丨证券研究报告丨 公司研究丨点评报告丨圣邦股份（300661.SZ） 报告要点 [Table_Summary] 2025H1，公司实现收入 18.19 亿元、同比+15.37%，归母净利润 2.01 亿元，同比+12.42%； 2025Q2，公司实现收入 10.29 亿元、同比+21.46%、环比+30.35%，归母净利润 1.41 亿元， 同比+13.52%、环比+136.04%；二季度业绩超预期。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 1 圣邦股份（300661.SZ） cjzqdt11111 [Table_Title2] 二季度业绩超预期 2025 年 8 月 28 日，圣邦股份公告《2025 年半年度报告》。2025H1，公司实现收入 18.19 亿 元、同比+15.37%，归母净利润 2.01 亿元，同比+12.42%；2025Q2，公司实现收入 10.29 亿 元、同比+21.46%、环比+30.35%，归母净利润 1.41 亿元，同比+13.52%、环比+136.04%。 请阅 ...

Investment Rating - The report maintains a "Buy" rating for the company Calet (301391) with a target price set at 55.18 [1][7]. Core Views - The company is positioned as a leading enterprise in the LED display control industry, focusing on video processing algorithms and hardware solutions for video image fields [4][14]. - The company is experiencing a recovery in performance growth while actively transforming towards AI technologies [1][9]. - The LED display industry is evolving towards precision and high-definition, with small-pitch LED and ultra-high-definition video driving long-term growth for the company [5][34]. Summary by Sections Company Overview - Calet was established in January 2012 and provides comprehensive solutions in video image fields, with products including LED display control systems, video processing equipment, and cloud-connected players [4][14]. - The company has a clear shareholding structure with a high concentration of ownership, and its management team possesses strong technical backgrounds [20][23]. Industry Trends - The LED display industry is witnessing a shift towards precision and high-definition, with the cost of small-pitch LED displays decreasing, thus expanding downstream application scenarios [34][38]. - The global LED display market is expected to grow, with a projected CAGR of 7% from 2023 to 2028 [34]. Competitive Positioning - The company's products are considered the "brain" of LED displays, directly influencing the stability and display quality of LED screens [56][58]. - The company has established deep partnerships with leading LED display manufacturers, creating high barriers to entry for competitors [5][6]. Financial Performance and Forecast - The company’s revenue is projected to recover, with expected revenues of 7.45 billion, 8.76 billion, and 10.59 billion yuan for 2025, 2026, and 2027 respectively [7][8]. - The gross profit margin has shown an upward trend, increasing from 40.25% in 2020 to 44.01% in 2024 [28][31]. Product Development - The company is expanding its product matrix to lead the AI + display control technology transformation, launching new AI-driven display solutions [6][31]. - The introduction of high-margin products such as video processing equipment and cloud-connected players is expected to enhance revenue growth [29][30].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.92 CNY [5][2] Core Views - The company achieved a revenue of 28.803 billion CNY in H1 2025, representing a 16.05% increase, and a net profit attributable to shareholders of 251 million CNY, up 48.83% [1] - For Q2 2025, the company reported a revenue of 15.658 billion CNY, an increase of 11.66%, and a net profit of 119 million CNY, which is an 80.49% increase [1] - The revenue and gross margin forecasts for 2025 and 2026 have been adjusted downwards, with net profit estimates for 2025 and 2026 revised to 671 million CNY and 863 million CNY respectively [2] Financial Information Summary - The company’s projected revenue for 2025 is 55.137 billion CNY, with a year-on-year growth of 2.6% [3] - The net profit attributable to shareholders is expected to reach 671 million CNY in 2025, reflecting a growth of 192.1% compared to the previous year [3] - The earnings per share (EPS) for 2025 is projected at 0.41 CNY, with a price-to-earnings (P/E) ratio of 23.7 [3] - The gross margin is expected to be 3.7% in 2025, with a net margin of 1.2% [3] Business Segment Insights - The company’s copper processing business saw a sales volume of 179,900 tons in H1 2025, an increase of 8.36%, while copper conductor products reached 229,400 tons, up 14.53% [9] - The composite materials segment is expected to see a rebound in revenue in the second half of 2025, driven by increased defense demand and a backlog of contracts [9] - The company is actively expanding into new markets, including aerospace and semiconductor sectors, leveraging its technological advantages in composite materials [9]

Investment Rating - The report assigns a "Strong Buy" rating to the company, with a target price of 65.13 CNY based on a projected 30x PE for 2026 [3][11]. Core Insights - The company is positioned to benefit from a new growth cycle driven by AI edge computing and AI PCB expansion, following a historical pattern of stock price and operational cycles [9][37]. - The company has established itself as a leading global provider of intelligent manufacturing equipment solutions, with a diversified product range across various sectors including consumer electronics, new energy, and semiconductors [15][18]. Summary by Sections Company Overview - The company has evolved over 30 years into a platform technology leader, with a comprehensive product portfolio that includes equipment for information technology, new energy, semiconductor, and general laser processing [15][18]. - The management team possesses extensive industry experience, contributing to stable operational performance [25][26]. Consumer Electronics - Major clients are initiating a new innovation cycle, with AI hardware upgrades driving increased equipment demand [40]. - The company is actively expanding its product offerings in 3D printing and other new technologies to meet evolving market needs [40][48]. AI PCB - The AI sector is expected to trigger the largest expansion wave in PCB manufacturing, with a surge in equipment demand driven by high-density and high-performance requirements [9][11]. - The company holds the leading market share in PCB equipment, particularly in drilling and imaging technologies, positioning it well to capitalize on industry growth [9][11]. Financial Projections - Revenue forecasts indicate a growth trajectory with total revenue expected to reach 29.9 billion CNY by 2027, reflecting a compound annual growth rate of 21.5% [3][11]. - Net profit is projected to rebound significantly, with estimates of 3.33 billion CNY by 2027, following a dip in 2025 [3][11]. Investment Thesis - The combination of AI edge computing and AI PCB advancements is anticipated to drive a new growth cycle for the company, supported by historical performance patterns [9][37]. - The company has successfully incubated numerous subsidiary companies, enhancing its competitive edge across various technology sectors [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Insights - The company has launched a new stock incentive plan aimed at binding the core team and focusing on revenue growth, with a target compound annual growth rate (CAGR) of approximately 40% for revenue from 2025 to 2027. The projected net profits for 2025, 2026, and 2027 are estimated at 384 million, 596 million, and 772 million yuan respectively, with corresponding earnings per share (EPS) of 2.20, 3.42, and 4.43 yuan [7][8] - The company is expected to benefit from an increase in market share due to a faster product launch cycle and the introduction of differentiated new products, particularly in the mobile home storage segment, which is anticipated to see significant volume growth in 2026 [9] Financial Summary - The company's total revenue is projected to grow from 2,314 million yuan in 2023 to 9,367 million yuan in 2027, reflecting a year-on-year growth rate of 25.1% in 2027 [11][14] - The gross profit margin is expected to stabilize around 42.3% by 2027, with net profit margins improving from -7.5% in 2023 to 8.2% in 2027 [11][14] - The price-to-earnings (P/E) ratio is projected to decrease from -65.7 in 2023 to 14.8 in 2027, indicating an improving valuation as profitability increases [11][14]

Investment Rating - The report gives an "Outperform the Market" rating for the company, with a reasonable valuation range of 19.10 - 20.11 CNY per share, indicating a potential upside of 30%-37% from the current price of 14.69 CNY [6][7]. Core Insights - The company is a leading manufacturer of waste heat boilers and is expanding into nuclear and clean energy equipment, having established a joint venture for nuclear power technology [1][2]. - The company holds a significant market share of over 40% in China's solar thermal power sector, with expectations for growth driven by solar thermal and molten salt energy storage [3][4]. - The market for solar thermal power is projected to reach approximately 420 billion CNY annually, with molten salt storage accounting for 84-126 billion CNY of that market [4][58]. Summary by Sections Company Overview - Established in 1955, the company has evolved from a waste heat boiler manufacturer to a comprehensive clean energy solutions provider, entering the nuclear power equipment sector in 1998 [1][9]. - The company has become a qualified supplier for major nuclear power groups and has obtained necessary manufacturing licenses for nuclear safety equipment [2][9]. Financial Performance - The company expects revenues of 71.6 billion CNY in 2025, with a growth rate of 11%, and net profits of 4.26 billion CNY, reflecting a slight decline of 3% [7]. - The company reported a significant increase in net profit in 2024, up 705.7% to 4.40 billion CNY, despite a revenue decline of 20.3% [14]. Market Potential - The report highlights the broad market potential for solar thermal power, with government policies supporting its development and a target of 3GW of new installations annually during the 14th Five-Year Plan [4][55]. - The molten salt energy storage technology is identified as a key component for enhancing the flexibility of thermal power plants and is expected to see increased adoption in various industrial applications [5][70]. Research and Development - The company maintains a strong focus on R&D, with a consistent investment rate of around 6%, aimed at advancing technologies in clean energy, including solar thermal, molten salt storage, and nuclear power [23][39]. - The company has developed significant expertise in molten salt storage systems, which are crucial for both solar thermal power generation and industrial energy efficiency improvements [59][70].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company reported a total revenue of 326 million yuan for H1 2025, a decrease of 1% year-on-year, with a net profit of 6 million yuan, down 55% year-on-year [1] - The company is facing intensified competition in the hotel industry, leading to operational pressure, and is focusing on brand differentiation strategies [3] - The company is accelerating its franchise business expansion and has seen significant growth in overseas operations [4] Revenue and Profitability - In Q2 2025, the company's gross margin decreased by 4 percentage points to 28.32%, primarily due to increased rental costs from new openings [2] - The net profit margin also decreased by 4 percentage points to 2.13% [2] - The company’s revenue from accommodation services, catering services, hotel management, and other services showed varied performance, with accommodation services declining by 1% [3] Business Strategy - The company is implementing a differentiated brand strategy with three main brands: Junlan, Junting, and Jinglan, focusing on enhancing customer experience and operational efficiency [3] - The company has signed 16 franchise agreements as of June 30, 2025, with 4 already operational, covering key cities such as Guangzhou and Beijing [4] Financial Forecast - The report adjusts the EPS forecasts for 2025-2027 to 0.19, 0.25, and 0.35 yuan respectively, with corresponding PE ratios of 138, 105, and 75 times [9] - Projected revenue growth rates for 2025-2027 are 4.5%, 9.8%, and 14.8% respectively, while net profit is expected to grow by 47.9%, 31.6%, and 39.8% in the same period [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company is actively enhancing its semiconductor layout by subscribing to an industrial fund, indicating a strategic move to integrate into the Shanghai integrated circuit industry [3] - The company has achieved breakthroughs with top-tier clients in the AIPCB sector, benefiting from the ongoing domestic substitution trend in the PCB industry [4][5] - The report projects a positive outlook for the company's semiconductor business and the electronic chemical products industry, with an upward revision of profit forecasts for 2025-2027 [6] Summary by Sections Investment Highlights - The company plans to invest 50 million yuan in the Shanghai Junhua Fuchuang Electronic Materials Industry Development Private Investment Fund, which targets high-end electronic chemicals and related materials, focusing on high-value segments in the semiconductor field [3] - The fund aims for a total scale of 669 million yuan, with significant participation from various partners, including the company itself, which holds a 7.47% stake [3] AIPCB Client Breakthroughs - The PCB industry is evolving rapidly, with advancements in technology leading to increased demand for high-frequency, high-precision products [4] - The company is capitalizing on opportunities in the AI server sector, increasing its production capacity to meet the growing demand from major PCB clients [5] Profit Forecasts - The company’s net profit is projected to reach 101 million yuan in 2025, 158 million yuan in 2026, and 212 million yuan in 2027, with corresponding EPS of 0.81, 1.27, and 1.70 yuan [6][8] - The report anticipates a revenue growth rate of 26.8% in 2025, 39.0% in 2026, and 30.6% in 2027, reflecting strong market potential [8]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 51.65 CNY, corresponding to a 22.05X valuation for 2025 [4][7]. Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 6.95 billion CNY, down 4.84% year-on-year, and net profit at 2.23 billion CNY, down 9.46% year-on-year [1][2]. - The second quarter of 2025 saw a significant drop in revenue and net profit, with revenue at 1.85 billion CNY, down 29.73% year-on-year, and net profit at 585 million CNY, down 37.03% year-on-year [1][2]. - The company is focusing on long-term quality growth by enhancing market penetration in domestic towns and expanding the production scale of premium liquor [2]. Financial Performance Summary - For the first half of 2025, the revenue breakdown by product category shows a decline in the Special A+ category by 7.37% to 4.31 billion CNY, while the Special A category saw a slight increase of 0.74% to 2.23 billion CNY [2]. - Revenue from domestic sales was 6.25 billion CNY, down 6.07% year-on-year, while revenue from outside the province increased by 4.78% to 628 million CNY [2]. - The gross margin for Q2 2025 was stable at 72.81%, with a slight decrease of 0.21 percentage points year-on-year, but the net profit margin fell to 31.58%, down 3.69 percentage points due to increased expense ratios [3]. Future Projections - The company is projected to experience revenue growth rates of -8.4%, 5.7%, and 8.3% for 2025, 2026, and 2027 respectively, with net profit growth rates of -13.9%, 7.3%, and 11.3% for the same years [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company reported a revenue of 2.07 billion yuan for H1 2025, representing a year-on-year increase of 16.2%, and a net profit of 171 million yuan, up 26.2% year-on-year [1]. - The growth is driven by strong performance in the cream segment, particularly UHT cream products, which saw nearly 40% growth in Q2 [2]. - The company is expected to maintain revenue growth in the second half of the year due to seasonal demand in baking, new product launches, and expansion in tea beverage channels [5]. Financial Performance - Revenue breakdown for H1 2025 shows: - Frozen baked goods: 1.125 billion yuan (yoy +6.1%) - Cream products: 558 million yuan (yoy +28.7%) - Sauces: 142 million yuan (yoy +36.5%) - Other baking ingredients: 151 million yuan (yoy +63.8%) - Fruit products: 83 million yuan (yoy +7.7%) [2]. - The company's gross margin for H1 2025 was 30.4%, with a net margin of 8.1% [4]. Channel Development - Revenue from distribution channels accounted for nearly 50% of total revenue, with a year-on-year growth of 8.8% [3]. - Supermarket channel revenue grew by approximately 30% due to successful new product launches [3]. - Innovative channels, including catering and new retail, saw a combined revenue growth of about 40% [3]. Profitability and Cost Control - The company has optimized its cost structure, with sales, management, and R&D expense ratios decreasing year-on-year [4]. - The net profit for 2025 is projected to be 320.81 million yuan, reflecting a growth rate of 19.72% [5]. Future Projections - The company expects to achieve net profits of 320.81 million yuan in 2025, 360.39 million yuan in 2026, and 396.07 million yuan in 2027, with growth rates of 19.72%, 12.34%, and 9.90% respectively [5][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 24.81x, 22.09x, and 20.10x respectively [5].