2025 年 07 月 03 日 英派斯(002899.SZ) 联手李未可进军 AI 眼镜赛道， 开辟第二成长曲线 携手李未可布局 AI 眼镜，开辟业务新增长点 2024 年 10 月，英派斯发布公告，公司拟向杭州李未可科技有限公司 投资 1000 万元，专项用于其 Chat 系列 AI 眼镜及 S 系列 AR 眼镜等 产品的迭代升级。同时，双方计划共同设立合资公司，股权结构为英 派斯持股 40%、李未可科技持股 25%，该合资公司将专注于智能运动 装备的研发、生产及销售业务。此次合作旨在以 AI 智能眼镜为切入 点，打造骑行、健身等垂直场景的智能运动装备产品系列，为 C 端消 费者提供全新的产品形态和商业模式，创造公司的第二增长曲线。 AI 眼镜领航，开拓运动健康新蓝海 AI 眼镜市场成长潜力显著。根据 IDC 预测，2025 年全球智能眼镜出 货量将达 1205 万台，同比增长 18.3%。随着 Meta 等科技巨头加速布 局运动场景 AI 眼镜，推出适配骑行、滑雪等场景的创新产品，运动 健康监测和户外交互正逐渐成为 AI 眼镜的核心应用场景，这为专业 运动品牌创造了新的发展机遇。在此背景下，国内健身器材 ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 青岛啤酒 食品饮料 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） | 68.42 | | --- | --- | | 总股本/流通股本（亿股）13.64 | / 7.09 | | 总市值/流通市值（亿元）933 | / 485 | | 52 周内最高/最低价 | 81.67 / 53.96 | | 资产负债率(%) | 41.9% | | 市盈率 | 21.44 | | 第一大股东 | 香港中央结算(代理人) | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 青岛啤酒(600600) 深耕国内国际市场，坚定落 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-07-03 股票投资评级 买入|维持 个股表现 -10% 14% 38% 62% 86% 110% 134% 158% 182% 206% 230% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 中科海讯 国防军工 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） | 49.93 | | --- | --- | | 总股本/流通股本（亿股）1.18 / 1.14 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 49.93 / 13.61 | | 资产负债率(%) | 31.2% | | 市盈率 | -223.10 | | 宁波梅山保税港区中科 | | | 第一大股东 | 海讯科技投资合伙企业 | | (有限合伙) | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong ...

丨证券研究报告丨 公司研究丨点评报告丨宇通客车（600066.SH） [Table_Title] 宇通客车 6 月销量点评：销量压力逐步释放，出 口及新能源出口高增 报告要点 [Table_Summary] 公司发布 2025 年 6 月客车销量。宇通 6 月销售客车 5919 辆，同比+24.8%，环比+93.9%，其 中大中客车销量 4998 辆，同比+20.1%，环比+99.9%；2025 年 1-6 月共销售客车 2.1 万辆， 同比+3.7%，大中客销量 1.7 万辆，同比-4.8%。全球客车龙头，长期成长性较好+持续高分红 能力，凸显投资价值。国内市场，座位客车持续增长，"以旧换新"政策加码，促进新能源公交 增长；海外市场，全球化+高端化战略推进，出口凸显盈利水平，支撑公司业绩持续提升。 分析师及联系人 %% %% research.95579.com 1 宇通客车（600066.SH） cjzqdt11111 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Viewpoints - The recent expectations of anti-involution in the steel industry have increased, leading to a rebound in steel prices. The government is focusing on promoting a unified national market and addressing low-price competition, which is expected to alleviate downward pressure on steel prices and help industry profits return to reasonable levels [12][13]. - The company's profitability is closely tied to steel prices, with a pricing model based on steel prices plus processing fees. If steel prices stabilize and recover, the company's profitability per ton is expected to gradually improve [12][13]. - The company has made positive changes in sales and automation this year, achieving a year-on-year increase in orders through strategic adjustments and increased investment in intelligent manufacturing equipment [12][13]. - The company currently has a safety margin, and under conservative assumptions, its market value may represent a safe bottom. With the potential for mid-term improvements from automation and a recovery in steel prices, the company is seen as a high-performance and high-odds investment opportunity [12][13]. Summary by Sections Company Basic Data - Current stock price is 17.65 CNY, with a total share capital of 69,001 million shares and a net asset per share of 13.71 CNY. The highest and lowest prices in the last 12 months were 21.50 CNY and 10.68 CNY respectively [11]. Financial Projections - Projected total revenue for 2025 is 25,247 million CNY, with a gross profit of 2,688 million CNY, maintaining a gross margin of approximately 11% [17]. - The net profit for 2025 is estimated at 930 million CNY, with earnings per share (EPS) projected to be 1.35 CNY [17]. - The company is expected to see a significant increase in cash flow from operating activities, projected at 1,064 million CNY for 2025 [17].

核心观点 | 美的集团(股票代码:000333) | | --- | | | | 分析师 | 何伟 | | --- | | 省: 021-20257811 | | 区:hewei_yj@chinastock.com.cn | | 分析师登记编码：S0130525010001 | | 刘立思 | | 図: liulisi_yj@chinastock.com.cn | | 分析师登记编码：S0130524070002 | | 杨策 | | 网: yangce_yj@chinastock.com.cn | | 分析师登记编码：S0130520050005 | | 陆思源 | | 区: lusiyuan_yj@chinastock.com.cn | | 分析师登记编码：S0130525060001 | 公司点评 · 家用电器行业 行业景气下行,凸显公司稳增长与分红收益率 2025年07月02日 | 市场数据 | 2025 年 07 月 01 日 | | --- | --- | | 股票代码 | 000333 | | A 股收盘价(元) | 72.11 | | 上证指数 | 3,457.75 | | 总股本(万股) | ...

Investment Rating - The report initiates coverage on Xinjie Electric with a "Buy" rating, based on a target price of 67.64 RMB, reflecting a 2025 PE average of 38 times for comparable companies [1][6][8]. Core Views - Xinjie Electric is positioned as a leading domestic industrial control enterprise, with a solid foundation in PLC and servo systems. The company is actively expanding into semiconductor and humanoid robot sectors, which are expected to drive continued upward performance [1][19]. - The semiconductor sector has introduced the DL6 series direct-drive servo, targeting equipment like die bonders, and has established partnerships with clients such as Huaxing Yuan Chuang and Xinyi Chang. In the humanoid robot field, the company is developing core components and leveraging the Wuxi industrial cluster to accelerate growth [2][19]. - The company has a robust small PLC market presence, achieving a market share increase of 2.0 percentage points in 2024, ranking third in the domestic market. It is also expanding into mid-to-large PLCs, focusing on high-end manufacturing needs [3][20]. Summary by Sections Investment Highlights - The company has over 25 years of experience in the industrial control sector, leveraging its PLC technology to drive growth in servo systems and other products, forming a dual-driven business structure [19][25]. - The report emphasizes the company's proactive approach in emerging sectors, particularly in semiconductors and humanoid robots, which are expected to significantly enhance revenue potential [19][20]. Control Layer - Xinjie Electric has solidified its position in the small PLC market, with a focus on high cost-performance and rapid service, leading to a market share increase despite industry fluctuations [3][20]. - The company is actively developing mid-to-large PLCs, with a focus on new energy and semiconductor industries, and is investing in redundancy technology to enhance product offerings [3][20]. Drive Layer - The PLC and servo sales strategy has shown significant growth, with a compound annual growth rate (CAGR) of 31% from 2018 to 2024. The servo market share has increased to 3.7% in 2024, positioning the company as the second-largest in mainland China [4][20]. - The company is expanding its product matrix and enhancing its solution capabilities, with a current PLC to servo sales ratio of 1.5:1, indicating room for growth [4][20]. Financial Forecast - The report projects net profits for 2025-2027 to be 279.4 million, 339.5 million, and 406.17 million RMB, respectively, with a target price based on a 38 times PE ratio [6][12].

报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 公 司 研 究 / 公 司 点 评 商贸零售 2025 年 07 月 02 日 孩子王 (301078) ——净利润高增，多举措驱动新发展 | 市场数据： 2025 年 07 月 02 日 | | | --- | --- | | 收盘价（元） | 13.30 | | 一年内最高/最低（元） | 17.75/4.85 | | 市净率 | 4.2 | | 股息率%（分红/股价） | 0.53 | | 流通 A 股市值（百万元） | 16,687 | | 上证指数/深证成指 3,454.79/10,412.63 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.19 | | 资产负债率% | 56.32 | | 总股本/流通 A 股（百万） | 1,262/1,255 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-02 08-02 09-02 10-02 11-02 12-02 01-02 ...

公司深度报告 | 大连电瓷 日期：2025 年 07 月 02 日 大连电瓷（002606.SZ）：百年砥砺前行，助 力能源互联新征程 ——公司深度报告 报告副标题 ⚫ 核心观点 瓷绝缘子行业龙头，海外订单表现优异。公司始创于 1915 年，2011 年在深交 所正式上市。公司绝缘子产品矩阵完善，满足多国家行业标准。2024 年公司实 现营业收入 14.96 亿元，实现归母净利润 2.11 亿元，同比+303.3%，利润显著 改善。公司 2024 年新签海外订单约 7 亿元，海外地区收入同比+133.82%。 绝缘子是电力输送重要部件，不同材料应用场景各异。绝缘子是安装在不同电 位的导体或导体与接地构件之间，能够耐受电压和机械应力作用的器件。瓷绝 缘子凭借其化学性能稳定、抗老化性能强、机械和电气性能稳定，广泛应用。 当前多因素促进国内特高压建设加速：1）国内累计用电量、电网投资额持续提 升；2）电力资源供需不匹配，风光大基地外送在即。瓷绝缘子采购金额占比过 半，2025 年 1-2 批材料+设备共计 18.59 亿元，瓷绝缘子/复合绝缘子/玻璃绝缘 子占比分别约 60%/16%/23%。 公司瓷绝缘子龙头稳固 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 59.31 CNY, representing a 22% upside from the current price of 50.29 CNY [1][11][16]. Core Insights - The company is transitioning from a leading express delivery service to a comprehensive logistics provider, leveraging its strong operational capabilities and extensive logistics network to maintain a competitive edge in the high-end market [1][18]. - The report highlights the company's ability to reduce costs through resource integration and operational transformation, which has led to a steady improvement in profitability [1][3]. - The company is expected to achieve significant revenue growth driven by high demand in the logistics sector, with projected revenues of 318.56 billion CNY in 2025, reflecting a 12% year-on-year increase [9][10]. Financial Summary - Revenue projections for the company are as follows: 258.41 billion CNY in 2023, 284.42 billion CNY in 2024, 318.56 billion CNY in 2025, 349.37 billion CNY in 2026, and 376.84 billion CNY in 2027, with respective growth rates of -3.4%, 10.1%, 12.0%, 9.7%, and 7.9% [3][9]. - Net profit attributable to the parent company is forecasted to be 8.23 billion CNY in 2023, 10.17 billion CNY in 2024, 11.84 billion CNY in 2025, 13.64 billion CNY in 2026, and 15.34 billion CNY in 2027, with growth rates of 33.4%, 23.5%, 16.5%, 15.2%, and 12.4% respectively [3][9]. - The earnings per share (EPS) are projected to be 1.65 CNY in 2023, 2.04 CNY in 2024, 2.37 CNY in 2025, 2.73 CNY in 2026, and 3.07 CNY in 2027 [3][9]. Business Diversification - The company has diversified its operations from express delivery to a comprehensive logistics model, which includes express, freight, cold chain, and supply chain services, achieving a compound annual growth rate (CAGR) of 35.8% in emerging business segments from 2019 to 2024 [1][40][44]. - The report emphasizes the company's strong market position, with a 64% market share in high-end express delivery and 51% in mid-to-high-end economic delivery as of 2024 [1][26][28]. Cost Optimization and Profitability - The company has successfully implemented cost reduction strategies, achieving over 3.8 billion CNY in cost savings since 2021, with a projected gross margin of 13.8% in 2025 [1][3][50]. - The report indicates that the company's net profit margin is expected to improve, with a return on equity (ROE) forecasted to reach 11.0% in 2024, up from 8.9% in 2023 [3][51].