Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to show potential elasticity in performance in H2 2025, despite a decline in revenue and net profit in Q2 2025 [1][4] - The company is continuously improving its product matrix, launching new products such as jelly wine and a light cocktail series, which are expected to contribute positively to sales [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 752 million yuan, a year-on-year decrease of 8.98%, and a net profit of 208 million yuan, down 10.85% [1] - The company's liquor products, edible flavors, and other businesses generated revenues of 1.297 billion yuan, 169 million yuan, and 23 million yuan respectively in H1 2025, with liquor accounting for 87.14% of total revenue [2] - The offline and digital retail channels achieved revenues of 1.311 billion yuan and 155 million yuan respectively in H1 2025, with a year-on-year decline of 9.63% and 0.57% [3] - The gross margin and net margin for Q2 2025 were 71.00% and 27.63%, showing slight year-on-year declines [4] - Operating cash flow for Q2 2025 was 155 million yuan, reflecting a significant year-on-year increase of 592.30% [4] Financial Forecast Summary - The company is projected to achieve revenues of 3.263 billion yuan in 2023, decreasing to 3.048 billion yuan in 2024, and then gradually increasing to 3.897 billion yuan by 2027 [5][11] - The net profit attributable to the parent company is expected to decline from 809 million yuan in 2023 to 719 million yuan in 2024, before recovering to 990 million yuan by 2027 [5][11] - The earnings per share (EPS) is forecasted to be 0.77 yuan in 2023, decreasing to 0.69 yuan in 2024, and then increasing to 0.95 yuan by 2027 [5][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.613 billion yuan for the first half of 2025, representing a year-on-year increase of 59.60%. The net profit attributable to the parent company was 272 million yuan, up 293.13% year-on-year, and the net profit after deducting non-recurring gains and losses was 282 million yuan, an increase of 219.04% year-on-year. In Q2 2025, the revenue reached 2.015 billion yuan, with a year-on-year growth of 68.21%, and the net profit attributable to the parent company was 138 million yuan, up 202.93% year-on-year [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a shipment of 157,000 tons of anode materials, a year-on-year increase of 70.47%, generating revenue of 3.45 billion yuan, which is a 65.79% increase year-on-year. The significant growth in sales was attributed to the continuous innovation in fast-charging anodes, low-cost energy storage anodes, and new anode materials, enhancing product value [10]. - For Q2 2025, the company expects a continued increase in anode shipments, although the estimated gross profit per ton may decline due to rising raw material costs, particularly petroleum coke. However, the overall profitability remains better than the industry average, supported by improved product structure and cost reductions [10]. Future Outlook - The company’s performance in Q2 2025 exceeded expectations in both volume and profit. The substantial growth in anode material revenue and stable cost control are expected to contribute to ongoing profitability, especially with the anticipated expansion of overseas operations and new technological innovations. The company is a key supplier for major clients in the hard carbon business and is actively developing silicon-carbon anodes and lithium metal anodes, indicating a positive mid-term outlook [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 7.029 billion yuan for the first half of 2025, representing a year-on-year increase of 28.97%. The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, an increase of 26.01% year-on-year [2][4]. - In the second quarter of 2025, the company achieved a revenue of 3.540 billion yuan, which is an 18.52% increase year-on-year and a 1.47% increase quarter-on-quarter. However, the net profit attributable to shareholders decreased by 3.94% year-on-year and 20.94% quarter-on-quarter, amounting to 118 million yuan. The net profit excluding non-recurring items was 100 million yuan, reflecting a year-on-year increase of 17.37% but a quarter-on-quarter decrease of 25.23% [2][4]. Summary by Sections Revenue and Profit Analysis - For the first half of 2025, lithium battery materials revenue reached 6.302 billion yuan, a year-on-year increase of 33.2%, driven by increased sales linked to the expansion of demand in the new energy vehicle and energy storage sectors. The gross margin was 17.05%, a slight decrease of 0.06 percentage points year-on-year [9]. - The revenue from daily chemicals and specialty chemicals was 614 million yuan, up 12.93% year-on-year, with a gross margin of 30.27%, down 0.51 percentage points year-on-year [9]. Market Outlook - The company anticipates continued growth in electrolyte shipments in Q2 2025, expected to slightly exceed industry growth rates, with stable net profit per ton. The industry price stability and the company's relatively stable profitability are noted [9]. - The company is expected to be among the first in the lithium battery supply chain to alleviate supply-demand imbalances, with potential price increases anticipated in the industry as it enters a peak season [9]. Financial Projections - The total revenue for 2025 is projected to be 16.649 billion yuan, with a gross profit of 3.144 billion yuan, maintaining a gross margin of 19% [13]. - The net profit attributable to shareholders is forecasted to reach 795 million yuan in 2025, with earnings per share (EPS) expected to be 0.42 yuan [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 7.088 billion yuan for the first half of 2025, representing a year-on-year increase of 11.95%. The net profit attributable to shareholders was 1.055 billion yuan, up 23.03%, and the net profit excluding non-recurring items was 999.2 million yuan, an increase of 29.17% [2][4] - In Q2 2025, the company achieved a revenue of 3.873 billion yuan, a year-on-year growth of 17.46%, with a net profit of 568 million yuan, up 37.44%, and a net profit excluding non-recurring items of 518 million yuan, reflecting a growth of 48.32% [2][4] - The company’s separator coating sales reached 4.773 billion square meters, a year-on-year increase of 63.85%, while the sales of base film reached 528 million square meters, showing significant growth. The sales of PVDF and PAA also saw substantial increases of 68.19% and 153.1% respectively [10] - The company is expanding into new business areas, including solid-state battery equipment and materials for robotics and chip manufacturing, which are expected to contribute positively to future growth [10] Financial Performance - The company’s total revenue is projected to reach 13.448 billion yuan in 2027, with a gross profit margin expected to improve from 27% in 2024 to 31% in 2027 [14] - The net profit attributable to shareholders is forecasted to grow from 2.287 billion yuan in 2025 to 3.921 billion yuan in 2027, indicating a strong upward trend in profitability [14] - The company’s R&D expenses have significantly increased, reaching 226 million yuan in Q2 2025, reflecting a commitment to innovation and product development [10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 3.52 billion yuan for the first half of 2025, a decrease of 4.6% year-on-year, with a net profit attributable to shareholders of 270 million yuan, down 11.0% year-on-year [2][5]. - The second quarter of 2025 saw a revenue of 2.41 billion yuan, a decline of 9.8% year-on-year, and a net profit of 240 million yuan, down 16.4% year-on-year [2][5]. - The company is experiencing a significant acceleration in its frontier technology innovation business, with a revenue increase of 340.6% year-on-year in this segment [10]. Summary by Sections Financial Performance - In the first half of 2025, the digital infrastructure segment generated a revenue of 1.749 billion yuan, up 25.0% year-on-year, while the frontier technology innovation business brought in 704 million yuan, up 340.6% year-on-year [10]. - The gross margin for the first half of 2025 was 22.12%, a slight decrease of 0.10 percentage points year-on-year [10]. - The company reported a significant increase in cash flow from operations, reaching 1.211 billion yuan in the first half of 2025, indicating improved collection efficiency [10]. Orders and Inventory - As of the end of Q2 2025, the company had a backlog of orders amounting to 4.67 billion yuan, representing a year-on-year growth of approximately 27% [10]. - The inventory at the end of Q2 2025 was 935 million yuan, showing a substantial increase of 95.4% year-on-year [10]. Future Outlook - The company expects that the net profit attributable to shareholders for 2025, excluding its subsidiary Yili Technology, could reach approximately 864 million yuan, corresponding to a price-to-earnings ratio of about 24 times [10].

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].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [28]. Core Insights - The company reported a total revenue of 5.696 billion yuan for the first half of 2025, representing a year-on-year growth of 12.96%. The net profit attributable to shareholders was 666 million yuan, up 24.59% year-on-year [6][12]. - The company has seen significant growth in contract liabilities and inventory, indicating strong performance in securing new contracts [8][10]. - The high voltage, distribution network, and operation and maintenance segments have shown steady development, with the high voltage segment achieving a revenue of 3.264 billion yuan, a year-on-year increase of 7.58% [9][10]. Financial Performance - The company’s gross profit margin improved to 24.72%, an increase of 1.19 percentage points year-on-year, while the net profit margin also rose by the same percentage [9][12]. - R&D expenses reached 239 million yuan, a 48.32% increase year-on-year, reflecting the company's commitment to technological advancement [12]. - The company’s cash flow from operating activities was negative at -430 million yuan, a decline of 166.75% year-on-year [6]. Business Segments - The high voltage segment's revenue growth was slightly impacted by the delivery schedule of orders, while the long-term investment in ultra-high voltage lines is expected to drive demand for switchgear and GIL products [9][10]. - The international business segment saw a remarkable revenue increase of 288.37%, with a gross margin of 9.68%, up 63.64% year-on-year [9][10]. Market Position - The company has a leading market share in the high voltage, ultra-high voltage, and special high voltage switchgear and power station equipment sectors, benefiting from significant contracts with state-owned enterprises [10][12]. - The company secured contracts worth 4.593 billion yuan from the State Grid in the first seven months of 2025, indicating strong competitive positioning [10]. Future Outlook - The company is projected to achieve net profits of 1.437 billion yuan, 1.778 billion yuan, and 2.154 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.06 yuan, 1.31 yuan, and 1.59 yuan [12]. - The anticipated PE ratios for the next three years are 14.64, 11.83, and 9.77, suggesting a favorable valuation compared to historical performance [12].