顺丰（31.8%）>圆通（13.6%）>申通（9.5%）>韵达（3.6%）。 顺丰（28.3%）>圆通（19.4%）>申通（17.1%）>韵达（13.0%）。 继续重点推荐我们近期先后上调评级至"强推"的 核心指标追近龙头，A股电商快递中质地最优，看好反内卷下业绩强弹性。 申通（14.9%）=圆通（14.9%）>顺丰（14.2%）>韵达（4.1%）。 申通（14.8%）>圆通（13.5%）>顺丰（11.7%）>韵达（6.6%）。 申通2.12元，同比+5.0%（+0.10元），环比+2.9%（+0.06元），环比7月+7.6%（+0.15元）； 韵达2.02元，同比+0.5%（+0.01元），环比+5.2%（+0.10元），环比7月+5.8%（+0.11元）； 圆通2.21元，同比+1.1%（+0.03元），环比+2.8%（+0.06元），环比7月+6.3%（+0.13元）； 顺丰13.87元，同比-13.3%（-2.13元），环比+4.5%（+0.60元），环比7月+2.4%（+0.32元）。 申通2.02元，同比-2.0%（-0.04元）；韵达1.94元，同比-5.7%（-0.12元）；圆通2.18元，同 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by improved supply-demand dynamics in the fiberglass industry and effective operational strategies [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 9.109 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 1.687 billion yuan, up 75.51% [1]. - For Q2 2025, total revenue was 4.630 billion yuan, reflecting a year-on-year growth of 6.28%, with a net profit of 957 million yuan, an increase of 56.58% [1]. - The mid-year profit distribution plan includes a cash dividend of 1.70 yuan per 10 shares, totaling 680 million yuan, which accounts for 40.34% of the net profit [1]. Group 2: Industry Dynamics - The fiberglass industry has seen improvements in supply and demand, with leading companies optimizing production capacity and product structure, moving away from intense competition [1]. - Demand from key downstream applications, such as wind power and thermoplastics, has increased, leading to a notable rise in fiberglass product prices [1]. Group 3: Operational Strategies - The company is capitalizing on the structural growth opportunities in the wind power market and continuously optimizing its product mix [1]. - The marketing strategy focuses on "increment, stable price, recovery price, and price adjustment," effectively achieving simultaneous growth in volume and price for fiberglass yarn and electronic cloth [1]. - The company is advancing the construction of production bases to enhance quality, efficiency, and stable sales growth [1]. Group 4: Profitability and Competitive Advantage - The company's gross margin improved by 10.71 percentage points to 32.21%, benefiting from multiple rounds of price increases [2]. - The comprehensive expense ratio decreased by 1.29 percentage points, while the net profit margin increased by 6.54 percentage points to 19.30%, indicating a significant recovery in profitability [2]. - The company maintains a leading position in the fiberglass industry, with strong scale and cost advantages, and is focused on high-end product transformation [2]. Group 5: Future Outlook - Earnings per share (EPS) are projected to be 0.80 yuan, 0.91 yuan, and 1.06 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 18x, 16x, and 13x [3]. - The ongoing trend of price stabilization and recovery in the industry is expected to support the company's earnings resilience, maintaining a "buy" rating [3].