分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车游戏行业领涨 A 股小幅震荡 ——市场分析 相关报告 《市场分析：有色半导体领涨 A 股小幅震荡》 2025-09-12 《市场分析：通信半导体领涨 A 股震荡上行》 2025-09-11 《市场分析：成长行业领涨 A 股小幅上行》 2025-09-10 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 09 月 15 日 投资要点： ◼ A 股市场综述 周一（09 月 15 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 3879 点附近遭遇阻力，午后股指震荡回 落，盘中汽车、游戏、农牧饲渔以及煤炭等行业表现较好；珠宝首 饰、贵金属、保险以及航天航空等行业表现较弱，沪指全天基本呈 现小幅震荡整理的运行特征。创业板市场周一震荡上行，创业板成 分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周一 A ...

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 | 收盘价(元) | 85.20 | | --- | --- | | 一年内最高/最低(元) | 105.20/28.62 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 10.37 | | 流通市值(亿元) | 437.11 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 8.21 | | 每股经营现金流(元) | 0.37 | | 每股经营现金流(元) | 0.37 | | --- | --- | | 毛利率(%) | 49.22 | | 净资产收益率_摊薄(%) | 5.17 | | 资产负债率(%) | 21.99 | | 总股本/流通股(万股) | 52,226.77/51,304.38 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 0% 38% 77% 115% 154% 192% 230% 269% 2024.09 2025.01 2025. ...

工程机械Ⅱ | 收盘价(元) | 51.20 | | --- | --- | | 一年内最高/最低(元) | 68.88/39.48 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 2.45 | | 流通市值(亿元) | 259.25 | | 基础数据(2025-06-30) | | 每股净资产(元) 20.89 每股经营现金流(元) -0.26 毛利率(%) 35.75 净资产收益率_摊薄(%) 9.95 资产负债率(%) 36.25 总股本/流通股(万股) 50,634.79/50,634.79 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -22% -13% -3% 6% 15% 25% 34% 43% 2024.09 2025.01 2025.05 2025.09 浙江鼎力 沪深300 相关报告 联系人：李智 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 业绩超出预期，海外收入高增长带动公司 逆势增长 ——浙江鼎力(603338)2025 年中报 ...

专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 营收高速增长，海外 AIDC 液冷业务有望 快速拓展 ——英维克(002837)2025 年中报点评 证券研究报告-中报点评 增持(首次) 市场数据(2025-09-12) | 收盘价(元) | 75.31 | | --- | --- | | 一年内最高/最低(元) | 80.16/20.80 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 24.23 | | 流通市值(亿元) | 634.84 | 基础数据(2025-06-30) | 每股净资产(元) | 3.11 | | --- | --- | | 每股经营现金流(元) | -0.24 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 7.16 | | 资产负债率(%) | 56.11 | | 总股本/流通股(万股) | 96,932.46/84,296.37 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚 ...

电气设备 tangjn@ccnew.com 021-50586738 中报业绩表现稳健，盈利能力提升 ——平高电气(600312)中报点评 证券研究报告-中报点评 买入(首次) 市场数据(2025-09-12) | 收盘价(元) | 15.51 | | --- | --- | | 一年内最高/最低(元) | 21.16/14.39 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 1.90 | | 流通市值(亿元) | 210.46 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 8.15 | | 每股经营现金流(元) | -0.32 | | 毛利率(%) | 24.72 | | 净资产收益率_摊薄(%) | 6.01 | | 资产负债率(%) | 49.02 | | 总股本/流通股(万股) | 135,692.13/135,692.13 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -24% -14% -4% 5% 15% 24% 34% 43% 2024.09 2025.01 2025.05 2025.09 ...

分析师：牟国洪 登记编码：S0730513030002 证券研究报告-行业月报 强于大市(维持) 投资要点： 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业四季度投资策略：业绩增速提 升，关注三条主线》 2025-09-04 《锂电池行业专题研究：内卷整治有助于提升 行业全球竞争力》 2025-09-02 《锂电池行业月报：产业链价格总体上涨，短 期仍关注》 2025-08-14 联系人：李智 马嵚琦 锂电池 mough@ccnew.com 021-50586980 量价齐升，短期持续关注 ——锂电池行业月报 发布日期：2025 年 09 月 15 日 风险提示： 行业政策执行力度不及预期；细分领域价格大幅波动；新 能源汽车销量不及预期；行业竞争加剧；系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 26页 11765 电话： 0371-65585629 021-50586973 地址： 郑州郑东新区商务外环路10号18楼 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 09 月 15 日 资料来源：聚源，中原证券研究所 0% 9% 18% 27% 36% 45% 53% 62% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,870.60 | -0.12 | | 深证成指 | | 12,924.13 | -0.43 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,522.00 | -0.57 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,326.99 | -0.29 | | 中证 | 5 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [22]. Core Insights - The company's performance is under pressure, with a year-on-year decline in revenue and net profit, but the seed business shows growth against the trend [7]. - The company achieved a revenue of 4.588 billion yuan in the first half of 2025, a decrease of 9.26% year-on-year, and a net profit of 213 million yuan, down 27.71% year-on-year [7]. - The agricultural input business faced challenges, while the seed segment experienced a 4.31% increase in revenue [7]. - The company is expanding its business layout through subsidiaries and maintaining stable summer grain production [7]. Financial Performance Summary - In the first half of 2025, the company reported a net cash flow from operating activities of 722 million yuan, a significant increase of 412.77% year-on-year [7]. - The gross profit margin for the first half of 2025 was 12.03%, down 1.08 percentage points year-on-year, while the net profit margin was 4.87%, down 1.18 percentage points year-on-year [7]. - The company's asset-liability ratio was 50.68%, a decrease of 1.02 percentage points year-on-year, indicating ongoing financial structure optimization [7]. Revenue and Profit Forecast - The company is expected to achieve net profits of 755 million yuan, 881 million yuan, and 939 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.55 yuan, 0.64 yuan, and 0.68 yuan [9][10]. - The current price-to-earnings ratio (PE) is projected to be 17.61 for 2025, decreasing to 14.16 by 2027, suggesting reasonable valuation within the industry [9][10].

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [28]. Core Views - The company has demonstrated rapid growth in performance, with a revenue of 787 million yuan in the first half of 2025, representing a year-on-year increase of 21.93%. The net profit attributable to shareholders reached 113 million yuan, up 20.72% year-on-year, while the net profit excluding non-recurring items was 96.7 million yuan, reflecting a growth of 33.39% [7][8]. - The demand for micro transmission systems is rapidly increasing, driven by developments in the automotive electronics and humanoid robotics sectors [8][10]. - The company has established long-term partnerships with key clients in the automotive industry, including Bosch, BYD, and Li Auto, and has made significant progress in providing precision components and transmission systems for various automotive applications [10][12]. Financial Performance - The gross margin for the first half of 2025 was 31.97%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 14.4%, a slight decrease of 0.14 percentage points. The net profit margin excluding non-recurring items improved by 1.05 percentage points to 12.29% [9]. - Revenue breakdown by business segment shows that micro transmission systems generated 498 million yuan, accounting for 63.25% of total revenue, with a year-on-year growth of 20.51%. Precision components contributed 239 million yuan, growing 16.25%, while precision molds and others saw a significant increase of 88.52% to 50 million yuan [11]. Industry Trends - The rapid development of new energy vehicles and artificial intelligence is catalyzing demand in the industry, with the market for micro transmission and micro drive systems expanding significantly [10][12]. - The company is leveraging its strengths in precision planetary gear reducers and has made breakthroughs in humanoid robotics, positioning itself to benefit from the growth of the humanoid robotics industry [12][13]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.866 billion yuan, 2.34 billion yuan, and 2.977 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 273 million yuan, 355 million yuan, and 465 million yuan, with price-to-earnings ratios of 114.71X, 88.25X, and 67.39X [14][15].

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [26]. Core Views - The company reported a significant revenue growth of 28% year-on-year, reaching 1.321 billion yuan in the first half of 2025, driven by increased orders in aerospace components and ground system integration projects [5][6]. - Despite the revenue growth, the company faced a net loss of 30.49 million yuan, compared to a profit of 0.85 million yuan in the same period last year, primarily due to lower revenue recognition in satellite system development and increased operational costs [6][10]. - The gross margin decreased to 12.74%, down 8.27 percentage points year-on-year, largely due to a shift towards lower-margin commercial space products [7][10]. - The company is well-positioned to benefit from the growing satellite internet industry and has strong research and development capabilities in small satellite manufacturing [8][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.321 billion yuan, a 28% increase year-on-year, while the net profit attributable to shareholders was a loss of 30.49 million yuan [5][6]. - The gross margin for the first half of 2025 was reported at 12.74%, reflecting a significant decline from the previous year [7]. Business Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 5.811 billion yuan, 6.867 billion yuan, and 7.785 billion yuan for 2025, 2026, and 2027 respectively [10]. - The net profit forecast for the same period is expected to improve, with estimates of 0.35 billion yuan, 1.25 billion yuan, and 2.1 billion yuan [10]. Industry Position - The company is strategically positioned within the satellite manufacturing sector, benefiting from the overall growth in the commercial space and satellite internet markets [8][9].