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2025 年 10 月 21 日 公司研究 毛利率稳步提升，费用率改善，25Q3 利润大幅增长 ——利安隆（300596.SZ）2025 年三季报点评 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,278 | 5,687 | 6,694 | 7,840 | 8,674 | | 营业收入增长率 | 9.00% | 7.74% | 17.71% | 17.12% | 10.63% | | 净利润（百万元） | 362 | 426 | 555 | 652 | 744 | | 净利润增长率 | -31.05% | 17.61% | 30.08% | 17.54% | 14.21% | | EPS（元） | 1.58 | 1.86 | 2.42 | 2.84 | 3.24 | | ROE（归属母公司)（摊薄） | 8.83% | 9.56% | 11.25% | 11.91% | 12.23% | | P/E | 26 | 22 | 17 | 14 | 12 | | P ...

Core Viewpoint - Zhongyin Securities report indicates that Lianhua Technology achieved a net profit attributable to shareholders of 224 million yuan in H1 2025, representing a year-on-year increase of 1,481.94% [1] Financial Performance - In Q2 2025, the company realized a net profit attributable to shareholders of 174 million yuan, showing a year-on-year increase of 1,419.69% and a quarter-on-quarter increase of 250.44% [1] - The company's revenue and net profit attributable to shareholders both experienced year-on-year growth in H1 2025, with a significant increase in net profit mainly due to cost reduction and efficiency enhancement efforts [1] Operational Efficiency - The substantial increase in net profit is attributed to the company's commitment to reducing costs and improving operational efficiency, as well as an increase in the capacity utilization rate of its plant protection business and adjustments in product structure, leading to higher gross margins [1] - The pharmaceutical business also saw significant growth due to concentrated shipments [1] Strategic Direction - The company plans to leverage its existing advantages in phosgene and fluorination synthesis technologies, forming a comprehensive "synthesis + engineering" technology approach [1] - There is an intention to extend into niche markets such as battery chemicals, focusing on market and customer expansion [1] Industry Outlook - The company is optimistic about the recovery in the plant protection industry and the orderly advancement of its product layout across various business segments, maintaining a "buy" rating [1]

基础化工 | 证券研究报告 — 调整盈利预测 2025 年 10 月 13 日 002250.SZ 买入 原评级：买入 市场价格:人民币 11.38 板块评级:强于大市 本报告要点 25H1 公司归母净利润同比大幅增长，植 保业务毛利率提升。看好公司所处植保 行业景气度回暖，各业务产品布局有序 推进，维持 买入 评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 109.2 1.6 7.1 102.5 相对深圳成指 76.8 (4.7) (18.6) 74.9 (11%) 24% 59% 94% 129% 163% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jul-25 Aug-25 Sep-25 Oct-25 联化科技 深圳成指 | 发行股数 (百万) | 911.33 | | --- | --- | | 流通股 (百万) | 906.53 | | 总市值 (人民币 百万) | 10,370.97 | | 3 个月日均交易额 (人民币 百万) | 674.43 | | 主要股东 | | | 牟金香 | 25.74% ...

Core Viewpoint - Hua Hong Semiconductor (01347) has seen a significant stock price increase, reaching a new high of 71.4 HKD, driven by a recent restructuring with Huahong Microelectronics to address IPO commitment-related competition issues [1] Company Summary - Hua Hong Semiconductor's stock rose nearly 8% in early trading, with a current price of 69.9 HKD and a trading volume of 1.641 billion HKD [1] - The restructuring with Huahong Microelectronics aims to enhance the company's 12-inch wafer foundry capacity, leveraging complementary technology platforms to provide a broader range of applications and specifications [1] Industry Summary - Goldman Sachs reported that Hua Hong's product average price has been declining since Q1 2023 due to increased global mature process capacity and slowing end-market growth [1] - Despite short-term price increases being limited, the company is beginning price negotiations with clients, with expectations of reflecting in Q3 2025 performance, supported by capacity utilization rates exceeding 100% from Q3 2024 to Q2 2025 [1] - The primary end markets have completed inventory adjustments, indicating a gradual and sustainable upward price trend in the future [1]

Core Viewpoint - Fuyao Glass (03606) shares rose over 4%, reaching a historical high of 79.45 HKD, driven by positive operational updates and earnings forecasts from UBS [1] Group 1: Operational Performance - Domestic factory capacity utilization reached approximately 87% this quarter, an increase of about 2 percentage points year-on-year and 3 percentage points quarter-on-quarter [1] - The capacity utilization of the first phase of the U.S. factory remains at a high level of around 80% [1] - The second phase of the U.S. factory is progressing well, with expected capacity utilization to reach about 40% in the second half of the year [1] Group 2: Cost and Profitability - Transportation costs in the third quarter have significantly decreased year-on-year, which will help improve profit margins [1] - UBS raised the company's earnings forecast for this year through 2030 by up to 13%, reflecting faster-than-expected new capacity increases and price adjustments in the U.S. market [1] Group 3: Pricing and Market Trends - The average selling price of automotive glass is expected to continue rising, driven by increased adoption of functional products in the domestic market, such as all-glass roofs, coated glass, and smart glass [1] - The contribution of high-value products is increasing with the realization of electric vehicle orders in the European market [1] - In the U.S. aftermarket, product prices have been raised to pass on most of the tariff increases, with the average selling price of products supplied from U.S. local factories increasing by 3% to 5% year-to-date [1]

Group 1: Company Performance and Strategy - The company reported Q1 2025 revenue of 124 million CNY and a net profit of 10.06 million CNY, indicating a focus on improving production capacity utilization [3] - The company aims to achieve a production capacity utilization rate of over 80% starting from Q2 2025, with current main production lines operating at full capacity [3] - The company is actively expanding its international brand client base while maintaining a focus on OEM services [3][4] Group 2: Product Development and Market Position - The market share and quarterly growth rate of wet wipes were discussed, with the company currently operating at an 80% capacity utilization rate for wet wipes production [3] - The company is exploring plans to expand the production capacity and product line for wet wipes [3] - There is an ongoing effort to develop proprietary brand business, although the company primarily focuses on OEM production at this stage [3] Group 3: U.S. Operations and Future Outlook - The U.S. factory is in the early stages of setup, including facility renovations and equipment installation, with production expected to commence by mid-2026 [3][4] - The company plans to enhance operational efficiency in the U.S. through automation and optimized management processes [3] - Investors are advised to be cautious due to potential uncertainties related to local government approvals and recruitment affecting the U.S. factory's production timeline [4]

Core Viewpoint - The company, 雷电微力, has reported an increase in production capacity utilization compared to last year, indicating positive operational performance and market engagement [1] Group 1: Production and Capacity - The company's production capacity utilization has improved compared to the previous year, reflecting enhanced operational efficiency [1] Group 2: Market Expansion Strategies - The company is focusing on multi-dimensional market expansion, continuing to deepen relationships with existing customers while iterating on products to enhance customer loyalty [1] - The company is actively seeking to acquire new customers by leveraging competitive products and services to stimulate demand [1] - The company is exploring new business areas such as satellite communication to identify additional growth opportunities for the future [1]

来源：金吾财讯 金吾财讯 | 中芯国际(00981)股价短线拉升，盘中涨近10%股价创新高，截至发稿，仍涨7.56%，报60.5 港元。 至于A股中芯国际(688981)盘中亦刷新股价新高，一度升逾17%，现价暂报115.67元，涨13.95%。 华通证券国际此前报告指出，第二季度，中芯国际的财务表现呈现出喜忧参半的局面。尽管公司营收达 到22.09亿美元，实现了16.2%的同比增长，但净利润却面临挑战。本季度归母净利润为1.32亿美元，同 比下降了19.5%，环比也下降了29.5%。与此同时，毛利率也从上一季度的22.5%下滑至20.4%。不过， 公司产能利用率大幅提升至92.5%，表明市场需求依然强劲，而营收增长主要得益于产能的持续扩张。 给予公司持有评级，预计2025年全年营业收入674.48亿人民币，增长16.7%，经营利润率为8.58%。25- 27年对应PE倍数分别为139.94、115.12、96.97倍。 ...

Core Viewpoint - The company reported a revenue of 292 million yuan for the first half of 2025, marking a year-on-year increase of 27.66%, but faced a net loss attributable to shareholders of 2.77 million yuan [1] Financial Performance - Revenue for the reporting period was 292 million yuan, reflecting a 27.66% year-on-year growth [1] - The net loss attributable to shareholders was 2.77 million yuan, with a net loss of 4.72 million yuan after excluding non-recurring gains and losses [1] - Basic loss per share was 0.02 yuan [1] Reasons for Performance - The primary reason for revenue growth but profit decline was the launch of the Zhuhai smart model factory, which incurred significant initial costs, leading to a loss of 11.54 million yuan [1] - The implementation of the 2025 restricted stock incentive plan resulted in additional share-based payment expenses of 3.95 million yuan [1] - Increased credit impairment losses on accounts receivable rose by 161.69 thousand yuan, and financial expenses increased by 151.97 thousand yuan [1] Capacity Utilization and Future Outlook - The company's capacity utilization rate has been gradually improving, with a 36.65% quarter-on-quarter revenue growth in the second quarter [1] - As production capacity increases, the company's profitability is expected to improve rapidly [1]