上 市 公 司 农林牧渔 2025 年 08 月 26 日 乖宝宠物 (301498) ——自有品牌提速带动营收高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 95.73 | | 一年内最高/最低（元） | 125.88/42.37 | | 市净率 | 8.6 | | 股息率%（分红/股价） | 0.52 | | 流通 A 股市值（百万元） | 17,138 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 11.11 | | 资产负债率% | 14.94 | | 总股本/流通 A 股（百万） | 400/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06 ...

久立特材（002318.SZ） 季度业绩显著改善，高增趋势有望延续 证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 投资建议。公司专注中高端不锈钢管制造，产能扩张带动产销规模持续增长， 下游需求持续向好有效支撑其盈利释放，产品加速高端化迭代有望支撑其估 值走高，我们预计公司 2025 年~2027 年实现归母净利分别为 18.1 亿元、20.3 亿元、22.7 亿元，对应 PE 为 12.2、10.9、9.7 倍，维持"买入"评级。 事件：公司发布 2025 年半年度报告。公司上半年实现营业收入 61.05 亿元， 同比增长 26.39%；归属于母公司所有者的净利润 8.28 亿元，同比增长 28.48%；基本每股收益 0.87 元，同比增长 29.85%。 季度业绩显著改善，主业利润持续高增。公司 2025Q2 实现归母净利 4.38 亿 元，同比增长 38.74%，环比增长 12.66%，实现扣非归母净利 3.94 亿元，同 比增长 25.95%，环比下降 0.02%；2025 年上半年扣除联营企业投资收益后 归属于上市公司股东的净利润 8.04 亿元，同比增长 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on August 20, 2025 [6]. Core Insights - The company reported a revenue of 28.944 billion yuan for H1 2025, a year-on-year decrease of 14.06%, while the net profit attributable to shareholders was 1.463 billion yuan, an increase of 18.63% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 14.592 billion yuan, a year-on-year decrease of 13.18% but a quarter-on-quarter increase of 1.66%. The net profit for Q2 was 0.885 billion yuan, showing a year-on-year increase of 30.21% and a quarter-on-quarter increase of 52.94% [1][2]. Summary by Sections Sales and Profitability - Product sales increased quarter-on-quarter, with Q2 2025 steel sales reaching 2.372 million tons, an 11.90% increase from the previous quarter, although down 5.8% year-on-year. The increase was primarily driven by sales of medium-thick plates [2]. - The gross margin for Q2 2025 was 14.52%, up 2.52 percentage points year-on-year and 2.73 percentage points quarter-on-quarter, despite a slight decrease in sales prices for various steel products [2]. Future Outlook - The company is focusing on high-end products to drive quality growth, with advanced steel material sales reaching 1.3372 million tons in H1 2025, accounting for 29.77% of total steel product sales, an increase of 2.64 percentage points year-on-year [3]. - The company is also extending its industrial chain, having acquired exploration rights for the Fanqiao mine and established a production line for ultra-pure iron powder, marking a breakthrough in key technologies in the permanent magnet materials sector [4]. Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 2.798 billion yuan, 3.023 billion yuan, and 3.440 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 10x, 10x, and 8x [4][5].

Group 1: Industry Overview - The air conditioning industry in Malaysia experienced a significant decline in consumer sentiment in Q1, with sales dropping compared to the same period last year due to lower temperatures, a tightening consumer market, rising electricity costs, and inventory pressure on distributors [1] - Many brands in the air conditioning sector saw a decrease in market share, highlighting the overall industry pressure [3] Group 2: Company Performance - Haier is one of the few brands in the air conditioning sector that maintained growth, with its market share increasing from 15.1% in Q1 2024 to 16.7% in Q1 2025 [3] - Haier's refrigerator sales revenue grew by 46% year-on-year in Q1, with multi-door and TM700 models showing the largest increases of 43% and 198%, respectively [3] - The success of Haier is attributed to its long-term strategic planning, product innovation, and user-oriented philosophy [3] Group 3: Product Strategy - Haier's high-end variable frequency product line has become a key driver of growth in Malaysia, reflecting the company's early commitment to high-end products [4] - The UV Color series air conditioners are designed to meet the needs of tropical climates, emphasizing antibacterial, dehumidifying, and energy-saving features [4] - Haier's focus on value-driven growth rather than price competition has led to the popularity of its high-end products [4] Group 4: Market Position in Freezer Segment - Haier holds over 40% market share in the freezer segment in Malaysia, maintaining a leading position in the industry [5] - The company's growth in the freezer market is supported by its channel strategy and product innovation, targeting specific user groups such as the Chinese community and small businesses [7] - Haier's product offerings in the freezer segment include high-end features like convertible refrigeration and smart temperature control, making them preferred choices in various market scenarios [7] Group 5: User Experience and Brand Value - Haier has a leading advantage in the field of user experience, which has been a significant factor in its growth despite market challenges [9] - The company has built trust in the Malaysian market through product quality, responsive service, and a comprehensive distribution network [10] - Haier's approach emphasizes "value creation" over "price-driven" strategies, demonstrating a replicable model for growth even in a declining market [10]

公司研究 证 券 研 究 报 告 恒立液压（601100）2024 年报及 2025 年一季报点评 强推（维持） 业绩符合预期，看好下游复苏以及新业务放量 事项： 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 93.9 亿 元，同比增长 4.51%，归母净利润 25.1 亿元，同比增长 0.40%，扣非归母净利 润 22.8 亿元，同比下降 6.61%。2025 年一季度实现营业总收入 24.2 亿元，同 比增长 2.56%，归母净利润 6.2 亿元，同比增长 2.61%，扣非归母净利润 6.8 亿 元，同比增长 16.42%。 评论： 基础件 2025 年 05 月 01 日 目标价：96.4 元 当前价：73.71 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 公司基本数据 | 总股本(万股) | 134,082.10 | | --- | --- | ...