证券研究报告 | 公司点评报告 2025 年 09 月 11 日 航天电子（600879.SH） 业绩短期承压，无人系统业务扩张 中游制造/军工 公司发布 2025 年半年度业绩报告，报告期内公司收入 58.22 亿元，同比减少 24.51%；归母净利润 1.74 亿元，同比减少 30.37%；扣非归母净利润 1.51 亿 元，同比下降 18.90%。 ❑ 风险提示：军品采购订单出现波动，市场竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 18727 | 14280 | 15959 | 19421 | 22788 | | 同比增长 | 7% | -24% | 12% | 22% | 17% | | 营业利润(百万元) | 589 | 674 | 794 | 1027 | 1224 | | 同比增长 | -12% | 14% | 18% | 29% | 19% | | 归母净利润(百万元) | 525 | 548 | 642 | 82 ...

市公司 同研究人公司深 2025 年 09 月 11 日 兆易创新 (603986) -本土多元芯片设计领军, AI 与汽车电子重绘成长曲 线 报告原因:首次覆盖 ar (首次评级) | 市场数据: 2025年09月10日 | | --- | | 收盘价（元) 161.29 | | 188.00/64.13 一年内最高/最低（元） | | 市净率 6.2 | | 股息率%（分红/股价） 0.21 | | 流通 A 股市值(百万元) 107,420 | | 上证指数/深证成指 3,812.22/12,557.68 | | 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) | 25.96 | | 资产负债率% | 11.94 | | 总股本/流通 A 股 (百万) | 666/666 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大部对 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresea ...

海力风电(301155) 公司研究/公司点评 海风景气度上行，25Q2 业绩环比改善 ——海力风电首次覆盖报告 ◼ 核心观点 事件：公司发布 2025 年半年度报告：2025H1 公司实现营收 20.30 亿 元，同比+461.08%；实现归母净利润 2.05 亿元，同比+90.61%。 2025Q2公司实现业绩同比/环比高速增长。2025Q2公司实现营收15.93 亿元，同比+570.63%/环比+264.99%；实现归母净利润 1.41 亿元，同 比+315.82%/环比+121.16%。 受益海上风电项目开工量回升，公司产品量利齐升。根据国家能源局 的数据，2025H1 国内海上风电新增并网容量 2.49GW，同比+200%。 2025H1 公司桩基/风电塔筒/导管架业务收入分别为 15.64/2.92/1.36 亿 元，同比分别+1092.63%/+124.14%/+84.94%。2025H1 公司桩基/风电 塔筒/导管架业务毛利率分别为 16.30%/11.91%/19.44%，同比分别 +10.79/+18.39/+23.19pct。2025H1 公司整体毛利率 17.04%，同比 +15.16p ...

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 09 月 11 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 联系人 市场表现： | 基本数据 | | | 2025 | 年 | 09 | 月 | 09 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 14.39 | | | 一 年 内 / 最 | 最 | 高 | 低 | | | | | | | （元） | | | | | | | 18.82/4.83 | | | 总市值（百万元） | | | | | | | 2,022.02 | | | 流通市值（百万元） | | | | | | | 866.03 | | | 总股本（百万股） | | | | | | | 140.52 | | | 资产负债率（%） | | | | | | | 34.42 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first half of 2025 reached 3.794 billion yuan, a year-on-year increase of 13.09%, while net profit attributable to shareholders was 602 million yuan, up 70.96% year-on-year [1]. - The significant growth in profit is attributed to the high increase in energy storage inverter shipments, optimization of customer structure, and ongoing cost reduction efforts [1]. - The revenue from energy storage inverters surged to 790 million yuan, reflecting a year-on-year growth of 313.51%, with a gross margin of 30.27%, an increase of 2.69 percentage points [1]. - The company plans to issue convertible bonds to raise no more than 1.677 billion yuan for projects related to distributed photovoltaic power stations and high-voltage, high-power grid-connected inverters [2]. - The expected revenue for 2025-2027 is projected to be 8.302 billion yuan, 9.819 billion yuan, and 11.283 billion yuan, representing year-on-year growth rates of 26.9%, 18.3%, and 14.9% respectively [3]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 3.794 billion yuan in the first half of 2025, with a net profit of 602 million yuan, marking significant year-on-year growth [1]. - The gross margin for grid-connected inverters was 26.12%, up 7.62 percentage points year-on-year, while the gross margin for energy storage inverters was 30.27% [1]. Market Expansion and Future Prospects - The company is expected to enhance its production capacity significantly with the new projects, which will strengthen its competitive position in the inverter and distributed power station markets [2]. - The anticipated revenue growth for the next three years indicates a robust upward trend in the company's financial performance [3]. Financial Forecast - The forecasted net profit for 2025 is 1.187 billion yuan, with a year-on-year growth of 71.7%, and projected profits for 2026 and 2027 are 1.483 billion yuan and 1.789 billion yuan respectively [3].

Investment Rating - The report maintains a "Strong Buy" rating for Tongkun Co., Ltd. (601233) [1] Core Views - The company reported a revenue of 44.158 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.93% year-on-year [1] - In Q2 2025, the company achieved a revenue of 24.738 billion yuan, down 8.73% year-on-year but up 27.38% quarter-on-quarter, with a net profit of 486 million yuan, a slight increase of 0.04% year-on-year but a decrease of 20.54% quarter-on-quarter [1] - The long filament production capacity is fully utilized, with an operating rate of 96.3% in Q2 2025, and sales volume increased by 5% year-on-year and 38.2% quarter-on-quarter [7] - The report highlights that the supply-demand dynamics in the long filament industry are continuously improving, with expectations for profit margins to rise in the long term [7] Financial Summary - Total revenue for 2024 is projected at 101.307 billion yuan, with a year-on-year growth rate of 22.6%, while for 2025, it is expected to decrease to 97.086 billion yuan, reflecting a decline of 4.2% [3] - The net profit attributable to shareholders is forecasted to grow significantly from 1.202 billion yuan in 2024 to 2.167 billion yuan in 2025, representing a growth rate of 80.3% [3] - The earnings per share (EPS) is expected to increase from 0.50 yuan in 2024 to 0.90 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 16 times [3] Market Position and Valuation - The company is positioned as a leader in the long filament industry, with a total production capacity of 13.5 million tons for polyester filament and 10.2 million tons for PTA [7] - The target price for the stock is set at 18.9 yuan, with the current price at 14.62 yuan, indicating a potential upside [3] - The report suggests that the stock price does not fully reflect the profitability potential of the petrochemical segment, which is significantly undervalued [7]

Investment Rating - The report assigns an initial investment rating of "Buy" for the company, indicating a positive outlook based on its growth potential in the automotive electronics and AI server sectors [5][51]. Core Insights - The company has a strong foundation in the PCB industry, with over 40 years of experience, and is well-positioned to benefit from the rapid expansion of AI server demand and the growth of automotive electronics [11][50]. - The company has established deep partnerships with major clients like Tesla, which significantly contributes to its revenue growth, particularly in the electric vehicle sector [39][50]. - The report highlights the company's ongoing capacity expansion, including a new factory in Thailand expected to commence operations by the end of 2025, which will enhance its production capabilities for AI servers [7][24]. Summary by Relevant Sections Financial Performance - The company achieved a revenue of 50.22 billion yuan in 2024, representing an 11.13% year-on-year growth, and a net profit of 6.75 billion yuan, up 36.17% year-on-year, marking a historical high [18][50]. - Forecasts for 2025 project revenues of 63.78 billion yuan and net profits of 10.05 billion yuan, with respective growth rates of 27.00% and 48.91% [6][51]. Market Position and Strategy - The company has diversified its product offerings across various sectors, including automotive, energy storage, consumer electronics, and servers, with a significant focus on high-value products [9][50]. - The automotive sector is expected to see a revenue growth of 20% annually from 2025 to 2027, driven by increasing demand for electric vehicles [50][51]. Industry Trends - The global AI server market is projected to grow from 125.1 billion USD in 2024 to 222.7 billion USD by 2028, indicating a compound annual growth rate (CAGR) of approximately 15.5% [10][28]. - The report emphasizes the increasing electronic content in electric vehicles, which is expected to drive demand for PCBs significantly, with the average PCB usage in electric vehicles being 5-8 square meters, compared to 0.6-3 square meters in traditional vehicles [37][38]. Competitive Landscape - The company is compared with peers such as Huadian Technology, Jingwang Electronics, and Shennan Circuit, with a projected price-to-earnings (P/E) ratio of 29.18 for 2025, significantly lower than the average P/E of 37.16 for comparable companies [8][52]. - The report notes that the company has successfully entered the supply chains of major players like NVIDIA and AMD, enhancing its competitive position in the AI server market [10][33].

Investment Rating - The report assigns an "Add-A" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company has demonstrated a strong growth trajectory, with total revenue for the first half of 2025 reaching 2.941 billion yuan, a year-on-year increase of 19.58%. The second quarter alone saw revenue of 1.403 billion yuan, up 13.54% year-on-year [4]. - The main driver of growth is the "big devil" magic yam product, which generated 791 million yuan in revenue during the first half of 2025, reflecting a remarkable year-on-year increase of 155.10% [5]. - The company is focusing on optimizing its product mix and has made significant progress in diversifying its sales channels, with a notable increase in revenue from distribution channels [5]. Financial Performance - The company reported a net profit attributable to shareholders of 373 million yuan for the first half of 2025, representing a year-on-year growth of 16.70%. The adjusted net profit reached 334 million yuan, up 22.50% year-on-year [4]. - The company's gross margin has been affected by rising costs, with a slight decline in gross margin to 29.6% for 2025, but there are signs of recovery in the second quarter [6]. - The projected earnings per share (EPS) for 2025-2027 are 2.88 yuan, 3.66 yuan, and 4.42 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.1, 19.7, and 16.3 [7]. Revenue Projections - The company is expected to achieve revenues of 6.226 billion yuan, 7.272 billion yuan, and 8.455 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.4%, 16.8%, and 16.3% [7][9].

证券研究报告 | 公司点评报告 2025 年 09 月 11 日 振华风光（688439.SH） 业绩短期承压，新品充足未来可期 中游制造/军工 公司发布 2025 年半年度业绩报告，报告期内公司营业收入 4.65 亿元，同比下 降 23.90%；归属于上市公司股东的净利润为 6237.38 万元，同比下降 73.03%； 归属于上市公司股东的扣除非经常性损益的净利润 5190.16 万元，同比下降 76.07%。 财务数据与估值 基础数据 | 总股本（百万股） | 200 | | --- | --- | | 已上市流通股（百万股） | 200 | | 总市值（十亿元） | 11.0 | | 流通市值（十亿元） | 11.0 | | 每股净资产（MRQ） | 24.8 | | ROE（TTM） | 3.1 | | 资产负债率 | 9.3% | | 主要股东 中国振华电子集团有限公司 | | | 主要股东持股比例 | 40.12% | 股价表现 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price corresponding to a PE of 34.7X and 26.6X for 2025 and 2026 respectively [2][4]. Core Views - The company has entered an operational turning point, driven by the dual engines of data centers and household energy storage, with an upward trend expected. As a leading player in the domestic data center market, the company is set to benefit directly from the global expansion of intelligent computing capital expenditures. Although the solar storage business faces revenue pressure due to reliance on major clients and an industry downturn in 2024, a gradual recovery is anticipated as the market rebounds [1][6]. Financial Data and Valuation - Total revenue for 2023 is projected at 5,440 million, with a year-on-year growth of 24%. However, a decline of 24% is expected in 2024, followed by a recovery with growth rates of 16%, 21%, and 20% in 2025, 2026, and 2027 respectively [3][21]. - Operating profit is expected to be 1,018 million in 2023, with a significant drop to 469 million in 2024, before recovering to 690 million in 2025 and reaching 1,035 million by 2027 [3][21]. - The net profit attributable to the parent company is forecasted to be 845 million in 2023, declining to 394 million in 2024, and then recovering to 579 million in 2025, with further growth to 869 million by 2027 [3][21]. - The company’s earnings per share (EPS) is projected to be 1.45 in 2023, dropping to 0.68 in 2024, and then increasing to 0.99 in 2025 [3][22]. Business Performance - In the first half of 2025, the company reported revenue of 2,163 million, a year-on-year increase of 14.35%, with a net profit of 255 million, up 16.49% year-on-year. The gross profit margin was 28.99%, reflecting a decrease of 3.01 percentage points [6][9]. - The data center business generated revenue of 1,329 million in the first half of 2025, with a year-on-year growth of 7.89%. The gross margin for this segment was 33.26% [6][9]. - The renewable energy business achieved revenue of 813 million in the first half of 2025, marking a year-on-year increase of 26.38%, although it faced short-term fluctuations due to inventory issues with European clients [6][9]. Market Position and Strategy - The company has established itself as a key supplier for major internet clients such as ByteDance, Alibaba, and JD.com, indicating strong market positioning [6][9]. - The introduction of integrated cooling solutions for high-density scenarios, such as the AquaCube series, highlights the company's innovation in addressing market needs [6][9]. - The company is accelerating its overseas expansion, particularly in the UPS market, which is expected to enhance its prospects in the HVDC segment [6][9].