Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's profit margin is under pressure due to new projects, and it is expected to wait for the second half of the year for store performance improvement [1][8] - The company reported a revenue of 326 million yuan in 1H2025, a year-on-year decrease of 1.24%, and a net profit attributable to shareholders of 6.2 million yuan, down 54.96% year-on-year [8] - The company has opened 262 hotels with a total of 50,228 rooms and has 212 hotels under development with 43,884 rooms [8] - The company is expanding its overseas market cooperation and has signed contracts for 16 franchise stores, with 4 already in operation [8] Financial Performance Summary - Revenue forecast for 2023A to 2027E shows growth from 534 million yuan in 2023 to 939 million yuan in 2027, with a revenue growth rate of 56.2% in 2023 and expected to stabilize at 15% from 2026 onwards [7][9] - The net profit attributable to shareholders is projected to increase from 31 million yuan in 2023 to 90 million yuan in 2027, with a significant growth rate of 80.5% in 2027 [7][9] - The company's gross profit margin for 1H2025 was 28.16%, down 3.02 percentage points year-on-year, influenced by external demand weakness and increased costs from new store openings [8] Valuation Metrics - The current market capitalization corresponds to a PE ratio of 158X for 2025E, 99X for 2026E, and 55X for 2027E [8] - The company’s ROE is expected to improve from 3.1% in 2023 to 8.4% in 2027 [7][9] - The EPS is projected to rise from 0.16 yuan in 2023 to 0.46 yuan in 2027 [7][9]

竞争加剧叠加天气因素，业绩承压 中青旅(600138) 证券研究报告 旅游及景区 / 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 10.19 | | 流通股本(亿股) | 7.24 | | 每股净资产(元) | 8.73 | | 总股本(亿股) | 7.24 | 最近 12 月市场表现 -4% 4% 12% 21% 29% 38% 中青旅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《景区业务客流略有承压，旅行社业务维 持高景气》 2024-11-07 2. 《景区业务呈现分化，关注出入境游复苏 机遇》 2024-09-02 3. 《经营业绩全面改善，关注出境游复苏机 会》 2024-04-03 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

业务扩张带动费用增长，期待后续表现 众信旅游(002707) 证券研究报告 教育/ 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-08-29 | | 收盘价(元) | 8.29 | | 流通股本(亿股) | 8.25 | | 每股净资产(元) | 0.92 | | 总股本(亿股) | 9.83 | 最近 12 月市场表现 -5% 5% 16% 26% 36% 46% 众信旅游 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 1. 《出境游业务稳步修复，线下门店有望加 速扩张》 2024-11-07 2. 《出境游供给修复叠加行业出清带动业 绩高增》 2024-09-02 3. 《国际航班持续修复，关注春节旺季及免 签利好》 2024-01-31 核心观点 请阅读最后一页的重要声明！ 盈利预测 | [币种Table_FinchinaSimple] (人民币) | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in performance, with a significant increase in revenue and net profit in the second quarter, driven by stable growth in sales of beverage, beer, and food packaging production lines [7] - Continuous investment in the research and development of dairy and beverage aseptic filling lines, as well as humanoid robots, is expected to yield breakthroughs in the future [7] - The forecast for revenue and net profit from 2025 to 2027 indicates a positive growth trajectory, with expected revenues of 40.34 billion, 44.76 billion, and 49.79 billion respectively, and net profits of 1.77 billion, 2.37 billion, and 3.08 billion [7] Financial Performance Summary - The company reported a revenue of 1.902 billion yuan for the first half of 2025, a year-on-year increase of 12.85%, and a net profit of 0.81 billion yuan, up 19.19% year-on-year [7] - The revenue growth rate is projected to be 14.4% in 2023, 13.4% in 2024, and gradually declining to 11.2% by 2027 [6] - The net profit is expected to experience a significant rebound, with a growth rate of 1033.6% in 2025, followed by 34.3% in 2026 and 29.7% in 2027 [6] Earnings Forecast - The earnings per share (EPS) is projected to increase from 0.15 yuan in 2023 to 0.63 yuan in 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 79.3 in 2023 to 17.1 by 2027, indicating improved valuation over time [6] - The return on equity (ROE) is forecasted to rise from 2.8% in 2023 to 10.9% in 2027, reflecting enhanced profitability [6]

计算机 证券研究报告 行业专题报告 / 2025.09.01 投资评级:看好(维持) 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 相关报告 1. 《国产 AI，核心主线》 2025-08-24 2. 《再谈国产 AI 应用的未来》 2025- 08-17 3. 《7 月车市运行日益平稳，理想首发 VLA 大模型》 2025-08-12 AI 巨头业绩发布，提振全球产业信心 ❖ 阿里 CapEx 超预期，持续加码基础设施布局：阿里巴巴发布 2025 年二 季度财报。其中阿里云实现营收 333.98 亿元，同比增长 26%，再创新高。 阿里云增长势头主要由公共云业务收入增长所带动，其中包括 AI 相关产品采 用量的提升，AI 相关产品收入连续八个季度实现三位数的同比增长。本季度 阿里资本支出达 386 亿元，同比激增 220%，过去四个季度累计投入超 1000 亿元。基于"三年投入 3800 亿元"的战略规划，阿里云全力建设 AI 基础设 施，巩固其在企业智能化转型中的领导地位。 ❖ 投资建议：见正文。 ❖ 风险提示：地缘政治或供应链风险、模型商业化落地不及 ...

企业加大预防性"备采"力度 证券研究报告 宏观点评 / 2025.09.01 分析师 张伟 SAC 证书编号：S0160525060002 zhangwei04@ctsec.com 联系人 连桐杉 liants@ctsec.com 相关报告 1. 《特朗普降息再施压——全球经济观察 第 10 期》 2025-08-30 2. 《以价换量结束了吗？》 2025-08-27 3. 《 美 国 就 业， 到 底是 好还 是 坏 ？ 》 2025-08-25 ❖ "备采"来源于"反内卷"涨价预期而非经济基本面大幅改善： 从历史经验来看，2024 年下半年经济上行，GDP 读数从三季度的 4.6%上升 至四季度的 5.4%，同期 BCI 企业投资前瞻指数自 53.0 点上升至 54.9 点，同 期企业采购量（PMI）自 50.6%上升至 51.0%，规上工业企业利润滞后一个 月同比上升，由此可以看出，经济基本面修复情境下的企业采购量（PMI）短 期回升，常伴随 BCI 企业投资前瞻指数的同期回升和工业企业利润滞后回升。 而 2025 年二季度 GDP 同比 5.2%，仍然处于下行区间，一是考虑到经济的 惯性和年度目标， ...

Investment Rating - The investment rating for Tonghua Dongbao is maintained at "Accumulate" [2] Core Views - The company is accelerating the overseas commercialization of multiple products, leveraging stable product quality and a diverse product portfolio to expand into international markets. Strategic partnerships have been established, including a collaboration with Jianyou Co. to enter the U.S. insulin market. The company has also received approvals for its insulin products in various countries [7] - The company is actively innovating and transforming its product offerings. The GLP-1 product, Liraglutide, has been launched domestically, and the company is working with Sinovac to expedite its registration in 17 emerging markets. Additionally, two innovative GLP-1 drugs are in clinical trials, showing promising results [7] - Financial projections indicate that the company is expected to achieve revenues of 2.5 billion, 3.08 billion, and 3.31 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 446 million, 721 million, and 874 million yuan. The projected PE ratios are 36.9, 22.8, and 18.8 for the same years [6][7] Financial Summary - The company's revenue for 2023 is projected at 3,075 million yuan, with a significant decline expected in 2024 to 2,010 million yuan, followed by a recovery to 2,500 million yuan in 2025. The revenue growth rates are forecasted at 10.7% for 2023, -34.7% for 2024, and 24.4% for 2025 [6][8] - The net profit for 2023 is estimated at 1,168 million yuan, with a loss of 43 million yuan anticipated in 2024, and a return to profitability with 446 million yuan in 2025. The net profit growth rates are -26.2% for 2023 and -103.7% for 2024, with a projected recovery of 61.7% in 2025 [6][8] - The company's EPS is expected to be 0.59 yuan in 2023, dropping to -0.02 yuan in 2024, and recovering to 0.23 yuan in 2025 [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [8] Core Views - The company reported a revenue of 5.265 billion yuan for the first half of 2025, representing a year-on-year increase of 27.25%, with a net profit of 1.197 billion yuan, up 24.65% year-on-year [8] - The tire mold business showed strong resilience under tariff impacts, achieving a revenue of 2.737 billion yuan, a year-on-year increase of 16.17%, while large components and CNC machine tools saw revenues of 1.947 billion yuan (up 32.94%) and 506 million yuan (up 145.08%) respectively [8] - The company is enhancing its global presence with subsidiaries in Asia, Europe, and the Americas, establishing a comprehensive global production service system [8] - The company has formed strategic partnerships with several Fortune 500 clients and has received multiple "Best Supplier" awards, enhancing its brand image and industry position [8] - Revenue projections for 2025-2027 are 10.871 billion yuan, 12.332 billion yuan, and 13.773 billion yuan respectively, with corresponding net profits of 2.442 billion yuan, 2.783 billion yuan, and 3.131 billion yuan [8] Financial Performance Summary - For 2023A, the company reported a revenue of 7.166 billion yuan, with a net profit of 1.612 billion yuan, and an EPS of 2.03 yuan [7] - The revenue growth rate is projected to be 7.9% for 2023, 23.0% for 2024, and 23.4% for 2025 [7] - The net profit growth rate is expected to be 34.3% for 2023, 24.8% for 2024, and 21.4% for 2025 [7] - The company’s PE ratio is projected to be 14.7 for 2023, increasing to 20.4 for 2025, and then decreasing to 15.9 by 2027 [7]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2025, representing a year-on-year increase of 13.77%, and a net profit attributable to shareholders of 501 million yuan, up 17.35% year-on-year [8] - The consumer electronics business is a key growth driver, with a revenue of 2.54 billion yuan in the first half of 2025, reflecting a year-on-year growth of 12.8% [8] - The company is actively expanding into the automotive and AR/AI glasses sectors, with automotive revenue reaching 240 million yuan, a year-on-year increase of 79.07% [8] - The company is expected to benefit from optical innovation, with projected net profits of 1.25 billion yuan, 1.50 billion yuan, and 1.84 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Performance Summary - Revenue forecast for 2023A is 5,076 million yuan, with a growth rate of 16.0%, and projected to reach 7,167 million yuan in 2025E, with a growth rate of 14.2% [7] - Net profit attributable to shareholders is forecasted to be 600 million yuan for 2023A, increasing to 1,246 million yuan in 2025E, reflecting a growth rate of 21.0% [7] - The company's EPS is expected to grow from 0.43 yuan in 2023A to 0.90 yuan in 2025E [7]