Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In the first half of 2025, the company achieved a net profit attributable to shareholders of 1.28 billion yuan, a year-on-year increase of 48%, driven by improved gross margins in the container and offshore engineering segments [2] - The company’s total revenue for the first half of 2025 was 76.1 billion yuan, a decrease of 4% year-on-year, while the net profit for Q2 was 730 million yuan, a decrease of 6% year-on-year, indicating strong performance despite high base effects [2] - The gross profit margin improved to 12.7%, up 1.9 percentage points year-on-year, with the container segment's gross margin at 16.2%, an increase of 4.0 percentage points [4] Segment Summaries - **Container Segment**: Revenue was 21.7 billion yuan, down 13% year-on-year, with a net profit of 1.4 billion yuan, up 13% year-on-year. Dry container sales were 1.13 million TEU, down 19% year-on-year, while refrigerated container sales increased by 106% year-on-year due to South American fruit exports [3] - **Vehicle Segment**: Revenue was 9.8 billion yuan, down 9% year-on-year, with a net profit of 410 million yuan, down 29% year-on-year, affected by demand in the North American market [3] - **Energy and Food Segment**: Revenue was 13 billion yuan, up 7% year-on-year, with a net profit of 460 million yuan, up 90% year-on-year [3] - **Offshore Engineering Segment**: Revenue was 8 billion yuan, up 3% year-on-year, with a net profit of 280 million yuan, marking a return to profitability [3] - The company has a strong order backlog in the energy and offshore segments, with 29.2 billion yuan in orders as of the end of the first half of 2025, supporting future revenue growth [5]

证券研究报告·公司点评报告·半导体 华海清科（688120） 2025 年中报点评：业绩持续高增，看好公司 打造 CMP/减薄设备龙头 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,508 | 3,406 | 4,553 | 5,865 | 7,590 | | 同比（%） | 52.11 | 35.82 | 33.67 | 28.81 | 29.41 | | 归母净利润（百万元） | 723.75 | 1,023.41 | 1,379.90 | 1,777.53 | 2,281.09 | | 同比（%） | 44.29 | 41.40 | 34.83 | 28.82 | 28.33 | | EPS-最新摊薄（元/股） | 2.05 | 2.90 | 3.90 | 5.03 | 6.45 | | P/E（现价&最新摊薄） | 63.47 | 44.89 | 33.29 | 25.84 | 20.14 | [T ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant recovery in profitability, with a 75.5% year-on-year increase in net profit for the first half of 2025, reaching 1.687 billion yuan [7] - The report highlights the successful implementation of price recovery and structural adjustments, leading to improved profit margins and sales performance [7] - The company plans to distribute a cash dividend of 1.70 yuan per 10 shares [7] Financial Performance Summary - For the first half of 2025, total revenue reached 9.109 billion yuan, reflecting a year-on-year growth of 17.7% [7] - The gross profit margin for Q2 improved to 33.8%, up 3.3 percentage points from Q1, driven by higher average prices for key products [7] - The company achieved a net profit margin of 20.7% in Q2, an increase of 4.1 percentage points from Q1 [7] Future Outlook - The report projects a steady recovery in the fiberglass industry, with support for raw yarn prices and potential price increases for electronic fabrics due to improved downstream demand [7] - The company's net profit forecasts for 2025-2027 have been raised to 3.51 billion, 4.30 billion, and 4.98 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 11 times [7][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In the first half of 2025, the company achieved total revenue of 1.48 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 97 million yuan, up 22% year-on-year [2] - The growth was primarily driven by the strategic and technology sectors, with Q2 revenue increasing by 14% year-on-year [2] - The company plans to raise no more than 1.3 billion yuan for investments in testing platforms for aviation equipment, AI chips, and satellite internet, indicating strong long-term growth potential [5] Revenue and Profitability - The company’s total revenue forecast for 2023A to 2027E shows a steady growth trajectory, with expected revenues of 2,889 million yuan in 2023A and 4,330 million yuan in 2027E, reflecting a compound annual growth rate of approximately 10.58% [1] - The net profit attributable to shareholders is projected to grow from 199.39 million yuan in 2023A to 515.44 million yuan in 2027E, with a significant year-on-year increase of 76.59% in 2024A [1] - The gross profit margin for the first half of 2025 was 43.4%, an increase of 1.5 percentage points year-on-year, indicating improved profitability [4] Segment Performance - Revenue from the measurement services segment was 350 million yuan, a year-on-year increase of 1%, reflecting a slowdown due to increased competition [3] - The reliability and environmental testing services segment saw revenue of 370 million yuan, up 18% year-on-year [3] - The integrated circuit testing segment achieved revenue of 130 million yuan, also growing by 18% year-on-year [3] - The data science analysis and evaluation segment experienced the highest growth, with revenue of 65 million yuan, a 47% increase year-on-year [3] Financial Metrics - The company’s latest diluted EPS is projected to increase from 0.34 yuan in 2023A to 0.88 yuan in 2027E, reflecting a positive trend in earnings per share [1] - The current P/E ratio is 63.62 for 2023A, decreasing to 24.61 by 2027E, indicating an improving valuation over time [1] - The company’s asset-liability ratio stands at 45.04%, suggesting a stable financial structure [9]

证券研究报告·公司点评报告·证券Ⅱ 国金证券（600109） 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 2025 年中报点评：归母净利润大幅增长，自 营、经纪系主要驱动力 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,730 | 6,664 | 7,853 | 8,237 | 8,828 | | 同比（%） | 17.39% | -0.98% | 17.84% | 4.89% | 7.18% | | 归母净利润（百万元） | 1,718 | 1,670 | 2,414 | 2,563 | 2,781 | | 同比（%） | 43.41% | -2.80% | 44.51% | 6.19% | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's domestic business is steadily growing, while the privatization process is progressing smoothly [1] - The core profit for the first half of 2025 is reported at 3.22 billion, a year-on-year decrease of 1.2%, primarily due to a decline in overseas LNG sales profits [1] - The privatization pricing reflects a significant value reassessment opportunity, with an implied share price of 80 HKD, indicating a 27% upside from the current closing price [1] Financial Performance Summary - Total revenue for 2023 is projected at 114.18 billion, with a year-on-year growth of 3.46% [1] - The net profit attributable to shareholders for 2023 is estimated at 6.82 billion, reflecting a year-on-year increase of 16.21% [1] - The earnings per share (EPS) for 2023 is expected to be 6.03, with a price-to-earnings (P/E) ratio of 9.58 [1] Business Segment Analysis - Domestic natural gas retail shows a gross profit of 3.092 billion, with a slight year-on-year decrease of 1.5% [1] - The connection business has a gross profit of 820 million, with new residential connections down by 10.7% [1] - The energy business reports a gross profit of 1.09 billion, with installed capacity increasing by 8.5% year-on-year [1] - The smart home business has a gross profit of 1.47 billion, with an increase in average customer spending [1] Privatization Details - The privatization plan involves a total transaction value of 59.924 billion HKD, with a share payment of 41.572 billion HKD and cash payment of 18.352 billion HKD [1] - The transaction is expected to complete with New Hope Holdings becoming the sole owner of the company [1]

证券研究报告·公司点评报告(AH)·工业工程(HS) 绿色动力环保（01330.HK）/绿色动力 （601330.SH） 2025 年中报点评：25H1 业绩同增 24%，提 分红+提 ROE 兑现典范 买入(首次)-H /买入(维持)-A | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,956 | 3,399 | 3,593 | 3,765 | 3,910 | | 同比（%） | (13.39) | (14.08) | 5.71 | 4.79 | 3.85 | | 归母净利润（百万元） | 629.28 | 585.08 | 649.61 | 717.62 | 760.30 | | 同比（%） | (15.51) | (7.02) | 11.03 | 10.47 | 5.95 | | EPS-最新摊薄（元/股） | 0.45 | 0.42 | 0.47 | 0.51 | 0.55 | | P/E（A） | 15.50 | ...

证券研究报告·公司点评报告·汽车零部件 恒帅股份（300969） 2025 年半年报点评：2025Q2 业绩符合预期， 微电机龙头长期成长可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 923.37 | 962.29 | 1,022.12 | 1,248.98 | 1,540.18 | | 同比（%） | 24.99 | 4.21 | 6.22 | 22.20 | 23.32 | | 归母净利润（百万元） | 202.10 | 213.71 | 214.68 | 264.26 | 326.19 | | 同比（%） | 38.87 | 5.75 | 0.46 | 23.09 | 23.44 | | EPS-最新摊薄（元/股） | 1.80 | 1.91 | 1.92 | 2.36 | 2.91 | | P/E（现价&最新摊薄） | 46.30 | 43.79 | 43.59 | 35.41 | 28.69 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in H1 2025, with a revenue of 812 million yuan, representing a year-on-year increase of 2.63%. The gross profit margin was 22.92%, up by 0.91 percentage points year-on-year, while the net profit attributable to shareholders was 131 million yuan, down by 2.61% year-on-year [7] - The company is focusing on penetrating existing market potential and enhancing its product offerings to meet diverse customer needs, which is expected to improve its market competitiveness and operational sustainability [7] - The company is seizing opportunities in the AI edge market, with its third-generation chips being integrated into various AI applications, indicating a strong commitment to innovation and collaboration with major platforms [7] Financial Summary - The company forecasts total revenue of 2,334 million yuan for 2025, with a year-on-year growth rate of 28.31%. The net profit attributable to shareholders is expected to reach 392 million yuan, reflecting a growth rate of 30.76% [1][8] - The earnings per share (EPS) is projected to be 3.25 yuan for 2025, with a price-to-earnings (P/E) ratio of 39.34 based on the latest diluted EPS [1][8] - The company maintains a strong balance sheet with a low debt ratio of 13.54% and a net asset value per share of 36.46 yuan for 2025 [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant improvement in Q2 performance, with a year-on-year revenue increase of 9.6% and a net profit increase of 9.2% [8] - The company is expected to experience single-digit growth in the second half of the year due to a high base effect [1] - The report highlights a strong performance in brokerage and investment banking services, driven by increased market activity and a recovery in refinancing [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 25,213 million yuan, representing a year-on-year growth of 20.68% [1] - The net profit attributable to shareholders is expected to reach 12,516 million yuan in 2025, with a year-on-year growth of 20.51% [1] - The earnings per share (EPS) for 2025 is forecasted at 1.44 yuan, with a price-to-earnings (P/E) ratio of 13.42 [1] Business Segment Performance - Brokerage business revenue for the first half of 2025 was 37.3 billion yuan, up 44.9% year-on-year, accounting for 36% of total revenue [8] - Investment banking revenue increased by 41.4% year-on-year, with a significant rise in equity underwriting [8] - Asset management revenue also saw a 29.3% increase year-on-year, although the total asset management scale decreased by 16.1% [8] Market Position and Outlook - The company maintains a strong market position with a market share of 5.2% in margin financing [8] - The report anticipates continued benefits from capital market reforms and a gradual economic recovery, enhancing the company's risk management capabilities [8]