公司研究 华夏航空（002928）2025 年中报业绩预告点评 强推（维持） 1H25 年预计实现盈利中值 2.6 亿，同比增长近 9 倍，看好公司盈利持续兑现 1）1H25：2025 年上半年预计归母净利 2.2~2.9 亿元，同比+741%~1009%，中 值为 2.55 亿元（1H24 归母净利 0.26 亿元，同比+875%）；扣非归母净利 2.0~2.8 亿元，同比+1493%~2130%，中值为 2.4 亿元（1H24 扣非归母利润 0.13 亿元， 同比+1812%）；按照区间中值测算，非经常性损益约 0.15 亿元。 2）25Q2：预计归母净利 1.4~2.1 亿元，中值为 1.7 亿元（24Q2 归母净利 0.01 亿元，25Q1 归母净利 0.82 亿元）；扣非归母净利 1.2~2.0 亿元，中值为 1.6 亿 元（24Q2 扣非归母净亏损 0.03 亿元，25Q1 扣非归母净利 0.76 亿元）；按照区 间中值测算，非经常性损益约 0.09 亿元。 证 券 研 究 报 告 我们看好公司经营端不断改善，叠加油价中枢下移推动成本减负，盈利有望持 续兑现。1、盈利预测：我们维持 25~27 年 ...

公司报告 | 公司点评 百龙创园（605016） 证券研究报告 盈利水平持续提升，期待 25H2 国内阿洛酮糖成长 【业绩快报】25H1 公司营业收入/归母净利润分别为 6.5/1.71 亿元（同比 +22.29%/+42.68%），盈利能力持续改善。 盈利能力持续上行，预计核心单品高速成长。拆分至单季度，25Q2 公司营 业收入/归母净利润/扣非归母净利润分别为 3.36/0.89/0.86 亿元（同比 +20.49%/+35.07%/+42.93%），25Q2 公司归母净利率约 26.5%，同比+2.9pct， 环比+0.5pct。25Q2 业绩高增主要系：①24 年"年产 30,000 吨可溶性膳 食纤维项目"和"年产 15,000 吨结晶糖项目"投产放量，带动销售收入增 加；②产品结构持续优化。 关税政策对业绩扰动较小，期待下半年阿洛酮糖国内放量。 ①关税扰动：目前公司核心出口产品阿洛酮糖等均在关税豁免清单，且关 税基本由下游客户承担，对公司业绩影响较小；②阿洛酮糖展望：7 月 2 日国内阿洛酮糖作为食品原料审批落地，目前在海外应用范围包括饮料、 烘焙、乳制品等，阿洛酮糖不仅口味与蔗糖相似，同时能够发 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a significant increase in revenue and net profit, with a forecasted total revenue of 9,258 million yuan in 2025, representing a year-on-year growth of 29.86% [1] - The company's net profit attributable to shareholders is projected to reach 450.54 million yuan in 2025, reflecting a year-on-year increase of 77.41% [1] - The report highlights a strong performance in Q2 2025, with net profit expected to be between 112 to 139 million yuan, indicating a year-on-year growth of 42% to 76% [7] - The company's core business is showing stable growth, with structural components expected to generate over 25 billion yuan in revenue in the first half of 2025, a growth of over 40% year-on-year [7] - The report emphasizes the ongoing development of the company's robotics business, which is expected to contribute significantly to future profits [7] Financial Summary - Total revenue projections for the company are as follows: 6,019 million yuan in 2023, 7,129 million yuan in 2024, 9,258 million yuan in 2025, 11,516 million yuan in 2026, and 14,062 million yuan in 2027 [1] - The company's net profit is forecasted to be 42.77 million yuan in 2023, 253.95 million yuan in 2024, 450.54 million yuan in 2025, 589.48 million yuan in 2026, and 794.03 million yuan in 2027 [1] - The report provides a detailed financial outlook, including earnings per share (EPS) estimates of 0.25 yuan in 2023, 1.46 yuan in 2024, 2.60 yuan in 2025, 3.40 yuan in 2026, and 4.58 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 402.37 in 2023 to 21.67 in 2027, indicating improved valuation as earnings grow [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company reported a revenue of 6 billion RMB in the first half of 2025, a decrease of 5.8% year-on-year, with a net profit attributable to shareholders of 0.53 billion RMB, down 88% year-on-year [1][6]. - The profitability in Q2 showed a net profit of 0.35 billion RMB, down 91% year-on-year but up 105% quarter-on-quarter, indicating a potential recovery trend [1][2]. - The report highlights that the soda ash industry is currently facing weak demand, but there are expectations for recovery in the second half of the year due to improved macroeconomic conditions and cost factors [3][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6 billion RMB, with a net profit of 0.53 billion RMB, and a non-recurring net profit of 0.41 billion RMB, reflecting a significant decline compared to the previous year [1][6]. - Q2 2025 saw a net profit of 0.35 billion RMB, which is a 91% decrease year-on-year but a 105% increase from the previous quarter [1][2]. Sales and Pricing - The company's soda ash sales volume increased by 39% year-on-year to 2.15 million tons in H1 2025, although revenue from soda ash decreased by 6% to 2.66 billion RMB due to falling prices [2][3]. - The average price of soda ash in Q2 2025 was 1212 RMB/ton, down 31% year-on-year and 5% quarter-on-quarter [2][3]. Industry Outlook - The soda ash industry is expected to see a recovery in demand in the second half of 2025, supported by improved macroeconomic conditions and a reduction in coal costs [3][4]. - The company is progressing with its natural soda ash project, which is anticipated to enhance its competitive edge in terms of scale and cost [3][4]. Profit Forecast and Valuation - The profit forecast for the company has been revised downwards, with expected net profits of 0.28 billion RMB, 0.51 billion RMB, and 0.80 billion RMB for 2025, 2026, and 2027 respectively, reflecting a significant downward adjustment [4][19]. - The target price for the company's stock is set at 8.96 RMB, based on a price-to-book ratio of 1.07 for 2025 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 145 to 155 million yuan for the first half of 2025, representing a year-on-year increase of 97.1% to 110.7% [5] - The company has officially reached production capacity of 30,000 sets of screw rods, which is a significant milestone for its robotics business [7] - The company has adjusted its profit forecast for 2025 to 331 million yuan, up from a previous estimate of 311 million yuan, reflecting strong growth in its traditional business and potential in robotics [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,648 million yuan in 2024 to 2,545 million yuan in 2025, with a year-on-year growth rate of 54.5% [6] - The net profit attributable to shareholders is expected to increase from 185 million yuan in 2024 to 331 million yuan in 2025, with a year-on-year growth rate of 78.9% [6] - The company's earnings per share is forecasted to rise from 0.29 yuan in 2024 to 0.51 yuan in 2025 [6]

证券研究报告 | 公司点评报告 2025 年 07 月 15 日 生益科技（600183.SH） Q2 大超预期，Q3 望延续高景气，高速材料放量份额持续提升 TMT 及中小盘/电子 事件：公司预告 25H1 归母净利 14-14.5 亿同比+50%-56%，扣非归母 13.5-14 亿同比+49%-54%。结合公司近况，我们点评如下： 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 16586 | 20388 | 28544 | 37107 | 44528 | | 同比增长 | -8% | 23% | 40% | 30% | 20% | | 营业利润(百万元) | 1273 | 2072 | 3866 | 5302 | 6771 | | 同比增长 | -29% | 63% | 87% | 37% | 28% | | 归母净利润(百万元) | 1164 | 1739 | 3242 | 4443 | 5674 | | 同比增长 | -24% | ...

事件：公司预告 25H1 归母净利润 12.0-12.6 亿，同比增长 52.8%-60.6%；扣 非归母净利 11.0-11.6 亿，同比增长 46.1%-53.6%。结合公司近况，点评如下： ❑ Q2 业绩表现大超市场预期，源于产品结构优化、稼动率和良率提升对盈利能 力拉动。单 Q2 收入 82.9 亿同比+28.7%环比+2.5%，归母净利润中值 7.41 亿同比+158.1%环比+51.8%，扣非归母净利中值 6.55 亿同比+160.0%环比 +37.1%。据我们了解，Q2 业绩表现超出公司管理层此前预期，这源于：1） 业务结构的优化，Q2 硬板收入规模和占比提升，其毛利率环比提升了几个点； 2）Q2 由于大客户的备货动能强劲，公司稼动率同比提升较多，软板毛利率 同比表现持平环比提升，比市场预估的"由于大客户降价促销致毛利率承压" 表现更好；3）良率的改善，AI 算力领域和大客户的订单需求提升推动 MSAP 产线利用率和良率改善较多，盈利表现超预期。 ❑ 风险提示：地缘政治冲突加剧带来潜在的关税风险，需求低于预期、同行竞 争加剧、扩产进度及产能爬坡低于预期。 财务数据与估值 | 会计年度 | 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with a projected growth of approximately 213% to 268% year-on-year, resulting in a net profit of 460 to 540 million yuan [1] - The growth in profit is attributed to improved operational efficiency, increased revenue from shipbuilding products, and better performance from joint ventures [1][2] - The shipbuilding industry is experiencing upward cyclical trends due to factors such as ship replacement cycles, environmental policies, and tight capacity, which are expected to enhance profitability for shipyards [2][3] Financial Summary - The projected net profits for the company from 2025 to 2027 are approximately 900 million, 1.66 billion, and 2.7 billion yuan, reflecting year-on-year growth rates of 139%, 84%, and 63% respectively [4][6] - The earnings per share (EPS) are forecasted to be 0.64 yuan in 2025, 1.18 yuan in 2026, and 1.91 yuan in 2027 [6] - The price-to-earnings (P/E) ratios are projected to be 44, 24, and 15 for the years 2025, 2026, and 2027 respectively, while the price-to-book (P/B) ratios are expected to be 2.1, 1.9, and 1.7 [4][6] Industry Trends - The shipbuilding industry is witnessing a slowdown in new orders, with a 58% year-on-year decline in new orders received in the first half of 2025, although certain segments like container ships have seen growth [2][3] - The supply-demand dynamics in the industry are expected to drive ship prices higher due to tight capacity and inflationary pressures [2][3]

锦江航运（601083）2025 年中报业绩预告点评 推荐（维持） 公司研究 证 券 研 究 报 告 25Q2 预计盈利中值 4.4 亿，同比+127%，业 绩延续高增 ❖ 公司发布 2025 年半年度业绩预增公告： 1、财务数据： 2025H1：预计实现归母净利 7.8~8.1 亿元，同比+146%~155%，中值为 7.95 亿 元，同比+151%；扣非归母净利 7.6~7.9 亿元，同比+160%~171%，中值为 7.75 亿元，同比+165%。 25Q2：预计实现归母净利 4.2~4.5 亿元，同比+119%~135%，中值为 4.38 亿元， 同比+127%；扣非归母净利 4.1~4.4 亿元，同比+126~142%，中值为 4.28 亿元， 同比+134%。 ❖ 2、市场表现： 25H1 CCFI 日本同比+29%，CCFI 东南亚同比+29%，TWFI 台湾同比+26%。 25Q2 CCFI 日本同比+33%，CCFI 东南亚同比+11%，TWFI 台湾同比+30%。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is in line with expectations, with the Inner Mongolia Phase I project achieving full production and profitability reaching new highs [7] - The company expects a significant increase in net profit for the first half of 2025, with a forecasted growth of 63.39%-78.52% year-on-year [7] - The Inner Mongolia project, which utilizes green hydrogen and modern coal chemical processes, is projected to be a major growth driver for the company in 2025 [7] Financial Summary - Total revenue for 2025 is estimated at 55,372 million, with a year-on-year growth rate of 67.9% [6] - The net profit attributable to the parent company is projected to be 13,523 million for 2025, reflecting a year-on-year increase of 113.4% [6] - The earnings per share (EPS) for 2025 is expected to be 1.84 yuan, with a gross margin of 36.0% [6] Company Developments - The Inner Mongolia project has reached a total capacity of 3 million tons per year, making it the largest coal-to-olefins project globally [7] - The company is also advancing its Xinjiang project, which has received necessary environmental and safety approvals, further expanding its growth potential [7] - The company plans to donate up to 600 million to a charity foundation, which may impact management expenses [7]