Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown improved profitability despite a decline in revenue, with a focus on international expansion under the "Belt and Road" initiative [4]. - The company achieved a net profit of 4.24 billion yuan in the first half of 2025, reflecting a year-on-year growth of 1.11% [4]. - The report forecasts a gradual increase in net profit for 2025 to 2027, with expected figures of 8.75 billion yuan, 9.20 billion yuan, and 9.83 billion yuan respectively, indicating growth rates of 4.75%, 5.18%, and 6.79% [4][6]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 176.47 billion yuan - 2025E: 180.10 billion yuan - 2026E: 188.90 billion yuan - 2027E: 201.20 billion yuan - Revenue growth rates are projected at -33.10%, 2.06%, 4.89%, and 6.51% respectively [6]. - **Net Profit Forecasts**: - 2024A: 8.35 billion yuan - 2025E: 8.75 billion yuan - 2026E: 9.20 billion yuan - 2027E: 9.83 billion yuan - Corresponding profit growth rates are 9.69%, 4.75%, 5.18%, and 6.79% [6]. - **Gross Margin**: - The gross margin for 2025 is projected at 12.24%, down from 14.50% in 2024 [6]. - **Earnings Per Share (EPS)**: - EPS is expected to increase from 0.58 yuan in 2024 to 0.68 yuan in 2027 [6]. - **Price-to-Earnings Ratio (P/E)**: - The P/E ratio is forecasted to decrease from 11.25 in 2024 to 9.56 in 2027, indicating a potentially more attractive valuation over time [6]. Operational Highlights - The company reported a significant increase in overseas revenue, which grew by 6.36% year-on-year, while domestic revenue saw a decline of 59.88% [4]. - The company ranked 77th among the "Top 250 International Contractors" globally in 2024, marking its best performance to date [4].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2]. Core Insights - The company is experiencing pressure on traditional channels while making progress in new business areas. The first half of 2025 saw a revenue decline of 20.9% year-on-year, with a net profit drop of 77.5% [4]. - Weak demand and intensified competition are impacting the main business, but emerging businesses are showing positive developments. Beverage revenue fell by 22.1%, while canned food revenue decreased by 24.0% [4]. - The company is preparing for a seasonal sales boost in Q4 2025, focusing on product display and channel expansion [4]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 1854.78 million - 2025E: 1576.56 million - 2026E: 1612.82 million - 2027E: 1695.07 million - Revenue growth rates are projected at -3.53% for 2024, -15.00% for 2025, 2.30% for 2026, and 5.10% for 2027 [2][5]. - **Net Profit Forecasts**: - 2024A: 147.38 million - 2025E: 85.40 million - 2026E: 103.36 million - 2027E: 129.23 million - Profit growth rates are expected to be -47.06% for 2024, -42.05% for 2025, 21.02% for 2026, and 25.03% for 2027 [2][5]. - **Gross Margin**: - 2024A: 34.00% - 2025E: 29.80% - 2026E: 30.80% - 2027E: 31.80% [2][5]. - **Earnings Per Share (EPS)**: - 2024A: 0.34 - 2025E: 0.20 - 2026E: 0.24 - 2027E: 0.30 [2][5]. - **Price-to-Earnings (PE) Ratio**: - 2024A: 51.65 - 2025E: 89.13 - 2026E: 73.65 - 2027E: 58.90 [2][5].

公司点评报告 · 银行业 负债成本优化加速，规模稳健高增 —— 成都银行 2025 年半年报业绩点评 2025 年 8 月 27 日 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601838 | | A 股收盘价(元) | 18.04 | | 上证指数 | 3800.35 | | 总股本（万股）） | 423843.54 | | 实际流通 A 股(万股) | 423105.82 | | 流通 A 股市值(亿元) | 763.28 | 核心观点 成都银行（股票代码：601838） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 相对沪深 300 表现图 2025-08-27 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 60% 成都银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

Market Performance - On August 27, 2025, the North Exchange 50 index decreased by 2.60%, closing at 1550.44 points[3] - The overall trading volume on the North Exchange was 32.872 billion CNY, with a turnover rate of 5.59%[3] - Compared to the previous week, the average daily trading volume decreased from 41.701 billion CNY[3] Index Comparison - The Shanghai Composite Index closed at 3800.35 points, down by 1.76%[3] - The CSI 300 index closed at 4386.13 points, down by 1.49%[3] - The STAR 50 index increased slightly by 0.13%, closing at 1272.56 points[3] Sector Performance - Only the communication sector saw an increase of 0.7%, while the largest declines were in construction materials (-3.9%), beauty care (-3.9%), textiles and apparel (-3.8%), and basic chemicals (-3.7%)[3] - Among 273 listed companies, 34 saw an increase, 1 remained flat, and 238 experienced a decline[3] Stock Highlights - The top gainers included *ST Guandao (+30.00%), *ST Yunchuang (+17.10%), and Digital Human (+12.84%)[3] - The largest declines were seen in Xinzhi Biological (-9.92%), Tianrun Technology (-8.28%), and Hengtou Kaiyuan (-7.81%)[3] Valuation Metrics - The overall valuation of the North Exchange is at a P/E ratio of 53.90 times, which is higher than the ChiNext's 41.39 times[3] - The highest sector P/E ratio is in electronics at 259.3 times, followed by computers at 155.4 times[3] Risk Factors - Risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[3]

Profit Trends - From January to July 2025, industrial enterprises achieved a total profit of CNY 40,203.5 billion, a year-on-year decrease of 1.7%[1] - In July, profits decreased by 1.5% year-on-year, a significant improvement from the previous month's decline of 4.3%[1] - The profit margin for January to July was recorded at 5.15%, with a year-on-year decline of 0.25 percentage points, showing a narrowing drop compared to the previous month's 0.26 percentage points[1] Revenue and Production - Total operating revenue for the same period was CNY 78.07 trillion, reflecting a year-on-year growth of 2.3%[1] - The industrial added value in July grew by 5.7% year-on-year, despite a 1.1 percentage point decline in growth rate compared to previous months[1] - Export growth in July was 7.2%, surpassing the ten-year average of 3.6%[1] Cost and Inventory Management - The cost per CNY 100 of operating revenue was CNY 85.57, an increase of CNY 0.24 year-on-year, while expenses decreased by CNY 0.08 to CNY 8.38[1] - Finished goods inventory reached CNY 6.67 trillion, with a year-on-year growth of 2.4%, indicating a slowdown in nominal inventory growth[1] - The raw material inventory index fell to 47.7%, and the finished goods inventory index decreased to 47.4%, indicating a tightening balance in production and sales[1] Sector Performance - High-tech manufacturing saw a profit increase of 18.9% in July, with aerospace and semiconductor sectors leading with growth rates of 40.9% and rapid increases, respectively[2] - Consumer manufacturing sectors, including paper and textiles, showed negative growth, with the automotive manufacturing sector also experiencing a decline after a brief recovery in June[2] - The mining sector was the most significant drag on profits, with a notable decline in profit margins[1]

Profit Trends - From January to July 2025, industrial enterprises achieved a total profit of CNY 40,203.5 billion, a year-on-year decrease of 1.7%[1] - The operating revenue for the same period was CNY 78.07 trillion, reflecting a year-on-year growth of 2.3%[1] - In July, profits decreased by 1.5% year-on-year, a significant improvement from the previous month's decline of 4.3%[1] Production and Margins - Industrial production showed resilience with a 5.7% year-on-year increase in July's industrial added value, despite a 1.1 percentage point decline from the previous month[1] - The Producer Price Index (PPI) showed marginal improvement, with a year-on-year decline of 3.6% in July, the same as the previous month, but with a reduced month-on-month decline[1] - The profit margin for January to July was recorded at 5.15%, remaining stable compared to the previous value, with a year-on-year decline of 0.25 percentage points[1] Inventory and Costs - As of July, finished goods inventory reached CNY 6.67 trillion, with a year-on-year growth of 2.4%, indicating a slowdown in nominal inventory growth[1] - The cost per CNY 100 of operating revenue was CNY 85.57, an increase of CNY 0.24 year-on-year, while expenses decreased by CNY 0.08 to CNY 8.38[1] Sector Performance - High-tech manufacturing saw a profit increase of 18.9% in July, reversing a 0.9% decline in June, with aerospace manufacturing profits soaring by 40.9%[2] - Consumer manufacturing sectors, such as paper and textiles, experienced negative growth, with the automotive manufacturing sector also seeing a profit decline in July after a recovery in June[2] Future Outlook - Future profit trends will depend on the continuation of domestic demand expansion policies and the effectiveness of "anti-involution" measures in manufacturing[2] - The report highlights the importance of monitoring external demand and geopolitical risks, particularly in the context of US-China trade negotiations[2]

| 1866.13 | 1952.00 | 2071.00 | 2210.00 | | --- | --- | --- | --- | | 4.14 | 4.60 | 6.10 | 6.71 | | 56.88 | 60.83 | 66.05 | 72.15 | | 4.82 | 6.94 | 8.59 | 9.24 | | 10.11 | 9.78 | 9.87 | 9.92 | | 0.93 | 1.00 | 1.08 | 1.18 | | 8.11 | 7.58 | 6.98 | 6.39 | | 市场数据 | 2025-08-26 | | --- | --- | | 股票代码 | 601117 | | A 股收盘价(元) | 8.29 | | 上证指数 | 3,868.38 | | 总股本(万股) | 610,688 | | 实际流通 A 股(万股) | 606.958 | | 流通 A 股市值(亿元) | 503 | 公司点评报告 ·建筑行业 E券|CGS 附录: 公司财务预测表 | 资产负债表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for Qingdao Beer [2][5] Core Views - The company achieved a revenue of 20.49 billion yuan in H1 2025, representing a year-on-year growth of 2.1%, and a net profit of 3.90 billion yuan, up 7.2% year-on-year [5] - In Q2 2025, revenue reached 10.05 billion yuan, with a year-on-year increase of 1.3%, and a net profit of 2.19 billion yuan, up 7.3% year-on-year [5] - The company continues to optimize its product structure, with a focus on high-end products, which saw sales growth of 3.9% for the main brand and 4.8% for mid-to-high-end products in Q2 2025 [5] - The net profit margin in Q2 2025 was 22.3%, marking a historical high since the company went public, driven by product optimization and a decrease in raw material costs [5] - The report highlights two main growth drivers: a stable competitive landscape in the beer industry and the company's active expansion into new product categories [5] Financial Forecasts - Projected revenue for 2024 is 32.14 billion yuan, with a growth rate of -5.3%, followed by 32.81 billion yuan in 2025, with a growth rate of 2.1% [2][6] - Expected net profit for 2024 is 4.34 billion yuan, with a growth rate of 1.81%, increasing to 4.78 billion yuan in 2025, with a growth rate of 9.97% [2][6] - The gross profit margin is forecasted to improve from 40.23% in 2024 to 41.30% in 2025 [2][6] - The diluted EPS is expected to rise from 3.19 yuan in 2024 to 3.50 yuan in 2025 [2][6] Market Performance - As of August 27, 2025, the closing price of Qingdao Beer was 68.98 yuan, with a market capitalization of 48.9 billion yuan [3] - The report indicates that the company's stock performance has outpaced the CSI 300 index [4]

Investment Rating - The report assigns a "Buy" rating for the company [5]. Core Views - The company has achieved significant growth in negative electrode sales, outpacing industry growth rates, and has a notable cost advantage due to its advanced graphitization technology and integrated production model [4][66]. - The company is positioned as a key supplier of artificial graphite negative materials in China, with a market share of 12.7%, ranking fourth in the industry [66]. Financial Performance - In the first half of 2025, the company reported revenue of 3.388 billion yuan, a year-on-year increase of 61.8%, driven by increased production capacity and a 65% rise in sales volume of negative materials [7][10]. - The net profit attributable to shareholders for the same period was 479 million yuan, up 34.4% year-on-year, with a net profit margin of 14.1% [32][34]. - The company forecasts revenues of 7.319 billion yuan, 9.747 billion yuan, and 11.705 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.035 billion yuan, 1.329 billion yuan, and 1.681 billion yuan [5][76]. Operational Efficiency - The company maintains a healthy capital structure with a debt-to-asset ratio of 37.3%, indicating a conservative financial structure [47]. - The cash flow situation shows a significant increase in operating cash flow in Q2 2025, reaching 591 million yuan, a year-on-year increase of 309.8% [52]. Technological Advantages - The company has a strong focus on R&D, with a 65.7% increase in R&D investment in the first half of 2025, aimed at developing next-generation artificial graphite negative materials [20][74]. - The integrated production model allows the company to control costs effectively and enhance production efficiency [66][74]. Market Position - The company has established itself as a significant player in the artificial graphite negative material market, with a production capacity expected to reach 500,000 tons by 2025 [66]. - The report highlights the company's competitive edge in the market due to its advanced graphitization technology and ongoing product innovation [69][72].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its current valuation at historical lows and the potential for growth through new channel development [5]. Core Insights - The company's main business remains under pressure, but new channels are showing strong performance. In Q2 2025, revenue increased by 5.7% year-on-year, while cash collection improved by 14.7% [5]. - The company is actively capturing opportunities in new channels domestically and expanding into Southeast Asia internationally, aiming to transition from a domestic leader to an international brand [5]. - The financial forecasts indicate a revenue growth of 5% in 2025, with a slight decline in net profit expected in the same year, followed by a recovery in subsequent years [5]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 15,126.65 million - 2025E: 15,913.24 million - 2026E: 16,915.77 million - 2027E: 17,947.63 million - Revenue growth rates are projected at 7.70% for 2024, 5.20% for 2025, 6.30% for 2026, and 6.10% for 2027 [2][7]. - **Net Profit Forecasts**: - 2024A: 1,484.83 million - 2025E: 1,421.36 million - 2026E: 1,481.49 million - 2027E: 1,567.07 million - Profit growth rates are expected to be 0.46% for 2024, -4.27% for 2025, 4.23% for 2026, and 5.78% for 2027 [2][7]. - **Key Financial Ratios**: - Gross margin is projected to decline from 23.30% in 2024 to 21.30% from 2025 onwards [2]. - The diluted EPS is expected to decrease slightly from 4.46 in 2024 to 4.26 in 2025, before recovering to 4.70 by 2027 [2][7]. - **Market Performance**: - As of August 25, 2025, the stock price was 77.06, with a market capitalization of 226 billion [3]. Business Segment Performance - In Q2 2025, the main business segments showed varied performance: - Frozen prepared foods: -1.4% - Cooked dishes: +26.1% - Frozen noodles and rice products: -10.8% - Agricultural products: -4.8% - Other businesses: -74.7% [5]. - The company is focusing on enhancing its presence in emerging channels, with significant growth in new retail and e-commerce, which saw a revenue increase of 35.2% in Q2 2025 [5].