Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 1.223 billion yuan, with a year-on-year increase of 45.82%. The annualized sales from new project orders exceeded 18 billion yuan [4] - The company is accelerating its international layout and strategically entering new sectors, particularly in smart cockpit and smart driving technologies. The sales revenue from smart cockpits reached 9.459 billion yuan in the first half of 2025, growing by 18.76% year-on-year. The company has secured new project orders from major clients such as Li Auto, Xiaomi, and Geely [5] - The company is investing in AI technology and exploring new fields such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [5] Financial Forecasts and Valuation - The company is expected to achieve net profits of 2.802 billion yuan, 3.540 billion yuan, and 4.472 billion yuan for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 2.817 billion yuan and 3.617 billion yuan [5] - The projected revenue for the company is 27.618 billion yuan for 2024, 34.599 billion yuan for 2025, 42.559 billion yuan for 2026, and 51.289 billion yuan for 2027, with corresponding growth rates of 26%, 25%, 23%, and 21% [3][7] - The company’s P/E ratio is projected to decrease from 34.3 in 2024 to 15.4 in 2027, indicating an improving valuation as earnings grow [3]

（1）锂板块为公司当前核心业务，成长弹性持续提升。公司锂盐生产矿石原 料自给率达 100%。公司现有及在建锂盐产能合计 7.1 万吨/年。其中，已投产 年产能为 4.1 万吨，公司另有年产能 3 万吨的碳酸锂/氢氧化锂柔性生产线预计 于 2025 年底改造完成。以生产一吨锂盐需要八吨锂辉石/透锂长石测算，公司 锂辉石及透锂长石精矿产能（60 万吨）可以 100%覆盖公司规划锂盐产能对应 的生产需求（约 57 万吨），这将帮助公司有效实现降本增效并抵御锂矿石价格 波动市场风险。考虑到今年下半年锂盐价格回升，且公司 2.5 万吨锂盐产线于 6 月份停产技改升级后，公司在产锂盐年产能仍达 4.1 万吨，因此预计 2025 公司锂盐产量与 2024 年基本一致。技改产能升级与锂盐价格的回升预计提升 公 司 锂 盐 产 量 及 业 绩 表 现 ， 2026-2027 年 公 司 锂 盐 产 能 利 用 率 或 达 80%/100%，对应锂盐销量或达 56800 吨/71000 吨，较 2024 年分别提升 +33%/+66%。 公 司 研 中矿资源（002738.SZ）："锂+铯铷+ 铜锗"三线布局，多曲线支撑公司 成 ...

东方电气（600875.SH） 优于大市 2025 上半年业绩稳健提升，公司新签订单持续增长 2025 上半年实现归母净利润 19.1 亿元，同比增长 12.9%。公司 2025 上半年 实现营收 381.5 亿元，同比+14%，实现归母净利润 19.1 亿元，同比+12.9%， 2025 上半年毛利率15.5%，同比+0.1pct，净利率5.5%，同比持平；对应2025Q2 营收 216 亿元，同比+17.4%，环比+30.6%，2025Q2 实现归母净利润 7.56 亿 元，同比-3.8%，环比-34.5%，Q2 毛利率 14.6%，同比+1.9%，环比-2pct； 净利率 3.9%，同比-0.6pct，环比-3.6pct。 资产减值损失与信用减值损失拖累净利润。2025 年上半年公司合计计提减 值损失 6.67 亿元（较 24 年同期增加 4.22 亿元），其中信用减值损失 2.10 亿元（较 24 年同期增加 2.24 亿元），资产减值损失 4.57 亿元（较 24 年同期增加 1.98 亿元）。其中 2025Q2 计提减值损失 5.23 亿元。2025 年上半年公司期间费用率为 9.0%，同比下降 ...

汽车零部件Ⅲ 万安科技（002590.SZ） 增持-A(首次) 上半年营收稳健增长，AEBS 法规推进公司有望充分受益 2025 年 9 月 9 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，万安科技发布 2025 年中报。上半年公司实现营收 21.65 亿元，同 比+14.91%；实现归母净利润为 8517.83 万元，同比-2.13%；扣非净利润 6764.79 万元，同比-3.56%。 | 年 月 市场数据：2025 9 | 日 9 | | | --- | --- | --- | | 收盘价（元）： | | 14.78 | | 年内最高/最低（元）： | | 17.57/9.70 | | 流通A股/总股本（亿）： | | 4.95/5.19 | | 流通 A 股市值（亿）： | | 73.15 | | 总市值（亿）： | | 76.72 | | 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.16 | | 摊薄每股收益(元)： | | | 0.16 | | 每股净资产(元)： | | | ...

汽车零部件Ⅲ 亚普股份（603013.SH） 增持-A(首次) | 市场数据：2025 年 9 月 | 9 日 | | --- | --- | | 收盘价（元）： | 25.65 | | 年内最高/最低（元）： | 26.28/12.55 | | 流通A股/总股本（亿）： | 5.13/5.13 | | 流通 股市值（亿）： A | 131.48 | | 总市值（亿）： | 131.48 | 事件描述 | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.56 | | 摊薄每股收益(元)： | | | 0.56 | | 每股净资产(元)： | | | 9.52 | | 净资产收益率(%)： | | | 6.26 | 资料来源：最闻 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 多点开花业绩稳健增长，外延并购拓宽发展路径 2025 年 9 月 9 日 公司研究/公司快报 近日，亚普股份发布 2025 年 ...

Investment Rating - The report maintains a "Buy" rating for BYD, indicating a positive outlook for the company's performance moving forward [8]. Core Views - The report suggests that BYD has passed its most challenging period this year, with expectations of a stabilizing trend in the second and third quarters [8]. - Strong overseas vehicle sales are anticipated to contribute significantly to profit growth [8]. - The company is effectively controlling costs, which is reflected in its financial metrics [8]. Financial Projections - Revenue is projected to grow from RMB 602,315 million in 2023 to RMB 1,092,599 million by 2027, with a compound annual growth rate (CAGR) of 13% [3]. - Net profit is expected to increase from RMB 30,041 million in 2023 to RMB 46,205 million in 2027, with a notable growth rate of 81% in 2023 [3]. - The gross margin is forecasted to decline slightly from 20.2% in 2023 to 17.0% in 2027, indicating potential pressure on profitability [3]. Valuation - The target price for BYD shares is set at HKD 121.0 for the Hong Kong stock and RMB 124.5 for the A-share, representing potential upside of 15% and 16% respectively [4][5]. - The valuation employs a sum-of-the-parts approach, assigning price-to-earnings ratios of 32.0x for the electric vehicle segment, 21.3x for mobile and electronic businesses, and 10.0x for other segments [12]. Performance Review - In Q2 2025, BYD's revenue reached RMB 200,921 million, a 14% increase year-on-year, while net profit was RMB 6,356 million, reflecting a 30% decline compared to the previous year [10]. - The company sold 1,145,150 vehicles in Q2 2025, marking a 16% increase year-on-year, although the average profit per vehicle decreased significantly [10]. Adjustments to Forecasts - The revenue and profit forecasts for 2025 and 2026 have been adjusted downward, with expected revenues of RMB 836,877 million and RMB 969,073 million respectively, reflecting a 6% and 8% reduction from previous estimates [11]. - The new projections indicate a decrease in net profit expectations for 2025 to RMB 35,927 million, down 28% from earlier forecasts [11].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 09 09 年 月 日 宇瞳光学（300790.SZ） 无人机+运动相机擎启新动力 深耕光学主业，安防领域公司全球市占率连续 10 年排名第一，开拓车载光学第 二增长曲线，新兴领域打开新的空间。从安防镜头到进军车载领域，多领域布局打 开成长空间。2011 年 9 月，公司在广东东莞成立，最初产品主要应用于安防视频 监控设备；2017 年，上饶宇瞳光学园投产；2019 年 9 月在深交所创业板成功上 市；2021 年，成立全资子公司东莞市宇瞳汽车视觉有限公司，正式进军智能汽车 市场；2022 年，收购玖洲光学并逐步实现全资控股，将其更名为宇瞳玖洲光学， 显著增强了在前装车载镜头市场的竞争力，同年创办上饶宇瞳学校，聚焦光电产 业人才培养，实现产教深度融合；2024 年宇瞳光学&莎益博仿真联合实验室正式 揭牌；2025 年，攻克 HUD 玻璃自由曲面生产技术，实现高精度低畸变显示效果， 推动车载显示技术达到行业领先水平。公司在安防领域建立了较为坚实的市场领 先地位，此外，战略布局了车载镜头、车载 HUD、激光雷达、智能车灯等智能驾 驶领域，同时加大 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][21]. Core Views - The company's phosphochemical sector is showing steady improvement, with continuous release of phosphate rock production capacity [1][9]. - The overall sales gross margin for the first half of 2025 increased by 2.55 percentage points year-on-year, despite a decline in revenue and net profit due to lower prices of key products and rising sulfur prices [2][4]. - The company is optimizing its dividend mechanism, planning to distribute at least 45% of the cumulative distributable profits over the next three years, which is expected to enhance investor confidence and long-term investment value [11][12]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 24.992 billion, a year-on-year decrease of 21.88%, and a net profit of 2.761 billion, down 2.81% year-on-year [1][2]. - The company's operating cash flow decreased by 9.02% year-on-year, while the cash and cash equivalents balance increased by 18.36% year-on-year to 6.742 billion [3][4]. - The company’s revenue for 2025 is projected to be 61.990 billion, with a net profit of 5.656 billion, corresponding to an EPS of 3.10 [12][13]. Industry Overview - The domestic phosphate rock supply and demand remain tight, with prices expected to stabilize due to long construction cycles for new phosphate rock production capacity and regulatory policies [9][10]. - The phosphate fertilizer segment generated 6.995 billion in revenue in the first half of 2025, accounting for 27.99% of total revenue, with stable market conditions for domestic phosphate fertilizer prices [9][10].

翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） [Table_BaseData] 公司基本数据 | 最新收盘价（元） | 27.00 | | --- | --- | | 一年内最高/最低价（元） | 28.37/16.83 | | 市盈率（当前） | 9.37 | | 市净率（当前） | 2.18 | | 总股本（亿股） | 18.23 | | 总市值（亿元） | 492.21 | | 资料来源：聚源数据 | | [Table_Rank] 评级： 买入 相关研究 [Table_Title] 2025H1 经营业绩稳健，磷化工景气度有望维持 [Table_ReportDate] 云天化(600096)公司简评报告 | 2025.09.09 核心观点 盈利预测 | [Table_Profit] | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营收（亿元） | 615.37 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [10]. Core Views - The company reported a revenue of 1.876 billion yuan for H1 2025, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 163 million yuan, up 69.69% year-on-year [3][4]. - The 3C business is expected to benefit from product innovations by major clients, while the lithium battery business is experiencing a significant increase in orders, and the semiconductor business is steadily improving [5]. - The company has a strong order backlog, with orders in the new energy sector growing rapidly and stable orders in the 3C sector [5]. Financial Summary - For H1 2025, the company achieved a gross margin of 32.64%, a decrease of 3.62 percentage points year-on-year, while the net margin improved by 2.85 percentage points to 8.21% [4]. - The projected revenues for 2025-2027 are 5.832 billion, 7.331 billion, and 8.510 billion yuan, with year-on-year growth rates of 17.73%, 25.70%, and 16.08% respectively [6][8]. - The expected net profit attributable to shareholders for the same period is 523 million, 732 million, and 893 million yuan, with growth rates of 31.40%, 39.87%, and 21.95% respectively [6][8].