上 市 公 司 家用电器 2025 年 08 月 28 日 德尔玛 (301332) ——2025 年中报点评：25Q2 业绩符合预期，飞利浦水 健康收入保持双位数增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 10.81 | | 一年内最高/最低（元） | 12.95/8.00 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 1.39 | | 流通 A 股市值（百万元） | 2,864 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 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） | 6.26 | | 资产负债率% | 36.99 | | 总股本/流通 A 股（百万） | 462/265 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-2 ...

2025 年 08 月 28 日 宝钢股份 (600019) —— 2025 年半年报点评：业绩稳步增长，分红维持高位 报告原因：有业绩公布需要点评 买入（维持） 联系人 陈松涛 (8621)23297818× chenst@swsresearch.com | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 7.03 | | 一年内最高/最低（元） | 7.80/5.50 | | 市净率 | 0.8 | | 股息率%（分红/股价） | 2.99 | | 流通 A 股市值（百万元） | 153,128 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 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） | | 9.30 | | 资产负债率% | | 39.87 | | 总股本/流通 A 股（百万） | 21,782/21,782 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant year-on-year growth in performance, with a notable increase in overseas building materials sales [5][6] - The company's revenue for the first half of 2025 reached 8.19 billion yuan, representing a 49.0% increase year-on-year, while net profit attributable to shareholders increased by 63.9% to 750 million yuan [4][5] - The overseas building materials segment has been a key driver of growth, with revenue from this segment reaching 5.45 billion yuan, accounting for 66.5% of total revenue [5][6] Summary by Sections Revenue Performance - The company reported a substantial increase in revenue and net profit for the first half of 2025, with Q2 figures showing a 50.8% increase in revenue and a 178.5% increase in net profit [4][5] - The gross profit margin for the first half of 2025 was 29.3%, up 3.7 percentage points year-on-year, while the net profit margin was 13.9%, an increase of 3.8 percentage points [5] Overseas Building Materials - The production of ceramic products reached approximately 98 million square meters, a year-on-year increase of about 17.0%, with overseas building materials revenue growing by 90.1% [6] - The company has been expanding its production capacity in several African countries, with ongoing technical upgrades and new projects expected to enhance profitability further [6] Construction Machinery - The construction machinery segment generated revenue of 2.57 billion yuan, a decrease of 5.0% year-on-year, but maintained resilience in traditional markets while expanding into new regions [7] - The gross profit margin for this segment improved to 26.2%, up 1.3 percentage points year-on-year [7] Lithium Industry - The company's stake in Blue Lithium Industry saw a significant increase in net profit margin from 18.8% to 31.0%, despite a decline in revenue due to price impacts [8] - The expected rise in lithium prices may provide upward momentum for the company's performance [8] Financial Forecasts - The company forecasts net profits of 1.52 billion yuan, 1.68 billion yuan, and 1.84 billion yuan for 2025, 2026, and 2027 respectively [9] - Revenue is projected to grow from 12.6 billion yuan in 2024 to 19.8 billion yuan in 2027, with a compound annual growth rate of approximately 14.94% [9]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown significant improvement in profits in Q2 2025, with a notable recovery in net profit compared to Q1 2025 [1][10]. - The chairman's active involvement in management is expected to drive positive changes in the company's performance in the second half of the year [10]. - The company is undergoing a transformation towards an "efficiency-oriented" approach, which has led to a significant reduction in sales expense ratios [9][10]. Financial Performance Summary - For the first half of 2025, the company reported revenues and net profits of 2.26 billion and 220 million yuan, respectively, reflecting year-on-year declines of 19.6% and 35.4% [4]. - Q2 2025 saw revenues and net profits of 1.18 billion and 120 million yuan, with a year-on-year decline of 18.4% in revenue but a 20.9% increase in net profit [4]. - The company's gross margin for the first half of 2025 was 71.0%, down 3.5 percentage points year-on-year [8]. Business Segment Performance - The raw materials segment showed resilience, with revenue of 630 million yuan, a slight decline of 0.6% year-on-year, while the medical terminal products segment generated 670 million yuan, down 9.4% [5]. - The skin science innovation transformation business experienced a significant decline of 34.0% in revenue, totaling 910 million yuan, while the nutrition science innovation transformation business grew by 32.4% to 40 million yuan [5]. - The company launched several new medical aesthetic products in 2025, contributing to a diversified product matrix [6]. Market Outlook - The company is expected to return to a positive growth trajectory, with revenue forecasts adjusted to 4.825 billion, 5.631 billion, and 6.735 billion yuan for 2025, 2026, and 2027, respectively [11]. - The report anticipates that the company's earnings per share (EPS) will be 0.98, 1.23, and 1.66 yuan for 2025, 2026, and 2027, respectively [11]. - The chairman's plan to increase shareholding by 200 to 300 million yuan within six months reflects confidence in the company's future development [11].

A 股：买入（维持） 当前价：41.66 元人民币 H 股：买入（维持） 2025 年 8 月 28 日 公司研究 新业务价值增幅走阔，OCI 股票占比显著提升 ——中国人寿（601628.SH、2628.HK）2025 年半年报点评 当前价：23.88 港币 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com | 市场数据（A 股） | | | --- | --- | | 总股本(亿股) | 282.65 | | 总市值(亿元)： | 11775.08 | | 一年最低/最高(元)： | 32.37/50.88 | | 近 3 月换手率： | 7.2% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -8.5 | -4.9 | -3.7 | | 绝对 | -2.4 | 9.4 | 29.0 | 资料来 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 学大教育(000526) [Table_S 事件：25ummar H1，公司实现收入 y] 19.2 亿元、同增 18.3%、实现归母净利润 2.3 亿元、同增 42.2%，实现扣非后净利润 2.1 亿元、同增 39.1%。 点评： 相关研究 [Table_OtherReport] 24 年报&25Q1 点评：开启快速扩张进 程 | | 买入 | | --- | --- | | 投资评级 | | [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 25H1 点评：业绩靓丽，盈利能力提升 [Table_ReportDate] 2025 年 08 月 28 日 学大教育：个性化教育开创者，多元 化布局展新颜 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 | [Table_Prof ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 宸展光电(003019.SZ) 投资评级 上次评级 [Table_A 宿一赫 uthor 中小市值] 首席 执业编号：S1500524080004 联系电话：15721449682 邮 箱：suyihe@cindasc.com 张洪滨 中小市值研究助理 联系电话：18916616659 邮 箱：zhanghongbin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 宸展光电2025年半年报点评：三大业务协同发展， 切入加密支付新场景 [Table_ReportDate] 2025 年 8 月 28 日 [Table_S 事件：公司披露 ummary] 2025 年半年报。2025H1 公司实现营收 11.96 亿元，同比 -8.64%；实现归母净利润 1.12 亿元，同比-13.85%；实现扣非归母净利润 0.90 亿元，同比-26.63%。 点评 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 169.5 CNY [1]. Core Insights - The company reported a significant increase in performance driven by AI, achieving a revenue of 10.453 billion CNY in the first half of 2025, representing a year-over-year growth of 25.63%, and a net profit attributable to shareholders of 1.36 billion CNY, up 37.75% year-over-year [5][6]. - The overall gross margin and net margin for the first half of 2025 were 26.28% (up 0.08 percentage points YoY) and 13.02% (up 1.16 percentage points YoY), respectively [6]. - The PCB business saw a revenue of 6.274 billion CNY, a 29.21% increase year-over-year, accounting for 60.02% of total revenue, with a gross margin of 34.42% (up 3.05 percentage points YoY) [6]. - The IC substrate business generated 1.740 billion CNY in revenue, a 9.03% increase year-over-year, while the electronic assembly business achieved 1.478 billion CNY, up 22.06% year-over-year [6]. - The company is actively advancing the construction of new projects in Thailand and Nantong, which will support future business expansion [6]. Financial Summary - The company’s revenue is projected to grow from 13.526 billion CNY in 2023 to 35.537 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 25% [8]. - Net profit is expected to increase from 1.398 billion CNY in 2023 to 4.762 billion CNY in 2027, reflecting a strong growth trajectory [8]. - The gross margin is anticipated to improve from 23.4% in 2023 to 27.0% by 2027, while the net margin is expected to rise from 10.3% to 13.4% over the same period [8]. - The company’s return on equity (ROE) is projected to increase from 10.6% in 2023 to 21.6% by 2027 [8]. Business Segmentation - The PCB segment is the largest contributor to revenue, followed by the IC substrate and electronic assembly segments, indicating a diversified business model [6][10]. - The company is focusing on enhancing its capabilities in the IC substrate business, particularly in high-end DRAM products and processor chip applications, which are expected to drive future growth [10]. Investment Recommendation - Based on the latest financial results and capacity expansion progress, the profit forecast for the company has been slightly upgraded, with expected net profits of 2.856 billion CNY, 3.815 billion CNY, and 4.762 billion CNY for 2025, 2026, and 2027, respectively [10]. - The company is expected to benefit from the domestic substitution of semiconductor substrates, and the current valuation supports a "Recommended" rating [10].

2025 年 08 月 28 日 康缘药业(600557.SH) 创新药研发加速，多个产品有望取得关 键临床进展 事件及观点：公司发布 2025 年中报。我们认为，公司短期内业 绩承压核心在于去年同期高基数及中药领域部分外部因素影响， 后续影响有望弱化；且公司未来创新药看点丰富，包括下一代乙 酰胆碱酯酶抑制剂氟诺哌齐、三靶点减重药 ZX2021 及双靶点减 重药 ZX2010 等产品后续有望陆续读出临床数据，后续催化剂较 多。 业绩情况：2025 年上半年公司实现营业收入 16.42 亿元，同比 下滑 27.36%，归母净利润 1.42 亿元，同比下滑 46.36%，经营性 现金流量净额 1.44 亿元。主业下滑主要在于去年同期高基数影 响，叠加宏观环境及医药行业政策影响公司呼吸、心脑疾病领域 药品终端市场需求出现波动。业绩虽有所承压，但在销售端，公 司持续推进营销改革，品种端，公司独家品种数量丰富，并推进 存量产品新适应症开发及创新中药布局，上半年玉女煎颗粒（用 于胃热阴虚证）、淫羊藿总黄酮胶囊（血管性痴呆适应症）、固本 消疹颗粒（用于慢性自发性荨麻疹卫表不固证）、连参更年颗粒（用 于更年期综合征（阴虚火旺 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.235 billion yuan for H1 2025, a year-on-year decrease of 17.22%, with a net profit attributable to the parent company of 242 million yuan, down 19.58% year-on-year [2] - Domestic revenue for H1 2025 was 810 million yuan, reflecting a decline of 25.79% year-on-year, primarily due to weak downstream demand [3] - The company achieved overseas revenue of 425 million yuan in H1 2025, an increase of 6.12% year-on-year, indicating robust growth in international markets [3] Summary by Sections Performance Review - In H1 2025, the company achieved total revenue of 1.235 billion yuan, down 17.22% year-on-year, and a net profit of 242 million yuan, down 19.58% year-on-year [2] - Q2 2025 saw revenue of 581 million yuan, a decrease of 27.50% year-on-year, with a net profit of 110 million yuan, down 31.07% year-on-year [2] Operational Analysis - Domestic revenue faced pressure, with a reported 810 million yuan in H1 2025, down 25.79% year-on-year, attributed to weak demand [3] - The domestic gross margin for H1 2025 was 27.80%, a decline of 2.08 percentage points year-on-year [3] - The company is optimistic about overseas growth, with a gross margin of 39.93% in H1 2025, an increase of 3.67 percentage points year-on-year [3] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 2.536 billion yuan, 2.829 billion yuan, and 3.207 billion yuan respectively, with net profits expected to be 484 million yuan, 561 million yuan, and 663 million yuan [5] - The company is focusing on automation upgrades in furniture manufacturing, which is expected to enhance market share [4]