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光大证券晨会速递-20250813
EBSCN·2025-08-13 01:10

Group 1: Company Research - The core products of WanHua Chemical, including polyurethane, petrochemicals, and new materials, saw increased sales in Q2 2025, but product prices declined due to weak downstream demand. The projected net profit for 2025-2027 is 13.8 billion, 17.2 billion, and 19.4 billion yuan respectively, with a "buy" rating maintained [2] - Ampere Dragon's stock incentive plan is expected to drive significant revenue and net profit growth from 2025 to 2027, with projected net profits of 120 million, 140 million, and 170 million yuan. The current PE ratios for these years are 76, 62, and 51 times, maintaining a "buy" rating [3] - Kingdee International focuses on subscription and AI, with a slight downward revision of revenue forecasts for 2025-2027 to 6.9 billion, 7.7 billion, and 8.5 billion yuan. However, net profit forecasts were raised to 160 million, 480 million, and 880 million yuan, maintaining a "buy" rating [4] - Haitai New Light's net profit forecasts for 2025-2026 were lowered to 185 million and 222 million yuan due to inventory reduction impacts, while a new forecast for 2027 is set at 268 million yuan, maintaining a "buy" rating [5] - Action Education reported a revenue of 340 million yuan in H1 2025, down 11.7% year-on-year, with a net profit of 130 million yuan, down 3.5%. The net profit forecasts for 2025-2027 were adjusted to 294 million, 334 million, and 371 million yuan, maintaining an "increase" rating [7] - Huang Shang Huang's H1 2025 revenue was 984 million yuan, down 7.19% year-on-year, while net profit increased by 26.9%. The EPS forecasts for 2025-2027 are 0.16, 0.18, and 0.20 yuan, maintaining an "increase" rating [8] - Jinbo Biological's sales expenses increased significantly, leading to a downward revision of net profit forecasts for 2025-2027 to 1.01 billion, 1.31 billion, and 1.69 billion yuan, maintaining a "buy" rating [9] Group 2: Market Data - The A-share market showed a slight increase, with the Shanghai Composite Index closing at 3665.92, up 0.50% [6] - The bond market is expected to decouple from the stock market, indicating that bond pricing will return to fundamentals reflecting economic and monetary policy expectations [1]