证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速，负债成本改善 华泰研究 中报点评 息差降幅收窄，非息增速下滑 渝农商行 25H1 净息差 1.60%，较 25Q1、24 年均下行 1bp，息差降幅收窄， 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道，25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长，25H1 同比+6.0%，增速较 Q1+0.7pct。非息有所波动，25H1 中收同比-13.2%，增速较 Q1-10.0pct，主要是银行卡手续费下降；其他非 息收入同比-17.7%，增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%，主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳，零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%， 不良走势平稳，拨备略有下行但仍保持充裕水平。分行业看，对公 ...

证券研究报告 嘉友国际 (603871 CH) 蒙煤量价承压，供应链贸易拖累盈利 | 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 | 仓储物流 | 目标价(人民币): | 15.20 | 公司公布上半年业绩：收入 40.8 亿元，同比-12.0%；归母净利润 5.6 亿元， 同比-26.1%。其中二季度公司实现收入 17.9 亿元，同比-32.4%；归母净利 润 3.0 亿元，同比-33.9%。公司上半年业绩低于我们预期（6.5 亿元），主 因上半年蒙煤价格承压，供应链贸易服务收入及毛利均同比下滑。虽然蒙煤 进口量整体下滑，但公司跨境多式联运业务收入与毛利均同比增长，我们看 好公司凭借跨境陆运运营经验、核心口岸资源、与上游资源方和下游客户的 长期合作关系，通过物贸一体化模式稳固中蒙基本盘业务，中非多项目持续 推进打开第二成长曲线。维持"买入"。 中非：多个项目稳步推进，加速构建跨境物流网络 1H25 陆港项目服务实现营业收入 3.1 亿元（yoy+34.2%），毛利 1.8 ...

证券研究报告 北摩高科 (002985 CH) 业绩持续向好，成长空间不断拓展 2025 年 8 月 27 日│中国内地 航空航天 北摩高科发布半年报，2025 年 H1 实现营收 4.60 亿元（yoy+33.40%）， 归 母 净 利 8097.61 万元（ yoy+21.50% ） ， 扣 非 净 利 7981.68 万 元 （yoy+29.68%）。其中 Q2 实现营收 1.98 亿元（yoy+88.73%，qoq-24.67%）， 归母净利 2718.02 万元（yoy+501.80%，qoq-49.48%）。公司作为我国航 空着陆系统领域的龙头公司，近年来在品类和客户方面均取得了良好进展， 25 年起公司军机起落架业务持续放量，同时民航刹车盘领域的客户全体持 续拓展，发展趋势向好，维持"买入"评级。 航空制造业务复苏明显，起落架收入占比提升导致毛利率下滑 25H1 公司航空相关设备制造业务实现收入 3.15 亿元，yoy+58.31%，毛利 率为 40.42%，yoy-19.37pct，毛利率下滑原因主要系产品结构发生变化， 毛利率相对较低的起落架产品收入占比显著提升；检测服务业务实现收入 1.4 ...

证券研究报告 华兰股份 (301093 CH) 主业稳健增长，期待卡式瓶组件起量 | 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): | 39.46 | 公司公告 1H25 收入、归母净利、扣非净利 3.09、0.44、0.35 亿元（+9%、 +18%、+42% yoy），其中 2Q25 收入、归母净利、扣非净利 1.63、0.25、 0.21 亿元（+4%、-4%、-0% yoy）。随着药企客户需求恢复，我们预计 2025 年公司重回增长轨道，此外胰岛素与 GLP-1 供应链国产化有望带来收入利 润弹性，维持"买入"评级。 药用胶塞上半年有序恢复，全年收入有望双位数增长 1H25 收入 3.1 亿元（+9% yoy），毛利率 39.4%（同比基本持平），其中 常规胶塞收入同比增长 8%、覆膜胶塞收入同比增长 9%。1H25 公司在手授 权项目覆膜、常规胶塞分别 1674、1528 个（较 2024 年末增长 8%、6% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company has shown steady overseas demand, with a good value proposition for investors. The revenue for H1 2025 reached 21.676 billion RMB, a year-on-year increase of 3.74%, while the net profit attributable to shareholders was 1.421 billion RMB, up 1.56% year-on-year [1][5]. - The company has a robust order book, with new contracts signed amounting to 41.2 billion RMB in H1 2025, reflecting an 11% year-on-year growth. The total uncompleted contracts stood at 62 billion RMB, a 5% increase year-on-year, indicating a healthy backlog [1][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of 21.676 billion RMB, with a net profit of 1.421 billion RMB. The second quarter saw revenues of 11.529 billion RMB, marking an 8.69% year-on-year increase and a 13.61% quarter-on-quarter increase [1][2]. - The company's operational segments showed varied performance: engineering services revenue was 12.576 billion RMB (up 3.94%), high-end equipment manufacturing revenue was 2.309 billion RMB (down 20.81%), and production operation services revenue was 6.235 billion RMB (up 9.92%) [2]. Revenue Breakdown - The company reported domestic revenue of 9.806 billion RMB (down 14.26%) and overseas revenue of 11.706 billion RMB (up 25.15%) in H1 2025. The overall gross margin decreased by 2.67 percentage points to 16.72% [3][4]. - New orders in H1 2025 included 27.7 billion RMB from engineering technology, 4.9 billion RMB from equipment manufacturing, and 7.7 billion RMB from operational services, with overseas new orders increasing by 19% [3]. Cost Management - The company improved its expense management, with a total expense ratio of 8.52%, down 1.96 percentage points year-on-year. Financial expenses turned into a gain of 114 million RMB due to currency exchange benefits [4][5]. - The net profit margin for H1 2025 was 6.56%, a slight decrease of 0.14 percentage points year-on-year [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 3.131 billion RMB, 3.196 billion RMB, and 3.248 billion RMB, respectively. The target price has been raised to 14.23 RMB, corresponding to a 12x PE for 2025 [5][6].

证券研究报告 中国石油于 8 月 26 日发布半年报：25H1 实现营业收入 14501 亿元，同比 下降 6.7%，实现归母净利润 840 亿元（扣非后 841 亿元），同比下降 5.4% （扣非后同比下降 8.2%）；其中 Q2 单季实现营业收入 6970 亿元，同环比 下降 6.1%/7.5%，实现归母净利润 372 亿元，同环比下降 13.6%/20.6%。 公司拟中期每股派息 0.22 元（含税），现金股利占 H1 归母净利润的 47.9%。 公司 25Q2 归母净利略低于我们的预测（393 亿元），主要系 Q2 炼化毛利 率及天然气销量增速低于我们的预期，考虑公司天然气业务降本增量潜力， 维持 A/H"增持"评级。 持续推动稳油增气，国际油价下跌致利润同比下滑 25H1 公司原油产量同比+0.3%至 476.4 百万桶，实现价格同比-14.5%至 66.21 美元/桶，可销售天然气产量同比+3.8%至 2683.6 十亿立方英尺，单 位油气操作成本同比-8.1%至 10.14 美元/桶，主要系作业费等基本运行费减 少。25H1 油气与新能源分部坚持稳油增气，加强成本费用管控，优化新能 源业务布局和 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 56.47 [7][9]. Core Views - The company reported significant growth in revenue and net profit for H1 2025, with revenue reaching RMB 18.866 billion (up 45.24% YoY) and net profit attributable to shareholders at RMB 931 million (up 1951.52% YoY) [1][2]. - The report highlights a strong recovery in the rare earth market, with production and sales of rare earth oxides increasing by 111.2% and 15.71% YoY, respectively [2]. - The strategic importance of rare earth resources is emphasized, with expectations of continued price increases due to supply-demand imbalances in 2025-2026 [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of RMB 9.579 billion (up 32.53% YoY, up 3.14% QoQ) and net profit of RMB 501 million (up 7622.51% YoY, up 16.27% QoQ) [1]. - The average price of praseodymium and neodymium oxide increased by 12.5% YoY in H1 2025, contributing to the company's strong performance [2]. Production and Projects - The company has completed and is gradually commissioning several key projects, including 8,000 tons and 12,000 tons metal projects by subsidiaries [3]. - Ongoing projects include the recovery and utilization of secondary resources and the construction of new magnetic material projects [3]. Market Outlook - The report anticipates that the global supply of praseodymium and neodymium oxide will remain tight, with supply-demand imbalances projected at -5.8% and -4.6% for 2025-2026 [4]. - The strategic significance of rare earth resources is highlighted, particularly in the context of geopolitical tensions and export controls [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted upwards to RMB 2.623 billion, RMB 3.685 billion, and RMB 4.618 billion, respectively [5]. - The report assigns a PE ratio of 77.36 for 2025, leading to an updated target price of RMB 56.47 [5].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved profitability in Q2 2025 after three consecutive quarters of losses, indicating a potential for continued operational improvement [1][3]. - Revenue for the first half of 2025 was 1.353 billion RMB, a year-on-year decrease of 13.1%, primarily due to increased marketing expenses during the brand transformation phase [1][2]. - The company is expected to see revenue growth as it expands its product offerings and online presence across platforms like Douyin, Pinduoduo, and JD.com, alongside the positive momentum from its multi-brand strategy [1][2]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 624 million RMB, down 25.9% year-on-year, but achieved a net profit of 27 million RMB, a decrease of 9.7% year-on-year, marking a turnaround from previous losses [1][3]. - The comprehensive gross margin for the first half of 2025 was 13.2%, a decline of 2.4 percentage points year-on-year, attributed to intensified competition in the mobile internet sector [3]. Revenue Breakdown - The mobile internet media placement platform generated 1.176 billion RMB in revenue, down 13.1% year-on-year, with a gross margin of 3.7% [2]. - The brand comprehensive service business saw revenue drop to 75 million RMB, a 42.5% decrease year-on-year, with a high gross margin of 93.8% [2]. - The authorized distribution business reported a revenue increase of 73.2% year-on-year, reaching 23 million RMB, driven by the opening of over 1,000 online stores [2]. - Revenue from product sales surged by 152% year-on-year to 53 million RMB, with a gross margin of 36.7%, reflecting an improvement in product offerings [2]. Profitability Forecast - The company forecasts net profits of 331 million RMB, 575 million RMB, and 796 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.13, 0.23, and 0.32 RMB [4][10]. - The target price is set at 6.00 RMB, based on a PE ratio of 26 times for 2026 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company experienced a significant decline in revenue and profit in the first half of 2025, with revenue down 13.71% year-on-year to 829 million RMB and net profit down 96.26% to 1 million RMB [1][4]. - The second quarter of 2025 saw a revenue drop of 8.97% year-on-year, with net profit decreasing by 36.60% [1]. - Despite the challenges, the company is expected to continue exploring online membership potential and drive single-store revenue recovery, indicating a potential operational improvement [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 829 million RMB, with a net profit of 1 million RMB and a loss of 3.7 million RMB in net profit excluding non-recurring items [1]. - The second quarter of 2025 reported revenue of 491 million RMB, with net profit at 26 million RMB and a net profit of 16 million RMB excluding non-recurring items [1]. - The gross margin remained relatively stable at 61.5%, with a slight year-on-year decrease of 0.2 percentage points [3]. Product and Channel Performance - Revenue from cakes, Western and Chinese pastries, and other businesses in the first half of 2025 was 412 million RMB, 362 million RMB, and 22 million RMB, respectively, reflecting declines of 14.58%, 13.64%, and 17.22% year-on-year [2]. - Offline store revenue fell by 39.33% to 215 million RMB, while online e-commerce revenue grew by 1.26% to 581 million RMB [2]. Cost and Profitability - The first half of 2025 saw an increase in sales expense ratio by 5.4 percentage points to 54.6%, while the management expense ratio remained stable at 5.1% [3]. - The net profit margin for the first half of 2025 was 0.1%, down 3.3 percentage points year-on-year, and for the second quarter, it was 5.3%, down 2.3 percentage points [3]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 0.96 RMB, 1.13 RMB, and 1.26 RMB, respectively, with a target price of 17.28 RMB based on a price-to-earnings (PE) ratio of 18x for 2025 [4][10].

瑞丰银行 (601528 CH) 资负结构调优，拨备逆市提升 2025 年 8 月 27 日│中国内地 区域性银行 瑞丰银行 25H1 归母净利润、营业收入分别同比+5.6%、+3.9%，增速较 Q1-1.1pct、-1.2pct。1-6 月年化 ROE、ROA 分别同比-0.54pct、-0.04pct 至 9.30%、0.80%。公司业绩增速下滑受投资收益兑现相对克制、营业外收 入基数效应影响，但本次业绩亮点为资产结构调优、息差降幅收窄、不良余 额下降、拨备逆市提升，后续需关注隐性风险走势与增值税率调整影响。公 司"一基四箭"战略路径清晰、业务拓展空间广阔，维持买入评级。 证券研究报告 资负结构调优，息差环比持平 6 月末总资产、贷款、存款增速分别为+9.4%、+10.3%、+6.6%，较 3 月末 -1.7pct、-1.4pct、-7.1pct。Q2 贷款较 Q1 有一定缩表，主要由于票据规模 收缩 41 亿，对公贷款保持同比+17%的较强投放增速，零售贷款也实现恢 复性增长，同比+6.9%。存款端规模下降也主要由于整改高息存款，优化负 债成本。资负结构调优共同驱动公司息差保持相对稳定，25H1 净息差 ...