Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in gross margin in Q2, with expectations for greater profit elasticity in Q3. The H1 2025 revenue reached 1.807 billion yuan, a year-on-year increase of 14.09%, and the net profit attributable to the parent company was 142 million yuan, up 37.65% year-on-year [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.807 billion yuan, with a net profit of 142 million yuan. In Q2 2025, revenue was 1.008 billion yuan, reflecting a year-on-year growth of 12.09% and a quarter-on-quarter increase of 26.21%. The net profit for Q2 was 96 million yuan, up 38.8% year-on-year and 108.58% quarter-on-quarter [2][4][9]. - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points from the previous quarter, indicating a notable improvement [9]. - The company’s expenses for Q2 were 269 million yuan, with a period expense ratio of 26.9%, which increased by 0.9 percentage points quarter-on-quarter [9]. Product Revenue Breakdown - The revenue from household storage (including battery packs) was 1.09 billion yuan with a gross margin of 35%. The revenue from industrial storage (including battery packs) was 250 million yuan with a gross margin of 37%. The revenue from grid-connected inverters was 370 million yuan with a gross margin of 22%, and accessory revenue was 90 million yuan with a gross margin of 51% [9]. Future Outlook - The company is expected to show significant profit elasticity in Q3 due to market expansion in Australia and further development in Asia, Africa, and Latin America. The company anticipates achieving new highs in performance over the next two years, with potential upward revisions in revenue and profit for the year [9]. - The company forecasts net profits of 450 million yuan and 670 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 30 and 20 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.959 billion yuan for the first half of 2025, a year-on-year decrease of 26.06%, with a net profit attributable to shareholders of 496 million yuan, down 46.6% year-on-year. In Q2 2025, revenue was 4.334 billion yuan, a year-on-year decrease of 20.36%, but a quarter-on-quarter increase of 19.58%. The net profit for Q2 was 95 million yuan, down 76.75% year-on-year and down 76.41% quarter-on-quarter. The net profit for the first half of the year was better than the performance forecast [2][5] Summary by Sections Business Performance - In the first half of 2025, the sales volume of film products was nearly 1.4 billion square meters, remaining stable year-on-year, with a gross margin of 11%, down 5 percentage points year-on-year due to a decline in film prices compared to last year. In Q2, both sales volume and gross margin are expected to increase quarter-on-quarter, although the gross margin is expected to decline due to a drop in film prices after the domestic rush to install [11] - The sales volume of photosensitive dry film in the first half of 2025 was nearly 90 million square meters, a year-on-year increase of 22%, with corresponding revenue growth of 18% and a gross margin of 25%, remaining stable year-on-year. In Q2, both sales volume and profitability are expected to grow [11] - The sales volume of aluminum-plastic film in the first half of 2025 was 6.66 million square meters, a year-on-year increase of 19%. The company is focusing on the aluminum-plastic film business as part of its functional film materials division. The sales volume of photovoltaic backsheet was 33.7 million square meters, down about 50% year-on-year due to an increase in the proportion of double-glass components, leading to a decrease in demand for backsheets [11] Financial Indicators - As of the end of Q2, the company's asset-liability ratio was 21%, maintaining an excellent level in the industry. The cash and cash equivalents plus trading financial assets were nearly 6 billion yuan, indicating ample cash reserves. The net cash flow from operating activities for the first half of the year was approximately -900 million yuan, mainly due to a timing difference between sales revenue and actual cash receipts [11] - The company expects an increase in film shipments in the second half of the year, with overseas production capacity gradually contributing to revenue. The profitability of film products is expected to recover, and the photosensitive dry film business is anticipated to benefit from the acceleration of AI applications [11] Future Outlook - The company forecasts a net profit attributable to shareholders of 2.3 billion yuan for 2026, corresponding to a price-to-earnings ratio of 18 times, maintaining the "Buy" rating [11]

丨证券研究报告丨 公司研究丨点评报告丨中信博（688408.SH） [Table_Title] 减值拖累 Q2 业绩，在手订单保持充沛 报告要点 [Table_Summary] 中信博发布 2025 年半年报，2025H1 公司实现收入 40.37 亿元，同比增长 19.55%；归母净利 1.58 亿元，同比下降 31.79%；其中，2025Q2 实现收入 24.78 亿元，同比增长 58.63%，环比 增长 58.99%；归母净利 0.48 亿元，同比下降 38.41%，环比下降 56.77%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 中信博（688408.SH） cjzqdt11111 [Table_Title2] 减值拖累 Q2 业绩，在手订单保持充沛 [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of approximately 17.1 billion yuan for the first half of 2025, representing a year-on-year growth of 45.3%. The net profit attributable to shareholders was 610 million yuan, a decrease of 7.7% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 9.44 billion yuan, with a year-on-year increase of 40.4%, while the net profit attributable to shareholders was 310 million yuan, down 13.6% year-on-year [2][4] - The company’s wind turbine shipments accelerated, with a total of approximately 8.1 GW shipped in the first half of 2025, marking a 102% increase year-on-year, contributing to a revenue of about 12.5 billion yuan, which is a 57.5% increase [11] - The company has a robust order backlog of approximately 46.4 GW, including 5 GW of overseas wind turbine orders, which supports future delivery expectations [12] Financial Performance - The gross margin for Q2 2025 was approximately 11.2%, a decrease of 1.6 percentage points year-on-year, primarily due to increased shipments of land-based wind turbines [6] - The company’s total expenses for Q2 were approximately 9.2% of revenue, a decrease of 0.4 percentage points year-on-year, with sales and R&D expense ratios slightly increasing [6] - The company recorded other income and investment income of approximately 91 million yuan and 87 million yuan, respectively, while credit impairment losses were about 28 million yuan [6] Future Outlook - The company anticipates a recovery in wind turbine profitability in the second half of 2025 as offshore wind turbine deliveries ramp up [12] - The company is actively expanding its overseas offshore wind orders, which is expected to open up long-term growth opportunities [12] - The projected net profit attributable to shareholders for 2025 is approximately 1.5 billion yuan, corresponding to a price-to-earnings ratio of about 19 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.086 billion yuan for the first half of 2025, representing a year-on-year growth of 29.8%. The net profit attributable to the parent company was -0.17 billion yuan, indicating a reduction in losses. In Q2 2025, the revenue reached 2.204 billion yuan, with a year-on-year growth of 9.01% and a quarter-on-quarter growth of 17.09%. The net profit for Q2 was 0.11 billion yuan, showing a year-on-year increase of 129.02% and a return to profitability compared to the previous quarter [2][4]. Financial Performance - In Q2 2025, the company sold 400,000 inverters, including 366,000 grid-connected units and 33,000 storage units. The battery pack sales reached 0.21 GWh, and the household EPC was 0.65 GW. The sales of grid-connected inverters are expected to see a slight increase, while storage inverter sales are anticipated to improve significantly. The overall gross margin for Q2 was 20.36%, with a slight quarter-on-quarter increase of approximately 1 percentage point [8][4]. - The expense ratio for Q2 was 18.0%, a decrease of 1 percentage point from the previous quarter, primarily due to revenue growth and foreign exchange gains. However, the absolute value of expenses reached 400 million yuan, marking a historical high, driven by business expansion [8][4]. - The company expects significant improvements in storage shipments in Q3, supported by market expansion in Australia, Europe, and other regions. The company has established a comprehensive strategy for integrated energy solutions, indicating promising long-term growth potential [8][4]. Future Projections - The company is projected to achieve net profits attributable to the parent company of 300 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 47 and 21 times [8].

丨证券研究报告丨 公司研究丨点评报告丨金雷股份（300443.SZ） [Table_Title] 金雷股份：2025H1 铸件实现盈利，业绩景气加 速释放 报告要点 [Table_Summary] 公司发布 2025 年半年报，2025H1 实现营业收入约 12.8 亿元，同比增长约 80%，实现归母净 利润约 1.9 亿元，同比增长约 153%；其中 2025Q2 实现营业收入约 7.8 亿元，同比增长约 70%，归母净利润约 1.3 亿元，同比增长约 194%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 金雷股份（300443.SZ） cjzqdt11111 [Table_Title 金雷股份：22]025H1 铸件实现盈利，业绩景气加 速释放 [Table_Summary2] 事件描述 公司发 ...

丨证券研究报告丨 公司研究丨点评报告丨伟测科技（688372.SH） [Table_Title] 伟测科技 2025 年中报点评：2025Q2 业绩高增， 需求来临+高稼动率+高速扩产筑长期成长通道 报告要点 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 8 月 20 日，伟测科技公告 2025 年中期业绩，2025H1 公司实现营收 6.34 亿元，同比+47.53%， 实现归母净利润 1.01 亿元，较去年同期大幅增长 831.03%，扣非归母净利润 0.54 亿元，同比 +1173.61%；其中，2025Q2 公司单季度实现营收 3.49 亿元，同比+41.68%，环比+22.38%， 实现归母净利润 0.75 亿元，同比+573.34%，环比大增 189.99%，扣非归母净利润 0.4 亿元， 同比+373.96%，环比+178.94%，季度收入创公司历史新高，公司已然进入高增通道。 分析师及联系人 [Tabl ...

丨证券研究报告丨 公司研究丨点评报告丨兴森科技（002436.SZ） [Table_Title] 兴森科技：PCB 营收持续增长，CSP 封装基板 业务有所改善 报告要点 [Table_Summary] 2025 年 8 月 26 日，兴森科技发布 2025 年半年度报告。 2025H1 公司实现营收 34.26 亿元，同比增加 18.91%；归母净利润为 0.29 亿元，同比增加 47.85%；扣非后净利润为 0.47 亿元，同比增加 62.50%；毛利率为 18.45%，同比增加 1.9pct。 2025Q2 公司实现营收 18.46 亿元，同比增加 23.69%；归母净利润为 0.19 亿元，同比增加 465.68%；扣非净利润为 0.40 亿元，同比增加 723.80%；毛利率为 19.53%，同比增加 3.4pct。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 兴森科技（002436.SZ） ...

丨证券研究报告丨 公司研究丨点评报告丨长电科技（600584.SH） [Table_Title] 长电科技 2025 年中报点评：产能扩张压制利润 增长，先进封装成长态势已显 报告要点 [Table_Summary] 8 月 20 日，长电科技公告 2025 年中期报告，2025H1 公司实现营业收入 186.05 亿元，同比 +20.14%，实现归母净利润 4.71 亿元，同比-23.98%：其中，公司 2025Q2 实现营业收入 92.70 亿元，同比+7.24%，实现归母净利润 2.67 亿元，同比-44.75%，环比+31.50%。归母净利润同 比有所下滑主要系江阴长电微、长电汽车电子在建工厂尚处于产品导入期未形成量产收入，财 务及研发费用上升，叠加国际政策不确定性以及部分材料价格上涨因素所致。 分析师及联系人 [Table_Author] 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 长电科技（600584.SH） cjzqdt11111 ...

上 市 公 司 公 司 2025 年 09 月 14 日 新宙邦 (300037) ——业绩基本符合预期，电解液景气底部，液冷趋势加强， 看好氟化工长期成长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 09 月 12 日 | | --- | --- | | 收盘价（元） | 47.30 | | 一年内最高/最低（元） | 50.48/26.46 | | 市净率 | 3.7 | | 股息率%（分红/股价） | 0.85 | | 流通 A 股市值（百万元） | 25,554 | | 上证指数/深证成指 | 3,870.60/12,924.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 12.94 | | 资产负债率% | 40.78 | | 总股本/流通 A 股（百万） | 748/540 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 证券分析师 邵靖宇 A0230524080001 shaojy@swsresearch ...