中国宏桥（01378） 证券研究报告 业绩延续高增，大额股份回购彰显发展信心 业绩：2025H1 公司实现营业收入 810.39 亿元，同比+10.1%；实现毛利 208.05 亿元， 同比+16.9%；实现归母净利润 123.61 亿元，同比+35.0%。在计提大额转债公允价 值变动损益的基础上（-25.6 亿元），业绩仍较超预期，主要系铝产品量价齐升。 铝产品量价齐升，一体化布局成本控制显著 1）铝合金：25H1 铝合金产品贡献营收/毛利分别为 518.8/130.9 亿元，同比 +5.2%/+7.8%；销量 290.6 万 吨，同 比+2.4%；吨 售价/吨 成本/吨毛 利分别为 17852/13347/4505 元，同比+2.7%/+1.9%/+5.3%。电解铝价格上涨带来吨售价提升， 成本端动力煤/预焙阳极单吨价格 676/4884 元，同比-22.7%/+20.8%，动力煤下降带 来电力成本下行，但预焙阳极价格较去年同期大幅上升，综合成本控制显著，吨毛 利持续提升。 2）氧化铝：25H1 氧化铝贡献营收/毛利分别为 206.5/59.5 亿元，同比+27.5%/+44.3%； 销量 636.8 万 ...

公司报告 | 半年报点评 中国石化（600028） 证券研究报告 油价下行导致业绩短期承压，"反内卷"或扭转局面 2025H1 业绩因多方面因素承压明显 2025H1 公司实现收入 14090.5 亿，同比-10.6%，归母净利润 214.8 亿，同 比-39.8%，主要是因为油价走低，库存减利，国内汽柴油销量和价差均下 行，航煤、芳烃等产品毛利下滑。 或因减油增化趋势，化工板块受产能集中投放、芳烃等产品盈利下滑、装 置集中检修等因素，上半年经营亏损 42 亿元，同比增亏 11 亿。后续我们 预计"反内卷"政策红利或扭转化工亏损局面。 面临成品油达峰问题，销量下滑明显 由于国内成品油需求达峰问题较为严峻，营销板块汽柴煤油销量同比分别 -4.9%/-6.8%/-8.4%，实现价格分别-6.4%/-8.2%/12.7%，营销板块收益 80 亿， 同比-67 亿（同比-45.7%）。 资本开支继续放缓，利好长期盈利和现金流能力 公司计划下调全年资本开支 5%左右，或利好长期盈利和现金流能力。 2025H1 资本开支 438 亿（同比-14%），其中上游/炼油/化工/销售分别 276/55/73/28 亿，主要炼油/ ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company faced operational pressure in H1 2025 due to declining coking coal prices, but the focus on the coking coal business's elasticity is emphasized under the anti-involution policy [1] - The company achieved revenue of 6.735 billion in H1 2025, a year-on-year decrease of 35.34%, and a net profit attributable to the parent company of 309 million, down 42.71% [1] - The company is expected to benefit from the operational performance of ongoing projects, particularly the Bangladesh coal-fired power plant, which is anticipated to start contributing operational revenue this year [1] - The overall coking coal prices have shown signs of recovery since Q3, which is expected to enhance profit elasticity in the company's coking coal business [1] - The company maintains a positive outlook on its integrated investment and operation business development prospects, forecasting net profits attributable to the parent company of 1.12 billion, 1.24 billion, and 1.4 billion for 2025-2027 [1] Financial Performance Summary - In H1 2025, the revenue from various business segments was as follows: Engineering Construction and Services 3.1 billion, Resource Equipment Supply Chain 2.66 billion, Power Operations 330 million, and Industrial Manufacturing 620 million, with respective year-on-year changes of -24.9%, -50.9%, +55.2%, and -0.9% [2] - The overall gross margin for H1 2025 was 13.09%, an increase of 3 percentage points year-on-year, with Q2 gross margin at 13.15%, up 2.63 percentage points [2] - The company signed new contracts worth 402 million USD in H1 2025, a decrease of 44.76% year-on-year, while efforts to explore emerging markets have yielded breakthroughs in Egypt and the UAE [2] - The company's cash flow from operations (CFO) improved to 147 million in H1 2025, an increase of 531 million year-on-year, primarily due to a reduction in the maturity of large acceptance bills compared to the previous year [3] Financial Data and Valuation - The projected financial data for the company from 2023 to 2027 includes revenue growth rates of 59.96% in 2023, -11.21% in 2024, and positive growth in subsequent years [4] - The estimated net profit attributable to the parent company is forecasted to be 918.06 million in 2023, increasing to 1.399 billion by 2027, with corresponding growth rates of 44.35%, 14.32%, and 12.97% [4] - The company's price-to-earnings (P/E) ratio is projected to decrease from 14.30 in 2023 to 9.38 in 2027, indicating an improving valuation over time [4]

Investment Rating - The investment rating for JD Health is "Buy" with a target price not specified [5] Core Viewpoints - JD Health reported a significant increase in revenue and profitability for the first half of 2025, with total revenue reaching 35.3 billion yuan, a year-on-year growth of 24.5% [1] - The company's operating profit surged by 105.5% to 2.127 billion yuan, driven by improved gross margin and cost control [2] - The growth in product sales was primarily attributed to an increase in active user numbers and enhanced online penetration of pharmaceutical and health products [2] - The company has established a mature operational model integrating self-operated, online platform, and instant retail, which is expected to unlock long-term growth potential [3] - The application of AI technology in healthcare services is expected to accelerate the establishment of a closed-loop medical ecosystem [3] Summary by Sections Financial Performance - In H1 2025, JD Health achieved a revenue of 35.3 billion yuan, up from 28.3 billion yuan in the same period last year, marking a 24.5% increase [1] - The second quarter revenue was 18.6 billion yuan, reflecting a year-on-year growth of 23.67% [1] - Non-IFRS operating profit reached 2.483 billion yuan, a 56.7% increase year-on-year [1][2] - The gross profit increased by 32.7% to 8.9 billion yuan, with a net profit margin of 10.1% [2] Business Development - The sales of pharmaceutical and health products generated 29.3 billion yuan, accounting for 83% of total revenue, with a year-on-year growth of 22.7% [2] - The digital marketing service revenue grew by 34.4% to 6 billion yuan, driven by an increase in the number of advertisers [2] - The company has formed strategic partnerships with major pharmaceutical companies, enhancing its product offerings [2] Strategic Initiatives - JD Health has expanded its online pharmacy network to over 200,000 offline pharmacies and increased its user base for online medical insurance payments to nearly 200 million people [3] - The introduction of AI-driven services, such as AI doctors and pharmacists, has reached over 50 million users, indicating a significant penetration into healthcare services [3] - The company is well-positioned to capitalize on the "Healthy China" strategy, which is expected to further boost health demand [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company achieved a revenue of 10.55 billion, a year-on-year increase of 2.17%, but the net profit attributable to the parent company decreased by 32.7% to 288 million [1]. - The report emphasizes the potential for profit recovery due to the steel industry's "anti-involution" measures, which may lead to an increase in steel prices and improve processing fees and net profit per ton [1][3]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 810 million, 940 million, and 1.09 billion respectively, with corresponding P/E ratios of 15, 13, and 11 [1]. Revenue and Profit Analysis - In the first half of 2025, the company reported a revenue of 10.55 billion, with a net profit of 288 million, reflecting a significant decline in profitability [1]. - The second quarter saw a revenue of 5.735 billion, a decrease of 2.78% year-on-year, with net profits dropping by 32.61% [1]. - The gross profit margin for the first half of 2025 was 10%, down by 0.67 percentage points year-on-year, with a gross profit of 470 yuan per ton, a decline of 85 yuan [3]. Product Segment Performance - Revenue from various product segments in the first half of 2025 included H-beams (5.8 billion), box-type columns (2 billion), and other components, with mixed performance across segments [2]. - The company has been investing in smart manufacturing technologies, including advanced production lines and robotic systems, to enhance operational efficiency [2]. Financial Metrics - The company’s financial metrics indicate a slight decrease in expense ratios, with a total expense ratio of 6.61% in the first half of 2025 [4]. - The cash flow from operations was negative at -198 million, primarily due to an increase in inventory [4]. - The projected revenue for 2025 is 23.6 billion, with a net profit of 811.5 million, reflecting a growth rate of 5.08% [5][12]. Market Position and Outlook - The company is positioned in the construction decoration and specialized engineering industry, with a focus on transitioning to intelligent steel structure manufacturing [6]. - The report suggests that the ongoing supply-side reforms in the steel industry could positively impact the company’s performance if steel prices rise [3].

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report emphasizes the integration of racing culture and high-end branding for BYD, showcasing how the newly built all-terrain racetrack in Zhengzhou serves as a platform for technology application and user engagement [2][4][21] - The report draws parallels between BYD's strategy and historical examples from global automotive brands like Mercedes and Ferrari, highlighting the importance of racing success in enhancing brand perception and driving sales [3][22][24] Summary by Sections Section 1: BYD Racetrack - The BYD Zhengzhou all-terrain racetrack has been completed and opened, representing a significant investment of 5 billion yuan, featuring diverse driving experiences such as drifting and off-road challenges [11] - The racetrack serves as a testing ground for key technologies like Yisifang and Yunian, facilitating the connection between technology and users [2][12] Section 2: Racing Culture and Brand Evolution - The racetrack is positioned as a tool for brand elevation, with a focus on user engagement through various activities that blend technology validation and consumer experience [23] - Historical examples from F1 and other racing events illustrate how success on the racetrack can translate into brand prestige and sales growth for automotive companies [24][26][30] Section 3: High-End Product Strategy - BYD is set to launch several high-end models in the latter half of 2025, including the Fangchengbao Titanium 7, Yangwang U8L, and Tengshi N8L, targeting different segments of the luxury SUV market [41][53] - The Fangchengbao Titanium 7 is designed for both urban commuting and off-road capabilities, while the Yangwang U8L emphasizes luxury and advanced driving features [47][50] - The Tengshi N8L showcases a modern design and strong performance metrics, appealing to younger consumers [53][55]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company reported a revenue of 60.13 billion yuan for the first half of 2025, representing an 18.3% year-on-year growth. Gross profit reached 22.44 billion yuan, up 16.6%, with a gross margin of 37.3%, slightly down by 0.5 percentage points. However, net profit decreased by 28.0% to 4.92 billion yuan, and adjusted net profit was 7.37 billion yuan, down 2.1% [1][5]. - The company's self-owned brand business, primarily from electronic vapor products and vapor beauty products, generated 12.74 billion yuan in revenue, a 14.1% increase, accounting for 21.2% of total revenue. The European market contributed 10.69 billion yuan, up 15.1%, while the U.S. market saw a decline of 6.7% to 1.74 billion yuan. Notably, the Chinese market surged by 2595.2% to 306.18 million yuan, driven by the sales of the vapor beauty product "Lan Zhi" [2][3]. - The company is experiencing a recovery in its vapor electronic cigarette business, supported by stricter regulations against non-compliant products in global markets. This regulatory environment is expected to sustain growth in both self-owned brand and enterprise client businesses [3][4]. Segment Summaries - **HNB Products**: The company successfully supported strategic clients in launching the high-end HNB product Hilo series, which will be launched nationwide in Japan in September 2025. The company is committed to ongoing R&D in HNB products to address user pain points [4]. - **Vapor Medical**: The subsidiary, Chuan Si Bio, is focused on developing leading generic drugs for asthma and COPD in the U.S. and Europe, with plans for further collaboration with international pharmaceutical companies [4]. - **Vapor Beauty**: The "Lan Zhi" home beauty device has surpassed 10,000 users, and the professional equipment has received Class II medical device certification, with over 100 private institutions procuring it [4]. Profit Forecast and Investment Recommendations - The company is positioned as a global leader in vapor technology solutions, with increasing competitive advantages. The report anticipates significant contributions from HNB business starting in 2026, with adjusted net profit forecasts for 2025-2027 set at 14.72 billion, 19.79 billion, and 26.63 billion yuan, respectively, reflecting year-on-year growth rates of 34.40% and 34.60% for 2026 and 2027 [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a century-old national jewelry brand that has established a strong cultural barrier and is leveraging high-end strategies to open up growth opportunities [2][14]. - The jewelry segment is the core business, expected to account for over 80% of revenue by 2024, with a dual business model that includes a focus on lithium salt [17][20]. - The company has shown impressive financial growth, with a projected CAGR of 20.4% for revenue and 65.6% for net profit from 2020 to 2024 [22]. Company Overview - The company, founded in 1895, has a rich history and has evolved into a comprehensive group enterprise involved in jewelry design, production, wholesale, retail, and franchising [14][15]. - The company has completed a change in actual control, leading to a stable management team that supports the ongoing development of the jewelry business [21]. Cultural and Product Strategy - The company emphasizes the integration of traditional craftsmanship and cultural elements, particularly through collaborations with cultural institutions like the Palace Museum [2][30]. - The brand has undergone a 2.0 upgrade, enhancing its high-end product matrix and focusing on a "low-key luxury" positioning [2][41]. - The company operates a solid channel strategy with a mix of direct sales and franchising, aiming to optimize store efficiency and expand its presence across major cities [2][43]. Industry Insights - The gold jewelry market is experiencing upward trends, with a notable resilience in high-end segments despite overall consumption declines [3][52]. - The younger generation is becoming the primary consumer group, showing a preference for unique and culturally infused jewelry designs [56][57]. - The market for traditional gold jewelry is expected to grow significantly, driven by cultural confidence and the rise of domestic brands [56][57]. Financial Projections - The company is projected to achieve revenues of 4.81 billion, 5.60 billion, and 6.66 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 249.27 million, 287.03 million, and 337.87 million yuan [5][4]. - The financial metrics indicate a strong improvement in profitability, with net profit margins expected to rise significantly [28].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.384 billion yuan in H1 2025, representing a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [1] - The company has secured over 1.5 billion yuan in orders for its two-machine business, with significant progress in partnerships with major global clients [3] - The nuclear power business is experiencing an upswing, with multiple contracts signed for nuclear power projects [4] - The low-altitude economy segment is advancing with a focus on engine and aircraft integration, targeting high-altitude and cold-weather markets [5] - Profit forecasts for 2025-2027 project net profits of 420 million, 574 million, and 801 million yuan respectively [5] Financial Data Summary - Revenue for 2023 is projected at 2.412 billion yuan, with a growth rate of 9.75% [11] - The net profit attributable to shareholders for 2025 is estimated at 419.51 million yuan, reflecting a growth rate of 46.49% [12] - The company’s EBITDA for 2025 is expected to be 849.74 million yuan [11] - The earnings per share (EPS) for 2025 is projected to be 0.62 yuan [12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 45.26 [12]

公司报告 | 半年报点评 安琪酵母（600298） 证券研究报告 收入增速环比提速，利润持续兑现 事件：2025H1 公司收入/归母净利润分别为 78.99/7.99 亿元（同比 +10.10%/+15.66%）；25Q2 公司收入/归母净利润分别为 41.05/4.29 亿元 （同比+11.19%/+15.35%）。 酵母主业保持较高增速，制糖业务有所增长。25Q2 公司酵母及深加工/制 糖/包装类产品/其他收入 29.81/2.28/0.99/3.22 亿元（同比+12%/+20%/+4% /-55%），食品原料收入 4.54 亿元，环比增长。上半年实现发酵产量 22.8 万吨，同比增长 11.8%。酵母主业继续保持较高增速，并贡献主要增量； 制糖业务有所增长，25 年 7 月公司公告拟以 5.06 亿元收购晟通糖业 55% 股权，晟通糖业业务以甜菜制糖业为核心，并承诺 25-27 年净利润达到 2 896/7586/9889 万元。 国外业务维持高增速，线上收入有所下降。25Q2 公司国内/国外收入分别 为 23.05/17.78 亿元（同比+4%/+22%），国内业务维持稳健增长，海外业务 维持高增速 ...