2025 年 08 月 23 日 广信科技 (920037) ——业绩符合预期，量价齐升+毛利率增厚，25H2 新产 能释放在即 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | | --- | --- | --- | | 收盘价（元） | | 99.45 | | 一年内最高/最低（元） | 108.97/50.00 | | | 市净率 | | 11.6 | | 股息率%（分红/股价） | | - | | 流通 A 股市值（百万元） | | 2,940 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.83 | | 资产负债率% | 19.04 | | 总股本/流通 A 股（百万） | 91/30 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 电力设备 -20% 0% 20% 40% 60% 80% 广信科 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The report maintains a positive outlook on the company's long-term development, emphasizing its leading position in the cloud and cybersecurity sectors and its long-term growth potential [4] - The company is expected to achieve a net profit of 4.20 billion, 5.62 billion, and 6.85 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.00, 1.33, and 1.62 yuan per share [4] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 30.09 billion yuan, a year-on-year increase of 11.16%, and a narrowed net loss of 2.28 billion yuan, down 61.54% year-on-year [5] - The second quarter saw a revenue of 17.47 billion yuan, a 4.50% year-on-year increase, and a net profit of 21.98 million yuan, marking a return to profitability [5] - The company's cloud computing and IT infrastructure business revenue grew by 26.15% year-on-year to 13.95 billion yuan, while the cybersecurity business revenue increased by 2.61% to 14.35 billion yuan [5] - The overall gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year [5] Business Developments - The company announced a comprehensive upgrade to its cloud services to support AI, providing a new generation of hyper-converged solutions that enhance inference performance and reduce overall costs for large model applications [6] - The AI innovation platform achieved five capability upgrades in June, further lowering the barriers to AI infrastructure construction [6] Financial Projections - The company forecasts operating revenues of 82.19 billion, 91.93 billion, and 100.97 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.20 billion, 5.62 billion, and 6.85 billion yuan [7] - The projected EPS for the same years is 1.00, 1.33, and 1.62 yuan, with P/E ratios decreasing from 120.4 in 2025 to 73.9 in 2027 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][35]. Core Views - The company's profitability improved on a quarter-on-quarter basis in Q2 2025, with revenue of 7.99 billion yuan (down 11.2% year-on-year, up 2.8% quarter-on-quarter) and a net profit attributable to shareholders of 860 million yuan (down 25.6% year-on-year, up 21.9% quarter-on-quarter) [1][10]. - The increase in profitability is primarily attributed to the growth in sales volume of main products and the recovery of price differentials for certain products [1][10]. - The company is actively promoting new projects and optimizing operational management to enhance efficiency and competitiveness [4][17]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a gross margin of 19.6% (down 1.0 percentage points year-on-year, up 3.3 percentage points quarter-on-quarter) and a net margin of 12.0% (down 1.9 percentage points year-on-year, up 2.1 percentage points quarter-on-quarter) [1][10]. - The company reported a total revenue of 79.9 billion yuan for Q2 2025, with a net profit of 8.6 billion yuan [1][10]. Sales Volume and Product Performance - The sales volume of key products in Q2 2025 included 739,700 tons of new energy materials, 1,430,700 tons of fertilizers, 146,000 tons of organic amines, and 403,200 tons of acetic acid and derivatives, showing year-on-year increases of 7%, 30%, -0.2%, and 4% respectively [2][12]. - The revenue contribution from new energy materials was significant, accounting for 48% of total revenue [2][12]. Cost and Margin Analysis - The gross margins for the first half of the year were 9% for new energy materials, 31% for fertilizers, 12% for organic amines, and 33% for acetic acid and derivatives, with the fertilizer and acetic acid segments showing relatively high profitability [3][16]. - The decline in coal prices has contributed to a decrease in costs for the company, aiding in margin recovery [3][16]. Future Outlook and Investment Plans - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares and has initiated a share buyback program with a budget of 200-300 million yuan [4][17]. - An investment of 3.039 billion yuan is planned for upgrading the gasification platform, which is expected to enhance production efficiency and energy utilization [4][17]. Earnings Forecast - The company has revised its net profit forecasts for 2025-2027 to 3.394 billion yuan, 4.020 billion yuan, and 4.358 billion yuan respectively, with corresponding EPS estimates of 1.60 yuan, 1.89 yuan, and 2.05 yuan [30].

负债成本显著改善，资产质量稳中向好 ——江苏银行 25H1 财报点评 ⚫ 根 据 25H1 财 报 数 据 ， 预 测 公 司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 8.6%/9.5%/9.9%， BVPS 为 14.14/15.71/17.44 元（原预测值为 14.13/15.64/17.30 元，主要 是适度 调高资 产 增速预期 ），当 前股价 对 应 25/26/27 年 PB 为 0.79X/0.71X/0.64X。维持相较可比公司 20%估值溢价，给予 25 年 0.99 倍 PB，对 应合理价值 13.96 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 74,293 | 80,815 | 87,898 | 96,443 | 107,173 | | 同比增长 (%) | 5.3% | 8.8% | 8.8% | 9.7% ...

证券研究报告 | 公司点评报告 2025 年 08 月 22 日 金沃股份（300984.SZ） 主业继续高增，绝缘轴承与机器人打开未来空间 公司发布 2025 年中报，营业收入 6.14 亿元，同比增长 7.96%，归母净利润 2546.93 万元，同比增长 94.00%；二季度单季度营业收入 3.18 亿元，同比增 长 5.56%，归母净利润 1315.84 万元，同比增长 85.95%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | 间》2025-03-17 | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 988 | 1146 | 1402 | 1793 | 2169 | | | 同比增长 | -5% | 16% | 22% | 28% | 21% | | | 营业利润(百万元) | 42 | 32 | 83 | 192 | 252 | | | 同比增长 | -14% | -24% | 158% | 131% | 31% | | | 归母净利润(百万元) | 38 | ...

公司报告 | 半年报点评 口子窖（603589） 证券研究报告 结构下移拖累业绩，大众消费修复或利好后续表现 【业绩】2025Q2 公司实现营业收入/归母净利润/扣非归母净利润分别为 7.21/1.05/0.91 亿元（yoy:-48.48%/-70.91%/-73.41%）。 受消费环境叠加基数影响，高档酒收入占比下滑明显。 25Q2 高 档 白 酒 / 中 档 白 酒 / 低 档 白 酒 营 业 收 入 6.57/0.12/0.29 亿 元 （yoy:-49.64%/-7.68%/+7.49%），占比分别同比变动-2.90/+0.73/+2.16pct 至 94.14%/1.68%/4.18%，高档白酒占比下滑较多或主因：①禁酒令实施下， 部分消费场景减少对中高档酒销售造成影响；②"兼系列"中的中档偏低 价位带的产品动销较好，而高端"兼系列"产品动销不及预期（具体体现： 兼 5、兼 6、兼 8 产品价格稳定在公司指导价格体系，兼 10、兼 20 价 格略低于指导价格）。 受政策影响，Q2 省内下滑幅度更大。 25Q2 省内/省外营收分别为 5.15/1.83 亿元（yoy:-54.01%/-18.57%） ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 上海家化(600315)公司点评报告 2025 年 08 月 22 日 [Table_Title] 25Q2 收入增长提速，抖音渠道持续突破 ——上海家化(600315)2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25Q2 收入增长明显提速，扣非净利润扭亏为盈 25H1 公司实现营收 34.78 亿元，同比增长 4.75%；归母净利润 2.66 亿元， 同比增长 11.66%，扣非净利润 2.21 亿元，同比下降 5.89%。非经常性损 益变动主要系持有金融资产和金融负债形成的公允价值变动损益同比增加 约 5400 万元。公司销售毛利率达 63.37%，同比提升 2.24pct，销售净利率 为 7.64%，同比提升 0.47pct。销售费用率、管理费用率、研发费用率分别 为 43.85%、8.06%、2.49%，同比分别微增 0.44/0.5/0.42pct，整体费用管 控成效显著。单 Q2 公司实现营收 17.75 亿元，同比增长 25.4%，净利润 4862 万元，扣非净 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's revenue and net profit showed growth in H1 2025, with revenue at 2.181 billion, net profit at 185 million, and operating cash flow at 377 million, reflecting year-on-year increases of 3.60%, 16.97%, and 28.93% respectively [3] - The growth in business is primarily driven by increases in online and direct sales, with online revenue growing by 18.3% [4] - The company has maintained a high dividend payout ratio of 89.6% with a dividend yield of 4.63% [3] Financial Performance - In H1 2025, the company's revenue from various channels was as follows: online 738 million, direct 190 million, franchise 605 million, and others 256 million, with year-on-year growth rates of 18.3%, 5.14%, -8.65%, and 20% respectively [4] - The gross margin improved to 47.8%, a year-on-year increase of 1.1 percentage points, while the net margin was 8.5%, up 1.0 percentage points [5] - The company reported a net loss of 28.75 million from its U.S. subsidiary, Lexington, due to high loan rates and low demand [5] Future Outlook - The company is expected to benefit from consumer subsidies and stable end-user consumption, which may drive revenue growth [7] - The revenue forecasts for 2025 to 2027 are 4.641 billion, 4.769 billion, and 4.999 billion respectively, with corresponding net profit forecasts of 477 million, 505 million, and 533 million [7] - The company plans to continue launching new products and expanding its market presence, particularly in the online segment [7]

Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The acquisition of Shanghai Aolai by Goer Group through its subsidiary Goer Optical is expected to enhance its core competitiveness in XR glasses and micro-nano optical devices [1][2]. - The transaction will allow Goer Optical to leverage Shanghai Aolai's established assets and technology, alleviating financial pressures and accelerating production capacity in the micro-nano optical device sector [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 100.239 billion, 115.969 billion, and 134.427 billion yuan, with year-on-year growth rates of -0.7%, +15.7%, and +15.9% respectively [4][9]. - Net profit estimates for the same period are 3.401 billion, 4.239 billion, and 5.334 billion yuan, reflecting year-on-year growth rates of +27.6%, +24.6%, and +25.8% [4][9]. - Earnings per share (EPS) are expected to be 0.97, 1.21, and 1.53 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 30.66x, 24.60x, and 19.55x [7][9]. Company Overview - Goer Optical has a strong focus on precision optical components and has established a competitive edge in the field of optical waveguide devices [2]. - The company has been actively pursuing external mergers and acquisitions to deepen its vertical integration capabilities [2].

[Table_Title] 羊绒表现靓丽，越南及银川子公司逐步投产 证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title2] 新澳股份(603889) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603889 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 8.53/5.09 | | 目标价格： | | 总市值(亿) | 44.49 | | 最新收盘价： | 6.09 | 自由流通市值(亿) | 43.89 | | | | 自由流通股数(百万) | 720.66 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/扣非归母净利/经营性现金流净额分别为 25.54/2.71/2.68/-0.11 亿元、同比 增长-0.08%/1.67%/3.16%/-116.71%，符合市场预期。经营性活动现金流净额大幅下降主要由于购买商品、接 受劳务支付的现金增加和子公司新澳越南及新澳银川逐步投产前期成本支出增加，经营现金流低于净利主要由 ...