Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600) [1][5] Core Views - The company reported a revenue of 20.491 billion yuan for the first half of 2025, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 3.904 billion yuan, up 7.21% year-on-year [5] - In Q2 2025, the company achieved a revenue of 10.046 billion yuan, a year-on-year growth of 1.28%, while the net profit attributable to shareholders increased by 7.32% to 2.194 billion yuan [5] - The company continues to optimize its product structure, with total product sales reaching 4.732 million kiloliters in the first half of 2025, a year-on-year increase of 2.3% [5] - The gross profit margin for Q2 2025 increased by 3.05 percentage points to 45.84%, and the net profit margin rose by 1.11 percentage points to 22.26% [5] - The report forecasts EPS of 3.52 yuan and 3.85 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 20 times and 18 times [5] Summary by Sections Financial Performance - In H1 2025, Qingdao Beer achieved a total revenue of 20.491 billion yuan and a net profit of 3.904 billion yuan, reflecting growth rates of 2.11% and 7.21% respectively [5] - For Q2 2025, the revenue was 10.046 billion yuan, with a net profit of 2.194 billion yuan, marking increases of 1.28% and 7.32% year-on-year [5] Sales and Product Strategy - The company sold 4.732 million kiloliters of products in H1 2025, a 2.3% increase from the previous year, with the main brand achieving sales of 2.713 million kiloliters, up 3.9% [5] - The sales of mid-to-high-end products reached 1.992 million kiloliters, growing by 5.1% year-on-year [5] Profitability Metrics - The gross profit margin for Q2 2025 was 45.84%, an increase of 3.05 percentage points compared to the previous year [5] - The net profit margin for Q2 2025 was 22.26%, reflecting a year-on-year increase of 1.11 percentage points [5] Future Outlook - The report maintains a "Buy" rating, citing a clear strategy for product structure optimization and easing cost pressures, with expectations for steady demand recovery [5]

证券研究报告：农林牧渔 | 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） | 22.89 | | --- | --- | | 总股本/流通股本（亿股）4.65 / 3.35 | | | 总市值/流通市值（亿元）106 / 77 | | | 52 周内最高/最低价 26.80 / 11.29 | | | 资产负债率(%) | 37.1% | | 市盈率 | 35.04 | | 第一大股东 | 梁武 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 瑞普生物(300119) 业绩高增，多业务协同发力 ⚫ 事件： 公司公布 2025 年中报，实现营业收入 17.08 亿元，同比增长 20.53%，归母净利润 2.57 亿，同比增长 57.59%。公司聚焦生物制品 主业，同时战略布局宠物新业态，实现了收入与利润的双增长。 ⚫ 点评：经济动物板块稳健，宠物板块三箭齐发 经济动物动保板块：公司聚焦大客户战略，与头部养殖集团建立 战略合作，凭借品牌、产品质量及研发实力等优势持续扩大市场份额。 分 ...

Investment Rating - The report maintains a "Buy" rating for the company Aoshikang (002913) [5] Core Views - The company achieved a revenue of 2.565 billion yuan in the first half of 2025, representing a year-on-year growth of 19.43%. However, the net profit attributable to shareholders decreased by 11.96% to 196 million yuan [2][3] - The revenue from data centers and servers has further increased, with the company expanding its product matrix to include high-performance PCB products tailored for these applications [3] - The company is significantly increasing its R&D investment across multiple sectors, including servers, AIPC, and automotive electronics, to enhance its competitive edge and drive future growth [4] Financial Performance - For the first half of 2025, the company reported a gross margin of 22.34%, with a slight year-on-year decrease of 0.34 percentage points. In Q2 alone, the revenue was 1.401 billion yuan, showing a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [3] - The projected revenues for 2025, 2026, and 2027 are 5.52 billion yuan, 6.74 billion yuan, and 8.15 billion yuan, respectively, with net profits expected to be 510 million yuan, 690 million yuan, and 870 million yuan [5][9] - The company’s financial ratios indicate a projected PE ratio decreasing from 34.58 in 2024 to 14.04 in 2027, suggesting improving valuation metrics over time [10][11] Market Position and Strategy - The company is focusing on key technological upgrades in the server sector, including advancements in BGA technology and the development of next-generation server platforms [4] - In the automotive electronics sector, Aoshikang is addressing the growing demand for PCBs driven by the electrification and automation of vehicles, positioning itself as a leader in this emerging market [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the revenue decline has narrowed and customer traffic has stabilized, with a focus on the increase in city store openings [1] - The company is expected to benefit from the long-term sales increment due to the Hainan Free Trade Port policy and the gradual opening of city duty-free stores [9] - The report has adjusted the profit forecast downwards due to current pressure on duty-free consumption demand, with expected net profits for 2025, 2026, and 2027 being 4.33 billion, 5.00 billion, and 5.52 billion respectively [9] Financial Performance Summary - Total revenue for 2023 is projected at 67.54 billion, with a year-on-year growth of 24.08%, while 2024 is expected to see a decline of 16.38% to 56.47 billion [1] - The net profit attributable to the parent company for 2023 is estimated at 6.71 billion, with a year-on-year increase of 33.46%, followed by a significant decline of 36.44% in 2024 to 4.27 billion [1] - The latest diluted EPS for 2023 is projected at 3.25 yuan, decreasing to 2.06 yuan in 2024 [1] Market Data Summary - The closing price of the stock is 71.41 yuan, with a market capitalization of approximately 147.74 billion [6] - The price-to-earnings ratio (P/E) is 22.01 for 2023, increasing to 34.62 for 2024 [1][6] - The company has a net asset value per share of 26.68 yuan and a debt-to-asset ratio of 18.61% [7]

非银金融/保险Ⅱ 中国平安（601318.SH） 财险 COR 改善明显，持续增配高股息资产 2025 年 08 月 27 日 投资评级：买入（维持） 高超（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 财险 COR 改善明显，持续增配高股息资产，维持"买入"评级 2025 年上半年归母净利润实现 680.5 亿元，同比-8.8%，其中保险服务业绩 549 亿，同比+2.0%，投资服务业绩 325 亿，同比-19%，债券票息下降对净投资收益 带来压力，拖累投资收益同比下降。归母净资产较年初+1.7%表现稳健。集团归 母营运利润 777.3 亿元，同比+3.7%，营运 ROE 为 12.2%。期末人身险 EV 9034 亿，较年初+8.2%（回溯口径）。我们预测 2025-2027 年 NBV 同比增速分别为 +35.5%/+4.0%/+9.7%，对应集团 EV 同比+7.0%/+8.0%/+9.0%；基于中报数据， 我们调整集团 2025-2027 年归母净利润预测至 1346/1504/1648 亿元（调整前 1354/1485/1721亿元），分别同比+6.3%/+ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year increase of 9.47%. However, the net profit attributable to the parent company decreased by 12.88% to 633 million yuan [4] - The company is optimistic about its long-term development due to its plasma collection capabilities and potential, maintaining profit forecasts for 2025-2027 with expected net profits of 1.739 billion, 2.194 billion, and 2.490 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 23.4, 18.6, and 16.4 times for 2025, 2026, and 2027 respectively [4] Financial Performance - In the first half of 2025, the company reported a gross margin of 45.05%, down 10.32 percentage points, and a net margin of 29.48%, down 4.69 percentage points [4] - The company’s human albumin revenue grew by 20.79% to 1.345 billion yuan, while the revenue from immunoglobulin increased by 6.56% to 1.427 billion yuan [5] - The company operates 107 plasma collection stations across 16 provinces, maintaining a domestic market share of approximately 20% [5] Research and Development - The company invested 143 million yuan in R&D in the first half of 2025, with an R&D expense ratio of 1.83% [6] - Several products are in the research phase, including subcutaneous immunoglobulin and recombinant coagulation factor VIIa, which are currently under drug review [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 7.092 billion yuan, with a year-on-year growth of 17.6% [7] - The projected net profit for 2025 is 1.739 billion yuan, reflecting a year-on-year increase of 12.2% [7] - The gross margin is expected to stabilize around 54.8% for 2025, while the net margin is projected at 24.5% [7]

证券研究报告 微电生理 (688351 CH) 业绩符合预期，海外加速拓展 | 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 | 医疗器械 | 目标价(人民币): | 31.18 | 公司 1H25 实现收入 2.24 亿元（yoy+12.8%）、归母净利 3267 万元 （yoy+92.0%），扣非归母净利 2081 万元（yoy+2157.4%），符合业绩预 告预期。公司 1H25 毛利率为 60.1%（yoy+1.0pct），高端产品持续放量带 动整体毛利率稳中有升。公司 1H25 经营性现金流量净额 6437 万元 （yoy+69.7%），现金流水平积极提升。考虑公司产品矩阵持续完善且海内 外销售积极发力，看好公司 25 年业绩整体实现较快增长。维持"买入"。 高端导管产品快速放量，积极驱动整体收入增长 1）导管类产品：收入 1.61 亿元；公司高端导管产品呈现快速放量态势，其 压力消融导管截至 1H25 已在国内完成手术超 3000 例（vs 我们 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.97 [7][5]. Core Views - The company's revenue for the first half of 2025 reached RMB 601 million, a year-on-year increase of 15.60%, but the net profit attributable to shareholders decreased by 40.93% to RMB 34.99 million, primarily due to the digital culture business being in an investment phase, leading to rapid revenue growth without profitability [1][2]. - The company is committed to advancing its "Design + Technology" strategy, enhancing research and development in areas such as artificial intelligence and BIM, and integrating AI throughout the design process to strengthen its core competitiveness [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of RMB 337 million, a year-on-year increase of 15.79% and a quarter-on-quarter increase of 27.50%. However, the net profit was RMB 32.51 million, down 42.07% year-on-year but up 1213.38% quarter-on-quarter, which was below expectations due to the digital culture business's ongoing investment phase [1][2]. - The overall gross margin for the first half of 2025 was 24.57%, down 3.17 percentage points year-on-year, largely due to the digital culture business's negative gross margin of -17.43% [2][3]. Cost and Cash Flow - The company's expense ratio improved to 15.83%, down 2.6 percentage points year-on-year, with reductions in sales, management, and R&D expenses [3]. - Operating cash flow showed a net outflow of RMB 183 million, a year-on-year increase in outflow of RMB 59 million, primarily due to investments in the digital culture business [3]. Strategic Initiatives - The company has been a leader in BIM research since 2008 and has developed various platforms to enhance its digital capabilities. It is also expanding AI applications in design, including the launch of an industry-level C-end product [4]. - The company is actively expanding its creative cultural industry chain and has initiated the construction of an AI Agent platform for the architecture industry [4]. Profit Forecast and Valuation - The company is projected to have net profits of RMB 1.08 billion, RMB 970 million, and RMB 930 million for 2025 to 2027, respectively. The report assigns a PE ratio of 40 times for 2025, reflecting the company's strong position in the market and its potential to benefit from AI integration [5][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.33, reflecting a target PB of 1.10 times for 2025 [8][6]. Core Views - The company's performance in H1 2025 shows an increase in net profit, revenue, and PPOP by 7.3%, 5.9%, and 6.7% year-on-year, respectively, driven by credit expansion and improved net interest income [1][2]. - The company is focusing on credit expansion, maintaining a leading position in the industry, with total assets, loans, and deposits growing by 14.3%, 18.0%, and 14.8% year-on-year as of June [2]. - The financial investment business remains stable, with investment income increasing by 7% year-on-year in H1 2025, although there was a significant decline in intermediary income by 45.2% [3]. - Asset quality is stable, with non-performing loan ratios at 0.66% and 0.98% for corporate and retail loans, respectively, indicating solid risk control capabilities [4]. Summary by Sections Performance Overview - In H1 2025, the company's net profit, revenue, and PPOP increased by 7.3%, 5.9%, and 6.7% year-on-year, respectively, with a notable improvement in performance compared to Q1 [1]. - The company adheres to a strategy of stable deposits and efficient asset management, indicating potential for operational improvement [1]. Credit and Asset Management - The company has accelerated credit issuance, maintaining a strong growth rate in loans, with a focus on retail and corporate loans [2]. - As of June, the net interest margin was 1.62%, showing a slight improvement from the previous year [2]. Financial Investments - The investment income showed a year-on-year increase of 7% in H1 2025, although intermediary income saw a significant decline [3]. - The company is optimizing its bond allocation and focusing on high-performing fund products to enhance investment returns [3]. Asset Quality - The overall asset quality remains stable, with a non-performing loan ratio of 0.66% for corporate loans and 0.98% for retail loans, reflecting effective risk management [4]. - The company has maintained a high provision coverage ratio of 453% as of June [4]. Management and Shareholder Actions - The company announced a change in leadership with the appointment of a new chairman, expected to ensure a smooth transition and continuity in strategy [5]. - Shareholders have approved adjustments to the share buyback plan, extending the buyback period to April 2026 without a price cap [5]. Valuation and Forecast - The forecast for net profit for 2025-2027 is RMB 138.2 billion, 151.1 billion, and 166.6 billion, respectively, with a target PB of 1.10 times for 2025 [6][12]. - The company is expected to maintain a strong position in the industry, justifying a valuation premium compared to peers [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.46 [6][5]. Core Views - The company is expected to benefit from revenue growth in its finished frame and decorative building materials segments, driven by increased production capacity in Vietnam [1][4]. - The company's revenue for 1H25 reached RMB 1.666 billion, a year-on-year increase of 16.13%, while net profit attributable to shareholders was RMB 146 million, a decrease of 6.01% year-on-year [1][2]. - The report highlights the successful launch of the second phase of the Vietnam project and plans for a third phase, which is anticipated to further enhance revenue growth [4][5]. Revenue and Profitability - In 1H25, the company achieved revenue growth in its decorative building materials segment by 38.4% year-on-year, contributing significantly to overall revenue [2][3]. - The overall gross margin for the company in 1H25 was 25.27%, a slight decrease of 0.86 percentage points year-on-year [2][3]. Cost Management - The sales expense ratio decreased by 0.68 percentage points year-on-year, indicating improved efficiency in sales operations [3]. - Financial expenses increased significantly due to foreign exchange losses, primarily from the appreciation of the RMB against the USD [3]. Future Outlook - The company plans to invest approximately USD 40 million in the third phase of its Vietnam project, which is expected to be completed in 24 months and will significantly increase production capacity [4][5]. - The report projects an increase in net profit attributable to shareholders for 2025-2027, with expected earnings per share of RMB 1.63, 1.91, and 2.28 respectively [5][10].