证券研究报告·公司点评报告 2025 年 9 月 17 日 江海证券研究发展部 奥迪威 832491.BJ 电子行业 分析师：张婧 公司半年报业绩稳健增长，新产品逐渐 导入下游应用 事件： 2025 年 8 月 26 日，奥迪威发布 2025 年半年报。 投资要点： | 财务预测 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 467.08 | 617.16 | 737.51 | 923.51 | 1,231.41 | | 增长率（%） | 23.58% | 32.13% | 19.50% | 25.22% | 33.34% | | 归母净利润（百万元） | 76.98 | 87.66 | 102.84 | 124.61 | 164.87 | | 增长率（%） | 45.32% | 13.87% | 17.32% | 21.17% | 32.31% | | ROE（%） | 8.32% | 8.71% | 9.62% | 10.71% | 12.72% | 执业证书编号 ...

执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 当前价格: 20.57元 | 市场数据 | | | --- | --- | | 总股本(百万股) | 103.31 | | A 股股本(百万股) | 103.31 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 90.60 | | 12 个月最高/最低(元) | 34.98/6.85 | | 第一大股东 | | | 第一大股东持股比例(%) | 37.83 | | 上证综指/沪深 300 | 3870.60/4522.00 | 证券研究报告·公司点评报告 2025 年 9 月 16 日 江海证券研究发展部 消费行业研究组 % 1 个月 3 个月 12 个月 相对收益 -16.23 -34.66 29.96 绝对收益 -4.50 -18.89 193.79 数据来源：聚源 注：相对收益与北证 50 相比 1. 公司深度报告（首次覆盖）-路斯股份 -832419.BJ：北交所宠物食品第一股，主 粮产品持续放量 – 2024.09.06 路斯股份 832419.BJ 农林牧渔行业 ...

aa 证券研究报告·金融工程报告 2025 年 9 月 15 日 江海证券研究发展部 金融工程定期报告 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债震荡上行， 较权益市场超额明显—2025.09.08 2.可转债跟踪周报：转债调整下跌， 但股性持续提升—2025.08.31 3.可转债跟踪周报：转债股性维持高 位，可积极布局—2025.08.25 4.可转债跟踪周报：转债跟随权益持 续走高 ， 表 现 稍 弱 于 权 益 — 2025.08.18 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 5.可转债跟踪周报：转债加速上扬， 表现优于权益—2025.08.11 转债延续上行，小幅跑输权益市场 核心内容： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 ◆可转债市场表现： ➢ 近一周（2025-09-08 至 2025-09-12），上证转债、深证转债 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year growth of 9.02%. The net profit attributable to the parent company was 123 million yuan, up 16.54% year-on-year [5] - The company continues to focus on high-end self-owned brands, with significant growth in its product lines, particularly in skincare [11] - The gross margin improved to 64.61%, an increase of 3.13 percentage points, while the net margin slightly increased to 4.94%, up 0.17 percentage points [11] Financial Performance - For the first half of 2025, the company achieved a revenue of 2.5 billion yuan, with a net profit of 123 million yuan, and a non-recurring net profit of 121 million yuan [5] - The second quarter of 2025 saw a revenue of 1.414 billion yuan, a year-on-year increase of 12.16%, and a net profit of 81 million yuan, up 23.76% year-on-year [5] - The company expects revenues of 4.69 billion yuan, 5.22 billion yuan, and 5.85 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 10.67%, 11.32%, and 12.06% [11] Brand and Product Development - The company’s self-owned brands generated 1.039 billion yuan in revenue, accounting for 41.55% of total revenue, with a gross margin of 76.83% [11] - The product categories of water emulsion cream and masks achieved revenues of 1.997 billion yuan and 423 million yuan, respectively, with year-on-year growth rates of 11.70% and 17.96% [11] - The company plans to open 50 SPA stores nationwide by 2027 to enhance its offline presence [11] Valuation and Investment Recommendations - The current market capitalization corresponds to a price-to-earnings ratio (P/E) of 31.3, 26.5, and 22.8 for the years 2025, 2026, and 2027 respectively [11] - The company is expected to see a significant increase in net profit, with projections of 275 million yuan, 325 million yuan, and 377 million yuan for 2025, 2026, and 2027, reflecting growth rates of 149.9%, 18.3%, and 16.0% [11]

金融工程定期报告 证券研究报告·金融工程报告 2025 年 9 月 11 日 江海证券研究发展部 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2025.09.11 ◆市场表现：2025 年 9 月 10 日, 各宽基指数（表 1）全部上涨，其中创业板指（1.27%） 投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 和上证 50（0.37%）涨幅最大。当年涨跌情况，创业板指（35.61%）涨幅最大，其 次是中证 2000（30.11%）和中证 1000（21.36%），中证 500（21.07%）和中证全指 （18.75%）涨幅扩大，而上证 50（9.49%）涨幅最小。 ◆均线比较：上证 50 和创业板指回升突破 5 日均线。创业板指站在 10 日均线之 上，其余跟踪指数仍在 10 日均线之下。各跟踪指数距离近 250 日高位已回调超过 相关研究报告 -1.7%。 ◆资金占比与换手：2025 年 9 月 10 日, 沪深 300（27.43%）交易金额占比最高， 态 2025.09.10 A 股市场快照：宽基指数每日投资动 态 2025.09 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 72.13 CNY [6] Core Views - The company reported a revenue of 0.99 billion CNY for the first half of 2025, representing a year-on-year growth of 21.90%. The net profit attributable to shareholders was 0.32 billion CNY, up 24.26% year-on-year [6][9] - The company is actively expanding its customer base in the civilian sector and enhancing its capabilities in artificial intelligence [7][10] - The company has shown a significant increase in the proportion of revenue from the civilian and commercial sectors, rising from 26.82% in 2024 to 31.41% in 2025 [8] Summary by Sections Revenue Performance - In the first half of 2025, the company's revenue from specialized fields was 0.68 billion CNY, accounting for 68.59% of total revenue, while revenue from civilian and commercial fields was 0.31 billion CNY, accounting for 31.41% [8] - The revenue from technology and development services was 0.77 billion CNY, with a year-on-year growth rate of 6.60%. Software business revenue surged by 397.58%, significantly exceeding expectations [8] Profitability - The company achieved a gross margin of 54.57% in the first half of 2025, an increase of 1.39 percentage points compared to the same period in 2024. The net margin was 32.52%, up 0.61 percentage points year-on-year [9] Business Development - The company is focusing on expanding its space management business, which includes deepening cooperation with specialized field clients, actively targeting civilian and commercial clients, and enhancing its AI capabilities [10] - Future business plans involve developing a full industry chain for space management and promoting international business development [10] Financial Forecast - The company’s projected revenues for 2025 and 2026 are 3.77 billion CNY and 4.76 billion CNY, respectively, with year-on-year growth rates of 30.63% and 26.31% [10] - The expected net profits for 2025 and 2026 are 1.10 billion CNY and 1.42 billion CNY, with growth rates of 28.95% and 29.57% [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The strategic entry of Shanghai state-owned capital into Kanghua Biotech is expected to enhance the company's research and development capabilities and market expansion, leveraging strong financial support and resource networks [6][7] - North Chip Life's successful IPO approval on the Sci-Tech Innovation Board signifies a positive trend for innovative medical device companies, although it faces challenges in market competition and product sales [6][7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 4.6% over one month, 7.08% over three months, and 7.18% over twelve months compared to the CSI 300 index [2] Key Events - Kanghua Biotech's major shareholder transfer to Shanghai Wankexin Biotech involves approximately 28.47 million shares, representing 21.91% of the total share capital, with a transaction value of 1.851 billion yuan [6] - North Chip Life's IPO has passed the review by the Shanghai Stock Exchange, moving closer to listing [6] Investment Highlights - The entry of Shanghai state-owned capital into Kanghua Biotech is expected to significantly increase R&D investment and enhance the company's competitive position in the biopharmaceutical sector [6][7] - North Chip Life operates in a rapidly growing market for cardiovascular disease diagnostic devices, with the IVUS market projected to grow from approximately 1.76 billion yuan in 2024 to about 5.11 billion yuan by 2030 [6][7] Market Potential and Challenges - Kanghua Biotech is positioned to leverage state resources for market expansion and product development, particularly in vaccine research [6][7] - North Chip Life must innovate and improve its product offerings to compete effectively against emerging technologies in the cardiovascular diagnostic market [7]

Debt Issuance - Heilongjiang Province plans to issue special bonds totaling 8.9 billion yuan, with a 10-year maturity, to fund government investment projects[3] - In the first half of 2025, Heilongjiang's total government bond issuance reached 104.1 billion yuan, ranking it at a medium level nationally[41] - In June 2025, the total bond issuance was 27.4 billion yuan, including 23.57 billion yuan in general bonds and 3.8 billion yuan in special bonds[41] Market Performance - Heilongjiang sector index increased by 2.59% from July 1 to July 11, 2025, reaching a new high for the year[21] - The top-performing stocks included Hatou Co. (+15.19%), Huadian Energy (+14.53%), and Xiangcai Co. (+13.96%) during the same period[25] - The worst-performing stock was Guangzhi Technology, which fell by 10.53%[26] Economic Indicators - The manufacturing PMI for June 2025 was reported at 49.7%, indicating a slight improvement from the previous month[27] - The consumer price index (CPI) rose by 0.1% year-on-year in June, ending a four-month decline, driven by a rebound in industrial consumer goods prices[31] - The producer price index (PPI) showed an expanded year-on-year decline of 0.3 percentage points in June, reflecting ongoing adjustments in supply and demand dynamics[32]

Investment Rating - Industry investment rating: "Overweight (Maintain)" [2] Core Viewpoints - The introduction of the "2025 Measures" marks a significant upgrade in China's support policies for innovative drugs, transitioning from "framework support" to "precise breakthroughs" [6][7] - The innovative drug market in China is expected to maintain a growth rate of 12%-15% in 2025, following a market size exceeding 1.3 trillion yuan in 2024, which represents a year-on-year growth of over 15% [6][7] - The report emphasizes the dual drivers of policy support and technological breakthroughs, indicating that the Chinese innovative drug industry is entering a golden development period [6][7] Summary by Sections Recent Industry Performance - Relative returns over the past month: -0.15%, over three months: 5.42%, and over twelve months: 4.76% [3] - Absolute returns over the past month: 2.52%, over three months: 6.85%, and over twelve months: 18.66% [3] Policy Developments - The "2025 Measures" aim to create a closed-loop policy from research and development to market access and payment, addressing pain points in the innovative drug sector [6] - The measures include the use of medical insurance data to guide R&D, the establishment of a commercial insurance directory for innovative drugs, and support for building a global trading platform for innovative drugs [6] Market Opportunities - The report suggests focusing on three types of companies: global players like BeiGene and Innovent Biologics, AI-driven platform companies like WuXi AppTec, and niche innovators like Menarini and Zai Lab [7] - The report highlights the significant increase in License-out transactions, reaching $51.9 billion in 2024, a 42% year-on-year growth, showcasing the international competitiveness of Chinese innovative drugs [6][7]

Investment Rating - The industry investment rating is "Overweight" (maintained) [6] Core Insights - The report highlights a significant milestone achieved by QuantumScape in integrating the Cobra separator manufacturing process into its benchmark battery product, which enhances production efficiency and reduces space requirements [6] - QuantumScape is deeply tied to the Volkswagen Group and focuses on the oxide solid-state electrolyte route, aiming for high energy density and scalable production [8] - The report emphasizes the importance of solid-state battery technology and suggests monitoring investment opportunities in the supply chain, particularly in oxide electrolyte materials [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 19.56% and an absolute return of 32.94% [4] Investment Highlights - QuantumScape's QSE-5 B solid-state cell has entered small-scale production, featuring a capacity of 5Ah and an energy density of 844 Wh/L or 301 Wh/kg, with rapid charging capabilities [8] - The report identifies several companies actively developing solid-state battery technologies, including Sanxiang New Materials, Xingyuan Materials, Enjie, and Changyang Technology, which are focusing on oxide electrolytes and solid-state electrolyte membranes [8] Related Research Reports - The report references multiple previous industry reports that discuss various investment opportunities within the battery sector, particularly in solid-state technologies and data center investments [5]