行业日报 | 北交所 指数微跌显韧性，北交所迎来设立 4 周年 北交所市场点评——20250901 核心结论 行情回顾：1）指数层面：9 月 1 日北证 A 股成交金额达 280.4 亿元，较上一 交易日减少42.5亿元，北证50指数收盘价为1568.62，下跌0.36%，PE_TTM 为 76.59 倍。北证专精特新指数收盘价为 2730.23，下跌 0.33%。2）个股 层面：当日北交所 274 家公司中 149 家上涨，3 家平盘，122 家下跌。其中 涨幅前五的个股分别为：宏裕包材（30.0%）、荣亿精密（30.0%）、科创 新材（17.4%）、凯腾精工（17.1%）、海达尔（15.7%）；跌幅前五的个 股分别为：豪声电子（-5.6%）、创远信科（-4.3%）、路桥信息（-4.3%）、 国源科技（-4.3%）、七丰精工（-4.2%）。 新闻汇总：1）造车新势力 8 月交付量："零小蔚"均创历史新高 理想"掉 队"： 零跑汽车、小鹏汽车和蔚来汽车均创下单月交付量新高，均实现同 比增长。然而，理想汽车因产品转换和销服体系调整，交付量连续三个月环 比下降，8 月交付 28,529 辆，同比下降 40.72% ...

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company's revenue for H1 2025 was 404 million yuan, a decrease of 24.8% year-on-year, with a net profit attributable to shareholders of 35 million yuan, down 66.27% year-on-year, primarily due to increased investment in new AI business and adjustments in traditional business [1][5]. - The construction and operation business saw significant growth, with revenue of 98 million yuan, up 60.59% year-on-year, while the system integration business generated 293 million yuan, down 32.25% year-on-year [2]. - The company has made substantial progress in AI technology, with R&D investment of 29.62 million yuan in H1 2025, focusing on power AI and intelligent inspection systems [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 404 million yuan, a decline of 24.8% year-on-year, and a net profit of 35 million yuan, down 66.27% year-on-year [1][5]. - The construction and operation business contributed significantly with revenue of 98 million yuan, reflecting a growth of 60.59% year-on-year [2]. Business Segments - The system integration business generated 293 million yuan, down 32.25% year-on-year, while the power design business saw a significant contraction with revenue of 11 million yuan, down 74.59% year-on-year [2]. - Revenue from the Jiangsu market was 200 million yuan, up 27.61% year-on-year, while the Guangdong market achieved 70 million yuan, a remarkable increase of 446.77% year-on-year [2]. Technology and R&D - The company has enhanced its technical and financial reserves, with a total R&D investment of 29.62 million yuan in H1 2025, focusing on power AI and intelligent inspection systems [3]. - The successful acceptance of the intelligent inspection model algorithm project in March 2025 marks a significant breakthrough for the company [3]. Future Outlook - The company is expected to achieve net profits of 222 million yuan, 266 million yuan, and 322 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.66 yuan, and 0.80 yuan [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company experienced a loss in the first half of 2025 due to demand pressure, but achieved profitability in Q2 [1] - The company is accelerating its overseas expansion and has implemented stricter cost control measures [3] - The company’s revenue and net profit are projected to improve in the coming years, with expected net profits of 0.83 billion, 1.46 billion, and 2.09 billion for 2025, 2026, and 2027 respectively [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 2.755 billion, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -0.30 billion, a decline of 722.32% [1] - Q2 2025 saw revenue of 1.549 billion, down 16.02% year-on-year but up 28.42% quarter-on-quarter, with a net profit of 0.10 billion, down 79.94% year-on-year but up 125.07% quarter-on-quarter [1] Business Segments - Revenue from various product lines showed mixed results, with significant declines in door and window hardware systems and home products, while some segments like door control hardware systems saw growth [2] - Domestic revenue fell by 19.95% to 2.278 billion, while overseas revenue increased by 30.75% to 0.477 billion, with overseas revenue accounting for 17.32% of total revenue [2] Cost Management - The company's gross margin decreased by 0.90 percentage points to 30.27%, with increased asset impairment losses of 0.20 billion, up 65.78% year-on-year [3] - The net profit margin declined by 1.62 percentage points to -1.20% [3] Future Projections - The company is expected to see a gradual recovery in revenue and profitability, with projected earnings per share (EPS) of 0.24, 0.41, and 0.59 for 2025, 2026, and 2027 respectively [3]

Investment Rating - The report maintains a rating of "Accumulate" for SANY Renewable Energy (688349.SH) [3] Core Views - The company reported strong performance in H1 2025, achieving revenue of 8.594 billion yuan, a year-on-year increase of 62.75%, and a net profit attributable to shareholders of 210 million yuan, a decrease of 51.54% [1][3] - In Q2 2025, the company achieved revenue of 6.407 billion yuan, a year-on-year increase of 80.35%, and a net profit of 401 million yuan, a year-on-year increase of 139.20%, aligning with expectations [1][3] - The sales revenue from wind turbines in H1 2025 reached 6.407 billion yuan, a year-on-year increase of 30.32%, with a sales capacity of 4.72 GW, representing a growth of approximately 44% year-on-year [1][2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 85.94 billion yuan, with a net profit of 2.10 billion yuan, reflecting a significant increase in revenue but a decline in net profit [1][3] - The wind turbine sales gross margin for H1 2025 was 4.65%, down by 10.48 percentage points year-on-year, primarily due to the impact of declining order prices in 2024 [1][2] Order and Sales Insights - The company secured 1 GW of new overseas orders in H1 2025, with total overseas orders exceeding 2 GW by August 28, 2025, and the total value of overseas orders surpassing 10 billion yuan [2] - The company has a robust order backlog of over 28 GW, including significant offshore wind projects [2] Profitability Forecast - The report projects net profits for 2025-2027 to be 2.137 billion yuan, 2.700 billion yuan, and 3.186 billion yuan, representing year-on-year growth rates of 18.0%, 26.3%, and 18.0% respectively [2][8] - The expected earnings per share (EPS) for the same period are 1.74 yuan, 2.20 yuan, and 2.60 yuan, with corresponding price-to-earnings (P/E) ratios of 16.7, 13.3, and 11.2 [2][8]

Fixed Income - August PMI data shows manufacturing PMI contraction slowing down, while service sector sentiment significantly rebounds, with manufacturing PMI at 49.4%, up 0.1 percentage points month-on-month [6][7] - The service sector's business activity index is at 50.3%, up 0.2 percentage points month-on-month, indicating a recovery in service sector activities [6][9] - The report suggests controlling duration levels in the bond market and focusing on structural opportunities such as tax-inclusive bonds and new/old bonds, as the bond market is expected to remain in a volatile trend [6][9] Basic Chemicals - Yuntian Holdings - Yuntian Holdings reported a 2025 H1 revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, up 12.60% year-on-year [11][12] - The company’s gross margin and net profit margin improved to 11.99% and 4.48%, respectively, with significant growth in new compound fertilizer sales [12][13] - Future net profits are projected at 1.009 billion, 1.305 billion, and 1.614 billion yuan for 2025-2027, with corresponding PE ratios of 13.7, 10.6, and 8.5, maintaining a "buy" rating [12][13] Computer - Dingjie Intelligence - Dingjie Intelligence achieved a 2025 H1 revenue of 1.045 billion yuan, a 4.1% year-on-year increase, and a net profit of 45 million yuan, up 6.1% year-on-year [15][16] - The company’s AI business saw a significant revenue increase of 125.9%, becoming a key growth driver [17] - Future revenue projections are 2.568 billion, 2.816 billion, and 3.056 billion yuan for 2025-2027, with net profits of 202 million, 251 million, and 293 million yuan, maintaining a "buy" rating [17] Media - Xindong Company - Xindong Company reported a 2025 H1 revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year [19][20] - The company’s self-developed games and the TAPTAP platform significantly contributed to revenue growth, with game revenue reaching 2.071 billion yuan, a 39.4% increase year-on-year [19][20] - Future net profit projections are 1.727 billion, 2.137 billion, and 2.305 billion yuan for 2025-2027, with growth rates of 113%, 24%, and 8% respectively, maintaining a "buy" rating [20] Home Appliances - Midea Group - Midea Group achieved a 2025 H1 revenue of 251.124 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.014 billion yuan, up 25.04% year-on-year [25][26] - The company’s B-end solutions saw a revenue increase of 20.8%, with significant contributions from new energy and industrial technology sectors [26] - Future revenue projections are expected to grow at rates of 9.9%, 8.0%, and 7.2% for 2025-2027, with net profit growth of 15.2%, 10.4%, and 9.9%, maintaining a "buy" rating [27] Automotive - Changan Automobile - Changan Automobile reported a 2025 H1 revenue of 72.69 billion yuan, a year-on-year decrease of 5.3%, with a net profit of 2.29 billion yuan, down 19.1% [29][30] - The company’s new energy vehicle sales reached 452,000 units, a 49.1% increase year-on-year, outperforming the industry average [29][30] - Future revenue projections are 187 billion, 209.6 billion, and 229.7 billion yuan for 2025-2027, with corresponding EPS of 0.90, 1.09, and 1.24 yuan, maintaining a "buy" rating [30] Light Industry Manufacturing - Craft Home - Craft Home reported a 2025 H1 revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [35][36] - The company’s gross margin improved to 25.69%, driven by product structure upgrades and increased sales of high-value products [36][37] - Future net profit projections are 903 million, 1.124 billion, and 1.332 billion yuan for 2025-2027, maintaining a "buy" rating [37] Agriculture - Juxing Agriculture - Juxing Agriculture reported a 2025 H1 revenue of 371.7 million yuan, a year-on-year increase of 66.49%, and a net profit of 18.1 million yuan, up 504.12% [39][40] - The company’s pig sales volume increased significantly, with a total of 1.907 million pigs sold in H1, a 75.02% increase year-on-year [39][40] - Future net profit projections are 569 million, 867 million, and 1.116 billion yuan for 2025-2027, maintaining a "buy" rating [41]

核心结论 行情回顾：1）指数层面：8 月 29 日北证 A 股成交金额达 323.0 亿元，较上一 交易日增加 17.7 亿元，北证 50 指数收盘价为 1574.25，上涨 1.28%，PE_TTM 为 76.91 倍。北证专精特新指数收盘价为 2739.33，上涨 0.52%。2）个股层面： 当日北交所 274 家公司中 147 家上涨，4 家平盘，123 家下跌。其中涨幅前五 的个股分别为：荣亿精密（30.0%）、德瑞锂电（19.1%）、捷众科技（16.5%）、 科达自控（14.9%）、贝特瑞（13.6%）；跌幅前五的个股分别为：曙光数创（-8.9%）、 智新电子（-7.3%）、中航泰达（-7.3%）、方盛股份（-6.9%）、巴兰仕（-6.6%）。 新闻汇总：1）国家数据局局长刘烈宏：持续打造便捷高效、自主安全、世 界领先的国家级数据基础设施：刘烈宏指出，面向"十五五"，国家数据局 将进一步聚焦高质量的标准构建、大规模的设施部署、市场化的生态运营， 持续打造便捷高效、自主安全、世界领先的国家级数据基础设施，有效支撑 数字经济发展、科技创新和全国统一大市场建设。 重点公告：1）无锡晶海：公司本次以闲置自有 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 1.835 billion yuan in the first half of 2025, representing a year-on-year increase of 8.31%, with a net profit of 47 million yuan, up 10.17% year-on-year [1][6] - The growth is driven by effective offline expansion and operational upgrades, along with integrated online and offline channel collaboration [1] - The company opened 34 new stores in 22 cities nationwide and implemented a sixth-generation standardized store model, leading to a nearly 20% increase in store traffic and sales [1] - Online initiatives, particularly O2O instant retail, effectively attracted over 70,000 customers to offline stores [1] - The self-owned brand strategy has deepened, with sales proportion exceeding 30%, and the supply chain management business grew by 31% year-on-year, forming a second growth curve [1] - The company plans to open approximately 100 new stores throughout the year, focusing on core regional cities and key business districts [2] Summary by Sections Financial Performance - In H1 2025, the gross margin was 25.90%, a decrease of 0.55 percentage points year-on-year, primarily due to the expansion of low-margin businesses [2] - The net profit margin improved to 3.00%, an increase of 0.30 percentage points year-on-year, supported by an improved expense structure [2] - The company expects EPS to be 0.97, 1.13, and 1.29 yuan for 2025, 2026, and 2027 respectively [2] Strategic Initiatives - The company aims to enhance its product structure and self-owned brand development, continuously increasing the sales proportion of its own brands [2] - Plans to strengthen digitalization and AI empowerment to optimize O2O channel profitability [2] - The differentiated positioning and operational efficiency improvements are expected to sustain steady growth amid intensified competition in the maternal and infant industry [2]

公司点评 | 巨星农牧 商品猪出栏量同比大增，Q2 猪价低迷拖累业绩表现 证券研究报告 毛利率同比提升，期间费用率同比下降。25H1/25Q2 毛利率为 13.71%/ 10.69%，同比+2.44pct/-7.18pct，Q2 毛利率下降的原因是生猪价格低迷。 25H1 期间费用率为 7.61%，同比-4.70pct。其中销售/管理/研发/财务费用率 为 0.48%/3.83%/0.63%/2.67%，同比-0.31pct/-2.40pct/-0.26pct/-1.73pct。 25H1 各项费用支出同比增加，但被收入增长有效摊薄，导致费用率下降。 投资建议：根据 25H1 经营情况，我们下调盈利预测。预计 25~27 年归母净 利润为 5.69/8.67/11.16 亿元，同比+9.8%/+52.3%/+28.8%，对应 PE 为 18.9/12.4/9.7 倍。公司中长期成长性良好，出栏量稳健增长，成本控制能力 处于行业前列，维持"买入"评级。 风险提示：生猪出栏量不及预期，成本上涨超预期，消费不振，疫病风险等。 | | | | | 2023 | 2024 | 2025E | 2026E | 2027E ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth, with a 39.29% year-on-year increase in revenue for the first half of 2025, reaching 1.681 billion yuan, and a 51.38% increase in net profit, amounting to 432 million yuan [1][6] - The company is enhancing its core channel construction in North America, which is expected to drive high growth and lay a foundation for future expansion [2] - The gross profit margin has improved significantly due to ongoing R&D investments and product optimization, with gross margins of 38.40% and 39.42% for the first half and second quarter of 2025, respectively [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [1] - The net profit margin for the first half of 2025 was 25.69%, an increase of 2.05 percentage points year-on-year [1] - For the second quarter of 2025, revenue was 909 million yuan, reflecting a 40.26% year-on-year growth, with a net profit of 238 million yuan, up 44.73% [1] Customer and Market Development - The company has deepened cooperation with existing customers and gradually increased orders from new clients, with nine out of the top ten customers increasing their purchase amounts by 10% to 358% [2] - In the first half of 2025, the company added 48 new customers, including four from the top 100 furniture retailers in the U.S. [2] - The company has made breakthroughs in department store channels, complementing its existing independent furniture retail network [2] Cost Management - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios at 3.08%, 2.56%, 5.18%, and -2.55%, respectively [3] - The management expense ratio decreased due to revenue growth dilution and reduced share-based payment expenses [3] Future Outlook - The company is expected to achieve sustained high-quality growth through accelerated brand building, new customers, new products, and new business models [3] - The projected net profits for 2025, 2026, and 2027 are 903 million yuan, 1.124 billion yuan, and 1.332 billion yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company has demonstrated steady operations with significant progress in the commercialization of its AI business, achieving a revenue of 1.045 billion yuan in the first half of 2025, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 45 million yuan, up 6.1% year-on-year [1][3]. - The AI business has become a key growth driver, with revenue growth of 125.9% year-on-year, supported by the integration of various AI technologies and the launch of new products [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 1.045 billion yuan, with a net profit of 45 million yuan and a non-recurring net profit of 36 million yuan, which represents a decline of 9.9% year-on-year [1][5]. - Revenue from mainland China and non-mainland regions (including Taiwan and overseas markets) was 476 million yuan and 569 million yuan, respectively, with growth rates of 4.6% and 3.7% [1]. Business Segments - The company’s revenue from various business lines in H1 2025 included 57 million yuan from R&D design, 571 million yuan from digital management, 138 million yuan from production control, and 274 million yuan from AIoT, with growth rates of 11.1%, 4.3%, 7.4%, and 3.5% respectively [2]. - The R&D design segment saw rapid growth due to the integration of AI technology into PLM products, while the digital management sector benefited from the release of AI intelligent suites [2][3]. Market Expansion - The Southeast Asian market has shown robust growth, with local business expansion revenue increasing by 61% year-on-year, driven by opportunities from Chinese enterprises going global and local digital upgrades [1][2]. Future Projections - Revenue projections for the company are estimated at 2.568 billion yuan, 2.816 billion yuan, and 3.056 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 202 million yuan, 251 million yuan, and 293 million yuan in the same years [3][4].