通信/通信设备 中际旭创（300308.SZ） 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 314.00 | | 一年最高最低(元) | 322.80/67.20 | | 总市值(亿元) | 3,488.91 | | 流通市值(亿元) | 3,471.27 | | 总股本(亿股) | 11.11 | | 流通股本(亿股) | 11.06 | | 近 3 个月换手率(%) | 281.67 | 息 更 新 报 告 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 2024-08 2024-12 2025-04 中际旭创 沪深300 相关研究报告 《业绩符合预期，充分受益于 AI 算力 基础设施建设—公司信息更新报告》 -2025.4.21 《业绩符合预期，盈利能力提升，高 速光模块销售大幅增加—公司信息更 新报告》-2024.10.22 蒋颖（分析师） 陈光毅（联系人） jiangying@kysec.cn 证书编号：S0790523120003 公司发布2025年半年报，20 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown impressive performance in its financial results, with a significant increase in revenue and net profit for the first half of 2025 [1][4] - The growth in the company's two core business segments is expected to continue, driven by high-performance new products and strong demand in the market [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 1.473 billion yuan, a year-on-year increase of 8.85%, and a net profit of 172 million yuan, up 70.98% [1] - In Q2 2025, revenue reached 888 million yuan, growing by 0.88%, with a net profit of 102 million yuan, reflecting a 67.12% increase [1] - The pre-stressed materials segment generated 1.158 billion yuan in revenue, accounting for 78.58% of total revenue, with a year-on-year growth of 8.12% [2] - The gross profit margin for the company improved to 24.26%, an increase of 8.14 percentage points year-on-year [3] - The net profit margin for H1 2025 was 12.24%, up 4.45 percentage points year-on-year [3] Business Segment Performance - The pre-stressed materials segment's net profit was 130 million yuan, representing a 67.05% year-on-year increase, contributing 75.49% to the company's total net profit [3] - The concrete products segment achieved a net profit of 43 million yuan, up 76.69% year-on-year, contributing 25.03% to the total net profit [3] - The company expects continued strong growth in both core business segments, supported by market demand and product innovation [4] Earnings Forecast - The company is projected to achieve net profits of 350 million yuan, 560 million yuan, and 650 million yuan for the years 2025, 2026, and 2027, respectively [4] - Corresponding P/E ratios are expected to be 24X, 15X, and 13X for the same years [4]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7][12] Core Views - The company has sufficient orders on hand, particularly in the semiconductor sector, which is experiencing significant growth [7][8] - The company reported a revenue of 1.381 billion yuan for the first half of 2025, representing a year-on-year increase of 23.20%, while the net profit attributable to shareholders was 28 million yuan, down 44.48% year-on-year [3][7] - The semiconductor segment saw a remarkable revenue increase of 146.44% year-on-year, with net profit soaring by 2316.39% [7][8] - The company is focusing on optimizing its business structure, particularly in the semiconductor and display sectors, while addressing losses in the new energy sector [7][8] Financial Summary - Revenue projections for the company are as follows: 2,565 million yuan in 2024, 3,335 million yuan in 2025, 4,168 million yuan in 2026, and 5,210 million yuan in 2027, with year-on-year growth rates of 5.6%, 30.0%, 25.0%, and 25.0% respectively [6][9] - The net profit is expected to recover from a loss of 98 million yuan in 2024 to 230 million yuan in 2025, 354 million yuan in 2026, and 495 million yuan in 2027 [6][9] - The company's gross margin is projected to stabilize around 48% from 2025 onwards, while the net margin is expected to improve from -3.8% in 2024 to 9.5% in 2027 [10][11] - The company has a total asset value projected to grow from 10,100 million yuan in 2025 to 11,328 million yuan in 2027 [9][11] Order and R&D Insights - As of the first half of 2025, the company has total orders on hand amounting to approximately 3.609 billion yuan, with 1.823 billion yuan in the semiconductor sector [7][8] - The company continues to invest heavily in R&D, with a total R&D expenditure of 320 million yuan in the first half of 2025, accounting for 23.17% of revenue [7][8] - The company is recognized as a leading player in the domestic semiconductor testing equipment market, with a comprehensive product layout covering front-end measurement, advanced packaging, and back-end testing [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company's revenue growth aligns with expectations, facing short-term pressure in the domestic market due to DRG/DIP reforms and centralized procurement, while the overseas market shows strong performance [4][5]. - The domestic market revenue for H1 2025 was 1.229 billion yuan, down 12.81% year-on-year, with the domestic reagent business declining by 18.96% due to price drops from inter-provincial alliance procurement and reduced testing volumes [4]. - The overseas market revenue reached 0.952 billion yuan in H1 2025, up 19.57% year-on-year, driven by a 36.86% increase in reagent business due to rising instrument installations [5]. Financial Summary - For H1 2025, the company achieved operating revenue of 2.185 billion yuan, down 1.18% year-on-year, and a net profit of 0.771 billion yuan, down 14.62% year-on-year [3]. - The company projects operating revenues of 4.989 billion yuan, 6.011 billion yuan, and 7.225 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.0%, 20.5%, and 20.2% [6][12]. - The net profit is expected to be 1.921 billion yuan, 2.381 billion yuan, and 2.953 billion yuan for the same years, with growth rates of 5.0%, 24.0%, and 24.0% respectively [6][12]. Market Position and Strategy - The company continues to expand its high-end product matrix, with flagship machines leading the market and a total installation of 4,300 units by H1 2025 [8]. - The company has established operations in 14 core countries, enhancing its global brand presence and transitioning to a deeper operational phase in overseas markets [5][8]. - The company is focusing on increasing sales and R&D investments to support long-term growth, despite short-term performance pressures [8].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for H1 2025 reached 1.899 billion yuan, a year-on-year increase of 25.99%, while the net profit attributable to shareholders was 40 million yuan, up 69.48% year-on-year [1] - The electric drive business is experiencing rapid growth, with a significant increase in revenue and profitability, although the second quarter's performance was impacted by expense recognition [1][2] - The company has a robust order backlog in its intelligent equipment segment, with new orders exceeding 1.8 billion yuan in H1 2025, including over 500 million yuan from overseas projects [2] Financial Performance - In Q2 2025, the company achieved revenue of 939 million yuan, a year-on-year increase of 42.45%, but a quarter-on-quarter decrease of 2.13% [1] - The gross margin for Q2 2025 was 15.85%, an increase of 0.65 percentage points from the previous quarter, while the total expense ratio rose to 15.34%, up 2.86 percentage points [1] - The intelligent equipment business generated revenue of 1.12 billion yuan in H1 2025, a decrease of 3.8% year-on-year, while the electric drive business saw revenue of 780 million yuan, a substantial increase of 126% year-on-year [1][2] Profitability Forecast - The company is expected to see net profits attributable to shareholders of 130 million yuan, 179 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 34, 25, and 21 times [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company reported a revenue of 193 million yuan for the first half of 2025, representing a year-on-year increase of 16.10%. The net profit attributable to the parent company was 5 million yuan, with a basic breakeven compared to a loss of 7 million yuan in the first half of 2024 [1]. - The core product, transformers, accounted for approximately 80% of total revenue in the first half of 2025, with a gross margin of over 30%. However, the overall gross margin decreased to 22.29% in Q2 2025 due to cost pressures from raw materials [2]. - The company is actively focusing on the Artificial Intelligence Data Center (AIDC) sector and has initiated research and development for Solid State Transformer (SST) solutions, which are expected to enhance efficiency and reliability in distribution architecture [3]. - The energy storage business is showing signs of reduced losses, with revenue from this segment increasing by 1509.13% year-on-year in the first half of 2025. The energy storage subsidiary's losses have decreased significantly compared to the previous year, indicating potential for future profitability [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 498 million, 587 million, and 694 million yuan, respectively, with growth rates of 32.2%, 17.8%, and 18.3%. The net profit attributable to the parent company is projected to be 58 million, 94 million, and 113 million yuan for the same years, reflecting substantial growth [4][6]. - The report indicates that the price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 96X, 59X, and 49X, respectively, based on the closing price on August 26, 2025 [4][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company experienced a revenue growth of 29% in the first half of 2025, with a significant acceleration in revenue from new game launches in the second quarter [1][8] - The performance of the new game "杖剑传说" has been outstanding, contributing to the company's revenue and profit growth [2][17] - The company has adjusted its profit forecasts upwards due to the strong performance of its new products, expecting net profits of 1.45 billion, 1.54 billion, and 1.63 billion for 2025, 2026, and 2027 respectively [3][17] Financial Performance Summary - In the first half of 2025, the company's revenue reached 2.52 billion yuan, a year-on-year increase of 28.5%, while the net profit attributable to the parent company was 650 million yuan, up 24.5% [1][8] - The gross margin for the first half of 2025 was 92.3%, an increase of 4.1 percentage points year-on-year, while the overall expense ratio rose slightly to 54.4% [1][12] - The company’s revenue from self-operated games increased by 51% to 1.52 billion yuan in the first half of 2025, with expectations for continued growth [17][19] Product and Market Insights - The company is focusing on the global release of self-developed products "杖剑传说" and "问剑长生," and is also set to operate the Three Kingdoms-themed SLG game "九牧之野" [2][16] - The domestic game "问道手游" saw a revenue decline of 7.3% to 1.07 billion yuan, while new games launched in 2024 and 2025 contributed to incremental revenue and profit [2][16] - The overseas game revenue decreased by 21% to 200 million yuan, primarily due to reduced revenue from "飞吧龙骑士" and "一念逍遥" [2][16]

证券研究报告 | 2025年08月27日 新澳股份（603889.SH） 优于大市 上半年业绩保持平稳，羊绒纱线业务表现亮眼 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 上半年收入基本持平，毛利率及汇兑收益提升。公司是羊毛和羊绒纺纱龙 头制造商。2025 上半年收入同比-0.1%至 25.5 亿元，归母净利润同比 +1.7%至 2.7 亿元；扣非归母净利润同比+3.2%至 2.7 亿元。分业务看， 羊绒纱线收入上涨，毛精纺纱和毛条收入下滑。毛利率同比提升 0.8 百 分点至 21.6%，主要受益于毛精纺业务和羊毛毛条业务毛利率提升；受 职工薪酬同比增加、子公司新澳越南及新澳银川逐步投产前期管理成本 增加等影响，销售/管理费用率分别同比+0.2/0.4 百分点；财务费用率 同比-0.8 百分点，主要受汇兑损益影响，去年同期汇兑亏损 0.09 亿， 今年收益 0.16 亿元。归母净利率同比+0.2 百分点至 10.6%。 羊绒纱线业务表现亮眼。上半年毛精纺纱/羊绒纱/毛条/改性处理及染整收 入分别-3.1%/+16.0%/-16.0%/-11.4%至 14.3/7.9/3.0/0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][11]. Core Insights - The company reported a revenue of 797 million yuan for the first half of 2025, representing a year-on-year growth of 34.45%. The net profit attributable to shareholders reached 145 million yuan, up 29.08% year-on-year [4]. - The growth in performance is attributed to the gradual release of production capacity from fundraising projects, which improved product structure and sales volume. The main business segments, tantalum and niobium products, generated revenues of 784 million yuan, with a gross profit of 147 million yuan, reflecting a growth of 35.50% and 31.38% respectively [5]. - The company is focusing on high-end tantalum materials, with key products like high-purity tantalum targets and powders driving revenue growth. The ultra-high purity tantalum target with a purity of 5N9 meets the demands of advanced chip manufacturing [6]. Financial Projections - The company is expected to achieve revenues of 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [6][9]. - The net profit attributable to shareholders is projected to be 291 million yuan, 371 million yuan, and 417 million yuan for the same years, with growth rates of 36.57%, 27.38%, and 12.36% respectively [6][9]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 36.43, 28.60, and 25.46 respectively [6][9].

现价：35.90 元 主要数据 | 行业 | 电子化学品 | | --- | --- | | 公司网址 | www.natachem.com | | 大股东/持股 | 沈洁/9.75% | | 实际控制人 | -- | | 总股本(百万股) | 691 | | 流通 A 股(百万股) | 657 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 248 | | 流通 A 股市值(亿元) | 236 | | 每股净资产(元) | 5.02 | | 资产负债率(%) | 37.26 | 行情走势图 有色与新材料 2025 年 8 月 27 日 南大光电(300346.SZ) 前驱体产品加速导入芯片企业，产销增长显著 推荐（维持） -30% -20% -10% 0% 10% 20% 25/01 25/03 25/05 25/07 南大光电 沪深300 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 事项： 公司发布 2025 年半年报，2025H1 实现营收 12.29 亿元，yoy+9.48%；实现归 母净利润 2.08 亿元，y ...