细分市场方面，1）泛小家电：25H1 公司在智能小家电、电动工具、运动出行 等领域销售占比 53.93%。基于长期深耕及对头部客户拓展的深入，白色家电领 域销售收入及占比继续增长，25H1 占比上升至 20.89%。2）汽车电子：25H1 公司车规级芯片占营业收入比重上升至 10.12%，增速较快。同时车规芯片 ISO 26262 功能安全管理产品认证正在持续进行。3）工业/机器人：公司在工业伺服 领域进行前瞻性研发布局，推动产品在工业伺服及机器人方面逐步量产，25H1 公司在工业领域收入占销售收入比重为 14.27%。展望未来，25H1 公司研发并 推出传感器产品，实现了产品类型的拓展，随着公司传感器产品的面市和市场导 入，预计将带动公司未来增长曲线。 公司点评 | 峰岹科技 25H1 业绩符合预期，泛小家电/汽车/机器人领域齐头并进 证券研究报告 2025 年 09 月 11 日 峰岹科技（688279.SH）2025 年半年报点评 事件：公司发布 2025 年半年报，25H1 公司实现营收 3.75 亿元，同比+32.84%； 归母净利润 1.17 亿元，同比-4.52%；扣非归母净利润 1.06 亿元 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company's main products are in a state of supply shortage, further solidifying its leading position in the market [2]. - In the first half of 2025, the company achieved operating revenue of 21.855 billion yuan, a year-on-year increase of 18.02%, while net profit attributable to shareholders decreased by 8.56% to 2.322 billion yuan [2]. - The company has successfully navigated challenges such as high raw material prices and increased competition, leveraging its comprehensive product range and global manufacturing capabilities [2][4]. - The company is expanding its production capacity in Indonesia and Thailand, which is expected to significantly boost overseas revenue [8]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 12.39 million yuan, a significant decrease of 99.13% year-on-year due to increased cash outflows for goods and services [3]. - The second quarter of 2025 saw a year-on-year increase in net profit attributable to shareholders of 0.55 billion yuan, with a gross profit of 2.207 billion yuan [4]. - The average selling price of tire products increased by 4.50% year-on-year, while the average selling price of car tire products rose by 9.52% [6]. Market Position and Strategy - The company is the largest tire manufacturer in China, with its "Chaoyang" brand being one of the most recognized in the country [8]. - The company is well-positioned to benefit from the global tire industry's increasing trade friction, thanks to its international layout and operational experience [7]. - The report forecasts the company's operating revenue for 2025-2027 to be 44.545 billion, 51.178 billion, and 55.074 billion yuan, respectively, with net profits projected at 4.191 billion, 5.449 billion, and 6.164 billion yuan [9][10].

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 [7][11]. Core Views - The company's performance has significantly benefited from rising gold prices, with a notable increase in net profit and revenue in the first half of 2025 [3][4]. - The company is expected to continue its growth trajectory, with projected net profits increasing substantially over the next few years [7]. Company Overview - The latest closing price of the company's stock is 39.55 yuan, with a total market capitalization of 176.9 billion yuan [2]. - The company has a debt-to-asset ratio of 63.5% and a price-to-earnings ratio of 69.39 [2]. Financial Performance - In the first half of 2025, the company achieved a net profit of 2.808 billion yuan, a year-on-year increase of 102.98% [3]. - The company's revenue for the same period was 56.766 billion yuan, reflecting a year-on-year growth of 24.01% [3]. - The company’s gold production in the first half of 2025 was 24.71 tons, accounting for 17.72% of the domestic gold mining output [4]. Future Projections - The company is expected to see net profits of 6.935 billion yuan, 8.875 billion yuan, and 10.313 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 134.95%, 27.98%, and 16.20% [9][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.55 yuan, 1.98 yuan, and 2.31 yuan respectively [9]. Production and Expansion - The company is actively advancing several projects to enhance its production capacity, including the construction of new mining facilities and resource integration projects [5]. - The company aims to increase its gold production capacity with the expectation of having 13 mines producing over 1 ton of gold annually by 2025 [4].

公司点评 | 福晶科技 主营业务稳健增长，至期光子 25H1 扭亏为盈 福晶科技（002222.SZ）2025 年半年报点评 事件：公司发布 2025 年半年报，25H1 公司实现营收 5.19 亿元，同比+18.10%； 归母净利润 1.28 亿元，同比+16.96%；扣非归母净利润 1.20 亿元，同比+2.30%； 25Q2 公司实现营收 2.80 亿元，同比+20.69%，环比+16.99%；归母净利润 0.78 亿元，同比+27.67%，环比+56.74%；扣非归母净利润 0.70 亿元，同比+0.66%， 环比+42.81%。 公司各主营业务齐头并进，持续投入下研发成果丰硕。1）2025 年公司主要稳 固现有的纳秒激光和光通讯市场，并持续推进 LBO，Nd：YVO4 晶体和声光磁 光产品在皮秒和飞秒激光市场增长。25H1 公司出口业务收入同比增长 13.75%， 内销业务收入同比增长 20.77%。分业务看，25H1 公司晶体元器件营收同比增 长 7.67%，其中非线性光学晶体营收同比增长 5.98%，激光晶体营收同比增长 10.15%；精密光学元件营收同比增长 29.05%；激光器件营收同比增长 ...

公司报告 | 首次覆盖报告 优优绿能（301590） 证券研究报告 电源模块领跑者，高压直流开启新篇章 公司主要业务为充电桩电源模块，主要资源投入核心技术和新产品开发， 轻资产模式。公司在产品迭代、客户结构、出海方面均有优势。中长期看， 电源模块下游延展性强，高压直流供电模块可用于数据中心直流供配电领 域，打开成长空间。 产品向高功率迭代，海外市场带来超额利润 充电模块功率升级迭代，高功率占比快速提升。从产品结构看，2024 年 20kw、30kw、40kw 模块产品收入分别为 0.7、6、7.4 亿元，同比-67%、-28%、 +155%；收入占比分别为 5%、40%、50%，同比-10pct、-20pct、+29pct， 40kw 模块产品收入占比大幅提升。 海外毛利率明显高于国内，欧洲是公司收入占比最高的市场。从 2020-2024 年，2022 年为海外收入占比最高的年份，营收 5.1 亿元，收入占比达 52%。 2024 年海外收入 4.2 亿元，同比下降 31%。虽然收入同比下降，但毛利率 达 50.2%，同比增加 4.2pct，比 2024 年国内毛利率高 26.1pct。 公司重视研发，202 ...

2025 年 09 月 11 日 古井贡酒(000596.SZ) 25Q2 迈入调整阶段，基地市场表现稳 健 事件： | 流通市值(百万元) | 92,171.98 | | --- | --- | | 总股本(百万股) | 528.60 | | 流通股本(百万股) | 528.60 | 公司发布 2025 年半年报，2025H1 实现营业收入 138.8 亿元，同比增 长 0.54%；实现归母净利润 36.61 亿元，同比增长 2.49%；实现扣非 归母净利润 36.26 亿元，同比增长 2.42%。根据计算，2025Q2 实现营 业收入 47.34 亿元，同比减少 14.22%；实现归母净利润 13.31 亿元， 同比减少11.68%；实现扣非归母净利润13.14亿元，同比减少11.87%。 Q2 业绩略下滑，短期承压韧性仍存 1）分业务来看，25H1 公司白酒/酒店/其他业务分别实现营收 136.4 亿元/0.46 万元/1.94 亿元，同比变化+1.57%/+10.44%/-42.1%。2） 分产品来看，25H1 年份原浆/古井贡酒/黄鹤楼及其他分别实现营收 109.59/11.84/14.97 亿元， ...

本报告导读： 公司电影投资储备项目丰富，重视影院转型，推动战略投资、潮玩与游戏业务的发 展，拓展新增长点。 投资要点： 储备影片丰富，打造第二增长曲线 万达电影(002739) 万达电影 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 陈俊希(分析师) | 021-38032025 | chenjunxi@gtht.com | S0880520120009 | | 孙小雯(分析师) | 021-23154120 | sunxiaowen@gtht.com | S0880525040021 | | 李芓漪(分析师) | 021-38038428 | liziyi@gtht.com | S0880523080004 | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 13.29 and an industry rating of "Outperform" [1]. Core Views - The company's pharmaceutical business has shown improvement, with a year-on-year revenue decrease of 4.42% to RMB 1.87 billion in the first half of 2025, but a net profit increase of 1.35% to RMB 218 million. The second quarter saw a revenue of RMB 1.01 billion, a slight year-on-year decrease of 0.95%, but a quarter-on-quarter increase of 17.12% [3][7]. - The report highlights the company's diverse new material layouts and the successful recovery of its pharmaceutical business, leading to an upward revision of profit forecasts [4][7]. Financial Summary - For the first half of 2025, the company reported total revenue of RMB 1.87 billion, with a net profit of RMB 218 million, reflecting a 1.35% increase year-on-year. The second quarter's net profit was RMB 138 million, up 18.25% year-on-year [8][9]. - The company expects EPS for 2025-2027 to be RMB 0.44, RMB 0.54, and RMB 0.63, with corresponding P/E ratios of 30.4x, 24.7x, and 21.2x respectively [4][6]. - The company is actively expanding its production capacity in various new materials, including semiconductor manufacturing materials and thermoplastic polyimide materials, which are expected to contribute to long-term growth [7][8].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 3.136 billion yuan, a year-on-year decrease of 0.42%, and a net profit attributable to shareholders of 163 million yuan, down 6.11% year-on-year. However, the net profit excluding non-recurring items increased by 12.20% year-on-year [5] - The material handling equipment segment showed strong growth, with revenue of 2.279 billion yuan, up 26.51% year-on-year. The marine engineering equipment segment also performed well, with revenue of 400 million yuan, up 14.39% year-on-year, and is expected to enter a delivery phase starting in 2026 [5] - The company maintains good cost control, with a gross margin of 19.76% and a net margin of 6.73% in the first half of 2025. The operating cash flow was healthy, with a net cash flow from operating activities of 547 million yuan [6] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 3.136 billion yuan, with a slight decline in net profit but an increase in net profit excluding non-recurring items [5] - The company forecasts revenues of 7.491 billion yuan, 8.416 billion yuan, and 10.210 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of -8.91%, 12.35%, and 21.31% [7] - The projected net profit attributable to shareholders for the same years is 454 million yuan, 520 million yuan, and 670 million yuan, with growth rates of -6.38%, 14.61%, and 28.83% respectively [7] - The company’s price-to-earnings ratios are projected to be 12.67, 11.06, and 8.58 for 2025, 2026, and 2027 respectively [7]

亿田智能（300911）2025 年半年报点评 推荐（维持） 盈利能力短期承压，算力业务有望打开新局面 事项： ❖ 亿田智能发布 2025 年半年报，公司 2025H1 实现营收 1.7 亿元，YoY-49.1%； 实现归母净利润-0.7 亿元，YoY-507.0%。经折算，公司 2025Q2 单季度营收 1.2 亿元，YoY-45.9%；实现归母净利润-0.3 亿元，YoY-321.9%。 评论： [主要财务指标 ReportFinancialIndex] 证 券 研 究 报 告 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 703 | 584 | 594 | 658 | | 同比增速(%) | -42.7% | -16.9% | 1.8% | 10.7% | | 归母净利润(百万) | 27 | 28 | 40 | 59 | | 同比增速(%) | -85.2% | 3.9% | 43.7% | 48.1% | | 每股盈利(元) | 0.15 | 0.15 | 0.22 | 0.32 | ...