证券研究报告·公司点评报告·电池 新宙邦（300037） 2025 半年报点评：业绩符合市场预期，氟化 工稳中有升 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） | 7,484 | 7,847 | 10,963 | 13,928 | 17,779 | | 同比（%） | (22.53) | 4.85 | 39.71 | 27.05 | 27.64 | | 归母净利润（百万元） | 1,011.07 | 942.05 | 1,194.03 | 1,632.17 | 2,025.46 | | 同比（%） | (42.50) | (6.83) | 26.75 | 36.69 | 24.10 | | EPS-最新摊薄（元/股） | 1.35 | 1.26 | 1.60 | 2.18 | 2.71 | | P/E（现价&最新摊薄） | 35.04 | 37.61 | 29.67 | 21.71 | 17.49 | 证券分析师 ...

证券研究报告·公司点评报告·食品加工 安井食品（603345） 2025 年中报点评：Q2 盈利端压力集中释放， 关注旺季产品渠道增量 执业证书：S0600524110002 liyinqi@dwzq.com.cn 股价走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2024/8/26 2024/12/25 2025/4/25 2025/8/24 安井食品 沪深300 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） | 14,045 | 15,127 | 15,716 | 16,748 | 17,591 | | 同比（%） | 15.29 | 7.70 | 3.90 | 6.56 | 5.04 | | 归母净利润（百万元） | 1,478 | 1,485 | 1,428 | 1,622 | 1,905 | | 同比（%） | 34.24 | 0.46 | (3.86) | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total operating revenue for H1 2025 reached 1.149 billion, a year-on-year increase of 18.07%, while the net profit attributable to the parent company was 81 million, up 22.46% year-on-year [7] - The revenue growth accelerated in Q2 2025, driven by strong downstream demand, indicating significant growth potential for the company [7] - The company is expected to achieve a compound annual growth rate (CAGR) of 15% in revenue from 2025 to 2027, with profit elasticity anticipated due to cost reductions in 2025 [7] Financial Summary - Total operating revenue projections are as follows: 1,896 million in 2024, 2,255 million in 2025, 2,581 million in 2026, and 2,884 million in 2027, with year-on-year growth rates of 20.16%, 18.91%, 14.49%, and 11.72% respectively [1][8] - Net profit attributable to the parent company is forecasted to be 133 million in 2024, 180 million in 2025, 229 million in 2026, and 276 million in 2027, with corresponding growth rates of 15.36%, 35.38%, 26.75%, and 20.83% [1][8] - The latest diluted EPS is projected to be 0.60 in 2024, 0.81 in 2025, 1.02 in 2026, and 1.24 in 2027 [1][8] - The company’s P/E ratios are expected to be 40.46 in 2024, 29.89 in 2025, 23.58 in 2026, and 19.52 in 2027 [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue and profit growth are expected to remain resilient, with a steady cash collection rhythm [7] - The company is focusing on strengthening its market presence in Northwest China while also expanding into Eastern and Northern markets for future growth [7] - The financial forecasts for the company indicate a slight decrease in net profit for 2025, but a positive outlook for subsequent years [7] Financial Summary - Total revenue for 2023 is projected at 2,548 million yuan, with a year-on-year growth of 26.64% [1] - The net profit attributable to the parent company for 2023 is estimated at 328.86 million yuan, reflecting a year-on-year increase of 17.35% [1] - The earnings per share (EPS) for 2023 is expected to be 0.65 yuan, with a price-to-earnings (P/E) ratio of 32.24 [1] - The company anticipates total revenue of 3,027 million yuan for 2025, with a marginal year-on-year growth of 0.19% [1] - The net profit for 2025 is forecasted to be 377.15 million yuan, representing a decrease of 2.83% compared to 2024 [1] - The projected EPS for 2025 is 0.74 yuan, with a P/E ratio of 28.11 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - In Q2, the company achieved a revenue growth of 10% year-on-year, with a net profit attributable to shareholders increasing by 9.8% [2] - The company's overseas revenue grew by 15% year-on-year, accounting for 43% of total revenue, indicating successful global expansion [2][4] - The gross profit margin improved significantly, reaching 24.6% in Q2, up 2.2 percentage points year-on-year [3] Financial Performance Summary - For the first half of 2025, total revenue was 9.4 billion yuan, a 6% increase year-on-year, while net profit was 800 million yuan, a decrease of 4.6% [2] - The company’s gross profit margin for the first half of 2025 was 23.6%, an increase of 2.0 percentage points year-on-year [3] - The company’s operating expenses ratio was 13.1%, up 0.5 percentage points year-on-year, with sales, management, and R&D expenses increasing [3] Strategic Developments - The company is accelerating its layout in the smart logistics sector, including partnerships with major firms like Huawei and logistics companies [4] - The overseas forklift market is showing signs of recovery, with major competitors reporting order increases, which bodes well for the company's future performance [4]

证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2025 年中报点评：主动降速纾压，筑牢发展 基础 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） | 10,100 | 11,546 | 10,594 | 11,250 | 12,166 | | 同比（%） | 28.05 | 14.31 | (8.24) | 6.19 | 8.14 | | 归母净利润（百万元） | 3,136 | 3,412 | 2,983 | 3,214 | 3,569 | | 同比（%） | 25.30 | 8.80 | (12.56) | 7.72 | 11.07 | | EPS-最新摊薄（元/股） | 2.52 | 2.74 | 2.39 | 2.58 | 2.86 | | P/E（现价&最新摊薄） | 17.61 | 16.19 | 18.51 | 17.19 | 15.47 | [Table_Tag] [Table_Summ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in AI exceeded market expectations, with significant growth in contract liabilities [2][8] - The company reported a revenue of 738 million yuan in H1 2025, a year-on-year increase of 4.91%, and a net profit attributable to shareholders of 111 million yuan, up 18.75% year-on-year [2] - The AI business achieved a revenue of 211 million yuan in H1 2025, representing a year-on-year growth of 145.60% [8] Financial Summary - Revenue projections for 2025-2027 are 1.823 billion yuan, 2.192 billion yuan, and 2.572 billion yuan, with corresponding growth rates of 21%, 20%, and 17% [8] - Net profit attributable to shareholders is forecasted to be 254 million yuan, 316 million yuan, and 394 million yuan for 2025-2027, with growth rates of 32%, 25%, and 24% respectively [8] - The latest diluted EPS for 2025 is projected at 1.04 yuan, with a P/E ratio of 42.26 [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved steady growth in H1 2025, with total revenue reaching 3.169 billion yuan, a year-on-year increase of 12.69% [7] - The growth in revenue is primarily driven by accelerated product updates and the scaling production of new energy and autonomous driving vehicles [7] - The company is focusing on promoting products in the new energy and autonomous driving sectors, with significant advancements in the non-road wide-body dump truck segment [7] - The company has a leading position in key segments of the supply chain, which supports long-term growth potential in new energy vehicles [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 5,860 million yuan (2023A), 6,145 million yuan (2024A), 6,905 million yuan (2025E), 7,845 million yuan (2026E), and 8,544 million yuan (2027E) [1] - The projected net profit attributable to the parent company for the same period is: 614.67 million yuan (2023A), 793.08 million yuan (2024A), 954.71 million yuan (2025E), 1,097.72 million yuan (2026E), and 1,226.81 million yuan (2027E) [1] - The earnings per share (EPS) forecast is: 1.33 yuan (2023A), 1.72 yuan (2024A), 2.07 yuan (2025E), 2.38 yuan (2026E), and 2.66 yuan (2027E) [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.25 in 2023A to 8.65 in 2027E, indicating improving valuation [1]

宏观策略 [Table_MacroStrategy] 宏观点评 20250824：9 月降息的确定性与年内降息的变数 核心观点：本周美国经济数据好于预期，一度令 9 月降息预期回落，但 周五 Jackson Hole 央行会议 Powell 发表鸽派讲话，认为风险平衡要求调 整货币政策立场，为 9 月降息铺路。降息交易带动美股反弹、美元和美 债收益率大跌。乐观情形下，我们预计 9、12 月各降息一次，全年降息幅 度难超过 50bps，短期仍需关注 9 月密集数据对年内降息预期的扰动，当 前市场定价全年降息 2.2 次的降息预期偏乐观，面临回调风险。中期看， 我们预期 2026 年 5 月美联储新主席上台后，货币政策将更宽松，悲观、 基准、乐观情形下明年将分别有 4、5、6 次降息。9 月 FOMC 后，市场 当前计价的 2026 年仅 3 次的降息预期料将升温，届时 2 年美债利率、美 元指数将重新回归下行趋势。 宏观量化经济指数周报 20250824：货物吞吐量延续高位，8 月出口仍有 韧性 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-26 降准等总量宽松，仍有待外部风险、三季度经济增 ...

证券研究报告·北交所公司点评报告·塑料 ◼ 盈利预测与投资评级："汽车+家电"需求驱动产能持续释放，维持 2025~2027 年归母净利润为 1.46/1.66/1.89 亿元，对应最新 PE 为 18.69/16.39/14.43 倍，公司业绩有望长期稳健增长，维持"买入"评级。 ◼ 风险提示：技术迭代不及预期；市场拓展不及预期；原材料价格波动。 2025 年 08 月 25 日 禾昌聚合（832089） 2025 中报点评：改性聚丙烯驱动业绩稳步增 长，设立新加坡子公司拓展海外布局 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） | 1,417 | 1,613 | 1,945 | 2,239 | 2,565 | | 同比 | 26.40 | 13.84 | 20.62 | 15.07 | 14.59 | | 归母净利润（百万元） | 115.83 | 120.91 | 145.99 | 166.46 | 189. ...