证券研究报告|公司点评报告 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 2025 年中报点评：Q2 业绩短期承压，系泊链 收入&订单进入加速放量阶段 [Table_Title2] 亚星锚链(601890) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 601890 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 12.2/6.49 | | 目标价格： | | 总市值(亿) | 94.02 | | 最新收盘价： | 9.80 | 自由流通市值(亿) | 94.02 | | | | 自由流通股数(百万) | 959.40 | [Table_Summary] 事件概述 公司发布 2025 年半年报。 ► 收入端：船用链略有承压，系泊链收入&订单加速增长 25H1 实现营收 9.91 亿元，同比+6%，其中 Q2 为 4.03 亿元，同比-17%。分产品来看：1）船用链 及附件：25H1 实现收入 6.18 亿元，同比-9%；25H1 实现销售 6.35 万吨，同比-2%；25 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 9 月 9 日 [Table_Title] 创新药研发能力卓越，产品管线具备竞争力 根据公司 2025 年半年报：公司在靶点筛选方面，关注具有 较大患者人群，以及临床需求尚未得到满足的治疗领域。通 过国际多中心临床试验等方式提高开发速度，目前拥有多个 进展前列的临床管线产品：1、公司的 KRASG12C 抑制剂格索 雷塞已用于治疗非小细胞肺癌并有望应用于治疗结直肠癌等 多种癌症，其临床前研究及临床试验均展现出较好的安全 性。格索雷塞于 2024 年 11 月获批上市。2024 年 6 月，格索 雷塞两个新适应症再度被 CDE 纳入突破性治疗药物程序； 3、与现有市场上需要肌肉注射的 SERD 靶向药氟维司群相 比，公司的 SERD 靶向药 D-0502 采用口服给药，便捷性和依 从性更好。2021 年 10 月，中国 CDE 基于Ⅰ期临床试验数 据情况，同意 D-0502 直接开展单药关键Ⅲ期注册临床试 验。2022 年 9 月，该注册性Ⅲ期临床试验完成首例受试者入 组；3、D-2570 是公司自主研发的一款靶向 TYK2 的新型口服 选择性 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a record high Q2 performance with significant growth in CNC machine tools, exceeding market expectations [2][3] - The company achieved a revenue of 5.265 billion yuan in H1 2025, representing a year-on-year increase of 27%, with Q2 revenue reaching 2.986 billion yuan, up 26% year-on-year [3] - The growth in revenue is driven by strong demand in tire molds, large components, and CNC machine tools, with the latter showing a remarkable year-on-year increase of 145% [3] - The gross profit margin remains high, with a sales gross margin of 34.48% in H1 2025, slightly down from the previous year [4] - The company is expected to maintain robust growth in revenue and profit in the coming years, with adjusted revenue forecasts for 2025-2027 being 10.947 billion, 13.017 billion, and 15.043 billion yuan respectively [6][7] Summary by Sections Revenue and Growth - In H1 2025, the company generated revenue of 5.265 billion yuan, with Q2 alone contributing 2.986 billion yuan, marking a new quarterly revenue high [3] - Revenue from tire molds was 2.628 billion yuan, up 19% year-on-year, while large components revenue reached 1.947 billion yuan, up 33% year-on-year [3] Profitability - The net profit attributable to the parent company for H1 2025 was 1.197 billion yuan, a 25% increase year-on-year, with Q2 net profit reaching 677 million yuan, up 21% year-on-year [4] - The sales net profit margin for H1 2025 was 22.73%, indicating stable profitability despite slight fluctuations [4] Future Outlook - The company is expected to see continued growth in its core business segments, with tire molds and large components benefiting from increasing domestic and international demand [5] - The CNC machine tool segment is entering a phase of rapid growth, contributing significantly to overall revenue [5] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 3.12, 3.77, and 4.43 yuan respectively, reflecting a positive growth trajectory [7]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7]. Core Views - The company is a leader in refrigerator door seals and is expanding into automotive parts, focusing on intelligent driving and new materials [1][3]. - The company has achieved significant growth in overseas markets, with overseas revenue expected to exceed 500 million yuan in 2024 [2][30]. - The company is actively developing new materials, including a patented alloy that may open new market opportunities [4][39]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of home appliance and automotive parts, with its main product being refrigerator door seals, recognized as a "manufacturing single champion product" [1][14]. - By the end of 2024, the company will have established 16 overseas bases, achieving its "1515" internationalization strategy ahead of schedule [1][15]. Home Appliance Business - The home appliance segment is the cornerstone of the company's revenue and profit, with growth driven by new products and overseas expansion [2]. - The company has expanded its product offerings beyond refrigerator seals to include components, injection molding, and glass products, with a focus on washing machine seals [23][24]. - In 2024, overseas revenue is projected to surpass 500 million yuan, with significant growth in markets like Vietnam and Thailand [30]. Automotive Parts - The company is positioning itself in the automotive sector, focusing on intelligent steering and sensing components, with a recent acquisition of a 51% stake in Guo Taiyang, a company specializing in steering systems [3][36]. - The shift from electric power steering (EPS) to steer-by-wire (SbW) systems is anticipated to drive growth in this segment [32]. Material Development - The company is enhancing its material research capabilities, transitioning from soft PVC to TPE for refrigerator seals, and has developed a new alloy material with superior properties [4][39]. - The new alloy material is expected to find applications in various fields, potentially creating new growth avenues for the company [39]. Financial Forecast - Revenue projections for 2025-2027 are 4.2 billion, 5.07 billion, and 6.04 billion yuan, respectively, with net profits expected to grow to 160 million, 210 million, and 270 million yuan [5][41]. - The company is valued at a target price of 46.25 yuan based on a 25X valuation for 2025 [5][44].

业绩稳健增长，AI 业务与出海双助力 鼎捷数智(300378) ——鼎捷数智（300378.SZ）2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | [Table_Target] 目标价格(元): | 68.56 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | | | 本报告导读： 25 H1 公司凭借数智化转型实现业绩稳健增长。鼎捷雅典娜数智原生底座潜力凸显， AI 应用矩阵持续丰富。中企出海服务与东南亚本地拓展进一步打开增长空间。 投资要点： | [Table_Finance] ...

证券研究报告 非金融公司|公司点评|中国交建（601800） 收入盈利均有一定压力，费用管控成效 显现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月09日 证券研究报告 |报告要点 预计公司 2025-2027 年收入分别为 8,121/8,493/8,829 亿元，分别 yoy+5%/+5%/+4%；归母净 利润分别为 250/267/279 亿元，分别 yoy+7%/+7%/+4%；现价对应 2025 年 PE 为 5.8 倍。公司 为我国基建出海龙头之一，海外业务或受益"一带一路"订单落地；国内近年新领域不断突 破、城市建设不断取得新进展，公司增长前景及质量值得期待。参照可比公司估值，我们给予 公司 2025 年 9 倍 PE，维持"买入"评级。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年09月09日 中国交建(601800) 收入盈利均有一定压力，费用管控成效显现 | 行 业： | 建筑装饰/基础建设 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 8. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown stable operations, with Q2 2025 revenue growth turning positive compared to Q1 2025. Profitability has improved year-on-year due to channel structure optimization and internal cost reduction efforts. The company announced a mid-term dividend for 2025, with a total dividend amounting to 472 million yuan, representing 66% of its performance, indicating a high dividend yield. Looking ahead, the company is expected to continue its growth through deepening its core business, expanding new product categories, and exploring new channels and markets [4][15]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.608 billion yuan, a year-on-year decrease of 2.58%. The net profit attributable to shareholders was 712 million yuan, down 6.28% year-on-year, while the net profit excluding non-recurring items was 642 million yuan, a decrease of 2.40% year-on-year. In Q2 2025, revenue reached 2.531 billion yuan, an increase of 1.57% year-on-year, with a net profit of 372 million yuan, up 2.96% year-on-year [12][21]. Revenue Growth and Product Performance - The revenue growth in Q2 2025 was driven by the retail channel benefiting from national subsidies, while the e-commerce channel saw a positive growth rate due to promotional activities. The engineering channel's growth may still fluctuate due to pressures in the real estate market. The main products, such as range hoods and gas stoves, experienced slight revenue declines, while new product categories like dishwashers and integrated machines showed growth, with significant volume increase in the new cabinet category [13][20]. Profitability and Cost Management - The gross profit margin in Q2 2025 increased by 1.26 percentage points year-on-year, primarily due to a decrease in the proportion of the engineering channel and internal cost reduction efforts. The company’s operating cash flow in Q2 2025 saw a significant year-on-year increase, indicating good profit quality [14][19]. Shareholder Returns - The company has been actively optimizing its inventory turnover efficiency, with inventory turnover days reduced to below 100 days by H1 2025. The high dividend payout ratio reflects the company's commitment to shareholder returns, and it is expected to maintain a high dividend yield moving forward [14][15]. Future Outlook - The company is expected to maintain steady growth through its core business development, new product launches, and expansion into new markets and channels. The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.596 billion, 1.673 billion, and 1.755 billion yuan, respectively, with corresponding P/E ratios of 12.0, 11.5, and 10.9 times [15][16].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned to benefit from a cyclical turnaround in the steel industry, driven by non-U.S. demand and policies aimed at reducing competition, presenting a significant opportunity by 2025 [1][7]. - The company is the world's leading ductile iron pipe manufacturer, with a domestic market share of 58% expected to increase further [1][27]. - The report anticipates a recovery in the company's financial metrics starting in 2025, with significant profit growth projected for the following years [1][43]. Summary by Sections Steel Industry Outlook - The steel industry is transitioning from active to passive destocking, influenced by policies that drive supply reduction and structural demand recovery [7][12]. - Rebar inventory is at a historical low, with a notable decrease in steel consumption expected [13][14]. - The current cycle is characterized by a shift in demand dynamics, with non-U.S. markets becoming increasingly important [20][21]. Company Performance and Strategy - The company has a robust market position, with a projected increase in its ductile iron pipe market share and significant contract signings [27][39]. - The establishment of a factory in Egypt is part of the company's strategy to localize production and mitigate trade barriers, enhancing its global supply chain [39][40]. - Financial forecasts indicate a recovery in revenue and profit margins, with a significant increase in net profit expected by 2027 [43][44]. Financial Projections - Revenue is projected to decline in 2025 before recovering in subsequent years, with a compound annual growth rate expected in the following years [43][44]. - The company's earnings per share (EPS) is forecasted to rise significantly, reflecting the anticipated recovery in profitability [1][43]. - The report highlights a favorable valuation compared to peers, suggesting the stock is undervalued at current levels [43].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Insights - The company reported a significant revenue increase of 180.16% year-on-year, achieving 201 million yuan in revenue for the first half of 2025, and successfully turning a profit with a net profit of 56.63 million yuan [1][2]. - Strong demand recovery and effective project execution across multiple fields are expected to drive future growth, with notable improvements in gross and net profit margins [2][3]. - The company is focusing on R&D investments, with R&D expenses rising by 45.01% year-on-year to 52.81 million yuan in the first half of 2025, enhancing its competitive edge in technology and cost [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 68.04% and a net margin of 28.15%, reflecting increases of 13.35 percentage points and 61.96 percentage points, respectively [2]. - The company’s revenue projections for 2025 are set at 425 million yuan, with a forecasted net profit of 125 million yuan, leading to an EPS of 0.61 yuan [5][10]. Project Development - The company has seen a significant increase in project orders, particularly in satellite applications, with several projects entering mass delivery phases [2]. - In the low Earth orbit communication satellite sector, new products are being developed and prepared for mass delivery in 2025, aligning with customer demand [2][3]. R&D and Innovation - The company is actively participating in large project bids, which has led to the acquisition of new R&D tasks across various fields [3]. - The focus on product innovation and diversification is expected to enhance the company's market position and profitability [3]. Valuation Metrics - The current stock price of 43.16 yuan corresponds to a PE ratio of 71x for 2025, with projected PE ratios of 45x and 34x for 2026 and 2027, respectively [5][10].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迅捷兴(688655) 投资评级 上次评级 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com [Table_OtherReport] [Table_S ➢ Q2ummar 业绩实现扭亏， y] 营收增幅显著提升。迅捷兴发布 2025 年半 年报，25H1 实现营业收入 2.92 亿元，同比+27.66%；归母净 利润-277 万元，同比-169.48%，主要系珠海工厂新增产能释 放，投产初期净利润为-1154 万元；毛利率 18.57%，同比- 0.96pct。公司 25Q2 实现营收 1.69 亿元，同比+32.66%，环 比+36.66%；归母净利润 209 万元，同比-60.11%，环比扭亏； 毛利率 18.25%，同比-2.43pct，环比-0.76pct。 ➢ 公司样板业务契合人形机器人发展阶段，早期布局有利深度绑 定客户。目前人形机器人领域大多处于早期研发阶段，这与迅 捷兴小批量样板业务 ...