Investment Rating - The report maintains an "Accumulate" investment rating for the company [6][33]. Core Views - The company has shown significant growth in brokerage and investment banking businesses, with a stable performance in proprietary trading [4][5]. - The wealth management business is deepening its buyer advisory transformation, enhancing asset potential [6]. - The company has established a differentiated competitive advantage based on its resource endowment across various main business areas [6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 524 million yuan, up 64.47% [4][8]. - Basic earnings per share (EPS) reached 0.15 yuan, reflecting a 66.67% increase year-on-year [4][8]. - The weighted average return on equity (ROE) was 2.88%, an increase of 1.09 percentage points year-on-year [4][8]. Business Segments - The brokerage business's net income and interest income proportions increased, while the investment banking and asset management business's net income proportions decreased [5][9]. - The company saw a significant increase in net income from agency trading, with a year-on-year growth of 47.04% in brokerage fees [5][11]. - The investment banking business experienced a notable recovery in equity financing and rapid growth in debt financing, with a year-on-year increase of 45.69% in investment banking fees [5][14]. Asset Management - The asset management business is accelerating its diversified layout, with a total management scale of 601.99 billion yuan, a 6.34% increase from the end of 2024 [15]. - The company is focusing on strategic emerging industries and has significantly increased its revenue from private equity funds [15][22]. Proprietary Trading - The proprietary trading segment maintained a non-directional investment strategy, achieving a year-on-year increase of 13.96% in investment income [21][22]. - The fixed income proprietary trading significantly outperformed market indices, effectively managing bond market volatility [21][22]. Future Projections - The company expects EPS of 0.24 yuan and 0.26 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 5.17 yuan and 5.36 yuan [6][30]. - Based on the closing price of 6.46 yuan on September 9, the price-to-book (P/B) ratios are projected to be 1.25 and 1.21 for 2025 and 2026, respectively [6][30].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a revenue of 1.391 billion yuan for the first half of 2025, a year-on-year decrease of 5.24%, and a net profit attributable to the parent company of 163 million yuan, down 22.58% year-on-year [1] - The main revenue decline is attributed to hot pot condiments, which saw a 12.85% decrease to 428 million yuan, while the revenue from Chinese mixed seasonings increased by 1.06% to 896 million yuan [3] - Online sales experienced significant growth, with a 60.11% increase to 407 million yuan, accounting for 29.47% of total revenue [3] - The eastern market showed a 29.35% increase in sales to 380 million yuan, while the western and central markets saw declines of 5.85% and 27.46%, respectively [3] - The gross margin for the first half of 2025 was 38.7%, a decrease of 0.86 percentage points from the previous year, attributed to rising costs and declining revenue [3] - The report forecasts earnings per share of 0.58, 0.64, and 0.72 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 21.02, 18.88, and 16.84 [3][4] Summary by Sections Financial Performance - The company achieved a main revenue of 1.381 billion yuan in the first half of 2025, down 5.76% year-on-year, primarily due to the decline in hot pot condiments [3] - The gross margin decreased to 38.7%, and the net profit margin fell by 2.82 percentage points to 14.53% [3] Market Analysis - Online sales surged by 60.11%, indicating a shift in consumer purchasing behavior [3] - The eastern market outperformed other regions with a notable sales increase, contrasting with declines in the western and central markets [3] Earnings Forecast - Projected earnings per share for the next three years suggest a gradual increase, reflecting a cautious optimism about future profitability [4]

Group 1 - The investment rating for the company is "Buy" and is maintained [2][13][33] - The core viewpoint indicates that the company's performance is under pressure due to domestic demand slowdown, while overseas expansion continues to show strong growth [7][8][10] - In the first half of 2025, the company achieved operating revenue of 6.928 billion yuan, a year-on-year decline of 11.26%, and a net profit attributable to the parent company of 769 million yuan, down 15.06% [7][8][11] Group 2 - The agricultural machinery segment generated operating revenue of 6.277 billion yuan, a year-on-year decline of 11.5%, accounting for 90.61% of total revenue [11] - The tractor exports increased by 29.74%, with overseas sales reaching 5,445 units, reflecting strong performance in markets like Africa and Central and Eastern Europe [11][12] - The company's gross margin was 16.03%, a decrease of nearly 1 percentage point year-on-year, while the net profit margin increased by 0.24 percentage points to 12.02% [9][10] Group 3 - The company has adjusted its revenue forecasts for 2025 to 11.219 billion yuan, with net profit estimates of 849 million yuan, reflecting a cautious outlook due to industry demand challenges [13][31] - The report highlights the company's leading position in the tractor industry, emphasizing its strong R&D capabilities and proprietary technologies [10][12] - The company is expected to benefit from the ongoing trend towards larger, higher-end, and internationalized agricultural machinery [10][12]

Key Points Summary Market Performance - The A-share market experienced slight fluctuations with the Shanghai Composite Index closing at 3,807.29, down by 0.51% [3] - The Shenzhen Component Index closed at 12,510.60, down by 1.23% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 15.61 and 47.71 respectively, indicating a suitable environment for medium to long-term investments [8][9] Economic and Policy Environment - The State Council emphasized the need to consolidate the economic recovery, with multiple supportive policies for consumption and real estate [8][9] - The People's Bank of China is expected to maintain a moderately loose monetary policy, focusing on structural policies [8][9] - The market is seeing a net inflow of global funds into A-shares, with domestic savings shifting towards capital markets [8][9] Industry Insights - The food and beverage sector showed a significant increase in trading volume, with a 7.34% rise in August, indicating strong performance in snacks, soft drinks, and liquor [18][19] - The chemical industry index rose by 10.21% in August, with notable performance in fluorochemicals and carbon fiber sectors [21][22] - The lithium battery sector is projected to see revenue growth of 13.78% in the first half of 2025, with a strong focus on new energy vehicles [23][24] Investment Recommendations - Investment opportunities are recommended in the liquor, soft drink, and snack sectors due to their strong performance and recovery potential [19][20] - In the chemical sector, focus on agricultural chemicals and organic silicon for potential growth [21][22] - The lithium battery industry remains a key area for investment, particularly in leading companies within the supply chain [23][24]

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 [15]. Core Views - The company reported a revenue of 3.518 billion yuan for the first half of 2025, representing a year-on-year growth of 11.71%. However, the net profit attributable to shareholders decreased by 55.38% to 103 million yuan, with a non-recurring net profit of 92 million yuan, down 57% year-on-year [3][5]. - The company is a leader in the truck tire and non-road tire market in China, with a comprehensive range of products sold in over 140 countries. The company has implemented refined operational strategies to enhance product structure and optimize market adjustments, leading to growth in both domestic and international sales [3][5]. - The average selling price of tires increased by 0.8% to 1,157 yuan per tire, while tire production rose by 7% to 2.9966 million units, and sales increased by 10.25% to 2.9532 million units [3][5]. - The company's gross margin for the first half of 2025 was 14.90%, down 3.89 percentage points year-on-year, primarily due to rising raw material costs, which increased by 6.23% compared to the previous year [3][5]. - In the second quarter of 2025, tire production and sales showed positive growth, with production at 1.5432 million units (up 1.78% year-on-year) and sales at 1.586 million units (up 11.67% year-on-year) [3][5]. - The company is making significant progress in its giant tire project, which is expected to provide long-term growth momentum. The project has completed all pre-construction approvals and is now in the substantial construction phase [5][6]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 0.42 yuan and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.06 and 10.13 based on the closing price of 6.25 yuan on September 8 [5][6].

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [17]. Core Viewpoints - The A-share market experienced slight fluctuations with a notable performance in sectors such as gold, non-ferrous metals, real estate, and automobiles, while sectors like semiconductors, medical services, consumer electronics, and communication equipment showed weaker performance [2][3]. - The current average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 15.61 times and 47.71 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][16]. - The total trading volume in the two markets reached 21,525 billion, which is above the median trading volume of the past three years, indicating strong market activity [3][16]. - Government policies are expected to support economic recovery, with ongoing measures to boost consumption and stabilize the real estate market, providing a solid foundation for the market [3][16]. - The monetary policy is anticipated to maintain a "moderately loose" stance, focusing on structural policies, while global liquidity conditions are expected to remain favorable due to signals from the Federal Reserve regarding potential interest rate cuts [3][16]. Summary by Sections A-share Market Overview - On September 9, the A-share market faced resistance after a rise, with the Shanghai Composite Index encountering resistance around 3,834 points, leading to a slight decline in the afternoon [8]. - The Shanghai Composite Index closed at 3,807.29 points, down 0.51%, while the Shenzhen Component Index closed at 12,510.60 points, down 1.23% [9]. - Over 70% of stocks in the two markets declined, with sectors like precious metals, jewelry, real estate development, and banking showing gains, while semiconductors and medical services faced losses [8][10]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as non-ferrous metals, real estate, jewelry, and automobiles for potential investment opportunities [3][16].

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][13][38] Core Views - The company reported a stable performance in hydropower, with an increase in gross profit margin for thermal power despite a decrease in overall revenue [4][5][6] - The company plans to maintain a cash dividend ratio of no less than 55% for the upcoming years, reflecting a commitment to shareholder returns [12][13] - The company is expected to achieve net profits of 70.79 billion yuan, 75.19 billion yuan, and 80.75 billion yuan for the years 2025 to 2027, respectively, with corresponding earnings per share of 0.88, 0.94, and 1.01 yuan [13] Financial Performance - In the first half of 2025, the company achieved operating revenue of 256.97 billion yuan, a year-on-year decrease of 5.18%, while net profit attributable to shareholders was 37.95 billion yuan, an increase of 1.36% [4][5] - The total power generation in the first half of 2025 was 770.59 billion kWh, a decrease of 0.54% year-on-year, with hydropower generation increasing by 10.30% to 477.82 billion kWh [5][6] - The average on-grid electricity price decreased by 6.4% to 0.353 yuan per kWh, primarily due to a drop in thermal power prices [6] Business Segmentation - The company has a dominant position in hydropower, with a total installed capacity of 21,304.5 MW, making it the third-largest listed company in China by hydropower capacity [7][10] - The contribution from the Yalong River hydropower project was significant, accounting for 55.8% of the total power generation in the first half of 2025 [5][7] - The company’s energy mix includes hydropower (62.01%), thermal power (28.88%), and a small proportion of renewable energy sources [5][10] Cost Management - Financial expenses decreased by 23.97% year-on-year to 1.373 billion yuan in the first half of 2025, indicating improved cost management [11] - The gross profit margin for hydropower was 63.79%, an increase of 0.42 percentage points year-on-year, while the gross profit margin for thermal power rose to 17.26%, an increase of 2.03 percentage points [6][11]

农林牧渔 zhangmz@ccnew.com 13681931564 种业产业链分析之河南概况 分析师：张蔓梓 登记编码：S0730522110001 证券研究报告-行业深度报告 农林牧渔相对沪深 300 指数表现 资料来源：中原证券，聚源 -5% 1% 8% 15% 22% 28% 35% 42% 2024.09 2025.01 2025.05 2025.09 农林牧渔 沪深300 相关报告 《农林牧渔行业月报：市场需求疲软，畜禽 价格低迷 》 2025-08-27 《农林牧渔行业月报：市场需求疲软，畜禽 价格低迷 》 2025-07-18 《农林牧渔行业月报：畜禽价格低迷，宠物 食品 618 消费表现亮眼》 2025-06-23 联系人：李智 楼 投资要点： 风险提示：粮食价格波动、生物育种商业化政策不及预期、市场竞 争加剧、自然灾害问题等。 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 / 共17页 发布日期：2025 年 09 月 09 日 11766 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 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.981 billion yuan for the first half of 2025, representing a year-on-year growth of 2.35%. The net profit attributable to shareholders was 203 million yuan, up 6.39% year-on-year, while the net profit after deducting non-recurring items was 191 million yuan, reflecting a growth of 17.37% year-on-year [7][8] - The company's performance is attributed to the iterative upgrade of existing technology products and market promotion, with a focus on application-oriented R&D investments [9] - The company has effectively managed its expenses, resulting in a slight increase in net profit margin [10] Financial Performance - The company's gross margin for the first half of 2025 was 19.45%, a decrease of 1.52 percentage points year-on-year, while the net profit margin was 5.04%, an increase of 0.16 percentage points year-on-year [10] - The revenue breakdown by business segment shows that the mining and heavy equipment segment generated 2.236 billion yuan, accounting for 56.17% of total revenue, but saw a decline of 21.75% year-on-year. The special materials segment generated 726 million yuan, up 13.41% year-on-year, while the robot and intelligent equipment segment generated 207 million yuan, down 30.4% year-on-year. The new energy equipment segment saw significant growth, generating 812 million yuan, a year-on-year increase of 765.39% [12] Strategic Initiatives - The company is enhancing its competitiveness in the international market by executing a strategy focused on overseas market expansion, achieving a comprehensive application of large-scale crushing and grinding equipment in foreign super-large mines [13] - The company is transitioning from a single product supplier to a full-process solution provider for mining, significantly expanding the value of its products and enhancing its overall competitiveness [13] - The company is actively developing its robotics business, leveraging national policies to accelerate the establishment of a comprehensive robotics industry system [14] Earnings Forecast and Valuation - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 8.73 billion, 9.796 billion, and 11.065 billion yuan, respectively. The net profit forecasts for the same period are adjusted to 484 million, 578 million, and 695 million yuan, respectively, with corresponding P/E ratios of 50.73X, 42.46X, and 35.3X [15]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][5][22]. Core Views - The company achieved a revenue of 5.663 billion yuan in the first half of 2025, representing a year-on-year increase of 52.14%, and a net profit attributable to shareholders of 2.384 billion yuan, up 76.43% year-on-year [4][7]. - The report highlights a significant increase in investment income, which now constitutes a larger share of total revenue, while the contributions from brokerage, investment banking, asset management, and interest income have decreased [4][8]. - The company has successfully expanded its client base and improved customer experience, with brokerage business net income increasing by 46.27% year-on-year [10][11]. - The report notes a concentration of equity financing projects and a stable growth in debt financing, with investment banking fees increasing by 25.32% year-on-year [12]. - The asset management segment has shown stable performance, with net income from asset management fees rising by 4.92% year-on-year [15][18]. - The company has enhanced its investment strategies, particularly in high-dividend equities and alternative investments, leading to a 68.77% increase in investment income [19]. - The report indicates that the margin financing balance and market share have remained stable, with interest income from margin financing increasing by 35.58% year-on-year [20]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a basic earnings per share (EPS) of 0.29 yuan, an increase of 81.25% year-on-year, and a return on equity (ROE) of 4.84%, up 1.91 percentage points year-on-year [4][7][26]. Brokerage Business - The total number of clients reached over 16.73 million, with client assets increasing by 8.07% compared to the end of 2024 [10][11]. - The net income from brokerage services was 2.333 billion yuan, reflecting a year-on-year growth of 46.27% [10][11]. Investment Banking - The company completed equity financing projects totaling 1.017 billion yuan, with investment banking fees reaching 99 million yuan, a 25.32% increase year-on-year [12]. Asset Management - The company’s asset management business achieved a net income of 128 million yuan, up 4.92% year-on-year, with a total entrusted asset scale of 50.012 billion yuan [15][18]. Investment Income - The investment income (including fair value changes) was 1.983 billion yuan, a significant increase of 68.77% year-on-year [19]. Margin Financing - The margin financing balance was 40.097 billion yuan, with a market share of 2.17%, remaining stable compared to the end of 2024 [20].