Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 shows steady growth, driven by both supply and demand factors. The smartphone market is experiencing a stable upward trend, while the PC market is entering a replacement cycle. Additionally, demand for consumer electronics and smart wearable devices is increasing due to edge AI applications [4] - The company has added nearly 20,000 pieces of 12-inch standard logic monthly capacity in the first half of the year, maintaining a leading capacity utilization rate in the industry and ranking second globally among pure wafer foundry companies [4] - The overall expense ratio has decreased, contributing to a steady improvement in profit levels. The operating profit and net profit margins reached 11.24% and 10.41%, respectively, in the first half of 2025, an increase of approximately 4.30 and 4.16 percentage points year-on-year [5] - The acquisition plan is progressing, which is expected to enhance the company's overall capacity and positively impact product structure optimization and technology extension [5] Financial Data Summary - The company is projected to achieve operating revenues of 705.11 billion, 789.72 billion, and 908.18 billion from 2025 to 2027, with corresponding net profits of 50.96 billion, 61.21 billion, and 71.95 billion, reflecting year-on-year growth rates of 37.78%, 20.12%, and 17.53% [6] - The estimated P/E ratios for 2025, 2026, and 2027 are 179.86, 149.74, and 127.41, respectively [6] - The company's revenue growth rates are projected at 27.7% for 2024, 22.0% for 2025, 12.0% for 2026, and 15.0% for 2027 [10]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has shown resilience in its operations despite pressures in the downstream market, with expectations for steady revenue growth as new pricing tools are gradually rolled out and construction products are promoted at scale [4]. - The integration of AI has become a significant growth driver, contributing over 40 million yuan directly to contract amounts and enhancing product competitiveness [4]. - Financial forecasts have been adjusted, with projected revenues for 2025-2027 expected to be 6.338 billion, 6.659 billion, and 7.130 billion yuan respectively, and net profits expected to be 512 million, 696 million, and 854 million yuan [4][6]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 2.784 billion yuan, a year-on-year decrease of 5.23%, while net profit attributable to shareholders was 237 million yuan, an increase of 23.65% [1][2]. - The gross margin improved to 52.01%, up 26.03 percentage points from the same period last year, indicating effective operational adjustments [3]. - Cash flow from operating activities increased by 162 million yuan year-on-year, with a notable reduction in cash outflow from operating activities by 19% [3]. Business Segments - The digital cost business generated 2.286 billion yuan, down 7.06% year-on-year, primarily due to a decrease in revenue from previously signed cloud contracts [2]. - The digital construction segment saw revenue rise to 312 million yuan, an increase of 8.21% year-on-year, while the digital design segment's revenue fell to 31 million yuan, down 13.11% [2]. - Overseas business revenue increased by 9.62% to 116 million yuan [2]. AI Integration - AI has been pivotal in driving growth, with over 40 million yuan in contracts directly attributed to AI initiatives and the development of over 80 AI products [4]. - The company is focusing on high-value scenarios for AI applications, enhancing its core business capabilities [4].

国网信通 25H1 点评：并入亿力科技添翼，智能化转型加速 IT 服务Ⅱ 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn 2025-02-19 2、《国网信通：电网数字化建设核 2024-12-12 国网信通（600131.SH） 证券研究报告/公司点评报告 2025 年 09 月 09 日 | 评级： 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：孙行臻 | | 营业收入（百万元） | 7,673 | | 7,315 | 9,312 | 11,111 | 12,308 | | | | 增长率 yoy% | 1% | | -5% | 27% | 19% | 11% | | 执业证书编号：S0740524030002 | | 净利润（百万元） | 828 | | 682 | 837 | 1,052 | 1,267 | | ...

二季度增长超预期，算力租赁业务大幅增长 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 消费电子组件 协创数据（300857.SZ） 买入-A(维持) | 市场数据：2025 年 9 | 月 | 日 9 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 115.01 | | 年内最高/最低（元）： | | | 141.88/44.22 | | 流通 股/总股本（亿 A | | | 3.45/3.46 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 396.93 | | 总市值（亿）： | | | 398.07 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.26 | | 摊薄每股收益(元)： | | | 1.26 | | 每股净资产(元)： | | | 10.52 | | 净资产收益率(%)： | | | 11.68 | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian ...

铁路交通设备 永贵电器（300351.SZ） 增持-A(维持) 2025 年 9 月 9 日 公司研究/公司快报 | 年 月 市场数据：2025 9 | 日 9 | | | --- | --- | --- | | 收盘价（元）： | | 17.25 | | 年内最高/最低（元）： | | 21.25/13.16 | | 流通A股/总股本（亿）： | | 2.62/3.88 | | 流通 A 股市值（亿）： | | 45.17 | | 总市值（亿）： | | 66.91 | | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.14 | | 摊薄每股收益(元)： | | | 0.14 | | 每股净资产(元)： | | | 6.61 | | 净资产收益率(%)： | | | 2.47 | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 25H1 营收稳健增长，积极布局具身智能等新兴赛道 事件描述 近日，永贵 ...

动力煤 山煤国际（600546.SH） 增持-A(维持) 业绩环比改善，关注产销比修复 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 公司发布 2025 年半年度报告：报告期内公司实现营业收入 96.60 亿元， 同比减少 31.28%；实现归母净利 6.55 亿元，同比减少 49.25%。二季度单季 公司实现营业收入 51.58 亿元，同比减少 33.03%，环比增长 14.56%；实现 归母净利 4.00 亿元，同比减少 43.45%，环比增长 56.91%。 事件点评 市场数据：2025 年 9 月 8 日 收盘价（元）： 9.86 年内最高/最低（元）： 15.33/8.49 流通A股/总股本（亿）： 19.82/19.82 流通 A 股市值（亿）： 195.47 产量增加，二季度煤炭产销环比改善：2025 年上半年，公司实现原煤产 量 1782.12 万吨，同比增加 15.86%；商品煤总销量 1788.35 万吨，同比下 降 14.1%。产量增加主因低基数和公司统筹生产组织调度等原因。尽管二季 度煤价下降，但公司二季度煤炭产销和营收均有所改善，其中二季度公司自 产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][8][17]. Core Views - The company reported a significant profit increase in Q2 2025, benefiting from rising gold prices and optimized product structure, with a net profit of 3.4 billion yuan, a year-on-year increase of 31.3% [1][4]. - The mid-term dividend proposal includes a cash dividend of 0.25 yuan per share, with a payout ratio of approximately 45% [1]. - The company has shown strong operational resilience and potential for brand matrix development, leading to an adjustment in profit forecasts for 2025-2027 [4]. Financial Performance - In H1 2025, the company achieved revenue of 4.6 billion yuan, a year-on-year decline of 43.9%, while the net profit was 590 million yuan, down 1.3% [1]. - For Q2 2025, revenue was 1.92 billion yuan, a year-on-year decline of 38.5%, but net profit increased by 31.3% [1]. - The gross margin improved to 30.3% in H1 2025, up 12.0 percentage points year-on-year, and the net margin reached 12.9%, an increase of 5.6 percentage points [3]. Business Segmentation - In H1 2025, revenue from various product categories showed significant variation: gold products declined by 50.9%, while embedded jewelry saw a smaller decline of 23.1% [2]. - Revenue from franchise and brand usage fees increased by 4.4%, while management service revenue decreased by 18.3% [2]. - The company operated 4,718 stores at the end of H1 2025, with a net decrease of 113 stores in Q2 2025 [2]. Profitability Metrics - The company’s net profit forecast for 2025 is adjusted to 1.12 billion yuan, with projected PE ratios of 14, 12, and 11 for 2025, 2026, and 2027 respectively [4][6]. - The report highlights a strong improvement in profitability metrics, with a net profit margin of 17.7% in Q2 2025, up 9.4 percentage points year-on-year [3].

丨证券研究报告丨 联合研究丨公司点评丨江南化工（002226.SZ） [Table_Title] 新能源业务承压，海外表现亮眼 报告要点 [Table_Summary] 公司发布 2025 半年报，实现收入 46.1 亿元（同比+3.7%），实现归属净利润 4.3 亿元（同比 +2.2%），实现归属扣非净利润 4.3 亿元（同比+2.0%）。其中 Q2 单季度实现收入 26.0 亿元（同 比+5.4%，环比+29.2%），归属净利润 2.8 亿元（同比+2.8%，环比+92.5%），实现归属扣非净 利润 2.9 亿元（同比+0.1%，环比+118.3%）。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490513080001 SAC：S0490516040002 SFC：BUT911 SFC：BQK473 SFC：BVZ972 马太 范超 李金宝 徐静 请阅读最后评级说明和重要声明 %% %% 江南化工（002226.SZ） cjzqdt11111 [Table_Title2] 新能源业务承压，海外表现亮 ...

丨证券研究报告丨 公司研究丨点评报告丨国电南瑞（600406.SH） [Table_Title] 智能电网和能源低碳持续增长，海外新签与合同 负债表现亮眼 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 公司发布 2025 年中报。上半年公司实现营业收入 242.4 亿元，同比+19.5%；归母净利润 29.5 亿元，同比+8.8%；扣非净利润 28.0 亿元，同比+6.9%。单季度看，公司 2025Q2 营业收入 153.5 亿元，同比+22.5%；归母净利润 22.7 亿元，同比+7.3%；扣非净利润 22.0 亿元，同比 +5.8%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 %% %% %% %% research.95579.com 1 国电南瑞（600406.SH） cjzqdt11111 [Table_Title 智能电网和能源低碳 2] 持续增 ...

丨证券研究报告丨 公司研究丨点评报告丨宏盛华源（601096.SH） [Table_Title] 毛利率显著提升，订单增速亮眼 报告要点 [Table_Summary] 公司发布 2025 年中报。上半年公司实现营业收入 49.1 亿元，同比-4.5%；归母净利润 2.0 亿 元，同比+96.3%；扣非净利润 1.9 亿元，同比+160.1%。单季度看，公司 2025Q2 实现营业收 入 26.1 亿元，同比+0.1%；归母净利润 1.1 亿元，同比+84.5%；扣非净利润 1.0 亿元，同比 +185.9%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宏盛华源（601096.SH） cjzqdt11111 [Table_Title2] 毛利率显著提升，订单增速亮眼 [Table_Summ ...