格隆汇9月26日｜华鑫证券研报指出，生益科技2025年上半年实现归母净利润14.26亿元，同比增长 52.98%；Q2实现归母净利润8.63亿元，同比增长59.67%，环比增长53.08%。25H1业绩符合预期，公司 市场表现亮眼。根据Prismark，2013年至2024年，生益科技刚性覆铜板销售总额保持全球第二，2024年 全球市场占有率达到13.7%。认为公司高频高速覆铜板技术领先，扎根于中国本土市场，有望充分受益 于下游AI算力建设需求高增的大趋势，首次覆盖，给予"买入"投资评级。 ...

2025 年 09 月 25 日 高频高速覆铜板领军企业，受益于终端 AI 服务 器旺盛需求 买入(首次) 事件 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn | 基本数据 | 2025-09-24 | | --- | --- | | 当前股价（元） | 56.3 | | 总市值（亿元） | 1368 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2395 | | 52 周价格范围（元） | 17.54-59.5 | | 日均成交额（百万元） | 1170.54 | 市场表现 相关研究 —生益科技（600183.SH）公司事件点评报告 公司发布 2025 年半年报：2025 年上半年公司实现营业收入 126.80 亿元，同比增长 31.68%；实现归母净利润 14.26 亿 元，同比增长 52.98%；实现扣非归母净利润 13.78 亿元，同 比增长 51.68%。 投资要点 ▌25H1 业绩符合预期，公司市场表现亮眼 2025 年第二季度，公司实现营业收入 70.69 ...

Group 1 - The core viewpoint of the article highlights that Huiju Technology (01729) experienced a significant stock price increase of over 7%, reaching HKD 15.85, with a trading volume of HKD 75.15 million [1] - The company has been included in the qualified securities list for the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs, effective from September 8, 2025, allowing eligible investors in mainland China to trade its shares directly [1] - According to a report from China Merchants Securities, the acceleration of AI computing power construction favors MPO connectors over traditional single-core connectors due to advantages such as space-saving and optimized wiring complexity, aligning with the upgrade trend of AI data centers [1] Group 2 - MPO business is identified as the core profit source for the company, with industry-leading technology and a strong demand for its products, particularly the 16-core MPO which has already achieved mass production [1] - The company is positioned as a key supplier within the Google ecosystem, benefiting from robust demand and profitability that exceeds the company's average levels [1] - The future growth of the MPO business is anticipated to be strong due to the expansion of major clients, overseas capacity construction, and ongoing technological advancements [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has experienced significant revenue growth driven by strong demand for data communication optical modules, with a historical high revenue of 30.2 billion yuan in Q2 2025, representing a year-on-year increase of 66.1% [6][11]. - The company's net profit for H1 2025 reached 3.7 billion yuan, up 78.4% year-on-year, with a notable increase in the revenue and gross margin of data and access businesses [2][6]. - The company is expected to benefit from the release of domestic 800G demand and the penetration of silicon photonics solutions in the future [2][11]. Summary by Sections Revenue Performance - In H1 2025, the company achieved a revenue of 52.4 billion yuan, a year-on-year increase of 68.6%, and a net profit of 3.7 billion yuan, up 78.4% [6][11]. - The revenue for Q2 2025 was 30.2 billion yuan, marking a 66.1% increase year-on-year and a 35.9% increase quarter-on-quarter [6][11]. Business Segments - The data and access business generated 37.2 billion yuan in revenue in H1 2025, a substantial increase of 149.3% year-on-year, accounting for 70.9% of total revenue, up 22.9 percentage points [11]. - The gross margin for the data and access business improved significantly to 20.0%, an increase of 7.1 percentage points year-on-year, driven by a higher proportion of high-speed products and scale effects [11]. Cost and Expenses - The overall gross margin for H1 2025 was 22.5%, consistent with the previous year, while Q2 2025 saw a gross margin of 20.2%, down 2.6 percentage points year-on-year due to intensified price competition [11]. - The company increased its sales expenses to expand market reach, but overall expense ratios were diluted due to rapid sales growth [11]. Inventory and Supply Chain - The company actively stocked key materials to ensure delivery, with inventory reaching 61.7 billion yuan, a significant increase of 55.9% from the beginning of the year [11]. - The net cash flow from operating activities for H1 2025 was -1.07 billion yuan, primarily due to increased raw material procurement and strategic stocking [11]. Technological Advancements - The company has a leading position in technology layout and production capacity, with a vertical integration capability from "chip-device-module-subsystem," allowing for partial self-sufficiency in optoelectronic chips [11]. - The silicon photonics module shipment volume reached a historical high in 2025, with expectations for continued growth as the market for 800G modules expands [11]. Profit Forecast - The company forecasts net profits of 9.52 billion yuan, 12.80 billion yuan, and 16.24 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 44%, 34%, and 27% [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in its MLCC products, with a comprehensive product matrix that includes micro, high-capacity, high-reliability, high-voltage, and high-frequency series, leading to increased market recognition [7] - The demand for optical devices has risen due to the acceleration of global data center and AI server construction, contributing to sustained sales growth in related products [7] - Despite pressure on profit margins from rising raw material prices in the PKG and ceramic slurry segments, the company has managed to maintain a high growth rate in overall gross margin, achieving a gross margin of 42.74% in Q2 [7] - The company is actively responding to market changes by optimizing raw material procurement strategies and developing new specifications and applications [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,727 million RMB - 2024: 7,375 million RMB (growth of 28.78%) - 2025E: 9,267 million RMB (growth of 25.66%) - 2026E: 11,450 million RMB (growth of 23.56%) - 2027E: 14,060 million RMB (growth of 22.79%) [6] - The projected net profit for the company is: - 2023: 1,581 million RMB - 2024: 2,190 million RMB (growth of 38.55%) - 2025E: 2,622 million RMB (growth of 19.69%) - 2026E: 3,278 million RMB (growth of 25.01%) - 2027E: 4,101 million RMB (growth of 25.13%) [6] - Earnings per share (EPS) are projected to be: - 2024: 1.14 RMB - 2025E: 1.37 RMB - 2026E: 1.71 RMB - 2027E: 2.14 RMB [6] - The company’s return on equity (ROE) is expected to improve from 11.03% in 2024 to 15.44% in 2027 [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is positioned to benefit from the high demand for AI computing power, leading to rapid growth in performance [5] - The company has a leading vertical integration capability in the optical device sector, providing a one-stop service for optical communication products [5] - The company has successfully optimized its business layout and adjusted its product structure, resulting in a significant increase in gross margins for data and access products [4][5] Financial Performance - In H1 2025, the company achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [4] - The revenue from data and access products increased by 149.27% to 3.715 billion yuan, accounting for 70.86% of total revenue [4] - The company expects revenues of 11.747 billion, 14.349 billion, and 16.756 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 985 million, 1.246 billion, and 1.529 billion yuan [5][6] Market Position - The company has a leading market share in supplying data communication products to major domestic internet companies, benefiting from the rapid growth in downstream computing power demand [4] - The company has completed the construction of overseas manufacturing bases, with overseas revenue reaching 1.309 billion yuan in H1 2025, a year-on-year increase of 24.39% [4] Future Outlook - The company is expected to maintain strong growth due to the accelerating construction of data centers and the increasing demand for high-end optical devices and high-speed optical modules [4][5] - The implementation of an employee stock incentive plan is anticipated to enhance team cohesion and drive performance growth [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in revenue and performance in Q2 2025, with a robust growth in the energy network business and stable performance in the communication sector. The company is actively expanding into liquid cooling, high-speed optical modules, and hollow-core optical fibers [2][6]. - The gross margin has improved quarter-on-quarter, reflecting effective cost control measures. The company has a healthy backlog of orders and continues to make progress in both domestic and international projects [2][6]. - The company is leveraging opportunities in AI and data center products, while also continuing its share repurchase program [2][6]. Summary by Sections Revenue and Performance - In H1 2025, the company achieved a revenue of 23.6 billion yuan, a year-on-year increase of 10.2%. The net profit attributable to shareholders was 1.57 billion yuan, up 7.4% year-on-year. In Q2 2025, revenue reached 13.84 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 41.9% [6][9]. Business Segments - The energy network business showed steady growth, with the marine segment achieving a revenue of 2.896 billion yuan, a significant year-on-year increase of 37.19%. The grid business generated 9.975 billion yuan, up 11.97% year-on-year, driven by demand for ultra-high voltage and smart distribution networks. The communication business remained stable, supported by demand for specialty optical fibers and optoelectronic composite products [2][6]. Profitability and Cost Control - The overall gross margin for Q2 2025 was approximately 15.4%, with a year-on-year decrease of 0.4 percentage points but an increase of 0.8 percentage points quarter-on-quarter. The company demonstrated effective cost control, with sales, management, R&D, and financial expense ratios showing improvements [2][6]. Order Backlog and Project Development - As of July 31, 2025, the company had a substantial order backlog of approximately 30.6 billion yuan in the energy network sector, including 13.3 billion yuan in marine projects and 15.5 billion yuan in grid construction. The company achieved significant breakthroughs in the domestic ultra-high voltage submarine cable sector and successfully secured international projects in the Middle East, Vietnam, and Brazil [2][6]. Strategic Initiatives - The company is actively pursuing opportunities in AI and data center products, with advancements in liquid cooling, high-speed optical modules, and hollow-core optical fibers. The share repurchase program is ongoing, with 18.79 million shares repurchased, accounting for 0.55% of the total share capital, at a total cost of 252 million yuan [2][6]. Profit Forecast and Investment Recommendation - The company is expected to achieve net profits of 3.409 billion yuan, 3.871 billion yuan, and 4.326 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 20%, 14%, and 12%. The price-to-earnings ratios are projected to be 16x, 14x, and 13x for the same years, respectively, leading to a strong recommendation to "Buy" [2][6].

鹏华中证一带一路主题指数型证券投资基 金(LOF) 基金管理人：鹏华基金管理有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华中证一带一路主题指数(LOF)2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 61页 鹏华中证一带一路主题指数(LOF)202 ...

Group 1 - The core viewpoint of the report is that Shengquan Group (605589.SH) is rated as outperforming the market due to strong financial performance and growth prospects in various sectors [2] Group 2 - The company reported a 15.67% year-on-year increase in revenue and a 51.19% year-on-year increase in net profit attributable to shareholders for the first half of the year [2] - Shengquan Group benefits from the rapid development of global AI computing power, as well as the electric vehicle and energy storage sectors, leading to significant growth in its advanced electronic materials and battery materials business [2] - The company has expanded its market share in the synthetic resin industry by entering new fields and developing new applications, resulting in steady sales growth [2] - The Daqing production base has been operating smoothly, and the product structure of biomass products is continuously being enriched [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][18] Core Views - The company has shown significant growth in its electronic and battery materials segment, with a 51.19% year-on-year increase in net profit for the first half of 2025 [1][7] - The advanced electronic materials and battery materials business has benefited from the rapid development of global AI computing infrastructure and the electric vehicle and energy storage sectors, achieving a revenue growth of 32.43% year-on-year [2][9] - The synthetic resin industry has expanded its market share through new applications and product development, with a revenue increase of 10.35% year-on-year [3][16] - The biomass product segment has also seen a positive trend, with a revenue growth of 26.47% year-on-year [17] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 5.351 billion yuan, a year-on-year increase of 15.67%, and a net profit of 501 million yuan, up 51.19% [1][7] - The second quarter of 2025 saw revenues of 2.892 billion yuan, reflecting a 16.13% year-on-year increase, and a net profit of 294 million yuan, up 51.71% [1][7] Business Segments - The electronic materials and battery materials segment generated 846 million yuan in revenue, a 32.43% increase year-on-year, with a sales volume of 40,100 tons, up 14.90% [2][10] - The synthetic resin segment reported a revenue of 2.810 billion yuan, a 10.35% increase year-on-year, with a sales volume of 391,800 tons, up 15.48% [3][16] - The biomass segment achieved a revenue of 516 million yuan, a 26.47% increase year-on-year, with ongoing projects expected to enhance production capacity [17] Future Projections - The company forecasts revenues of 12.143 billion yuan, 13.698 billion yuan, and 15.535 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.129 billion yuan, 1.387 billion yuan, and 1.634 billion yuan [4][5][18] - The earnings per share (EPS) are expected to be 1.44 yuan, 1.77 yuan, and 2.09 yuan for the same years [4][5][18]