消费电子稳健增长，AI 算力&汽车打开增量空间 消费电子 立讯精密（002475.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 买入（维持） | 评级： | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 231,905 | 268,795 | 310,086 | 372,100 | 427,900 | | | | 增长率 yoy% | 8% | 16% | 15% | 20% | 15% | | 执业证书编号：S0740521120002 | | 归母净利润（百万元） | 10,953 | 13,366 | 16,774 | 19,737 | 22,714 | | Email：wangfang02@zts.com.cn | | 增长率 yoy% | 20% | 22% | 26% | 18% | 15% | | | | 每股收益（元） ...

医疗器械 国内外高端产品占比持续提升，看好公司海外业务持续快速增长 新产业（300832.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：谢木青 | | 营业收入（百万元） | 3,930 | 4,535 | 5,049 | 5,926 | 6,962 | | | | 增长率 yoy% | 29% | 15% | 11% | 17% | 17% | | 执业证书编号：S0740518010004 | | 归母净利润（百万元） | 1,654 | 1,828 | 1,841 | 2,145 | 2,508 | | Email：xiemq@zts.com.cn | | 增长率 yoy% | 25% | 11% | 1% | 16% | 17% | | | | 每股收益（元） | 2.10 | 2.33 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][16]. Core Views - The company's profitability has significantly rebounded in Q2 2025, driven by successful product validation and increased revenue scale, leading to a substantial improvement in gross margin [6][7]. - The company has successfully introduced new products that have passed customer validation, contributing to revenue growth and enhancing market penetration [8][10]. - The increase in contract liabilities indicates a strong order backlog, which supports future revenue growth [8]. Financial Performance Summary - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7% [7]. - The net profit attributable to the parent company reached 241 million yuan, a year-on-year increase of 103%, marking a turnaround from a loss of 147 million yuan in Q1 2025 [7]. - The gross margin for Q2 2025 was 38.8%, showing a year-on-year decrease of 8.1 percentage points but a quarter-on-quarter increase of 18.9 percentage points [7]. - The net profit margin improved to 19.4%, up 4.4 percentage points year-on-year [7]. Revenue and Profit Forecast - The revenue forecast for 2023A is 2.705 billion yuan, with projected growth rates of 59% for 2023, 52% for 2024, and 31% for 2025 [5]. - The net profit forecast for 2025E is 978 million yuan, with a growth rate of 42% compared to 2024 [5]. - The earnings per share (EPS) is projected to be 3.50 yuan for 2025E, increasing to 5.06 yuan in 2026E [5]. Market Position and Trends - The company is expanding its coverage in thin film deposition equipment and has achieved comprehensive coverage of various hard mask processes, positioning itself as a leading equipment manufacturer in the domestic integrated circuit field [10][11]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, indicating strong demand in advanced storage and logic sectors [11].

Investment Rating - The investment rating for the company is "Hold" [3] Core Views - The company reported a steady growth in its automotive parts business, with significant contributions from overseas markets and the new energy vehicle sector [5] - The first-tier turbocharger business is primarily driven by overseas demand, with revenue from international markets reaching 278 million yuan, a year-on-year increase of 14.71% [5] - The second-tier new energy vehicle parts business is gaining momentum, with the subsidiary in Anhui generating revenue of 20.75 million yuan in the first half of 2025 [5] - The third-tier business, focusing on linear motion components, is also showing growth potential, with the subsidiary achieving revenue of 1.94 million yuan in the first half of 2025 [5] Financial Summary - For the first half of 2025, the company achieved operating revenue of 716 million yuan, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [4] - The company forecasts operating revenues of 1.62 billion yuan, 2.01 billion yuan, and 2.54 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 19.3%, 24.3%, and 26.1% [5][7] - The net profit attributable to shareholders is expected to reach 330 million yuan, 399 million yuan, and 509 million yuan for the same years, with growth rates of 14.9%, 19.5%, and 27.9% respectively [5][7] - The price-to-earnings (P/E) ratio is projected to decrease from 42.8 in 2025 to 28.0 in 2027, indicating improving valuation [5][7] Business Segments - The automotive parts segment generated 667 million yuan in revenue, reflecting a year-on-year growth of 6.05% [5] - The company is expanding its production capacity in Thailand, which is expected to further enhance the growth of its turbocharger business [5] - The new energy vehicle parts segment is supported by the new production facility in Anhui, which is ramping up its output [5] Market Comparison - The company is positioned well within the automotive parts industry, with its stock rating reflecting a stable outlook compared to market indices [8]

科达利（002850.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | 10,511 | 12,030 | | 15,399 | 18,739 | 22,695 | | | | 增长率 yoy% | 21% | 14% | | 28% | 22% | 21% | | 执业证书编号：S0740522020001 | | 归母净利润（百万元） | 1,201 | 1,472 | | 1,868 | 2,327 | 2,853 | | Email：zengbiao@zts.com.cn | | 增长率 yoy% | 33% | 23% | | 27% | 25% | 23% | | | | 每股收益（元） | 4.39 | 5.38 | | 6.83 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant revenue growth driven by its core stamping parts business, which is closely tied to leading new energy vehicle manufacturers such as Tesla and Li Auto [7] - The company is expected to maintain a high profitability trajectory due to its cost control measures and the high gross margin of its new electroplating business [7] - Revenue and profit forecasts for the company are optimistic, with projected revenues of 36.47 billion, 46.93 billion, and 55.66 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 44.1%, 28.7%, and 18.6% [7] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.287 billion yuan, a year-on-year increase of 15.2%, and a net profit of 201 million yuan, up 27.2% year-on-year [7] - The gross margin for Q2 2025 reached a record high of 29.86% [7] Business Segments - The stamping parts business generated 854 million yuan in revenue, a year-on-year increase of 41.08%, serving as the main driver of revenue growth [7] - The electroplating business, which has a high gross margin of 77.45%, is expected to continue contributing positively to overall profitability [7] Cost Management - The company demonstrated excellent cost control, with a total expense ratio of 7.60% in H1 2025, down 0.96 percentage points year-on-year [7] - In Q2 2025, the total expense ratio further decreased to 7.42% [7] Future Outlook - The company is expected to benefit from the recovery in sales from traditional OEM clients and the continued growth of new energy vehicle manufacturers [7] - The expansion into new business areas, particularly in precision electroplating, is anticipated to provide additional growth opportunities [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][4][7] Core Views - The company reported a revenue of 76.04 billion yuan for the first half of 2025, representing a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 6.76 billion yuan, a decrease of 15.79% year-on-year [5] - The company aims to strengthen product-driven strategies and explore channel potential, focusing on new product development and customized offerings for retail partners [5] - Future revenue projections for 2025-2027 are set at 157.32 billion, 167.04 billion, and 176.46 billion yuan, with expected growth rates of 4%, 6%, and 6% respectively [5] Financial Summary - Total shares outstanding are 333.29 million, with a market price of 77.06 yuan, leading to a market capitalization of 25,683.25 million yuan [2] - The company's revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 14,045 million, 15,127 million, 15,732 million, 16,704 million, and 17,646 million yuan respectively, with growth rates of 15%, 8%, 4%, 6%, and 6% [4][6] - The net profit attributable to shareholders for the same years is projected at 1,478 million, 1,485 million, 1,361 million, 1,493 million, and 1,617 million yuan, with growth rates of 34%, 0%, -8%, 10%, and 8% [4][6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][8]. Core Views - The company reported a net profit of 5.32 billion yuan in H1 2025, a year-on-year increase of 20.51%, despite a revenue decline of 8.57% to 7.66 billion yuan [6]. - The company plans to distribute a mid-term cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, reflecting a commitment to shareholder returns [6]. - The company is undergoing expansion projects on the莞深高速 highway, with an investment of 8.63 billion yuan in H1 2025, which is expected to enhance future revenue streams [6]. Financial Performance Summary - For H1 2025, the company achieved operating revenue of 7.66 billion yuan, down 8.57% year-on-year, while net profit rose to 5.32 billion yuan, up 20.51% [6]. - The company’s cash flow from operating activities saw a significant increase of 332.74%, reaching 9.31 billion yuan [6]. - The company’s earnings per share (EPS) for H1 2025 was 0.5122 yuan, reflecting a year-on-year increase of 23.45% [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 8.81 billion yuan, 8.93 billion yuan, and 9.31 billion yuan respectively, with corresponding EPS of 0.85 yuan, 0.86 yuan, and 0.90 yuan [6][7]. - The report anticipates a decline in revenue for 2024, followed by a slight recovery in subsequent years, with growth rates of -64% in 2024 and modest increases thereafter [4][7]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.6X, 13.5X, and 12.9X respectively, indicating a favorable valuation compared to historical performance [4][6]. - The company’s return on equity (ROE) is expected to be around 9% in 2025, gradually declining to 8% by 2027 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][11]. Core Views - The company achieved a stable revenue of 2.93 billion yuan in H1 2025, with a slight net profit increase of 0.4% year-on-year [5]. - Strong growth in third-party B-end and overseas markets, with third-party revenue reaching 2.064 billion yuan, a year-on-year increase of 6.5% [6]. - The report anticipates a positive trend in third-party business, while the performance of related parties is under pressure due to reduced sales to Hai Di Lao [6][7]. Summary by Sections Financial Performance - The company reported a total revenue of 6.156 billion yuan for 2023, with projected revenues of 6.540 billion yuan for 2024 and 6.879 billion yuan for 2025, reflecting growth rates of 0% and 6% respectively [4]. - The net profit attributable to shareholders for 2023 was 853 million yuan, with forecasts of 739 million yuan for 2024 and 818 million yuan for 2025, indicating a year-on-year decline of 13% for 2024 but a recovery in subsequent years [4][6]. Revenue Breakdown - Third-party revenue categories include: - Hot pot condiments: 925 million yuan, up 7.5% year-on-year - Chinese mixed seasonings: 451 million yuan, up 4.8% year-on-year - Convenient fast food: 645 million yuan, up 3.5% year-on-year [6]. - The company has established a sales team for B-end products, enhancing its service offerings to B-end clients and distributors [6]. Profitability Metrics - The gross margin decreased by 0.5 percentage points to 29.5%, while the net profit margin remained stable at 10.6% [6]. - The report projects net profit growth rates of 11% for 2025 and 13% for 2027, with earnings per share (EPS) expected to reach 0.79 yuan in 2025 and 0.99 yuan in 2027 [4][6]. Valuation Ratios - The price-to-earnings (P/E) ratio is projected to be 17.1 for 2025 and 15.3 for 2026, while the price-to-book (P/B) ratio is expected to decline from 3.1 in 2024 to 2.7 in 2025 [4][8].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is positioned as a leading comprehensive logistics provider, achieving record high performance. It has rapidly transformed from a leading express delivery service provider in China to a global comprehensive logistics service provider through its "1 to N" expansion strategy. The company benefits from steady growth in express delivery, ongoing diversification strategies, improved profitability from new businesses, and significant cost reduction and efficiency gains [6][12]. Summary by Sections 1. Company Overview - The company aims to become a global leader in smart logistics solutions, having established a strong market position in China since its inception in 1993. It has undergone three major development phases: focusing on domestic express logistics, diversifying its services, and now positioning itself for global comprehensive logistics [19][21]. 2. Competitive Advantages - The company possesses a unique business model characterized by direct management, comprehensive logistics, and independent third-party services. This model ensures high service quality, significant resource advantages, and substantial growth potential [7][46]. 3. Cost Reduction and Lean Management - The company has implemented a multi-network integration strategy that has led to significant cost reductions, with cumulative savings exceeding 3.8 billion yuan from 2021 to 2024. The operational model has been simplified to enhance efficiency, with automation and unmanned logistics being key components [8][36]. 4. Growth Potential - The express delivery business is expected to grow, driven by consumer and industrial demand. The company anticipates an 11.8% year-on-year increase in express delivery volume in 2024, with significant contributions from e-commerce returns and industrial logistics [9][11]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 312.49 billion yuan, 339.27 billion yuan, and 370.38 billion yuan from 2025 to 2027, with corresponding net profits of 11.86 billion yuan, 14.01 billion yuan, and 16.22 billion yuan. The report emphasizes the company's strong competitive advantages and high growth potential, leading to a positive long-term investment outlook [14][18].