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光大证券晨会速递-20250801
EBSCN· 2025-08-01 01:08
2025 年 8 月 1 日 晨会速递 总量研究 【宏观】7 月制造业 PMI 缘何回落?——2025 年 7 月 PMI 点评 7 月制造业 PMI 指数超预期回落至 49.3%,生产活动扩张放缓,需求指数步入收缩区 间,供需矛盾突出。一是,受高温多雨等极端天气影响,制造业生产进入淡季,呈现 季节性回落;二是,随着"抢出口"步入尾声,出口动能也开始放缓,装备制造业等 相关行业景气度明显回落。 【宏观】"抢进口"效应减弱,难掩美国经济隐忧——2025 年二季度美国经济数据 点评 美国 2025 年二季度消费环比增速反弹,主要来自"抢进口"效应减弱下的净出口贡 献,消费与投资则难掩疲弱。其中二季度美国消费者信心指数低迷,相应地个人消费 表现较弱,1.4%的环比增速为 2024 年以来的次低值,私人投资环比折年率也降至 -15.6%,因此不宜高估本次经济数据的韧性,美联储在下半年重启降息的概率依然存 在。 【债券】全面增持利率品,久期杠杆均回升——主动型债券基金 25Q2 持仓分析 截至 25Q2 末,主动型债券基金业绩较上季度均有所上升,杠杆率和久期较上季度末 均有所回升,短期纯债基金全面增持各类型债券;中长期 ...
【苏试试验(300416.SZ)】Q2表现亮眼,看好下半年各业务板块增长潜力——2025年中报点评(黄帅斌/陈佳宁/汲萌)
光大证券研究· 2025-07-31 23:04
Core Viewpoint - The company reported stable revenue growth and improved profitability in the first half of 2025, with a focus on expanding its presence in emerging industries and enhancing operational efficiency [3][4][5]. Revenue and Profitability - In H1 2025, the company achieved revenue of 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [3]. - The second quarter of 2025 saw revenue of 561 million yuan, representing an 18.39% year-on-year increase, and a net profit of 76 million yuan, which is a 26.14% increase year-on-year [3]. - By industry, revenue from electronics and electrical, aerospace, and research/testing institutions was 385 million, 147 million, and 219 million yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [4]. Business Segments Performance - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services was 310 million, 487 million, and 155 million yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% [4]. - The company's overall gross margin and net margin for H1 2025 were 41.88% and 13.51%, respectively, with a slight decline in gross margin but an increase in net margin due to reduced operating expenses and recovery of credit impairment losses [4]. Future Growth Drivers - The company anticipates continued improvement in orders from special industries in the second half of 2025, driven by its focus on new product and technology development in sectors such as new energy, commercial aerospace, and integrated circuits [5]. - The expansion of testing capabilities in areas like space environment testing and automotive materials testing is expected to contribute to further growth [5]. Cash Flow and Employee Engagement - The company's operating cash flow showed significant improvement, with a net inflow of 98.84 million yuan in H1 2025, a year-on-year increase of 29.32% [6]. - An employee stock ownership plan was announced, involving the purchase of approximately 705,980 shares, which is expected to enhance employee cohesion and competitiveness [6].