帝尔激光（ 300776） 公司点评 业绩持续增长，创新引领光伏激光设备，非光伏布局不断突破 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： 2025-8-25 | | | 收盘价（元） | 73.69 | | 近 12 个月最高/最低（元） 88.66/40.00 | | | 总股本（百万股） | 274 | | 流通股本（百万股） | 168 | | 流通股比例（%） | 61.27 | | 总市值（亿元） | 202 | | 流通市值（亿元） | 124 | 公司价格与沪深 300 走势比较 分析师：徒月婷 执业证书号：S0010522110003 邮箱：tuyueting@hazq.com 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 相关报告 1.《帝尔激光：光伏激光设备领军者， 多重布局将迎放量》2022-12-18 2.《帝尔激光 2024 年报&2025 一季报点 评：业绩稳健增长，光伏激光设备竞争 力凸显，封装设备不断突破》2025-5-9 主要观点： 事件概况 帝尔激光于 2025 年 8 月 1 ...

公司报告 | 半年报点评 川投能源（600674） 证券研究报告 雅砻江水电为业绩增量主力，控股资产盈利稳健 事件 公司公布 2025 年半年报。2025 年上半年，公司实现营业收入 7.12 亿元， 同比+18%；实现归母净利润 24.6 亿元，同比+6.9%。 控股资产盈利能力稳步提升 随着银江水电站机组的陆续投产发电，公司上半年完成发电量 23.6 亿千瓦 时，同比+17.8%，电量增速与营业收入增速基本一致。 上半年公司主营业务毛利率 46.6%，相较于去年同期提升 2pct，控股资产 的盈利能力在稳步提升。 参股：雅砻江水电为业绩增量主力 ①雅砻江水电： 2025 年上半年雅砻江水电发电量 430 亿千瓦时，同比+12.7%；营业收入 121.7 亿元，同比+7%；净利润 49.2 亿元，同比+11.7%；其中 Q2 营业收入 55.05 亿元，同比+4.2%；净利润 19.19 亿元，同比+4.7%。 雅砻江水电营业收入增速低于电量增速主要原因或为电价下滑。根据我们 估算，雅砻江水电 25 年上半年不含税上网电价相较于去年同期下浮约 1.5 分/千瓦时。四川省 2025 年电力交易取消综合一口价， ...

Investment Rating - The investment rating for the company is "Neutral" [2][6]. Core Views - The company reported a revenue of 343 million yuan in H1 2025, with a year-on-year growth of 28.81%. However, the net profit attributable to the parent company was a loss of 11.1 million yuan, which is an increase in loss compared to the previous year [6]. - The company is one of the few in China that provides NAND, NOR, and DRAM storage chips, recognized as a "specialized and innovative small giant enterprise" by the Ministry of Industry and Information Technology [6]. - The company has made significant advancements in its NAND Flash and NOR Flash technologies, achieving mass production of 1xnm NAND Flash products and developing high-capacity NOR Flash products [6]. - The company is expanding its product line into automotive applications and has successfully passed AEC-Q100 testing for its SLC NAND Flash and NOR Flash products [6]. - The company is focusing on integrated solutions in storage, computing, and connectivity, with ongoing R&D in WiFi 7 technology and a recent investment in a subsidiary that launched a 6nm GPU [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is adjusted to 860 million yuan, down from previous estimates of 1.2 billion yuan, with a projected net profit of -52 million yuan [6]. - The company expects a significant increase in net profit by 2027, projecting a profit of 180 million yuan, reflecting a growth rate of 3,585.9% compared to 2026 [5][6]. - The gross margin is expected to improve from 18.8% in H1 2025 to 30.0% by 2027, indicating a positive trend in profitability [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company has a robust order backlog, with significant expected growth in ultra-high voltage project deliveries. The performance in the first half of 2025 showed steady revenue growth of 12.96% year-on-year, reaching 5.696 billion yuan, and a net profit increase of 24.59%, amounting to 666 million yuan [1][8]. - The second quarter of 2025 saw a slight year-on-year revenue increase of 6.23%, totaling 3.185 billion yuan, but a decline in net profit by 14.51% quarter-on-quarter due to delivery rhythm disruptions affecting profitability [1][18]. - The high-voltage segment continues to show improved profitability, with a revenue increase of 7.55% year-on-year, while international business has accelerated its transformation, achieving a remarkable 284.54% revenue growth [2][19]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 5.696 billion yuan, with a gross margin of 24.72% and a net margin of 12.60% [1][8]. - The second quarter's revenue was 3.185 billion yuan, with a gross margin of 21.56% [1][18]. - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 1.293 billion, 1.592 billion, and 1.825 billion yuan respectively, reflecting a year-on-year growth of 26%, 23%, and 15% [21]. Market Position and Strategy - The company has secured significant contracts in both domestic and international markets, including a notable project in Saudi Arabia and entry into the Mexican market [2][19]. - The company is actively developing advanced products and has successfully launched several innovative technologies, enhancing its competitive edge [3][20]. Valuation Metrics - The company’s projected PE ratios for 2025, 2026, and 2027 are 16.9, 13.8, and 12.0 respectively, indicating a favorable valuation compared to industry peers [4][21]. - The expected return on equity (ROE) is projected to increase from 11.8% in 2025 to 13.8% in 2027 [4][23].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company has shown steady growth in performance with a focus on direct current (DC) transmission systems and continuous breakthroughs in overseas business [1][3]. - The revenue for the first half of 2025 was 6.447 billion yuan, a decrease of 5.68% year-on-year, while the net profit attributable to shareholders was 634 million yuan, an increase of 0.96% year-on-year [1][7]. - The company has optimized its delivery structure and implemented comprehensive quality improvement strategies, which have significantly enhanced its profitability [7]. Revenue and Profitability - In Q2 2025, the company achieved a revenue of 4.099 billion yuan, a year-on-year increase of 1.81% and a quarter-on-quarter increase of 74.56% [1][18]. - The gross margin for Q2 2025 was 23.91%, up 1.17 percentage points year-on-year, and the net margin was 11.55%, up 0.14 percentage points year-on-year [1][18]. - The company's high-margin DC transmission business has seen a significant increase in revenue share [7]. Business Segments Performance - The revenue from the DC transmission system surged by 211.71% year-on-year to 460 million yuan, while other major business segments like smart distribution systems and smart meters experienced slight declines [2][19]. - The smart distribution system generated 1.847 billion yuan in revenue, down 13.01% year-on-year, and the smart meter segment generated 1.528 billion yuan, down 4.44% year-on-year [2][19]. Overseas Business Growth - The company's overseas revenue reached 255 million yuan in the first half of 2025, marking a year-on-year increase of 72.68% [3][19]. - The company has successfully expanded its product offerings into markets such as Saudi Arabia, Brazil, and Spain, with charging station products shortlisted by power companies in Thailand and Peru [3][19]. Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted to 1.395 billion, 1.762 billion, and 2.031 billion yuan, respectively, reflecting year-on-year growth rates of 25%, 26%, and 15% [20][22]. - The dynamic price-to-earnings (PE) ratios are projected to be 17.3, 13.7, and 11.9 for the years 2025, 2026, and 2027, respectively [20][22].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 45.29 yuan [4]. Core Insights - The company achieved a revenue of 1.769 billion yuan in H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to shareholders was 186 million yuan, up 5.21% year-on-year [1]. - The skincare segment led revenue growth with 693 million yuan, followed by other beauty categories [1]. - The company continues to deepen its focus on key products, achieving significant technological breakthroughs, including the launch of a new collagen mask that topped sales rankings [3]. - The PL brand also saw growth driven by enhanced product offerings and effective online marketing strategies [3]. Financial Performance - In H1 2025, the gross margin was 74.6%, with a slight decrease of 0.07 percentage points year-on-year. The net profit margin was 10.5%, down 2.56 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling 100 million yuan, which accounts for 53.97% of the net profit for the first half of the year [1]. - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 440 million yuan in 2025, 580 million yuan in 2026, and 739 million yuan in 2027 [5][7]. Product and Market Strategy - The main brand, Marubi, focuses on key products and strong brand momentum, while the PL brand is developing a second growth curve in the foundation segment [4]. - The company has launched several new products and marketing campaigns that have significantly increased engagement and sales, particularly through online platforms [3]. Future Outlook - The company is expected to maintain a robust growth rate, with projected net profit growth rates of 27.6% in 2025, 31.8% in 2026, and 27.3% in 2027 [4]. - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 42x, 32x, and 25x respectively, indicating a favorable valuation trend [5][7].

证券研究报告 | 2025年08月25日 金风科技（002202.SZ） 优于大市 上半年业绩同比增长 7%，风机制造板块毛利率显著改善 2025 年上半年业绩 14.9 亿元，同比+7%。2025 年上半年，公司实现营业收 入 285.4 亿元，同比+41%；归母净利润 14.9 亿元，同比+7%；扣非归母净利 润 13.7 亿元，同比基本持平；综合毛利率 15.3%，同比-2.9pct；净利率 5.8%， 同比-1.3pct。单季度来看，2025 年第二季度公司实现营业收入 190.6 亿元， 同比+44%，环比+101%；归母净利润 9.2 亿元，同比-13%，环比+62%；扣非 归母净利润 8.1 亿元，同比-22%，环比+46%；综合毛利率 12.2%，同比-1.9pct， 环比-9.6pct；净利率 5.2%，同比-2.7pct，环比-1.8pct。 风机制造板块毛利率显著改善。2025 年第二季度，公司对外销售风机容量 8.1GW，同比+117%，环比+211%；上半年累计对外销售风机容量 10.6GW，同 比+107%。风机大型化趋势不断加速，2025 年上半年 6MW 及以上机组销售容 量同 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][26] Core Views - The company's net profit for the first half of 2025 was 70.1 million yuan, a year-on-year decline of 15%, while revenue increased by 6.34% to 906 million yuan [8][24] - The company is expected to gradually release its performance as various production capacities come online, with projected revenues for 2025-2027 of 2.693 billion, 3.553 billion, and 4.311 billion yuan, respectively, reflecting growth rates of 33.79%, 31.91%, and 21.32% [24][26] Financial Performance Summary - In the first half of 2025, the company achieved a gross profit margin of 44.02%, an increase of 8.73 percentage points year-on-year, while the net profit margin was 11.39%, down 1.14 percentage points [2][16] - The company's silver production increased by 13.06% year-on-year, while lead production decreased by 1.08% and zinc production increased by 4.63% [3][23] - The average spot price for silver in the first half of 2025 was 8,193 yuan per kilogram, up 21% year-on-year, and the average price for gold was 722 yuan per gram, up 39% [3][23] Future Outlook - The company plans to orderly advance the construction of related mines, with seven mining subsidiaries expected to have mineral resources of 7,156 tons of silver and 26.4 tons of gold by the end of 2024 [3][24] - The company aims to control mining production costs and promote the construction and production of various projects in the second half of the year [3][24]

公司研究 功率预测服务电站规模快速增长，拟每 10 股派发现金红利 2.30 元 ——国能日新（301162.SZ）2025 年中报点评 要点 2025 年 8 月 25 日 事件：公司发布 2025 年中报，2025H1 实现营业收入 3.21 亿元，同比+43.15%， 实现归母净利润 0.46 亿元，同比+32.48%；2025Q2 实现营业收入 1.76 亿元，同 比+45.74%，实现归母净利润 0.29 亿元，同比+31.32%，环比+76.82%。 功率预测服务电站规模快速增长，持续保持行业领先。截至 2025H1 末公司功率预 测服务的电站数量增加至 5461 家，细分行业市占率保持行业领先，2025H1 公司 服务电站规模较 2024 年末净增加 1116 家（远超往年历史同期水平），且始终保 持优异的客户续费率，带动功率预测产品实现营业收入 2.05 亿元，同比增长 55.14%，毛利率同比减少 11.91 个 pct 至 61.58%，主要原因系低毛利率的功率预 测设备收入占比提升所致。 分布式"四可"要求陆续落地，公司分布式融合终端产品优化推广顺利。在新能源 集中式电站领域公司传统并网 ...

Investment Rating - The report maintains an "Outperform" rating for the company [8]. Core Insights - The company reported a record high revenue and sales volume in Q2, with a slight decrease in net profit year-on-year due to foreign exchange impacts [8]. - The company’s silica sales have shown steady growth, supported by product structure optimization and new capacity releases in Fujian [8]. - The company is expanding its product lines, including high-dispersion silica and biomass silica, which are gaining traction in the market [8]. - The company has plans for a new biomass silica project with an estimated investment of 900 million yuan, aiming to meet long-term customer demand [8]. - The company’s profitability is expected to grow, with projected net profits of approximately 599 million, 660 million, and 721 million yuan for 2025, 2026, and 2027 respectively [8]. Financial Data and Profit Forecast - Total revenue is projected to reach 2,540 million yuan in 2025, with a year-on-year growth rate of 15.6% [2]. - The net profit attributable to the parent company is expected to be 599 million yuan in 2025, reflecting a growth rate of 10.8% [2]. - The gross margin is forecasted to be 34.4% in 2025, slightly improving to 35.0% by 2027 [2]. - The company’s earnings per share (EPS) is projected to be 1.44 yuan in 2025, increasing to 1.73 yuan by 2027 [2]. Market Data - The closing price of the company’s stock was 20.85 yuan as of August 22, 2025, with a market capitalization of 8,599 million yuan [3]. - The company has a price-to-earnings (P/E) ratio of 14 for 2025, which is expected to decrease to 12 by 2027 [2][3].