陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 联系人 证券研究报告 非银金融 | 保险Ⅱ 金融|公司点评报告 hyzqdatemark 2025 年 09 月 12 日 证券分析师 市场表现： | 基本数据 | | | | 2025 | 年 | 月 10 日 | | | 09 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 63.23 | | | | | 一 内 低 | 最 | 高 | / | | | | 最 | 年 | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 197,248.93 | | | | | 流通市值（百万元） | | | | | | 197,248.93 | | | | | 总股本（百万股） | | | | | | 3,119.55 | | | | | 资产负债率（%） | | | | | | 95.31 | | | | | 每股净资产（元/股） | | | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has experienced rapid growth in its brand licensing and cloud brocade business, with a notable increase in revenue from the Teenie Weenie brand IP licensing and the Yuanxian brand [1][2] - The company's net profit for the first half of 2025 decreased by 23% year-on-year, primarily due to the impact of non-recurring factors such as interest payments on convertible bonds and reduced government subsidies [1] - The company is focusing on deepening the value extraction of its IP assets and expanding its product boundaries, particularly in emerging derivative categories [2] Financial Performance - In Q2 2025, the company's revenue was 900 million, a decrease of 5% year-on-year, while the net profit attributable to the parent company was 25 million, down 22% [1] - For the first half of 2025, the company's revenue was 2 billion, a decrease of 4% year-on-year, and the net profit was 110 million, down 23% [1] - The company expects revenues for 2025 to be 4.58 billion, with net profits projected at 307.80 million, reflecting a slight increase from the previous year [4][11] Brand and Market Strategy - The Yuanxian brand integrates intangible cultural heritage into its marketing strategy, enhancing customer engagement through unique store designs and online content [3] - The company is leveraging successful experiences in the home textile category to drive growth in the homewear segment, creating a dual-engine growth model [2] Financial Projections - The company has adjusted its profit forecasts, expecting revenues of 4.6 billion, 4.9 billion, and 5.2 billion for 2025, 2026, and 2027 respectively, with net profits of 307.80 million, 367.53 million, and 442.03 million [4][11] - The projected EPS for 2025 is 0.89, with a PE ratio of 11.75 [4][11] Valuation Metrics - The company's current market capitalization is approximately 3.6 billion, with a price-to-earnings ratio of 12.16 for 2023 [7][12] - The projected price-to-book ratio is expected to decrease from 1.07 in 2023 to 0.86 by 2027 [5][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is experiencing a temporary decline in performance due to fluctuations in industry customer demand, leading to lower-than-expected order deliveries. The absolute amount of R&D expenses remains high, and prudent impairment loss provisions have resulted in a net loss [2][6]. - In the first half of 2025, the company achieved operating revenue of 631 million yuan, a year-on-year decrease of 47.49%, and a net profit loss attributable to the parent company of 114 million yuan, a year-on-year decrease of 270.67% [6][13]. - The company continues to invest in R&D to maintain its technological leadership, with R&D expenses in the first half of 2025 amounting to 212 million yuan, a decrease of 8.31% year-on-year, but the R&D expense ratio reached a historical high of 33.58% due to declining revenue [13]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit in the first half of 2025, with Q2 revenue at 415 million yuan, down 41.73% year-on-year, and a net profit loss of 60 million yuan, down 217.94% year-on-year [6][13]. - The company’s R&D expenses are projected to be 454 million yuan in 2025, with a decreasing trend in the following years, while the net profit is expected to recover to 88 million yuan in 2026 and 198 million yuan in 2027 [18]. R&D and Innovation - The company emphasizes innovation as a top priority, focusing on the development of basic product components and key technologies. It has made significant progress in military communication projects, including winning bids for helicopter and swarm projects, marking a breakthrough in swarm data link applications [13]. - The company is also advancing in ground communication projects, collaborating with domestic universities to enhance anti-jamming technology, which is crucial for communication security in complex electromagnetic environments [13]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 191, 85, and 53 times [13].

丨证券研究报告丨 公司研究丨点评报告丨菲利华（300395.SZ） [Table_Title] 航天复苏结构件落地，电子布空间星辰大海 报告要点 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 航空航天领域需求回暖牵引公司上半年业绩增速高于营收增速，石英纤维复材结构件布局多年 2025 年首个型号开始批产；半导体行业复苏牵引相关收入稳步增长，光伏行业供需错配相关收 入大幅下滑；石英电子布上半年已实现 1312 万元，后续大规模放量空间广阔；公司产能持续 扩张以迎接后续景气上行，存货余额创历史新高保障后续成长韧性。 菲利华（300395.SZ） cjzqdt11111 [Table_Title2] 航天复苏结构件落地，电子布空间星辰大海 [Table_Summary2] 事件描述 公司发布 2025 半年报，2025H1 实现营业收入 9.08 亿元，同比减少 0.77%，实现 ...

丨证券研究报告丨 公司研究丨点评报告丨航天电器（002025.SZ） [Table_Title] 防务订单显著回暖，价格成本挤压盈利 报告要点 [Table_Summary] 受防务领域客户验收周期延长、收入确认延后、公司产能扩张延缓以及金价上涨等因素影响导 致业绩下滑。公司通过全面预算管理、优化采购及费用控制，但受成本上涨及价格下降的双重 挤压，公司上半年毛利率持续承压。 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 航天电器（002025.SZ） cjzqdt11111 [Table_Title2] 防务订单显著回暖，价格成本挤压盈利 [Table_Summary2] 事件描述 公司发布 2025 年半年报，25H1 实现营收 29.35 亿元，同比增长 0.47%，实现归母净利润 0.87 亿元，同比减少 77.49%，实现扣非归母净利润 0.73 亿，同比减少 79.69%；25Q2 单季度实 现 ...

证券研究报告 非银金融 | 保险Ⅱ 金融|公司点评报告 市场表现： | 基本数据 | | | | 2025 | 年 | 09 | 日 | | 11 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 38.14 | | 一 年 内 / 最 | 最 | 高 | 低 | | | | | 43.01/28.70 | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 366,919.82 | | 流通市值（百万元） | | | | | | | | | | 366,919.82 | | 总股本（百万股） | | | | | | | | | | 9,620.34 | | 资产负债率（%） | | | | | | | | | | 89.66 | | 每股净资产（元/股） | | | | | | | | | | 29.30 | | 资料来源：聚源数据 | | | | | | | | | | | 中国 ...

Investment Rating - The investment rating for Shandong Expressway is "Buy" (maintained) [6] Core Views - The company is expected to strengthen its road asset scale and achieve steady growth in performance [6] - The company reported a revenue of 10.739 billion yuan in the first half of 2025, a year-on-year decrease of 11.52%, while the net profit attributable to shareholders was 1.696 billion yuan, an increase of 3.89% [8] - The revenue from toll road operations remained stable, contributing to performance growth despite a decline in construction service income [8] Summary by Sections Market Performance - Closing price as of September 11, 2025, was 9.11 yuan, with a market capitalization of 44,042.94 million yuan [4] Financial Data - Total assets amounted to 161,688 million yuan, with a debt-to-asset ratio of 65.96% [4] - Earnings per share (EPS) for 2025 is projected at 0.67 yuan [7] Revenue and Profit Forecast - Revenue forecast for 2025 is 28,471 million yuan, with a slight year-on-year decrease of 0.08% [7] - Net profit attributable to shareholders is expected to be 3,215 million yuan in 2025, reflecting a growth of 0.59% [7] Operational Highlights - The company is actively enhancing its road asset scale and optimizing its highway network layout, with ongoing projects expected to contribute to future revenue [8] - The gross profit margin for the first half of 2025 was 34.44%, showing a year-on-year increase of 5.66 percentage points [8]

Investment Rating - The report maintains a "Recommended" rating for Jinlei Co., Ltd. (300443.SZ) [2] Core Views - Jinlei Co., Ltd. is positioned as a leading player in the wind power main shaft market, with significant growth in revenue and profit expected due to increased demand and production capacity [7] - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 1.283 billion yuan, up 79.85% year-on-year, and net profit of 188 million yuan, up 153.34% year-on-year [7] - The growth in the wind power sector is driven by the expansion of casting and forging capabilities, with strategic partnerships established with major global wind turbine manufacturers [7] Financial Forecasts - Projected revenue for Jinlei Co., Ltd. is expected to grow from 1.967 billion yuan in 2024 to 3.752 billion yuan in 2027, reflecting a compound annual growth rate [2][9] - The forecasted net profit is expected to increase from 173 million yuan in 2024 to 635 million yuan in 2027, indicating strong profitability growth [2][9] - The company's EPS is projected to rise from 0.54 yuan in 2024 to 1.98 yuan in 2027, with a corresponding decrease in PE ratio from 51.26 to 13.95 [2][9] Revenue Breakdown - Wind power main shaft revenue is expected to significantly contribute to overall growth, with a forecast of 8.7 billion yuan in revenue for the first half of 2025, up 93.60% year-on-year [7] - Other precision shaft revenues are also projected to grow steadily, with a 11.56% increase year-on-year in the first half of 2025 [7] Cost and Margin Analysis - The gross margin is expected to improve from 21.33% in 2024 to around 27.54% in 2027, reflecting better cost management and pricing strategies [2][9] - The report highlights an increase in R&D expenses, which is anticipated to drive innovation and product development in the casting and industrial forging segments [7]

Investment Rating - The report maintains a "Buy" rating for the company [6][13] Core Views - The company is steadily increasing its plasma collection volume and expanding the number of plasma stations through both organic growth and acquisitions. The introduction of new products, particularly the 10% immunoglobulin, is expected to contribute to revenue growth [2][13] - The financial forecast indicates a projected revenue increase from 1,943 million yuan in 2025 to 2,466 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12% [4][14] - The net profit attributable to shareholders is expected to rise from 461 million yuan in 2025 to 666 million yuan in 2027, with a corresponding increase in earnings per share (EPS) from 0.91 yuan to 1.32 yuan [4][14] Financial Summary - Total revenue for 2023 is reported at 2,652 million yuan, with a forecasted decline to 1,735 million yuan in 2024, followed by a recovery to 1,943 million yuan in 2025 [4] - The net profit attributable to shareholders is projected to decrease from 237 million yuan in 2023 to 397 million yuan in 2024, before increasing to 461 million yuan in 2025 [4] - The company’s return on equity (ROE) is expected to improve from 3.2% in 2023 to 7.5% by 2027 [4][14] Market Data - The current stock price is 25.77 yuan, with a target price set at 30.18 yuan, indicating a potential upside [6][7] - The company has a market capitalization of approximately 12,994 million yuan and a price-to-earnings (P/E) ratio of 54.72 for 2023, which is expected to decrease to 19.51 by 2027 [4][7] Industry Context - The company operates within the pharmaceutical and essential consumer goods sector, focusing on blood products [5]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1] Core Views - The company is expected to benefit from strong elasticity in performance under the "anti-involution" trend in the industry, with key indicators approaching those of industry leaders [1][3] - The market share gap between the company and the leading competitor is gradually narrowing, with the company achieving the second-largest market share in the industry in 2023 [1][10] - The company's single-ticket net profit margin is closing in on that of its main competitor, with a significant reduction in the profit gap [2][15] Summary by Sections Market Position and Performance - The company surpassed Yunda to become the second-largest player in the industry in 2023, maintaining a business volume growth rate higher than the industry average [1][10] - The market share difference between the company and Zhongtong decreased from 6.8 percentage points in 2023 to 3.5 percentage points in Q2 2025 [1][10] - In Q2 2025, the company's e-commerce express business growth rate was 21.8%, outperforming the industry average of 17.3% [1][14] Profitability and Cost Management - The difference in single-ticket net profit (excluding non-recurring items) between the company and Zhongtong has narrowed to less than 0.1 yuan [2][15] - In Q2 2025, the company's single-ticket net profit decreased by 22.8%, the smallest decline among major competitors [16] - The company's cost efficiency has improved, with the single-ticket transportation and sorting costs decreasing significantly over the years [29][31] Industry Trends and Future Outlook - The report highlights the potential for price and profit improvement in the industry, supported by historical trends from 2021 to 2022 [3][40] - The company is projected to achieve a net profit of 43.6 billion yuan in 2025, with a target price of 25.4 yuan, representing a potential upside of approximately 37% from the current price [48] - The report anticipates that the company will benefit from price elasticity as the industry moves away from "involution" competition [48]