旺能环境：厚植固废处理行业，出海&数据中心协同带 来新生机 —旺能环境（002034.SZ）公司首次覆盖报告 2025 年 8 月 25 日 证券研究报告 公司研究 [公司首次覆盖报告 Table_ReportType] [Table_StockAndRank] 旺能环境(002034) 投资评级 买入 [Table_Chart] -20% 0% 20% 40% 60% 24/08 24/12 25/04 旺能环境 沪深300 资料来源：聚源，信达证券研发中心 邮 箱：wuboying@cindasc.com [Table_BaseData ] 公司主要数据 收盘价（元） 18.19 52 周内股价波动区间 (元) 20.44-13.15 最近一月涨跌幅(％) 4.72 总股本(亿股) 4.34 流通 A 股比例(％) 78.94 总市值(亿元) 45.26 资料来源：聚源，信达证券研发中心 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [旺能环境：厚植固废处理行业，出海 Table_Title] &数据中心协同带 ...

梅花生物（ [Table_StockNameRptType] 600873） 公司点评 25H1 盈利水平显著提升，出海战略稳步推进 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-25 | | [Table_BaseData] 收盘价（元） | 11.04 | | 近 12 个月最高/最低（元） | 11.95/8.72 | | 总股本（百万股） | 2,853 | | 流通股本（百万股） | 2,853 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 315 | | 流通市值（亿元） | 315 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -4% 12% 28% 44% 8/24 11/24 2/25 5/25 梅花生物 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 ...

2025 年上半年公司主要产品鲜味剂板块实现营收35.7 亿元，同比-8.1%，营收占比29%；饲料氨基酸板 块实现营收56.6 亿元，同比+3.4%，营收占比46%；医药氨基酸板块实现营收2.5 亿元，同比-1.0%，营 收占比2%；大原料副产品板块实现营收18.9 亿元，同比-1.2%，营收占比15%；其他产品板块实现营收 9.2 亿元，同比-18.7%，营收占比7%。造成上半年各板块表现分化的原因主要为上半年尽管味精产品因 为产能释放带来业绩增长，但销售均价同比下降明显，同时饲料氨基酸板块98%赖氨酸销量增长，70% 赖氨酸实现量价齐增。 归因方面，二季度产品价格下行叠加玉米价格阶段性抬升，导致公司利润环比下滑。二季度来看，氨基 酸产品价格环比出现不同程度下滑，其中，98.5%赖氨酸由于反倾销影响，出口量有所减少，进而导致 国内市场的供应压力增加，二季度市场均价8.3 元/公斤，环比-16.0%，环比下滑最为明显；苏氨酸Q2 市场均价10.2 元/公斤，环比-3.6%；缬氨酸Q2 市场均价13.7 元/公斤，环比-8.6%。同时，原料方面， 2025 年上半年受基层售粮进度加快、产区库存同比下降等因素影 ...

根据公司经营数据披露，25H1 鲜味剂、饲料氨基酸、医药氨基酸、大原料副产品、其他各板块分别实 现营收35.66、56.60、2.47、18.89、9.18 亿元，同比分别变动-8%、+3%、-1%、-1%、-19%。其中25Q2 鲜味剂、饲料氨基酸、医药氨基酸、大原料副产品、其他各板块分别实现营收17.56、27.21、1.25、 9.52、4.57 亿元，环比分别变动-3%、-7%、+3%、+2%、-1%。根据博亚和讯以及百川资讯数据，25Q2 公司主要产品：1）味精： 均价7229 元/吨（YoY-9%，QoQ+1%），价差（味精-2*玉米）平均2535 元/吨（YoY-17%，QoQ- 9%）；2）98.5%赖氨酸：均价8.26 元/公斤（YoY-21%，QoQ-16%），价差（赖氨酸-2.5 玉米）平均 2.40 元/公斤（YoY-45%，QoQ-45%）；3）70%赖氨酸：均价5.44元/公斤（YoY+0%，QoQ+1%），价 差（赖氨酸-1.8 玉米）平均1.20 元/公斤（YoY+15%，QoQ-15%）；4）苏氨酸：均价10.22 元/公斤 （YoY-1%，QoQ-4%），价差（苏氨酸-2. ...

Core Insights - The company reported a revenue of 1.473 billion yuan and a net profit of 105 million yuan for the first half of 2025, demonstrating strong operational resilience amid global economic changes and evolving consumer demands [1] - The company emphasizes a strategy centered on quality and innovation, achieving a 28.70% year-on-year increase in operating cash flow and an 8.46% decrease in operating costs [1] Youth Strategy and Market Penetration - The company targets the young demographic by focusing on "University Town + Large Factory Canteen" scenarios to enhance market penetration among young consumers [2] - It has established a systematic planning and rapid execution approach to build advantages in the college market, optimizing product offerings based on demand and enhancing customer loyalty through online and offline activities [2] Product Innovation and Marketing - The company continuously innovates its product offerings to cater to the tastes of younger consumers, launching new products monthly, such as the tea-marinated series inspired by Minnan tea culture [4] - It invests in digital marketing strategies, including live streaming and promotional vouchers, to create a seamless online and offline shopping experience [4] Quality Assurance and Supply Chain Management - The company maintains a robust quality management system across its supply chain, partnering with leading suppliers to ensure the quality and safety of raw materials [5] - It has implemented modern electronic information management systems to optimize supply chain efficiency and ensure product freshness through real-time order processing and inventory management [7] Global Expansion Strategy - The company is advancing its overseas expansion strategy, establishing a presence in North America through partnerships with Chinese supermarkets and direct store openings [8] - It aims to promote Chinese marinated food culture internationally, enhancing brand value and cultural influence through culinary experiences [11] Future Outlook - The company plans to enhance its product offerings, supply chain efficiency, and brand experience to achieve its vision of becoming a global leader in marinated food [11]

Core Viewpoint - The company reported a revenue of 308 million yuan for the first half of 2025, reflecting a year-on-year increase of 3.79%, while the net profit attributable to shareholders reached 1 million yuan, up 103.63% year-on-year [1]. Financial Performance - The company achieved a revenue of 187 million yuan from industrial leak detection instruments, a year-on-year increase of 7.34%. Revenue from environmental monitoring instruments was 73 million yuan, down 17.59% year-on-year. Laboratory analysis instruments generated 26 million yuan, up 43.83% year-on-year, while other businesses contributed 21 million yuan, up 40.10% year-on-year [2]. - In Q2 2025, the company reported a revenue of 174 million yuan, a year-on-year decrease of 4.47% but a quarter-on-quarter increase of 29.30%. The net profit attributable to shareholders was 6 million yuan, up 36.74% year-on-year and 219.21% quarter-on-quarter [2]. - The gross profit margin for H1 2025 was 49.86%, an increase of 2.78 percentage points year-on-year. The Q2 gross profit margin was 49.73%, up 3.41 percentage points year-on-year but down 0.31 percentage points quarter-on-quarter [2]. Expense Management - The company’s expense ratio for H1 2025 was 53.28%, a decrease of 8.11 percentage points year-on-year. The sales, management, R&D, and financial expense ratios were 22.74%, 7.41%, 22.59%, and 0.55%, respectively, with year-on-year changes of -2.39, -1.51, -4.58, and +0.37 percentage points [3]. Business Development - The industrial detection instruments and solutions segment is focusing on product leadership in the new energy sector and exploring growth in semiconductors and overseas markets. A joint laboratory agreement was signed with Hefei Comprehensive National Science Center for collaborative research [4]. - The online monitoring instruments segment is transitioning towards digitalization, targeting pollution source and environmental monitoring opportunities in industries such as oil, chemicals, and steel [4]. - The laboratory analysis instruments segment is concentrating on drinking water testing and has made progress in earthquake system layouts, while also engaging in university equipment updates [4]. - In the medical instruments segment, the company has made significant advancements in minimally invasive surgical instruments and has successfully registered several medical devices [5]. International Expansion - The company has expanded its international presence, with products sold in over 20 countries and regions. An office has been established in Thailand, and a network of overseas distributors is being developed. Revenue from overseas business in H1 2025 was 8.72 million yuan, a year-on-year increase of 59.13% [6]. Future Outlook - Revenue forecasts for 2025-2027 have been adjusted, with expected revenues of 854 million, 1.02 billion, and 1.21 billion yuan, reflecting year-on-year growth rates of 15.4%, 19.4%, and 19.0%. Net profit forecasts for the same period are 59 million, 79 million, and 106 million yuan, with year-on-year growth rates of 307.5%, 35.3%, and 33.1% [7].

未经许可，不得转载或者引用。 | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7.137 | 10,158 | 12.699 | 15.556 | 18.714 | | 同比 (%) | 26.59 | 42.33 | 25.02 | 22.50 | 20.30 | | 归母净利润(百万元) | 464.82 | 651.36 | 898.57 | 1.130.19 | 1.404.37 | | 同比 (%) | 22.17 | 40.13 | 37.95 | 25.78 | 24.26 | | EPS-最新摊薄(元/股) | 0.89 | 1.24 | 1.71 | 2.15 | 2.68 | | P/E(现价&最新排薄) | 35.86 | 25.59 | 18.55 | 14.75 | 11.87 | 投资要点 公告要点： 公司发布2025年半年报。2025Q2公司实现营业收入28.22亿元，同环比+28.10%/+13.36%；归母 净 利 ...

Group 1: Company Overview and Financial Performance - The company achieved operating revenue of 760.81 million yuan, a year-on-year increase of 10.83% [1] - Net profit attributable to shareholders reached 115.12 million yuan, up 8.35% from the previous year [1] - The net profit after excluding non-recurring gains and losses was 103.23 million yuan, reflecting a growth of 9.26% [1] - The blood purification segment generated 625.59 million yuan in revenue, accounting for 82.23% of total revenue, with a growth of 19.73% [1][2] - Revenue from drug delivery devices decreased by 15.06% to 82.41 million yuan, representing 10.83% of total revenue [2] - Revenue from cardiothoracic surgery products was 34.98 million yuan, a slight increase of 0.74%, making up 4.60% of total revenue [2] Group 2: International Expansion and Market Strategy - The company has successfully registered products in Indonesia, Peru, and Mexico, and is advancing certification in Turkey, Vietnam, and Brazil [3] - Overseas revenue reached 187 million yuan, a significant increase of 67.30% year-on-year [3] - Blood purification product exports generated 165 million yuan, accounting for 88% of total export revenue, with an increase of 83.84% [3] - The company focuses on emerging markets along the "Belt and Road" initiative, which have large and growing populations [3] Group 3: Product Development and Market Position - The company has a high capacity utilization rate for blood dialysis products and is expanding production capabilities [6] - Plans to raise up to 530 million yuan through convertible bonds to fund production expansion projects [6] - The company has developed a new high-performance blood dialysis device and is enhancing its product line to meet market demands [6][8] - The wet membrane dialysis device has been approved and is expected to improve patient experience and reduce allergic reactions [7] Group 4: Competitive Landscape and Regulatory Environment - The company has successfully participated in regional procurement for blood dialysis products, strengthening its market position [4] - Recent procurement regulations in Henan province will provide stable sales channels and opportunities for new product registrations [5] - The company is adapting to increased competition in the drug delivery device market, with a focus on product innovation and safety [9]

从品类表现看，"业绩支柱"辣卤零食上半年贡献了13.2亿元、约45%的营收，同比增长47.05%，是拉动整体营收增长的核心动力。但细分数据显示，这一增 长高度依赖其中的休闲魔芋制品——收入7.9亿元，同比大增155.1%；其他如休闲豆制品增长12.71%，而肉禽制品及其他辣卤零食均呈现双位数下滑。 去年，公司推出的麻酱素毛肚成为现象级单品，推动魔芋品类快速起量。有研报指出，盐津铺子的魔芋已接近卫龙一半体量。 左宇 摄 其他品类中，果干果冻收入4.28亿元，深海零食收入3.63亿元，蛋类零食实现营收3.09亿元，均存在不同程度的增长，但烘焙薯类出现了明显下滑，营收4.59 亿元，同比下降18.42%。 8月20日晚，盐津铺子（002847）发布2025年半年报。 报告期内，公司实现营收29.41亿元，同比增长19.58%；归母净利润为3.73亿元，同比增长16.7%。若从增长表现来看，这是其近三年营收、利润指标增速最 差的中报，2023年及2024年中期，盐津铺子营收同比增速分别为56.54%、29.84%，归母净利润增速为90.69%、30%，增长动能显露出放缓迹象。 盐津铺子聚焦辣卤零食、烘焙薯类、深海零食 ...

报告期内，公司实现营收29.41亿元，同比增长19.58%；归母净利润为3.73亿元，同比增长16.7%。若从 增长表现来看，这是其近三年营收、利润指标增速最差的中报，2023年及2024年中期，盐津铺子营收同 比增速分别为56.54%、29.84%，归母净利润增速为90.69%、30%，增长动能显露出放缓迹象。 盐津铺子聚焦辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果以及蒟蒻果冻布丁等六大品类，目 前拥有"盐津铺子"主品牌及休闲魔芋零食"大魔王"、深海零食品牌"31°鲜"、蛋类零食"蛋皇"、蒟蒻果冻 品牌"蒟蒻满分"等品牌。 从品类表现看，"业绩支柱"辣卤零食上半年贡献了13.2亿元、约45%的营收，同比增长47.05%，是拉动 整体营收增长的核心动力。但细分数据显示，这一增长高度依赖其中的休闲魔芋制品——收入7.9亿 元，同比大增155.1%；其他如休闲豆制品增长12.71%，而肉禽制品及其他辣卤零食均呈现双位数下 滑。 去年，公司推出的麻酱素毛肚成为现象级单品，推动魔芋品类快速起量。有研报指出，盐津铺子的魔芋 已接近卫龙一半体量。 其他品类中，果干果冻收入4.28亿元，深海零食收入3.63亿元，蛋类 ...