证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

Group 1: North Exchange Market Overview - The rapid development of companies has diversified the industrial layout of the North Exchange, with 274 listed companies and a total market value exceeding 900 billion as of August 2025 [1] - The overall performance of listed companies showed steady growth, with total revenue of 92.04 billion and a year-on-year increase of 5.98% in the first half of 2025 [1] - The North Exchange has become an important platform for cultivating specialized and innovative enterprises, with 54.38% of national-level specialized "little giant" enterprises among new listings [1] Group 2: Innovative Financing Tools - The North Exchange has introduced innovative financing tools, such as the directed convertible bonds, with the first issuance by Youji Co., which marks a breakthrough in serving innovative SMEs [2] - Directed convertible bonds feature a financing cost advantage and a mild impact on the equity structure of listed companies, making them an attractive option for companies [2] - Following Youji Co., other companies like Wantong Hydraulic and Weibao Hydraulic have also announced plans for directed convertible bond issuance, indicating growing interest in this financing tool [2] Group 3: Institutional Innovations and Market Development - The North Exchange has continuously explored new service models for capital markets, including allowing unprofitable companies to list and establishing a "green channel" review mechanism [3] - The North Exchange is advancing its internationalization process, having signed a memorandum of cooperation with the Hong Kong Stock Exchange to explore market connectivity [3] - A multi-level financing service system is being constructed to meet the development needs of innovative SMEs through various institutional innovations and market opening measures [3] Group 4: Market Transition and Code Standardization - The North Exchange is transitioning to a new phase with the first full network test of the batch switching of stock codes, moving towards a unified 920 code segment [4][5] - The introduction of the 920 code segment is expected to enhance the recognition and independence of the North Exchange, reducing price interference from the previous New Third Board period [5] - The market's liquidity has significantly improved, with an average daily trading amount of 29.15 billion and an average first-day increase of new stocks reaching 320.21% in 2025 [5] Group 5: Investment Ecosystem and Product Innovation - The North Exchange has seen an increase in qualified investors, with over 9 million accounts, and public funds heavily investing in North Exchange companies [5] - The launch of the "specialized and innovative" index provides diverse investment targets, with several index products already established and more in preparation [5] - The continuous influx of funds and product innovations is expected to enhance the quality of listed companies and attract institutional investor attention, potentially leading to a "Davis Double Play" effect [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 344 million yuan, a year-over-year increase of 13.12%, and a net profit of 67.32 million yuan, reflecting a 40.33% growth [4][7]. - The report highlights significant growth in all three major business segments, with self-dumping truck special oil cylinders, mechanical equipment cylinders, and gas springs showing year-over-year increases of 25.95%, 3.96%, and 21.40% respectively [7]. - The gross margin has improved beyond expectations, with the gas spring segment achieving a gross margin of 49.73%, up 7.28 percentage points from the previous year, showcasing the company's cost reduction capabilities and product competitiveness [7]. - The company has demonstrated strong international competitiveness, with overseas revenue growth of 62.71% in 2024 and 41.24% in H1 2025 [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 702 million yuan in 2025, with a year-over-year growth rate of 11.7% [6]. - The net profit forecast for 2025 is 145 million yuan, reflecting a growth rate of 33.5% compared to the previous year [6]. - The report anticipates earnings per share of 1.22 yuan for 2025, with a projected price-to-earnings ratio of 35 times based on the closing price on August 27 [6][7].

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 40% year-on-year in H1 2025, driven by high growth in overseas business and cost optimization [2] - The company is actively expanding into new fields such as autonomous mining vehicles and humanoid robots, supported by a recently approved convertible bond project [4] Financial Performance Summary - In H1 2025, the company achieved total revenue of 344 million yuan, net profit of 67 million yuan, and net profit excluding non-recurring items of 66 million yuan, representing year-on-year increases of 13%, 40%, and 42% respectively [2] - The gross profit margin and net profit margin for H1 2025 were 30.56% and 19.55%, reflecting increases of 4.26 percentage points and 3.79 percentage points year-on-year [2] - Revenue from the domestic market was 298 million yuan (up 10% year-on-year), while overseas revenue reached 46 million yuan (up 41% year-on-year) [2] Business Segment Performance - The three main business segments showed growth: 1. Dump truck cylinders saw a revenue increase of 26% to 86 million yuan, with a gross margin of 25.78% [3] 2. Mechanical equipment cylinders maintained stable revenue at 183 million yuan, with a gross margin of 26.34% [3] 3. Oil and gas springs revenue grew by 21% to 63 million yuan, with a gross margin of 49.73% [3] Future Outlook - The company plans to issue a 150 million yuan convertible bond in collaboration with Pangu Intelligent, which has been approved by the Beijing Stock Exchange [4] - The company is focusing on research and development in emerging fields, including intelligent hydraulic lifting systems for autonomous mining vehicles and high-precision components for humanoid robots [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 137 million, 170 million, and 193 million yuan respectively, with corresponding P/E ratios of 35.57, 28.81, and 25.32 [1][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown robust growth in the first half of 2025, with a 40% year-on-year increase in net profit attributable to shareholders, driven by industry recovery and strategic product developments in intelligent oil-gas suspension and robotics [5][6] - The company's revenue for H1 2025 reached 344 million yuan, a 13% increase year-on-year, while the net profit attributable to shareholders was 67.32 million yuan, reflecting a 40% growth [6] - The report highlights significant growth in specific product lines, including a 25.95% increase in revenue from dump truck cylinders and a 21.40% increase from oil-gas springs, attributed to policy support and rising demand in the construction and new energy sectors [6] Summary by Sections Market Performance - The closing price as of August 25, 2025, was 44.56 yuan, with a total market capitalization of 5,312.22 million yuan and a circulating market value of 2,943.58 million yuan [3] Financial Performance - For H1 2025, the company reported a net cash flow from operating activities of 108.19 million yuan, a 48% increase year-on-year [6] - The sales expense ratio was 1.28%, and the management expense ratio was 2.74% [6] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 185 million yuan, and 220 million yuan respectively, with corresponding P/E ratios of 37.7, 28.6, and 24.1 [7] - Revenue projections for 2025, 2026, and 2027 are 779 million yuan, 931 million yuan, and 1,102 million yuan, with growth rates of 23.87%, 19.62%, and 18.35% respectively [7] Product Development and Market Trends - The company is actively investing in R&D, with a 15.93% increase in R&D expenses in H1 2025, focusing on electric, intelligent, and systematized solutions [6] - The report notes a significant recovery in the heavy-duty dump truck market, with a 36.4% year-on-year increase in sales, and a substantial rise in new energy heavy truck sales by 184.68% [6]

Group 1 - The A-share market is experiencing increased investor interest, with over 60% of large private equity firms nearing full investment positions, averaging a stock position of 82.29%, up 8.16 percentage points from the previous week [1] - Private equity firms are focusing on technology growth, small and mid-cap stocks, and high-prosperity sectors while maintaining high investment levels [1] - The turnover rate of market funds has reached historical highs, indicating potential for increased short-term volatility [1] Group 2 - As of August 26, 149 A-share companies have seen securities firms among their top ten shareholders, with 32 companies experiencing increases in holdings by these firms in Q2 [2] - Securities firms have newly entered the top ten shareholders of 81 companies, reflecting their recognition of these companies' investment value [2] - The industries favored by securities firms for increased holdings include chemicals, non-ferrous metals, and machinery, with a positive outlook on chemical industry blue-chip stocks and engineering machinery [2] Group 3 - The issuance and utilization of government bonds have accelerated this year, with nearly 1 trillion yuan in special government bonds issued, representing a 76.6% progress rate [3] - Local governments have issued 31,497.6 billion yuan in new special bonds, surpassing the issuance scale of the same period last year [3] - The rapid issuance of bonds is expected to provide strong support for economic stability, with policies likely to adapt to changing circumstances [3] Group 4 - Several actively managed equity funds are adjusting their strategies to focus on semiconductor and computing sectors related to the automotive industry, targeting opportunities over the next 1 to 3 years [4] - There is a trend of actively managed funds reshaping their product positioning to target long-cycle opportunities in technology sub-sectors [4] Group 5 - The first convertible bond has been successfully issued on the Beijing Stock Exchange, with significant participation from various investors [5] - The issuance of convertible bonds is expected to gain momentum, with other companies also moving forward with their issuance plans [5] Group 6 - The total scale of public funds in China has surpassed 35 trillion yuan for the first time, with 164 fund management institutions managing these assets [6] - This milestone reflects the rapid development of the public fund industry in China [6] Group 7 - A growing number of companies are announcing interim dividend plans, with around 400 companies disclosing dividend proposals totaling approximately 180 billion yuan [8] - The trend of high, frequent, and substantial dividends is encouraged by policies aimed at enhancing dividend stability and predictability [8] Group 8 - Recent data indicates a net inflow of 6.98 billion yuan from active foreign capital into Chinese assets, marking the first net inflow since October 2024 [9] - This shift suggests a growing confidence among foreign investors in the investment opportunities within the A-share market [9] Group 9 - The financing and margin trading balance in the Shanghai and Shenzhen markets has reached a new high of 2.1883 trillion yuan, reflecting increased investor demand [10] - A price war among brokerage firms regarding margin trading rates is intensifying, with some rates dropping below 3% [10] Group 10 - The State Council has released an opinion to promote the "Artificial Intelligence +" initiative, emphasizing financial and fiscal support for AI development [11] - The initiative aims to enhance the integration of AI across various sectors of the economy [11] Group 11 - The total scale of domestic ETFs has reached 5.07 trillion yuan, marking a significant milestone in the rapid development of the public fund industry [12] - This growth indicates improvements in market structure, investor maturity, and financial innovation within China's capital markets [12] Group 12 - Over half of the 106 listed automotive parts companies reported both revenue and net profit growth in the first half of 2025, with many actively exploring opportunities in robotics [13] - This trend highlights the industry's adaptation to new technological waves [13]

Group 1 - The issuance of convertible bonds by Youji Co., Ltd. has been successfully completed, with 24 investment institutions actively participating in the subscription [1][3] - The scale of Youji's convertible bond issuance is 120 million yuan, with a term of 6 years, aimed at funding the intelligent flexible production line for valves and related technical upgrades [3] - The initial coupon rate for Youji's convertible bonds was determined through a bidding process, starting at 0.20% in the first year and increasing by 0.30% each subsequent year [3][7] Group 2 - Wantong Hydraulic's convertible bond issuance plan has resumed registration, with a proposed scale of 150 million yuan, aimed at attracting strategic partners [4] - Wantong Hydraulic reported a revenue of 344 million yuan in the first half of the year, a year-on-year increase of 13.12%, and a net profit of 67.32 million yuan, up 40.33% [4] - The funds raised from Wantong's convertible bond issuance will be used entirely to supplement working capital [4] Group 3 - The market is witnessing a growing interest in convertible bonds on the Beijing Stock Exchange, with institutions focusing on their intrinsic investment value [5] - The initial conversion price for convertible bonds on the Beijing Stock Exchange is generally set higher compared to those on the Shanghai and Shenzhen exchanges, which may affect their attractiveness [6] - The terms of convertible bonds on the Beijing Stock Exchange are stricter, with no down adjustment clauses, which may lead to a perception of lower value [7][8]

New Stock Issuance - The new stock issuance for Sanxie Electric (证券代码: 920100) is priced at 8.83[1] - Shenkou Co. (证券代码: 002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (证券代码: 600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] Market Alerts - Changcheng Military Industry (证券代码: 601606) is experiencing severe abnormal fluctuations[1] - ST Yanzhen (证券代码: 603389) has reported significant trading anomalies[1] - ST Zhongdi (证券代码: 000609) has been flagged for unusual trading activity[1] Other Notable Stocks - Zhanjiang Development (证券代码: 000753) and Pudong Construction (证券代码: 600284) are also under scrutiny for trading irregularities[1] - The stock of Zhaoyi Innovation (证券代码: 603986) is being monitored for potential volatility[1] - The stock of ST Suwu (证券代码: 600200) has been highlighted for its trading behavior[1]

Core Insights - The North Exchange 50 index experienced a decline of 0.76%, closing at 1591.90 points, with a trading volume of 12.94 billion shares and a total market capitalization of 915 billion yuan [3][4][5]. - The overall trading volume on the North Exchange was 32.245 billion yuan, which is a decrease compared to the average daily trading volume of 41.701 billion yuan from the previous week [3][4]. - The sectors that saw the largest gains included construction materials (+1.0%), beauty care (+1.0%), and electronics (+0.8%), while the sectors with the largest declines were environmental protection (-2.9%), non-ferrous metals (-2.5%), transportation (-2.2%), and defense industry (-1.7%) [3][4]. Company Performance - Among the 273 listed companies on the North Exchange, 78 companies saw an increase in stock price, while 192 companies experienced a decline. The top gainers included Tianrun Technology (+13.75%), Haosheng Electronics (+12.12%), and Rongyi Precision (+11.76%) [3][7]. - The companies with the largest declines included AVIC Taida (-11.63%), Wantong Hydraulic (-8.03%), and Luqiao Information (-7.90%) [3][9]. - The most actively traded stocks included Nengzhiguang (50.53% turnover rate), *ST Guandao (28.68%), and Tianrun Technology (27.34%) [3][7]. Valuation Insights - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 55.28 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (68.47 times) and the ChiNext (42.36 times) [3][10]. - The electronics sector has the highest average P/E ratio at 231.2 times, followed by computer (161.3 times) and home appliances (144.4 times). The sectors with relatively lower P/E ratios include agriculture, media, and environmental protection [3][10].