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 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a favorable return compared to market benchmarks over the next 6-12 months [7]. Core Views - In H1 2025, Jiangsu Shentong achieved a net profit attributable to shareholders of 150 million yuan, representing a year-on-year increase of 4.72% [5]. - The company's revenue for H1 2025 was 1.068 billion yuan, up 1.52% year-on-year, with a non-recurring net profit of 138 million yuan, reflecting an 8.54% increase [5]. - The nuclear power valve business saw a revenue increase of 15.67% in H1 2025, with a gross margin of 39.48% [5]. - The company secured new orders totaling 1.072 billion yuan in H1 2025, which will support future performance [6]. Financial Performance Summary - Revenue and Profit: - H1 2025 revenue: 1.068 billion yuan, up 1.52% YoY - H1 2025 net profit: 150 million yuan, up 4.72% YoY - H1 2025 non-recurring net profit: 138 million yuan, up 8.54% YoY [5] - Segment Performance: - Nuclear power segment revenue: 410 million yuan, up 15.67% YoY, gross margin: 39.48% - Metallurgy segment revenue: 197 million yuan, down 10.91% YoY, gross margin: 24.23% - Energy segment revenue: 182 million yuan, down 19.07% YoY, gross margin: 17.83% - Energy-saving services revenue: 201 million yuan, up 6.82% YoY, gross margin: 31.87% [5] - Future Projections: - Expected revenue for 2025/2026/2027: 2.47 billion, 2.81 billion, and 3.13 billion yuan, respectively, with year-on-year growth rates of 15.2%, 13.8%, and 11.5% [7]. - Expected net profit for 2025/2026/2027: 350 million, 420 million, and 460 million yuan, with year-on-year growth rates of 18.1%, 21.7%, and 9.3% [7]. Order Backlog - The company has a robust order backlog with new orders amounting to 1.072 billion yuan in H1 2025, including significant contributions from various segments [6].

橡胶及制品 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 证券研究报告-中报点评 增持(首次) 市场数据(2025-09-08) | 收盘价(元) | 6.25 | | --- | --- | | 一年内最高/最低(元) | 7.40/5.05 | | 沪深 300 指数 | 4,467.57 | | 市净率(倍) | 1.34 | | 流通市值(亿元) | 45.59 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 4.66 | | 每股经营现金流(元) | -0.17 | | 毛利率(%) | 14.90 | | 净资产收益率_摊薄(%) | 3.03 | | 资产负债率(%) | 53.89 | | 总股本/流通股(万股) | 72,945.09/72,945.09 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -6% 1% 8% 15% 21% 28% 35% 42% 2024.09 2025.01 2025.05 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant stock price appreciation over the next six months [7][13]. Core Insights - The company reported a robust revenue growth of 25.65% year-on-year for H1 2025, achieving a total revenue of 284 million yuan, and a net profit growth of 27.57%, reaching 54 million yuan [4][5]. - The company is expanding its business in the 6G sector with a planned fundraising of approximately 698.51 million yuan, primarily for CMD product upgrades and the industrialization of low-loss FCCL products [6][7]. - The company has successfully developed high-performance FCCL products, which are expected to meet the growing demand in various high-tech fields, including 5G/6G communications and aerospace [6]. Financial Performance - For H1 2025, the company achieved a gross margin of 47.08% and a net profit margin of 19.67%, indicating stable profitability [5]. - The company forecasts revenues of 671 million yuan, 899 million yuan, and 1.277 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 147 million yuan, 197 million yuan, and 288 million yuan [7][11]. - The projected PE ratios for the next three years are 45.89, 34.25, and 23.39, reflecting a decreasing trend as the company scales [7][11].

2025 年 09 月 09 日 分众传媒 (002027) ——互联网投放大幅增长，成本端持续优化 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 传媒 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 事件： | 市场数据： | 2025 年 09 月 09 日 | | --- | --- | | 收盘价（元） | 8.41 | | 一年内最高/最低（元） | 8.76/5.22 | | 市净率 | 7.4 | | 股息率%（分红/股价） | 3.92 | | 流通 A 股市值（百万元） | 121,459 | | 上证指数/深证成指 | 3,807.29/12,510.60 | | 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） | 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 8.59 billion yuan, a year-on-year growth of 62.8%. However, the net profit attributable to shareholders decreased by 51.5% to 210 million yuan [2][4]. - In Q2 2025, revenue reached 6.41 billion yuan, marking an 80.3% year-on-year increase, while net profit attributable to shareholders surged by 139.2% to 400 million yuan [2][4]. - The company has seen a rapid increase in wind turbine shipments, with 4.72 GW shipped in the first half of 2025, a 44% increase year-on-year, contributing approximately 6.4 billion yuan in revenue [9]. - The company has also accelerated its overseas orders, with new overseas orders exceeding 2 GW and total overseas order value surpassing 10 billion yuan [9]. Summary by Sections Financial Performance - The company achieved a gross margin of approximately 10.6% in the first half of 2025, which is a decline compared to the previous year. The gross margin for the wind turbine business was 4.65%, with overseas sales gross margin exceeding 20% [9]. - The company’s operating expenses ratio was about 11.1%, a decrease of 4.2 percentage points year-on-year, attributed to improved cost control and revenue growth [9]. Business Segments - Wind turbine business revenue was approximately 6.4 billion yuan, a 30% increase year-on-year, while wind power generation revenue fell by 36% to 80 million yuan [9]. - Wind power service revenue increased by 26% to 180 million yuan, and revenue from power station product sales was about 1.83 billion yuan, with new power stations connected totaling 0.46 GW [9]. Future Outlook - The company is expected to see a recovery in gross margins as wind turbine bidding prices stabilize. The third quarter is anticipated to witness improved performance due to the delivery of higher-priced wind turbine orders [9]. - The forecast for the company's net profit attributable to shareholders for 2025 is approximately 1.84 billion yuan, corresponding to a PE ratio of about 18.7 times [9].

丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：战略调整引发经营波动，合同负债历 史高位有望奠定交付景气基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 21.9 亿元，同比下降 3.1%；归母净利润 0.5 亿元，同比下降 75.1%； 扣非净利润 0.5 亿元，同比下降 77.8%。单季度看，公司 2025Q2 营业收入 12.6 亿元，同比增 加 4.8%；归母净利润 0.2 亿元，同比下降 73.1%；扣非净利润 0.2 亿元，同比下降 74.7%。公 司业绩落于此前预告区间。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 事件评论 丨证券研究报告丨 2025-09-09 公司研究丨点评报告 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%. However, the net profit attributable to the parent company was a loss of 93 million yuan, and the net profit after deducting non-recurring items was a loss of 95 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, which is a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%. The net profit attributable to the parent company was a loss of 119 million yuan, with a net profit after deducting non-recurring items also showing a loss of 124 million yuan [2][4]. - The company's membrane business revenue reached 5.09 billion yuan, accounting for 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for the membrane business was 13.5%, down 5.6 percentage points year-on-year due to price declines and narrowing single-unit gross margins [9]. - The company is actively expanding its solid-state battery business, with significant progress in projects related to sulfide solid electrolytes and lithium sulfide, which may enhance profitability in the future [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 5.76 billion yuan, a 20.5% increase year-on-year, while the net profit attributable to the parent company was a loss of 93 million yuan [2][4]. - In Q2 2025, the revenue was 3.03 billion yuan, reflecting a 23.6% year-on-year increase and an 11.2% quarter-on-quarter increase, with a net loss of 119 million yuan [2][4]. Business Segments - The membrane business generated 5.09 billion yuan in revenue, representing 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for this segment was 13.5%, down from the previous year due to competitive pricing pressures [9]. - The company’s overseas business is expanding, with direct export revenue of 1.15 billion yuan, accounting for approximately 20% of total revenue [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year, with current prices stabilizing and an improved shipment structure anticipated to enhance profitability [9]. - The solid-state battery business is a key focus, with ongoing projects that may lead to significant advancements in production capabilities and profitability [9].

丨证券研究报告丨 公司研究丨点评报告丨齐心集团（002301.SZ） [Table_Title] 齐心集团 2025H1 业绩点评：Q2 办公集采业务 阶段性承压，期待自主品牌投入起效 报告要点 [Table_Summary] 公司 2025H1 实现营业总收入/归母净利润/扣非净利润 47.73/0.87/0.80 亿元，分别同比-4%/- 8%/-13%；其中 2025Q2 实现营业总收入/归母净利润/扣非净利润 25.61/0.39/0.36 亿元，分别 同比-9%/-15%/-25%。 蔡方羿 仲敏丽 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SAC：S0490525080009 SFC：BUV463 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 齐心集团（002301.SZ） cjzqdt11111 [Table_Title 齐心集团 2025H1 2] 业绩点评：Q2 办公集采业务 阶段性承压，期待自主品牌投入起效 [Table_Summary2] 事件描述 公 ...

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 ...