药品销售稳中有升，产品组合巩固肺癌领域销售优势 埃克替尼在一代 EGFR TKI 中具有优势地位，且在价格上明显优于三代 EGFR TKI，术后辅助治疗适应症有望延长其生命周期。其在 2025 ASCO 上公布了 关于完全切除的 IB 期 EGFR 突变 NSCLC 患者的辅助治疗试验结果，埃克替 尼可显著提高患者的 DFS 率（5 年 DFS 率分别为 88.5% vs 安慰剂组 67.7%）， 5 年 OS 率为 98.3% VS 90.5%（HR=0.15），总生存期获益显著，同时安全性 和耐受性可接受。第三代 EGFR TKI 贝福替尼的一线治疗迎来医保目录元年， 且术后辅助治疗适应症也已获批开展。 ALK 抑制剂恩沙替尼的一线 NSCLC 适应症于 2024 年年底获得 FDA 批准，且 已于 2025 年 2 月向 EMA 递交 NDA。术后辅助适应症的 III 期临床正在推进 中，真实世界研究表明 IA-IIIB 期ALK 阳性 NSCLC 患者的2 年DFS 率为92.1%。 公司报告 | 半年报点评 贝达药业（300558） 证券研究报告 2025H1 利润端承压，展望今年即将迎来多项进展 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 6.01 billion yuan for the first half of 2025, a year-on-year decline of 1.8%, with a net profit attributable to shareholders of 150 million yuan, remaining basically flat year-on-year. In Q2 alone, revenue was 2.74 billion yuan, down 1.3%, and net profit attributable to shareholders was 2.77 million yuan, a decline of 40.8% year-on-year, with a non-recurring net loss of 8 million yuan, which represents a year-on-year reduction in loss of 21.3% [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a sales revenue of 18.7 billion yuan, a year-on-year increase of 2.55%. The sales revenue from self-operated shopping centers, department stores, and supermarkets grew by 7.25%, declined by 4.30%, and declined by 3.33% respectively. The company operated 46 shopping centers, 58 department stores, and 106 supermarkets by the end of the reporting period, with a net change of 0, -1, and -2 stores respectively compared to Q1 [10]. Profitability - The profit margins for the shopping centers, department stores, and supermarkets showed a mixed performance, with shopping centers and supermarkets experiencing significant profit growth. The gross profit margin for supermarkets increased by 0.66 percentage points to 23.33%, attributed to the brand upgrade of SP@CE3.0 and improvements in operational efficiency through digitalization [10]. Cost Control - The company managed to control its expenses effectively, with total period expenses decreasing by 6.67 million yuan. The overall expense allocation was optimized, focusing on high-potential areas and core business segments, which contributed to improved operational efficiency [10]. Future Outlook - The company is expected to achieve earnings per share (EPS) of 0.11, 0.15, and 0.19 yuan for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [10].

证券研究报告：计算机 | 公司点评报告 发布时间：2025-09-15 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.90 | | --- | --- | | 总股本/流通股本（亿股）4.44 | / 4.44 | | 总市值/流通市值（亿元）110 | / 110 | | 52 周内最高/最低价 | 28.10 / 7.19 | | 资产负债率(%) | 51.2% | | 市盈率 | 355.71 | | 第一大股东 | 鹰潭市鹰高投资咨询有 | | 限公司 | | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 高伟达(300465) 经营质量提升，AI 开启新篇章 2025 年，公司金融领域解决方案将对接 DeepSeek 平台，开启人 工智能技术在金融领域的创新应用，为金融机构提供更高效、精准的 智能化服务。1）在信贷领域，通过构建智能审批决策体系，提升授 ...

金风科技（002202.SZ）动态报告 风机盈利修复，海外成长可期 2025 年 09 月 15 日 ➢ 事件：公司发布 2025 年半年报 2025H1 公司实现收入 285.37 亿元，同比增长 41.26%；归母净利润 14.88 亿 元，同比增长 7.26%；扣非归母净利润 13.68 亿元，同比下降 0.4%。单季度来 看，25Q2 公司收入 190.65 亿元，同比增长 44.18%、环比增长 101.28%；归 母净利润 9.19 亿元，同比下降 12.8%，环比增长 61.78%；扣非归母净利润 8.13 亿元，同比下降 22.13%、环比增长 46.44%。 分业务来看，2025H1 风机及零部件销售收入为 218.52 亿元，同比增长 71.15%， 占总收入的 76.58%，毛利率提升至 7.97%；风电场开发收入 31.72 亿元，同比 下降 27.93%，总收入占比 11.12%，毛利率 57.47%；风电服务收入 28.96 亿 元，同比增长 21.99%，占比 10.15%，毛利率 22.48%；其他业务收入 6.17 亿 元，占比 2.16%，毛利率 26.62%。 ➢ 未来核 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][20]. Core Insights - The company is experiencing a gradual improvement in performance, with Q2 2025 showing a revenue increase of 38.20% year-on-year and a 53.50% quarter-on-quarter growth, despite a net loss [1][2]. - The global storage market is recovering, with a projected market size of $165.52 billion in 2024, driven by data center infrastructure, 5G, and cloud computing growth [9]. - The company is actively developing AI edge technology and products, with successful mass production of its self-developed main control chip, enhancing its competitive edge in various AI applications [3][8]. Financial Summary - Revenue is projected to grow from 3,591 million yuan in 2023 to 13,397 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.9% [1][10]. - The company expects to achieve a net profit of 466 million yuan in 2025, increasing to 944 million yuan by 2027, reflecting a significant turnaround from previous losses [1][10]. - The overall gross margin for the first half of 2025 was 9.07%, with a notable recovery in Q2, where the gross margin increased by 11.7 percentage points [2]. Market Position and Strategy - The company is focusing on vertical integration in the semiconductor storage industry, combining storage solutions with advanced packaging to create a differentiated competitive advantage [9]. - The company has a comprehensive product line covering embedded storage, solid-state drives, memory modules, and storage cards, positioning itself well within the NAND Flash and DRAM markets [10]. - The company is also expanding its customer base among leading domestic and international clients, aiming for significant sales growth across its product lines [10].

2025 年 9 月 15 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 100.0 公司基本资讯 圣邦股份(300661.SZ) Buy 买进 模拟芯片龙头，受益于国产替代趋势 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | A 股价(2025/9/12) | | | | | 72.85 | | 深证成指(2025/9/12) | | | 12924.13 | | | | 股价 12 个月高/低 | | 97.16/50.02 | | | | | 总发行股数(百万) | | | 618.01 | | | | A 股数(百万) | | | 592.71 | | | | A 市值(亿元) | | | 431.79 | | | | 主要股东 | | 重庆鸿顺祥泰企 | | | | | | | 业管理有限公司 | | | | | | | | (19.01%) | | | | 每股净值(元) | | | | 7.64 | | | 股价/账面净值 | | | | | 9.53 | | 一个月 | | 三个月 | | ...

证券研究报告 | 2025年09月15日 扬杰科技（300373.SZ） 现金收购贝特电子 100%股权，内生与外延增长并进 优于大市 |  | 公司研究·公司快评 |  | 电子·半导体 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 胡剑 | 021-60893306 | hujian1@guosen.com.cn | 执证编码：S0980521080001 | | 证券分析师： | 胡慧 | 021-60871321 | huhui2@guosen.com.cn | 执证编码：S0980521080002 | | 证券分析师： | 叶子 | 0755-81982153 | yezi3@guosen.com.cn | 执证编码：S0980522100003 | | 证券分析师： | 张大为 | 021-61761072 | zhangdawei1@guosen.com.cn | 执证编码：S0980524100002 | | 证券分析师： | 詹浏洋 | 010-88005307 | zhanliuyang@guosen.c ...

投资评级：买入（首次） 商用游戏游艺设备龙头，加码布局动漫 IP 衍生品业务 公司为国内商用游戏游艺设备龙头公司，主业为游艺设备和动漫 IP 衍生品销售， 同时经营游乐场及设备合作运营，已形成完整游戏游艺设备产业链布局。公司游 戏游艺设备销售主业稳健，定增项目或加速动漫 IP 衍生品布局，乘"IP 谷子" 之风打造第二成长曲线。我们预测公司 2025-2027 年归母净利润分别为 1.12/1.70/2.22 亿元，对应 EPS 分别为 0.76/1.16/1.51 元，当前股价对应 PE 分别 为 36.8/24.1/18.5 倍。首次覆盖，给予"买入"评级。 | 日期 | 2025/9/12 | | --- | --- | | 当前股价(元) | 27.95 | | 一年最高最低(元) | 44.00/14.38 | | 总市值(亿元) | 41.00 | | 流通市值(亿元) | 38.86 | | 总股本(亿股) | 1.47 | | 流通股本(亿股) | 1.39 | | 近 3 个月换手率(%) | 235.53 | 股价走势图 数据来源：聚源 0% 40% 80% 120% 160% 200% ...

证 券 研 究 报 告 维力医疗（603309）2025 年中报点评 推荐（维持） 海外持续高增长，国内业务承压 目标价：19 元 事项： ❖ 公司发布 25 年中报，25H1 营收 7.45 亿元（+10.19%），归母净利润 1.21 亿元 （+14.17%），扣非净利润 1.18 亿元（+16.42%）。单 25Q2，营收 3.97 亿元 （+8.16%），归母净利润0.62亿元（+11.39%），扣非净利润 0.61亿元（+12.87%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,509 | 1,740 | 2,048 | 2,368 | | 同比增速(%) | 8.8% | 15.3% | 17.7% | 15.6% | | 归母净利润(百万) | 219 | 264 | 318 | 388 | | 同比增速(%) | 14.0% | 20.3% | 20.2% | 22.2% | | 每股盈利(元) | ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-15 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.19 | | --- | --- | | 总股本/流通股本（亿股）11.45 | / 8.91 | | 总市值/流通市值（亿元）288 | / 225 | | 52 周内最高/最低价 | 33.67 / 11.63 | | 资产负债率(%) | 54.8% | | 市盈率 | 62.52 | | 第一大股东 | 重庆宗申高速艇开发有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 宗申动力(001696) 上半年业绩略超预期，新兴领域卡位优势明显 股票投资评级 l 投资要点 事件：公司披露 2025 年半年报。 上半年利润高增。2025H1，公司实现营收 66.93 亿元，同比 +39.05%；实现归母净利润 5.06 亿元，同比+79.37%；实现扣 ...