公司报告 | 半年报点评 华阳国际（002949） 证券研究报告 核心主业毛利率同比提升，出售子公司股权亏损有望收窄 收入同比增长，出售短剧子公司股权下半年有望减亏 华阳国际 25H1 实现收入 6 亿，同比+15.6%，归母净利润为 0.35 亿，同比 -41%，单季度看 25Q2 实现收入 3.37 亿，同比+15.8%，归母净利润为 0.33 亿，同比-42.1%，公司收入实现稳步增长，业绩承压主要系新业务亏损拖 累以及减值损失增加所致。25 年 7 月公司及时调整业务，转让子公司江西 华阳文化、深圳华阳文化、湖南华阳文化 100%股权，预计下半年数字文化 业务或将止损。考虑到上半年的业绩承压，我们预计公司 25-27 年归母净 利润为 1.06、1.4、1.6 亿（前值为 1.5、1.8、2.0 亿元），对应 PE 为 27、 21、18 倍，维持"买入"评级。 建筑设计业务上半年毛利率稳步提升，新业务短期拖累 分产品来看，居住建筑设计、公共建筑设计业务 25H1 分别实现收入 1.6、 2.1 亿，同比-9.5%、+6.5%，毛利率分别为 40.3%、42.1%，同比+10.36pct、 +9.41 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company achieved a significant increase in net profit, reaching 5.718 billion yuan in H1 2025, a year-on-year growth of 73.02% [1] - The revenue for H1 2025 was 22.82 billion yuan, reflecting a 35.05% increase compared to the previous year [1] - The company emphasizes shareholder returns by implementing a mid-term cash dividend of 0.28 yuan per share, totaling 2.036 billion yuan, which accounts for 35.62% of the net profit for the first half of the year [4] Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 5.718 billion yuan, up 73.02% year-on-year, with a Q2 net profit of 3.281 billion yuan, increasing by 74.17% year-on-year and 34.6% quarter-on-quarter [1] - The operating revenue for H1 2025 was 22.82 billion yuan, a 35.05% increase year-on-year, and the non-recurring net profit was 5.579 billion yuan, up 58.67% [1] Production and Sales - The company saw a substantial increase in sales volume due to the launch of the Inner Mongolia project, with polyethylene, polypropylene, and EVA sales reaching 1.1529 million tons, 1.1179 million tons, and 109,500 tons respectively, marking increases of 101%, 95%, and 53% year-on-year [2] - The average coal price in Inner Mongolia was 477 yuan per ton, down 28.1% year-on-year, contributing to an improved price spread for olefins [2] Project Development - The Inner Mongolia project has reached full production capacity, with an annual capacity of 2.6 million tons of coal-to-olefins and 400,000 tons of green hydrogen coupling, making it the largest coal-to-olefins project globally [3] - The company is actively advancing new projects, including the Ningdong Phase IV olefins project, which is expected to be completed by the end of 2026 [3] Shareholder Returns - The company maintains a sustainable and stable profit distribution policy, with a mid-term cash dividend of 0.28 yuan per share, amounting to 2.036 billion yuan [4] - The profit forecast for 2025 and 2026 has been adjusted downwards to 12 billion yuan and 13.6 billion yuan respectively, with a new forecast for 2027 set at 15 billion yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is increasing its investment in special industries, aiming to enhance its core competitiveness through a planned fundraising of up to 1.3 billion yuan for various projects, including aviation equipment testing platforms and AI chip testing platforms [1][2] - The company is aligning with national industrial strategies and increasing R&D efforts in sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [2] - The company has seen rapid growth in orders within special industries, focusing on R&D stages in key areas such as measurement calibration reliability, environmental testing, and integrated circuit testing, where it holds a leading position domestically [2][3] Financial Performance - For the first half of 2025, the company expects revenue between 1.45 billion and 1.5 billion yuan, representing a year-on-year growth of 7.91% to 11.63%. The net profit attributable to the parent company is projected to be between 95 million and 100 million yuan, with a growth of 19.20% to 25.48% [4] - The company's net profit forecasts for 2025 to 2027 are 420 million, 510 million, and 600 million yuan respectively, with year-on-year growth rates of +20%, +20%, and +18% [4] - The company’s revenue is projected to grow from 2.89 billion yuan in 2023 to nearly 5 billion yuan by 2027, with corresponding growth rates of 10.94%, 11.01%, 17.16%, 16.33%, and 14.33% [4][10] Strategic Developments - The company plans to upgrade its Xi'an measurement testing laboratory to become a key technical support base for military and civilian vehicle and large component inspection in the northwest region of China, complementing its Chengdu testing base [3] - In the AI chip sector, the company is establishing a quality testing and evaluation platform in Guangzhou to develop reliability assessment standards for domestic GPU/FPGA chips, addressing a significant gap in high-end chip testing standards [3] - The company is also building performance testing and evaluation platforms for satellite internet in Guangzhou and Chengdu to meet the certification needs of over 50,000 satellite applicants in China [3]

上半年收入稳健增长，仍维持"买入"评级 公司报告 | 半年报点评 中材国际（600970） 证券研究报告 Q2 整体经营仍显韧性，上半年海外新签合同高增 分业务来看，25H1 公司工程技术服务、高端装备制造、生产运营服务分别 实现收入 125.76、23.09、62.35 亿元，同比+3.94%、-20.81%、+9.92%，毛 利率分别为 13.12%、19.28%、20.04%，分别同比-2.42pct、-3.98pct、-1.89pct。 生产运营业务表现亮眼，其中矿山运维、水泥及其他运维实现营收 40.51、 21.84 亿元，同比+12.7%、+5.12%。装备业务积极实行"两外"拓展，装备 境外业务收入占比提升至 51%，装备外行业收入占比提升至 37%。25H1 公 司实现境外收入 117.06 亿元，同比+25.15%，其中工程技术服务、高端装 备制造境外分别实现收入 85.56、11.79 亿元，同比分别+29.6%、24.72%。 公司 2025 年上半年实现收入 216.76 亿元，同比+3.74%，归母净利润 14.21 亿元，同比+1.56%，扣非净利润 12.39 亿元，同比-11 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company has shown significant improvement in its performance, with a revenue of 519 million yuan in the first half of 2025, representing an 18.3% year-on-year increase, and a net profit of 106 million yuan, up 93.3% year-on-year [1][2]. - The demand for AI servers is rapidly increasing, driving the demand for high-performance MLCCs, which in turn boosts the need for high-end nickel powder [3][4]. - The company is planning a capital expenditure of 297 million yuan for expanding its nickel powder production capacity, which is expected to reach 1,800 tons annually [4]. Financial Performance - In H1 2025, the company achieved a gross margin of 33.18%, with a notable increase in the gross margin of its core product, nickel powder, which reached 37.5%, up 13.8 percentage points year-on-year [2]. - The net profit margin for H1 2025 was 20.35%, reflecting a 7.9 percentage point increase year-on-year [2]. - The average nickel price during the period was 125,000 yuan per ton, down 8.1% year-on-year, contributing to the recovery of the company's profitability [2]. Market Trends - The AI server market is expected to maintain strong demand in the second half of 2025, with a projected increase in MLCC stocking needs by nearly 25% [3]. - The automotive-grade MLCCs are also expected to provide incremental demand, with major manufacturers launching new products in this category [3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 240 million yuan, 334 million yuan, and 402 million yuan, respectively, with corresponding price-to-earnings ratios of 53x, 38x, and 31x [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8] Core Views - The company achieved a revenue of 487 million yuan in the first half of 2025, representing a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 220 million yuan, up 44.1% year-on-year [1] - The demand for animal health products remains strong due to improved profitability in the breeding sector, leading to a 17% increase in batch approvals in the first half of 2025 [2] - Vaccine sales have improved significantly, with a 43% year-on-year increase in batch approvals for vaccines in the first half of 2025, driven by strong industry demand and the launch of new products [3] - The company is focusing on research and development, with R&D expenses rising to 9.34% of total revenue, which has led to the successful launch of several new products [4] - The company is expected to benefit from the release of multiple new products in 2025-2027, with projected revenues of 1.22 billion, 1.31 billion, and 1.57 billion yuan, respectively, indicating a growth rate of 29%, 8%, and 19% [5] Financial Summary - The company reported a gross margin of 67% and a net margin of 45% for the first half of 2025, with improvements in profitability despite challenges in the downstream market [3] - The projected net profit for 2025 is 449 million yuan, with a year-on-year growth of 17.4%, and the corresponding P/E ratios for 2025, 2026, and 2027 are 20, 17, and 14, respectively [6][5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company reported a revenue of 1.87 billion yuan in the first half of 2025, a year-on-year decrease of 4.4%, while the net profit attributable to the parent company was 218 million yuan, an increase of 1.35% year-on-year [1]. - The functional materials segment saw a revenue decline of 9.55% year-on-year, while the life sciences and pharmaceuticals segment experienced a revenue increase of 20.80% year-on-year [2]. - The company has made significant advancements in high-end new materials, with multiple products in the OLED and polymer sectors already validated by downstream customers [3]. Financial Performance - The company adjusted its net profit forecast for 2025-2027 to 520 million, 631 million, and 704 million yuan respectively, maintaining the "Buy" rating [4]. - The financial data indicates a projected revenue of 3.82 billion yuan for 2025, with a growth rate of 3.55% [5]. - The earnings per share (EPS) is expected to be 0.56 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.56 [5]. Segment Analysis - The functional materials segment contributed 78.58% to total revenue, while the life sciences segment accounted for 20.09% [2]. - The subsidiary MP Biomedicals reported a revenue increase of 33.1% year-on-year, indicating strong demand for its products [2]. - The company is actively developing new materials for various applications, including thermoplastic polyimide and solid-state battery materials, which are currently in the laboratory development stage [3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a strong performance in the pharmaceutical sector, achieving a record high net profit in the second quarter since its listing, with a net profit of 120 million yuan, representing a year-on-year increase of 97.5% and a quarter-on-quarter increase of 163.9% [1] - The overall revenue for the first half of 2025 reached 806 million yuan, a year-on-year increase of 16.3%, with a net profit attributable to the parent company of 166 million yuan, up 74.2% year-on-year [1] - The gross margin for the second quarter was 50.39%, and the net margin was 26.06%, both significantly improved compared to previous periods [1] - The pharmaceutical segment's revenue increased significantly by 548.61% year-on-year, contributing to the overall revenue growth [2] - The company has ongoing research and development projects across multiple fields, with a total R&D investment of approximately 70 million yuan in the first half of 2025, accounting for 8.68% of its main business revenue [3] Financial Summary - The company expects net profits for 2025-2027 to be adjusted to 328 million, 400 million, and 472 million yuan respectively, maintaining the "Buy" rating [3] - The projected revenue for 2025 is 1.66 billion yuan, with a growth rate of 13.78% [4] - The company's earnings per share (EPS) for 2025 is estimated at 1.89 yuan, with a price-to-earnings (P/E) ratio of 24.55 [4] - The total market capitalization of the company is approximately 8.06 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Viewpoints - The company's revenue for H1 2025 was 4.85 billion yuan, a decrease of 1.47% year-on-year, while the net profit attributable to shareholders was 509 million yuan, down 12.62% year-on-year [1]. - The long-distance pipeline business showed stable profitability with a revenue of 3.23 billion yuan in H1 2025, reflecting a slight increase of 0.04% year-on-year, and a gross margin of 22.89%, up 0.77 percentage points [2]. - The adjustment of natural gas pipeline transportation prices in Shaanxi province, effective from June 1, 2025, will have a short-term negative impact on profits but is expected to stimulate user demand in the long run [3]. - The introduction of active shareholders through the transfer of shares by the controlling shareholder is expected to optimize the company's equity structure and enhance its core competitiveness [4]. Financial Performance Summary - The company's operating income is projected to reach 9.71 billion yuan in 2025, with a growth rate of 7.50% [5]. - The forecast for net profit attributable to shareholders for 2025 has been revised down to 704.81 million yuan, reflecting a decrease of 2.65% compared to previous estimates [5]. - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 13.62 [5].

制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...