邮箱：lixuankun@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com | 年 市场数据：2025 | 月 10 | 日 10 | | | | --- | --- | --- | --- | --- | | 收盘价（元）： | | | | 18.22 | | 总股本（亿股）： | | | | 73.33 | | 流通股本（亿股）： | | | | 73.33 | | 流通市值（亿元）： | | | 1,336.14 | | | 基础数据：2025 | 年 | 月 | 日 | 6 | 30 | 每股净资产（元）： | 6.10 | | --- | --- | --- | --- | --- | --- | --- | --- | | 每股资本公积（元）： | 0.98 | | | | | | | | 每股未分配利润（元）： | 3.75 | | | | | | | 李旋坤 执业登记编码：S0760523110004 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 合成树脂 宝丰能源（600 ...

丨证券研究报告丨 公司研究丨点评报告丨骄成超声（688392.SH） [Table_Title] 骄成超声：半导体及液冷等新领域持续突破，构 建多元成长曲线 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 骄成超声深耕超声波技术，在新能源、半导体、医疗等领域持续发力，且有望开拓更多市场， 平台化能力强，长期成长空间足；此外，设备+耗材模式更优，盈利能力强。看好公司平台化发 展和"设备+耗材"商业模式。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 杨文建 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SAC：S0490525070003 SFC：BRP550 骄成超声（688392.SH） cjzqdt11111 [Table_Title 骄成超声：半导体及液冷等新领域持续突破，构 2] 建多元成长曲线 [Table_Summary2] 事件描述 《科创板日报》10 日讯，据证监会官网，长鑫科技已发布 IPO 辅导工作完成报告。 事件 ...

证券研究报告 2025 年 10 月 10 日 湘财证券研究所 公司研究 药明康德（603259）更新报告 R 端开源引流，D&M 潜力不断释放 相关研究： 核心要点： 全球化 CRDMO 网络不断强化，将受益小分子 CRO 发展 D&M：管线数量兼具质量，及早捕捉创新机遇 R 端引流带来源源不断的分子管线，为药明康德的长期发展提供了源泉。 根据药明康德公众号，2024 下半年到 2025 上半年的 12 个月里，在"跟随 分子"和"赢得分子"的双重驱动下，CRDMO 小分子管线持续向后端转 化，在 R 阶段成功交付了超过 44 万个新化合物，而在 D&M 阶段，2025 年上半年新增了 412 个分子，管线分子数超过 3,400 个，包括 76 个商业化 项目。从 2024 年到 2025 年上半年，在美国 FDA 批准的 40 款小分子药物 中，有 8 款药物由药明康德化学业务平台支持，占比达到 20%。2024 年， 1.《TIDES业务表现亮眼，上调全 年营收指引》 2025.07.29 公司评级：买入（维持） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 3 47 136 绝对收 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The semiconductor business is driving significant profit growth, with revenue for the first three quarters of 2025 expected to be approximately 2.677 billion yuan, and net profit attributable to shareholders estimated between 501 million and 531 million yuan, reflecting a year-on-year growth of 19.89% to 38.82% [4] - The company is the only domestic supplier fully mastering the core R&D technology and production process for CMP polishing pads, solidifying its leading position in the domestic market [5] - The company is expanding its product offerings in CMP polishing liquids and cleaning liquids, with significant growth in sales and customer acceptance [6][7] - The high-end wafer photoresist business is progressing rapidly, with nearly 30 products developed and several entering the testing phase [8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.779 billion, 4.648 billion, and 5.611 billion yuan respectively, with net profits expected to be 719.65 million, 948.36 million, and 1.263 billion yuan [9] - The company anticipates a revenue growth rate of 25.14% in 2024, followed by 13.24% in 2025, and further growth in subsequent years [12] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.76 yuan, 1.00 yuan, and 1.33 yuan respectively [12]

公司点评 | 藏格矿业 《采矿许可证》落地消除隐忧，静待铜、钾、锂业务齐飞 证券研究报告 2025 年 10 月 10 日 藏格矿业（000408.SZ）公告点评 事件：公司公告，全资子公司格尔木藏格钾肥收到中华人民共和国自然资源 部颁发的《不动产权证书（采矿权）》与《采矿许可证》。 《不动产权证书（采矿权）》与《采矿许可证》正式落地，消除市场对公司 能否继续开展锂盐业务的担忧。2025 年 7 月，公司公告，全资子公司格尔 木藏格钾肥收到海西州自然资源局、海西州盐湖管理局下发的《关于责令立 即停止锂资源开发利用活动的通知》，要求立即停止违规开采行为并积极整 改，完善锂资源合法手续，待锂资源手续合法合规后，向海西州盐湖管理局 申请复产，经申请通过后方可复产。此次藏格钾肥取得《不动产权证书（采 矿权）》与《采矿许可证》，在延续主矿种钾盐的基础上，新增矿盐、镁盐、 锂矿、硼矿共伴生矿种，对公司意义重大：1）保障钾盐长期开发，稳定氯 化钾供应，助力国家粮食安全；2）明晰公司开发锂资源的用益物权基础， 为盐湖提锂业务提供法定支撑，助力新能源产业发展；3）推动共伴生矿综 合利用，最大化资源价值，增强公司核心竞争力。 一 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com [Table_OtherReport] 涛涛车业：电动高尔夫持续放量，规 模效应凸显 涛涛车业：电动高尔夫球车持续放量， 海外供应链布局领先 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 持续打造机器人新曲线，与宇树达成合作。公司于 7 月与杭州宇树科技股份 有限公司签署战略合作协议。双方深度协同核心资源，融合涛涛车业全渠道 优势与宇树科技先进机器人技术，在机器人北美等海外市场开拓、C 端场景 探索与产品二次开发销售、商业化落地等领域开展深度战略合作，共同探索 机器人行业发展新机 ...

公司报告 | 半年报点评 25Q2 营收 8 亿，同增 26%，归母净利 0.6 亿，同减 47%，扣非后归母 净利 0.6 亿，同减 48%。 25H1 公司营收 18 亿，同增 34%，归母净利 1.5 亿，同减 23%，扣非后 归母净利 1.5 亿，同减 24%。公司营收增长系湖北丝宝纳入合并范围。 25H1 公司婴儿卫生用品收入 9.31 亿，占总营收 52.9%；成人卫生用品 6.39 亿，占总营收 36.31%；其他产品 1.90 亿，占总营收 10.79%。 聚焦主业，持续提升经营质效 公司将聚焦资源持续加大线上推广投入，促进自主品牌发展，优化产品结 构，研发迭代新产品，持续与大客户开展深度合作，以婴儿护理用品、成 人护理用品等产品为重点，拓宽合作区域。 豪悦护理（605009） 证券研究报告 逐步深化洁婷整合 公司发布半年报 公司依托对市场深入了解及工艺技术创新，为消费者增加新产品选择，研 发的结构完全创新的易穿脱经期裤、超透气新型材料等产品，已经推向市 场。同时，公司及时抓住消费新需求，新增湿巾类系列产品品类，加大自 有品牌推广投入，提升销售量。 持续迭代产品能力及客户资源优势突出 通过对消 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a decline in net profit in H1 2025 primarily due to a slowdown in demand in the traditional telecommunications transmission market, which compressed profit margins in its telecom transmission business [4][12] - The DCI product line is entering a critical capacity enhancement phase, with significant growth in customer orders and market share [4][13] - The company is making progress in the R&D of OCS and hollow core fiber amplifiers, enhancing its core competitiveness in the computing power infrastructure sector [4][14] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 433.55 million yuan, a year-on-year increase of 5.93%. However, the net profit attributable to shareholders decreased by 48.17% to 28.09 million yuan [12] - The net profit after excluding non-recurring gains and losses was 19.11 million yuan, also down 48.23% year-on-year [12] Product Development - The DCI product line has seen significant advancements, with small batch trials of the 400G coherent module and mass deliveries of 400G/600G DCI boards. The company plans to deliver small batches of 800G boards within the year and has initiated research on 1.6T boards [4][13] - The company has received overseas sample orders for its silicon-based OCS and is accelerating the development of the second-generation high-dimensional OCS, targeting prototype completion by H1 2026 [4][14] Future Projections - The company expects revenues of 1.313 billion yuan in 2025, 1.960 billion yuan in 2026, and 2.758 billion yuan in 2027, with year-on-year growth rates of 56.03%, 49.35%, and 40.70% respectively [15] - Net profit attributable to shareholders is projected to be 169 million yuan in 2025, 269 million yuan in 2026, and 423 million yuan in 2027, with growth rates of 68.06%, 59.57%, and 56.91% respectively [15]

公司报告 | 半年报点评 建霖家居（603408） 证券研究报告 泰国总产能将覆盖 60%以上的北美订单 公司发布半年报 25Q2 营收 12 亿，同减 7%，归母净利 1.2 亿同减 16%，扣非后归母净 利 1 亿，同减 23%。 25H1 公司营收 24 亿，同减 2%，归母净利 2.4 亿，同减 8%，扣非后归 母净利 2 亿，同减 15%。 25H1 毛利率 26.82%，逆势增长 0.41%。海外出货溢价为盈利水平提供 支撑，但毛利率保持韧性更重要的是得益于持续不断的内部成本改善，以 及技术创新带来的产品附加值提升，例如通过智能制造体系升级，在模具 设计、复合材料研发、智能成型等环节实现降本增效。 25H1 海外市场营收 18.1 亿元，占比 75.9%。海外市场面对复杂环境， 公司在巩固既有市场同时，积极拓展欧洲及"一带一路"等新市场机会与 新渠道客户。加大海外基地建设，着力运营提效，完善业务协同布局，强 化本地化供应能力，国际化产能的先发与规模优势加速形成。 公司国内基地与海外基地协同运作 随着新项目逐步在泰国工厂落地，泰国基地现在的出货量较去年同期大幅 提升。目前公司正在加速泰国基地扩产建设 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 30.99 CNY [5]. Core Insights - The company has successfully won the bid for a low-temperature liquid helium testing system project related to controlled nuclear fusion, marking significant progress in this strategic emerging industry [2][11]. - The company has actively participated in the energy and chemical construction in Xinjiang, achieving over one million cubic meters of oxygen production in the region during the first three quarters [2][11]. - The financial forecast indicates a steady increase in total revenue from 13.31 billion CNY in 2023 to 19.18 billion CNY in 2027, with a projected net profit of 1.22 billion CNY in 2026 [3][12]. Financial Summary - Total revenue is projected to grow from 13,309 million CNY in 2023 to 19,175 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.6% [3][12]. - Net profit attributable to the parent company is expected to decrease from 1,216 million CNY in 2023 to 922 million CNY in 2024, before recovering to 1,355 million CNY by 2027 [3][12]. - Earnings per share (EPS) is forecasted to be 1.24 CNY in 2023, dropping to 0.94 CNY in 2024, and then gradually increasing to 1.39 CNY by 2027 [3][12]. Market Data - The current stock price is 26.80 CNY, with a market capitalization of 26,220 million CNY [6]. - The stock has a 52-week price range of 18.20 CNY to 27.13 CNY [6]. - The company has a net asset value per share of 9.69 CNY, with a price-to-book ratio of 2.8 [7]. Valuation Comparison - The average price-to-earnings (PE) ratio for comparable companies in 2025 is estimated at 28.95, with the company being assigned a PE of 29 for its valuation [13].