Investment Rating - The report maintains a "Buy" rating for Jiuli Special Materials (002318.SZ) [2][6][14] Core Views - The company's main business profits have shown rapid growth, significantly supported by the composite pipe business [3][4] - In the first half of 2025, the company achieved revenue of 6.105 billion yuan, a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [4] - The profit growth in the first half of the year mainly came from composite pipes and seamless pipe products, with high-value, high-tech products in high-end equipment manufacturing and new materials generating revenue of 1.22 billion yuan, a year-on-year increase of 15.42% [4][5] Financial Performance - In the second quarter of 2025, the company reported a single-quarter revenue of 3.223 billion yuan, a year-on-year increase of 31.97%, and a net profit of 438 million yuan, up 38.74% year-on-year [4] - Jiuli Europe, a subsidiary, reported revenue of 1.506 billion yuan in the first half of 2025, a year-on-year increase of 295%, and a net profit of 176 million yuan, a year-on-year increase of 365% [5] - The company has signed a pipeline steel supply contract with the Abu Dhabi National Oil Company worth approximately 5.92 billion euros (about 4.6 billion yuan), with significant revenue expected in the second half of 2025 [5] Production Capacity and Forecast - The company currently has an annual production capacity of 200,000 tons of finished pipes and is expected to further increase its capacity with a new project for high-performance pipes [5] - The profit forecasts for 2025-2027 are 1.693 billion yuan, 1.860 billion yuan, and 2.029 billion yuan, corresponding to P/E ratios of 13.0, 11.9, and 10.9 times respectively [6][7]

业绩简评 8 月 25 日公司发布 2025 年半年度业绩报告，2025H1 公司实现营 收 17.46 亿元，同比+5.78%，实现归母净利润 1.83 亿元，同比 +1.72%。其中 25Q2 实现营收 8.98 亿元，同比+10.07%，实现归母 净利润 0.94 亿元，同比+0.65%。25H1 公司拟分红方案为 0.28 元 /股，对应的股利支付率为 93.58%。 经营分析 塑料软包表现亮眼，贡献主要业绩增量。2025H1，公司彩印复合包 装/塑料软包/油墨/镀铝包材实现营收 12.19/3.69/0.74/0.35 亿 元，同比分别+2.64%/+20.34%/+3.80%/+22.33%。公司主业彩印复 合包装营收增速缓慢，预计主因下游食品日化领域消费需求尚未 完全恢复，市场销量增长动力不足。塑料软包装薄膜业务实现加快 增长，主因近年来公司顺应环保包装发展趋势，塑料薄膜项目不断 投产度过爬坡期后，贡献显著业绩增量。 25H1 毛利率短期承压，费用管控优异。2025H1，公司毛利率/净利 率为 21.18%/10.55%，同比分别-1.20/-0.49pct，其中 25Q2 毛利 率/净利率为 ...

Investment Rating - The investment rating for the company is "Hold" [3] Core Views - The company reported a steady growth in its automotive parts business, with significant contributions from overseas markets and the new energy vehicle sector [5] - The first-tier turbocharger business is primarily driven by overseas demand, with revenue from international markets reaching 278 million yuan, a year-on-year increase of 14.71% [5] - The second-tier new energy vehicle parts business is gaining momentum, with the subsidiary in Anhui generating revenue of 20.75 million yuan in the first half of 2025 [5] - The third-tier business, focusing on linear motion components, is also showing growth potential, with the subsidiary achieving revenue of 1.94 million yuan in the first half of 2025 [5] Financial Summary - For the first half of 2025, the company achieved operating revenue of 716 million yuan, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [4] - The company forecasts operating revenues of 1.62 billion yuan, 2.01 billion yuan, and 2.54 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 19.3%, 24.3%, and 26.1% [5][7] - The net profit attributable to shareholders is expected to reach 330 million yuan, 399 million yuan, and 509 million yuan for the same years, with growth rates of 14.9%, 19.5%, and 27.9% respectively [5][7] - The price-to-earnings (P/E) ratio is projected to decrease from 42.8 in 2025 to 28.0 in 2027, indicating improving valuation [5][7] Business Segments - The automotive parts segment generated 667 million yuan in revenue, reflecting a year-on-year growth of 6.05% [5] - The company is expanding its production capacity in Thailand, which is expected to further enhance the growth of its turbocharger business [5] - The new energy vehicle parts segment is supported by the new production facility in Anhui, which is ramping up its output [5] Market Comparison - The company is positioned well within the automotive parts industry, with its stock rating reflecting a stable outlook compared to market indices [8]

公 华福证券 火力发电 司 研 究 公 司 财 江苏国信（002608.SZ） 2Q25 扣非归母净利两位数增长，主营业务盈利 向好 投资要点： 1H25 能源收入同比减少 12%，能源板块业绩增长 16%：1H25 公司上 网电量同比减少 5.21%，含税平均上网电价同比下降 4.59%，能源板块收入 同比下降 11.95%。其中，江苏燃煤机组上网电量同比增长 2.21%（24 年底 和 25 年 4 月国信滨海港电厂共计新增投产两台百万机组，新增机组投产贡 献新增量），电价下降 39.30 元/MWH，对应降幅 8.4%(25 年江苏年度双边 下降 40.49 元/MWH，对应降幅 8.94%)。受益于 1H25 市场煤价下行，公司 能源板块盈利有所增长，1H25 利润总额同比增长 16.29%。此外，国信沙 洲首台 100 万千瓦机组于 7 月 8 日正式投产运营，预计第二台年内投产； 国信马洲一控一参两台机组预计今年年末投产；25 年 6 月核准的国信扬电 三期项目预计 27 年投产，未来公司的控股火电装机将进一步增加。 华福证券 证 券 稳定的金融股权投资收益为公司奠定了坚强的展业基础：1H2025 ...

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Insights - The company reported a revenue of 21.675 billion yuan in the first half of 2025, representing a year-on-year increase of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% [1][5]. - The pharmaceutical industrial segment continues to show steady growth, with a revenue of 3.696 billion yuan in Q2 2025, marking a 12.04% increase [1]. - The company is focusing on innovation, with R&D investment in the pharmaceutical industrial sector reaching 1.484 billion yuan in H1 2025, an increase of 33.75% [1]. Summary by Sections Pharmaceutical Industrial - The core subsidiary, China Medical East, achieved a revenue of 3.696 billion yuan in Q2 2025, with a net profit of 737 million yuan, reflecting a growth of 16.34% [1]. - The company has expanded its innovative product pipeline, covering key therapeutic areas such as oncology and autoimmune diseases, leading to increased revenue contributions from innovative businesses [1]. Aesthetic Medicine - The aesthetic medicine segment reported a total revenue of 1.112 billion yuan in H1 2025, facing some pressure but showing improvement compared to Q1 2025 [2]. - The overseas subsidiary, Sinclair in the UK, generated approximately 524 million yuan in revenue, down 7.99% year-on-year, but showed a quarter-on-quarter increase of 19.96% in Q2 2025 [2]. Financial Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 3.971 billion yuan, 4.570 billion yuan, and 5.113 billion yuan, respectively, with year-on-year growth rates of 13.1%, 15.1%, and 11.9% [2][3]. - The company maintains a strong innovation potential, justifying the "Buy" rating [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark index within the next six months [6][14]. Core Views - The company reported a revenue of 13.185 billion yuan in 1H2025, a year-on-year decrease of 5.83%, while the net profit attributable to shareholders increased by 1.05% to 1.082 billion yuan [3][4]. - In 2Q2025, the company achieved a net profit of 638 million yuan, reflecting a year-on-year growth of 3.26%, indicating a recovery in profit margins [5]. - The company is accelerating its energy transition by increasing its renewable energy capacity, with 1.5 million kilowatts of renewable projects under construction and a target for significant growth in renewable energy installations by 2025 [5]. Financial Performance Summary - For 1H2025, the company's revenue decreased by 5.83%, primarily due to a 7.9% decline in power generation from thermal power in Anhui province and a 5.35% drop in electricity prices [4]. - The average price of coal decreased by 21.25% year-on-year, contributing to a slight increase in net profit [4][5]. - The company's gross margin and net margin improved to 17.41% and 13.43%, respectively, in 2Q2025, showing improvements both year-on-year and quarter-on-quarter [5]. Earnings Forecast - The company is projected to generate revenues of 32.086 billion yuan, 30.722 billion yuan, and 30.287 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 2.175 billion yuan, 2.337 billion yuan, and 2.436 billion yuan [6][7].

证券研究报告 计算机 | IT 服务Ⅱ 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | 08 | 25 | 2025 | 年 | 月 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 71.40 | | | | | | | 一 年 最 低 | | | | | 92.99/18.04 | | 高 | 内 | 最 | / | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 2,780.42 | | | | | | | 流通市值（百万元） | | | | | 1,258.33 | | | | | | | 总股本（百万股） | | | | | 38.94 | | ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][6] Core Views - The company's revenue for the first half of 2025 was 4.05 billion yuan, a year-on-year decrease of 26.1%, with a net profit attributable to shareholders of 57.48 million yuan, down 89.58% year-on-year [1] - The coal production and sales have recovered, but the decline in selling prices and rising costs have pressured profitability [2] - The company expects marginal improvement in product prices in the second half of the year, despite the current challenges [4] Summary by Sections Financial Performance - In H1 2025, the company achieved coal production and sales of 7.575 million tons and 6.043 million tons, respectively, with a year-on-year increase of 7.3% and 4.9% [2] - The average selling price of coal was 486.0 yuan/ton, down 23.7% year-on-year, while the unit production cost was 277.2 yuan/ton, down 9.3% year-on-year [2] - The company's net profit for Q2 2025 was 24.10 million yuan, a quarter-on-quarter decline of 94.2% [1] Business Segments - The urea production and sales in H1 2025 were 406,000 tons and 394,000 tons, down 15.1% and 17.3% year-on-year, with a comprehensive selling price of 1,590.5 yuan/ton, down 20.9% [3] - The company's urea gross margin was 5.8%, a decrease of 15.7 percentage points year-on-year [3] - The company's caprolactam business experienced increased losses due to significant price declines [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 244 million yuan, 322 million yuan, and 476 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.17 yuan, 0.22 yuan, and 0.32 yuan [4][5] - The PE ratios for 2025, 2026, and 2027 are projected to be 42, 32, and 21 times, respectively [4][5]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [3][7]. Core Views - The company has demonstrated stable profit growth, with a favorable demand for additives. The shift in strategy from single agents to composite agents is proving effective, capitalizing on the evolving market dynamics [5][7]. - The company reported a revenue of 1.662 billion yuan for the first half of 2025, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 370 million yuan, up 16.08% from the previous year [4]. Financial Performance - The average price of Brent crude oil in H1 2025 was $70.81 per barrel, down 15.11% year-on-year, while the price of base oil was 7805.66 yuan per ton, down 7.93% year-on-year [5]. - The company's gross margin for H1 2025 was 36.34%, an increase of 0.59 percentage points year-on-year, and the net profit margin was 22.34%, up 1 percentage point year-on-year [5]. - The company’s earnings per share (EPS) for 2025 is projected to be 2.98 yuan, with a price-to-earnings (P/E) ratio of 21.3 times [11][14]. Market Position - The company has successfully achieved breakthroughs in the certification of composite products, having developed various formulations for diesel and gasoline engine oils, among others, with several products receiving OEM certification [5][6]. - The domestic export volume of lubricating oil additives increased by 7.51% year-on-year in H1 2025, indicating a stable growth trend in the market [6]. Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 883 million yuan, 1.011 billion yuan, and 1.160 billion yuan, respectively, reflecting a consistent growth trajectory [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6][17] Core Views - The company experienced steady revenue growth in the first half of 2025, achieving revenue of 469 million yuan, a year-on-year increase of 3.7%, but faced a significant decline in net profit, which fell by 77.66% to 12 million yuan [1] - The decline in profitability is attributed to several factors, including a decrease in the selling price of vacuum insulation panels, rising material costs, and increased management expenses due to expanded operations [1][3] - The company has achieved record high production and sales volumes for its core product, vacuum insulation panels, with revenue of 452 million yuan in the first half of 2025, a year-on-year increase of 1.78% [2] - The company is actively expanding its applications in new energy sectors and has been engaging in technical exchanges with related enterprises to promote its products [2] Financial Performance Summary - The gross margin for the first half of 2025 was 23.9%, a decrease of 9.57 percentage points year-on-year, with a net profit margin of 2.58%, down 9.4 percentage points [3] - The company’s operating cash flow for the first half of 2025 was 31 million yuan, a decrease of 28 million yuan year-on-year, primarily due to reduced tax refunds and increased cash payments to employees [3] - The report projects a downward adjustment in net profit forecasts for 2025-2027, estimating 70 million yuan, 120 million yuan, and 180 million yuan respectively, compared to previous estimates of 140 million yuan, 180 million yuan, and 240 million yuan [4] Market Demand and Policy Support - The demand for the company's products is expected to be supported by government policies promoting the replacement of old appliances and new energy efficiency standards, with significant funding allocated for these initiatives [4] - The company is well-positioned to benefit from the anticipated growth in the VIP market driven by these policies [4]