北交所信息更新 青矩技术（836208.BJ） 国家战略工程核心服务商，订单饱满+AI 工程审计驱动成长 2025 年二季度末订单余额 29.32 亿元 青矩技术 2025H1 实现营收 3.51 亿元、扣非归母净利润 6368.58 万元，分别同比 增长 2.39%、6.71%。销售收现 3.19 亿元，同比增长 2.92%。同时，公司上半年 新签业务合同 6.58 亿元，同比增长 29.50%，期末在手订单余额达到 29.32 亿元。 由于固定投资增速放缓及公司并购、新设子公司等业务增加管理费用，我们下调 2025-2027 年盈利预测，预计归母净利润分别为 2.32/2.62/3.00（原 2.58/3.02/3.50） 亿元，当前股价对应 PE 分别为 17.0/15.0/13.1 倍，看好雅江工程、新藏铁路等国 家战略工程对基建投资等领域带来的辐射效应，以及公司积极拥抱人工智能发 展，维持"买入"评级。 紧盯投资热点领域，深度服务国家战略 公司广泛服务于民建、能源、工业、交通、国防、通信、市政、水利以及新型基 础设施建设、战略新兴产业投资、城市更新等众多工程建设领域。2025H1 全国 固定资产投资 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but it is making strategic breakthroughs in industrial AI and robotics, which are expected to open long-term growth opportunities [1][4] - The company is a leader in process industrial intelligent manufacturing and is expected to benefit from equipment upgrade policies and overseas expansion opportunities [4][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.83 billion yuan, a year-on-year decrease of 9.92%, and a net profit attributable to the parent company of 354 million yuan, down 31.46% year-on-year [5] - The company’s exchange loss was 13.40 million yuan, compared to a gain of 3.01 million yuan in the first half of 2024 [5] - After excluding the impact of exchange losses, the adjusted net profit was 294 million yuan, a decline of 25.82% year-on-year [5] Revenue and Profit Forecast - The revised profit forecast for 2025-2027 is 1.12 billion, 1.29 billion, and 1.55 billion yuan respectively, with EPS projected at 1.41, 1.63, and 1.96 yuan per share [4][8] - The current stock price corresponds to P/E ratios of 36.8, 31.9, and 26.5 for the years 2025, 2026, and 2027 respectively [4][8] Market Opportunities - The demand for process industrial equipment is continuously increasing, with significant growth in the energy, building materials, and paper industries, showing year-on-year increases of 9.32%, 82.58%, and 77.56% respectively [6] - The company is expanding its international strategy, achieving significant breakthroughs in regions such as Southeast Asia, the Middle East, and Central Asia, with notable progress in certification for core products in Saudi Arabia [6] Industrial AI and Robotics Development - The TPT software has entered a phase of large-scale application, generating revenue of 117 million yuan in the first half of 2025, with over 110 successful projects implemented in various industries [7] - The robotics business is also growing rapidly, with revenue of 110 million yuan in the first half of 2025 and new orders totaling 200 million yuan, surpassing the entire performance of 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.881 billion yuan in H1 2025, representing a year-on-year increase of 1.30%. The net profit attributable to shareholders was 36 million yuan, up by 49.83%, while the net profit excluding non-recurring items was 32 million yuan, an increase of 24.63% [5] - In Q2 2025, the company reported a revenue of 2.503 billion yuan, a growth of 5.18%. However, the net profit attributable to shareholders decreased by 22.36% to 11 million yuan, and the net profit excluding non-recurring items fell by 47.55% to 8 million yuan [5] - The gross margin for H1 2025 was 26.30%, down by 1.56 percentage points, while the net margin increased by 0.29 percentage points to 0.63% [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance - As of H1 2025, the company operated 9,042 stores, with 5,072 being direct-operated stores. The majority of direct-operated stores (84.62%) are located in Shandong province [6] - The online business has been optimized, with O2O direct sales reaching 455 million yuan, an increase of 11.0%, and B2C sales amounting to 220 million yuan [7] - The company is focusing on building a DTP patient management platform to enhance patient compliance and satisfaction, with over 120 specialty pharmacies for critical diseases and more than 400 adjacent pharmacies [7] Financial Summary and Valuation Metrics - The company’s total market capitalization is 4.905 billion yuan, with a circulating market capitalization of 2.945 billion yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.14, 0.17, and 0.19 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 89.2, 73.3, and 64.1 [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][14]. Core Views - The company reported a slight decline in revenue but an increase in net profit, indicating stable performance. The operational services are expected to be a long-term support for performance [5]. - Due to a decrease in property sales, the profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.11 billion, 1.28 billion, and 1.37 billion yuan respectively [5]. - The company is positioned as a key player in the development of the Lingang New Area, with steady progress in park operations and efficient investment operations [5]. Financial Performance Summary - In the first half of 2025, the company achieved total operating revenue of 2.74 billion yuan, a year-on-year decrease of 8.13%. However, the net profit attributable to shareholders was 331 million yuan, an increase of 8.42% year-on-year [6]. - The decline in revenue was primarily due to a 12.8% drop in property sales revenue, while profit growth was attributed to a turnaround in fair value changes and a reduction in minority shareholder losses [6]. - The company’s gross margin and net margin were 56.02% and 17.56%, respectively, with year-on-year changes of -9.23 percentage points and +0.69 percentage points [6]. Park Operations and Growth - The company reported sales of 2.17 billion yuan and a sales area of 92,000 square meters in the first half of 2025, with new land reserves of 30,500 square meters [7]. - The total leased area of the company’s park properties reached 2.8662 million square meters, generating rental income of 1.47 billion yuan, while park operation service-related income was 220 million yuan [7]. - The revenue scale of the company’s subordinate park enterprises grew by approximately 9.05% year-on-year, with total fixed asset investments reaching 6.794 billion yuan [7].

Quantitative Models and Construction Methods 1. Model Name: "All Stocks Portfolio" - **Model Construction Idea**: This model aggregates all broker-recommended stocks ("golden stocks") and evaluates their performance as a portfolio[18][21] - **Model Construction Process**: 1. Collect all broker-recommended stocks for the month 2. Weight the stocks within the portfolio based on the number of recommendations by brokers 3. Exclude non-A-share stocks and Hong Kong-listed stocks to focus solely on A-shares[18] - **Model Evaluation**: The model demonstrates strong performance, significantly outperforming benchmark indices such as CSI 300 and CSI 500[18][21] 2. Model Name: "Newly Added Stocks Portfolio" - **Model Construction Idea**: Focuses on stocks newly added to the broker-recommended list, as they tend to exhibit better performance compared to repeated recommendations[18][23] - **Model Construction Process**: 1. Identify stocks newly added to the broker-recommended list for the month 2. Construct a portfolio weighted by the number of broker recommendations 3. Exclude non-A-share stocks and Hong Kong-listed stocks[18] - **Model Evaluation**: Newly added stocks outperform repeated recommendations, showcasing their superior return potential[18][23] 3. Model Name: "Repeated Stocks Portfolio" - **Model Construction Idea**: Focuses on stocks that have been repeatedly recommended by brokers across multiple months[18] - **Model Construction Process**: 1. Identify stocks that were recommended in the previous month and continue to be recommended in the current month 2. Construct a portfolio weighted by the number of broker recommendations 3. Exclude non-A-share stocks and Hong Kong-listed stocks[18] - **Model Evaluation**: While the performance is positive, it is generally weaker compared to newly added stocks[18] 4. Model Name: "Optimized Golden Stocks Portfolio" - **Model Construction Idea**: Selects the top 30 newly added stocks with the highest earnings surprise factor (SUE factor) to construct an optimized portfolio[23] - **Model Construction Process**: 1. Filter newly added stocks based on their earnings surprise factor (SUE factor) 2. Select the top 30 stocks with the highest SUE factor 3. Weight the portfolio based on the number of broker recommendations[23] - **Model Evaluation**: This optimized portfolio demonstrates superior performance compared to the "All Stocks Portfolio" and benchmark indices[23][25] --- Model Backtesting Results 1. All Stocks Portfolio - **August Return**: 13.6%[21] - **2025 YTD Return**: 33.5%[21] - **Annualized Return**: 13.7%[21] - **Annualized Volatility**: 23.6%[21] - **Sharpe Ratio**: 0.58[21] - **Maximum Drawdown**: 42.6%[21] 2. Newly Added Stocks Portfolio - **August Return**: 11.8%[21] - **2025 YTD Return**: 37.9%[21] - **Annualized Return**: 16.5%[21] - **Annualized Volatility**: 24.3%[21] - **Sharpe Ratio**: 0.68[21] - **Maximum Drawdown**: 38.5%[21] 3. Repeated Stocks Portfolio - **August Return**: 15.6%[21] - **2025 YTD Return**: 30.2%[21] - **Annualized Return**: 11.3%[21] - **Annualized Volatility**: 23.7%[21] - **Sharpe Ratio**: 0.48[21] - **Maximum Drawdown**: 45.0%[21] 4. Optimized Golden Stocks Portfolio - **August Return**: 19.6%[25] - **2025 YTD Return**: 37.6%[25] - **Annualized Return**: 22.3%[25] - **Annualized Volatility**: 25.5%[25] - **Sharpe Ratio**: 0.88[25] - **Maximum Drawdown**: 24.6%[25] --- Quantitative Factors and Construction Methods 1. Factor Name: Earnings Surprise Factor (SUE Factor) - **Factor Construction Idea**: Measures the degree to which a company's earnings exceed or fall short of market expectations, serving as a key indicator for stock selection[23] - **Factor Construction Process**: 1. Calculate the earnings surprise for each stock as the difference between reported earnings and consensus estimates 2. Normalize the earnings surprise to account for variations across stocks and industries 3. Rank stocks based on their normalized earnings surprise values[23] - **Factor Evaluation**: The SUE factor demonstrates strong predictive power, particularly in identifying high-performing newly added stocks[23] --- Factor Backtesting Results 1. SUE Factor - **Performance**: The SUE factor is highly effective in selecting top-performing stocks within the newly added category, contributing to the superior returns of the Optimized Golden Stocks Portfolio[23]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]

建筑装饰/基础建设 中国能建（601868.SH） 营收利润同比增长，新签订单保持增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 2.45 | | 一年最高最低(元) | 3.09/2.01 | | 总市值(亿元) | 1,021.43 | | 流通市值(亿元) | 794.50 | | 总股本(亿股) | 416.91 | | 流通股本(亿股) | 324.29 | | 近 3 个月换手率(%) | 86.74 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 2025-08 中国能建 沪深300 相关研究报告 新签订单保持增长，新能源业务开展顺利 2025 年上半年，公司实现新签合同额 7753.57 亿，同比增长 4.98%。其中，能源 电力、水利核心主业新签合同额、营业收入分别同比增长 3.12%和 18.58%，分 别占公司全部新签合同、营业收入的 69.02%、74.49%；国内火电、电网业务签 约合同保持高速增长，分别同比 ...

北交所信息更新 北 交 所 研 究 佳先股份（920489.BJ） 英特美增资扩股拟新建年产 1000 吨光刻胶原料，2025H1 一期投产实现销售 ——北交所信息更新 2025 年 09 月 01 日 投资评级：增持（维持） | 财务摘要和估值指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 536 | 575 | 721 | 952 | 1,228 | | YOY(%) | -5.5 | 7.3 | 25.3 | 32.1 | 29.0 | | 归母净利润(百万元) | 20 | 12 | 26 | 39 | 60 | | YOY(%) | -66.2 | -42.4 | 120.2 | 52.5 | 52.3 | | 毛利率(%) | 14.3 | 11.4 | 13.4 | 14.2 | 15.1 | | 净利率(%) | 3.8 | 2.0 | 3.6 | 4.1 | 4.9 | | ROE(%) | 3.8 | 2.0 | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Views - The company achieved a total revenue of 503 million yuan in H1 2025, representing a year-on-year growth of 44.86%, and a net profit attributable to the parent company of 85 million yuan, up 39.96% year-on-year. The earnings forecast for 2025-2027 has been revised upwards, with expected net profits of 181 million, 226 million, and 267 million yuan respectively [5][6] - The growth is driven by the expansion of actuator sales and the development of robotics, with a projected net profit growth of 40% in H1 2025 [5][6] Financial Performance Summary - In H1 2025, revenue from sensor products was 154 million yuan (up 19.7% YoY), actuator products reached 226 million yuan (up 77.41% YoY), and controller products generated 117 million yuan (up 32.50% YoY) [6] - The gross margin for sensor products was 49.61%, for actuators it was 25.27% (up 0.89 percentage points YoY), and for controllers it was 22.22% (up 7.5 percentage points YoY) [6] - The company is progressing with capacity expansion projects, including the completion of the second phase of the Yunmeng Electronics project, which is expected to enhance production capacity significantly [6] Financial Forecasts - The projected financials for the company are as follows: - Revenue (million yuan): 2023A: 653, 2024A: 826, 2025E: 1068, 2026E: 1310, 2027E: 1555 [7] - Net profit (million yuan): 2023A: 114, 2024A: 138, 2025E: 181, 2026E: 226, 2027E: 267 [7] - EPS (yuan): 2023A: 0.63, 2024A: 0.77, 2025E: 1.01, 2026E: 1.26, 2027E: 1.49 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is expected to show resilience in the first half of 2025, with revenue growth driven by improved gross margins and effective cost control. The relocation of production capacity is anticipated to enhance performance certainty [5][6] - Despite cautious customer orders in Q3 2025, the company is projected to benefit from a stable gross margin and strict expense management, leading to resilient profit performance [7] - The company’s revenue for H1 2025 reached USD 910 million, a year-on-year increase of 11.9%, with a notable contribution from the core brand EGO [6] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 have been adjusted to USD 140 million, USD 160 million, and USD 220 million respectively, with year-on-year growth rates of 22.9%, 18.7%, and 35.3% [5] - The company’s financial metrics indicate a projected revenue of USD 1.85 billion in 2025, with a net profit of USD 138.2 million, reflecting a year-on-year growth of 22.9% [8] - The estimated P/E ratios for 2025-2027 are 10.6, 9.0, and 6.6 respectively, indicating a favorable valuation outlook [8]