个券近一年走势 资料来源：最闻 相关报告 C4 产业链龙头，优质平衡型个券-齐翔 转 2 投资价值分析 2025.9.9 稀缺性凸显，冲击强赎有望-兴业转债投 资价值分析 2025.6.11 植根增长行业，值得长期关注-韵达转债 投资价值分析 2025.3.7 衍生品研究 赫达转债投资价值分析 正股业绩与估值均处低位的优质平衡型个券 2025 年 9 月 10 日 衍生品研究/转债分析报告 投资要点： 赫达转债（127088.SZ）： 分析师： 崔晓雁 执业登记编码：S0760522070001 邮箱：cuixiaoyan@sxzq.com AA-，债券余额 6 亿元，占发行总额 99.97%，剩余期限 3.82 年。最新收盘价 122.79 元，转股溢价率 50.15%，纯债溢价率 14.83%。 正股：山东赫达（002810.SZ）： 公司成立于 1992 年，主要产品纤维素醚和植物胶囊，业务涉足 100 多个国 家和地区，最新总市值 47.97 亿元，2025E PE 26.3x。实控人个人，第一大股 东及一致行动人合计持股 39.87%，H125 归母净利润 yoy-8.71%。 赫达转债主要看点： ...

Industry Overview - The report highlights the upcoming IPO application by Yushu Technology in Q4 2025, with significant sales contributions from quadruped and humanoid robots [6][8] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation are addressing low-price competition in the photovoltaic sector to promote high-quality development [6][8] - The National Development and Reform Commission has released a draft for the basic rules of the medium- and long-term electricity market to prevent market manipulation and promote fair competition [6][8] Company Analysis Dingjie Intelligence (300378.SZ) - The company reported a revenue of 1.045 billion yuan in H1 2025, a year-on-year increase of 4.08%, with a net profit of 45 million yuan, up 6.09% [8][10] - AI commercialization is accelerating, with a projected EPS of 0.75, 0.94, and 1.16 yuan for 2025-2027 [12] Jinkong Coal Industry (601001.SH) - The company achieved a revenue of 476 million yuan in H1 2025, a 4.61% increase year-on-year, with a focus on high-growth sectors like electronics and automotive components [13] - The net profit margin improved to 4.22%, up 0.23 percentage points from the previous year [13] Xiechuang Data (300857.SZ) - The company reported a revenue of 4.944 billion yuan in H1 2025, a 38.18% increase year-on-year, with a net profit of 432 million yuan, up 20.76% [16] Yonggui Electric (300351.SZ) - The company achieved a revenue of 1.027 billion yuan in H1 2025, a 20.65% increase year-on-year, with a focus on emerging sectors like embodied intelligence [23] Wan'an Technology (002590.SZ) - The company reported a revenue of 2.165 billion yuan in H1 2025, a 14.91% increase year-on-year, although net profit decreased by 2.13% [31] Yap Group (603013.SH) - The company achieved a revenue of 4.345 billion yuan in H1 2025, a 12.79% increase year-on-year, with a net profit of 287 million yuan, up 11.82% [34][35] Huayang Co., Ltd. (600348.SH) - The company reported a revenue of 11.240 billion yuan in H1 2025, a decrease of 7.86% year-on-year, with a net profit of 783 million yuan, down 39.75% [39] Shanco International (600546.SH) - The company achieved a revenue of 5.158 billion yuan in Q2 2025, a 14.56% increase from the previous quarter, with a focus on improving production and sales ratios [41][42]

Investment Rating - The report assigns an "Accumulate-A" rating for Wan'an Technology (002590.SZ) [1] Core Views - The company achieved a revenue of 2.165 billion yuan in the first half of 2025, representing a year-on-year growth of 14.91%. However, the net profit attributable to the parent company decreased by 2.13% to 85.18 million yuan [2][3] - The company is expected to benefit significantly from the implementation of AEBS regulations, which will enhance its market position in the automotive parts industry [5] - The company is actively expanding its overseas presence and has made progress in its fundraising projects, which will support future growth [4] Financial Performance - In the first half of 2025, the revenue from the air brake system was 602 million yuan, down 1.47% year-on-year, while the hydraulic brake system revenue increased by 34.99% to 552 million yuan. The subframe product revenue grew by 19.72% to 738 million yuan [3] - The gross margin for the first half of 2025 was 16.08%, a decrease of 2.05 percentage points year-on-year, and the net margin was 4.02%, down 0.62 percentage points [3] - The company expects revenue for 2025-2027 to be 4.982 billion, 5.735 billion, and 6.625 billion yuan, respectively, with net profits of 232 million, 275 million, and 343 million yuan [9] Market Position and Strategy - The company is positioned in the core area of intelligent chassis and is expanding from braking systems to the entire chassis field, creating a competitive advantage through technology accumulation and customer resources [9] - The company has established joint ventures in Mexico and Morocco to enhance its global supply chain capabilities and expand its market reach [4]

汽车零部件Ⅲ 亚普股份（603013.SH） 增持-A(首次) | 市场数据：2025 年 9 月 | 9 日 | | --- | --- | | 收盘价（元）： | 25.65 | | 年内最高/最低（元）： | 26.28/12.55 | | 流通A股/总股本（亿）： | 5.13/5.13 | | 流通 股市值（亿）： A | 131.48 | | 总市值（亿）： | 131.48 | 事件描述 | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.56 | | 摊薄每股收益(元)： | | | 0.56 | | 每股净资产(元)： | | | 9.52 | | 净资产收益率(%)： | | | 6.26 | 资料来源：最闻 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 多点开花业绩稳健增长，外延并购拓宽发展路径 2025 年 9 月 9 日 公司研究/公司快报 近日，亚普股份发布 2025 年 ...

基础软件及管理办公 鼎捷数智（300378.SZ） 买入-A(维持) 软件 上半年收入平稳增长，AI 商业化落地加速 2025 年 9 月 9 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 月 | 9 | 9 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 50.35 | | 年内最高/最低（元）： | | | 66.93/15.76 | | 流通 A 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 135.63 | | 总市值（亿）： | | | 136.65 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.17 | | 摊薄每股收益(元)： | | | 0.17 | | 每股净资产(元)： | | | 8.97 | | 净资产收益率(%)： | | | 1.81 | | 资料来源：最闻 | | | | 分析师： 方闻千 执业登记编码：S07 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company has shown improvement in the second quarter, with both dividend value and growth potential coexisting [1] - The company reported a revenue of 5.965 billion yuan in the first half of 2025, a year-on-year decrease of 19.16%, and a net profit attributable to shareholders of 876 million yuan, down 39.01% year-on-year [2] - In the second quarter, the company achieved a revenue of 3.541 billion yuan, a year-on-year decrease of 4.83% but a quarter-on-quarter increase of 46.07% [2] - The company’s coal production and sales improved in the second quarter, with raw coal production reaching 9.3565 million tons, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 19.0% [4] Financial Performance - The company completed coal production of 17.2191 million tons in the first half of 2025, a year-on-year increase of 1.72%, while commodity coal sales were 13.2949 million tons, down 8.01% year-on-year [4] - The company’s earnings per share (EPS) for the first half of 2025 was 0.52 yuan, with a diluted EPS of 0.52 yuan [5] - The net asset return rate (ROE) is reported at 4.35% [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.585 billion yuan, 1.668 billion yuan, and 2.003 billion yuan respectively, with dynamic PE ratios of 13.5, 12.9, and 10.7 times [6] Market Data - As of September 9, 2025, the closing price of the company's stock was 12.88 yuan, with a year-to-date high of 18.72 yuan and a low of 10.89 yuan [4] - The total market capitalization of the company is 21.557 billion yuan [4]

无烟煤 华阳股份（600348.SH） 增持-A(维持) | 市场数据：2025 年 9 月 | 9 日 | | --- | --- | | 收盘价（元）： | 7.10 | | 年内最高/最低（元）： | 9.31/6.17 | | 流通A股/总股本（亿）： | 36.08/36.08 | | 流通 A 股市值（亿）： | 256.13 | | 总市值（亿）： | 256.13 | 基础数据：2025 年 6 月 30 日 | 基本每股收益(元)： | 0.22 | | --- | --- | | 摊薄每股收益(元)： | 0.22 | | 每股净资产(元)： | 10.53 | | 净资产收益率(%)： | 2.50 | 资料来源：最闻 分析师： 煤炭量增价减，成长可期 2025 年 9 月 9 日 公司研究/公司快报 事件描述 公司发布 2025 年半年度报告。上半年公司实现营业收入 112.40 亿元， 同比减少 7.86%；实现归母净利 7.83 亿元，同比减少 39.75%。二季度单季 公司实现营业收入 54.22 亿元，同比减少 10.24%，环比减少 6.79%；实现归 母净利 1.86 亿元 ...

二季度增长超预期，算力租赁业务大幅增长 2025 年 9 月 9 日 公司研究/公司快报 公司近一年市场表现 事件描述 消费电子组件 协创数据（300857.SZ） 买入-A(维持) | 市场数据：2025 年 9 | 月 | 日 9 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 115.01 | | 年内最高/最低（元）： | | | 141.88/44.22 | | 流通 股/总股本（亿 A | | | 3.45/3.46 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 396.93 | | 总市值（亿）： | | | 398.07 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.26 | | 摊薄每股收益(元)： | | | 1.26 | | 每股净资产(元)： | | | 10.52 | | 净资产收益率(%)： | | | 11.68 | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian ...

铁路交通设备 永贵电器（300351.SZ） 增持-A(维持) 2025 年 9 月 9 日 公司研究/公司快报 | 年 月 市场数据：2025 9 | 日 9 | | | --- | --- | --- | | 收盘价（元）： | | 17.25 | | 年内最高/最低（元）： | | 21.25/13.16 | | 流通A股/总股本（亿）： | | 2.62/3.88 | | 流通 A 股市值（亿）： | | 45.17 | | 总市值（亿）： | | 66.91 | | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.14 | | 摊薄每股收益(元)： | | | 0.14 | | 每股净资产(元)： | | | 6.61 | | 净资产收益率(%)： | | | 2.47 | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 25H1 营收稳健增长，积极布局具身智能等新兴赛道 事件描述 近日，永贵 ...

动力煤 山煤国际（600546.SH） 增持-A(维持) 业绩环比改善，关注产销比修复 2025 年 9 月 9 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2025 年半年度报告：报告期内公司实现营业收入 96.60 亿元， 同比减少 31.28%；实现归母净利 6.55 亿元，同比减少 49.25%。二季度单季 公司实现营业收入 51.58 亿元，同比减少 33.03%，环比增长 14.56%；实现 归母净利 4.00 亿元，同比减少 43.45%，环比增长 56.91%。 事件点评 市场数据：2025 年 9 月 8 日 收盘价（元）： 9.86 年内最高/最低（元）： 15.33/8.49 流通A股/总股本（亿）： 19.82/19.82 流通 A 股市值（亿）： 195.47 产量增加，二季度煤炭产销环比改善：2025 年上半年，公司实现原煤产 量 1782.12 万吨，同比增加 15.86%；商品煤总销量 1788.35 万吨，同比下 降 14.1%。产量增加主因低基数和公司统筹生产组织调度等原因。尽管二季 度煤价下降，但公司二季度煤炭产销和营收均有所改善，其中二季度公司自 产 ...