Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has a rich accumulation of core semiconductor IP and has achieved a historical high in its order backlog [9][10] - The company reported a revenue of 974 million yuan in the first half of 2025, representing a year-on-year growth of 4.49%, but incurred a net loss attributable to shareholders of 320 million yuan [5][9] - The company’s order backlog reached 3.025 billion yuan by the end of Q2 2025, marking a year-on-year increase of 569 million yuan and a quarter-on-quarter increase of 23.17% [9][10] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.896 billion yuan, 4.278 billion yuan, and 5.807 billion yuan respectively, with corresponding price-to-sales (P/S) ratios of 26.0X, 17.6X, and 13.0X based on the closing price on August 26 [10] - The company’s gross margin for the first half of 2025 was 43.32%, down 1.09 percentage points year-on-year, while the net margin was -32.85%, down 2.29 percentage points year-on-year [9] - The company’s R&D expenses accounted for a significant portion of its operating costs, with a rate of 62.85% in the first half of 2025 [9] Order and Business Development - The company has maintained a high level of order backlog for seven consecutive quarters, with new orders signed in Q2 2025 amounting to 1.182 billion yuan, a nearly 150% increase quarter-on-quarter [9][10] - The one-stop chip customization business accounts for nearly 90% of the order backlog, with an expected conversion rate of approximately 81% within a year [10] Market Position and Product Offering - The company’s NPU IP has been adopted by 91 clients for over 140 AI chip models, with nearly 200 million AI chips shipped globally [10] - The company’s core processor IP includes GPU IP, NPU IP, VPU IP, DSP IP, ISP IP, and Display Processing IP, which are widely used by well-known domestic and international companies [10]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on growth metrics and strategic initiatives. Core Insights - The company reported a revenue of 4.044 billion yuan for the first half of 2025, representing a year-on-year increase of 8.7%, with a net profit of 190 million yuan, up 11.0% [1] - The company is focusing on diversified product categories and global supply chain procurement, enhancing its logistics and distribution efficiency [2][3] - The company has made significant progress in optimizing its supply chain, with 50% of its production capacity for the U.S. market now sourced from Southeast Asia, mitigating tariff impacts [5] Financial Performance - In 2025H1, the company achieved a gross margin of 34.7%, with operating expenses showing a slight increase in sales and management costs [4] - The company expects net profits to grow to 370 million yuan in 2025, with projected earnings per share (EPS) of 0.92 yuan [6][8] - The company’s revenue is forecasted to reach 9.304 billion yuan in 2025, with a year-on-year growth rate of 14.5% [8] Product and Market Expansion - The company’s furniture and home products generated revenues of 2.121 billion yuan and 1.440 billion yuan respectively in 2025H1, with growth rates of 11.9% and 7.9% [2] - The European market accounted for 64.1% of the company’s revenue, with a year-on-year growth of 12.8%, while North America showed a modest growth of 1.9% [2] - The company is strategically investing in emerging markets like Australia and Turkey to expand its market presence [2] Operational Efficiency - The logistics and distribution model has been optimized, transitioning from a single warehouse model to a network of central and regional warehouses, enhancing delivery efficiency [3] - The company has locked in shipping rates for 2025, ensuring cost control and stable shipping capacity [3] Future Outlook - The company anticipates a recovery in profit margins and operational capabilities, with a projected net profit of 608 million yuan by 2027 [6][8] - The company is expected to maintain a price-to-earnings (P/E) ratio of 21.8X in 2025, decreasing to 13.2X by 2027, indicating a favorable valuation trend [6][8]

证券研究报告：传媒 | 公司点评报告 股票投资评级 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） | 41.90 | | --- | --- | | 总股本/流通股本（亿股）12.55 / 12.54 | | | 总市值/流通市值（亿元）526 / 526 | | | 52 周内最高/最低价 | 49.94 / 25.70 | | 资产负债率(%) | 17.9% | | 市盈率 | -32.23 | | 第一大股东 | 新余盈瑞世纪软件研发 | | 中心(有限合伙) | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 昆仑万维(300418) 收入高增延续，关注 AI 算力芯片领域布局 ⚫ 事件回顾 2025 年 8 月 22 日，公司发布 2025 年半年报，2025 上半年，公 司实现营业收入 37.33 亿元，同比增长 49.23%；归母净利润-8.56 亿 元，同比减少 119.86%；扣非后归母净利润-8.59 亿元，同比减少 110.91%。2025Q2，公司实现营业收入 19.69 亿 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][11]. Core Views - The company achieved a revenue of 1.954 billion yuan in the first half of 2025, representing a year-on-year growth of 54.25%, while the net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [2][6]. - In Q2 2025, the company reported a revenue of 1.245 billion yuan, a year-on-year increase of 56.64%, and a net profit of 241 million yuan, which is a significant year-on-year growth of 103.37% [2][6]. - The improvement in Q2 gross margin to 38.82% reflects a recovery in profitability, following a lower margin of 19.89% in Q1 due to high costs associated with new product validation [6][7]. - The company is successfully optimizing its customer structure and increasing market penetration, with contract liabilities reaching 4.536 billion yuan, up 52.07% from the end of 2024, indicating a solid order backlog [6][7]. Financial Summary - Revenue projections for 2025-2027 are 5.590 billion yuan, 7.050 billion yuan, and 8.868 billion yuan, respectively, with year-on-year growth rates of 36.2%, 26.1%, and 25.8% [5][9]. - Net profit estimates for the same period are 958 million yuan, 1.357 billion yuan, and 1.824 billion yuan, with corresponding growth rates of 39.2%, 41.7%, and 34.5% [5][9]. - The company's gross margin is expected to improve from 44.0% in 2025 to 47.1% by 2027, while the net margin is projected to increase from 17.1% to 20.6% over the same period [5][9]. - The report highlights a strong competitive position in the semiconductor equipment sector, with a focus on advanced deposition and bonding equipment, indicating significant growth potential [7][9].

Investment Rating - The report maintains an "Overweight" rating for the company in both A-shares and H-shares [6][8]. Core Insights - The company achieved significant revenue and net profit growth in the first half of 2025, with revenue reaching CNY 119.76 billion, a year-on-year increase of 33.0%, and net profit attributable to shareholders of CNY 7.25 billion, up 72.5% [2]. - The railway equipment business saw a revenue increase of 42.2% year-on-year, driven by a recovery in passenger demand and growth in the high-speed train segment [3]. - The company secured new orders worth CNY 146 billion in the first half of 2025, reflecting a stable growth trend in its order book [4]. - Large-scale tenders for high-speed trains and locomotives have opened up market opportunities, with the National Railway Group planning to significantly increase high-speed rail mileage by 2035 [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of CNY 119.76 billion, a 33.0% increase year-on-year, and a net profit of CNY 7.25 billion, reflecting a 72.5% growth [2]. - The gross margin improved to 21.8%, up 0.4 percentage points, while the net margin increased to 7.4%, up 1.3 percentage points [2]. Business Segments - The railway equipment segment generated CNY 59.71 billion in revenue, with notable growth in various categories: locomotives (19.8%), passenger cars (66.8%), and freight cars (74.3%) [3]. - New industries, particularly clean energy equipment, contributed CNY 40.73 billion, marking a 35.6% increase [3]. Orders and Market Outlook - The company signed new orders totaling CNY 146 billion in H1 2025, with overseas orders amounting to CNY 30.9 billion [4]. - The National Railway Group's plans for extensive tenders in high-speed trains and locomotives are expected to benefit the company's business significantly [5]. Earnings Forecast - The report forecasts net profits of CNY 13.57 billion, CNY 14.74 billion, and CNY 15.85 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of CNY 0.47, CNY 0.51, and CNY 0.55 [6][7].

2025 年 8 月 27 日 公司研究 1H25 营收利润双增，积极扩产持续增强配套能力 ——博俊科技（300926.SZ）2025 年半年报点评报告 要点 1H25 业绩符合预期，营收利润双增：1H25 公司总收入同比+45.8%至 25.1 亿 元（vs. 约占我们原全年预测的 42%），归母净利润同比+52.0%至 3.5 亿元（vs. 约占我们原全年预测的 44%）；其中，2Q25 公司收入同比+52.7%/环比+28.4% 至 14.1 亿元，归母净利润同比+55.0%/环比+36.0%至 2.0 亿元。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,600 | 4,227 | 5,947 | 6,980 | 7,490 | | 营业收入增长率 | 86.96% | 62.55% | 40.70% | 17.36% | 7.32% | | 归母净利润（百万元） | 309 | 613 | 805 | 937 | 1,005 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][6][13]. Core Views - The company reported a 7% year-on-year increase in revenue for H1 2025, reaching 2.96 billion yuan, and a 26% increase in net profit to 272 million yuan, with a notable 29% growth in net profit excluding non-recurring items [1]. - The company is a leading player in the vehicle charging machine industry, with a market share of 17.2% in the passenger car onboard charger market in China, despite a slight decline from the previous year [2]. - The company is focusing on integrated product development, particularly in electric drive systems, which saw a 13% increase in revenue to 321 million yuan in H1 2025 [2]. - The gross margin improved to 23.04% in Q2 2025, reflecting effective cost control and an increase in high-value product shipments [3]. - The company is expanding its global footprint, with successful production and supply agreements with international automotive clients [3]. Summary by Sections Financial Performance - H1 2025 revenue was 2.96 billion yuan, a 7% increase year-on-year, with Q2 revenue at 1.607 billion yuan, up 14% year-on-year and 19% quarter-on-quarter [1]. - H1 2025 net profit reached 272 million yuan, a 26% increase year-on-year, with Q2 net profit at 171 million yuan, up 69% year-on-year and 70% quarter-on-quarter [1]. Market Position - The company holds a 17.2% market share in the onboard charger market for passenger vehicles in China, ranking second, and a 25.6% share in the third-party supply market, maintaining the top position since 2020 [2]. - The company is developing next-generation integrated electric drive systems, with a focus on high-voltage and multifunctional products [2]. Profitability and Cost Management - The gross margin for Q2 2025 was 23.04%, an increase of 1.11 percentage points year-on-year and 5.15 percentage points quarter-on-quarter, driven by lean production management [3]. - R&D investment for H1 2025 was 202 million yuan, a 13.11% increase year-on-year, with a focus on product integration and new material applications [3]. Global Expansion - The company has successfully obtained land use permits for its production base in Thailand, enhancing its global operational capabilities [3]. - It has established long-term supply relationships with major international automotive manufacturers, including Stellantis, Renault, Aston Martin, and Ferrari [3].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 66.97 million yuan for the first half of 2025, representing a year-over-year increase of 10.26%. The net profit attributable to the parent company was a loss of 139 million yuan, an improvement from a loss of 201 million yuan in the same period last year. The gross margin increased by 3.28 percentage points to 84.79%, with effective cost control contributing to better-than-expected performance [3][4]. - The core product, Contizolam tablets, is expanding its market presence, covering 580 hospitals nationwide, with 180 hospitals officially approved for bulk procurement. Additionally, 11 post-marketing research projects are underway to explore the clinical efficacy of Contizolam in various infection scenarios [3]. - The water-soluble prodrug MRX-4 completed its Phase III clinical trial in China by the end of 2024 and successfully received NDA acceptance in the first half of 2025. It is expected to be approved for market by the end of 2026, which will significantly enhance the company's sales potential [3]. Financial Performance - The company achieved a net cash outflow from operating activities of 121 million yuan in the first half of 2025, a reduction of 108 million yuan compared to the same period last year. The company has effectively managed expenses, with sales expenses decreasing by 7.97%, management expenses by 4.62%, and research and development expenses by 29.94% [4]. - The revenue projections for 2025 to 2027 have been revised upward, with expected net losses of 241 million yuan, 205 million yuan, and 121 million yuan respectively, compared to previous estimates of 377 million yuan, 288 million yuan, and 187 million yuan [4]. Profitability and Valuation - The company is positioned uniquely in the antibacterial drug sector, with a projected revenue growth rate of 28.34% in 2025, 42.55% in 2026, and 44.39% in 2027. The estimated net profit margins are expected to improve gradually over the forecast period [5][10]. - The report provides a summary of key financial metrics, including projected revenues and net profits, indicating a gradual recovery in profitability despite ongoing losses [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 15.8 yuan [1]. Core Views - The company reported a slight revenue increase of 0.5% year-on-year for the first half of 2025, achieving 1.31 billion yuan, while the net profit decreased by 1.7% to 440 million yuan. In Q2 alone, revenue grew by 7.6% year-on-year to 600 million yuan, although net profit fell by 4.6% to 170 million yuan [1][5]. - The report highlights that the company is focusing on enhancing its marketing efforts and product optimization to drive growth, especially in the context of a low base in the second half of the year. The company aims to achieve revenue growth through industry acquisitions and marketing reforms [5][6]. Financial Summary - **Revenue Forecasts**: - 2024A: 2,387 million yuan - 2025E: 2,468 million yuan (3.4% growth) - 2026E: 2,602 million yuan (5.4% growth) - 2027E: 2,764 million yuan (6.2% growth) [1][10] - **Net Profit Forecasts**: - 2024A: 799 million yuan - 2025E: 822 million yuan (2.8% growth) - 2026E: 866 million yuan (5.3% growth) - 2027E: 927 million yuan (7.1% growth) [1][10] - **Earnings Per Share (EPS)**: - 2024A: 0.69 yuan - 2025E: 0.71 yuan - 2026E: 0.75 yuan - 2027E: 0.80 yuan [1][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 22.2 times [1][5]. Market Performance - The company has shown a slight improvement in revenue growth in Q2 compared to previous quarters, with a focus on enhancing its market presence through increased promotional spending and product placement strategies [5][6].

➢ 核心看点：①矿服板块斩获新订单，有望继续稳健增长，高毛利率海外业务 不断扩张，营收占比持续提升。②资源端持续放量。Lonshi 矿一期爬坡至满产， D 矿满产，贵州磷矿持续增长，Lubembe 铜矿技改持续推进，公司资源端预计 继续放量，且后续 Lonshi 矿二期扩建、San Matias 的后续开发建设均具备较大 空间，公司成长性十足。 金诚信（603979.SH）2025 年半年报点评 资源板块持续放量，业绩表现亮眼 2025 年 08 月 27 日 ➢ 事件：2025 年上半年公司实现营业收入 63.16 亿元，同比增长 47.82%， 归母净利润 11.11 亿元，同比增长 81.29%。2025Q2 公司实现营业收入 35.05 亿元，同比增长 52.39%，环比增长 24.70%，归母净利润 6.89 亿元，同比增长 103.25%，环比增长 63.30%。 ➢ 矿服板块基本完全全年计划一半，非洲业务持续取得突破。（1）25 年上半 年矿服板块业务基本完成全年计划一半。2025 年上半年掘进总量 187.78 万立 方米，完成年计划的 48.53%；采供矿量 2084.16 万吨，完成年计划 ...