上 市 公 司 机械设备 ——25Q2 净利润创历史新高，盈利能力持续提升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 86.90 | | 一年内最高/最低（元） | 99.47/47.04 | | 市净率 | 7.1 | | 股息率%（分红/股价） | 0.81 | | 流通 A 股市值（百万元） | 116,517 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 12.22 | | 资产负债率% | 19.85 | | 总股本/流通 A 股（百万） | 1,341/1,341 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 08-26 - ...

== 农林牧渔 2025 年 08 月 26 日 晨光生物 (300138) 业绩符合预期，植提新品变化积极 报告原因: 有业绩公布需要点评 撸持(维持) 联系人 王子昂 (8621)23297818× wangza@swsresearch.com | 市场数据: | 2025年08月25日 | | --- | --- | | 收盘价（元） | 14.20 | | 一年内最高/最低（元） | 14.44/6.91 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值(百万元) | 5,656 | | 上证指数/深证成指 | 3,883.56/12,441.07 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产 (元) | 6.75 | | 资产负债率% | 64.40 | | 总股本/流通 A 股 (百万) | 483/398 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 相关研究 证券分析师 몸昌 A0230516010001 lvchang@sws ...

股票代码：002293 证券简称：罗莱生活 罗莱生活科技股份有限公司 编号：2025-08-25 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他(请文字说明其他活动内容) | | | 申万宏源证券 王立平、求佳峰；三井住友德思资管、杨畅；恒安标准 | | | 人寿 李元玮；合煦智远基金 张夺；华泰资管 朱南钰；仁桥资产 谢雨 | | | 阳；明河投资 张翎、姚咏絮；晨燕资产 倪耿皓；华安基金 张峦；宁 | | | 泉资产 浦嘉懿；工银瑞信基金 李迪；君茂资本 张明蕾、高新宇；华 | | | 泰保兴基金 付梦阳；国投瑞银 綦缚鹏；安信基金 陈相合；九泰基金 刘 | | | 科岑；交银施罗德 高逸云；方正证券 陈佳妮；摩根大通 姚倩、樊荣； | | | 山西证券 王冯、孙萌；国泰海通证券 盛开、钟启辉；光大保德信基 | | | 金 张禹；处厚沁慕基金 程锋；安信证券资管 胡红伟；中国国金 王凯； | | 活动参与人员 | 中兴威投资 卢晓冬；东北证券自营 ...

公司最新资产负债率为54.59%。 公司最新毛利率为23.16%，较上季度毛利率增加0.37个百分点，实现2个季度连续上涨，较去年同期毛利率增加2.03个百分点，实现2年连续上涨。最新ROE 为8.60%，较去年同期ROE增加4.75个百分点。 2025年8月23日，思特威(688213.SH)发布2025年中报。 公司营业总收入为37.86亿元，较去年同报告期营业总收入增加13.30亿元，实现3年连续上涨，同比较去年同期上涨54.11%。归母净利润为3.97亿元，较去年 同报告期归母净利润增加2.47亿元，实现2年连续上涨，同比较去年同期上涨164.93%。经营活动现金净流入为-17.11亿元。 公司股东户数为1.32万户，前十大股东持股数量为1.96亿股，占总股本比例为48.70%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 徐辰 | 13.6 | | 2 | 华芯投资管理有限责任公司-国家集成电路产业投资基金二期股份有限公司 | 6.70 | | 3 | 夏要武 | 5.96 | | ব | Brizan China Holding ...

Financial Performance - The company reported a total revenue of 1.288 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 38.71 million yuan, representing an increase of 1.83 million yuan compared to the same period last year, achieving a year-on-year growth of 4.96% [1] - The net cash inflow from operating activities was -203 million yuan, which is an increase of 39.60 million yuan compared to the same period last year, marking two consecutive years of improvement [1] Key Financial Ratios - The company's latest debt-to-asset ratio stands at 68.05%, a decrease of 2.47 percentage points from the same period last year [3] - The latest gross profit margin is 18.63%, an increase of 2.93 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 1.16% [3] Earnings and Shareholder Information - The diluted earnings per share (EPS) is 0.03 yuan [4] - The latest total asset turnover ratio is 0.10 times, and the inventory turnover ratio is 3.89 times [5] - The number of shareholders is 60,800, with the top ten shareholders holding a total of 411 million shares, accounting for 41.49% of the total share capital [5]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 30.42 CNY, compared to the current stock price of 26.68 CNY [4]. Core Views - The company's revenue and performance are under pressure, primarily due to a decline in the gypsum board and keel business, while the paint business has shown significant growth [2][3]. - In H1 2025, the company achieved a revenue of 13.558 billion CNY, a slight decrease of 0.29% year-on-year, and a net profit of 1.930 billion CNY, down 12.85% year-on-year [2][3]. - The company is focusing on expanding its two wings of business, with waterproofing materials and paint showing positive revenue growth [2][3]. Summary by Sections Revenue and Performance - In H1 2025, the company reported revenue of 135.58 billion CNY, with a year-on-year decline of 0.29%. The revenue drop is mainly attributed to the decline in gypsum board and keel business [2]. - The revenue breakdown for H1 2025 includes: gypsum board at 66.77 billion CNY (down 8.57% YoY), keel at 11.37 billion CNY (down 10.72% YoY), waterproofing materials at 17.20 billion CNY (up 0.63% YoY), and paint at 25.11 billion CNY (up 40.82% YoY) [2]. Profitability - The company's gross profit margin for H1 2025 was 30.35%, a decrease of 0.59 percentage points year-on-year. The decline in gross margin is attributed to decreased demand and intense market competition [3]. - The gross profit margin for Q2 2025 improved to 31.55%, an increase of 2.61 percentage points from Q1, mainly due to a price increase for gypsum board products implemented on March 5 [3]. Future Outlook - The company is expected to maintain its position as a leader in the gypsum board industry while actively expanding its waterproofing and paint businesses, which are experiencing rapid revenue growth [7]. - Revenue projections for 2025-2027 are estimated at 27.609 billion CNY, 30.037 billion CNY, and 32.422 billion CNY, with respective year-on-year growth rates of 6.93%, 8.79%, and 7.94% [7][8].

Core Viewpoint - Chow Sang Sang (00116) experienced a nearly 15% increase in stock price following a profit warning, with shares trading at HKD 10.32 and a transaction volume of HKD 2.4458 million [1] Financial Performance - The company expects its profit attributable to owners from continuing operations for the six months ending June 30, 2025, to be between HKD 900 million and HKD 920 million, compared to HKD 502 million for the same period in 2024 [1] - The increase in profit is attributed to higher gross margins from gold product sales due to rising gold prices [1] Cost Management - The integration of retail networks and other cost control measures have contributed to a reduction in costs, further supporting profit growth [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 52.8 CNY, compared to the current stock price of 45.42 CNY [4]. Core Views - The company demonstrated resilience in revenue generation despite a downturn in industry demand, achieving a revenue of 5.816 billion CNY in H1 2025, a year-on-year increase of 0.97% [2]. - The significant increase in net profit by 107.53% year-on-year to 436 million CNY in H1 2025 is attributed to improved gross margins, reduced expense ratios, and increased non-recurring gains [2][3]. - The company has optimized its business structure by reducing low-margin waterproofing material operations while enhancing high-margin retail segments [2]. Summary by Sections Revenue Performance - In H1 2025, the company reported a revenue of 5.816 billion CNY, with Q1 and Q2 revenue growth rates of 3.12% and -0.24% respectively [2]. - The revenue from home decoration wall paint reached 1.574 billion CNY, up 8.43% year-on-year, driven by a 5.44% increase in sales volume and a 2.78% increase in average price [2]. - The engineering wall paint revenue was 1.795 billion CNY, down 2.26% year-on-year, while the base material revenue was 1.733 billion CNY, up 10.40% year-on-year [2]. Profitability - The gross margin improved to 32.35% in H1 2025, an increase of 3.71 percentage points year-on-year, with Q2 gross margin at 33.10% [3]. - The company’s expense ratio decreased to 23.67%, down 1.57 percentage points year-on-year, with reductions in travel, sales personnel salaries, and advertising expenses [3]. - The net profit margin for H1 2025 was 7.48%, an increase of 3.87 percentage points year-on-year [3]. Future Projections - Revenue projections for 2025-2027 are 13.369 billion CNY, 14.674 billion CNY, and 16.016 billion CNY, representing year-on-year growth rates of 10.44%, 9.76%, and 9.15% respectively [8]. - Net profit projections for the same period are 811 million CNY, 971 million CNY, and 1.142 billion CNY, with year-on-year growth rates of 144.46%, 19.64%, and 17.67% respectively [8].

Core Insights - The company reported a revenue of 8.84 billion yuan for the first half of 2025, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 860 million yuan, down 4.0% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.48 billion yuan, a decline of 1.8% year-on-year, with a net profit of 390 million yuan, down 12.7% year-on-year [1] - The sales volume in Q2 2025 remained flat at 920,000 tons, with a revenue per ton of 4,888 yuan, reflecting a decrease of 1.9% year-on-year [1] Revenue Breakdown - In Q2 2025, the revenue from high-end, mainstream, and economy products was 2.66 billion, 1.60 billion, and 1.05 billion yuan respectively, with year-on-year changes of -1.1%, -3.6%, and +4.8% [1] - By region, the revenue for Q2 2025 was 1.42 billion yuan in the Northwest, 1.70 billion yuan in the Central region, and 1.25 billion yuan in the South, with year-on-year changes of +1.9%, -2.9%, and -4.5% respectively [2] Cost and Profitability - The company experienced a 3.4% year-on-year decrease in cost per ton in Q2 2025, leading to a gross margin increase of 0.8 percentage points to 51.2% [2] - Operating profit margin in Q2 2025 decreased by 0.3 percentage points to 24.3%, influenced by a decline in investment income and an increase in tax rates [2] - The net profit margin attributable to shareholders in Q2 2025 was 8.7%, down 1.1 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.6%, down 1.0 percentage points [2] Profit Forecast - The company anticipates revenue of 14.66 billion, 14.84 billion, and 15.11 billion yuan for the years 2025 to 2027, reflecting year-on-year growth of 0.1%, 1.2%, and 1.8% respectively [3] - Expected net profit attributable to shareholders for the same period is projected at 1.22 billion, 1.25 billion, and 1.30 billion yuan, with year-on-year increases of 9.9%, 2.0%, and 3.8% respectively [3]

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a slight decline in revenue but a significant increase in net profit, indicating resilience in a competitive market [1][2]. Financial Performance - 1H25 revenue reached 40.1 billion yuan, a year-on-year decrease of 2.7%, while net profit was 2.27 billion yuan, up 20.5% year-on-year [1]. - Adjusted net profit stood at 2.11 billion yuan, reflecting a 12% year-on-year increase after excluding asset disposal gains [1]. - The gross margin improved by 1.9 percentage points year-on-year, with instant noodles and beverages seeing respective gross margin increases of 0.7 and 2.5 percentage points [2][3]. Segment Analysis - Instant noodles and beverages experienced revenue declines of 2.5% and 2.6% year-on-year, respectively, due to price adjustments and competitive pressures [1]. - New product launches in the instant noodle segment, such as tomato and egg noodles, showed positive growth, while e-commerce channels performed strongly [1]. - Beverage sales were impacted by price increases and intensified competition, with specific categories like tea and juice experiencing significant declines [1]. Future Outlook - The company anticipates a positive outlook for instant noodle revenue in 2H25, expecting mid-single-digit growth driven by product mix improvements [3]. - Beverage performance is expected to stabilize, with a narrowing decline in the second half of the year [3]. - Cost benefits from raw materials are projected to further enhance gross margins in 2H25 [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 3% and 6%, respectively, to 4.4 billion and 4.9 billion yuan [4]. - The company is currently trading at 14 and 12 times the P/E ratio for 2025 and 2026, with a target price of 14 HKD, indicating a 23% upside potential [4].