每经记者｜彭斐 每经编辑｜魏官红 遭遇国家电网和南方电网"拉黑"后，外部环境的改变，让鼎信通讯（维权）（603421.SH，股价7.24 元，市值47.22亿元）在今年上半年交出了一份严峻的业绩答卷。 8月25日晚间，鼎信通讯发布的2025年半年报显示，今年上半年，公司实现营业收入7.04亿元，与去年 同期的14.37亿元相比"腰斩"，同比下降50.99%。同时，公司盈利能力也受到影响，归母净利润为-2.19 亿元，较上年同期的-4864.80万元，亏损进一步扩大。 值得注意的是，鼎信通讯业绩的断崖式下滑，主要源于其核心电力业务遭受的外部环境剧变。8月26日 上午，鼎信通讯相关人士向《每日经济新闻》记者表示，外部环境的变化，主要还是去年遭到国家电网 和南方电网"拉黑"事件。 这一打击直接导致鼎信通讯电力产品销售收入大幅萎缩。与此同时，公司寄予厚望的消防业务也因房地 产行业持续下行而需求疲软，虽积极拓展工业消防新赛道，但短期内尚难弥补主业收缩带来的缺口。 作为鼎信通讯的传统支柱，公司的电力业务在2025年上半年遭遇了前所未有的"失速"。公司在财报中直 言，业绩下滑的首要原因即"公司受外部环境变化的不利影响,电力 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 陕天然气(002267.SZ) 投资评级 增持 上次评级 增持 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 [Table_ReportDate] 2025 年 8 月 26 日 邮 箱：tangchanyu@cindasc.com 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 [Table_Title] 引入战略投资者增强产业协同，调价落地公司业绩 有望稳健增长 [Table_S 事件：8ummar 月 25y]日晚，公司发布 2025 年半年报，2025 年上半年，公司实现营 业总收入 48.5 亿元，同比减少 1.47%；归母净利润 5.09 亿元，同比下降 12.62%；扣非净利润 4.97 亿元，同比减少 4.12 ...

Core Viewpoint - The report highlights the strategic transformation of the company, focusing on optimizing its product structure to enhance long-term competitiveness, despite facing revenue and profit declines in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [2][3]. - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside an 11.50% rise in operating costs due to raw material price increases [3][4]. Product and Market Dynamics - The revenue from new electronic components was 2.39 billion yuan, accounting for 99.01% of total revenue, which represents a 0.95% decrease year-on-year. The modern service industry revenue was 24 million yuan, showing a growth of 12.65% year-on-year [3]. - The core business areas, such as semiconductor discrete devices and general components, faced price pressures due to intensified industry competition, while high-value-added products like hybrid integrated circuits experienced revenue contraction due to fluctuating customer demand [3]. Profitability and Cash Flow - The company's gross margin for the first half of 2025 was 44.67%, a decrease of 6.12 percentage points year-on-year. The net cash flow from operating activities was 949 million yuan, down 20.30% year-on-year, primarily due to reduced sales receipts and increased procurement expenses [4]. - Contract liabilities increased by 64.53% year-on-year to 36 million yuan, indicating a robust order reserve, while inventory rose by 10.01% year-on-year to 2.47 billion yuan, mainly due to an increase in dispatched goods [4]. Competitive Advancements - The company made significant breakthroughs in core competitiveness, including the successful development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technologies [4]. - During the reporting period, the company applied for 176 patents, including 80 invention patents, and now holds a total of 1,702 patents. The application of its key products has progressed in strategic emerging fields such as commercial aerospace, low-altitude economy, and new energy vehicles [4]. Investment Outlook - The company’s performance aligns with expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.45 billion yuan, respectively, corresponding to P/E ratios of 26, 22, and 19 times [5].

证券研究报告·公司点评报告·军工电子Ⅱ 振华科技（000733） 2025 年中报点评：聚焦电子元器件生态链建 设，为高端市场拓展奠基 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,789 | 5,219 | 5,729 | 6,837 | 7,862 | | 同比 | 7.19 | (32.99) | 9.76 | 19.35 | 14.99 | | 归母净利润（百万元） | 2,682.09 | 970.18 | 1,082.88 | 1,252.35 | 1,446.71 | | 同比 | 12.57 | (63.83) | 11.62 | 15.65 | 15.52 | | EPS-最新摊薄（元/股） | 4.84 | 1.75 | 1.95 | 2.26 | 2.61 | | P/E（现价&最新摊薄） | 10.47 | 28.95 | 25.94 | 22.43 | 19.41 | [Table ...

"二五"战略夯实内功，关注公司后续现金流表现及股东回报。在面临行业和经济环境挑战的背景下，公 司表示将继续推动战略转型、夯实内功，构建系统组织能力；坚持业务、服务意识、服务模式、团队能 力及组织等转型，通过提升服务品质、优化成本结构、强化团队能力，在政策持续规范化、以及持续的 市场竞争中保证竞争力。我们认为在盈利承压的背景下，公司的经营性现金流表现与股东回报是影响后 续公司股价的核心因素之一，建议投资者持续关注经营性现金流及分红派息表现。 盈利预测与估值 机构：中金公司 研究员：王翼羽/程坚/张宇 1H25 业绩低于市场预期 公司公布1H25 业绩：收入同比增长3%至34.6 亿元，归母净利润同比下跌19%至2.1 亿元，低于市场预 期，主要系核心业务毛利率下滑及应收账款减值拨备增加等因素所致。公司拟每股分派中期股息0.095 港元，派息比例70%（普通派息50%、特别派息20%），中期派息对应股息率4.4%。 第三方外拓延续较好势头。2025 年上半年公司第三方外拓对应年化合约金额约8.7 亿元，在去年同期高 基数的背景下创半年历史新高（同比增长9%），公司持续推进战略聚焦核心区域、3 个区域公司拓展 半年 ...

| | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 同比參動 | | | 人民幣千元 | 人民幣千元 | Op | | 14 / (1) (2) | 4,375,873 | 5,594,124 | (21.8) | | 毛利 | AFF 221 | 618.508 | (65.1) | | 除所得税前(虧損)／利潤 | (352,966) | 99,263 | (455.6) | | 本公司所有者應佔(虧損)／利潤 | (342,053) | 88,506 | (486.5) | | 毎股基本及攤薄(虧損)／盈利 | | | | | (每股人民幣分) | (23.43) | 5.83 | (501.9) | | 图源：公司公告 | | | | 近期表态要"教育消费者"的百果园(02411.HK)，尽管已推出了极致性价比水果品类，却依然难掩落寞，捂紧口袋的消费者正越来越多。 董事长余惠勇的争议言论发出不到两周，百果园便披露了2025年上半年业绩报告，这份成绩单堪称惨烈。 半年亏超3亿，关店700余间 8月21日晚间披露的业绩报显 ...

Summary of the Conference Call for Sains Industry and Company Overview - **Company**: Sains - **Industry**: Environmental protection, mining, and new materials Key Points and Arguments - **Strategic Transformation**: Sains is shifting from heavy metal pollution control to a dual focus on mining environmental protection and new materials, indicating significant future growth potential, especially in the areas of flotation reagents and rare metal recovery [2][4][31] - **International Market Growth**: Revenue from overseas customers increased by 152% year-on-year, with total overseas revenue accounting for 30% of main business revenue, reflecting the effectiveness of the company's globalization strategy [2][6] - **Agricultural Chemicals Performance**: The agricultural chemicals segment, particularly Longli Chemical, saw revenue and net profit growth of 50% and 80% respectively, contributing significantly to profit growth [2][7] - **Resource Recovery Technology**: Sains employs a new adsorption and extraction technology that offers higher recovery rates and lower costs, with installations at several smelting plants. The company aims to secure a significant market share in rare metals through exclusive agreements [2][9][10] - **High-Purity Sodium Sulfide Project**: The first phase of the 20,000-ton project is expected to generate an annual net profit of approximately 10 million yuan, with significant profit contributions anticipated upon expansion to 40,000 tons [2][25] - **Flotation Reagents Expansion**: Longli Chemical plans to expand production to 12,000 tons, aiming to become the largest production base globally, with expected net profits exceeding 100 million yuan at full capacity [2][23] Financial Performance - **2025 Half-Year Results**: Sains reported a revenue of 423 million yuan, a 19% increase year-on-year, but a 57% decline in net profit due to the absence of previous investment gains from acquisitions [4][3] - **Overall Revenue Projection**: The company expects total revenue to reach 1.2 billion yuan for the year, with a net profit growth of over 20%, driven by higher margins from reagents and operational services [3][8] Market and Business Segment Insights - **Business Segment Performance**: The overall gross margin decreased by 2 percentage points, with the comprehensive solutions segment revenue dropping by 50% due to fewer large projects. Product sales and operational services, however, showed strong growth [5][6] - **Contractual Revenue Recognition**: There is 126 million yuan in contract performance costs in inventory yet to be recognized as revenue, with expectations for the comprehensive solutions business to maintain around 400 million yuan in revenue for the year [8] Future Plans and Developments - **Expansion Plans**: Sains plans to expand production capacity based on market demand, with a target completion date for additional capacity set between late 2026 and mid-2027 [16][22] - **Acquisition and Market Expansion**: The company is pursuing acquisitions in Europe to enhance its market presence, with a focus on expanding its reagent production capabilities [22][24] - **Technological Advancements**: Sains is committed to continuous R&D investment, particularly in the extraction of lysine and high-purity sodium sulfide, aiming for higher product purity and profitability [17][31] Additional Important Insights - **Currency Risk Management**: The finance department has established a team to manage currency structure and exchange rate fluctuations, with foreign currency income expected to exceed 50% of total revenue in the future [29] - **Employee Incentives**: A stock incentive plan has been approved and is set to be implemented, aimed at aligning employee interests with company growth [30] - **Long-term Growth Strategy**: Sains is focused on stable growth and technological innovation, with a strategic shift towards materials and chemicals expected to be completed by 2026 [31][28]

Group 1 - The sudden death of Wang Linpeng, the founder and CEO of Juran Zhijia, has created significant uncertainty for the company and the industry, especially during a critical transformation period [1][15][16] - Wang Ning has been elected as the new Chairman and CEO of Juran Zhijia, effective from August 20, 2023, following the board's approval [2][8] - Wang Ning has a long history with the company, having held various positions since 1999, and is seen as a close associate of Wang Linpeng [4][5][8] Group 2 - Juran Zhijia has faced declining performance, with a reported revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 769 million yuan, down 40.83% [15][16] - The company is experiencing financial strain, with a cash balance of 1.674 billion yuan and non-current liabilities due within a year amounting to 2.816 billion yuan, resulting in a debt gap of 1 billion yuan [15][16] - The company is undergoing a strategic transformation, having rebranded from "Juran Home" to "Juran Zhijia" in December 2024, focusing on digital transformation and expanding into new service areas [15][16]

事件：公司披露2025 年半年报，公司实现营业收入58.16 亿元，同比增加0.97%；归母净利润4.36 亿 元，同比增加107.53%；扣非净利润2.92 亿元，同比增加268.48%，对此点评如下： 家装墙面漆量价齐升，战略转型成效显著。公司上半年收入及利润双增长，主要得益于近几年的战略转 型，一方面零售业务不断发力。另一方面，在工程业务端通过提升人均效能和战略新赛道的积极开拓， 使得相关业务平稳发展，同时强化了费用管控。2025Q2，公司实现营业收入36.86 亿元，同比减少 0.24%；实现归母净利润3.31 亿元，同比增加102.97%。1） 分产品看，上半年公司家装墙面漆/工程墙 面漆/基材与辅材/防水卷材收入分别为15.74/17.95/17.33/4.60 亿元，同比变动 8.43%/-2.26%/10.40%/-28.62%（剔除防水涂料拖累，家装墙面漆收入同比+13.45%）。2）分渠道看，上 半年公司经销/ 直销渠道收入分别为50.88 、7.28 亿元， 同比变动-0.49%/+12.52%；3）分地区看，公司 国内/国外收入分别为56.81/1.35 亿元，同比变动0.41%/31 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Views - The company has significantly improved its performance year-on-year, with a notable upgrade in product structure. The strategic transformation has yielded positive results, particularly in retail and engineering business segments [3][4]. - The company achieved a revenue of 5.816 billion yuan in the first half of 2025, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [1][2]. Financial Performance Summary - **Revenue and Profit**: The company’s revenue is projected to reach 12.476 billion yuan in 2023, with a growth rate of 10%. By 2027, revenue is expected to grow to 16.091 billion yuan, reflecting a growth rate of 12% [1]. - **Net Profit**: The net profit attributable to shareholders is forecasted to be 174 million yuan in 2023, with a significant increase to 1.261 billion yuan by 2027, indicating a growth rate of 21.7% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to rise from 0.24 yuan in 2023 to 1.71 yuan in 2027 [1]. - **Valuation Ratios**: The Price-to-Earnings (P/E) ratio is expected to decrease from 186.6 in 2023 to 25.7 in 2027, while the Price-to-Book (P/B) ratio is projected to decline from 13.2 to 6.0 over the same period [1]. Product and Market Analysis - **Product Segmentation**: In the first half of 2025, the company’s revenue from home decoration wall paint, engineering wall paint, substrates and auxiliary materials, and waterproof rolls were 1.574 billion, 1.795 billion, 1.733 billion, and 460 million yuan respectively, with home decoration wall paint showing a year-on-year increase of 13.45% [1][2]. - **Sales Channels**: The company’s revenue from distribution and direct sales channels was 5.088 billion and 728 million yuan respectively, with direct sales showing a year-on-year increase of 12.52% [1]. - **Geographical Performance**: Domestic revenue was 5.681 billion yuan, a year-on-year increase of 0.41%, while international revenue reached 135 million yuan, up 31.07% [1]. Cost and Profitability Analysis - **Cost Management**: The average procurement prices for home decoration and engineering wall paints decreased by 12.95% and 17.70% respectively, contributing to improved profitability [2]. - **Profit Margins**: The company’s gross margin and net margin were 32.35% and 7.48% respectively, reflecting an increase of 3.70 and 3.87 percentage points year-on-year [2]. - **Cash Flow**: The net cash flow from operating activities turned positive at 351 million yuan, primarily due to increased receivables collection [2].