Group 1 - The company is planning to list H-shares to open up overseas financing channels and promote the development of its future overseas business [1] - The company intends to establish overseas marketing centers and innovation platforms, and may also focus on the construction of key component industries in the future [1]

投资建议与盈利预测：公司坚定长期发展战略，主动实施控量挺价策略，积极协助经销商提升动销，消 化渠道库存。8 月30 日将上市首款低酒度畅饮型老酒"舍得自在"，顺应白酒年轻化及低度化趋势。公司 将坚持以老酒战略为基石，推动多品牌矩阵、年轻化和国际化战略，业绩有望企稳回升。预计公司25- 27 年实现营业收入56.31/60.65/66.44 亿元；实现归母净利润9.08/10.28/11.09 亿元；PE 分别为 22.34/19.74/18.29x，维持"推荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期；行业竞争加剧等 电商销售稳步增长，全渠道布局持续深化。25H1 省内/省外分别实现营收7.83/16.35 亿元，同 比-13.91%/-21.24%。从渠道端来看，批发代理/电商分别实现收入20.82/3.36 亿元，同 比-23.72%/+31.38%。近年来，公司不断加强对市场、渠道及消费者的研究与运营，在服务上千家一级 经销商及数万家烟酒店渠道为核心终端的基础上，不断拓展电商、C2M、企业团购、现代商超、餐饮 等新渠道，全渠道销售能力不断提升。通过生态融通、数字化会 ...

8月25日，对于筹划H股上市事项，格林美证券部工作人员回应记者表示，公司筹划H股上市，是为了打 开境外融资渠道，促进公司后续海外业务的发展。"公司计划布局海外营销中心、创新平台，后续也可 能布局一些关键零件的产业建设，具体情况以公告为准。"（中证金牛座） ...

盈利预测、估值与评级 具体来看：1）公司化学品运输营业收入同比下滑20.5%，营收占比下降19.7pct 至74.2%，由于宏观经济 环境和产能结构调整，主要航线运价同比下滑。运量来看，由于公司内贸COA 合同履约占比为 70%-80%，故1H2025 公司内贸化学品运量同比增长4.32%，但外贸化学品运量下降13.98%。2）H1 公 司成品油业务收入同比增长353.4%，占比提升19.6pct 至25.13%，主要由于完成盛航浩源收购后，公司 运力及客户资源提升。1H2025 公司内贸油品水运量同比增长486.2%，同时由于油轮运力的大幅增加以 及全球化学品贸易需求增长缓慢，运费出现了下调。 毛利率同比下降，费用率同比上升。1H2025 公司实现毛利率23.5%，同比下降7.3pct，主要由于行业运 价下降营收承压，同时公司运营船舶增加导致成本增加。费用率方面，1H2025 公司期间费用率为 14.3%，同比下降0.44pct，其中管理费用率为5.13%，同比下降0.59pct，主要系系本期停工损失减少所 致。1H2025 公司归母净利率为7.6%，同比下降6.1pct。 购置船舶及收购企业并举，公司运力 ...

盈利预测与投资建议。预计2025-2027 年EPS 分别为0.23元、0.26 元、0.31元，当前市值对应PE 分别为 41 倍、35 倍、30 倍。考虑到公司品牌壁垒较高，自产化率逐年提升，看好公司业绩边际修复，维 持"持有"评级。 风险提示：行业竞争加剧的风险；原材料成本大幅波动的风险；渠道扩张进展不及预期的风险；产能释 放不及预期的风险。 国内零售业务表现较好，境外受国际经贸环境变化影响。2025年上半年公司零售/电商/家装/工程渠道分 别实现营收11.3/5.8/4.6/5.5 亿元， 分别同比+4.0%/-7.9%/-3.5%/-21.4%。零售业务同比增长主要是公司 在经销零售门店开展的店效倍增项目带动。国内/境外分别实现营收27.6 亿元/7358.3 万元，分别同 比-5.5%/-54.7%。公司在北美以外市场的收入增长显著，但受国际经贸环境变化影响，公司出口北美市 场业务收入下降，导致总体境外收入同比下降。 传统品类承压，智能座便器产品驱动增长。2025 年上半年，卫生陶瓷/龙头五金/浴室家具/浴缸浴房/瓷 砖品类分别实现营收13.6/8.4/3.4/1.2/1.2 亿元，分别同比-13 ...

人民财讯8月25日电，企查查APP显示，近日，深圳市高新投高端装备产业私募股权投资基金合伙企业 (有限合伙)发生工商变更，注册资本增加至15.4亿元，新增股东梦网科技（002123）、鸿富瀚 （301086）、天津卓毅企业管理有限公司。企查查显示，深圳市高新投高端装备产业私募股权投资基金 合伙企业(有限合伙)成立于2024年12月，经营范围包括：以私募基金从事股权投资、投资管理、资产管 持股。 理等活动，现由深圳市引导基金投资有限公司、深圳市高新投创业投资有限公司等及上述新增股东共同 ...

Core Viewpoint - The release of DeepSeek-V3.1, which employs a hybrid reasoning architecture supporting both "thinking" and "non-thinking," is expected to enhance performance in programming and search applications, indicating strong competitiveness of domestic large models in the market [1] Group 1: Product Development - DeepSeek-V3.1 utilizes UE8M0FP8Scale parameter precision, specifically designed for the upcoming generation of domestic chips [1] - The new large model has shown significant improvements in performance after training, particularly in agent applications [1] Group 2: Market Outlook - According to CITIC Securities, the competitive strength of domestic large models like DeepSeek is likely to drive growth in computing power demand [1] - The firm maintains a positive outlook on the domestic computing power industry chain [1]

远航精密(833914) 2025H1中国锂电池出货量同比增长68%持续释放上游需求，黑悟空FPCA领域布局有望制造有机增长。 行业需求来看，2025年上半年伴随着以旧换新政策延续以及美国关税政策的波动刺激下的备货需求，锂 电池市场规模在国内企业的产销增长带动下，同比增长明显，根据ICC、GGII等机构数据，上半年全球 锂电池产量为986.5Gwh，同比增长48.3%；中国锂电池出货量776GWh，同比增长68%，预计全年出货 量将超1,400GWh。看点方面，2024年公司通过控股孙公司黑悟空能源将产业链进一步延伸至FPCA领 域。区别于传统厂商来料加工模式，公司在材料、结构、布线方面具备自主开发设计能力，并基于一体 化优势，在产品质量、快速响应等方面具备行业竞争力，已与下游企业开展业务合作。公司相关产品的 目标客户主要聚焦于金泰科现有精密结构件客户群中具备相关需求的动力电池和储能电池厂商。 盈利预测与评级：我们预计公司2025-2027年归母净利润为0.82、1.00和1.25亿元，对应PE为44.9、 36.7、29.3倍。行业端逻辑聚焦需求增长(新能源汽车、储能)和技术升级(固态电池)，公司端逻辑强调 ...

Core Viewpoint - The report highlights that Jinli Permanent Magnet (300748) is expected to benefit from rising light rare earth prices, which will enhance profitability, while the robotics components sector presents significant growth opportunities [1] Financial Performance - In H1 2025, the company achieved revenue of 3.507 billion yuan (+4.33%) and a net profit attributable to shareholders of 305 million yuan (+154.81%), with a basic EPS of 0.22 yuan [2] - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares, totaling 247 million yuan, which represents 81% of the net profit for the period [2] - In Q2 2025, revenue was 1.753 billion yuan (YoY -3.97%, QoQ -0.08%), with a net profit of 144 million yuan (YoY +703.06%, QoQ -10.03%) [2] Market Growth and Challenges - Despite trade restrictions on rare earths, the company managed steady growth by expanding its market presence and implementing technical innovations and lean management [3] - Domestic revenue reached 2.994 billion yuan (+8.17%), while overseas revenue was 513 million yuan (-13.58%), primarily affected by export control policies [3] - Key revenue segments included: - New energy vehicles and auto parts: 1.675 billion yuan (+5.15%) - Variable frequency air conditioning: 1.050 billion yuan (+22.66%) - Wind power: 214 million yuan (+2.39%) - Robotics and industrial servo motors: 133 million yuan, with potential for future growth [3] Profitability and Cost Management - The company's gross margin and net margin for H1 2025 were 16.39% and 8.82%, respectively, reflecting significant year-on-year improvements due to rising light rare earth prices and internal cost management [4] - In Q2 2025, gross margin was 17.08% and net margin was 8.38%, with the gross margin improving due to rising average prices of light rare earths [4] Rare Earth Price Trends - Light rare earth prices have surged since August 15, with praseodymium-neodymium metal and oxide prices increasing by 13.8% and 13.4%, respectively, driven by strong demand from major manufacturers [5] - A contract between the U.S. Department of Defense and MP Materials is expected to support rare earth prices, with a guaranteed purchase price of no less than 110 USD per kilogram over the next decade [5] Strategic Developments - The company is enhancing its rare earth recycling system through its subsidiary, Yinhai New Materials, which reported revenue of 78.89 million yuan and net profit of 13.59 million yuan in H1 2025 [6] - The company aims to achieve an annual production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025 and is investing in advanced robotics motor production lines [6] Investment Outlook - The demand in the downstream new energy sector is expected to provide a continuous growth foundation for the rare earth permanent magnet industry [7] - The company is projected to achieve revenues of 9.37 billion yuan, 11.46 billion yuan, and 14.56 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 787 million yuan, 1.06 billion yuan, and 1.44 billion yuan [7]

Core Viewpoint - The report by Liu Muye from Zhonghang Securities highlights the rapid growth of Guangku Technology and its promising lithium niobate business, initiating coverage with a "buy" rating [1]. Company Overview - Guangku Technology is a national high-tech enterprise specializing in fiber optic devices and chip integration, covering the entire chain from basic components to high-end chips [2]. - The company's products are widely used in key areas of the fiber laser, fiber communication, and data center industries, successfully penetrating global markets and exporting to over 40 countries [2]. Financial Performance - In the first half of 2025, the company achieved revenue of 597 million yuan, a year-on-year growth of 41.58%, and a net profit attributable to shareholders of 52 million yuan, up 70.96% year-on-year [3]. - For Q2 2025, the company reported revenue of 331 million yuan, reflecting a year-on-year growth of 26.89% and a quarter-on-quarter growth of 24.96%, with a net profit of 41 million yuan, marking a year-on-year increase of 72.04% and a quarter-on-quarter increase of 278.29% [3]. Growth Drivers - The company's optical communication segment is a key growth driver, with revenue from optical communication devices reaching 280 million yuan in the first half of 2025, a year-on-year increase of 73.89% [4]. - The lithium niobate technology is positioned as a critical material for breaking through optical communication speed bottlenecks, with various high-speed modulators and chips being developed for applications in advanced communication networks [5]. Market Position and Strategy - Guangku Technology holds a leading position in the optical communication device sector, leveraging its technology in polarization-maintaining fiber devices and high-reliability components [4]. - The company is expected to benefit from the AI computing infrastructure and upgrades in optical modules, with projections for revenue growth to 1.432 billion yuan, 1.864 billion yuan, and 2.319 billion yuan from 2025 to 2027 [7]. Investment Outlook - The company is anticipated to gain from the commercialization of 1.6T optical modules and potential synergies from industry chain acquisitions [7].