证券研究报告 | 2025年08月26日 思瑞浦（688536.SH） 优于大市 收入连续五个季度同环比增长，新增产品 200 多款 二季度收入环比增长 25%，连续 5 个季度同环比增长。公司 2025 上半年实现 收入 9.49 亿元(YoY +87.33%)，其中收购的创芯微收入 1.68 亿元；实现归 母净利润 0.66 亿元(YoY +200%)，扣非归母净利润 0.38 亿元(YoY +133%)； 毛利率同比下降 1.6pct 至 46.38%；研发费用同比增长 4%至 2.68 亿元，研 发费率同比下降 22.7pct 至 28.29%。其中 2Q25 实现营收 5.27 亿元(YoY +71.96%, QoQ +25.03%)，连续 5 个季度同环比增长，达到季度收入次高； 实现归母净利润 5012 万元(YoY +404%, QoQ +222%)，扣非归母净利润 3595 万元(YoY +192%, QoQ +1961%)，毛利率 46.34%(YoY -1.9pct，QoQ -0.1pct)。 上半年信号链和电源管理芯片收入分别占比 68%和 32%，新增产品 200 多款。 分产品线看 ...

- The "China Securities Hong Kong Stock Connect Non-Bank Financial Theme Index" (931028.CSI) was launched on November 6, 2017, selecting up to 50 eligible stocks from the Hong Kong Stock Connect scope that align with the non-bank financial theme, using free-float market capitalization weighting with restrictions on individual sample weights (no more than 15%) and the top five sample weights combined (no more than 60%) [4][26][68] - The index is heavily concentrated in the insurance, securities, and diversified financial sectors, with weights of 64.45%, 15.23%, and 14.44%, respectively. The diversified financial sector is primarily contributed by the Hong Kong Stock Exchange [4][29][68] - The index's constituent stocks span a wide range of market capitalizations, with an average market cap of 1,718.74 billion yuan as of August 20, 2025. It includes 16 stocks with market caps exceeding 1,000 billion yuan, and stocks with market caps above 5,000 billion yuan account for 51.49% of the index weight [30][33][68] - The index valuation is at a historical low, with a price-to-earnings ratio of 10.61 and a price-to-book ratio of 1.24 as of August 20, 2025, showing a rapid recovery trend [35][36][68] - The index demonstrates strong profitability, with 12 constituent stocks having trailing twelve-month net profits exceeding 100 billion yuan, accounting for 81.73% of the index weight [39][41][68] - The top ten heavyweights in the index account for approximately 78.19% of the total weight, with the top three (Ping An Insurance, AIA, and Hong Kong Stock Exchange) contributing 41.94%. These include six A/H dual-listed stocks and other high-quality non-bank financial companies exclusively listed in Hong Kong [42][44][68] - Among the 36 constituent stocks, 19 are A/H dual-listed stocks with an average A/H premium rate of 59.50%, indicating higher relative value on the Hong Kong side [43][45][68] - Since its inception on November 14, 2014, the index has achieved an annualized return of 8.52%, annualized volatility of 27.07%, and a Sharpe ratio of 0.41, outperforming major broad-based indices in terms of risk-adjusted returns. During rebound periods following significant market declines, the index has shown strong upward momentum [47][48][50]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Viewpoints - The company is a leading player in the domestic internet financial information service industry, benefiting from a vibrant financial market and a strong AI product layout that enhances growth potential [1][12] - The company's revenue is highly correlated with market activity, with significant growth expected in the coming years due to increased trading volumes and user engagement [3][29] Summary by Relevant Sections Company Overview - The company, established in 2001, is the first listed internet financial information service provider in China, with a comprehensive industry chain and a diverse customer base [1][12] - As of the end of 2024, the company's revenue breakdown includes: 1.616 billion yuan from value-added telecom services (38.59%), 2.025 billion yuan from advertising and internet promotion services (48.36%), 190 million yuan from fund sales and transaction fees (4.54%), and 356 million yuan from software sales and maintenance (8.50%) [1] Business Growth Logic - C-end growth is driven by a strong product matrix and competitive pricing, with a monthly active user base of 30 million, leading to increased paid user rates and ARPU [2][40] - B-end growth leverages AI technology through the iFinD financial terminal, which is priced significantly lower than competitors, covering 37.6% of institutional clients [2] Advertising and Fund Distribution Business - The advertising and fund distribution business shows significant growth potential, with new account openings expected to reach 6.86 million in 2024, a 63% year-on-year increase [2] - The company plans to enhance its service chain from market viewing to underlying transactions, with a projected 10.8% quarter-on-quarter increase in equity fund holdings to 49.2 billion yuan in the second half of 2024 [2] AI and International Expansion - The company is committed to AI-driven strategies and international expansion, with its self-developed HithinkGPT model applied in various scenarios, enhancing research efficiency [3] - The company is targeting Southeast Asia for international growth, gradually building a global service system [3] Financial Forecast - The company is expected to achieve revenues of 5.306 billion yuan, 6.242 billion yuan, and 7.135 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27%, 18%, and 14% [3][4] - The projected net profit for the same years is 2.343 billion yuan, 2.735 billion yuan, and 3.127 billion yuan, with growth rates of 29%, 17%, and 14% respectively [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Views - The company is experiencing a significant decline in revenue, with a 30% year-on-year decrease in Q2 2025, leading to a total revenue of 6.95 billion yuan for H1 2025, down 4.8% year-on-year [1][4]. - The company is focusing on channel management and inventory reduction to stabilize pricing amid declining demand, with a notable increase in sales expenses by 26.3% in H1 2025 [3][4]. - The company anticipates a challenging market environment in the second half of the year, with uncertain recovery in consumer demand and sales pressure on product structure [4]. Financial Performance Summary - In Q2 2025, the company's total revenue was 1.85 billion yuan, a decrease of 29.7% year-on-year, and the net profit attributable to shareholders was 585 million yuan, down 37.1% year-on-year [1]. - The revenue contribution from premium products (Special A and above) was 95.7%, an increase of 0.22 percentage points year-on-year [1]. - The company reported a gross profit margin decline of 0.2 percentage points in Q2 2025, indicating stable performance despite the demand pressure [3]. Regional Performance Summary - In Q2 2025, the company's revenue in Jiangsu province was 1.611 billion yuan, down 32.2% year-on-year, with the Suzhong region showing a smaller decline of 19.5% [2]. - The company added 10 new distributors in the province and 22 outside the province in Q2 2025, indicating ongoing efforts to strengthen its distribution network [2]. Earnings Forecast and Valuation - The company has adjusted its revenue and net profit forecasts for 2025-2027, expecting revenues of 10.615 billion yuan, 11.090 billion yuan, and 12.007 billion yuan, with year-on-year changes of -8.1%, +4.5%, and +8.3% respectively [4][10]. - The projected net profit for 2025 is 3.011 billion yuan, reflecting a year-on-year decrease of 11.7% [10]. - The current stock price corresponds to a P/E ratio of 18.5 for 2025 and 17.7 for 2026, maintaining the "Outperform the Market" rating [4][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][21]. Core Views - The company reported strong performance in the second quarter, with significant revenue and profit growth driven by breakthroughs in copper mining projects [2][3][4]. - The mining service business showed stable revenue, while the mining resource business experienced rapid growth in both revenue and profit margins [3][4][21]. Summary by Sections Financial Performance - In the first half of the year, the company achieved revenue of 6.316 billion yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 1.111 billion yuan, up 81.29% [2][8]. - For Q2 2025, revenue was 3.505 billion yuan, reflecting a year-on-year increase of 52.39% and a quarter-on-quarter increase of 24.70%. The net profit for Q2 was 689 million yuan, up 103.25% year-on-year and 63.30% quarter-on-quarter [2][8]. Mining Service Business - The mining service segment generated revenue of 3.322 billion yuan in the first half, a slight increase of 0.57%, but the gross profit decreased by 17.26% to 767 million yuan, with a gross margin of 23.10% [2][3][13]. - The decline in gross profit was attributed to the transition of Lubambe copper mine to an internal management unit and the impact of operational disruptions due to seismic activities at the Kamoa-Kakula copper mine [2][3][13]. Mining Resource Business - The mining resource segment saw revenue soar to 2.912 billion yuan, a remarkable year-on-year increase of 238.03%, with gross profit reaching 1.388 billion yuan, up 276.83%, and a gross margin of 47.68% [3][4][19]. - The company produced approximately 39,400 tons of copper equivalent and sold about 43,900 tons, with Q2 production increasing by 25.14% compared to Q1 [3][19]. Future Outlook - The company is expected to maintain strong growth, with projected revenues of 12.856 billion yuan, 13.718 billion yuan, and 16.529 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 29.3%, 6.7%, and 20.5% [4][21]. - The net profit forecasts for the same years are 2.515 billion yuan, 2.598 billion yuan, and 3.260 billion yuan, with growth rates of 58.8%, 3.3%, and 25.5% respectively [4][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has returned to a growth trajectory in revenue and profit for the first half of 2025, achieving operating revenue of 4.659 billion yuan, a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 1.203 billion yuan, up 7.4% year-on-year [1][8] - The recovery in the respiratory therapy business and strong performance in blood glucose management are key drivers of growth, with significant contributions from new product launches in continuous glucose monitoring (CGM) [2][3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.223 billion yuan, a year-on-year increase of 7.1%, and a net profit of 578 million yuan, up 25.4% year-on-year [1][8] - The sales expense ratio for H1 2025 was 17.4%, an increase of 3.1 percentage points, primarily due to higher marketing expenses for new products [1][18] - The gross margin for H1 2025 was 50.4%, with a net margin of 25.7%, indicating potential for further profit improvement as high-margin products gain traction [1][18] Business Segments - Revenue from respiratory therapy solutions reached 1.674 billion yuan, a 1.9% increase, with home ventilators growing over 40% year-on-year [2][21] - Blood glucose management and POCT solutions generated 674 million yuan, a 20.0% increase, driven by the launch of new CGM products [2][21] - The company’s overseas sales revenue grew by 26.6% to 607 million yuan, reflecting the expansion of its international marketing efforts [24] Future Outlook - The company is expected to maintain robust growth, with projected revenues of 8.631 billion yuan, 9.772 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 14.1%, 13.2%, and 13.1% [3][4] - Net profit forecasts for 2025, 2026, and 2027 are 2.013 billion yuan, 2.372 billion yuan, and 2.775 billion yuan, with growth rates of 11.5%, 17.9%, and 17.0% [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][23]. Core Views - The company has achieved a year-on-year revenue growth of 6.05% and a net profit growth of 7.03% in the first half of 2025, indicating stable growth and improved business quality [1][3]. - The company is accelerating its overseas strategic acquisitions, including full acquisitions in various regions to enhance its service capabilities and expand into high-value application scenarios [3][4]. - The company has initiated a mid-term dividend distribution, reflecting its commitment to shareholder returns [3]. Financial Performance Summary - In the first half of 2025, the company reported revenues of 2.96 billion yuan and a net profit of 467 million yuan, with significant improvements in cash flow from operating activities [1]. - The revenue breakdown for the first half of 2025 shows double-digit growth in consumer product testing and trade assurance, while other segments are expected to gradually recover [2]. - The company forecasts a steady increase in revenue and net profit from 2025 to 2027, with projected net profits of 1 billion yuan, 1.1 billion yuan, and 1.23 billion yuan respectively [5][24]. Strategic Developments - The company has made several strategic acquisitions, including the full acquisition of Australian analysis and testing firms and agreements to acquire leading service providers in South Africa and Greece, enhancing its global footprint [3][4]. - The company is focusing on high-value areas such as geochemical testing and social responsibility audits, which are expected to contribute to future growth [2][3]. Valuation Metrics - The company maintains a projected PE ratio of 24, 21, and 19 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation compared to its earnings growth [3][5]. - The company’s market capitalization is approximately 23.54 billion yuan, with a closing price of 13.99 yuan [6][23].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is experiencing high revenue and profit growth, with a projected revenue of 12.14 billion yuan for H1 2025, representing a year-on-year increase of 21.3%, and a net profit of 4.25 billion yuan, up 24.1% year-on-year [1][9]. - The commercialization of PFA products is gradually advancing, with significant growth in overseas markets and a focus on core products [3][4]. - The company is well-positioned in the domestic vascular intervention and electrophysiology sectors, benefiting from high market demand and a robust product pipeline [4][3]. Financial Performance - In H1 2025, the company achieved a gross margin of 73.5% and a net margin of 34.5%, reflecting improved operational efficiency and the success of high-margin products [2][17]. - The company has effectively controlled its expense ratios, with a sales expense ratio of 17.2%, a management expense ratio of 4.7%, and a research and development expense ratio of 13.0% [2][17]. - The company forecasts revenue growth of 28.9% for 2025, with expected revenues of 26.63 billion yuan, 34.23 billion yuan in 2026, and 44.01 billion yuan in 2027 [4][5]. Product Development and Market Expansion - The company has completed over 800 PFA pulse ablation surgeries and plans to replace traditional catheter products with upgraded versions [3][23]. - The international business segment has shown strong growth, with a 34.56% increase in revenue in H1 2025, particularly in Europe, Russia, and Latin America [3][4]. - Several key products, including pressure-sensing ablation catheters, have received regulatory approval, enhancing the company's competitive position [23][25].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][19] Core Views - The company has shown significant growth in revenue and net profit in the first half of 2025, with revenue reaching 1.707 billion yuan, a year-on-year increase of 47.36%, and net profit of 154 million yuan, up 51.56% [1][7] - The company maintains its leading position in the construction adhesive market, with revenue from construction adhesives at 651 million yuan and a gross margin of 22.34%, reflecting a slight increase from the previous year [1][12] - Industrial adhesives are experiencing rapid growth, particularly in the automotive, electronics, and power battery sectors, with revenue of 4.417 billion yuan and a gross margin of 32.20%, up 3.43 percentage points year-on-year [2][16] - The company’s subsidiary, Jiangsu Jiahai, has shown strong performance in hot melt adhesives, generating revenue of 512 million yuan and a net profit of 40.69 million yuan in the first half of 2025 [2][16] - The company is expected to benefit from the recovery of organic silicon intermediate prices, which have been low since late 2022, with the national average price of DMC at 10,800 yuan per ton as of August 25, 2025 [2][16] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.707 billion yuan and a net profit of 154 million yuan, marking a year-on-year increase of 47.36% and 51.56% respectively [1][7] - The second quarter alone saw revenue of 929 million yuan, a 35.78% increase year-on-year, and a net profit of 83 million yuan, up 35.17% [1][7] - The company’s operating expenses are reasonable, with a sales expense ratio of 5.7% and a management expense ratio of 3.7% [7] Market Position - The company continues to strengthen its market share in the construction adhesive sector, benefiting from a nationwide sales network and strong brand recognition [1][12] - In the industrial adhesive market, the company has deepened collaborations with major clients such as BYD and CATL, enhancing its market share [2][16] Future Outlook - The company is expected to maintain medium growth in construction adhesive sales and high growth in industrial adhesive sales driven by trends in electric vehicles and renewable energy products [3][19] - The integration of Jiangsu Jiahai and the growth of the silicon-carbon negative electrode business are anticipated to open new growth avenues for the company [3][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][24] Core Views - The company experienced a slight decline in revenue and significant pressure on profits, but there was a quarter-on-quarter improvement in Q2 2025. Revenue for the first half of 2025 was 964 million yuan, down 4.78%, with a net profit attributable to shareholders of 47 million yuan, down 72.43% [1][8] - The domestic business saw a decline, while overseas business remained stable. In the first half of 2025, the ultrasound business generated 550 million yuan, a year-on-year decrease of 9.87%, while the endoscope and related instruments generated 388 million yuan, remaining flat [1][14] - The company is focusing on high-end product launches in 2025, with new products like the iEndo series 4K smart endoscope platform and high-end ultrasound platforms expected to enhance product structure and support future revenue growth [2][22] Financial Performance Summary - For the first half of 2025, the company's gross margin was 62.08%, down 5.34 percentage points, influenced by centralized procurement and insufficient scale effects from new businesses. The sales expense ratio increased to 31.63%, and R&D expense ratio rose to 25.31% [2][20] - The company maintains its profit forecast, expecting revenues of 2.34 billion, 2.69 billion, and 3.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 310 million, 400 million, and 480 million yuan for the same years [3][4][25]