Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is currently experiencing pressure on performance as it remains at the bottom of the industry cycle, but it is actively expanding into overseas markets [4] - The company reported a revenue of 2.76 billion yuan for H1 2025, a year-on-year decrease of 14.2%, and a net profit attributable to shareholders of -30.43 million yuan, a year-on-year decline of 722.3% [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised downwards, with expected figures of 62 million yuan, 123 million yuan, and 202 million yuan respectively [4] Financial Performance - In Q2 2025, the company achieved a revenue of 1.55 billion yuan, a quarter-on-quarter increase of 28.4%, and a net profit attributable to shareholders of 10.18 million yuan, a quarter-on-quarter increase of 5079.6% [4] - The company’s comprehensive gross margin for H1 2025 was 30.5%, a decrease of 0.9 percentage points year-on-year [5] - The company’s asset-liability ratio improved to 38.7%, a year-on-year decrease of 4.8 percentage points, indicating enhanced debt repayment capability [5] Product Segmentation - Revenue from various product segments for H1 2025 includes: - Windows and doors hardware: 1.14 billion yuan (down 17.6%) - Home products: 430 million yuan (down 27.7%) - Other construction hardware: 440 million yuan (down 16.0%) - Curtain wall components: 190 million yuan (up 7.8%) - Glass curtain wall components: 190 million yuan (up 6.3%) - Door control hardware: 160 million yuan (down 5.4%) - Stainless steel railing components: 110 million yuan (up 13.3%) [5] Overseas Market Expansion - The company’s overseas revenue reached 477 million yuan in H1 2025, a year-on-year increase of 30.75%, accounting for 17.32% of total revenue, an increase of 5.95 percentage points year-on-year [6] - The company has established nearly 20 overseas warehouses and has a sales network with over 5,000 personnel [6] Financial Projections - The projected earnings per share (EPS) for 2025-2027 are 0.17 yuan, 0.35 yuan, and 0.57 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 127.3, 63.8, and 38.9 [4][7] - The company’s revenue is expected to decline to 5.625 billion yuan in 2025, followed by a recovery to 6.060 billion yuan in 2026 and 6.760 billion yuan in 2027 [7]

数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 2025-08 艾迪药业 沪深300 相关研究报告 医药生物/生物制品 艾迪药业（688488.SH） 2025H1 营收净利双增长，HIV 治疗+预防全面布局 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 17.36 | | 一年最高最低(元) | 18.45/6.58 | | 总市值(亿元) | 73.05 | | 流通市值(亿元) | 73.05 | | 总股本(亿股) | 4.21 | | 流通股本(亿股) | 4.21 | | 近 3 个月换手率(%) | 235.63 | 股价走势图 《期权激励助力新药放量，HIV 治疗+ 预防全面布局—公司信息更新报告》 -2025.7.2 《2025Q1 业绩扭亏为盈，抗艾新药有 望快速放量—公司信息更新报告》 -2025.4.30 《2024 年公司收入稳健增长，抗艾新 药持续放量—公司信息更新报告》 -2025.3.3 余汝意（分析师） 刘艺 ...

食品饮料/休闲食品 万辰集团（300972.SZ） 门店持续拓展，经营效率提升 2025 年 08 月 29 日 投资评级：增持（维持） | 日期 | 2025/8/29 | 证书编号：S0790520030003 | | --- | --- | --- | | 当前股价(元) | 211.80 | | | 一年最高最低(元) | 211.80/29.02 | | | 总市值(亿元) | 397.37 | | | 流通市值(亿元) | 346.17 | | | 总股本(亿股) | 1.88 | | | 流通股本(亿股) | 1.63 | | | 近 3 个月换手率(%) | 99.51 | | 股价走势图 数据来源：聚源 -200% 0% 200% 400% 600% 800% 2024-08 2024-12 2025-04 2025-08 万辰集团 沪深300 相关研究报告 《收入延续高增，利润释放亮眼—公 司信息更新报告》-2025.4.30 《规模效应释能，门店量质双升—公 司信息更新报告》-2025.4.24 《切入零食量贩赛道，迈向高增长新 篇章—公司首次覆盖报告》-2025.1.6 张宇光（分析师 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a significant quarter-on-quarter revenue increase in Q2, driven by new game releases, indicating strong performance momentum [4][5] - The company's H1 revenue reached 1.662 billion yuan, a year-on-year increase of 16.47%, with a net profit of 777 million yuan, up 8.27% year-on-year [4] - The contract liabilities reached 889 million yuan by the end of Q2, reflecting a 79% year-on-year increase, indicating ongoing strong game performance [4][5] Financial Summary - For 2025, the company is projected to achieve a net profit of 2.293 billion yuan, with a year-on-year growth of 60.9% [4][9] - The revenue forecast for 2025 is set at 4.688 billion yuan, representing a 60.4% increase compared to the previous year [4][9] - The company's gross margin is expected to be 90.5% in 2025, with a net margin of 48.9% [9] Game Performance - The game "Supernatural Action Group" has shown exponential growth in user scale and revenue, ranking in the top 5 of iOS free games and top 4 in iOS revenue charts [5][6] - The game "Original Journey" has expanded its user base significantly, with over 20 million new users in the first half of the year [5] AI Integration - The company is exploring AI integration in gaming, enhancing user engagement and driving revenue growth through innovative gameplay [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid sales growth of its flagship product, Siponimod, with a revenue increase of 807.96% year-on-year in H1 2025, reaching 499 million yuan. The net profit attributable to shareholders was -78.84 million yuan [7] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 800 million, 1.01 billion, and 1.62 billion yuan respectively, compared to previous estimates of 467 million and 1.003 billion yuan [7] - The company is actively expanding its product pipeline with next-generation dual antibodies, which are currently in various stages of clinical trials [8] Financial Summary - In H1 2025, the company achieved a revenue of 499 million yuan, with a year-on-year growth of 807.96%. The net profit attributable to shareholders was -78.84 million yuan [7] - The projected revenues for 2025, 2026, and 2027 are 800 million, 1.01 billion, and 1.62 billion yuan respectively, with year-on-year growth rates of 87.0%, 26.2%, and 60.4% [10] - The company’s gross margin is expected to remain high at around 95% for the forecast period [10] Product Development and Market Expansion - Siponimod is rapidly gaining traction in the market, with sales of approximately 169 million yuan in H1 2025, driven by its indications for moderate to severe atopic dermatitis, chronic sinusitis with nasal polyps, and seasonal allergic rhinitis [8] - The company has successfully completed overseas licensing for multiple products, generating 329 million yuan in revenue from product collaborations and licensing in H1 2025 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 10.67% year-on-year increase in revenue for the first half of 2025, reaching 1.512 billion yuan, and a net profit of 291 million yuan, up 2.57% year-on-year [5] - The company is actively enhancing its innovation pipeline, including the acquisition of the antibacterial peptide new drug JIJ02 gel for 90 million yuan, which is currently in clinical phase I and aims to treat common acne [6] - The company is undergoing a product structure adjustment, leading to revised profit forecasts for 2025-2027, with expected net profits of 570 million, 642 million, and 731 million yuan respectively [5] Financial Summary - For the first half of 2025, the gross margin was 74.58%, an increase of 1.44 percentage points, while the net margin was 19.27%, a decrease of 1.53 percentage points [5] - The company’s revenue from drug formulations in the first half of 2025 was 1.247 billion yuan, reflecting a 14.86% increase, with strong sales of products like Loxoprofen sodium gel patches [5] - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.28, and 1.46 yuan per share, with corresponding price-to-earnings (P/E) ratios of 16.2, 14.4, and 12.6 times [5][8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q2 2025, driven by increased global AI computing demand and an upgrade in high-layer PCB and high-end HDI industries [6] - The company's revenue for H1 2025 reached 654 million yuan, a year-on-year increase of 45.59%, with a gross margin of 42.07% [6] - The forecast for revenue from 2025 to 2027 is projected to be 1.5 billion, 2.2 billion, and 2.7 billion yuan respectively, with net profits of 300 million, 520 million, and 710 million yuan [6] Financial Performance - In Q2 2025, the company reported revenue of 412 million yuan, a year-on-year increase of 63.93% and a quarter-on-quarter increase of 70.11% [6] - The gross margin for Q2 2025 was 42.55%, up 2.23 percentage points year-on-year and 1.30 percentage points quarter-on-quarter [6] - The net profit attributable to the parent company for Q2 2025 was 90 million yuan, reflecting a year-on-year increase of 47.97% and a quarter-on-quarter increase of 73.84% [6] Business Expansion - The company has been operating at full capacity since March 2025, with monthly shipments exceeding 100 units, indicating strong demand in the PCB sector [7] - The second-phase production facility is expected to significantly enhance the delivery capacity of high-end direct imaging equipment, catering to AI servers and smart driving sectors [7] - The semiconductor business is benefiting from the acceleration of domestic production trends, with successful orders for WLP 2000 wafer-level direct imaging equipment [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see continuous improvement in profit margins due to the contribution from AI-generated content, revenue structure adjustments, and cost reduction efforts. The adjusted net profit estimates for 2025-2026 have been slightly raised to 2.6/3.8/5.4 billion HKD, reflecting year-on-year growth rates of 47.2%/43.6%/42.3% [4][5] - The company has reported a revenue of 14.6 billion HKD for H1 2025, representing a year-on-year increase of 23.4%, with an adjusted net profit of 1.2 billion HKD, up 88.1% year-on-year, slightly exceeding Bloomberg consensus expectations [5] - The company is actively expanding its services to small and medium content providers and optimizing domestic value-added services, with AI-driven content creation efficiency improvements and the gradual commercialization of content rights and monetization [6] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 2,990 million HKD, with a year-on-year growth of 24.5%. The adjusted net profit is expected to be 264 million HKD, reflecting a year-on-year increase of 47.2% [7] - The gross margin is anticipated to improve to 45.0% in 2025, with a net margin of 8.8% [7] - The diluted EPS for 2025 is projected at 0.12 HKD, with a P/E ratio of 54.8 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown operational resilience despite short-term pressure on performance, with a revenue of 2.15 billion yuan in H1 2025, down 5.04% year-on-year, and a net profit of 159 million yuan, down 16.06% year-on-year [1] - The company is expected to benefit from new business expansions and opportunities in overseas markets, leading to a positive outlook despite a downward revision of profit forecasts for 2025-2027 [1] Financial Performance Summary - Revenue for H1 2025 was 2.15 billion yuan, a decrease of 5.04% year-on-year, while net profit was 159 million yuan, down 16.06% year-on-year [1] - The company anticipates net profits of 452 million yuan, 600 million yuan, and 689 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.52 yuan, 0.69 yuan, and 0.79 yuan [1][4] - The current stock price corresponds to a PE ratio of 20.9, 15.7, and 13.7 for 2025, 2026, and 2027 respectively [1] Business Growth Areas - The company has seen growth in industrial and overseas firefighting sectors, with H1 2025 revenue from industrial firefighting at 350 million yuan, up 3.3% year-on-year [2] - Significant growth in specific segments includes data center firefighting revenue exceeding 90 million yuan (up 50% year-on-year) and energy storage firefighting revenue nearing 60 million yuan (up 90% year-on-year) [2] - The overseas firefighting business achieved revenue of 390 million yuan, up 4.8% year-on-year, with a gross margin increase of 2.61 percentage points to 48.12% [2] Market Position and Future Outlook - The company is expected to increase its market share through the implementation of new national standards and domestic substitution in high-end industrial firefighting markets [3] - Long-term growth is anticipated through the integration of AI, robotics, and IoT technologies, positioning the company as a leading global supplier of firefighting solutions [3]

兰花科创（600123.SH） 煤价下跌业绩承压，关注煤矿成长及尿素盈利修复 2025 年 08 月 29 日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） 煤炭/煤炭开采 zhangxucheng@kysec.cn 证书编号：S0790520020003 煤价下跌业绩承压，关注煤矿成长及尿素盈利修复。维持"买入"评级 公司发布 2025 年中报，2025H1 实现营收 40.5 亿元，同比-26.1%，归母净利润 5747.8 万元，同比-89.6%，扣非归母净利润-1.7 亿元，同比-130.7%；单 Q2 来 看，公司实现营收 18.6 亿元，环比-15.3%，归母净利润 2410.5 万元，环比-27.8%， 扣非归母净利润-2.0 亿元，环比-721.6%。考虑到煤炭及煤化工产品价格下滑， 我们适当下调盈利预测，预计 2025-2027 年归母净利润分别为 1.77/4.43/5.11 亿 元（2025-2027 年前值为 3.1/4.6/5.6 亿元），同比-75.4%/+150.6%/+15.4%；EPS 为 0.12/0.30/0.35 元，对应当前股价 PE 为 55.3/ ...