Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's fundamentals are gradually improving, and high dividend expectations are likely to continue [2][10]. - The company has adjusted its earnings forecast slightly, expecting earnings per share of 0.60, 0.67, and 0.77 yuan for 2025-2027 [4][11]. - The target price is set at 9.60 yuan based on a 16x PE valuation for 2025 [4][11]. Financial Performance Summary - Revenue (in million yuan) is projected to be 5,315 in 2023, decreasing to 4,559 in 2024, then gradually increasing to 5,443 by 2027, with a CAGR of 7.5% from 2025 to 2027 [4][13]. - Operating profit is expected to decline from 662 million yuan in 2023 to 490 million yuan in 2024, before recovering to 751 million yuan in 2027 [4][13]. - Net profit attributable to the parent company is forecasted to decrease from 572 million yuan in 2023 to 433 million yuan in 2024, then increase to 639 million yuan by 2027 [4][13]. - The company has a high dividend payout ratio, with a cash dividend ratio of 115% expected in 2024 [10]. Operational Insights - The company has seen improvements in terminal sales in July and August, with expectations of nearly double-digit growth year-on-year [10]. - The company is one of the early adopters in the industry to optimize channels and inventory, leading to improved operational quality [10]. - The establishment of the Luolai Smart Industrial Park is expected to enhance supply chain capabilities and operational efficiency [10]. Market Position - The company is considered relatively attractive within the textile and apparel industry, with domestic e-commerce and direct sales being key growth drivers [10][11]. - The U.S. furniture business is under pressure but is expected to show marginal improvement starting from Q3 2025 [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its leadership in diversified chip design and a projected PE of 70X for 2025, which is below the average of comparable companies, indicating a potential valuation growth of 24% [11][10]. Core Insights - The company is recognized as a global leader in diversified chip design, ranking among the top ten integrated circuit design firms in the NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors based on 2024 sales [10][24]. - The demand for AI toys, humanoid robots, and other edge devices is expected to surge in 2025, significantly boosting the need for the company's SPI NOR Flash products, which are essential for program storage and high-speed data reading [10][69]. - The company is strategically positioned to capture market share in the DRAM sector as original manufacturers exit, with a robust product lineup and strong partnerships with domestic DRAM wafer manufacturers [10][73]. - The automotive electronics sector is a key focus, with the company offering a full range of automotive-grade products and actively pursuing certifications to support advanced driving systems [10][65]. Financial Data and Profit Forecast - The company anticipates total revenue of 9,376 million yuan in 2025, reflecting a year-on-year growth rate of 27.5% [9]. - The projected net profit attributable to shareholders for 2025 is 1,526 million yuan, with a significant year-on-year growth of 38.4% [9]. - The gross margin is expected to stabilize around 38.3% in 2025, with a gradual increase to 40.3% by 2027 [12]. Market Position and Growth Drivers - The specialized storage market is entering an upward cycle, driven by improvements in supply-demand dynamics and the increasing demand for AI applications, with the market projected to grow at a CAGR of 7.1% from 2025 to 2029 [43][48]. - The company is leveraging its technological advancements in NOR Flash and SLC NAND to meet the growing requirements of AI and automotive applications, positioning itself for substantial growth in these sectors [10][50]. - The report highlights the company's competitive edge in the SPI NOR Flash market, emphasizing its ability to provide high-performance products tailored for various applications, including AI and automotive electronics [10][64].

证券研究报告 | 2025年09月11日 凯莱英（002821.SZ） 小分子CDMO行业引领，新兴业务扬帆起航 公司研究 · 深度报告 医药生物 · 医药研发外包 投资评级：优于大市（首次覆盖） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 联系人：凌珑 021-60375401 linglong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 1 投资建议 n 凯莱英：全球领先、技术驱动型的一站式CDMO综合服务商 凯莱英成立于1998年，是中国第二大化学药物CDMO企业。公司以化学小分子CDMO业务为基石，逐步拓展业务边界，技术创新能力行业领先， 研发费用率长期居于行业领先水平，服务辉瑞、默沙东等全球超1100家客户。 n 小分子业务：基石业务稳健 小分子CDMO作为公司的业务根基，依托连续流化学(CFCT)、酶催化等核心技术，持续攻克高难度分子合成壁垒，巩固在抗肿瘤、抗病毒 ...

| 收盘价(元) | 22.82 | | --- | --- | | 一年内最高/最低(元) | 22.82/10.67 | | 沪深 300 指数 | 4,436.26 | | 市净率(倍) | 1.85 | | 流通市值(亿元) | 407.43 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 12.33 | | --- | --- | | 每股经营现金流(元) | 0.71 | | 毛利率(%) | 23.56 | | 净资产收益率_摊薄(%) | 11.43 | | 资产负债率(%) | 53.95 | | 总股本/流通股(万股) | 178,539.99/178,539.99 | | B 股/H 股(万股) | 0.00/24,323.42 | 个股相对沪深 300 指数表现 专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 业绩稳健增长，煤机、汽车零部件双轮驱 动成长 证券研究报告-中报点评 买入(维持) 市场数据(2025-09-09) 资料来源：中原证券研究所，聚源 -2% 16% 34% 52 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved revenue growth across its three main businesses, with a significant increase in special fabric production capacity [1] - In H1 2025, the company reported total revenue of 13.3 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 1 billion yuan, up 115% [5] - The wind turbine blade business saw revenue of 5.2 billion yuan in H1 2025, a year-on-year increase of 84%, with sales volume reaching 15 GW, up 103% [6] - The fiberglass business reported a revenue of 4.35 billion yuan, a 13% increase, with a net profit of 560 million yuan, up 262% [7] - The lithium membrane business achieved revenue of 930 million yuan, a 22% increase, with sales volume growing by 60% [9] Summary by Sections Wind Power Blade Business - Revenue reached 5.2 billion yuan in H1 2025, with a net profit of 370 million yuan, reflecting a 258% increase year-on-year [6] - The company is expanding its production capacity both domestically and internationally, with new projects in Xinjiang, Shantou, and Brazil [6] Fiberglass Business - The company sold 673,000 tons of fiberglass products, generating 4.35 billion yuan in revenue, with a gross margin of 26% [7] - The company is advancing in the special fabric sector, with significant R&D and production capabilities, including low-expansion and ultra-low-loss fabrics [7][8] Lithium Membrane Business - Revenue from the lithium battery separator business was 930 million yuan, with a sales volume of 1.3 billion square meters [9] - The company has established seven production bases across China and is progressing with an overseas base in Hungary [9] Financial Forecast and Valuation - The report projects net profits for 2025-2027 to be 2.05 billion yuan, 2.3 billion yuan, and 2.58 billion yuan respectively, with significant growth expected in the special fabric sector [10] - The company is expected to maintain a strong market position with new projects enhancing its revenue and profit streams [10]

云南白药 000538.SZ 公司研究 | 中报点评 云南白药 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 我们维持盈利预期，预测公司 2025-2027 年每股收益分别为 2.86、3.14、3.44 元， 参考可比公司平均市盈率，我们给予公司 2025 年 23 倍 PE 估值，对应目标价 65.78 元，维持"买入"评级。 风险提示 ⚫ 药品销售不达预期、创新药研发不达预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 39,111 | 40,033 | 42,417 | 44,281 | 46,777 | | 同比增长 (%) | 7.2% | 2.4% | 6.0% | 4.4% | 5.6% | | 营业利润(百万元) | 4,831 | 5,712 | 6,058 | 6,667 | 7,333 | | 同比增长 (%) | 43.3% | 18.2% | 6.1% | 10.0% | 10.0% | | 归属母公司净 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of a stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Views - The company has maintained stable performance in the first half of 2025, with a revenue of 44.158 billion and a net profit of 1.097 billion, showing a year-on-year increase of 2.93% in net profit despite an 8.41% decline in revenue [1][2]. - The company's strategy includes expanding into the coal sector and promoting an integrated industrial chain, which is expected to enhance competitiveness and profitability [10][11]. - The "anti-involution" policy is anticipated to improve the supply-demand dynamics in the filament industry, potentially leading to a recovery in industry conditions [4][9]. Financial Performance - The company's revenue for 2025 is projected to be 98.046 billion, with a net profit of 2.112 billion, reflecting a year-on-year growth of 75.7% [1][11]. - The gross profit margin for the first half of 2025 was 6.76%, an increase of 0.57 percentage points compared to the same period in 2024 [2]. - The net cash flow from operating activities improved by 83.87% year-on-year, indicating better cash management [3]. Industry Insights - The filament industry is expected to benefit from the government's "anti-involution" policies, which aim to eliminate low-price competition and promote product quality [4][9]. - The overall effective capacity in the polyester filament industry was 53.38 million tons as of the first half of 2025, with limited new capacity additions, suggesting a stable supply environment [9]. - The demand for polyester filament is projected to increase due to seasonal factors and improved export performance, which may support price recovery [9].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Insights - The company reported a revenue of 17.396 billion yuan for the first half of 2025, reflecting a year-on-year increase of 0.97%. The net profit attributable to shareholders was 344 million yuan, up 12.37% year-on-year, while the net profit excluding non-recurring items reached 246 million yuan, showing a significant increase of 111.44% year-on-year [4][5]. - The company's port machinery orders increased by 27% year-on-year, with new contracts and bids in the first half of 2025 amounting to 3.586 billion USD, of which the port machinery business accounted for approximately 3.14 billion USD [5]. - The company has shown a decrease in expense ratios, indicating effective cost reduction and efficiency improvement measures [5]. Financial Forecast and Valuation - The company is expected to achieve revenues of 39.739 billion yuan, 43.635 billion yuan, and 46.901 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 15.33%, 9.80%, and 7.49% respectively. The net profit attributable to shareholders is projected to be 751 million yuan, 957 million yuan, and 1.134 billion yuan for the same period, with corresponding growth rates of 40.70%, 27.54%, and 18.45% [6][10]. - The price-to-earnings (P/E) ratios are forecasted to be 30.81, 24.16, and 20.40 for the years 2025 to 2027 [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of over 35% year-on-year in 2024, with a global capacity layout accelerating [5] - The company is positioned to benefit from the U.S. interest rate cut cycle and the development of electric tools as a second growth curve [9] Financial Performance - In H1 2025, the company achieved a revenue of 7.03 billion yuan, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 1.27 billion yuan, up 6.6% year-on-year [5] - For Q2 2025, the company reported a revenue of 3.37 billion yuan, a slight decrease of 0.7% year-on-year, with a net profit of 810 million yuan, an increase of 4.1% year-on-year [5] Product Line Development - The hand tools business remains the core, generating 4.62 billion yuan in H1 2025, a year-on-year increase of 1.64%, accounting for 65.74% of total revenue [6] - The electric tools business is experiencing rapid growth, with revenue of 742 million yuan in H1 2025, a year-on-year increase of 56.03%, increasing its share of total revenue from 7.1% to 10.56% [6] - The industrial tools business remained stable, with revenue of 1.63 billion yuan in H1 2025, a slight increase of 0.12% year-on-year [6] Brand and Global Operations - The self-owned brand (OBM) business is a key growth driver, achieving revenue of 3.26 billion yuan in H1 2025, a year-on-year increase of 10.37%, with its share rising from 44.08% to 46.39% [7] - The OBM business has a higher gross margin of 34.66%, compared to 29.62% for ODM, enhancing overall profitability [7] - The company has established a global operational system with 23 manufacturing bases worldwide, expanding production capacity in Southeast Asia and actively seeking manufacturing solutions globally [7] Profit Forecast and Valuation - The company is projected to achieve revenues of 16.3 billion yuan, 19.1 billion yuan, and 22.7 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.6 billion yuan, 3.2 billion yuan, and 4 billion yuan [9][10] - The corresponding price-to-earnings ratios (PE) are expected to be 14, 12, and 9 for the respective years [9][10]

汽车电子：公司 SerDes 产品进展顺利，汽车电子业务持续成长。1）车载 SerDes：综 合中国汽车工业协会、CINNO Research 等数据进行测算，我们预计 2025 年中国大陆车 载 SerDes 市场规模达到 10.88 亿美元，对应单车 SerDes 价值量 44.35 美元/辆。目前 车载 SerDes 市场被 ADI、TI 等国外厂商垄断，国内除慷智等少部分公司外产品均未产 生大规模营收。公司 SerDes 产品进展顺利，截至 25H1 车载 SerDes 芯片组进入全面市 场推广阶段，其中电动两轮车仪表盘、工业焊接 3D 摄像机等领域已逐步量产，有望于 25 年批量出货并于未来持续放量；此外公司已将 SerDes 芯片组拓展进入 eBike、摄像 云台、无人机等新领域，未来有望持续取得突破。2）汽车桥接芯片：24 年以来公司桥 接类的芯片在车载抬头显示和车载信息娱乐等系统的市场份额明显提升，25H1 公司持续 推进汽车体系建设和产品认证工作，截至 25H1 末共有 11 颗桥接类的芯片通过了 AEC-Q100 测试认证，其中 5 颗产品通过 Grade 2 认证，目前公司的桥接芯片在智 ...