养殖成本持续改善，业务稳健发展 天康生物(002100) 证券研究报告 饲料 / 公司点评 / 2025.08.31 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 6.63 | | 流通股本(亿股) | 13.65 | | 每股净资产(元) | 5.15 | | 总股本(亿股) | 13.65 | 最近 12 月市场表现 相关报告 1. 《养殖成本延续下行，动保饲料经营稳 健》 2025-04-30 2. 《种群优化成本持续改善，养殖利润显弹 性》 2024-10-30 3. 《养猪成本下行业绩扭亏，饲料动保稳健 发展》 2024-08-30 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,026 | 17,176 | 16,960 | 17,859 | 18,642 | | 收入增长率 ...

业绩超预期，利润与现金流拐点已现 福昕软件(688095) 证券研究报告 软件开发 / 公司点评 / 2025.08.31 1. 《国产 PDF 龙头，订阅、AI、收购三线 并发》 2025-05-20 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 611 | 711 | 1,097 | 1,383 | 1,778 | | 收入增长率(%) | 5.3 | 16.4 | 54.2 | 26.1 | 28.5 | | 归母净利润(百万元) | -91 | 27 | 31 | 136 | 287 | | 净利润增长率(%) | — | — | 15.3 | 338.3 | 110.4 | | EPS(元) | -1.03 | 0.30 | 0.34 | 1.49 | 3.14 | | PE | — | 221.8 | 265.5 | 60.6 | 28.8 | | ROE(%) | -3. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 3.717 billion yuan in the first half of 2025, representing a year-on-year increase of 66.49%, and turned a profit with a net profit of 181 million yuan [8] - The company continues to experience a decline in breeding costs while achieving rapid growth in scale, with a pig output of 1.9096 million heads in the first half of 2025, up 74.47% year-on-year [8] - The company is expected to achieve revenues of 6.3 billion yuan, 7.8 billion yuan, and 8.5 billion yuan from 2025 to 2027, with corresponding net profits of 467 million yuan, 986 million yuan, and 1.171 billion yuan [8] Financial Performance - The company's revenue for 2023 is projected at 4.041 billion yuan, with a growth rate of 1.8%, and is expected to reach 6.078 billion yuan in 2024, reflecting a growth rate of 50.4% [6][9] - The net profit for 2023 is forecasted to be -645 million yuan, turning positive in 2024 with a net profit of 519 million yuan [6][9] - The earnings per share (EPS) is expected to improve from -1.28 yuan in 2023 to 2.30 yuan by 2027 [6][9] Cost Management - The company maintains industry-leading cost control capabilities, with breeding costs continuing to decline, estimated at approximately 13.4 yuan/kg and 13.2 yuan/kg for Q1 and Q2 of 2025 respectively [8] - The company has successfully integrated quality production capacity resources and improved capacity utilization, leading to significant growth in pig production [8] Cash Flow and Financial Health - As of the first half of 2025, the company reported a net cash flow from operating activities of 602 million yuan, indicating a strong cash position [8] - The company's monetary funds increased by 16.15% compared to the beginning of the year, reaching 670 million yuan [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 172 million yuan in the first half of 2025, representing a year-on-year increase of 16.06%, but the net profit attributable to shareholders was a loss of 24 million yuan, widening the loss by 8.67% year-on-year [7] - The company is facing short-term performance pressure due to overall cost reduction in the industry and intensified competition, with a significant increase in losses in the second quarter of 2025 [7] - The company is actively improving its product structure and has opportunities for growth in the copper foil business driven by AI [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 22 million, 79 million, and 169 million yuan respectively, with corresponding EPS of 0.27, 0.98, and 2.09 yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 345 million yuan, with a growth rate of 10.4%, and is expected to reach 1,017 million yuan by 2027, with a growth rate of 24.7% [6][8] - The net profit is expected to turn positive in 2025 with a forecast of 22 million yuan, and is projected to grow significantly to 169 million yuan by 2027 [6][8] - The company's gross margin is expected to improve from 28.2% in 2023 to 46.0% in 2027 [8] Business Segment Analysis - The shielding film business saw a 6.65% increase in sales volume, but revenue slightly declined due to intensified competition [7] - The copper foil business reported a revenue of 38.32 million yuan, with a year-on-year increase of 6%, and a significant growth in RTF copper foil shipments, which increased by 21 times [7] - The FCCL segment experienced a substantial increase of 372% in self-made copper foil FCCL, although it has not yet achieved scale effects [7]

福田汽车(600166) 证券研究报告 商用车 / 公司点评 / 2025.08.31 业绩同比高增长，坚定推进全面国际化 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 2.77 | | 流通股本(亿股) | 79.17 | | 每股净资产(元) | 1.91 | | 总股本(亿股) | 79.17 | 最近 12 月市场表现 -4% 5% 13% 21% 30% 38% 福田汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 投资评级:增持(维持) 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《加快中重卡高附加值业务的调整，拓展 海外市场》 2025-04-29 2. 《Q3 业绩同比有所下滑，积极拓展海外 市场》 2024-11-14 3. 《毛利率同比提升，出口销量维持高增 长》 2024-08-27 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | -- ...

业绩稳健增长，加速机器人和低空领域的布局 敏实集团(00425) 证券研究报告 汽车 / 公司点评 / 2025.08.31 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 32.88 | | 流通股本(亿股) | 11.66 | | 每股净资产(元) | 18.80 | | 总股本(亿股) | 11.66 | 最近 12 月市场表现 -3% 34% 72% 110% 148% 185% 敏实集团 恒生指数 汽车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《业绩稳健提升，布局人形机器人与低空 飞行器赛道》 2025-04-02 2. 《深耕零部件行业三十载，全球领先外饰 供应商》 2024-10-23 3. 《收入端同比高增长，电池盒业务不断取 得突破》 2023-03-24 ❖ 事件：公司发布 2025 年中报，2025 年上半年公司实现总营收 122.87 亿 元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has made significant progress in its robot electric actuator project, successfully entering the liquid cooling market, and has begun mass production [7] - The company reported a revenue of 12.935 billion yuan in the first half of 2025, a year-on-year increase of 5.83%, but the net profit attributable to shareholders decreased by 11.08% [7] - The automotive electronics and electric drive business showed strong revenue growth, with automotive electronics revenue increasing by 52.06% year-on-year [7] - The company expects net profits attributable to shareholders to reach 3.614 billion yuan in 2025, with corresponding PE ratios of 30.1, 23.7, and 18.5 for 2025, 2026, and 2027 respectively [7] Financial Performance - Revenue forecast for the company is as follows: - 2023A: 19.701 billion yuan - 2024A: 26.600 billion yuan - 2025E: 33.399 billion yuan - 2026E: 41.306 billion yuan - 2027E: 51.194 billion yuan - The revenue growth rates are projected at 23.2% for 2023, 35.0% for 2024, and 25.6% for 2025 [6][8] - The net profit attributable to shareholders is forecasted to be: - 2023A: 2.151 billion yuan - 2024A: 3.001 billion yuan - 2025E: 3.614 billion yuan - 2026E: 4.581 billion yuan - 2027E: 5.873 billion yuan [6][8] Market Performance - The company's stock performance over the last 12 months shows a decline of 4%, while the Shanghai Composite Index has increased by 24% [4]

Investment Rating - The investment rating for Hisense Visual is maintained as "Buy" [2][7] Core Views - Hisense Visual reported a revenue of 27.23 billion yuan for the first half of 2025, representing a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 1.06 billion yuan, up 26.6% year-on-year [7] - The company holds the leading market share in China's retail sales of televisions, with online and offline market shares of 18.34% and 33.09% respectively [7] - The overseas online business grew by 18.5% year-on-year, with QLED product shipments increasing by 42% [7] - The company is focusing on new display technologies, with revenue from new display businesses reaching 3.43 billion yuan, a year-on-year increase of 7.43% [7] - Profitability is improving, with a net profit margin of 3.88%, up 0.6 percentage points year-on-year [7] - Revenue projections for 2025-2027 are 64.8 billion, 71.3 billion, and 78 billion yuan respectively, with net profits of 2.598 billion, 2.991 billion, and 3.365 billion yuan [7] Financial Performance - Revenue for 2023 is projected at 53.616 billion yuan, with a growth rate of 17.2% [6][8] - The net profit for 2023 is estimated at 2.096 billion yuan, with a growth rate of 24.8% [6][8] - Earnings per share (EPS) for 2025 is expected to be 1.99 yuan, with a price-to-earnings (PE) ratio of 11.0 [6][8] - Return on equity (ROE) is projected to increase from 11.1% in 2023 to 14.0% in 2027 [6][8] Market Position - Hisense Visual leads the domestic market in television sales, with significant growth in high-end products such as Mini LED, which saw a shipment increase of 108.24% [7] - The company is strategically positioned to benefit from the ongoing high-end transformation in the display market [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.007 billion yuan in the first half of 2025, representing a year-on-year growth of 27.31%. The net profit attributable to shareholders was 271 million yuan, up 43.29% year-on-year [7] - The company is making significant progress in its global layout, enhancing supply chain resilience, and has completed the first phase of its logistics and production base in Europe [7] - The company has made notable breakthroughs in R&D innovation, particularly in robotic actuators, which are expected to become a new growth point [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 504 million, 651 million, and 792 million yuan, respectively, with corresponding PE ratios of 30, 23, and 19 times [7] Financial Performance - The company’s revenue is projected to grow from 3.034 billion yuan in 2023 to 6.496 billion yuan in 2027, with a compound annual growth rate (CAGR) of 22.70% [6][8] - The net profit is expected to increase from 206 million yuan in 2023 to 792 million yuan in 2027, reflecting a significant growth trajectory [6][8] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 2.07 yuan in 2027 [6][8] Market Performance - The company’s stock has shown a performance of -7% over the last 12 months, compared to a 39% increase in the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.535 billion yuan in the first half of 2025, representing a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% year-on-year [7] - The growth was driven by emerging product categories, with the mother and baby small appliances segment growing by 40.5% year-on-year [7] - The company is expanding its overseas market presence while improving profit margins through cost reduction and efficiency enhancement [7] - The forecasted net profits for 2025-2027 are 422 million, 499 million, and 566 million yuan, respectively, with corresponding PE ratios of 20.2x, 17.1x, and 15.1x [7] Financial Performance Summary - Revenue projections for the company are as follows: 4,712 million yuan in 2023, 4,758 million yuan in 2024, 5,420 million yuan in 2025, 6,050 million yuan in 2026, and 6,690 million yuan in 2027, with growth rates of 14.4%, 1.0%, 13.9%, 11.6%, and 10.6% respectively [6][8] - The net profit for 2023 is projected at 445 million yuan, decreasing to 288 million yuan in 2024, then increasing to 422 million yuan in 2025, 499 million yuan in 2026, and 566 million yuan in 2027 [6][8] - The company's gross margin improved to 37.6% in Q2 2025, up 3.2 percentage points year-on-year [7] Market Performance - The company's stock price closed at 54.41 yuan on August 28, 2025, with a circulating share capital of 1.52 billion shares and a total share capital of 1.57 billion shares [2]