Investment Rating - The investment rating for the company is "Buy" (maintained) [2][14] Core Views - The company is expected to benefit from increased summer tourist traffic due to IP marketing, with a significant improvement in transportation in Q4, setting the stage for a new growth cycle [1][7] - Despite a challenging H1 2025 with a revenue decline of 7.4% year-on-year to 2.35 billion yuan and a net profit loss, the outlook for the second half of the year is optimistic due to expected increases in tourist flow and cost reductions [5][6] - The company has adjusted its profit forecasts for 2025-2027, projecting net profits of 1.98 billion yuan, 2.35 billion yuan, and 2.78 billion yuan respectively, reflecting year-on-year growth rates of 37.6%, 18.3%, and 18.5% [5][8] Financial Summary - For H1 2025, the company reported revenues of 2.35 billion yuan, down 7.4% year-on-year, with a net loss of 0.02 billion yuan compared to a profit of 0.21 billion yuan in H1 2024 [5] - The company’s revenue for Q2 2025 was 1.07 billion yuan, a decrease of 15.7% year-on-year, with a net loss of 0.06 billion yuan [5] - The company’s total market capitalization is 11.461 billion yuan, with a current stock price of 42.98 yuan [3] Revenue and Profit Forecasts - The company expects to achieve revenues of 856 million yuan in 2025, with a year-on-year growth of 15.1%, and net profits of 198 million yuan, reflecting a year-on-year increase of 37.6% [8][10] - The projected EPS for 2025 is 0.74 yuan, with corresponding P/E ratios of 44, 37.2, and 31.4 for 2025, 2026, and 2027 respectively [5][8] Operational Insights - The company’s transportation business is showing signs of stabilization, with a slight increase in customer spending despite a decline in overall revenue [6] - The company is leveraging IP marketing and events to boost summer visitor numbers, with July seeing a record 810,200 visitors, a 37.8% increase year-on-year [7]

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is "Buy" (maintained) [1] Core Views - The report highlights that the improvement in the cost of risk (COR) supports performance growth, with new business CSM (Contractual Service Margin) showing rapid growth [1][4] - The group's net profit for H1 2025 reached 27.89 billion, a year-on-year increase of 11.0%, showing significant improvement compared to the -18.1% year-on-year decline in Q1 [4] - The report predicts that the new business value (NBV) will grow by 11.5%, 12.1%, and 14.2% for the years 2025 to 2027, respectively [4] Financial Performance Summary - In H1 2025, the group achieved a premium income of 193.47 billion, a year-on-year increase of 13.1% [4] - The NBV for H1 2025 reached 9.54 billion, a year-on-year increase of 5.6% (non-retrospective basis), and 32.3% (retrospective basis) [4] - The total investment assets at the end of the period were 2.92 trillion, an increase of 7.0% from the beginning of the year [4] - The net profit forecast for the years 2025 to 2027 is adjusted to 50.6 billion, 56.8 billion, and 63.1 billion, respectively, with year-on-year growth rates of 12.6%, 12.3%, and 11.1% [4][8] Business Segment Insights - The life insurance segment saw a new single premium of 63 billion, a year-on-year increase of 26%, continuing the growth advantage from Q1 [4] - The property insurance segment achieved a premium income of 114.19 billion, a year-on-year increase of 0.9% [4] - The report notes a decrease in the comprehensive cost ratio for property insurance, contributing to higher profits [4] Valuation Metrics - The report provides a forecast for the price-to-earnings (P/E) ratio to be 7.55, 6.73, and 6.05 for the years 2025 to 2027, respectively [8] - The price-to-embedded value (P/EV) is projected to be 0.63, 0.58, and 0.53 for the same period [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][11] Core Views - The company achieved a revenue of 6.26 billion yuan in the first half of 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 330 million yuan, up 69.3% year-on-year [5] - The traditional business segment generated a net profit of 325 million yuan, a 52.2% increase year-on-year, while the charging network business turned profitable with a net profit exceeding 2 million yuan [5][6] - The company is expected to maintain solid performance in its traditional business while the charging network is anticipated to continue contributing profit elasticity [5] Financial Performance Summary - For the first half of 2025, the traditional business segment achieved revenue of 4.415 billion yuan, a year-on-year increase of 20.17%, with a gross margin of 23.71% [6] - The charging network business generated revenue of 1.841 billion yuan, a growth of 9.19% year-on-year [6] - The company has set a profit forecast for 2025-2027 with net profits expected to be 1.246 billion, 1.610 billion, and 2.040 billion yuan respectively [5][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 20.5, 15.8, and 12.5 times respectively [5][7] - The earnings per share (EPS) for the same years are expected to be 1.18, 1.53, and 1.93 yuan [5][7] - The company’s total market capitalization is approximately 25.523 billion yuan [1]

机械设备/通用设备 铭利达（301268.SZ） 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 24.19 | | 一年最高最低(元) | 24.86/13.15 | | 总市值(亿元) | 96.86 | | 流通市值(亿元) | 43.64 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.80 | | 近 3 个月换手率(%) | 146.76 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 铭利达 沪深300 相关研究报告 《海外汽车客户迎放量元年，经营拐 点 或 已 现 — 公 司 首 次 覆 盖 报 告 》 -2025.6.4 单 Q2 同环比扭亏为盈，经营拐点或已现 ——公司信息更新报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S0790522080001 ...

苏州银行（002966.SZ） 盈利能力稳健，对公护城河稳固 2025 年 08 月 29 日 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 8.32 | | 一年最高最低(元) | 9.48/6.60 | | 总市值(亿元) | 371.96 | | 流通市值(亿元) | 365.77 | | 总股本(亿股) | 44.71 | | 流通股本(亿股) | 43.96 | | 近 3 个月换手率(%) | 55.82 | 股价走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-08 2024-12 2025-04 苏州银行 沪深300 相关研究报告 《对公优势彰显，资产质量优异—苏 州银行 2024 年报&2025 年一季报点 评》-2025.4.30 《盈利能力稳健，资产较快扩张—苏 州银行 2024 年三季报点评》 -2024.10.31 银行/城商行Ⅱ 苏州银行资产质量持续优异，不良率环比持平为 0.83%，关注率为 0.75%，较 2025Q1 末略有上升。2025Q2 末拨备覆盖率边际下降至 447.2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 30.7% year-on-year, reaching 680 million yuan in the first half of 2025, with a net profit of 150 million yuan, up 28.8% year-on-year [5] - The second quarter of 2025 saw an even higher revenue growth of 40.3% year-on-year, totaling 420 million yuan, with a net profit increase of 57.2% year-on-year [5] - The growth in revenue is attributed to the positive market conditions in various downstream sectors, particularly in the 3C and lithium battery industries, driven by the recovery in demand and enhanced collaborations with leading battery clients [5][6] - The company's AI-enabled machine vision technology has expanded its applications beyond traditional defect detection to include classification, precise measurement, and guidance, significantly enhancing its market position [6] - The establishment of a robotics division marks the company's dual-track development strategy, aiming to enhance its capabilities in industrial automation and intelligent robotics [7] Financial Summary and Valuation Indicators - The company forecasts a net profit of 214 million yuan for 2025, with projected earnings per share (EPS) of 1.75 yuan, corresponding to a price-to-earnings (P/E) ratio of 85.4 times [5][8] - Revenue is expected to grow to 1.157 billion yuan in 2025, with a year-on-year growth rate of 26.9% [8] - The gross margin is projected to remain stable at around 64.2% to 65.0% over the next few years, indicating strong profitability [11]

Investment Rating - The investment rating for Tianming Technology is maintained as "Buy" [3][14]. Core Views - Tianming Technology has completed validation for its robotic and electric pedal drive joints, marking the beginning of a new growth cycle [1][5]. - The company reported a total revenue of 101 million yuan in H1 2025, a year-on-year decrease of 10.75%, and a net profit attributable to the parent company of 22 million yuan, down 22.37% year-on-year [3]. - Despite the decline in revenue and profit, the company is expected to achieve net profits of 69 million yuan, 95 million yuan, and 115 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.66, 0.91, and 1.09 yuan [3]. Financial Performance - In H1 2025, the main product revenue from off-road vehicles was 87.08 million yuan, with a gross margin of 43.68%, an increase of 0.70 percentage points year-on-year [4]. - The company’s overseas revenue reached 66.60 million yuan, with a gross margin of 42.75%, reflecting a year-on-year increase of 3.01 percentage points [4]. - The financial summary indicates projected revenues of 294 million yuan, 406 million yuan, and 507 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 69 million yuan, 95 million yuan, and 115 million yuan [7][9]. Research and Development - Tianming Technology has entered into a cooperation agreement with Hangzhou Zhongzhi High Intelligent Technology to jointly develop key technologies for robotic drive joints and electric pedal drive joints, with a total development budget of approximately 15.25 million to 21.65 million yuan [5]. - The company has successfully completed multiple rounds of small batch trials and type tests for both types of drive joints, achieving design goals [5].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company is focusing on the rapidly growing liquid cooling server market and has introduced new high-value server rail products, which are expected to drive growth [5][6] - The company's revenue for the first half of 2025 was 182 million yuan, a decrease of 0.75% year-on-year, while the net profit attributable to the parent company was 33.05 million yuan, an increase of 3.79% year-on-year [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 94 million, 108 million, and 124 million yuan respectively, with corresponding EPS of 2.05, 2.36, and 2.71 yuan per share [5] Financial Summary - The total market value of the company is 2.58 billion yuan, with a circulating market value of 1.18 billion yuan [3] - The company's gross profit margin for the first half of 2025 was 28.64%, an increase of 2.05 percentage points year-on-year [5] - The company is projected to achieve a compound annual growth rate (CAGR) of 46.8% in the liquid cooling server market from 2024 to 2029, with the market size expected to reach 16.2 billion USD by 2029 [6] Product Development and Market Position - The company is actively developing new products in the liquid cooling and heavy-duty server rail segments, with five main types of rail products currently available [6] - The automated production base and R&D center are expected to be completed by April 2026, enhancing the company's production capabilities [7] - The company has received three patent authorizations in the first half of 2025, indicating a commitment to innovation [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decline in revenue and net profit for the first half of 2025, attributed to fluctuations in overseas demand due to international geopolitical conflicts [3][4] - Despite challenges in overseas markets, domestic business showed stable growth, particularly in the transmission system segment, with a significant increase in revenue from Michelin products [4] - The company is expanding its production capacity and hiring management personnel to support long-term growth, which may lead to short-term cost pressures [5] Financial Summary - For the first half of 2025, the company achieved revenue of 432 million yuan, down 1.5% year-on-year, and a net profit of 60 million yuan, down 26.3% year-on-year [3] - The projected net profits for 2025-2027 are revised to 170 million, 210 million, and 261 million yuan respectively, with corresponding P/E ratios of 22.2, 18.0, and 14.4 times [3][6] - The company’s domestic transmission system revenue for the first half of 2025 was 170 million yuan, reflecting a year-on-year growth of 19.4% [4] - Michelin product revenue reached 54.54 million yuan in the first half of 2025, marking a year-on-year increase of 218% [4] - The company’s total revenue is projected to grow from 802 million yuan in 2023 to 1.634 billion yuan in 2027, with a compound annual growth rate of approximately 22.9% [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue in Q2 2025 faced pressure due to tariffs, but profit margins remained stable. The revenue for Q1 and Q2 2025 was 3.83 billion and 3.97 billion yuan respectively, showing a year-on-year change of +10.4% and -6.6%. The net profit attributable to the parent company was 250 million and 300 million yuan, with year-on-year changes of +43% and +9.8% [4][5] - Despite short-term challenges in external sales, the company expects gradual improvement in revenue as overseas production capacity ramps up. The profit forecasts for 2025-2027 have been adjusted to 1.145 billion, 1.256 billion, and 1.368 billion yuan respectively, with corresponding EPS of 1.41, 1.55, and 1.68 yuan [4][5] Revenue Analysis - For Q1 and Q2 2025, domestic sales revenue was 910 million and 890 million yuan, with year-on-year changes of -5% and -3%. External sales revenue was 2.97 billion and 3.1 billion yuan, with year-on-year changes of +16% and -8%. The decline in external sales was primarily due to reduced order deliveries impacted by tariffs [5][6] - The company is actively cooperating with downstream clients to shift production capacity, which is expected to enhance external sales growth in the coming quarters [5] Profitability Metrics - The gross profit margin for Q1 and Q2 2025 was 22.4% and 21.8%, with year-on-year increases of +0.5 and +0.1 percentage points. The net profit margin for Q1 and Q2 was 6.4% and 7.5%, reflecting year-on-year increases of +1.5 and +1.1 percentage points [6][8] - The company maintained stable expense ratios due to internal cost reduction measures, with total expense ratios for Q1 and Q2 at 12.5% and 12.1% [6] Financial Summary and Valuation Indicators - The company's projected revenue for 2025 is 18.061 billion yuan, with a year-on-year growth of 7.4%. The projected net profit for 2025 is 1.145 billion yuan, with a year-on-year growth of 8.7% [8][10] - The projected P/E ratios for 2025, 2026, and 2027 are 11.9, 10.9, and 10.0 respectively, indicating a favorable valuation outlook [8][10]