业务全面恢复中，省内扩张稳步推进 通策医疗(600763) 通策医疗 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | [Table_Target] 目标价格(元): | 48.48 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | | 股票研究 /[Table_Date] 2025.09.09 本报告导读： 公司省内蒲公英分院已进入业绩贡献期，与总院矩阵成型，省外探索并购和加盟新 扩张模式，当前种植牙集采影响已过，正畸业务企稳回升，维持增持评级。 投资要点： | [Table_Finan ...

证券研究报告|新股介绍 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 新股介绍| 深耕 20 余年，精密冲压"小巨人" [Table_Title2] 华新精科（603370） [Table_Summary] ►精密冲压铁芯始终是公司核心收入来源。公司 2022- 2024 年分别实现营业收入 11.92 亿元/11.89 亿元/14.21 亿元，YOY 依次为 40.78%/-0.26%/19.49%；实现归母净 利 润 1.14 亿 元/1.56 亿 元/1.53 亿元，YOY 依次为 56.59%/37.01%/-1.72%。根据最新财务情况，公司 2025 上半年实现营业收 7.52 亿元，较上年同期上升 19.40%； 实现归母净利润 0.98 亿元，较上年同期上升 13.52%。 2024 年，公司收入主要由精密冲压铁芯贡献 1,245.72 亿 元，占比 87.69%，毛利率为 22.19%。 [Table_Summary] ►精密冲压铁芯是主要利润收入来源。公司 2022-2024 年 分别实现营业收入 11.92 亿元/11.89 亿元/14.21 亿 ...

迈威生物（688062.SH）2025 年半年报点评 摘要内容：公司披露 2025 年半年报，2025H1 公司实现收入 1.01 亿元 （-12.43%），归母净利润-5.51 亿元，归母扣非净利润-5.74 亿元。 研发投入持续加码，BD 落地优化现金流。2025H1 公司营收同比下滑 12.43%，主要系同期 9MW3011 与美国 DISC MEDICINE, INC.达成独家许 可协议确认收入金额高基数等所致。药品销售收入 1.01 亿元（+53.50%）， 地舒单抗（骨疾病及肿瘤治疗领域）销售收入 9954.07 万元（+51.59%）。 两项授权合作达成，印证公司战略布局能力。1）25 年 6 月，公司及全资子 公司泰康生物与齐鲁制药就注射用阿格司亭α（迈粒生®，8MW0511）签署 技术许可协议，独占许可齐鲁制药在大中华区（包括中国大陆及港澳台地区） 的开发、生产、改进、利用和商业化权利。此交易首付款和销售里程碑合计 最高 5 亿元，包括一次性不可退还首付款 3.8 亿元，及净销售额最高两位数 百分比特许权使用费。2）25 年 6 月，公司与 CALICO LIFE SCIENCES LLC. ...

家用电器/黑色家电 极米科技（688696.SH） 新增持股计划，聚焦净利率及境外市场营收提升 2025 年 09 月 09 日 投资评级：买入（维持） | | | lvming@kysec.cn | | --- | --- | --- | | 日期 | 2025/9/8 | 证书编号：S0790520030002 | 吕明（分析师） 骆扬（分析师） luoyang@kysec.cn 证书编号：S0790525050002 新增员工持股计划，彰显公司长期发展信心，维持"买入"评级 2025 年 9 月 9 日公司发布 2025 员工持股计划（草案），新增净利率考核目标及 提高 2025-2026 年境外收入目标，体现出公司对未来发展信心，有利于进一步绑 定核心员工利益。我们维持 2025-2027 盈利预测，预计 2025-2027 年归母净利润 为 2.89/3.65/4.31 亿元，对应 EPS 为 4.14/5.21/6.16 元，当前股价对应 PE 为 31.3/24.8/21.0 倍，公司作为消费级投影龙头产品、品牌及技术壁垒仍在，我们看 好车载及商用业务打造收入新增量，维持"买入"评级。 加推 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.949 billion yuan for the first half of 2025, representing a year-on-year growth of 1.11%. The net profit attributable to shareholders was 343 million yuan, up 10.04% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 980 million yuan, with a year-on-year increase of 0.74%, and a net profit of 140 million yuan, reflecting a significant growth of 22.24% year-on-year [2][4] - The company is experiencing robust growth in its health sector, with a notable increase in sales of its core products, particularly in the treatment of hemorrhoids, which saw a revenue growth of over 7% [10] Financial Performance - The company's gross profit margin for H1 2025 was 49.58%, an increase of 1.23 percentage points year-on-year, while the net profit margin was 17.61%, up 1.43 percentage points year-on-year [10] - The company’s operating income is projected to reach 4.267 billion yuan in 2025, with net profits expected to be 637 million yuan, 729 million yuan, and 837 million yuan for 2025, 2026, and 2027 respectively [10] Market Position and Strategy - The company is focusing on enhancing its retail capabilities and expanding into new health product categories, including functional probiotics and eye care products, which are expected to drive future growth [10] - The company has been actively investing in marketing and promotional activities to boost sales and has introduced several new products in the health sector [10]

扬杰科技（300373.SZ） 优于大市 2Q25 单季度营收创历史新高，海外业务同比增长 35% 证券研究报告 | 2025年09月09日 公司2Q25 单季度营收创历史新高。公司1H25 营收34.55 亿元(YoY+20.58%)， 归母净利润 6.01 亿元(YoY+41.55%)，汽车与海外等需求增长推动公司收入 逐季度增长。2Q25 公司单季度实现营收 18.76 亿元(YoY+22.02%， QoQ+18.79%)，归母净利润 3.28 亿元(YoY+34.4%，QoQ+20.3%)，海外占比提 升推动毛利率 33.1% (YoY+1.78pct，QoQ-1.5pct)同比增长。 1H25 汽车电子保持快速增长，产品品类多维拓展。1H25，需求端以旧换新政 策下消费电子、工业下游需求温和复苏，汽车电子、AI 带动高性能计算及高 速通信等需求激增，为公司带来新的成长驱动力。公司上半年入选汽车芯片 50 强，工信部汽车白名单等，取得多家国际标杆 tier1 客户认证，技术和产 品获得多家主流客户认可。此外，全自动化车规功率模块产线已建成投产， 研制的三相桥功率模块、半桥功率模块等多款产品已在多家 T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance is in line with expectations, with a significant improvement anticipated in domestic performance in Q3 2025. The total revenue for the first half of 2025 was 16.743 billion yuan, with domestic revenue at 8.411 billion yuan, reflecting a year-on-year decline of 33.37%. This decline is attributed to the extended cycle from public bidding to revenue recognition, as the revenue corresponds to a significant drop in 2024's bidding. A recovery in hospital procurement activities is expected to lead to a performance turning point in Q3 2025 [2][13]. - The company has successfully penetrated high-end overseas markets, with overseas revenue reaching 8.332 billion yuan in the first half of 2025, a year-on-year increase of 5.39%. The overseas revenue now accounts for approximately 50% of total revenue, with significant growth in regions such as the CIS and Middle East Africa. The company plans to enhance its local production capabilities in 14 countries, with 11 already initiated, to meet overseas market demand [2][13]. - The company continues to strengthen its core competitive advantages across three main business areas. In the in-vitro diagnostics sector, revenue was 6.424 billion yuan, down 16.11% year-on-year, while overseas sales showed double-digit growth. In the medical imaging sector, revenue was 3.312 billion yuan, down 22.51% year-on-year, but is expected to recover as domestic bidding activities improve. The life information and support segment generated 5.479 billion yuan, down 31.59% year-on-year, with international revenue now constituting 67% of this segment [2][13]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 16.743 billion yuan, a year-on-year decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96%. The second quarter alone saw revenue of 8.506 billion yuan, down 23.77%, and a net profit of 2.440 billion yuan, down 44.55% [6][13]. Future Outlook - The company is expected to see a recovery in domestic performance in Q3 2025, driven by a resurgence in hospital procurement activities and the rollout of medical equipment updates. The overseas market is also projected to accelerate in the second half of 2025, supported by ongoing breakthroughs with high-end clients [2][13]. Business Segments - The in-vitro diagnostics segment is focusing on new product launches, with eight new chemical luminescence reagent products introduced in the first half of 2025. The medical imaging segment is expected to stabilize and grow, while the life information and support segment is expanding its international presence [2][13]. Valuation - The projected net profits for the company from 2025 to 2027 are estimated at 11.5 billion, 13.4 billion, and 15.6 billion yuan respectively, with corresponding price-to-earnings ratios of 26, 22, and 19 times [13].

丨证券研究报告丨 公司研究丨点评报告丨联影医疗（688271.SH） [Table_Title] 海外市场快速增长，市场份额持续提升 报告要点 [Table_Summary] 业绩符合预期，市场份额持续提升。2025 年上半年公司收入 60.16 亿元，其中 MR 设备实现 收入 19.68 亿元，同比增长 16.81%，3.0T 磁共振产品线在中国市场份额同比提升超 5 个百分 点。CT 设备实现收入 15.15 亿元、分子影像产品实现收入 8.41 亿元，同比增长 13.15%，公 司的 PET/CT 产品线中国市场占有率连续十年保持市场第一。海外市场订单快速增长，高端市 场持续突破。2025 年上半年公司海外收入 11.42 亿元，同比增长 22.48%，收入占比提升至 18.99%，主要是由于在北美、欧洲等关键市场均实现了多笔高价值订单的成功签约。 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 联影医疗（688271.SH） cjzqdt11111 [Table_Title2] 海外市场快速增长，市场份额持 ...

[Table_Summary] 公司发布 2025 年中报。上半年公司实现营业收入 34.7 亿元，同比+40.5%；归母净利润 3.1 亿 元，同比+24.4%；扣非净利润 3.0 亿元，同比+23.3%。单季度看，公司 2025Q2 营业收入 21.7 亿元，同比+50.8%；归母净利润 1.9 亿元，同比+24.0%；扣非净利润 1.9 亿元，同比+23.5%。 丨证券研究报告丨 公司研究丨点评报告丨明阳电气（301291.SZ） [Table_Title] 营收增速亮眼，新能源与数据中心等下游或有显 著贡献 报告要点 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 明阳电气（301291.SZ） cjzqdt11111 [Table_Title 营收增速亮眼，新能源与数据中心等下游或有 ...

主动理性降速，渠道深耕持续推进 事件： 公司发布 2025 年半年报，2025H1 实现营业收入 164.54 亿元，同比 降低 2.67%；实现归母净利润 76.63 亿元，同比降低 4.45%；实现扣 非归母净利润 76.50 亿元，同比降低 4.30%。根据计算，2025Q2 实现 营业收入 71.02 亿元，同比降低 7.97%；实现归母净利润 30.70 亿 元，同比降低 11.10%；实现扣非归母净利润 30.55 亿元，同比降低 11.24%。 2025 年 09 月 09 日 泸州老窖(000568.SZ) Q2 理性降速，渠道深耕持续推进 1）分产品看，25H1 中高档酒/其他酒营收分别为 150.48/13.50 亿元， 分别同比减少 1.09%/16.96%，销量分别同比变化+13.33%/-6.69%， 吨价分别同比变化-12.72%/-10.82%。2）分渠道看，25H1 酒类中传统 销 售 / 新 兴 渠 道 营 收 分 别 为 154.65/19.48 亿元，同比变化 - 3.99%/+27.55%，毛利率同比变化-1.69pct/+4.52pct。传统销售渠道 仍是主力，数字营 ...