证券研究报告：有色金属 | 公司点评报告 发布时间：2025-08-26 兴业股票投资评级 买入 |维持 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -18% -9% 0% 9% 18% 27% 36% 45% 54% 63% 72% 兴业银锡 有色金属 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） | 42.38 | | --- | --- | | 总股本/流通股本（亿股）15.70 | / 15.70 | | 总市值/流通市值（亿元）665 | / 665 | | 52 周内最高/最低价 | 43.80 / 21.93 | | 资产负债率(%) | 8.2% | | 市盈率 | 25.84 | | 第一大股东 | 西藏藏格创业投资集团 | | 有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 兴业银锡(000426) 银 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][4] Core Views - The company reported a revenue of 7.9 billion with a year-on-year increase of 79.0%, while the net profit attributable to shareholders was 680 million, down 39.5% year-on-year [1] - The strong growth in revenue is attributed to strategic adjustments and domestic subsidy policies, while profitability is under pressure due to tariffs and increased marketing expenses [1][3] - The company expects net profit margins to stabilize and improve in the second half of the year as production capacity in Vietnam increases and profitability from new product lines improves [3][1] Revenue and Profitability - In H1 2025, the company's revenue from robotic vacuum cleaners grew approximately 60% to 6.4 billion, with Q2 growth around 50% [2] - The revenue from floor washing machines saw a significant increase of about 4 times to 1.1 billion in H1, with Q2 growth around 7 times [2] - The company is expanding its overseas channels, with expected growth in foreign sales revenue exceeding 50% in Q2, particularly in Europe and Asia-Pacific [2][3] Financial Forecasts - The company has adjusted its profit forecasts, expecting net profits of 2.02 billion, 2.73 billion, and 3.38 billion for 2025, 2026, and 2027 respectively, with growth rates of +2%, +35%, and +24% [4][3] - The projected revenue for 2025 is 18.07 billion, reflecting a growth rate of 51.2% [4] - The company's PE ratios for 2025, 2026, and 2027 are projected to be 23, 17, and 14 respectively [4]