开源证券股份有限公司余汝意,聂媛媛近期对毕得医药进行研究并发布了研究报告《公司信息更新报告： 2025H1业绩超预期增长，科学试剂业务表现亮眼》，给予毕得医药买入评级。 毕得医药(688073) 公司2025H1业绩超预期，上半年收入利润持续加速增长 2025H1，公司实现营业收入6.28亿元，同比增长17.91%；归母净利润0.73亿元，同比增长41.60%；扣非归 母净利润0.59亿元，同比增长22.60%。若剔除股份支付影响，2025H1公司净利润为0.90亿元，同比增长 70.60%。单看2025Q2，公司实现营业收入3.31亿元，同比增长22.86%；归母净利润0.43亿元，同比增长 65.78%；扣非归母净利润0.31亿元，同比增长36.20%。公司2025年上半年业绩表现亮眼，收入与利润均实 现持续加速增长。我们看好公司长期发展，维持公司2025-2027年盈利预测，预计归母净利润分别为 1.42/2.02/2.56亿元，EPS为1.56/2.22/2.82元，当前股价对应P/E分别为41.3/29.0/22.9倍，维持"买入"评级。 科学试剂业务表现亮眼，海外业务贡献提升 分业务看，2025H ...

上 市 公 司 环保 2025 年 08 月 24 日 光大环境 (00257) ——收入结构持续优化，中期派息略超预期 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 32,090 | 30,258 | 29,976 | 30,938 | 31,954 | | 同比增长率（%） | -14 | -6 | -0.9 | 3.2 | 3.3 | | 归母净利润（百万元） | 4,429 | 3,377 | 3,589 | 3,810 | 4,055 | | 同比增长率（%） | -4 | -24 | 6.3 | 6.2 | 6.4 | | 每股收益（元/股） | 0.72 | 0.55 | 0.58 | 0.62 | 0.66 | | 净资产收益率（%） | 9.20 | 7.01 | 29,976 | 30,938 | 31,954 | | 市盈率 | 5.9 | 7.8 ...

Group 1: Financial Performance - The company achieved a revenue of 8.86 billion yuan in the first half of 2025, showing a slight year-on-year increase [1] - Net profit attributable to shareholders surged to 910 million yuan, a year-on-year growth of 791.93%, largely due to non-recurring gains from the acquisition of Taiyanggu [1] - Excluding this factor, the net profit after deducting non-recurring items reached 376 million yuan, with a growth rate exceeding 300% [1] - Operating cash flow was strong at 1.43 billion yuan, reflecting a year-on-year increase of approximately 38% [1] Group 2: Sales Channels and Growth - C-end revenue grew over 30%, increasing its share to 15% of total revenue, with offline channels like KA systems performing particularly well [1] - B-end catering continued to grow at around 30% [5] - Export business, driven by the Russian market, saw growth exceeding 20%, with cooked products successfully entering the Hong Kong market [1] - The revenue structure is continuously optimizing, with deep processing product revenue growing significantly and surpassing 40% of total revenue, contributing to an overall gross margin increase of over 2 percentage points [1] Group 3: Cost Management and Efficiency - The company maintained good profitability due to significant cost control advantages, with meat production costs decreasing by over 10% [1] - Improvements in chicken performance and management practices contributed to cost reductions [6] - Strategic adjustments in sales channels have led to a decrease in the share of lower-value distribution channels, focusing more on high-value C-end and catering channels [5] Group 4: Future Outlook and Market Position - The integration of Taiyanggu is expected to contribute over 60 million breeding capacity and more than 80,000 tons of cooked food capacity annually [3] - The company holds approximately 20% market share in the domestic breeding chicken market, with plans for continued growth in exports [4] - The rapid growth in C-end sales is attributed to effective collaboration between online and offline strategies, leveraging market trends and strong product development capabilities [7] - Cash flow improvements are a result of ongoing financing structure enhancements and a focus on technological upgrades and channel optimization [8]