| H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 375 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/8/26) | 314.00 | | 深证成指(2025/8/26) | 12473.17 | | 股价 12 个月高/低 | 322.8/66.93 | | 总发行股数(百万) | 1111.12 | | A 股数(百万) | 1105.50 | | A 市值(亿元) | 3471.27 | | 主要股东 | 山东中际投资 | | | 控股有限公司 | | | (11.42%) | | 每股净值(元) | 20.54 | | 股价/账面净值 | 15.29 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 49.6 204.7 162.9 | | 近期评等 | | | 2025.07.16 | 买进 | 174.81 | | --- | --- | --- | | 2025.04.10 | 买进 | 71.49 | | 2024.09.26 | 买进 | 121.99 | | 20 ...

证券研究报告 立讯精密 (002475 CH) 指引 3Q25 归母净利同增 15%–28% 目标价 58.6 元，给予买入评级 我们预计 25/26/27 年归母净利润 163/207/244 亿元（下修 3.6/3.2/2.8%）。 考虑到地缘政治中产业链重构的潜在不确定性，我们给予 20 倍 2026 年 PE 估值（Wind 一致预期可比估值 26 年 23.7 倍），给予目标价 58.6 元（前值： 20 倍 2025 年 PE 估值，目标价 46.8 元，Wind 一致预期可比公司 PE 平均 数 25 年 18x），及"买入"评级。 风险提示：海外政策波动风险，宏观下行风险，创新产品渗透不及预期风险。 | | | | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 消费电子 | 目标价(人民币): | 58.60 | 公司公布上半年业绩：收入 1245 亿元（yoy+20.2%），归母净利润 66 亿 元（yoy+23%），扣非归母净利润 5 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [9] Core Views - The company reported a revenue of 4.778 billion RMB for H1 2025, a year-on-year decrease of 4.50%, and a net profit of 396 million RMB, down 35.31% year-on-year [1][2] - The decline in sales volume and profit is attributed to insufficient domestic replacement market demand, increased international market incidents, and intensified market competition [2] - The company is expected to see a relief in cost pressures in Q3, but the EU's anti-dumping investigations may impact sales and profitability [3][9] Summary by Sections Financial Performance - In H1 2025, the company sold 11.12 million tires, a decrease of 9.06% year-on-year, with tire business revenue at 4.75 billion RMB, down 4.36% [2] - The gross margin decreased by 3.75 percentage points to 16.03% due to high raw material costs, while the expense ratio increased by 0.6 percentage points to 7.89% [2] Sales and Market Dynamics - Q2 2025 saw tire sales of 5.85 million units, with revenue of 2.52 billion RMB, reflecting a year-on-year decrease of 3% [3] - The company experienced stable domestic sales for all-steel tires and a growth of over 15% in semi-steel tire domestic sales [2] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been revised down to 978 million, 1.072 billion, and 1.194 billion RMB respectively, reflecting a decrease of 11%, 9%, and 10% [4] - The target price is set at 15.86 RMB, based on a 13x PE ratio for 2025 [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company experienced a significant decline in revenue and net profit in Q2 2025, with total revenue of 3.16 billion yuan, down 16.9% year-on-year, and net profit of 1.13 billion yuan, down 18.2% year-on-year. In Q2 2025, revenue was 1.11 billion yuan, down 24.1% year-on-year, and net profit was 302 million yuan, down 35.2% year-on-year [1][2]. - The demand pressure in Anhui Province has increased, with the sales performance of the cave-aged series expected to outperform the overall market. The mid-to-high-end liquor segment saw revenue of 817 million yuan, down 23.6% year-on-year, while ordinary liquor revenue was 210 million yuan, down 32.9% year-on-year [2][3]. - The company is focusing on promoting sales and alleviating channel pressure, leading to slight pressure on profit margins and cash flow. The gross profit margin decreased by 2.62 percentage points year-on-year, and the sales expense ratio increased by 3.43 percentage points year-on-year [3][4]. Financial Forecasts - The company has adjusted its revenue and net profit forecasts for 2025-2027, expecting revenues of 6.23 billion yuan, 6.57 billion yuan, and 7.20 billion yuan, representing year-on-year changes of -15.1%, +5.4%, and +9.7% respectively. The net profit forecasts are 2.14 billion yuan, 2.30 billion yuan, and 2.58 billion yuan, with year-on-year changes of -17.4%, +7.4%, and +12.4% respectively [4][5][12]. - The current stock price corresponds to a P/E ratio of 17.6 for 2025 and 16.4 for 2026 [4][5]. Market Dynamics - The company is expected to see a narrowing decline in revenue and net profit in the second half of 2025, driven by a potential recovery in the mass market segment and the low price point of the cave-aged series. The third quarter is anticipated to enter a low base period year-on-year [4][5].

Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [1] Core Views - The company reported a revenue of 119.76 billion, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion, a year-on-year increase of 72.48% for the first half of 2025 [1] - The second quarter revenue was 71.09 billion, a year-on-year increase of 22.85%, with a net profit of 4.19 billion, a year-on-year increase of 31.32% [1] - The report highlights rapid growth in railway equipment and emerging businesses, with significant increases in various segments [7] Financial Performance Summary - Total revenue for 2024A is projected at 246.46 billion, with a year-on-year growth rate of 5.2%. For 2025E, revenue is expected to reach 279.22 billion, reflecting a growth rate of 13.3% [3] - Net profit attributable to shareholders is forecasted to be 12.39 billion for 2024A, with a growth rate of 5.8%, and 14.14 billion for 2025E, with a growth rate of 14.2% [3] - The report indicates an increase in gross margin and net margin, with gross margin at 21.81% and net margin at 7.45% for the first half of 2025 [7] Business Segment Performance - Railway equipment business revenue reached 59.71 billion, a year-on-year increase of 42.21%, with specific increases in various types of trains [7] - Urban rail and infrastructure business generated 17.40 billion, a year-on-year increase of 6.27%, while new industry business revenue was 40.73 billion, a year-on-year increase of 35.59% [7] - The report notes a positive trend in railway passenger flow and fixed asset investment in railways, with a 6.7% increase in passenger volume and a 5.6% increase in fixed asset investment year-on-year [7] Investment Recommendations - Given the strong performance in the first half of 2025, the report raises the company's earnings expectations, projecting revenues of 279.22 billion, 313.78 billion, and 351.98 billion for 2025-2027, respectively [7] - The target price is adjusted to 10.60 yuan, based on a 20x PE ratio for 2026, maintaining the "Strong Buy" rating [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has experienced significant profit growth in the first half of 2025, with a net profit of 368 million yuan, a year-on-year increase of 579.54% [1]. - The sales gross margin has gradually improved, with the second quarter of 2025 showing a net profit of 107 million yuan, a year-on-year increase of 545.47% [2]. - The company has increased its steel production and sales significantly, with production reaching 6.68 million tons and sales at 6.71 million tons, both up over 14% year-on-year [3]. - The company is focusing on high-value-added products, with 10 new high-end products developed in the first half of 2025, and the proportion of specialty steel reaching 45.7% [3]. - The company is positioned as a leading steel enterprise in South China, with a favorable outlook for profit recovery as new production capacity comes online [4]. Financial Summary - In the first half of 2025, the company achieved operating revenue of 34.675 billion yuan, a decrease of 8.32% year-on-year [1]. - The projected financials for 2025 include an operating revenue of 71.918 billion yuan and a net profit of 988 million yuan, reflecting a year-on-year growth rate of 328.2% [5]. - The earnings per share (EPS) for 2025 is expected to be 0.39 yuan, with a projected price-to-earnings (P/E) ratio of 15.6 times [5]. - The company has made significant fixed asset investments of 2.061 billion yuan to enhance equipment and production line upgrades [3].

柏诚股份(601133) 收入下滑业绩承压，静待下半年招标落地 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《竞争加剧毛利率承压，Q4 回款大幅加 快》 2025-04-22 2. 《收入增速有所放缓，现金流仍有承压 》 2024-10-29 3. 《下游景气带动收入高增，竞争加剧拖累 毛利率》 2024-08-28 证券研究报告 专业工程/ 公司点评/ 2025.08.27 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 13.92 | | 流通股本(亿股) | 1.49 | | 每股净资产(元) | 5.48 | | 总股本(亿股) | 5.28 | 最近 12 月市场表现 -6% 5% 17% 29% 41% 53% 柏诚股份 沪深300 上证指数 专业工程 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) ...

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company achieved a revenue of 1.621 billion yuan, representing a year-on-year increase of 19.88%. The growth was primarily driven by the small molecule API business and two new business segments: gene cell therapy and new molecular business [1][3]. - The net profit attributable to the parent company reached 27 million yuan, a significant increase of 115.91%, with a non-recurring net profit of 6 million yuan, up 103.69%. The profit turnaround was mainly due to revenue growth leading to economies of scale and an improvement in gross margin, alongside a reduction in costs and expenses by approximately 10% year-on-year [1][3]. Revenue and Profit Analysis - The overall gross margin for the first half of 2025 was approximately 28%, an increase of about 9 percentage points year-on-year. The gross margin in the second quarter improved by nearly 3 percentage points compared to the first quarter, reaching about 29% [2]. - The revenue breakdown includes 1.5 billion yuan from small molecule APIs (up 20%), 61 million yuan from small molecule formulations (down 7%), 33 million yuan from gene cell therapy (up 71%), and 22 million yuan from new molecular business (up 128%) [3]. Future Projections - The company is projected to achieve revenues of 3.429 billion yuan, 3.980 billion yuan, and 4.732 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.8%, 16.1%, and 18.9% [3][5]. - The net profit attributable to the parent company is expected to be 830 million yuan, 2.47 billion yuan, and 5.19 billion yuan for the same years, with growth rates of 128.7%, 199.1%, and 110.1% [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has achieved high profitability from overseas energy storage orders, and despite disruptions, it maintains its annual targets [1] - The inverter market is recovering, with strong demand in traditional markets and contributions from new segments [2] - The energy storage segment has seen significant revenue growth, supported by high-margin orders and a strong brand effect [3] - The company is actively adapting to policy changes affecting its power station development business and is exploring new opportunities in AIDC [4] Financial Summary - Revenue is projected to grow from 72,251 million yuan in 2023 to 110,546 million yuan in 2027, with a CAGR of approximately 8.5% [1] - Net profit is expected to increase from 9,440 million yuan in 2023 to 14,035 million yuan in 2027, reflecting a growth rate of 1.3% in the final year [1] - The company’s return on equity (ROE) is forecasted to decline from 32.6% in 2023 to 18.7% in 2027 [1] - The earnings per share (EPS) is anticipated to rise from 4.55 yuan in 2023 to 6.77 yuan in 2027 [1] Segment Performance - The inverter segment generated revenue of 153.27 billion yuan in the first half of 2025, with a year-on-year growth of 17.06% and a gross margin of 35.74% [2] - The energy storage systems segment achieved revenue of 178.03 billion yuan in the first half of 2025, marking a year-on-year increase of 127.78% [3] - The company’s new energy investment and development business reported a revenue of 83.98 billion yuan in the first half of 2025, a decrease of 6.22% year-on-year [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in H1 2025 met expectations, with revenue of 390 million yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 100 million yuan, up 5% year-on-year [1] - The company is accelerating its global expansion, with production bases in Xinchang and Thailand, which are expected to support future revenue growth [2] - The establishment of a robotics division positions the company to benefit from the upcoming growth in the robotics industry, leveraging its precision manufacturing capabilities [2] Financial Performance Summary - In H1 2025, the company's gross margin was 34.8%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 25.4%, a decrease of 0.9 percentage points year-on-year [1] - Revenue projections for 2025-2027 are 952 million yuan, 1.171 billion yuan, and 1.581 billion yuan, respectively, with corresponding net profits of 218 million yuan, 259 million yuan, and 347 million yuan [4] - The company’s earnings per share (EPS) for 2025 is projected to be 1.36 yuan, with a price-to-earnings (P/E) ratio of 75.5 [4]