Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported strong performance in Q2 2025, with a revenue of 9.91 billion yuan for H1 2025, representing an 8.09% year-on-year increase, and a net profit of 1.17 billion yuan, up 14.18% year-on-year [1]. - The company is expected to benefit from improving orders in special industries and new growth driven by emerging industries in the second half of 2025 [3]. - The operating cash flow has shown continuous improvement, with a net inflow of 98.84 million yuan in H1 2025, a 29.32% increase year-on-year [4]. Revenue and Profitability - In H1 2025, revenue from the electronics and electrical sector, aerospace, and research and testing institutions was 3.85 billion, 1.47 billion, and 2.19 billion yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [2]. - The company achieved a gross margin of 41.88% and a net margin of 13.51% in H1 2025, despite a decline in gross margins due to reduced expense ratios and the reversal of credit impairment losses [2]. Business Segments - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services in H1 2025 was 3.10 billion, 4.87 billion, and 1.55 billion yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% respectively [2]. - The company is focusing on R&D for new products and technologies in sectors such as new energy, commercial aerospace, and integrated circuits, which is expected to drive further growth [3]. Financial Projections - The company forecasts net profits of 3.04 billion, 3.81 billion, and 4.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.60, 0.75, and 0.91 yuan [4][5]. - The current stock price corresponds to a P/E ratio of 28x for 2025, 22x for 2026, and 18x for 2027, indicating potential for future growth [4].

资料来源：公司公告,中国银河证券研究院 www.chinastock.com.cn 公司点评报告 · 医药行业 TIDES 业务持续高增、上调全年业绩指引 药明康德 2025 年中报业绩点评 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39241.43 | 44117.35 | 50436.29 | 57615.13 | | 收入增长率% | -2.73 | 12.43 | 14.32 | 14.23 | | 归母净利润(百万元) | 9450.31 | 14201.96 | 14954.50 | 18240.90 | | 利润增速% | -1.63 | 50.28 | 5.30 | 21.98 | | 毛利率% | 41.48 | 44.19 | 45.20 | 46.09 | | 摊薄 EPS(元) | 3.29 | 4.94 | 5.21 | 6.35 | | PE | 30.04 | 19.99 | 18.99 | 15.56 | | PB | 4.84 ...

证券研究报告·公司点评报告·电池 宁德时代（300750） 2025 年中报点评：业绩略超预期，净利率再 提升，龙头恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 436,528 | 515,171 | 607,754 | | 同比（%） | 22.01 | (9.70) | 20.58 | 18.02 | 17.97 | | 归母净利润（百万元） | 44,121 | 50,745 | 66,140 | 80,198 | 96,563 | | 同比（%） | 43.58 | 15.01 | 30.34 | 21.25 | 20.41 | | EPS-最新摊薄（元/股） | 9.68 | 11.13 | 14.51 | 17.59 | 21.18 | | P/E（现价&最新摊薄） | 28.63 | 24.90 | 19.10 | 15.75 | 13.08 | [T ...

医药生物/化学制药 恩华药业（002262.SZ） 神经类业务快速增长，创新管线逐步兑现 2025 年 07 月 31 日 投资评级：买入（维持） | 日期 | 2025/7/30 | | --- | --- | | 当前股价(元) | 22.33 | | 一年最高最低(元) | 29.98/20.36 | | 总市值(亿元) | 226.91 | | 流通市值(亿元) | 196.87 | | 总股本(亿股) | 10.16 | | 流通股本(亿股) | 8.82 | | 近 3 个月换手率(%) | 86.87 | 股价走势图 公司 2025H1 公司实现收入 30.1 亿元（+8.93%，以下均为同比口径，环比+2.59%）； 归母净利润 7 亿元（+11.38%，环比+36.11%）；扣非归母净利润 6.99 亿元 （+10.33%，环比+37.27%）。2025H1公司毛利率75.24%（+2.74pct）；净利率23.26% （+0.59pct）。2025H1 公司销售费用率 32.25%（+2.22pct）；管理费用率 4.97% （+0.81pct）；研发费用率 11.15%（+0.24pct ...

证券研究报告 极米科技 (688696 CH) 盈利改善兑现，车载贡献增量 2025 年 7 月 31 日│中国内地 小家电 极米科技发布 2025H1 业绩预告，预计实现营收 16.26 亿元，同比+1.63%， 归母净利 8866 万元，同比大幅增长 8456 万元。公司依托"整机+算法+光 机"垂直整合，不断优化成本控制，提升关键零部件通用性，实现了盈利能 力的修复。同时，公司依托智能化与本土化战略，海外市场渗透加速，有望 进一步抢占全球中高端市场份额。车载光学产品在 25H1 应用落地，赛力斯、 江淮、北汽等客户的多款车型已搭载公司车内后排投影产品，且技术外溢或 在更多场景落地（商用等），未来成长将不仅仅依赖零售市场。我们认为， 从短期看，公司盈利能力恢复趋势积极，从中长期看，公司通过硬件创新与 产业链自主可控，持续强化护城河，并实现技术外溢，具备长期竞争力。 智能投影行业依然承压，公司均价有积极恢复 投影产品国内市场仍面临压力，且未被纳入 12 类家电核心补贴品类，需求 拉动力有所不足。洛图科技数据显示，2025H1 中国智能投影（不含激光电 视）市场销量为 277.8 万台，同比-3.9%；销额为 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company reported a total operating revenue of 31.619 billion yuan, a year-on-year increase of 26.59%, and a net profit attributable to shareholders of 1.869 billion yuan, up 15.35% year-on-year [5] - The main mining operations showed strong performance, with copper production reaching 91,800 tons, a 7.65% increase year-on-year, and completion rates exceeding 100% for various minerals [5] - The profitability of the core subsidiary, Yulong Copper, significantly contributed to the overall profit growth, achieving a net profit of 3.491 billion yuan, with the company's share contributing 2.025 billion yuan, a 21.5% increase year-on-year [7] Summary by Sections Financial Performance - The company achieved a total operating revenue of 31.619 billion yuan, a 26.59% increase year-on-year, and a net profit of 1.869 billion yuan, reflecting a 15.35% growth [5] - The forecast for operating revenue from 2025 to 2027 is 58.085 billion, 60.872 billion, and 63.718 billion yuan respectively, with net profits projected at 3.826 billion, 4.125 billion, and 4.443 billion yuan [8][12] Production and Mining Operations - In the first half of 2025, the company produced 91,800 tons of copper, with a completion rate of 114%, and significant increases in zinc, lead, and molybdenum production [5] - The recovery rates for copper and molybdenum at Yulong Copper Mine improved significantly, contributing to enhanced production efficiency [5] Profitability and Forecast - The report indicates that the growth in copper production and prices (up 11%) has driven profitability, with Yulong Copper being a key profit contributor [7] - The current price-to-earnings ratio (PE) for the company is projected to be 10.8, 10.0, and 9.3 for the years 2025 to 2027 [8]

证券研究报告·公司点评报告·消费电子 安克创新（300866） 拟发布限制性股票激励计划，授予价格无折 让彰显公司信心 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,507 | 24,710 | 33,013 | 41,996 | 52,128 | | 同比（%） | 22.85 | 41.14 | 33.60 | 27.21 | 24.13 | | 归母净利润（百万元） | 1,615 | 2,114 | 2,458 | 3,351 | 4,217 | | 同比（%） | 41.22 | 30.93 | 16.25 | 36.34 | 25.85 | | EPS-最新摊薄（元/股） | 3.04 | 3.98 | 4.62 | 6.30 | 7.93 | | P/E（现价&最新摊薄） | 41.77 | 31.90 | 27.44 | 20.13 | 15.99 | [Table_Tag] [Table ...

证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 阳靖 证券研究报告·公司点评报告·一般零售 永辉超市（601933） 拟定增融资 40 亿元，主要用于支持门店调改 2025 年 07 月 31 日 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 78,642 | 67,574 | 53,514 | 64,996 | 71,765 | | 同比（%） | (12.71) | (14.07) | (20.81) | 21.46 | 10.41 | | 归母净利润（百万元） | (1,329.05) | (1,465.46) | (865.58) | 440.65 | 1,094.02 | | 同比（%） | 51.90 | (10.26) | 40.93 | 150.91 | 148.28 | | EPS-最新摊薄（元/股） | (0.15) | (0.16) ...

看好紫金价值提升,维持"买入" | 华泰研究 更新报告 | | 2899 HK 601899 CH | | | --- | --- | --- | --- | | 2025年7月30日 中国内地/中国香港 有色金属 | 买入(维持) 投资评级: | | 头入(维持) | | | 目标价: 港币:27.91 | 人民币:25.92 | | | | 李斌 | | 研究员 | | 释放,铜价强于我们先前的预期,我们上调 25-27年铜均价假设及业绩预期。 | | | | | 我们看好紫金矿业的价值提升,三个逻辑:1)公司成长性较强:2)看好铜、 | SFC No. BPN269 | +(86) 10 6321 1166 | | | 金价格;3)黄金价值有望重估。我们维持"买入"评级。 | | | | | | 黄自迪 | | 研究员 | | | SAC No. S0570525070001 | huangzidi@htsc.com | | | 公司是成长性较强的铜矿公司 | | +(86) 10 6321 1166 | | | 公司清晰规划 2024-2028年矿产铜、矿产金产量 CAGR 8-10%。公司稳步 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][10] Core Viewpoints - The company has launched its self-developed "Langxin Jiugong AI Energy Model," which has achieved dual championships in the BIRD-Bench international evaluation benchmark, showcasing its strong AI technology capabilities [1][2] - The Jiugong model is designed for the energy sector and integrates "time series forecasting" and "AI agents," addressing complex core issues in the industry [1] - The model has been applied in key electricity spot market areas such as Guangdong, Shandong, and Zhejiang, achieving over 97% accuracy in load forecasting and over 70% in price difference forecasting [2] - The company is actively embracing blockchain technology, having completed the first domestic RWA issuance verification in collaboration with Ant Group, with a financing amount of 100 million yuan [2] - The company expects to leverage its strong business scenarios and first-mover advantage in the green energy and blockchain sectors [2] Financial Forecast and Investment Suggestions - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.56, 0.78, and 0.93 yuan respectively, with a target price of 22.96 yuan based on a reasonable valuation level of 41 times the price-to-earnings ratio for 2025 [3][10] - The company's revenue is projected to grow from 4,727 million yuan in 2023 to 6,477 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.3% [5][14] - The gross profit margin is expected to improve from 40.7% in 2023 to 46.7% in 2027, indicating a positive trend in profitability [5][14]