2025 年 8 月 27 日 公司研究 费用管控成效显著，盈利能力改善明显 ——安科瑞（300286.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，2025 年上半年实现营业收入 5.39 亿元，同比 增长 1.54%，实现归母净利润 1.26 亿元，同比增长 24.83%，扣非归母净利润 1.09 亿元，同比增长 22.60%，拟向全体股东每 10 股派发现金红利 1 元（含税）。 其中 2025Q2 公司实现营业收入 2.95 亿元，同比增长 2.34%，环比增长 21.46%； 实现归母净利润 0.73 亿元，同比增长 32.58%，环比增长 40.66%。 各项业务营收基本保持稳定，毛利率均有所提升。2025 年上半年公司电力监控 及变电站综合监控产品及系统营收同比增长 0.01%至 2.26 亿元，毛利率同比上 升 1.03pct 至 48.34%；能效管理产品及系统营收同比减少 0.12%至 1.75 亿元， 毛利率同比上升 0.73pct 至 48.39%；电量传感器营收同比增长 6.47%至 0.63 亿元，毛利率同比上升 0.06pct 至 45.34%；消防及用 ...

证券研究报告 | 公司点评报告 2025 年 08 月 27 日 保利发展（600048.SH） 营收承压，存量土地置换助力拿地力度提高 周期/房地产 25H1 公司实现归母净利润 27 亿元，同比下降 63.5%，与业绩快报基本一致， 判断公司后续营收增长或承压，结转毛利率或仍在筑底阶段；销售排名保持行 业第一，增量项目销售占比提升，投资端拿地力度提高；多措并举盘活存量资 源，"调转换退"取得一定进展；融资成本持续下降，直融占比提升，成功发行 国内首单现金类定向可转债；资产经营稳步发展，物业服务规模持续扩大。预计 2025-2027 年 EPS 分别为 0.36、0.38 和 0.53 元，认为公司具备穿越周期的能 力，若行业右侧出现其仍是竞争格局改善的核心受益标的，且随着公司逐步盘 活存量资源，市场对公司减值压力的担忧或有望缓释，维持"强烈推荐"评级。 q 25H1 公司实现归母净利润 27 亿元，同比下降 63.5%，与业绩快报基本一致， 判断公司后续营收增长或承压，结转毛利率或仍在筑底阶段。公司 25H1 营 收/营业利润/归母净利分别为 1169 亿/98 亿/27 亿，同比分别-16.1%/-29 ...

证券研究报告 | 公司点评报告 2025 年 08 月 27 日 成都银行（601838.SH） 存贷增速高，资产质量优 总量研究/银行 成都银行披露 2025 年半年报，2025H1 营收、PPOP、归母利润同比增速分别 为 5.91%、6.84%、7.29%。从累计业绩驱动来看，25H1 规模扩张、其他非息、 成本收入比下降形成正贡献，净息差和中收形成拖累。单季度环比来看，25Q2 净息差对业绩拖累程度大幅下降，中收拖累成都有所增加，拨备贡献由正转负。 核心观点： 亮点：（1）存贷高增，资负结构改善。资产端，25Q2 末，公司总资产规模同 比增长 14.32%，增速环比回升 1.07pct，其中贷款同比增速高达 17.96%，环比 回升 1.05pct，在行业整体信贷增速放缓的趋势下实属难得。分业务来看，对公 贷款为基本盘，25Q2 末同比增长 15.62%，增速环比有所回落，但依旧高位； 零售端积极打造"成行消贷"特色品牌，个人消费贷款同比增长 26.13%，个人 住房贷款也实现了 11.67%的稳健增长，带动总的个人贷款实现了 12.85%的高 增速。另外，财政扩张下公司投资类资产规模上半年同比增长 ...

北交所信息更新 同力股份（834599.BJ） 新能源+无人矿卡双轮驱动，技术赋能与出海战略共筑高成长 ——北交所信息更新 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 22.80 | | 一年最高最低(元) | 27.31/7.79 | | 总市值(亿元) | 105.23 | | 流通市值(亿元) | 79.25 | | 总股本(亿股) | 4.62 | | 流通股本(亿股) | 3.48 | | 近 3 个月换手率(%) | 134.98 | 北交所研究团队 2025H1 公司营收 31.69 亿元（+12.69%），归母净利润 3.21 亿元（+8.25%） 2025 上半年公司实现营收 31.69 亿元，同比增长 12.69%，归母净利润 3.21 亿元， 同比增长 8.25%，扣非归母净利润 3.18 亿元，同比增长 10.09%，毛利率 19.78%， 同比增长 1.23pcts。公司积极布局无人矿卡新领域，提高研发费用影响，我们下 调 2027 年盈利预测，维持 2025-2026 年盈利预测 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company reported a significant increase in mid-year performance, with H1 2025 revenue reaching 3.691 billion yuan, a year-on-year increase of 33.74%, and a net profit of 503 million yuan, up 384.52% year-on-year [3][4] - The growth is primarily driven by the new game "Zhu Xian World" and the continued growth of the esports business, alongside cost reduction and efficiency improvement measures [3][4] - The company has adjusted its profit forecasts for 2025-2027 to 1.012 billion, 1.993 billion, and 2.301 billion yuan respectively, reflecting optimism about the new product cycle [3][4] Financial Performance Summary - H1 2025 revenue: 3.691 billion yuan (up 33.74% YoY) - H1 2025 net profit: 503 million yuan (up 384.52% YoY) - Q2 2025 revenue: 1.668 billion yuan (up 16.57% YoY) - Q2 2025 net profit: 201 million yuan (up 236.65% YoY) - H1 2025 gross margin: 57% (down 8 percentage points) due to increased low-margin film business revenue [3][4][5] Game Performance and New Releases - The PC online game revenue for H1 2025 was 1.852 billion yuan (up 70.51% YoY), while mobile game revenue was 968 million yuan (down 33.04% YoY) [4] - The new game "Yuan Huan" has received positive feedback from both domestic and overseas players, indicating potential for significant revenue contribution [4] Film and Television Business - The film and television business revenue for H1 2025 was 767 million yuan (up 756% YoY), with a net profit of 22.93 million yuan, marking a turnaround from losses [4] - The company is focusing on high-quality, customized dramas and has seen success with short dramas, which are expected to continue to perform well [4]

证券研究报告 | 2025年08月27日 三棵树（603737.SH） 优于大市 2025 中报点评：渠道精耕升级，经营改善持续兑现 收入同比有韧性，利润高增持续兑现。2025H1 公司实现营收 58.2 亿元，同 比+0.97%，归母净利润 4.4 亿元，同比+107.5%，扣非归母净利润 2.9 亿元， 同比+268.5%，高于此前业绩预告中枢（归母净利润 3.8-4.6 亿元，扣非归 母净利润 2.3-3.1 亿元）EPS 为 0.59 元/股；其中 Q2 单季度营收 36.9 亿元， 同比-0.2%，归母净利润 3.3 亿元，同比+103%，扣非归母净利润 3.1 亿元， 同比+96%，单季收入同比微降有韧性，同时受益毛利率提升、费用及减值减 少，利润同比高增持续兑现，2025H1 计提信用减值损失 0.87 亿元，其中 Q2 单季 0.94 亿元，同比减少 0.7 和 0.89 亿元。 风险提示：地产需求下行超预期；渠道拓展不及预期；原材料上涨超预期 投资建议：渠道精耕转型升级，看好新成长阶段，维持"优于大市"评级 公司精耕渠道转型升级，零售新业态模式成熟并快速复制，工程端聚焦并深 入布局厂房、酒店 ...

证券研究报告 | 2025年08月27日 保利发展（600048.SH） 业绩下滑，积极推进存量去化 归母净利下降 64%。2025 上半年公司实现营业收入 1169 亿元，同比下降 16.1%；实现归母净利润 27 亿元，同比下降 63.5%。因房地产项目结转规模 下降，公司营业总收入同比下降；受行业和市场波动影响，结转项目盈利能 力下降，相关利润指标相应同比下降。 销售保持领先，推进存量去化。2025 上半年公司实现销售面积 714 万平方 米，同比下降 25.2%；实现销售金额 1452 亿元，同比下降 16.3%，站稳行业 龙头位置。上半年公司实现销售回笼 1448 亿元，综合回笼率 100%，同比提 高 15 个百分点；当期销售回笼率 65.3%，同比提升 9 个百分点。上半年，公 司 2021 年及以前获取的存量项目签约销售 394 万平方米，销售金额 514 亿 元，占比达 35%；存量未开发资源则严格落实"以销定产"，新完成"调转 换退"51 万平方米。 2025 上半年，公司新增项目 26 个，位于北京、上海、杭州、西安、石家庄 等核心城市，项目总地价 509 亿元，总计容面积 228 万平 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.293 billion yuan for the first half of 2025, representing a year-on-year increase of 14.02%, with a net profit attributable to shareholders of 76 million yuan, up 906.32% year-on-year [7][8] - The aluminum formwork business continues to recover, and the R&D of AI new materials is progressing steadily, with significant improvements in both scale and profitability [8] - The company is expanding its international business, with overseas revenue growing by 27.31% year-on-year, contributing to overall performance [8] - The company is expected to achieve net profits of 178 million yuan, 236 million yuan, and 289 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 32.9, 24.8, and 20.3 [6][8] Financial Performance Summary - Revenue projections for the company are as follows: 2.238 billion yuan in 2023, 2.526 billion yuan in 2024, 2.793 billion yuan in 2025, 3.128 billion yuan in 2026, and 3.536 billion yuan in 2027, with growth rates of 16.0%, 12.9%, 10.5%, 12.0%, and 13.0% respectively [6][9] - The company’s gross profit margin improved to 28.66% in the first half of 2025, an increase of 4.22 percentage points year-on-year [8] - The operating cash flow for the first half of 2025 was 100 million yuan, an increase of 249 million yuan year-on-year [8] Business Segment Analysis - The revenue from aluminum formwork leasing and prefabricated PC series products for the first half of 2025 was 718 million yuan and 190 million yuan respectively, with year-on-year changes of +9.22% and -4.62% [8] - The gross profit margins for these segments were 36.40% and 19.34%, reflecting improvements in the aluminum formwork leasing business [8] Regional Performance - Domestic revenue increased by 10.43% year-on-year, while overseas revenue saw a growth of 27.31%, with overseas revenue accounting for 23.8% of total revenue, up 2.5 percentage points [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6][7]. Core Insights - The company reported strong revenue growth of 41.26% year-on-year, reaching 28.537 billion CNY in the first half of 2025, with a net profit of 1.488 billion CNY, reflecting a 7.26% increase [1]. - The order backlog has shown robust growth, with external orders increasing by 45.58% year-on-year to 51.81 GW, including a 42.27% increase in overseas orders [2]. - The company's wind turbine sales have significantly improved, with a 106.60% increase in sales volume to 10.64 GW in the first half of 2025, driven by a recovery in domestic wind power demand [2]. - The gross margin for wind turbine and component sales improved by 4.22 percentage points to 7.97%, indicating enhanced profitability [2]. - The company is actively expanding its wind power service and investment business, achieving service revenue of 2.896 billion CNY, with a 9.56% increase in after-sales service revenue [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 19.065 billion CNY, a 44.18% year-on-year increase and a 101.28% quarter-on-quarter increase, with a net profit of 919 million CNY [1]. - The company expects net profits for 2025-2027 to be 3.221 billion CNY, 4.136 billion CNY, and 4.836 billion CNY respectively, with significant upward revisions of 23%, 35%, and 43% [4]. Market Position - The company is focusing on international and offshore business, which is expected to support its market share growth [2]. - The average operating hours for domestic units reached 1,255 hours, exceeding the national average by 168 hours, contributing to increased revenue from power generation [3]. Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.76 CNY, 0.98 CNY, and 1.14 CNY, with corresponding price-to-earnings (P/E) ratios of 16 and 11 for A and H shares respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.40 CNY, based on a 23x PE for 2026 [2][5]. Core Views - The company is experiencing short-term pressure on performance, but its ICL business is showing stable growth. The revenue for the first half of 2025 was 4.94 billion CNY, down 20.6% year-on-year, while the net profit attributable to the parent company was 0.1 billion CNY, down 85.7% year-on-year [10]. - The ICL business structure is being optimized, and the strategic transformation towards IVD is accelerating. The revenue from ICL in the first half of 2025 was 1.63 billion CNY, down 25.6% year-on-year, with a significant improvement in the business structure [10]. - The company is actively pursuing overseas business opportunities and has established a new growth curve through "AI + Data" initiatives. The company has received ISO 15189 and EQA certifications for its Vietnam operations, enhancing its recognition in the local healthcare system [10]. Financial Summary - The company's revenue is projected to be 12.231 billion CNY in 2025, with a slight increase of 0.3% year-on-year. The operating profit is expected to recover significantly to 0.247 billion CNY, reflecting a growth of 892.3% year-on-year [4][12]. - The net profit attributable to the parent company is forecasted to be 0.146 billion CNY in 2025, showing a year-on-year increase of 140.8% [4][12]. - The earnings per share (EPS) is expected to be 0.23 CNY in 2025, with projections of 0.80 CNY and 1.00 CNY for 2026 and 2027, respectively [2][4].