丨证券研究报告丨 公司研究丨点评报告丨中国中车（601766.SH） [Table_Title] 中国中车 25H1 点评：上半年业绩高增，多业务 景气向上 报告要点 [Table_Summary] 中国中车发布 2025 年半年度报告，Q2 归母净利润和扣非净利润高增。25Q1 报表已显示公司 营收利润、存货订单等各项指标继续向好，整体经营持续改善；Q2 业绩再超预期显示出轨交装 备行业景气。展望 25 年全年，动车组业务将继续增长，且机车业务同比改善，叠加城轨和新产 业的发展，公司经营持续向上。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国中车（601766.SH） cjzqdt11111 [Table_Title 中国中车 25H1 2] 点评：上半年业绩高增，多业务 景气向上 [Table_Summary2] 事件描述 中国中车发布 2025 年半 ...

事件：公司发布2025 年中报业绩。25H1 公司实现营业收入122.14 亿元，同比增长17.95%；实现归母净 利润16.72 亿元，同比增长12.93%；实现扣非归母净利润15.88 亿元，同比增长37.04%。Q2 单季度收入 76.77 亿元，同比/ 环比增长19.88%/69.22% ； 归母净利润10.40 亿元， 同比/ 环比增长12.63%/64.79%； 扣非归母净利润9.91 亿元，同比/环比增长42.02%/65.94%。 公司宜兴三期产线已于今年6 月底达产，半导体业务收入及盈利能力有望加速提升。公司两大业务板块 景气持续，有望共筑全年业绩增长。 投资建议：公司轨交装备业务有望受益铁路高景气+轨交维保需求陆续释放+老旧内燃机车更新，新兴 装备仍处高速成长阶段。预计公司2025-2027 年将分别实现归母净利润43.57 亿元、47.75 亿元、51.87 亿元，对应EPS 为3.21、3.52、3.82 元，对应PE 为15 倍、14 倍、13 倍，维持推荐评级。 风险提示：固定资产投资不及预期的风险，新产品拓展不及预期的风险，市场竞争加剧的风险等。 轨交装备增长稳健，新兴装备快速发 ...

申万宏源证券承销保荐有限责任公司 关于四川华丰科技股份有限公司 序 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源"或"保荐机构"） 作为四川华丰科技股份有限公司（以下简称"华丰科技"或"公司"）首次公开发行 股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等相关规定，负责华丰科技上市后的持续督导工 作，并出具本持续督导半年度跟踪报告。 一、持续督导工作情况 工作内容 持续督导工作情况 建立健全并有效执行持续督导工作制度，并 保荐机构已建立健全并有效执行了持 划。 作制定了相应的工作计划 根据中国证监会相关规定，在持续督导工作 保荐机构已与华丰科技签订《保荐协 开始前，与上市公司或相关当事人签署持续 议》该协议明确了双方在持续督导期 督导协议，明确双方在持续督导期间的权利 间的权利和义务，并已报上海证券交 义务，并报上海证券交易所备案。 易所备案 保荐机构通过日常沟通、定期或不定 通过日常沟通、定期回访、现场检查、尽职 期回访、现场检查、尽职调查等方 调查等方式开展持续督导工作。 式，了解华丰科技经营情况，对华丰 科技开展了持续督导工作 持续督 ...

证券研究报告 时代电气 (3898 HK/688187 CH) 港股通 1H25 轨交维修/半导体需求稳健向上 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 半导体 公司 1H25 实现营业收入 122.14 亿元（yoy+17.95%），其中轨道交通业务 收 入 69.11 亿 元 （ yoy+12.58% ） ， 新 兴 装 备 业 务 收 入 52.44 亿 元 （yoy+25.88%）。归母净利润 16.72 亿元（yoy+12.93%）。公司收入与利 润的增长主要得益于轨交检修、功率器件（特别是高压器件）以及新能源发 电板块需求增长。展望下半年，随着国铁大修和新增动车组招标需求高峰期 持续，以及公司在高压功率器件、新能源发电、深海装备领域逐步实现订单 突破，我们认为公司业绩将保持稳健增长。维持"买入"评级，给予 A/H 股目标价 63.58 元/49.30 港币。 | (港币/人民币) | 3898 HK 688187 CH | | | --- | --- | --- | | 目标价 | 49.30 | 63.58 | | 收盘价 (截至 8 月 22 日) | 39.08 ...

Core Viewpoint - The second round of bidding for CRRC's high-speed trains has reached 210 sets, indicating a stable outlook for high-speed rail and components industry investment opportunities [1][2]. Group 1: Bidding and Investment - In 2025, the second round of bidding for the Fuxing high-speed trains includes 210 sets, representing a year-on-year increase of 13% compared to the previous year [2]. - The total bidding for 2025, including the first round of 68 sets, amounts to 278 sets, which is a 13.5% increase from the total of 245 sets in 2024 [2]. Group 2: Railway Investment and Performance - From January to July 2025, national railway fixed asset investment grew by 5.6%, with a total investment of 433 billion yuan [3]. - Passenger traffic showed steady growth, with 2.691 billion passengers transported from January to July 2025, a 6.7% increase year-on-year [3]. - In July 2025, the railway transported 455 million passengers, reflecting a 6.6% year-on-year increase [3]. - For freight, in July 2025, 45.2 million tons were transported, marking a 4.5% increase year-on-year [3]. Group 3: Key Company Updates - CRRC signed contracts worth over 30 billion yuan from May to July 2025, with significant contracts in urban rail vehicles and maintenance [4]. - China Railway Signal & Communication Corp recently won contracts totaling approximately 1.431 billion yuan, accounting for about 4.41% of its 2024 revenue [4].

Group 1 - The core point of the article is that the company, 雷尔伟, announced the approval of a proposal to continue using part of its idle raised funds and self-owned funds for cash management [2] Group 2 - The decision was made during the eighth meeting of the third board of directors [2] - The announcement was made on the evening of August 1 [2]

Group 1: Company Performance and Growth - The company has seen steady progress in its operations during the first half of the year, with significant revenue growth needed to meet the 2025 performance targets [3] - The company aims to enhance its operational performance through domestic and international market expansion and continuous technological innovation [3] - The gross profit margin is expected to improve due to the rail transit business, with ongoing efforts to increase market share and profitability [3][4] Group 2: Business Segments and Strategies - The decline in revenue from the building decoration business is attributed to external environmental factors, with plans to innovate and upgrade equipment to meet customer needs [4] - The company is focusing on the development of sandwich lightweight composite materials, which align with national carbon neutrality strategies and are gaining traction in the rail transit and construction sectors [4] - Future overseas revenue and orders are projected to grow, with plans to strengthen the overseas marketing network and increase new product development [4] Group 3: Future Outlook and Strategic Initiatives - The company plans to concentrate on its core business of sandwich lightweight composite materials, aiming for multi-field applications and enhanced market presence [5] - There is a commitment to digital and intelligent transformation to improve management efficiency and promote sustainable high-quality development [5] - The company is cautious about expanding into a second core business or pursuing acquisitions, focusing on steady and sustainable growth while evaluating risks and opportunities [5]

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766.SH) [8] Core Views - The company has announced a significant increase in expected net profit for the first half of 2025, projecting a range of CNY 6.722 billion to CNY 7.562 billion, representing a year-on-year growth of 60% to 80% [6][11] - The second quarter of 2025 has shown performance exceeding expectations, indicating a continued upward trend in the rail transit equipment industry [2][11] - The overall business outlook for 2025 remains positive, with growth anticipated in the high-speed train segment and improvements expected in the locomotive business, alongside developments in urban rail and new industries [2][11] Summary by Sections Financial Performance - For the first half of 2025, the company expects a net profit increase of CNY 2.521 billion to CNY 3.361 billion compared to the previous year, with a projected net profit of CNY 6.722 billion to CNY 7.562 billion [6] - The second quarter is expected to yield a net profit of CNY 3.67 billion to CNY 4.51 billion, marking a year-on-year increase of 15% to 41% [11] Market Outlook - The railway market is experiencing a favorable environment, with fixed asset investment in railways continuing to grow, reaching CNY 242.1 billion in the first five months of the year, a 5.9% increase year-on-year [11] - Passenger traffic has also reached historical highs, with 1.86 billion passengers transported, a 7.3% increase year-on-year [11] Business Development - The company has completed significant deliveries in Q2, including high-speed trains and locomotives, which have contributed to revenue and profit growth [11] - The report anticipates a busy bidding season for railway projects in Q3, with expectations for new tenders in high-speed trains and urban rail [11]

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and shipbuilding sectors, emphasizing the importance of new technology iterations in lithium battery equipment opportunities [1]. Core Insights - The engineering machinery sector shows resilience in domestic sales and continued high demand for exports, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13% [2]. - The shipbuilding industry is experiencing a recovery in sentiment, with a significant increase in the order backlog, and Chinese shipbuilding companies are expected to see substantial profit growth in the first half of 2025 [3]. - The solid-state battery equipment sector is in a trial production phase, with equipment manufacturers actively validating and iterating technologies, anticipating a large-scale verification period in the second half of 2025 [3][20]. - The railway transportation sector is benefiting from steady growth in fixed asset investment, with China Railway's profits expected to increase significantly in the first half of 2025 [4]. Summary by Sections Engineering Machinery - Domestic excavator sales in June 2025 reached 8,136 units, a 6% year-on-year increase, while exports totaled 10,668 units, up 19% [2]. - The sector is expected to maintain considerable growth due to government funding and increasing demand from emerging markets [2]. Shipbuilding Industry - The new ship price index remains high, with a 20% year-on-year increase in the order backlog [3]. - Chinese shipbuilding companies are projected to achieve net profits of 2.8 to 3.1 billion yuan in the first half of 2025, marking a year-on-year growth of 98% to 119% [3]. Solid-State Battery Equipment - The solid-state battery sector is expected to enter a large-scale verification phase in late 2025, with significant demand for new equipment arising from the transition to dry processing methods [20][21]. - Key players in the solid-state battery equipment market include leading suppliers like Xian Dao Intelligent and Hangke Technology [22]. Railway Transportation - As of May 2025, China's railway fixed asset investment reached 242.1 billion yuan, a 6% year-on-year increase [4]. - China Railway is expected to report a net profit of 6.72 to 7.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 60% to 80% [4].

Group 1: Macro Overview - The 2025 Lujiazui Forum focused on "Financial Openness and High-Quality Development in the Context of Global Economic Changes," highlighting global financial governance, extensive financial openness, capital market support for technological innovation, and a comprehensive foreign exchange innovation policy [2][11]. - The forum emphasized the need for international financial organizations to enhance the representation of emerging markets and developing countries, and to innovate structural monetary policy tools [3][11]. Group 2: Financial System and Openness - China's financial high-level openness has vast prospects, focusing on expanding consumer demand, promoting fintech, strengthening green finance, and enhancing pension finance [3][12]. - The report outlines ten facilitation policies for foreign exchange management, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [4][13]. Group 3: Capital Market and Technology Innovation - The introduction of the "1+6" policy measures aims to deepen reforms in the Sci-Tech Innovation Board, including the establishment of a growth layer for unprofitable companies and the introduction of seasoned professional investors [4][5][29]. - The report indicates that the Sci-Tech Innovation Board will support a broader range of sectors, including artificial intelligence and commercial aerospace, enhancing the financing pathways for high-quality tech companies [6][29]. Group 4: IPO and Market Dynamics - The IPO approval process has accelerated, with 19 companies accepted for listing in 2025, signaling a positive trend for new listings [7][29]. - The report notes that the introduction of a third listing standard on the ChiNext board is expected to facilitate the listing of unprofitable companies and those from the Guangdong-Hong Kong-Macao Greater Bay Area [7][29]. Group 5: Industry Insights - The railway investment in China showed a year-on-year growth of 5.9% from January to May 2025, indicating a stable investment environment in the railway sector [18][19]. - The pharmaceutical industry is experiencing a favorable policy environment, with multiple departments issuing supportive measures for innovative drug development [21][22]. Group 6: Company-Specific Updates - Meinuo's revenue from the formulation business is expected to grow significantly, with a projected increase of 84% in 2024, driven by new product registrations and strategic partnerships [35][36]. - Didi's financial outlook remains positive, with projected net profits of 53.52 billion RMB for 2025, reflecting stable demand and improved profitability in international operations [39][40].