2025 年 09 月 09 日 新芝生物 (430685) ——25H1 营收稳健增长，主要下游景气度提升，关注 订单兑现情况 报告原因：有业绩公布需要点评 增持（维持） | 事件： | | --- | ⚫ 公司发布 2025 年半年报：公司 25H1 实现收入 0.71 亿元，同增 6.4%；归母净利 0.12 亿元，同减 9.1%；扣非归母 0.09 亿元，同增 4.8%。25Q2 实现收入 0.38 亿元，同减 2.4%；归母净利 0.05 亿元，同减 47.0%；扣非归母 0.04 亿元，同减 43.6%。公司 25H1 收入、利润不及预期。 投资要点： ⚫ 风险提示：行业竞争加剧；下游需求不及预期；新品研发进度不及预期等。 财务数据及盈利预测 证 券 研 究 报 告 | 市场数据： | 2025 年 09 月 09 日 | | --- | --- | | 收盘价（元） | 17.23 | | 一年内最高/最低（元） | 20.99/7.08 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.04 | | 流通 A 股市值（百万 | 944 | | 元） | | | 上证指数/深证 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 38.40 RMB, representing a potential upside of 65% from the current price of 31.93 RMB [1][10]. Core Views - The company's performance in the first half of 2025 was impacted by pressure on domestic acquiring rates due to new merchant expansion, while overseas business, particularly in cross-border payments, showed significant growth [1][10]. - The report adjusts the net profit forecasts for 2025-2027 to 589 million RMB, 747 million RMB, and 909 million RMB respectively, with corresponding EPS estimates of 1.04 RMB, 1.32 RMB, and 1.60 RMB [1][10]. - The acquiring business revenue and gross profit margin have declined, with the company reporting a revenue of 1.53 billion RMB in H1 2025, down 3.17% year-on-year, and a net profit of 280 million RMB, down 38.61% year-on-year [1][10]. Financial Summary - Total revenue for 2023 is projected at 3.801 billion RMB, with a decline of 11.9% year-on-year, followed by a slight recovery in 2025 with an estimated revenue of 3.170 billion RMB [3]. - The net profit attributable to shareholders is expected to show significant fluctuations, with a forecast of 755 million RMB for 2023, dropping to 234 million RMB in 2024, and recovering to 589 million RMB in 2025 [3]. - The gross profit margin for the acquiring and value-added services segment is reported at 27.24%, down 15.14 percentage points year-on-year, while the electronic payment equipment segment shows a gross profit margin of 44.69%, up 1.26 percentage points year-on-year [10]. Business Performance - The company’s acquiring turnover for H1 2025 was 721.8 billion RMB, with a significant year-on-year decline in the acquiring rate to 0.131% from 0.150% in H1 2024, attributed to aggressive new merchant acquisition [10]. - Cross-border payment activities have accelerated, with the company successfully integrating with major e-commerce platforms like Amazon and TikTok, resulting in a 169% and 272% increase in merchant numbers and transaction volumes respectively from Q1 to Q2 2025 [10]. - The overseas equipment segment has targeted high-end markets, achieving nearly 200 million RMB in revenue, a year-on-year increase of over 80% [10].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 402.92 RMB, representing a potential upside of 24% from the current price of 329.36 RMB [1][12][5] Core Insights - The company is expected to achieve revenues of 5.91 billion RMB, 6.98 billion RMB, and 8.32 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 15.5%, 18.0%, and 19.2% [1][12] - Earnings per share (EPS) are projected to be 4.03 RMB, 4.77 RMB, and 5.90 RMB for the same years, with increased R&D investment factored into the estimates [1][12] - The company reported stable performance in H1 2025, with revenue of 2.66 billion RMB, a 10.12% increase year-on-year, and a net profit attributable to shareholders of 747 million RMB, up 3.57% year-on-year [13][5] - The launch of WPS AI 3.0 has significantly enhanced the company's competitive edge in the AI office software market, with AI monthly active users reaching 29.51 million [15][5] Financial Summary - The company's total revenue for 2023 is reported at 4,556 million RMB, with projections of 5,121 million RMB for 2024, 5,913 million RMB for 2025, 6,978 million RMB for 2026, and 8,320 million RMB for 2027, indicating a consistent growth trajectory [2][6] - Net profit attributable to shareholders is expected to grow from 1,318 million RMB in 2023 to 2,734 million RMB by 2027, with a year-on-year growth rate of 23.8% in 2027 [2][6] - The company has maintained a robust R&D investment, with expenses reaching 959 million RMB in H1 2025, representing an 18.7% increase year-on-year [13][5] Business Segments - The C-end business has shown steady growth, with personal business revenue of 1.75 billion RMB in H1 2025, an increase of 8.38% year-on-year, and a total of 41.79 million domestic paying users [14][5] - The B-end WPS 365 revenue surged by 62.27% year-on-year to 309 million RMB, indicating strong demand and product strength in the enterprise sector [14][5] - The total monthly active users (MAU) for WPS reached 651 million, with 305 million on PC and 346 million on mobile, showcasing the platform's extensive reach [14][5]

发电及电网 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 水电表现稳健，火电毛利率提升 ——国投电力(600886)中报点评 证券研究报告-中报点评 买入(上调) 市场数据(2025-09-08) 2025 年上半年，公司总发电量同比减少。2025 年上半年，公司控股企 业累计完成发电量 770.59 亿千瓦时，上网电量 751.78 亿千瓦时，分 别同比减少 0.54%、0.25%。其中，水电发电量 477.82 亿千瓦时，同 比增加 10.30%；火电发电量 222.58 亿千瓦时，同比减少 21.10%；新 能源发电量占比较小，风电、光伏发电量合计占比不足一成。2025 年 上半年，公司水电、火电、新能源发电量占比分别为 62.01%、28.88%、 4.82%、4.29%。 | 收盘价(元) | 14.23 | | --- | --- | | 一年内最高/最低(元) | 16.95/13.77 | | 沪深 300 指数 | 4,467.57 | | 市净率(倍) | 1.79 | | 流通市值(亿元) | 1,060.73 | | 基础数据(2025-06 ...

证券研究报告 非金融公司|公司点评|温氏股份（300498） 2025H1 营收利润双增，成本优势继续 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 养猪板块盈利较好，养鸡业务有所亏损。2025 年上半年，公司养猪业务盈利约 51 亿元，养鸡 业务亏损约 12 亿元（含存货跌价准备约 5 亿元），水禽业务亏损约 2 亿元。2025 年上半年公 司销售肉猪 1661.66 万头，同比增长 15.6%；猪类销售收入 327.35 亿元，同比增长 16.26%； 毛猪销售均价 14.93 元/公斤，同比下降 2.56%。2025 上半年公司销售肉鸡 5.98 亿只，同比 增长 9.16%，肉鸡类销售收入 151.27 亿元，同比下降 9.29%。毛鸡销售均价 10.84 元/公斤， 同比下降 18.43%。 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 温氏股份(300498) 2025H1 营收利润双增，成本优势继续 | 行 业： | 农林牧渔/养殖业 | | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 25.95 RMB, representing a potential upside of 47% from the current price of 21.63 RMB [1][10]. Core Insights - The company has shown significant improvement in profitability, with a notable increase in gross profit margin (GPM). In Q2, the company turned a profit, marking a positive shift in its financial performance [1][11]. - The company is focusing on its core fintech business while reducing non-financial IT operations, which has led to a decline in overall revenue but an improvement in profitability metrics [5][11]. - The company is advancing its core trading systems and AI platform, which are expected to enhance operational efficiency and expand its market presence [12][13]. Financial Summary - For H1 2025, the company reported total revenue of 1.21 billion RMB, a year-on-year decrease of 48.55%, while the net profit attributable to shareholders was a loss of 39 million RMB, a reduction in loss by 51.95% [5][11]. - In Q2 2025, revenue was 687 million RMB, down 45.45% year-on-year, but the company achieved a net profit of 56 million RMB, indicating a turnaround from previous losses [5][11]. - The financial IT business achieved a GPM of 42.67%, up 2.56 percentage points year-on-year, while the non-financial IT business saw a GPM of 23.35%, up 17.33 percentage points year-on-year, contributing to an overall GPM of 37.45%, an increase of 17.79 percentage points year-on-year [5][11]. Future Projections - The report forecasts net profit attributable to shareholders for 2025, 2026, and 2027 to be 278 million RMB, 360 million RMB, and 459 million RMB respectively, with corresponding EPS of 0.29 RMB, 0.38 RMB, and 0.49 RMB [5][10]. - The company is expected to maintain a price-to-earnings (PE) ratio of 88x for 2025, reflecting improved profitability and operational efficiency [5][10].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 39.00 per share [1][12][6]. Core Insights - The company's revenue performance in H1 2025 was strong, with a year-on-year increase of 10.54%, reaching RMB 4.02 billion. The net profit attributable to shareholders was RMB 595 million, up 12.36% year-on-year. However, Q2 profits were constrained by equipment gross profit margin pressures [6][13][14]. - The acquisition business showed improvement with a revenue of RMB 1.45 billion in H1 2025, a 2.39% increase year-on-year, and a gross profit margin of 38.4%, up 2.0 percentage points year-on-year. The transaction volume for the acquisition business was RMB 1.05 trillion, remaining flat year-on-year but showing a quarterly increase trend since Q3 2024 [6][14][15]. - The equipment business revenue reached RMB 1.90 billion in H1 2025, a 24.90% increase year-on-year, but the gross profit margin decreased to 34.80%, down 6.82 percentage points year-on-year due to a market share priority strategy in emerging markets. The company expects the gross profit margin to recover as market expansion completes and revenue from high-margin markets in Europe and America increases [6][15]. Financial Summary - The company forecasts net profit attributable to shareholders for 2025-2027 at RMB 1.34 billion, RMB 1.58 billion, and RMB 1.92 billion, respectively, with corresponding EPS of RMB 1.30, RMB 1.53, and RMB 1.86. The 2025 PE ratio is projected at 30 times [6][12][4]. - In H1 2025, the operating cash flow was RMB 376 million, a significant increase of 314.32% year-on-year, indicating strong cash generation capabilities [6][13]. - The overall gross profit margin for Q2 2025 was 32.92%, down 6.41 percentage points year-on-year, primarily due to pressures in the equipment business [6][13].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 30.57 per share, based on a 73x PE for 2025 [1][10]. Core Insights - The company is focusing on innovative product lines, particularly in AI and big data, showing stable growth with a revenue increase of 5.22% year-on-year in H1 2025, reaching RMB 2.36 billion [5][11]. - The net profit attributable to shareholders was RMB 119 million, reflecting a slight decrease of 0.91% year-on-year [5][11]. - The fintech solutions sector generated revenue of RMB 709 million, up 15.94% year-on-year, while the AI and big data sector saw a significant revenue increase of 73.48%, reaching RMB 64 million [5][11]. - The company has successfully won a project with a state-owned bank focusing on AI risk management, showcasing its technical strength in the AI application sector [12][13]. - A strategic partnership with Guofu Quantum has been established to explore opportunities in the virtual asset market, focusing on IT infrastructure for stablecoin and virtual asset platforms [13]. Financial Summary - The company forecasts revenue growth from RMB 4,242 million in 2023 to RMB 6,428 million by 2027, with a compound annual growth rate (CAGR) of approximately 11.4% [2][6]. - Net profit is expected to grow from RMB 348 million in 2023 to RMB 481 million by 2027, with a projected increase of 16.3% in 2027 [2][6]. - The EPS is forecasted to increase from RMB 0.40 in 2023 to RMB 0.55 in 2027 [2][6]. - The company maintains a healthy return on equity (ROE) forecast, increasing from 13.7% in 2023 to 14.0% in 2027 [2][6].

证券研究报告 非金融公司|公司点评|大秦铁路（601006） 业绩阶段性承压，开辟非煤业务带动成 本上升 证券研究报告 |报告要点 公司发布 2025 年半年报。2025H1，公司实现营业收入 372.9 亿元，同比增长 1.9%，实现归母 净利润 41.1 亿元，同比下降 29.8%。其中 2025Q2，公司实现营业收入 194.8 亿元，同比增长 6.3%，实现归母净利润 15.4 亿元，同比下降 45.2%。 |分析师及联系人 李蔚 李天琛 SAC：S0590522120002 SAC：S0590525070002 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月09日 | 总股本/流通股本(百万股) | 20,147/20,147 | | --- | --- | | 流通 A 股市值(百万元) | 123,300.73 | | 每股净资产(元) | 8.14 | | 资产负债率(%) | 14.61 | | 一年内最高/最低(元) | 7.52/5.84 | 股价相对走势 -10% 10% 30% 50% 2024/9 2025/1 2025/5 2025/9 大秦铁路 沪深 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.981 billion yuan for the first half of 2025, representing a year-on-year growth of 2.35%. The net profit attributable to shareholders was 203 million yuan, up 6.39% year-on-year, while the net profit after deducting non-recurring items was 191 million yuan, reflecting a growth of 17.37% year-on-year [7][8] - The company's performance is attributed to the iterative upgrade of existing technology products and market promotion, with a focus on application-oriented R&D investments [9] - The company has effectively managed its expenses, resulting in a slight increase in net profit margin [10] Financial Performance - The company's gross margin for the first half of 2025 was 19.45%, a decrease of 1.52 percentage points year-on-year, while the net profit margin was 5.04%, an increase of 0.16 percentage points year-on-year [10] - The revenue breakdown by business segment shows that the mining and heavy equipment segment generated 2.236 billion yuan, accounting for 56.17% of total revenue, but saw a decline of 21.75% year-on-year. The special materials segment generated 726 million yuan, up 13.41% year-on-year, while the robot and intelligent equipment segment generated 207 million yuan, down 30.4% year-on-year. The new energy equipment segment saw significant growth, generating 812 million yuan, a year-on-year increase of 765.39% [12] Strategic Initiatives - The company is enhancing its competitiveness in the international market by executing a strategy focused on overseas market expansion, achieving a comprehensive application of large-scale crushing and grinding equipment in foreign super-large mines [13] - The company is transitioning from a single product supplier to a full-process solution provider for mining, significantly expanding the value of its products and enhancing its overall competitiveness [13] - The company is actively developing its robotics business, leveraging national policies to accelerate the establishment of a comprehensive robotics industry system [14] Earnings Forecast and Valuation - The revenue forecasts for 2025 to 2027 have been adjusted downwards to 8.73 billion, 9.796 billion, and 11.065 billion yuan, respectively. The net profit forecasts for the same period are adjusted to 484 million, 578 million, and 695 million yuan, respectively, with corresponding P/E ratios of 50.73X, 42.46X, and 35.3X [15]