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]

证券研究报告 | 2025年09月09日 二季度营业收入、扣非利润同比大增。2025 年第二季度实现营收 19.25 亿元， 同比+76.58%，环比+48.03%；归母净利润 1.63 亿元，同比-51.38%，环比 +34.74%；扣非净利润 1.54 亿元，同比+87.61%，环比+46.45%。第二季度毛 利率15.89%，同比-1.57pct.，环比+0.35ct.；净利率8.17%，同比-22.63pct.， 环比-0.86pct.。业绩同比下滑主要系去年同期出售电站形成 2.7 亿投资收 益造成高基数引起。 日月股份（603218.SH） 优于大市 上半年铸件收入实现高增，盈利能力短期承压 上半年铸件收入高增，外协加工影响毛利率。2025 年上半年公司球墨铸铁类 产品实现营收 28.23 亿元，同比+66.00%，毛利率 17.38%，同比-1.90pct.； 模具类产品实现营收 0.54 亿元，同比+530.20%，毛利率 17.70%，同比 -35.53pct.；合金类产品实现营收 0.34 亿元，同比+4.34%。 产能稳步推升，逐步构建"一体化交付"产业链。截至 2025 年上半年，公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.00 CNY based on an 18x PE valuation for 2025 [2][10][4]. Core Insights - The company plans to initiate an overseas listing, which is expected to enhance its global expansion and brand influence, particularly in overseas markets [9]. - The new business venture, JD Outlet, is in a rapid expansion phase, with significant growth potential anticipated in the medium term [9]. - The domestic business of the main brand is expected to gradually improve in the second half of the year, providing a resilient foundation for the company [9]. Financial Forecasts - The company’s earnings per share (EPS) projections for 2025-2027 are adjusted to 0.50, 0.55, and 0.62 CNY respectively [2]. - Revenue forecasts for 2023A to 2027E are as follows: 21,528 million CNY (2023A), 20,957 million CNY (2024A), 21,937 million CNY (2025E), 23,798 million CNY (2026E), and 25,833 million CNY (2027E) [2][15]. - The net profit attributable to the parent company is projected to be 2,952 million CNY (2023A), 2,159 million CNY (2024A), 2,384 million CNY (2025E), 2,645 million CNY (2026E), and 2,999 million CNY (2027E) [2][15]. Key Financial Ratios - The gross margin is expected to improve from 44.5% in 2023A to 46.0% in 2027E [2][15]. - The net profit margin is projected to increase from 13.7% in 2023A to 11.6% in 2027E [2][15]. - The return on equity (ROE) is forecasted to rise from 19.3% in 2023A to 15.0% in 2027E [2][15].

新坐标（603040.SH）：公开丝杆螺 母卷制成型工艺，彰显公司研发创 新实力 近日，国家知识产权局专利业务官网（https://cponline.cnipa.gov.cn/）公开了 公司申请的数个发明专利，包括《一种卷制成型丝杆螺母的制造方法及丝杆螺 母》、《一种保持架及循环式行星滚柱丝杠副》等。对此，我们点评如下： 卷制成型工艺制造丝杆螺母，有望解决效率和精度问题。行星滚柱丝杠主要由 主丝杠、螺母和滚柱构成。其中螺母的内螺纹加工精密，且操作空间极度受限， 加工难度最大。行业普遍采用的深孔螺纹加工方案，据上海狄兹精密机械有限 公司 2023 年 11 月申请的《一种行星滚柱丝杠螺母内螺纹车削设备及方法》， 内螺纹的车床加工主要用车刀对旋转的工件进行车削加工，可使用专用的内螺 纹车刀进行行星滚柱丝杠螺母的内螺纹加工。但是由于机器人领域使用的精密 丝杆螺母又细又长，长径比远超常规应用场景的螺母，现有的车削、磨削等工 艺在应对机器人的丝杆螺母时均存在挑战。 新坐标于 2025 年 7 月 22 日公开发明专利文件《一种卷制成型丝杆螺母的制 造方法及丝杆螺母》。该文件提到了一种创新的加工工艺—卷制成型工艺，该 工 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company's revenue in Q2 2025 reached 9.163 billion yuan, showing a year-on-year increase of 12.47% and a quarter-on-quarter increase of 10.25%. The net profit attributable to the parent company after deducting non-recurring items was a loss of 114 million yuan, indicating a reduction in losses compared to previous periods. The gross margin improved by 3.8 percentage points year-on-year to 16.18% [1] - The company is actively advancing the construction of new production lines, which is expected to lay a foundation for sustained growth in the future. The TM20 production line is ramping up capacity and customer project introductions, with significant increases in the number of car and IT module products [2] - The company's non-consumer display business, including automotive and professional displays, continues to strengthen its competitiveness, with revenue from this segment accounting for over 50% and growing by over 26%. The company maintains a leading position in automotive display shipments globally [3] Summary by Sections Revenue and Profitability - In H1 2025, the company's revenue from automotive displays grew by approximately 27% year-on-year, with LTPS automotive display shipments increasing by over 76% year-on-year, ranking second globally and first domestically [3] - The report projects the company's net profit attributable to the parent company for 2025 to be 408 million yuan, with a significant reduction in previous estimates [3] Valuation and Forecast - The report provides a forecast for the company's revenue and net profit from 2023 to 2027, with expected revenues of 32.271 billion yuan in 2023, growing to 42.712 billion yuan by 2027. The net profit is projected to turn positive in 2025, reaching 408 million yuan [5][10] - The price-to-earnings (P/E) ratio is expected to decrease from 59x in 2025 to 24x in 2027, indicating a potential improvement in valuation as the company returns to profitability [3][12]