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 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Viewpoints - The price of yellow feathered chickens has significantly increased, leading to a potential turnaround in the company's Q3 performance [14][18]. - The company's cost of production for yellow chickens has decreased to below 11 yuan per kilogram, enhancing its competitive edge [3][18]. - The pig farming business shows substantial growth potential due to a significant reduction in production costs and planned increases in output [20][21]. Summary by Sections Price Increase and Q3 Performance - Yellow feathered chicken prices have risen since July, with a more than 15% increase noted from 12.93 yuan per kilogram in July to August [2][14]. - The increase in prices is attributed to reduced supply from less efficient farmers exiting the market and seasonal demand spikes during traditional festivals [2][14]. Cost Management and Profitability - The company's complete cost for yellow chicken production has dropped to below 11 yuan per kilogram, which is competitive within the industry [3][18]. - Despite a loss of over 100 million yuan in Q2, projections indicate that with a price increase of 25% to 40%, the company could achieve monthly profits ranging from over 1 billion to more than 3 billion yuan [3][19]. Pig Farming Business Growth - The complete cost of pig farming has decreased significantly, with projections showing a drop from 17.6 yuan per kilogram in Q1 2024 to a target of 12 yuan per kilogram by the end of 2025 [20][21]. - The company plans to increase pig output to 2 million heads by 2025, indicating a strong growth trajectory for this segment [20][21]. Investment Recommendations - The company is positioned as a leading player in the yellow feathered chicken market, with an increasing market share due to the exit of less efficient competitors [8][28]. - Revenue forecasts for 2025-2027 are projected at 179.24 billion, 210.16 billion, and 235.89 billion yuan, with net profits expected to be 8.37 billion, 18.29 billion, and 23.38 billion yuan respectively [28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company's performance is driven by the recovery of its CDMO business, with a notable increase in revenue and net profit in the first half of 2025. The revenue for 1H25 reached 436 million yuan, a year-on-year increase of 27.94%, while the net profit attributable to shareholders was 31 million yuan, up 257.08% year-on-year [1][2]. - The report highlights the impact of declining battery material prices on the overall profitability of the new materials segment, while the CDMO business shows significant growth due to industry and customer order cycles [2]. - The company has several ongoing projects that are expected to contribute to future earnings, including the ETO project, which is anticipated to gradually release production capacity [3][8]. Financial Summary - The projected revenue for the company from 2025 to 2027 is 892 million yuan, 1,105 million yuan, and 1,341 million yuan, respectively, with year-on-year growth rates of 32.2%, 23.8%, and 21.4% [9]. - The net profit attributable to shareholders is expected to be 64 million yuan, 180 million yuan, and 251 million yuan for the same period, with significant growth rates of 229.6%, 181.1%, and 38.9% [9]. - The report provides a detailed financial outlook, including projected EPS of 0.12 yuan, 0.35 yuan, and 0.48 yuan for 2025, 2026, and 2027, respectively [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Views - The company reported a revenue of 3.281 billion yuan in H1 2025, a decrease of 12.37% year-on-year, and a net profit attributable to shareholders of 325 million yuan, down 10.46% year-on-year [5][6] - The revenue from industrial automation instruments and devices declined, while revenue from composite materials and electronic devices showed steady growth [6] - The company is focusing on continuous R&D investment to strengthen its core competitive advantages and is actively expanding into new fields and industries [7][8] Company Overview - The latest closing price is 22.70 yuan, with a total market capitalization of 11.6 billion yuan [4] - The company has a total share capital of 513 million shares, with 510 million shares in circulation [4] - The debt-to-asset ratio stands at 48.0%, and the price-to-earnings ratio is 14.93 [4] Financial Performance - For H1 2025, the company achieved revenues of 2.849 billion yuan from industrial automation instruments, 329 million yuan from composite materials, 79 million yuan from electronic devices, and 25 million yuan from other products, with year-on-year growth rates of -14.38%, 4.96%, 3.71%, and -10.81% respectively [6] - The gross margin increased by 1.63 percentage points to 33.87%, primarily due to the rise in gross margin for industrial automation instruments [6] - The company expects revenues for 2025-2027 to be 7.316 billion, 7.766 billion, and 8.245 billion yuan, with corresponding net profits of 754 million, 829 million, and 898 million yuan [8][11] Market Position and Strategy - The company is targeting high-end applications and new application areas, with significant order growth in nuclear power, fine chemicals, non-ferrous metals, water conservancy, and thermal power sectors [7] - New orders decreased by 9% year-on-year, but there was a notable increase of 38%-64% in specific niche markets [7]