有色金属/小金属 锡业股份（000960.SZ） 锡业龙头，不断提升资源综合价值 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 20.41 | | 一年最高最低(元) | 20.87/12.60 | | 总市值(亿元) | 335.91 | | 流通市值(亿元) | 335.91 | | 总股本(亿股) | 16.46 | | 流通股本(亿股) | 16.46 | | 近 3 个月换手率(%) | 116.18 | 股价走势图 -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 2025-08 锡业股份 沪深300 数据来源：聚源 相关研究报告 《锡矿供应脆弱性驱动锡价上行，公 司业绩有望受益—公司信息更新报 告》-2025.4.7 《2024Q3 期间费用率上升，资产结构 持 续 优 化 — 公 司 信 息 更 新 报 告 》 -2024.10.28 《经营性利润充分释放，固定资产报 废影响非经—公司信息更新报告》 -2024.8.26 孙二春（分析师） 温佳贝（ ...

2025 年 8 月 25 日，海信视像发布半年报。2025H1 公司实现营业收入 272.3 亿元，同比+7.0%；归母净利润 10.6 亿元，同比+26.6%。2025Q2，公司实 现营业收入 138.6 亿元，同比+8.6%；归母净利润 5 亿元，同比+36.8%。 公司报告 | 半年报点评 海信视像（600060） 证券研究报告 份额稳步提升，结构持续优化 事件： 投资建议：公司是全球显示行业龙头企业之一，在行业竞争格局持续优化 的背景下，公司全球化发展能力持续提升，多元品牌矩阵运营能力及经营 效率有效提高，产品结构进一步升级。同时，公司持续深耕高效协同、独 立发展的"1+（4+N）"产业布局，在 MiniLED、MicroLED、虚拟现实显示 及 AIGC 等新技术方面加快研发和产品推广，持续夯实在显示行业的引领地 位。我们看好公司中长期平稳向好发展，预计 25-27 年归母净利润 25.7/28.9/32.9 亿元，对应 25-27 年动态 PE 分别为 11.0x/9.8x/8.6x，维持"买 入"评级。 风险提示：国际贸易不确定性风险、面板价格剧烈波动影响利润率的风险、 新显示业务发展不及预期 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company experienced short-term operational pressure, with a significant decline in revenue and net profit in Q2 2025, with revenue down 16% year-on-year to 3.06 billion yuan and net profit down 35% to 385 million yuan [5][8] - The report highlights potential positive impacts from policy changes, particularly regarding content supply and regulatory improvements, which could benefit long video platforms [8] - The company is focusing on content innovation and IP development, with ongoing projects and a potential recovery in advertising revenue if macroeconomic conditions improve [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 12.803 billion yuan, a year-on-year decline of 9.1%, with net profit expected to be 1.422 billion yuan, reflecting a slight increase of 4.2% [7] - The report provides a detailed financial forecast for 2024 to 2027, indicating a gradual recovery in revenue and profit margins, with a projected net profit of 2.297 billion yuan by 2027 [7][10] - The company's price-to-earnings ratio is projected at 35x for 2025, suggesting a target market capitalization of 666 billion yuan, indicating a potential upside of 31% from the current closing price [8]

报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 43.82 | | 一年内最高/最低（元） | 46.87/13.28 | | 市净率 | 3.6 | | 股息率%（分红/股价） | 0.05 | | 流通 A 股市值（百万元） | 10,723 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | 2025 年 08 月 26 日 能科科技 (603859) ——业绩超预期，AI 业务高速增长 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 12.26 | | 资产负债率% | 30.75 | | 总股本/流通 A 股（百万） | 245/245 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 - ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.33 billion yuan in the first half of 2025, representing a year-on-year increase of 16.1%. The net profit attributable to shareholders was 250 million yuan, up 4.1% year-on-year, while the net profit excluding non-recurring items was 220 million yuan, an increase of 12.5% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 16.6%. The net profit attributable to shareholders was 140 million yuan, down 2.6% year-on-year, and the net profit excluding non-recurring items was 120 million yuan, up 9.9% year-on-year [2][4]. - The company’s revenue structure is diversified, with significant growth in various segments driven by demand from new energy, infrastructure, and digital energy sectors [9]. - The gross profit margin for the first half of 2025 was 31.59%, a decrease of 0.67 percentage points year-on-year. The gross profit margin for Q2 2025 was 31.63%, a decrease of 0.52 percentage points year-on-year but an increase of 0.07 percentage points quarter-on-quarter [9]. - The company effectively managed its expenses, with total expense ratio in the first half of 2025 at 20.02%, down 1.10 percentage points year-on-year [9]. - The company is actively expanding into new products and downstream markets, particularly in the data center sector, which is expected to provide new growth opportunities [9]. Financial Performance Summary - The company’s total revenue for 2025 is projected to be 5.08 billion yuan, with a net profit of 450 million yuan, corresponding to a PE ratio of approximately 28 times [9]. - The company’s cash flow from operating activities reached 171 million yuan in the first half of 2025, a year-on-year increase of 37.38% [9].

公司研究 证 券 研 究 报 告 中信海直（000099）2025 年中报点评 推荐（维持） 上半年业绩同比增长 16%，低空领域不断深化 当前价：24.38 元 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,163 | 2,378 | 2,634 | 2,923 | | 同比增速(%) | 9.8% | 9.9% | 10.8% | 11.0% | | 归母净利润(百万) | 303 | 360 | 400 | 436 | | 同比增速(%) | 26.8% | 18.7% | 11.1% | 9.0% | | 每股盈利(元) | 0.39 | 0.46 | 0.52 | 0.56 | | 市盈率(倍) | 62 | 53 | 47 | 43 | | 市净率(倍) | 3.6 | 3.4 | 3.2 | 3.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 25 日收盘价 航空 2025 年 08 月 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported stable revenue growth with a total revenue of 3.11 billion yuan in H1 2025, representing a year-on-year increase of 9.47%. However, the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] - The company is experiencing a temporary pressure on profit margins due to price declines in product sales, but it is leveraging its brand strength and nationwide distribution network to adjust sales strategies and maintain revenue growth [7] - The company has a stable plasma collection volume and is gradually ramping up production at three new facilities, which is expected to enhance capacity and mitigate price pressures in the future [7] Financial Data and Valuation - The projected total revenue for the company is expected to grow from 51.80 billion yuan in 2023 to 72.38 billion yuan in 2025, with a compound annual growth rate (CAGR) of 20% [3] - The net profit attributable to shareholders is projected to increase from 11.10 billion yuan in 2023 to 15.91 billion yuan in 2025, with a corresponding PE ratio decreasing from 36.8 to 25.6 [3][10] - The company maintains a low debt ratio of 9.3% and a return on equity (ROE) of 12.6% [4][10] Revenue Breakdown - In H1 2025, the revenue from human albumin was 1.34 billion yuan, a year-on-year increase of 20.79%, while the revenue from immunoglobulin was 1.43 billion yuan, up 6.56% [7] - The revenue from other blood products decreased by 13.16% to 328 million yuan [7] Production Capacity and R&D - The company has 107 plasma collection stations, with 85 currently operational, achieving a plasma collection of 1,361 tons, maintaining a market share of approximately 20% [7] - New production facilities are expected to increase total design capacity to over 5,000 tons, with new products in the pipeline, including high-concentration immunoglobulin and recombinant coagulation factors [7] Profit Forecast and Investment Recommendation - The company is expected to gradually increase its revenue and profit margins as it adjusts its sales strategies and ramps up production of new products, with net profits projected at 15.91 billion yuan for 2025 [7]

个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -6% 11% 28% 45% 62% 79% 96% 113% 130% 147% 工业富联 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 48.00 | | --- | --- | | 总股本/流通股本（亿股）198.59 | / 198.58 | | 总市值/流通市值（亿元）9,533 | / 9,532 | | 52 周内最高/最低价 | 48.91 / 15.44 | | 资产负债率(%) | 51.8% | | 市盈率 | 41.03 | | 第一大股东 | 富泰华工业(深圳)有限 | | 公司 | | 证券研究报告：电子 | 公司点评报告 发布时间：2025-08-26 股票投资评级 买入 |维持 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 工业富联(601138) AI 服务器需求强劲，GB200 系列良率持续改善 l 事件 公司发布 2025 年半年报，上半年实现营业收入 360 ...

Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, indicating an expectation for the stock to outperform the market by 10% to 20% over the next six months [10]. Core Views - The financial condition of Longi Green Energy remains robust, with anticipated growth in BC (Back Contact) technology production, which is expected to enhance profitability [7][8]. - Despite a decline in revenue and ongoing pressure on profit margins due to falling product prices, the company has shown improvements in operational efficiency, leading to a significant reduction in losses [7][8]. - The report highlights the company's advanced HPBC2.0 technology, which is projected to account for over 60% of production capacity by the end of 2025, potentially driving profitability [7][8]. Financial Summary - For the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, while the net profit attributable to shareholders was a loss of 2.569 billion yuan, an increase of 50.88% year-on-year [4]. - The company's silicon wafer shipment reached 52.08 GW, a year-on-year increase of 17.2%, and battery module shipments totaled 41.85 GW, with a growth of 26.3% [7]. - The report projects revenues for 2025 to be 69.937 billion yuan, with net profits expected to improve to -3.667 billion yuan, followed by a recovery in subsequent years [6][8]. Operational Efficiency - The report notes a significant reduction in asset impairment losses and a decrease in selling and administrative expenses by 37% and 23%, respectively, contributing to improved operational efficiency [7]. - Inventory turnover days decreased by 26 days, indicating better inventory management [7]. Technology and Product Development - Longi Green Energy is focusing on high-value HPBC2.0 technology, which has achieved a conversion efficiency of 24.8% and a production yield of 97% [7]. - The company has developed innovative products such as the HIBC (High and Low Temperature Composite Passivation Back Contact Technology) module, achieving a power output of over 700W and an efficiency of 25.9% [8]. Future Outlook - The report anticipates that the company's advanced technology and product offerings will create a strong competitive advantage, helping it navigate through industry challenges and improve profitability in the coming years [8].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 47.08 yuan [1]. Core Insights - The company reported a revenue of 246 million yuan for the first half of 2025, a decrease of 7.97% year-on-year, while achieving a net profit attributable to shareholders of 52.88 million yuan, an increase of 8.40% year-on-year [3][6]. - The company continues to lead in the core trading system for the "Xin Chuang" (信创) sector, with the A5 system being implemented in 11 official projects [6][7]. - The company has successfully developed and launched several advanced trading systems and platforms, enhancing its product offerings in the financial industry [7]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 70.03%, an increase of 0.85 percentage points compared to the same period last year [6]. - The company’s operating expenses ratio decreased by 1.54 percentage points to 56.84%, with specific reductions in management and R&D expenses [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 239 million yuan, 297 million yuan, and 373 million yuan, respectively, with corresponding EPS of 1.16 yuan, 1.45 yuan, and 1.81 yuan [7][11]. Market Position and Growth Potential - The company is positioned to benefit from the increasing demand for "Xin Chuang" and AI capabilities in financial institutions, with expectations for continued growth in its core products [7]. - The company has established a strong foothold in the securities IT sector, with a leading market share in core trading systems [7][11]. - The company’s investment in product development and market expansion, particularly in the Hong Kong market, is expected to further enhance its growth trajectory [7].