豆鹏超 doupengchao@huayuanstock.com 证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 08 月 17 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 1）BE 公司于 2025 年 7 月 24 日发布与甲骨文（Oracle）在数据中心供电领域 合作的新闻。此前，2025 年 2 月，公司发布新闻，表示正在为美国 Equinix 公 司的 19 个数据中心部署 100MW 电力。 联系人 2）BE 公司于 2025 年 7 月 31 日发布 2025Q2 财报，公司管理层在电话会中强 调了数据中心对 SOFC 需求的拉动作用，包括与甲骨文的合作，以及 2024 年 11 月公司与美国电力公司（AEP）签署 1GW SOFC 供应协议正在推进； 板块表现： 3）在 BE 公司 2025Q2 财报及 ...

投资评级：买入（维持） 证券研究报告|公司专题报告 基础化工|化学原料 2025年8月17日 优质盐化工区域龙头，盐穴储能价值或显著低估 ——苏盐井神(603299.SH) 证券分析师 姓名：查浩 资格编号：S1350524060004 邮箱：zhahao@huayuanstock.com 证券分析师 姓名：刘晓宁 资格编号：S1350523120003 邮箱：liuxiaoning@jzsec.com 证券分析师 姓名：邱达治 资格编号：S1350525050001 邮箱：qiudazhi@huayuanstock.com 资料来源：公司公告，Wind，华源证券研究所 资料来源：公司公告，公司介绍材料，公司官网，华源证券研究所 请务必仔细阅读正文之后的评级说明和重要声明 投资要点 ◼ 盐业龙头深耕"盐+储能"，低负债高现金流盈利稳定。公司为华东盐业龙头，实控人江苏省国资委，核心业务为盐及盐化工，并深耕盐穴综合利用进入建设落地期。公司盐产品主要为食盐及工业盐， 盐化工产品主要为纯碱，2024年合计贡献约85%的营收毛利，近三年产品顺价稳定，并受益煤炭价格下行，归母净利润/经营性现金流净额/货币资金稳定在7/1 ...

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 08 月 17 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 板块表现： 矿价加速上涨，锂价持续回升 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/8/11-2025/8/15） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜 ： 美 联 储 降 息 预 期 扰 动 下 ， 铜 价 震 荡 。 本 周 伦 铜 / 沪 铜 / 美 铜 涨 跌 幅 为 +0.31%/+0.73%/+0.09%。在美联储 9 月降息预期扰动下，本周铜价震荡。库存方面， 国内库存回升，伦铜 ...

证券研究报告 北交所全面"920"时代渐行渐近，积极布局具备高成长性的稀缺标的 ——北交所周观察第三十九期（20250817） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 08 月 17 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 联系人 存量证券代码批量切换等工作进行第一次全网测试，北交所全面"920"时代渐行渐近。2025 年 8 月 14 日，北交所发布"关于开展北京证券交易所存量上市公司证券代码批量切换等业务 第一次全网测试的通知"，在 6 月 16 日至 7 月 25 日三轮仿真测试顺利完成的基础之上，定 于 8 月 16 日周六进行第一次全网测试。2023 年 11 月 17 日，为落实"深改 19 条"意见， 北交所启动为上市公司股票使用 920 代码号段的 ...

证券研究报告 汽车 | 汽车服务 北交所|新股申购 hyzqdatemark 2025 年 08 月 17 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 巴兰仕(920112.BJ) 证券分析师 ——深耕汽车维修保养设备 20 年，募资拟扩充维修保养设备与举升机产能 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 15.78 元/股，发行市盈率 10.00X，申购日为 2025 年 8 月 19 日。巴兰仕本次发行 价格 15.78 元/股，发行市盈率 10.00X，申购日为 2025 年 8 月 19 日。本次公开发行股份初 始发行股份数量为 1900 万股，发行后总股本为 8200 万股，本次发行数量占发行后总股本的 23.17%（超额配售选择权行使前）；若超额配售选择权全额行使，则发行总股数将扩大至 2185 万股，发行后总股本扩大至 8485 万股，本次发行数量占超额配售选择权全额行使后发行后总 股本的 25.75%。经我们测算，公 ...

证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 投资要点： 交通运输 | 物流 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 17 日 市场表现： | 基本数据 | | 年 | 08 | | 15 | 日 | | 2025 | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 58.93 | | | | | | | | 年 内 / 最 | 高 | | | 65 ...

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2025 年 08 月 16 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 武商 WS 江豚会员店开业反响热烈；老铺黄金发布提价预告 投资评级： 看好（维持） ——新消费行业周报（2025.8.11-2025.8.15） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 商社行业：荣泰健康与美团就理疗机器人项目正式达成战略合作；武商 WS 江豚会 员店开业反响热烈。（1）荣泰健康与美团就理疗机器人项目正式达成战略合作，签 约仪式在美团上海综合指挥中心隆重举行。合作标志着双方将充分发挥各自在健康 科技与本地生活服务领域的优势，共同探索"智能理疗+平台流量"的创新模式，为 消费者带来更便捷、更智能的健康体验。双方将采取"试点门店-区域复制-全国推 广"的三阶段策略，试点门店将融合智能设备体验、健康数据管理、专业理疗服务 三大模块，用户可通过美团 APP 实现预约到店、方案定制、效果追踪等全流程数字 化服务；（2）2025 年 7 月武商 WS 江豚会员店正式开业， ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating strong growth potential and a transition towards improved quality and efficiency [5]. Core Views - The company's profitability is continuously enhancing, benefiting from ongoing reforms and management improvements. The beer business has shown a cost per ton of 1824.35 RMB, with a year-on-year increase of 2.83%, achieving a gross margin of 45.66%, up 1.01 percentage points from the previous year [5]. - The company reported a revenue of 85.58 billion RMB in the first half of 2025, a year-on-year increase of 6.37%, with a net profit of 11.03 billion RMB, up 45.45% year-on-year. The beverage segment is expected to become a second growth driver [6]. - The company is focusing on product structure upgrades, with the U8 product line performing strongly, particularly among younger consumers, and is expected to continue growing with market expansion initiatives [6]. Summary by Sections Market Performance - The closing price as of August 14, 2025, was 12.32 RMB, with a total market capitalization of 34,724.40 million RMB and a circulating market value of 30,918.35 million RMB [3]. Financial Performance - The company achieved a net profit margin of 22.03% in Q2 2025, an increase of 5.37 percentage points year-on-year. The revenue for Q2 2025 was 47.31 billion RMB, with a net profit of 9.38 billion RMB, reflecting a growth of 43% year-on-year [5][6]. - The forecasted net profits for 2025-2027 are 14.59 billion RMB, 17.91 billion RMB, and 20.41 billion RMB, with corresponding year-on-year growth rates of 38.19%, 22.78%, and 13.96% respectively [5]. Profitability and Efficiency - The company has improved its cost management, with significant reductions in sales and management expense ratios, contributing to enhanced net profit margins. The gross margin is projected to increase to 44.27% by 2027 [6][8]. - The company’s capacity utilization rate for 2024 was 46.86%, indicating room for improvement compared to industry averages [5]. Product and Market Strategy - The company is implementing a "beer + beverage" marketing strategy, which has led to significant growth in the beverage segment, with beverage revenue increasing by 98.69% year-on-year [6]. - The product mix has shifted towards higher-end products, with mid-to-high-end products accounting for 70.11% of total revenue in the first half of 2025, up from 68.54% in the same period of 2024 [6].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading domestic supplier of CMOS image sensors (CIS), with a strong focus on high-performance CIS development and design. It has established a balanced business structure across smart security, smartphones, and automotive electronics, driving significant revenue growth [7][11]. - The company is expected to maintain high growth rates in the coming years, driven by its advancements in high-end smartphone CIS and the expanding automotive electronics market [9][11]. Summary by Sections Company Overview - The company, established in April 2017, initially focused on the security sector and has since expanded into smartphone and automotive applications, achieving a balanced business model across these sectors [18]. - It has become a prominent player in the CIS market, with significant market share in smart security, smartphones, and automotive electronics [18]. Financial Performance - In 2024, the company achieved a revenue of 5.968 billion RMB, a year-on-year increase of 108.87%, with a net profit of 393 million RMB, reflecting a staggering growth of 2662.76% [6][28]. - The smartphone segment has become a major revenue driver, with 2024 smartphone revenue reaching 3.291 billion RMB, up 269.05% year-on-year, accounting for over 55% of total revenue [7][30]. Business Segments - **Smartphone Business**: The company has successfully penetrated the high-end smartphone market, with significant sales of high-pixel products. The high-end 50MP products have seen substantial growth, contributing to over 50% of smartphone revenue [7][50]. - **Automotive Electronics**: The automotive CIS business is expected to grow significantly, with 2024 revenue reaching 527 million RMB, a 79.09% increase year-on-year. The company is well-positioned to benefit from the increasing demand for intelligent driving technologies [7][31]. - **Smart Security**: The security business remains a stronghold, with 2024 revenue of 2.15 billion RMB, reflecting a nearly 30% increase year-on-year, supported by product iterations and strong market demand [28][30]. Profitability and Valuation - The company forecasts net profits of 897 million RMB, 1.353 billion RMB, and 1.733 billion RMB for 2025, 2026, and 2027, respectively, with corresponding growth rates of 128.47%, 50.73%, and 28.10% [6][8]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 43.59, 28.92, and 22.58, respectively, indicating a favorable valuation compared to peers [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The overseas sales of Furquatinin are strong, and the potential of the ATTC platform is promising [5] - The company has adjusted its full-year guidance for oncology business to USD 270-350 million based on strong sales performance [7] - The unique ATTC platform is expected to overcome resistance to targeted therapies and reduce toxicity, with several potential pipelines in development [7] Financial Performance - For the first half of 2025, the company reported total revenue of USD 278 million, with oncology and autoimmune business contributing USD 144 million and other business USD 134 million [7] - The revenue from Furquatin overseas reached USD 43.1 million, with a year-on-year growth of 25% [7] - The company forecasts total revenue of USD 580 million, USD 713 million, and USD 901 million for 2025, 2026, and 2027 respectively [8] Earnings Forecast and Valuation - The projected net profit for 2025 is USD 427 million, with a significant year-on-year growth of 1032.3% [6] - The estimated earnings per share for 2025 is USD 0.49, with a projected P/E ratio of 6.69 [6] - The company's fair equity value is estimated at HKD 28 billion, assuming a perpetual growth rate of 2% and a WACC of 9.43% [7]