Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in revenue, with a total operating income of 806 million yuan in the first half of 2025, representing a year-on-year growth of 16.27% [4] - The pharmaceutical intermediate segment saw a remarkable revenue increase of 548.49% year-on-year, reaching 150 million yuan, with a gross margin of 70.63% [4] - The electronic materials business also experienced substantial growth, with a revenue increase of 431.76% year-on-year, amounting to 27 million yuan [4] - The company's net profit attributable to shareholders for the first half of 2025 was 166 million yuan, reflecting a year-on-year growth of 74.22% [5] Financial Performance - In Q2 2025, the company reported an operating income of 462 million yuan, which is a year-on-year increase of 26.54% and a quarter-on-quarter increase of 34.39% [6] - The net profit for Q2 2025 was 120 million yuan, showing a year-on-year increase of 97.48% and a quarter-on-quarter increase of 163.95% [6] - The company maintained a sales expense ratio of 2.26% in Q2 2025, down 1.13 percentage points year-on-year [6] Market Position and Growth Potential - The company has established itself as a strategic supplier in the global supply chain for major panel manufacturers, including Dupont, Merck, and LG Chem [7] - The semiconductor materials segment is expected to continue growing, with the global market for photolithography materials projected to reach 5.06 billion USD in 2025, a year-on-year growth of approximately 7% [8] - The company has submitted multiple applications for drug registration, indicating a strong pipeline in the pharmaceutical sector [8] Earnings Forecast - The company is projected to achieve operating revenues of 1.724 billion yuan, 2.068 billion yuan, and 2.516 billion yuan for the years 2025, 2026, and 2027, respectively [10] - The net profit attributable to shareholders is expected to be 339 million yuan, 403 million yuan, and 494 million yuan for the same years [10] - The price-to-earnings ratio (P/E) is forecasted to be 23, 20, and 16 for the years 2025, 2026, and 2027, respectively [10]

2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 深耕细分市场领域产品性能，2025Q2 单季度归 母净利润环比大幅改善 ——三角轮胎（601163）公司动态研究 最近一年走势 投资要点: 2025 年上半年轮胎销量同比下降，公司归母净利润短期承压 2025Q2 单季度，公司实现归母净利润 2.30 亿元，同比-27.71%，环比 +38.45%。2025Q2 单季度，公司销售费用率约 3.63%，同比-0.04 个 pct， 环比-0.44 个 pct；管理费用率为 2.60%，同比+0.02 个 pct，环比-0.13 个 pct；研发费用率为 2.07%，同比+0.43 个 pct ...

2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 仲逸涵 S0350525070003 | | | zhongyh@ghzq.com.cn | [Table_Title] 立足区位优势强化产能布局，未来增长动能强劲 ——赞宇科技（002637）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 赞宇科技 | 10.5% | 25.8% | 49.5% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 12.07 | | 周价格区间（元） 52 | | | ...

最近一年走势 2025 年 09 月 08 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn [Table_Title] 底部成本优势明显，静待氨纶、己二酸拐点 ——华峰化学（002064）公司动态研究 2025H1，公司实现营业收入 121.37 亿元，同比下滑 11.70%；实现归 母净利润 9.83 亿元，同比下滑 35.23%；实现扣非后归母净利润 9.04 亿元，同比下滑 37.83%；经营活动产生的现金流量净额为 13.52 亿元， 同比增长 82.59%。公司业绩下滑主要由于行业周期下行，氨纶、己二 酸价格同比下降。分产品板块来看，化学纤维板块（氨纶）实现营业 收入 42.15 亿元，同比-9.43%，毛利率为 18.65%，同比提升 3.68 个 pct，展现较强盈利韧性，主要由于公司氨纶降本效果显著；化工新材 料板块（聚氨酯原液）实 ...

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

2025 年 09 月 07 日 公司研究 评级：买入(上调) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李永磊 S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | | 董伯骏 S0350521080009 | | | | dongbj@ghzq.com.cn | | 联系人 | ： | 王鹏 S0350125040009 | | | | wangp05@ghzq.com.cn | 2025 年上半年，随着公司产品升级及改造项目的陆续投产与达产， 公司产销规模、营业收入继续保持稳定增长，实现营业收入 288.03 亿元，同比增长 16.05%；归母净利润 2.51 亿元，同比增长 48.83%； 扣非归母净利润 2.27 亿元，同比增长 98.76%；加权平均净资产收 益率为 3.26%，同比增长 0.68 个百分点；销售毛利率 3.24%，同比 减少 0.16 个百分点；销售净利率 0.98%，同比增长 0.18 个百分点。 52 周价格区间（元） 5.26-10.46 总市值（百万） 15,304. ...

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to benefit from the long-term operation of the game "Supernatural" and subsequent profit releases, with strong performance anticipated in the second half of 2025 [7][11]. - The company announced a cash dividend of 1.50 yuan per 10 shares, totaling 284 million yuan, which accounts for 36.49% of the net profit attributable to shareholders for the first half of 2025 [6]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% year-on-year [8]. - In the second quarter of 2025, the company reported revenue of 938 million yuan, a year-on-year increase of 28.42% and a quarter-on-quarter increase of 29.64%, with a net profit of 429 million yuan, reflecting a year-on-year increase of 17.49% and a quarter-on-quarter increase of 23.37% [8]. Game Performance - The game "Supernatural" has exceeded expectations, with over one million concurrent users in July and reaching the fourth position in the iOS game sales rankings in August [7][8]. - The "Original Journey" mini-game has maintained a stable monthly revenue of 100 million yuan, contributing to the company's revenue growth [7]. Future Projections - The company is projected to achieve revenues of 4.943 billion yuan, 6.709 billion yuan, and 7.792 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 2.346 billion yuan, 3.780 billion yuan, and 4.239 billion yuan [11][12]. - The report anticipates significant profit releases in the third and fourth quarters of 2025, driven by the performance of new game releases [11].

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Investment Rating - The report gives a "Buy" rating for the company [9][18]. Core Views - The company's performance in H1 2025 shows significant improvement, with revenue of 6.5 billion and a net profit of 560 million, reflecting year-on-year increases of 15% and 206% respectively [6][7]. - The Model C business is gaining traction, contributing 40.1% to revenue in H1 2025, with a gross margin of 30.2%, indicating a positive trend for future growth [8][9]. Financial Performance - In H1 2025, the company achieved a revenue of 6.5 billion, up 15% year-on-year, and a net profit of 560 million, up 206% year-on-year. The gross margin was 21.4%, an increase of 1.2 percentage points, and the net margin was 9.6%, an increase of 5.8 percentage points [6][7]. - In Q2 2025, revenue reached 3.8 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 43%. The net profit for Q2 was 300 million, up 932% year-on-year and 16% quarter-on-quarter [6][7]. Product Segment Performance - The herbicide segment generated revenue of 4.7 billion, up 11% year-on-year, with a gross margin of 19.3%, an increase of 0.9 percentage points. The insecticide segment achieved revenue of 1.06 billion, up 34%, with a gross margin of 28.2%, an increase of 1.1 percentage points. The fungicide segment had revenue of 670 million, up 16%, with a gross margin of 24.6%, an increase of 2.4 percentage points [7]. Future Outlook - The company is expected to achieve revenues of 15 billion, 17.1 billion, and 19.4 billion in 2025, 2026, and 2027 respectively, with net profits of 1.15 billion, 1.36 billion, and 1.66 billion. The corresponding P/E ratios are projected to be 19, 16, and 13 [8][10]. - The company aims to increase its To C business proportion, expand its North American and EU operations, and enhance its insecticide and fungicide segments, indicating a strong growth potential [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a year-on-year increase of 32% in net profit attributable to shareholders in Q2, and it plans to distribute its first interim dividend [2] - The company's revenue for H1 2025 was 57.19 billion yuan, a decrease of 1.9% year-on-year, while the net profit attributable to shareholders was 4.58 billion yuan, an increase of 47.3% year-on-year [5][7] - The company has adjusted its dividend policy to distribute at least 50% of net profit attributable to shareholders in cash annually [5] Financial Performance Summary - In H1 2025, the company's total profits from coal, wind, hydro, and solar power were 3.15 billion, 1.94 billion, 1.21 billion, and 0.4 billion yuan respectively, with year-on-year increases of 109%, 71.3%, 17.2%, and 3.6% [7] - The company's asset impairment losses decreased by 6.9 billion yuan year-on-year to 270 million yuan in H1 2025 [7] - The company reported an operating cash flow of 15.56 billion yuan in H1 2025, a year-on-year increase of 39.8% [7] Earnings Forecast and Valuation - The company is expected to generate revenues of 119.6 billion, 123.1 billion, and 124.6 billion yuan for the years 2025 to 2027, with net profits of 5.94 billion, 6.37 billion, and 6.88 billion yuan respectively [9][10] - The corresponding price-to-earnings ratios (PE) are projected to be 11, 10, and 10 for the same years [9][10] - The report anticipates steady growth in profitability for 2025, maintaining the "Buy" rating [7][10]