报告要点 [Table_Summary] 璞泰来发布 2025 年中报上半年实现收入 70.88 亿元，同比增长 11.95%，归母净利润 10.55 亿 元，同比增长 23.03%，扣非净利润 9.92 亿元，同比增长 29.17%。其中 2025Q2 来看，实现 收入 38.73 亿元，同比增长 17.46%，归母净利润 5.68 亿元，同比增长 37.44%，扣非净利润 5.18 亿元，同比增长 48.32%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨璞泰来（603659.SH） [Table_Title] 璞泰来 2025 年中报分析：经营改善兑现，期待 新业务布局 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价(元) 26.27 ...

报告要点 [Table_Summary] 公司发布 2025 年中报。上半年公司实现营业收入 35.2 亿元，同比-4.6%；归母净利润 2.7 亿 元，同比-11.0%；扣非净利润 2.1 亿元，同比-11.2%。单季度看，公司 2025Q2 营业收入 24.1 亿元，同比-9.8%；归母净利润 2.4 亿元，同比-16.4%；扣非净利润 1.8 亿元，同比-18.0%。 联合研究丨公司点评丨国网信通（600131.SH） [Table_Title] 数字化项目交付节奏仍存影响，前沿创新业务发 展明显提速 丨证券研究报告丨 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 邬博华 宗建树 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490520030004 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BUX668 SFC：BVD284 [Table_Summary2] 事件描述 公司发布 2 ...

拟建设 8.6 代印刷 OLED 项目，把握 OLED 中大尺寸应用机遇 核心观点 事件：TCL 科技公告，拟投资建设第 8.6 代印刷 OLED 生产线项目（t8 项目）。项 目预计总投资约 295 亿元，月产能为 2.25 万片 2290mm×2620mm 玻璃基板。项目 规划建设周期为 24 个月，预计 2025 年 11 月开工。 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股净资产分别为 2.95/3.20/3.77 元（原 25-27 年预测为 3.27/3.53/4.15 元，主要因增发调整了股本数，以及调整了部分损益项）。根据可比 公司 25 年平均 1.92 倍 PB 估值水平，对应目标价 5.66 元，维持买入评级。 风险提示 ⚫ 面板需求增长不及预期，公司产能爬坡不及预期，光伏行业需求不及预期。 | 韩潇锐 | 021-63326320 | | --- | --- | | | hanxiaorui@orientsec.com.cn 执业证书编号：S0860523080004 | | 蒯剑 | 021-63326320 | | | kuaijian@orientsec.c ...

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 | 收盘价(元) | 85.20 | | --- | --- | | 一年内最高/最低(元) | 105.20/28.62 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 10.37 | | 流通市值(亿元) | 437.11 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 8.21 | | 每股经营现金流(元) | 0.37 | | 每股经营现金流(元) | 0.37 | | --- | --- | | 毛利率(%) | 49.22 | | 净资产收益率_摊薄(%) | 5.17 | | 资产负债率(%) | 21.99 | | 总股本/流通股(万股) | 52,226.77/51,304.38 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 0% 38% 77% 115% 154% 192% 230% 269% 2024.09 2025.01 2025. ...

工程机械Ⅱ | 收盘价(元) | 51.20 | | --- | --- | | 一年内最高/最低(元) | 68.88/39.48 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 2.45 | | 流通市值(亿元) | 259.25 | | 基础数据(2025-06-30) | | 每股净资产(元) 20.89 每股经营现金流(元) -0.26 毛利率(%) 35.75 净资产收益率_摊薄(%) 9.95 资产负债率(%) 36.25 总股本/流通股(万股) 50,634.79/50,634.79 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -22% -13% -3% 6% 15% 25% 34% 43% 2024.09 2025.01 2025.05 2025.09 浙江鼎力 沪深300 相关报告 联系人：李智 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 业绩超出预期，海外收入高增长带动公司 逆势增长 ——浙江鼎力(603338)2025 年中报 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [28]. Core Views - The company achieved a total revenue of 2.573 billion yuan in the first half of 2025, representing a year-on-year growth of 50.25%, with a net profit attributable to shareholders of 216 million yuan, up 17.54% year-on-year [7][8]. - The rapid growth in revenue is driven by significant increases in the data center cooling and cabinet cooling segments, which grew by 58% and 32% respectively [8]. - The company is positioned to benefit from the increasing adoption of liquid cooling technology in high-density data centers, particularly in overseas markets [11][12]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, reflecting a 17.54% growth [7][8]. - The gross margin and net margin for H1 2025 were 26.15% and 8.78%, respectively, with slight declines of 2.33 percentage points and 1.92 percentage points year-on-year [9]. - The company's revenue from the data center cooling business was 1.351 billion yuan, a 57.91% increase, making it the largest segment [10]. Business Segments - The data center cooling segment accounted for 52.5% of total revenue, while the cabinet cooling segment contributed 36% [10]. - The company has seen a significant increase in revenue from energy storage applications, which reached approximately 800 million yuan, a growth of about 35% year-on-year [10]. - Other business segments, including customized cooling solutions for various electronic fields, generated 253 million yuan, marking a 216.04% increase [10]. Market Position and Outlook - The company is recognized as a leader in liquid cooling solutions, with a comprehensive product offering that includes components from cooling plates to delivery systems [11]. - The increasing power consumption of AI servers, such as NVIDIA's GB200, is driving demand for liquid cooling solutions, positioning the company to benefit from this trend [12]. - Revenue projections for the company are optimistic, with expected revenues of 6.621 billion yuan, 8.847 billion yuan, and 11.362 billion yuan for 2025, 2026, and 2027, respectively [13][14].

电气设备 tangjn@ccnew.com 021-50586738 中报业绩表现稳健，盈利能力提升 ——平高电气(600312)中报点评 证券研究报告-中报点评 买入(首次) 市场数据(2025-09-12) | 收盘价(元) | 15.51 | | --- | --- | | 一年内最高/最低(元) | 21.16/14.39 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 1.90 | | 流通市值(亿元) | 210.46 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 8.15 | | 每股经营现金流(元) | -0.32 | | 毛利率(%) | 24.72 | | 净资产收益率_摊薄(%) | 6.01 | | 资产负债率(%) | 49.02 | | 总股本/流通股(万股) | 135,692.13/135,692.13 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -24% -14% -4% 5% 15% 24% 34% 43% 2024.09 2025.01 2025.05 2025.09 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a turnaround in net profit, with a significant reduction in losses in the design EDA segment, indicating a strong growth trajectory [6][4] - The company is actively promoting the integration and collaboration of the EDA industry, aiming to establish a dual-engine model of "EDA + IP" to support the development of China's integrated circuit industry [6][4] Financial Summary - Total shares outstanding: 435.18 million [2] - Market price: 36.80 CNY [2] - Market capitalization: 16,014.54 million CNY [2] - Revenue for H1 2025 was 218 million CNY, a year-on-year increase of 11.43% [6] - Net profit for H1 2025 was 46 million CNY, marking a return to profitability [6] - The company forecasts revenues of 502 million CNY, 601 million CNY, and 706 million CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 3 million CNY, 25 million CNY, and 57 million CNY [4][6] - The company’s domestic market revenue reached 166 million CNY in H1 2025, growing 24.43% year-on-year, accounting for 75.93% of total revenue [6] Business Development - The company is pursuing strategic acquisitions to enhance its market position, including plans to acquire 100% of Rui Cheng Micro and 45.64% of Na Neng Micro [6] - A strategic cooperation framework agreement has been signed with Shanghai Guotou and Shanghai Xinhe Chuang to develop a comprehensive EDA platform [6]

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Viewpoints - The company is advancing its "Bio + AI" strategy to build a multi-dimensional product system, which includes amino acids, vitamins, and bio-based new material monomers. This diversification is expected to enhance profitability and growth potential as new products are gradually launched and technical upgrades are completed [9][10][11]. - The company reported a revenue of 1.489 billion yuan in the first half of 2025, a year-on-year increase of 46.54%, while the net profit attributable to the parent company was 115 million yuan, a decrease of 23.26% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: The projected revenue for 2025 is 2.617 billion yuan, with a year-on-year growth rate of 20.1%. The revenue is expected to continue growing to 3.098 billion yuan in 2026 and 3.591 billion yuan in 2027 [1][11]. - **Net Profit**: The net profit attributable to the parent company is projected to be 240 million yuan in 2025, recovering to 298 million yuan in 2026 and 381 million yuan in 2027, with corresponding growth rates of 26.6%, 24.3%, and 27.6% respectively [1][11]. - **Profitability Ratios**: The return on equity (ROE) is expected to improve from 7.2% in 2024 to 12.2% in 2027, indicating a recovery in profitability [1][11]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.96 yuan in 2025, increasing to 1.19 yuan in 2026 and 1.52 yuan in 2027 [1][11]. Cash Flow and Financial Health - The net cash flow from operating activities in the first half of 2025 was 75 million yuan, a decrease of 9.93% year-on-year. The net cash flow from investing activities was -261 million yuan, an increase of 40.91% year-on-year, primarily due to reduced cash payments for fixed assets and intangible assets [3]. - The company’s cash and cash equivalents at the end of the period were 379 million yuan, a decrease of 3.63% year-on-year [3]. Market Conditions and Product Pricing - The overall gross profit margin for the first half of 2025 was 24.11%, a decline of 7.49 percentage points compared to the same period in 2024. This decline is attributed to rising costs of amino acids and vitamins, as well as a decrease in the prices of certain products [2][4]. - The price of L-alanine dropped approximately 42.86% from early 2025 to the end of June 2025, which has exerted pressure on the company's performance [4]. Strategic Initiatives - The company is focusing on enhancing its research and development capabilities, particularly in the integration of AI technology within its operations. This initiative aims to improve production efficiency and product quality, thereby supporting sustainable growth [10].

派格宾临床认可度提升，益佩生即将贡献增量 特宝生物(688278) 特宝生物 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 廖博闻(研究助理) | 021-23187268 | liaobowen@gtht.com | S0880125042239 | 本报告导读： 核心产品派格宾持续放量，益佩生已经获批即将贡献增量，维持增持评级。 投资要点： 股票研究 /[Table_Date] 2025.09.15 [Table_Report] 相关报告 [Table_Industry] 医药/必需消费 | [Table_Invest ...