证 券 研 究 报 告 舍得酒业（600702）2025 年中报点评 推荐（维持） 渠道筑底，盈利改善 目标价：78 元 事项： ❖ 公司发布 2025 年半年报，上半年实现营收 27.0 亿元，同降 17.4%；归母净利 润 4.4 亿元，同降 25.0%；其中单 Q2 实现营收 11.3 亿元，同降 3.4%，归母净 利 1.0 亿元，同增 139.5%。单 Q2 销售回款 11.5 亿元，同降 24.2%，经营活动 现金流净额-1.6 亿元，去年同期为-1.3 亿元，Q2 末合同负债 1.6 亿元，环比 Q1 末减少 0.5 亿元。 公司研究 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,357 | 4,690 | 4,914 | 5,580 | | 同比增速(%) | -24.3% | -12.4% | 4.8% | 13.6% | | 归母净利润(百万) | 345 | 711 | 789 | 954 | | 同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company focuses on building an ecosystem for electronic components, laying the foundation for expansion into high-end markets [1] - The company's revenue for the first half of 2025 was 2.41 billion yuan, a slight decrease of 0.83% year-on-year, while the net profit attributable to shareholders was 312 million yuan, down 25.74% year-on-year [1] - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside rising raw material costs [1] - The company achieved a gross margin of 44.67% in the first half of 2025, a decrease of 6.12 percentage points year-on-year [1] - The company has made significant breakthroughs in core competitiveness, including the development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technology [1] Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.08 billion, 1.25 billion, and 1.45 billion yuan respectively, corresponding to P/E ratios of 26, 22, and 19 times [1] - The company's total revenue is projected to grow from 5.22 billion yuan in 2024 to 7.86 billion yuan in 2027, with a compound annual growth rate of approximately 14.99% [1][8] - The operating cash flow for the first half of 2025 was 949 million yuan, a decrease of 20.30% year-on-year, primarily due to reduced sales collections and increased procurement expenses [1]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved steady growth in H1 2025, with revenue of 7.713 billion and a year-on-year increase of 13.99%, while net profit attributable to the parent company reached 1.691 billion, up 16.78% [1] - The trade service segment has become a core driver of profit growth, with revenue of 531 million, a 43.2% increase, and a profit total of 302 million, surging 127% year-on-year [2] - The global digital trade center's successful招商 (招商 refers to the process of attracting businesses) indicates a new growth cycle, with high demand for commercial spaces and significant bidding prices [3] - The company's digital transformation strategy, empowered by AI, has created a closed-loop ecosystem that enhances user engagement and operational efficiency [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 7.713 billion, a 13.99% increase year-on-year, and a net profit of 1.691 billion, reflecting a 16.78% growth [1] - Q2 2025 saw a revenue of 4.552 billion, with a year-on-year growth of 11.41%, and a net profit of 888 million, up 20.77% [1] Business Segments - The trade service segment's revenue reached 531 million, marking a 43.2% increase, and its profit total surged 127% to 302 million [2] - The Chinagoods platform achieved a net profit of 155 million, a 109.69% increase, while Yiwu Pay's profit exceeded 40 million, growing over 50% [2] Market Outlook - The招商 for the global digital trade center has attracted over 47,000 entities for the first batch and over 24,000 for the second batch, indicating strong market demand [3] - The bidding prices for commercial spaces reached 11-12.4 million per square meter for the first batch and up to 13.8 million for the second batch, highlighting the high value of the Yiwu market [3] Strategic Initiatives - The company has successfully implemented a digital and intelligent transformation strategy, creating a closed-loop ecosystem that integrates information flow, business flow, and capital flow [3] - The Chinagoods platform has registered over 5.1 million buyers, and the "Small Business AI" applications have surpassed 1 billion uses, significantly enhancing user retention [3] Investment Projections - The company is expected to achieve net profits of 4.1 billion, 5.5 billion, and 6.3 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27x, 20x, and 18x [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.90 CNY, indicating an expected return of over 20% within the next six months [4][6][23]. Core Views - The company experienced a decline in revenue and net profit in the first half of the year, with a net profit of 1.93 billion CNY, down 12.8% year-on-year [1]. - The light building materials segment saw a revenue drop of 8.67% to 8.90 billion CNY, while the two wings (waterproof and coating materials) showed growth, with revenues increasing by 5.99% and 44.42% respectively [2]. - The company is investing in new production lines to enhance capacity and competitiveness in the East China region, which is expected to improve profitability through new product premium effects [2]. Financial Performance - The company's gross margin for the first half was 30.3%, a slight decrease of 0.6 percentage points year-on-year, with net profit margin dropping to 14.6%, down 2 percentage points [3]. - Operating cash flow saw a significant decline of 52.9% year-on-year, amounting to 960 million CNY, primarily due to a decrease in cash collection ratio [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 3.90 billion CNY, 4.48 billion CNY, and 5.11 billion CNY respectively, reflecting a downward revision from previous estimates [4]. Business Strategy - The company is focused on a "one main two wings" development strategy, aiming for global expansion and diversification in its product offerings [4]. - The report highlights the ongoing investment in industrial coatings and the restructuring of its paint business to enhance product variety and market presence [2][4].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its rapid growth in precision components and smart hardware business, benefiting from the intelligent wave in the consumer electronics industry [4][6]. Core Viewpoints - The company achieved a revenue of 37.549 billion yuan in H1 2025, a year-on-year decrease of 7.02%, while the net profit attributable to shareholders was 1.417 billion yuan, a year-on-year increase of 15.65% [1]. - The overall profitability of the company improved significantly in H1 2025, with a gross margin rising to 13.47%, up by 1.96 percentage points year-on-year, despite a decline in overall revenue due to product iteration cycles in the smart acoustic assembly business [2]. - The company is actively seizing opportunities in AI smart glasses and wearable devices, with expectations for continued rapid growth in these segments driven by advancements in AI technology and related technologies [2][3]. Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 3.412 billion yuan, 4.280 billion yuan, and 5.120 billion yuan respectively, corresponding to PE ratios of 31, 24, and 20 times [4][5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 2.3%, 14.0%, and 13.9% respectively, indicating a recovery and growth trajectory in the coming years [5][10]. - The report highlights a significant increase in earnings per share, projected to rise from 0.98 yuan in 2025 to 1.47 yuan in 2027 [5][10].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 21.093 billion RMB for H1 2025, representing a year-over-year increase of 12.35%, and a net profit attributable to shareholders of 1.062 billion RMB, up 32.76% year-over-year [1] - The gross margin for H1 2025 was 12.34%, an increase of 0.41 percentage points year-over-year, with Q2 gross margin at 13.06%, showing a slight quarter-over-quarter growth of 1.2% [2] - The company is actively expanding its mining resources and has announced a stock buyback plan to enhance investor confidence [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 11.365 billion RMB, a year-over-year increase of 9.53% and a quarter-over-quarter increase of 16.82% [1] - The net profit for Q2 2025 was 562 million RMB, reflecting a year-over-year growth of 18.76% and a quarter-over-quarter growth of 12.61% [1] - The company’s total production of non-ferrous metals in H1 2025 reached 181,300 tons, including 48,100 tons of tin, 69,800 tons of zinc, 62,500 tons of copper, and 937 tons of lead [2] Market Conditions - Domestic refined tin social inventory decreased from 6,320 tons in January to 4,950 tons by the end of July 2025, while global exchange inventory fell from over 13,000 tons in April to below 10,000 tons in August [3] - The tight supply of tin resources is expected to support tin prices, with a positive outlook for price trends in 2026-2027 due to ongoing resource scarcity [3] Strategic Initiatives - The company has a tin smelting capacity of 80,000 tons per year and is planning to develop additional copper-tungsten mining capacity of 1.5 million tons per year [4] - The stock buyback plan announced on June 12, 2025, is expected to involve 100 million to 200 million RMB, aimed at boosting investor confidence [4] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been slightly adjusted upwards to 2.262 billion RMB, 2.599 billion RMB, and 2.838 billion RMB respectively, with corresponding EPS of 1.37 RMB, 1.58 RMB, and 1.72 RMB [5] - The target price for the company is set at 21.72 RMB, based on a PE ratio of 15.86 times for 2025 [5]

Investment Rating - The report maintains an investment rating of "Buy" for the company [6]. Core Views - The company achieved a revenue of 6.463 billion RMB in H1 2025, representing a year-on-year increase of 3.69%, while the net profit attributable to the parent company was 382 million RMB, up 0.43% year-on-year [6]. - The company is focusing on a "full series of intelligent equipment + full scene smart city services" model, with a dual-driven approach of "city management + integrated sanitation services" [6]. - The report highlights strong growth in intelligent equipment sales and overseas markets, with a 60% increase in overseas revenue and a 132% increase in high-altitude machinery sales [9][10]. Financial Data Summary - Target Price: 9.18 RMB, with a closing price of 7.52 RMB as of August 22 [2]. - Market Capitalization: 23.815 billion RMB [2]. - Revenue Forecasts: - 2024: 13.118 billion RMB (+3.85%) - 2025E: 14.214 billion RMB (+8.35%) - 2026E: 15.406 billion RMB (+8.39%) - 2027E: 16.766 billion RMB (+8.83%) [5]. - Net Profit Forecasts: - 2024: 513.51 million RMB (+3.04%) - 2025E: 671.15 million RMB (+30.70%) - 2026E: 845.33 million RMB (+25.95%) - 2027E: 1.035 billion RMB (+22.46%) [5]. - EPS Forecasts: - 2024: 0.16 RMB - 2025E: 0.21 RMB - 2026E: 0.27 RMB - 2027E: 0.33 RMB [5]. Operational Highlights - In H1 2025, the company signed 31 new city service projects, covering 14 provinces, with a total new contract amount of 2.335 billion RMB [7]. - The company’s intelligent equipment sales reached 2.585 billion RMB, a year-on-year increase of 15.27%, with a market share of 18.8% [8]. - The company’s overseas business revenue reached 23.8292 million RMB, a year-on-year increase of 59.55% [9].

证券研究报告 鱼跃医疗 (002223 CH) 海外业务亮眼，各板块恢复正增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 25 日│中国内地 | 医疗器械 | 目标价(人民币): | 58.85 | 公司 1H25 收入/归母净利润/扣非归母净利润 46.59/12.03/9.14 亿元，同比 +8.2%/+7.4%/-5.2% ； 2Q25 收 入 / 归母净利润 / 扣 非 归 母 净 利 润 22.23/5.78/4.01 亿元，同比+7.1%/+25.4%/-3.0%。1H25 新冠基数影响已 基本消化，各项业务增速均转正，海外业务收入持续快速增长，我们看好后 续核心业务收入增速进一步恢复，维持买入评级。 海外收入快速增长，呼吸制氧板块恢复增长趋势 1H25 公司国内收入 40.26 亿元，同比+5.7%；海外收入 6.07 亿元，同比 +26.6%，海外贡献收入占比达 13.0%，海外业务正逐步成为推动公司业绩 增长的重要动力之一。1H25 公司核心赛道表现不 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown continuous improvement in orders, indicating a turning point in operations. The revenue for 1H25 reached 9.528 billion RMB, a year-on-year increase of 2.49%, with a net profit attributable to shareholders of 358 million RMB, up 3.95% year-on-year [1] - The company’s decoration business revenue grew, with a notable recovery in the scale of income, attributed to a continuous increase in order growth over the past nine quarters [2] - The company achieved new signed orders of 12.46 billion RMB in 1H25, marking a year-on-year increase of 2.5%, with significant growth in orders from Guangdong and Sichuan regions [4] - The company maintains a target price of 4.31 RMB, reflecting a 20x PE valuation for 2025, with projected net profits of 574 million RMB for 2025 [5] Summary by Sections Financial Performance - In 1H25, the company reported a total revenue of 95.28 billion RMB, with a net profit of 3.58 billion RMB and a non-recurring net profit of 3.31 billion RMB, showing a year-on-year increase of 14.19% [1][2] - The comprehensive gross margin for 1H25 was 13.71%, a slight increase of 0.04 percentage points year-on-year, with the decoration and design business gross margins at 12.52% and 31.26%, respectively [2] Cost and Efficiency - The expense ratio for 1H25 was 7.68%, a decrease of 0.20 percentage points year-on-year, with improvements in accounts receivable turnover ratio to 0.74 times [3] - The company reported a net cash flow from operating activities of -1.023 billion RMB, which was a reduction in outflow by 167 million RMB year-on-year [3] Order and Market Dynamics - The company has signed new orders for nine consecutive quarters, with a significant increase in overseas revenue by nearly 29% year-on-year [4] - The company’s order growth is driven by enhanced regional focus and optimization of business structure, including urban renewal and clean technology development [4] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 574 million, 602 million, and 624 million RMB, respectively, with a CAGR of 4.28% [5] - The company is valued at a PE of 20x for 2025, with a target price set at 4.31 RMB, indicating a potential upside from the current market price [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a total revenue of 7.0 billion yuan in H1 2025, representing a year-on-year increase of 3.0%, with a net profit attributable to shareholders of 570 million yuan, up 8.8% year-on-year [2] - The domestic business gross margin increased by 3.0 percentage points year-on-year, driven by cost reduction and efficiency improvement initiatives [3] - The company has significant growth potential in overseas markets despite a slowdown in revenue growth from the Northern Special Zone [2][3] - The acquisition of Shandong Heavy Industry's excavator business is expected to enhance the company's core competitiveness and create new growth points [3] Financial Summary - The company's total revenue forecast for 2025 is 15.9 billion yuan, with a year-on-year growth of 11.81% [3] - The net profit attributable to shareholders is projected to be 1.39 billion yuan in 2025, reflecting a year-on-year increase of 25.76% [3] - The latest diluted EPS is expected to be 0.92 yuan per share in 2025, with a corresponding P/E ratio of 10.68 [3]