证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-10 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.49 | | --- | --- | | 总股本/流通股本（亿股）10.73 | / 7.52 | | 总市值/流通市值（亿元）123 | / 86 | | 52 周内最高/最低价 | 11.49 / 6.79 | | 资产负债率(%) | 50.8% | | 市盈率 | 17.41 | | 第一大股东 | 湖南水口山有色金属集 | | 团有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 株冶集团(600961) 25 年中报预增：冶炼端与矿山端向上共振 l 25Q2 归母净利润中枢为 3.28 亿元 公司发布 2025 年中报预增：经初步测算，公司预计 2025 年半年 度实现归属于母公司所有者的净利润 5.6 亿元到 6.5 ...

Group 1 - A-share market is experiencing a wave of positive earnings forecasts, with 83 out of 107 companies predicting better-than-expected results, accounting for nearly 80% [1] - Among the companies, 61 are expected to report net profits exceeding 100 million yuan, representing nearly 60% of the total [1] - Notable performers include Industrial Fulian, Lixun Precision, Xinhecheng, and Yun Aluminum, all of which are expected to report net profits exceeding 1 billion yuan [1] Group 2 - Industrial Fulian anticipates a net profit of over 12 billion yuan for the first half of the year, a year-on-year increase of nearly 40%, driven by strong growth in cloud computing and AI server businesses [1] - Lixun Precision expects a profit range of 6.475 billion to 6.745 billion yuan, reflecting a year-on-year growth of 20% to 25% [1] - Xinhecheng forecasts a net profit between 3.3 billion and 3.75 billion yuan, with a year-on-year increase of 50% to 70%, mainly due to rising sales and prices of vitamins [1] Group 3 - 24 companies are predicting a year-on-year net profit increase of over 100%, with Huayin Power expecting a staggering increase of 3600% to 4.423 billion yuan [3] - Other companies like Shen Shen Fang A and Saint Farm are also projecting significant profit increases, with some exceeding 400% [3] - The average stock price of companies that have released earnings forecasts has risen by 27.03% this year, significantly outperforming the market [3] Group 4 - Financing activities have accelerated towards companies with positive earnings forecasts, with 49 companies experiencing net capital inflows [3] - Notably, Xiaoshangpin City has received a net capital inflow of 373 million yuan since July, with an expected net profit growth of over 12% [3] - Overall, despite macroeconomic challenges, leading companies are achieving stable growth due to their core competitiveness [3]

展望后市，TCL科技表示，乐金显示(中国)有限公司(现更名为"广州华星光电技术有限公司"，t11)已于 2025年第二季度起并入公司合并范围；公司对深圳市华星光电半导体显示技术有限公司21.5311%股权 的收购已于2025年7月1日完成工商变更。 2025年上半年，全球光伏装机保持韧性增长，国内分布式市场迎来短期抢装潮，需求自5月份逐步回 落；产业链各环节产能供需失衡，行业经营承压。受产品价格下跌及存货减值的影响，预计TCL中环 （002129）上半年归属于本公司股东净利润-12.0亿元至-13.5亿元。 新京报贝壳财经讯(记者陈维城)7月9日晚间，TCL科技（000100）发布2025年半年度业绩预告显示，预 计公司2025年上半年实现营业收入826亿元-906亿元，同比增长3%-13%；实现归母净利润18亿元-20亿 元，同比增长81%-101%。 半导体显示业务强势增长成为驱动TCL科技营收、利润增长的有利因素。公告指出，TCL科技半导体显 示业务上半年净利润预计超过46亿元，同比增长超70%。 具体经营层面，大尺寸显示领域，受益于供给侧格局进一步优化，高端化及大尺寸化趋势拉动面积需求 继续增长，主要 ...

Kura Sushi USA, Inc. KRUS reported better-than-expected third-quarter financial results and raised its FY25 sales guidance on Tuesday.Kura Sushi USA reported quarterly earnings of 5 cents per share which beat the analyst consensus estimate of a loss of 1 cent per share. The company reported quarterly sales of $73.965 million which beat the analyst consensus estimate of $71.832 million.Kura Sushi USA raised its FY2025 sales guidance from $275.00 million-$279.00 million to $281.00 million.Hajime Uba, Presiden ...

公司研究 证 券 研 究 报 告 燕京啤酒（000729）2025 年中报预告点评 强推（维持） U8 放量驱动，业绩再超预期 目标价：15.5 元 事项： ❖ 公司发布2025年半年度业绩预告，预计上半年实现归母净利润10.6~11.4亿元， 同增约 40%~50%；扣非净利润 9.3~10.0 亿元，同增约 25%~35%。测算单 Q2 预计实现归母净利润 9.0~9.7 亿元，同增约 36.7%-48.3%；扣非归母净利润 7.7~8.5 亿元，同增约 21.1%~32.7%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,667 | 15,472 | 16,114 | 16,608 | | 同比增速(%) | 3.2% | 5.5% | 4.1% | 3.1% | | 归母净利润(百万) | 1,056 | 1,552 | 1,864 | 2,137 | | 同比增速(%) | 63.7% | 47.0% | 2 ...

海澜之家下半年的业绩趋势如何？ 海澜之家下半年的业绩趋势预期向好。二季度业绩表现相对其他品牌较为出色， 而三季度净利率预计为 8%，四季度则接近 4%，均为过去五六年中单季最差水 平。在当前稳健的零售环境和低基数效应下，公司经营杠杆弹性较大，下半年 华利集团质地优良，成长性明确且业绩弹性大。一季度净利润触底，新 厂产能释放预计二季度小幅改善。尽管下半年存在关税不确定性，但新 客户放量预计整体利润仍可增长，目前估值处于上市以来底部。 诺邦股份作为小型制造公司，业绩弹性优异且基本面强劲，上半年收入 和利润表现出色，通过优化客户和品类结构提升利润率，二季度业绩弹 性较强，新兴业务如口含烟业务拓展将在下半年迎来兑现周期。 利润增速有望大幅提升。此外，二季度整体业绩处于底部周期，一旦三季度零 售边际改善和业绩弹性显现，公司有望迎来弱 Beta 的改善。 海澜之家 20250708 摘要 海澜之家上半年开店数量未达预期，但预计下半年加速，全年门店数有 望超 50 家。二季度业绩相对出色，三、四季度净利率虽为近年低点， 但低基数效应下，下半年利润增速预期大幅提升，具备弱 Beta 改善潜 力。 海澜之家目前估值约 14-1 ...

证券研究报告·公司点评报告·能源金属 华友钴业（603799） 2025 年中报业绩预告点评：Q2 镍利润稳定， 钴业绩弹性释放 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） | 66,304 | 60,946 | 73,845 | 78,080 | 87,280 | | 同比（%） | 5.19 | (8.08) | 21.17 | 5.73 | 11.78 | | 归母净利润（百万元） | 3,351 | 4,155 | 6,001 | 6,745 | 8,240 | | 同比（%） | (14.25) | 23.99 | 44.44 | 12.40 | 22.17 | | EPS-最新摊薄（元/股） | 1.97 | 2.44 | 3.53 | 3.96 | 4.84 | | P/E（现价&最新摊薄） | 18.96 | 15.29 | 10.58 | 9.42 | 7.71 | [Table_Tag] [T ...

万和财富早班车 2025年7月9日 ● 国内金融市场 ● 我们不是资讯的搬运工 而是有态度的发现者 宏观消息汇总 1。国家发展改革委新增下达100亿元中央预算内投资，开展以 工代赈行动,预计吸纳带动31万名重点群体就业 2. 七部门发文加快推进普惠托育服务体系建设,明确发展"1+N" 的托育服务体系 3. 香港证监会：扩大南向通参与机构范围,加入券商、保险公 司、理财及资产管理公司 二、行业最新动态 1。万马股份(002276)：万马高分子超高压绝缘料三期项目达产后. 合计年产能将达到6万吨,市占率从15%提升至约20% 2 联合化学(301209)：公司拟以自有和自筹资金1.2亿元增资卓 光芮科技，增资后将持有卓光芮19.3548%的股权 3、金岭矿业(000655):预计公司上半年净利润盈利比上年同期增 长66.48%-111.54%,业绩增长主要由于主产品铁精粉销量增加 4、科大智能(300222)：公司全资子公司持股18%的参股公司科大智 能（合肥）科技有限公司为小米汽车充电桩的供应商 四、市场回顾及展望 七月八日(周二),昨天市场小幅高开后一路震荡上行,黄线 领涨白线,指数盘中突破7月4日的高点再度 ...

正帆科技：拟收购汉京半导体约62%股权 正帆科技公告称，公司拟以现金方式购买辽宁汉京半导体材料有限公司（以下简称汉京半导体）5名股 东持有的62.23%股权，交易完成后，汉京半导体将成为正帆科技的控股子公司。汉京半导体拥有高精 密石英和先进陶瓷材料制造技术，主要产品包括石英管、石英舟、石英环等。 每经记者｜范芊芊 每经编辑｜文多 并购重组 增减持 严牌股份：控股股东一致行动人拟增持公司股份 严牌股份公告称，公司控股股东、实际控制人的一致行动人天台友凤投资咨询管理有限公司计划自公告 披露日起6个月内，通过深圳证券交易所允许的方式增持公司A股股份，增持总金额不低于1700万元， 不超过3400万元，且增持数量不超过公司总股本的5%。 金域医学：国创开元拟减持不超过1%公司股份 金域医学公告称，公司持股5%以上的股东国创开元股权投资基金（有限合伙）（简称国创开元）计划 通过集中竞价方式减持不超过463.26万股，占公司总股本的1%。减持期间为2025年7月30日至10月29 日。减持原因是股东自身资金需求。 深深房A公告称，预计上半年归母净利润为8500万元至1.2亿元，比上年同期增长1411.70%至 2034. ...

Core Viewpoint - WuXi AppTec has initiated a significant share buyback plan starting in 2024, with a total buyback amount reaching 5 billion yuan, which contrasts sharply with the substantial share sell-offs by major shareholders in recent years [1][4][14]. Summary by Sections Buyback Plans - The company announced its first buyback of A-shares on June 26, 2025, repurchasing 302,500 shares for over 20 million yuan, marking the start of a 1 billion yuan buyback plan [2]. - The buyback aims to enhance shareholder value and restore investor confidence, with all repurchased shares to be canceled, thereby reducing registered capital [2][6]. - The total buyback amount since 2024 has reached 5 billion yuan, including the initial buyback plan for 2025 [4][13]. Shareholder Sell-offs - From 2019 to 2023, major shareholders and executives sold shares totaling over 40 billion yuan, raising concerns about the company's commitment to shareholder value [14][18]. - Specific instances of share sell-offs include significant transactions by various shareholders, with the largest being 12.53 billion yuan in 2019 and 10.83 billion yuan in 2020 [15][16]. Market Response and Performance - Despite the buyback efforts, the company's stock price continued to decline until a turning point in September 2024, influenced by easing geopolitical risks and positive policy changes [10][11]. - The company reported a strong recovery in Q1 2025, with revenues of 9.655 billion yuan, a year-on-year increase of 20.96%, and net profits of 3.672 billion yuan, up 89.06% [20]. - The growth was driven by improved operational efficiency and a significant increase in new orders, with total orders reaching 523.3 billion yuan, a 47.1% increase year-on-year [23]. Future Outlook - The management is optimistic about 2025, projecting a revenue growth of 10%-15%, with total revenue expected to reach 41.5-43 billion yuan [24]. - However, there are differing views among analysts regarding future growth, with some raising profit forecasts while others remain cautious due to ongoing geopolitical risks [24][25]. - The competitive landscape in the CXO industry is intensifying, with both traditional and emerging players posing challenges to WuXi AppTec's market share [24].