]. Financial Performance and Projections - The company is projected to have earnings per share (EPS) of 3.78, 4.97, and 6.02 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 50.9, 38.6, and 31.9 [8]. - Revenue forecasts for the company are as follows: 55.132 billion yuan in 2025, 67.039 billion yuan in 2026, and 79.289 billion yuan in 2027, with year-on-year growth rates of 70.5%, 21.6%, and 18.3% respectively [10][12]. - The net profit is expected to reach 708 million yuan in 2025, 933 million yuan in 2026, and 1.129 billion yuan in 2027, with year-on-year growth rates of 141.4%, 31.7%, and 21.0% respectively [10][12].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Insights - The company has demonstrated steady revenue growth, with a 10.82% year-on-year increase in revenue for the first half of 2025, amounting to 0.57 billion yuan. However, it reported a net profit loss of 0.46 billion yuan, although this represents a 31.21% improvement compared to the previous year [4][5]. - The engineering simulation software segment has shown remarkable performance, with an 88.84% year-on-year revenue growth, significantly contributing to the overall revenue increase. The company's gross margin improved to 41.89%, up by 3.90 percentage points from the previous year [5][6]. - The company is accelerating its focus on physical AI applications, which have started to generate incremental revenue. In March 2025, it launched physical AI products targeting emerging sectors such as low-altitude economy and new energy batteries, with reported revenue of 3.75 million yuan from these products [6][7]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 0.57 billion yuan, with a year-on-year growth of 10.82%. The net profit attributable to shareholders was -0.46 billion yuan, reflecting a 31.21% year-on-year improvement [4]. - The second quarter of 2025 saw a revenue of 0.19 billion yuan, a decrease of 6.65% year-on-year, with a net profit of -0.30 billion yuan, indicating a reduction in losses [4]. - The company’s R&D expense ratio significantly decreased by 44.19 percentage points year-on-year, attributed to revenue scale expansion and some R&D costs being transferred to operating costs [5]. Future Projections - The company is projected to achieve earnings per share (EPS) of 1.12, 1.39, and 1.75 yuan for the years 2025, 2026, and 2027, respectively. Corresponding price-to-earnings (P/E) ratios are expected to be 86.5, 69.5, and 55.1 [7][11]. - Revenue forecasts for the upcoming years are as follows: 2025 at 550 million yuan, 2026 at 751 million yuan, and 2027 at 946 million yuan, reflecting a compound annual growth rate (CAGR) of 26.0% from 2025 to 2027 [11][15].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company turned a profit in Q2, with the impact of the Swiss acquisition gradually being digested [1] - The company achieved revenue of 393 million yuan in H1 2025, a year-on-year increase of 26.20%, and a net profit of -25 million yuan, a year-on-year increase of 11.30% [2] - The company’s gross margin and net margin for H1 2025 were 32.39% and -6.35%, respectively, showing improvements compared to the previous year [4] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 223 million yuan, a year-on-year increase of 28.13% and a quarter-on-quarter increase of 31.69% [2] - The net profit for Q2 was 7 million yuan, a year-on-year increase of 158.79% and a quarter-on-quarter increase of 121.95% [2] - The company’s revenue from upstream and midstream businesses in H1 2025 was 260 million yuan and 96 million yuan, respectively, with year-on-year changes of +24.82% and -5.59% [3] Business Segments - The company’s new photon technology segment contributed 8.65% to the main business revenue, with revenue of 34 million yuan [3] - The automotive application solutions segment saw revenue of 50.24 million yuan, a year-on-year increase of 25.34% [3] - The healthcare solutions segment reported revenue of 10.70 million yuan, a year-on-year increase of 46.62% [3] Acquisition Impact - The Swiss acquisition has begun to show results, with related business revenue in H1 2025 increasing by approximately 26% and a gross margin of 41% [9] - The company is focusing on expanding its high-margin businesses, including optical communication and consumer electronics, following the acquisition [9] Future Outlook - The company is expected to achieve net profits of 24 million yuan, 67 million yuan, and 135 million yuan for the years 2025, 2026, and 2027, respectively, with significant year-on-year growth rates [10] - The report anticipates that the company will experience a "double-hit" market in 2025, driven by its integration of global micro-nano optical platforms and expansion into various downstream markets [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10] Core Views - The company has shown significant growth in investment business, enhancing its capital strength through private placements [1][4] - In the first half of 2025, the company achieved operating revenue of 5.257 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 711 million yuan, up 77.26% year-on-year [2][4] - The company is expected to achieve operating revenues of 11.762 billion yuan, 12.977 billion yuan, and 14.099 billion yuan for the years 2025 to 2027, with net profits of 1.402 billion yuan, 1.491 billion yuan, and 1.602 billion yuan, reflecting growth rates of 49.55%, 6.35%, and 7.46% respectively [10] Financial Performance - The company's self-operated investment significantly improved, with investment income reaching 961 million yuan, a year-on-year increase of 34.84% [4][6] - Wealth management business revenue was 1.839 billion yuan, up 33.13% year-on-year, while asset management business net income was 1.078 billion yuan, a 7.80% increase [4][6] - The company reported a weighted average ROE of 1.67%, an increase of 0.75 percentage points compared to the same period last year [2][4] Business Strategy - The company is focusing on high-quality development of wealth management and deepening the transformation of investment advisory services [5][6] - It aims to enhance technology empowerment and internet customer acquisition, achieving a stock trading volume of 68.9 trillion yuan and adding 828,800 new accounts in the first half of 2025 [5][6] - The company plans to raise up to 6 billion yuan through private placements to strengthen its capital base and enhance risk resistance [7][10]

Core Insights - The report highlights the performance and growth potential of three companies: Sanxie Electric, Zhongkong Technology, and ZW Software, along with the challenges faced by Senqilin [5][7][11][14]. Company Summaries Sanxie Electric (920100.BJ) - Sanxie Electric focuses on the research, manufacturing, and sales of control motors, with applications in various sectors including security, textiles, and robotics. The company achieved a revenue of 420 million yuan in 2024, with a net profit of 56.34 million yuan, reflecting a compound annual growth rate (CAGR) of 14.23% in revenue and 30.15% in net profit over the past three years [6]. - The micro-special motor industry in China has become a significant global production base, with an estimated production and sales volume of 15.1 billion units in 2023. The global market for micro-special motors is projected to reach 46.74 billion USD in 2024 and 76.99 billion USD by 2032 [6]. - Sanxie Electric has a competitive edge in technology development, product quality, and customized services, holding 56 patents, including 10 invention patents. The company is well-positioned in Jiangsu province, benefiting from local industrial resources [6]. Zhongkong Technology (688777.SH) - Zhongkong Technology reported a revenue of 3.83 billion yuan in the first half of 2025, a decrease of 9.92% year-on-year, with a net profit of 354 million yuan, down 31.46% [7][10]. - The company is focusing on expanding its industrial AI and robotics business, which is expected to drive future growth. The launch of the TPT 2 platform aims to provide solutions for industrial problems and has already been applied in over 110 projects across various industries [10]. - Despite the revenue decline, the company is actively exploring structural growth opportunities in downstream industries, particularly in the PLC market, which has seen a steady increase in market share [10]. ZW Software (688083.SH) - ZW Software achieved a revenue of 334 million yuan in the first half of 2025, marking an 8.24% increase year-on-year, although it reported a net loss of 52 million yuan [11][12]. - The company is benefiting from domestic industrial software support policies and has seen significant growth in overseas markets, with a 42.21% increase in revenue from international operations [12]. - The 2D CAD product line remains strong, generating 215 million yuan in revenue, while the 3D CAD segment experienced slower growth, with a 3.40% increase [12]. Senqilin (002984.SZ) - Senqilin reported total revenue of 4.12 billion yuan in the first half of 2025, a slight increase of 0.2%, but net profit fell by 37.6% to 670 million yuan [14][15]. - The company faced challenges in production and sales, with a total tire production of 15.57 million units, down 3.21% year-on-year. However, a significant decrease in raw material costs is expected to positively impact future performance [15][16]. - The company is anticipating increased output from its new factory in Morocco, which is expected to contribute to revenue growth in the coming years [15].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company is experiencing pressure on its performance in the first half of the year, but its industrial AI and robotics business is progressing rapidly [2][5] - The company has implemented comprehensive budget control and increased cost reduction efforts, resulting in a 2.28% year-on-year decrease in sales, management, and R&D expenses [5] - The company's revenue for the first half of 2025 was 3.83 billion yuan, a decrease of 9.92% year-on-year, and the net profit attributable to shareholders was 354 million yuan, down 31.46% year-on-year [6][8] Financial Performance - The company achieved a basic earnings per share (EPS) of 0.45 yuan and a diluted EPS of 0.45 yuan as of June 30, 2025 [3] - The net asset return rate (ROE) was 3.47% [3] - The company’s gross profit margin for the first half of 2025 was 32.08%, a decrease of 1.15 percentage points compared to the same period last year [7] Business Development - The company is accelerating its product integration and market layout in industrial AI, with the launch of the TPT 2 platform, which can provide solutions for industrial problems [5] - The robotics business has seen significant growth, with revenue of 1.10 billion yuan and new orders of 200 million yuan in the first half of 2025 [5] - The company has successfully implemented over 110 projects in various production scenarios, including major clients like Sinopec and Wanhua Chemical [5] Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 1.45, 1.61, and 1.77 yuan for 2025, 2026, and 2027 respectively [6][8] - The company is focusing on expanding its overseas market while enhancing its industrial AI and robotics business [6]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7] Core Views - The company has achieved steady revenue growth, with a significant acceleration in overseas market expansion despite short-term profit fluctuations due to pressures on core customer sales [5][6] - The company is positioned to benefit from the domestic industrial software support policies and has made continuous improvements to its core products while aggressively expanding into overseas markets [5][6] - The company’s revenue for the first half of 2025 reached 334 million yuan, a year-on-year increase of 8.24%, while the net profit attributable to shareholders was -52 million yuan, compared to 6 million yuan in the same period last year [4][5] Financial Performance - In Q2 2025, the company reported revenue of 208 million yuan, a year-on-year increase of 10.59%, but the net profit attributable to shareholders was -4 million yuan, a decrease of 114.04% year-on-year [4][5] - The gross margin for the first half of 2025 was 95.13%, down 2.58 percentage points from the previous year, primarily due to an increase in customized software and technical service revenues [5] - The company’s net profit margin for the first half of 2025 was -15.26%, a decrease of 13.19 percentage points year-on-year, but improvements are expected in the second half of the year due to ongoing cost reduction and efficiency enhancement efforts [5] Market Segmentation - The domestic commercial market saw a slight revenue decrease of 0.10% year-on-year, totaling 187 million yuan in the first half of 2025 [6] - The domestic education market experienced a significant decline, with revenue dropping 36.00% year-on-year to 21 million yuan due to policy adjustments and budget constraints [6] - The overseas market showed robust growth, with revenue increasing by 42.21% year-on-year to 126 million yuan, driven by successful localization strategies in various regions [6] Product Performance - The 2D CAD segment generated revenue of 215 million yuan, an increase of 11.82% year-on-year, supported by continuous product iterations and enhancements [7] - The 3D CAD segment saw a modest revenue growth of 3.40% year-on-year, totaling 92 million yuan, impacted by a temporary slowdown in customer promotions [7] - The CAE segment achieved a revenue increase of 25.38% year-on-year, while the BoChao series experienced a remarkable growth of 85.88% year-on-year [7] Investment Recommendations - The company is recognized as a leading player in industrial design software, with its product competitiveness expected to improve, benefiting from the trend of domestic industrial software localization [7] - The projected earnings per share (EPS) for 2025-2027 are 0.43, 0.57, and 0.70 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 160.7, 122.4, and 99.2 [7]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6]. Core Views - The company is experiencing short-term pressure on performance, with expectations for increased production from the Morocco factory [1][6]. - The company reported a slight increase in total revenue for the first half of 2025, but a significant decline in net profit [1][4]. - A decrease in raw material costs is anticipated to positively impact the company's performance in the third quarter of 2025 [4][6]. Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 4.12 billion yuan, a year-on-year increase of 0.2%, while net profit attributable to shareholders was 0.67 billion yuan, down 37.6% year-on-year [1][4]. - The company's tire production decreased by 3.21% year-on-year to 15.57 million units, with a slight increase in full steel tire production [3][4]. - The overall gross margin and net margin for the first half of 2025 were 24.60% and 16.31%, respectively, both showing significant declines compared to the previous year [3][4]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 1.59 billion, 2.11 billion, and 2.46 billion yuan, respectively, with corresponding P/E ratios of 13, 10, and 8 times [6][9]. - The Morocco factory is projected to contribute positively to the company's performance as it ramps up production [5][6].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]