Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Insights - The company achieved a net profit of 279 million yuan in Q2 2025, representing a year-on-year growth of 73% [1][9]. - For the first half of 2025, the company reported revenues of 6.693 billion yuan, up 39.05% year-on-year, and a net profit of 506 million yuan, up 79.37% year-on-year [1][9]. - The company is actively expanding into the low-altitude economy, focusing on aviation power, new energy, and high-end components as strategic emerging fields [3][58]. Financial Performance - In Q2 2025, the company achieved a revenue of 3.450 billion yuan, a year-on-year increase of 39% and a quarter-on-quarter increase of 6.4% [1][9]. - The gross profit margin for Q2 2025 was 15.6%, a decrease of 0.7 percentage points year-on-year but an increase of 1.9 percentage points quarter-on-quarter [2][11]. - The net profit margin improved by 1.2 percentage points year-on-year to 8.2% in Q2 2025 [2][11]. Business Segments - The company's general machinery segment generated 3.644 billion yuan in revenue in H1 2025, a year-on-year increase of 73.09% [1][9]. - The motorcycle engine segment reported revenue of 2.324 billion yuan in H1 2025, a year-on-year increase of 14.23% [1][9]. - The aviation power segment has developed a product line focused on small and medium-sized aviation piston engines, with over 20 derivative products launched [3][39]. Future Projections - The company has revised its revenue forecasts for 2025-2027 to 13.41 billion, 16.13 billion, and 18.73 billion yuan, respectively, reflecting an increase from previous estimates [4][58]. - The projected net profits for the same period are 1.007 billion, 1.187 billion, and 1.369 billion yuan, respectively, also revised upwards [4][58]. Strategic Focus - The company is committed to enhancing its core business in general machinery and motorcycle engines while expanding into new fields such as aviation power and new energy [58][56]. - The company aims to leverage its strong order book and continuous growth in its core businesses to drive future performance [4][58].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company is a leader in mechanical seals, with international business expansion providing growth opportunities. In the first half of 2025, revenue increased by 18.45% year-on-year to 858 million yuan, while net profit attributable to shareholders grew by 8.10% to 187 million yuan. Excluding stock incentive expenses, net profit was 202 million yuan, reflecting a 16.76% increase [1][3]. - The growth in revenue is attributed to the domestic growth in the mechanical seal segment and the acquisition of German company KS GmbH. However, the gross margin and net margin decreased by 3.11 and 2.10 percentage points respectively, primarily due to the lower gross margin of the newly consolidated KS GmbH and increased competition in some incremental market projects [1][3]. Summary by Relevant Sections Revenue and Profitability - In the first half of 2025, the equipment manufacturing segment generated 385 million yuan in revenue, a year-on-year increase of 18.47%, driven by successful market expansion in domestic large petrochemical projects and steady progress in international business. International revenue exceeded 85 million yuan, with a growth of slightly over 10% [2]. - The gross margin for incremental business was 27.56%, down by 3.45 percentage points due to intensified project competition. For existing businesses, revenue from petrochemical, coal chemical, and other segments was 189 million yuan, 64 million yuan, and 49 million yuan respectively, with year-on-year growth rates of 9.58%, 10.58%, and 11.61% [2]. Segment Performance - The rubber and plastic sealing segment achieved revenue of 108 million yuan in the first half of 2025, a significant increase of 60.92%, mainly due to the consolidation of KS GmbH. The subsidiary Yutai Technology maintained stable revenue of 74 million yuan, with a net profit of 15 million yuan, reflecting a 13.04% increase [3]. - The special valve segment reported revenue of 61 million yuan, a year-on-year increase of 9.6%, with a gross margin of 47.91%, up by 0.97 percentage points. The net profit for this segment was 6.5 million yuan, a decrease of 2.09% [3]. Financial Forecasts - The company maintains its profit forecasts for 2025-2027, expecting net profits of 419 million yuan, 484 million yuan, and 558 million yuan respectively, corresponding to P/E ratios of 19, 17, and 14 times [3][4].

证券研究报告 | 2025年09月17日 $\begin{array}{l}\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\\ \mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\end{array}$ 市场表现：20250916 规模指数中中证 2000 指数表现较好，板块指数中科 创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。纺织服装、 计算机、综合金融、消费者服务、汽车行业表现较好，农林牧渔、银行、有 色金属、食品饮料、石油石化行业表现较差。宇树机器人、呼吸机、海航系、 PVC 地板、减速器等概念表现较好，钨矿、稀土、鸡产业、猪产业、生物育 种等概念表现较差。 市场情绪：20250916 收盘时有 89 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘收益为-2.70%。今日 封板率 74%，较前日提升 6%，连板率 27%，较前日提升 7%，连板率创近 一个月新高。 市场资金流向：截至 ...

证券研究报告 | 2025年09月17日 中密控股（300470.SZ） 优于大市 机械密封龙头，国际业务打开公司成长空间 机械设备·通用设备 2025 年上半年收入同比增长 18.45%，归母净利润同比增长 8.10%。公司 2025 年上半年实现营收 8.58 亿元，同比增长 18.45%；实现归母净利润 1.87 亿元， 同比增长 8.10%。剔除股权激励费用影响，公司实现归母净利润为 2.02 亿元， 同比增长 16.76%，营收增长主要系：1）机械密封板块国内增量业务增长；2） 并购德国 KS GmbH 公司。2025 年上半年公司毛利率/净利率分别为 44.03%/21.86%，同比变动-3.11/-2.10 个 pct，盈利能力有所下滑主要系： 1）新并表的 KS GmbH 毛利率相对较低；2）部分增量市场项目因项目构成与 竞争加剧导致毛利率略有下滑。公司期间费用管控良好，其中财务费用因汇 兑收益及利息收入增加有所下降。2025 年上半年公司实现经营性现金流净额 0.46 亿元，同比下降 38.94%。 增量业务稳步增长，存量业务保持韧性。增量业务方面，2025 年上半年公司 装备制造业收入 3 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

证券研究报告 | 2025年09月17日 2025年上半年营收同比下降18.86%，归母净利润同比下降42.90%。公司2025 年上半年实现营收 14.89 亿元，同比下降 18.86%；实现归母净利润 2.57 亿 元，同比下降 42.90%。2025 年上半年毛利率/净利率分别为 35.02%/17.29%， 同比变动-5.43/-7.26 个 pct。费用方面，2025 年上半年公司销售/管理/研 发 / 财 务 费 用 率 分 别 为 4.48%/4.89%/6.32%/1.72% ， 同 比 变 动 -0.36/+0.85/+1.63/+3.10 个 pct。其中，财务费用大幅增加主要系本期产 生约 3228 万汇兑损失。单季度看，2025Q2 营收 8.83 亿元，同比下降 18.69%； 归母净利润 1.39 亿元，同比下降 54.43%。业绩下滑主要受光伏真空泵业务 拖累，压缩机业务受益于数据中心等领域需求拉动实现增长。 制冷压缩机有望受益 AIDC 发展，打开新成长空间。2025 年上半年压缩机业 务实现营收 10.77 亿元，同比增长 12.21%；毛利率为 34.79%，同比提升 0. ...

证券研究报告 | 2025年09月17日 固定收益专题研究 关注 CPI 内部的结构分化 4、货币政策更关乎需求因素驱动的价格变化，因此非食品价格的变化 或核心 CPI 的变化是关键。 5、市场利率也如此。长期以来，我国的 10 年期国债利率与非食品价格 同比增速始终保持着相对较高的相关性，2002-2014 年时期，国债利率 与非食品价格同比增速的相关系数为 0.438，而 2015 年以来，两者的相 关性反而进一步提高至 0.576，相关度进一步增大。2002-2014 年时期， 国债利率与食品价格同比增速的相关系数为 0.592，甚至高于非食品因 素，而 2015 年以来，两者之间的相关系数锐减到 0.10，相关度显著缩 小。 6、如果将物价数据作为影响货币政策或市场利率波动的重要变量，则 需要更加关注需求属性更强的非食品价格变化趋势（或核心 CPI），很 难用食品价格的波动来严格定义通胀或通缩。当食品与非食品同向变化 时，是较为清晰的时期，但是当两者反向变化时，则需要深入到结构中 去进行仔细甄别。 风险提示：海外市场动荡，存在不确定性。 核心观点 固定收益专题研究 证券分析师：董德志 021-6093 ...

事件 1-AI 算力：1）甲骨文上调云基础设施收入预期。据华尔街日报 2025 年 9 月 10 日消息，甲骨文 FY1Q26 云基础设施营收 33 亿美元，同比增长 55%；云业务待履约订单（RPO）达 4550 亿美元（较去年底增加 3170 亿 美元），同比增长 359%；订单增长主要源于客户数据中心相关订单，包 括 OpenAI、xAI、Meta、NVIDIA 等客户。公司上调 OCI 增长预期，预计 2026 财年 Oracle 云基础设施 IaaS 收入增长 77%达 180 亿美元，后续四 年分别增至 320 亿、730 亿、1140 亿及 1440 亿美元。 点评 1：甲骨文上调云基础设施收入预期，反映了当前 AI 驱动下云基础设施 需求持续旺盛，我们认为 AI 算力仍然是需求确定性高增长的投资主线，建 议重点关注未来 1-2 年基本面斜率最大的 AI 液冷环节，其余关注 AI 数据中 心用电的燃机环节和制冷环节：1）AI 液冷：【飞荣达】【高澜股份】【同 飞股份】【南风股份】；2）燃机环节：【应流股份】【豪迈科技】【联德 股份】；3）制冷环节：【汉钟精机】【冰轮环境】。 证券研究报告 | 2 ...

证券研究报告 | 2025年09月17日 金属行业 2025 年中报总结 优于大市 有色板块净利润同增 38%，资源股配置价值持续凸显 上半年上游企业受益商品涨价，利润同比提升。2025H1，上证指数涨幅 5.57%， 有色金属指数涨幅 17.00%，跑赢上证指数 11.42 个百分点；钢铁指数涨幅 3.09%，跑输上证指数 2.49 个百分点。商品价格方面，上半年贵金属和工业 金属价格中枢不断抬升，而能源金属、钢铁价格有所下跌。业绩方面，2025H1 有色板块实现营收 18,197 亿元，同比+6.66%；实现归母净利润 953 亿元， 同比+38.28%。 工业金属：关税叠加降息预期带动大宗商品，上半年利润增速 38%。2025H1， 申万工业金属板块所有公司共计实现营收 13,586 亿元，同比+12.08%；实现 归母净利润 697.4 亿元，同比+38.0%。2025Q2 申万工业金属板块所有公司共 计实现营收 7,279.9 亿元，同比+9.97%，环比+15.4%；实现归母净利润 368.4 亿元，同比+23.4%，环比+12.0%；实现经营性现金流 628.9 亿元，同比+34.3%， 环比- ...

证券研究报告 | 2025年09月17日 $\begin{array}{l}\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\\ \mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\end{array}$ 市场表现：20250916 规模指数中中证 2000 指数表现较好，板块指数中科 创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。纺织服装、 计算机、综合金融、消费者服务、汽车行业表现较好，农林牧渔、银行、有 色金属、食品饮料、石油石化行业表现较差。宇树机器人、呼吸机、海航系、 PVC 地板、减速器等概念表现较好，钨矿、稀土、鸡产业、猪产业、生物育 种等概念表现较差。 市场情绪：20250916 收盘时有 89 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘收益为-2.70%。今日 封板率 74%，较前日提升 6%，连板率 27%，较前日提升 7%，连板率创近 一个月新高。 市场资金流向：截至 ...