Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has signed a strategic cooperation agreement with Nantong Zhinkang to jointly expand into the field of high-precision actuators and intelligent modules for robots [1] - The company focuses on the research and production of intelligent measurement and control systems, continuously expanding its product line, which includes structural mechanics testing systems and online monitoring systems [2] - The company plans to raise up to 150 million yuan through a private placement to upgrade its intelligent measurement and control industry and supplement working capital [3] - The projected net profits for the company from 2025 to 2027 are expected to be 160 million, 210 million, and 270 million yuan, respectively, with corresponding PE ratios of 41, 32, and 25 times [4] Summary by Sections Strategic Cooperation - The company has established a strategic partnership with Nantong Zhinkang to enhance collaboration in the development and industrialization of robotic joint modules [1] Product Development - The company has a diverse product line including structural mechanics testing systems, online monitoring systems, and PHM systems, with a focus on expanding into humanoid robots [2] - The six-dimensional force sensor is in the small batch trial production stage, with applications in various industries including robotics and aerospace [2] Fundraising and Financial Outlook - The company aims to raise 150 million yuan, with 105 million yuan allocated for upgrading its production facilities and 45 million yuan for working capital [3] - Revenue projections indicate a growth rate of 32.79% in 2024, with steady increases in subsequent years [5] Profit Forecast - The expected net profit growth rates for 2025, 2026, and 2027 are 33.4%, 27.3%, and 28.4%, respectively, indicating strong profitability potential [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is a leading game developer specializing in SLG and classic IP, excelling in overseas game markets. Its two flagship games, "Whiteout Survival" and "Kingshot," are expected to continue exceeding expectations in terms of lifecycle and profitability, with significant revenue and profit growth anticipated [1][2] - The market perceives that the revenue from "Whiteout Survival" and "Kingshot" may peak and decline over time, but the report argues that the revenue for "Whiteout Survival" is likely to stabilize with low chances of decline, while "Kingshot" is still in its growth phase, especially with the potential from its domestic version [1][2] - The report highlights the replicability of the company's success in the "SLG+X" category, suggesting that the development and marketing experience from "Whiteout Survival" and "Kingshot" can be reused for future titles [2] Financial Performance - In the first half of 2025, the company achieved revenue of 172.07 billion yuan, a year-on-year increase of 85.5%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The revenue growth was primarily driven by the strong performance of "Whiteout Survival" and "Kingshot" [13] - The company expects to maintain high revenue and profit contributions from "Whiteout Survival" and "Kingshot," with projected revenues of 424 billion yuan, 531 billion yuan, and 592 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 61 billion yuan, 102 billion yuan, and 116 billion yuan for the same years [5][12] Market Potential - The global SLG game market is projected to exceed 20 billion USD by 2027, indicating a strong growth trajectory following a two-year adjustment period [15] - The "SLG+X" model, which integrates additional gameplay elements into SLG games, is expected to enhance user acquisition and retention, thereby increasing long-term monetization potential [19] Future Outlook - The company is set to submit a "de-listing" application after rectifying prior accounting errors, which is expected to enhance its market position [3] - The domestic version of "Kingshot" is showing promising growth, with its ranking in the app store improving significantly, indicating strong revenue potential [22][24]

2 证券研究报告|公司深度研究报告 楚江新材：特种碳纤维预制体核心企业， 半导体、机器人多点开花 华西军工团队 2025年10月9日 首席分析师：陆洲 SAC NO：S1120520110001 邮箱：luzhou@hx168.com.cn 请仔细阅读在本报告尾部的重要法律声明 核心逻辑: 国内铜基材料龙头，加速高端化转型 公司产品包括精密铜带、铜导体材料、铜合金线材、精密特钢、碳纤维复合材料和高端热工装备六大产业。其中：精密铜带年产能超30万吨， 位居国内第一，向全球第一迈进；碳纤维预制件位居国内龙头地位；高端导体、合金线材、高端热工装备均位于国内行业头部位置。近年来， 公司通过多轮并购及资本运作，实现：1）铜基材料高端化升级；2）进军军工新材料。25H1实现营收288.03亿元，同比+16.05%；归母净 利2.51亿元，同比+48.83%。随着公司产品升级及技术改造项目的陆续投产并达产，公司产销规模、营业收入继续保持稳定增长。 天鸟高新（控股90%）为国内航空航天碳纤维预制体核心供应商，下游订单爆发在即 天鸟高新是国内飞机碳刹车预制体、特种纤维立体仿形预制体及碳纤维热场预制体的原创企业，产品应用于航空航 ...

公司报告 | 半年报点评 五粮液（000858） 证券研究报告 Q2 收入端表现稳健，费投加大利润季度承压 事件：公司发布 2025 年半年度报告。 2025H1 公司营业收入/归母净利润分别为 527.71/194.92 亿元（同比 +4.19%/+2.28%）对应 2025Q2：2025Q2 公司营业收入/归母净利润分别为 158.31/46.32 亿元（同比+0.10%/-7.58%）。 渠道端：25H1 经销/直销 渠道收 入分别 279.25/211.95 亿元（同比 +1.20%/+8.60%），毛利率分别 78.70%/86.80%（同比-1.00/+0.13pct），其中 直销占比提升 1.72pct 至 43.15%。五粮液经销商数量 2510 家，同比减少 20 家，单商规模+5.41%；其他酒经销商数量 1077 家，同比增加 127 家， 单商规模-9.38%。25H1 公司前五大客户销售收入合计 300.61 亿元（同比 +180.58%），占销售收入总额的 56.96%（同比+35.84pcts）。 量增驱动酒类业务增长，吨价阶段承压。 费投加大利润短期承压，业绩蓄水池仍较充足。 ...

公司报告 | 半年报点评 泸州老窖（000568） 证券研究报告 25H1 业绩平稳，期待低度新品打造新增长极 事件：公司发布 2025 年半年度报告。 2025H1 营收 164.54 亿元，同比-2.67%；归母净利润 76.63 亿元，同比-4.54%； 2025Q2 营收 71.02 亿元，同比-7.97%；归母净利润 30.70 亿元，同比-11.10%； 营收+Δ合同负债 75.71 亿元，同比+0.63%。 25H1 特曲持续增长稳住营收基本盘，下半年 28°国窖或推出贡献增量。 25H1 酒类 收入 163.97 亿 元 （同 比-2.62%）， 销 量/ 吨 价 分别 同比 +2.09%/-4.62%，具体看： ① 产品端，中高档酒 / 其他酒收入 150.48/13.50 亿元（同比 -1.09%/-16.96% ）。 量 价 角 度 ， 中 高 档 酒 类 销 量 / 吨价分别同比 +13.33%/-12.72%，其他酒类销量/吨价分别-6.89%/-10.82%。25H2 公司或推 出 28°国窖新品，低度新品有望成为新增长极，此外，公司拟推出"二曲" 新品巩固大众价位布局。 ② 渠道 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company is entering the robotics field, focusing on both organic growth and external expansion [2] - The robotics business includes care service robots, logistics service robots, AI companion robots, and humanoid robots, aiming to create a product system with application value [2][3] - The company has made significant technological advancements in motion control, scene voice interaction, and emotional experience for its robots [3] Financial Performance - In Q2 2025, the company reported revenue of 600 million, a decrease of 25% year-on-year, and a net profit attributable to shareholders of 50 million, down 57% [1] - For the first half of 2025, the company achieved revenue of 1.1 billion, a decrease of 21%, and a net profit of 90 million, down 58% [1] - The overseas revenue for the first half of 2025 was 880 million, down 16.78%, while domestic revenue was 260 million, down 33.54% [1] Business Development - The company is leveraging its subsidiary, Songlin Robotics Technology Co., Ltd., to develop a comprehensive robotics product system [2] - The focus is on enhancing the R&D team and utilizing existing technology in AI smart hardware and software algorithms for product development [2] - The company is also exploring acquisition opportunities and collaborating with outstanding enterprises and professional teams in the industry [2] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 being 350 million, 410 million, and 470 million respectively, with corresponding P/E ratios of 39X, 32X, and 29X [4]

个股表现 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 皖新传媒 传媒 证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 资料来源：聚源，中邮证券研究所 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 皖新传媒(601801) 基本盘仍具长期韧性，看好新兴业务发力 ⚫ 事件回顾 公司基本情况 | 最新收盘价（元） | 6.51 | | --- | --- | | 总股本/流通股本（亿股）19.58 / 19.58 | | | 总市值/流通市值（亿元）127 / 127 | | | 52 周内最高/最低价 | 8.15 / 6.40 | | 资产负债率(%) | 39.7% | | 市盈率 | 18.08 | | 第一大股东 | 安徽新华发行(集团)控 | | 股有限公司 | | 新兴业务持续发力，数字化与多元化布局有望带来新业绩引擎。 公司在既有业务上，围绕场景创新、教育数字化 ...

医药 2025 年 10 月 09 日 三友医疗(688085.SH) 创新筑底，国际化不断打开成长空间 推荐（首次） 股价：19.72 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.sany oumed.com | | 大股东/持股 | QM5 LIMITED/12.74% | | 实际控制人 | 徐农,刘明岩,范湘龙 | | 总股本(百万股) | 333 | | 流通 A 股(百万股) | 314 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 66 | | 流通 A 股市值(亿元) | 62 | | 每股净资产(元) | 6.16 | | 资产负债率(%) | 10.2 | | 行情走势图 | | 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 BOT335 | | | YEYIN757@pingan.com.cn | | 倪亦道 | 投资咨询资格编号 | | | S1060518070001 | | | 021-38640502 | | | NIYIDAO242@ping ...

靶材基本盘稳健，半导体零部件加速放量 [Table_Summary] 事件：据交易所互动平台，公司的超高纯金属溅射靶材和半导体精密半 导体零部件产品已批量供货给拥有三维集成和键合技术的半导体设备制 造企业、芯片制造企业。 点评 净利率提升显著， 毛利率有望得到修复 2025H1，公司实现净利率 11.12%（同比+3.29pct），毛利率 29.72%（同 比-1.28pct）。净利率提升显著主要系公司原材料采购的国产化、产业链 的本土化实现降本增效叠加投资净收益增厚利润；毛利率短期承压主要 系公司多个半导体精密零部件生产基地陆续完成建设并投产，处在产能 爬坡阶段尚未实现规模效益。未来，随着半导体零部件产能利用率提升 ，巩固全球溅射靶材行业头部企业地位，毛利率有望得到修复。 超高纯靶材基本盘稳健，半导体零部件有望打造第二增长曲线 [Table_Info1] 江丰电子(300666) 电子 [Table_Title] 证券研究报告 / 公司点评报告 超高纯金属溅射靶材：2025H1 公司实现营收 13.25 亿元（同比+23.91%）， 毛利率 33.26%（同比+2.93%）。受益于下游需求的旺盛增长与持续的 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the copper processing industry, with a focus on high-end product development and international expansion, which is expected to drive profit margins higher [4][16]. - The company's single-ton gross profit for copper products is anticipated to continue its upward trend, benefiting from structural optimization and a shift towards high-margin products [1][3]. - The company is expected to see significant growth in gross profit from copper processing products, projected to increase from 2.5 billion yuan in 2024 to 5.3 billion yuan by 2030 [1]. Summary by Sections Company Overview - The company has been a leader in the copper processing industry for 39 years, providing essential materials to various sectors, including new energy vehicles and semiconductor industries [16][21]. - It has established a comprehensive product matrix, including copper and copper alloy materials, and has a strong international presence with subsidiaries in over 100 countries [16][24]. Traditional Business - The company has shown resilience in its copper processing business, with single-ton gross profit rebounding after hitting a low in 2022, indicating strong performance despite industry challenges [1][46]. - The company has successfully expanded its international operations, achieving a 21.86% year-on-year increase in overseas revenue in the first half of 2025 [2][46]. Emerging Business - The company is strategically investing in high-end sectors such as new energy vehicles, data centers, and robotics, which are expected to enhance its long-term growth potential [3][4]. - The demand for high-end copper materials is increasing due to the rising penetration of new energy vehicles and the shift towards high-voltage architectures [3][4]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 716 million yuan, 868 million yuan, and 968 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29.91X, 24.68X, and 22.12X [4][5]. - The report emphasizes the company's strong market position and growth prospects, reinforcing the "Buy" rating [4][6].