Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5] Core Views - The company reported a significant decline in revenue and a net loss for the first half of 2025, with total revenue of 3.226 billion yuan, down 18.23% year-on-year, and a net loss attributable to shareholders of 77.6111 million yuan, compared to a net profit of 184 million yuan in the same period last year [1] - The decline in investment income is attributed to reduced income from the coking business and decreased profits from the associated company, China Coal Huajin, leading to a 55.35% year-on-year drop in recognized investment income to 601 million yuan [1][2] - The company experienced a narrowing of losses in Q2 2025, with a net profit of -7.352 million yuan, an improvement of 62.91 million yuan compared to the previous quarter [1][2] Summary by Sections Financial Performance - In Q2 2025, the company achieved a coking production of 735,600 tons, a year-on-year decrease of 2.91% but a quarter-on-quarter increase of 0.5%. Coking sales were 761,800 tons, down 1.89% year-on-year but up 4.71% quarter-on-quarter [2] - The average selling price of coke in Q2 2025 was 1,288.57 yuan per ton, down 29.72% year-on-year and 11.19% quarter-on-quarter. The unit procurement cost of coking coal was 1,010.54 yuan per ton, down 12.97% quarter-on-quarter and 35.39% year-on-year [2] - The gross profit from coking was -18.4028 million yuan, showing improvement from -83.1313 million yuan in Q1 2025, indicating ongoing pressure on coking business performance [2] Price Trends of Chemical Products - The report notes a decline in the prices of major chemical products in Q2 2025, including asphalt at 3,197.37 yuan per ton (down 26.99% year-on-year), industrial naphthalene at 4,386.29 yuan per ton (down 12.28% year-on-year), and carbon black at 4,845.45 yuan per ton (down 25.6% year-on-year) [3] Profit Forecast - The forecast for the company's net profit attributable to shareholders for 2025-2027 is 97 million yuan, 113 million yuan, and 162 million yuan, respectively, with corresponding EPS of 0.04 yuan, 0.04 yuan, and 0.06 yuan. The PE ratios for these years are projected to be 108, 93, and 64 times, respectively [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business of zippers shows steady growth, and the results of its globalization strategy are beginning to emerge [5] - The company focuses on sustainable development, transformation, and enhancing core competitiveness [7] - The company has achieved a revenue of 2.338 billion yuan in H1 2025, with a year-on-year growth of 1.80% despite external disturbances [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a growth trajectory from 3.907 billion yuan in 2023 to 6.008 billion yuan in 2027, with a CAGR of approximately 8.84% [6] - The net profit attributable to shareholders is projected to grow from 558 million yuan in 2023 to 934 million yuan in 2027, reflecting a growth rate of 12.31% in 2027 [6] - The company’s gross profit margin for H1 2025 is 42.89%, with a net profit margin of 15.80% [7] Product and Regional Performance - The zipper business generated revenue of 1.293 billion yuan in H1 2025, a year-on-year increase of 2.68%, accounting for 55.30% of total revenue [7] - International business revenue reached 864 million yuan in H1 2025, a year-on-year increase of 13.72%, with an international revenue share of 36.97% [7] - The company is expanding its global footprint with operational industrial parks in Bangladesh and Vietnam, aiming to become a "global, innovative accessory kingdom" [7] Profitability and Efficiency - The company’s return on equity (ROE) is projected to increase from 12.83% in 2023 to 19.65% in 2027 [6] - The company is enhancing operational efficiency through overseas capacity layout and product R&D [7] - The gross profit margin for the zipper and button businesses improved to 43.32% and 43.48% respectively in H1 2025 [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year revenue growth of 11.32% in H1 2025, with total revenue reaching 390 million yuan and a net profit of 30.46 million yuan, reflecting a decline of 12.07% year-on-year [7] - The company’s gross profit margin was 20.9%, down by 1.5 percentage points year-on-year, with a net profit margin of 6.9%, down by 3.2 percentage points year-on-year [7] - The company’s overseas revenue grew by 19% year-on-year, while the domestic market saw a decline in certain product categories, prompting the launch of a new brand to target niche markets [5][7] Financial Performance Summary - In H1 2025, the company’s main grain product revenue increased by 40% to 59.46 million yuan, with a gross margin improvement of 5 percentage points [7] - The company’s revenue from meat jerky products was 220 million yuan, accounting for 57.75% of total revenue, with a gross margin of 23.4% [7] - The company’s revenue from canned products increased by 61.13% to 34.17 million yuan, while revenue from meat powder products decreased by 9.72% to 48.495 million yuan [7] - The company’s projected net profits for 2025-2027 are estimated at 81 million, 98 million, and 120 million yuan respectively, with corresponding P/E ratios of 29.7, 24.6, and 20.0 [8]

宇通客车（600066.SH）系列点评七 25Q2 业绩符合预期 海外增势强劲 2025 年 08 月 26 日 ➢ 事件概述：公司披露 2025 年半年度报告，2025H1 营收 161.29 亿元，同 比-1.26%；归母净利润 19.36 亿元，同比+15.64%；扣非归母净利 15.50 亿元， 同比+8.24%。公司披露 2025 年半年度利润分配方案，每股派发现金股利 0.5 元，合计派发现金红利 11.07 亿元。 ➢ 2025Q2 业绩符合预期 全年业绩韧性可期。1）营收端：2025Q2 营收 97.12 亿元，同比-0.08%，环比+51.33%，符合预期。2025Q2 公司累计销售客车 12,310 辆，同比-4.01%，环比+36.61%。我们认为公司营收同比小幅下降系去年同期高 基数所致，环比上升系季节性影响。2）利润端：2025Q2 公司实现归母净利润 11.81 亿元，同比+16.11%，环比+56.36%，优于营收端表现。公司 2025Q2 毛 利率为 22.94%，同环比分别-3.16/+4.05pct，同比下滑主要系会计准则变更所 致。净利率为 12.36%，同环比分别+1. ...

安利股份（300218.SZ）2025 年半年报点评 25Q2 业绩符合预期，大客户+全球化开启成长新征程 2025 年 08 月 26 日 ➢ 事件：2025 年 8 月 26 日，安利股份发布 2025 年半年报。2025H1，公司 实现营收 10.99 亿元，同比下降 2.40%；实现归母净利润 0.93 亿元，同比增长 0.91%；实现扣非后归母净利润 0.89 亿元，同比增长 5.53%。其中，2025Q2， 公司实现营收 5.44 亿元，同比降低 7.01%，环比降低 1.88%；实现归母净利润 0.47 亿元，同比降低 8.41%，环比增长 0.90%；实现扣非后归母净利润 0.44 亿 元，同比降低 4.26%，环比降低 0.62%。据公司公告，2025H1 公司产品平均销 售单价同比增长 7.4%，生态功能性合成革毛利率为 26.68%，同比提升 0.12 个 百分点。 ➢ 客户结构优化+高研发投入系公司业绩变动主因。2025 年上半年，以耐克 为代表的高端功能鞋材订单总体实现较快增长，沙发家居订单实现止跌回稳，高 端体育运动、电子产品、汽车内饰等高技术含量、高附加值产品销售扩大、占比 提升 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In H1 2025, the company achieved revenue of 15.769 billion yuan, a year-on-year decrease of 29.47%. However, Q2 saw a quarter-on-quarter increase in net profit attributable to shareholders of 21.95% due to a decline in coal prices, which alleviated cost pressures [6][7] - The company plans to invest in technological upgrades to improve efficiency and has proposed a cash dividend of 2.50 yuan per 10 shares to shareholders [6][8] - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 3.470 billion yuan, 4.555 billion yuan, and 5.679 billion yuan respectively [6] Financial Summary - For H1 2025, the company reported a revenue of 15.764 billion yuan, down 7.14% year-on-year, and a net profit of 1.569 billion yuan, down 29.47% year-on-year [6] - The average price of main products such as urea and acetic acid showed mixed results, with some price differences increasing, contributing to the quarter-on-quarter growth in net profit [7] - The company plans to invest 3.039 billion yuan in a gasification platform upgrade project to enhance scale efficiency [8] Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.63 yuan, 2.15 yuan, and 2.67 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16.3, 12.4, and 10.0 [6][9] - The company's total market capitalization is approximately 56.605 billion yuan, with a circulating market capitalization of 56.497 billion yuan [1]

电子 | 证券研究报告 — 调整盈利预测 2025 年 8 月 26 日 688213.SH 买入 原评级：买入 市场价格:人民币 103.25 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 40.2 4.1 14.7 109.6 相对上证综指 21.2 (4.0) (1.3) 73.5 发行股数 (百万) 401.84 流通股 (百万) 323.04 总市值 (人民币 百万) 41,490.14 3 个月日均交易额 (人民币 百万) 581.09 主要股东 徐辰 13.64% 资料来源：公司公告， Wind ，中银证券 (14%) 15% 45% 74% 103% 132% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 思特威-W 上证综指 以 2025 年 8 月 25 日收市价为标准 相关研究报告 《思特威-W》20250421 《思特威-W》20241202 《思特威-W》20241028 智能手机产品矩阵丰富化，汽车业务快速增长 思特威 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 32.4 yuan over the next six months [9]. Core Views - The company has shown stable revenue growth, with a 7.87% year-on-year increase in revenue to 2.747 billion yuan in the first half of 2025, and a slight increase in net profit of 0.24% to 605 million yuan [2]. - The aerospace composite materials segment has experienced stable growth, with a 7.89% increase in revenue to 2.717 billion yuan, driven by the delivery of prepreg products [3]. - The company is focusing on research and development, with a total R&D investment of 102 million yuan in the first half of 2025, leading to breakthroughs in aerospace composite materials and civil aviation products [4]. - The company is expanding into the low-altitude economy, with subsidiaries focusing on eVTOL and drone markets, and has completed several key projects related to composite materials [5]. Financial Summary - The company is expected to achieve net profits of 1.3 billion yuan, 1.5 billion yuan, and 1.7 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 16.1%, and 11% [6]. - The average PE ratio for comparable companies is projected to be 36 and 30 times for 2025 and 2026, respectively, while the company is given a PE of 36 times for 2025 [6]. - The company's revenue is forecasted to grow from 4.78 billion yuan in 2023 to 5.93 billion yuan in 2025, reflecting a growth rate of 16.9% [15].

2025 年 08 月 26 日 清溢光电(688138.SH) 平板显示领域：AMOLED/HTM 产能提升，佛山基地下半年试生产 25H1 实现收入 4.92 亿元，同比+12.27%。公司持续提升 8.6 代 a-Si、 6 代 AMOLED 及 LTPS 显示核心技术能力，通过智能制造和研发投入扩 大中高端市场份额。产能方面，合肥工厂 AMOLED、LTPS 及 Micro LED 掩膜版产能和工艺提升，HTM 产品量产能力增强，并规划新增 PSM 掩 膜版生产能力；佛山生产基地已封顶并搬入首批设备，计划于 25H2 实现平板显示配套掩膜版生产线试生产；深圳工厂提升 FMM OLED 大 尺寸和 HTM 掩膜版工艺技术能力。 半导体领域：180nm 批量交付，AOI 设备 Q3 投产驱动产能提升 2）25Q2 公司实现营业收入 3.23 亿元，同比+11.91%；实现归母净利 润 0.4 亿元，同比+2.49%；实现扣非后归母净利润 0.36 亿元，同比 -0.75%。 营收稳健增长，汇兑损益拖累利润表现 1）公司收入实现稳健增长，归母净利润同比增幅较小，主要受财务 费用大幅增加所致。25H1 公司财 ...

型公司 基础化工 疆内民爆能化引领者,宏大入主产业共振在即 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6,101 | 2,679 | 6,582 | 7,665 | 8,613 | | 同比增长率(%) | -13.1 | -5.0 | 7.9 | 16.4 | 12.4 | | 归母净利润（百万元） | ୧୧୫ | 233 | 545 | 820 | 1,035 | | 同比增长率(%) | -21.7 | -40.6 | -18.5 | 50.5 | 26.2 | | 每股收益(元/股) | 0.62 | 0.22 | 0.51 | 0.77 | 0.97 | | 毛利率(%) | 23.2 | 19.7 | 19.5 | 23.0 | 25.2 | | ROE (%) | 13.6 | 4.7 | 10.4 | 13.7 | 15.1 | | 市零率 | 16 | | 20 | 13 | 10 | "净资产收益率" 是指摊 ...