丨证券研究报告丨 公司研究丨点评报告丨太平鸟（603877.SH） [Table_Title] 太平鸟 2025H1 业绩点评：渠道&折扣调整下业 绩短期承压，期待后续高质量增长 报告要点 [Table_Summary] 短期，预计伴随公司渠道调整推进、零售逐步改善以及加盟毛利修复，控费力增强下后续利润 增速有望回升。长期，伴随公司架构调整，经营质量以及利润弹性将显著提升。公司亦由之前 的零售高增驱动的利润弹性，切换至重内功驱动的利润弹性，更为持续且稳健。预计 2025/2026/2027 年公司归母净利润为 2.0/2.5/2.8 亿元，PE 为 35/28/25X，维持"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 太平鸟（603877.SH） cjzqdt11111 [Table_Title 太平鸟 2025H1 2] 业绩点评：渠道&折扣调整下业 绩短期承压，期待后续高质量增长 [ ...

Company Overview - 大洋集团 is a leading integrated service provider in silicone raw material production and processing, established in 1991 and listed in 2007 [3][4] - The company specializes in the design, research, and manufacturing of silicone products used in consumer electronics, automotive components, and medical devices, with a strong client base including Apple, Huawei, and Philips [4] Financial Performance - For the fiscal year ending December 31, 2024, 大洋集团 reported total revenue of 898 million yuan, a decrease of 20.08% year-on-year [2] - The company recorded a net loss attributable to shareholders of 58.93 million yuan, although this represents a year-on-year increase of 27.72% [2] - The gross profit margin stood at 12.02%, with a high asset-liability ratio of 95.07% [2] Market Position - As of the latest data, 大洋集团's price-to-earnings (P/E) ratio is -1.42, ranking it 184th in the industrial engineering sector, which has an average P/E ratio of 16.69 [3] - The company has experienced a cumulative decline of 21.25% over the past month and 37.79% year-to-date, underperforming the Hang Seng Index by 19.99% [2] Strategic Initiatives - The company is actively pursuing innovation and expansion in its core manufacturing sector, exploring new growth areas in locations such as Beijing and Hainan [3][4] - 大洋集团 is also developing a health and wellness industry project, including a high-end residential and vacation center in Yalong Bay [3] Recent Developments - On July 3, 2025, the company plans to issue 28.66 million new shares, representing 16.66% of the enlarged share capital, at a price of 1.20 HKD per share, reflecting a discount of 90.48% compared to the previous closing price [5]