证券研究报告 | 2025年08月27日 固定收益快评:转债投资者该如何应对后续市场波动？-转债市场点评 策略专题:底仓再审视（二）- 如何做到攻守兼备配底仓 行业与公司 登康口腔(001328.SZ) 财报点评:电商渠道持续放量，产品升级迭代驱动 毛利率上行 丸美生物(603983.SH) 财报点评:二季度收入同比增长 34%，投放加大为 新品增长蓄力 海底捞(06862.HK) 海外公司财报点评:"红石榴"创新效果显现，维持 高比例现金分红 绿茶集团(06831.HK) 海外公司财报点评:2025H1 经调净利润同增 40%， 看好下半年同店收入改善 海思科(002653.SZ) 财报点评:麻醉产品营收同比增长 54%，多款创新药 产品进入商业化阶段 福瑞股份(300049.SZ) 财报点评:25Q2 营收同比增长 20%，MASH 无创检 测迎来关键催化 开立医疗(300633.SZ) 财报点评:25Q2 业绩环比改善，高端新品密集推 出 鱼跃医疗(002223.SZ) 财报点评:呼吸治疗业务企稳回升，血糖管理业务 表现亮眼 惠泰医疗(688617.SH) 财报点评:PFA 产品商业化逐步开展，海外市场 ...

证券研究报告 | 2025年08月26日 硅宝科技（300019.SZ） 优于大市 公司营收及归母利润同比高增，龙头地位稳固 2025 年上半年公司营收及归母利润同比高增。2025 年上半年公司营业收入为 17.07 亿元，同比增长 47.36%，归母净利润 1.54 亿元，同比增长 51.56%。其中 第二季度，公司营收为 9.29 亿元，同比增长 35.78%，归母净利润为 0.83 亿元， 同比增长 35.17%。公司建筑胶稳居龙头、工业胶高速增长、热熔胶稳步提升， 整体经营业绩再创历史新高。 建筑类用胶市场份额持续提升，稳居行业龙头地位。2025 年上半年，公司建筑 业用胶营业收入为 6.51 亿元，毛利率为 22.34%，较去年同期上升 0.32 个百分 点。建筑业整体在政策的持续调控下，房屋新开工和竣工面积同比下降幅度收窄， 并且"好房子"的建设理念持续推进，为高端建筑胶扩展了市场空间。公司在建 筑胶行业拥有良好的知名度和覆盖全国的销售网络，市场竞争力极强。 公司工业类用胶在汽车、电子电器及动力电池等领域保持高速增长。2025 年上 半年，工业用胶营业收入为 44.17 亿元，毛利率 32.20% ...

报告导读 公司发布2025 中报，实现营收17.07 亿元，同比增47.36%，实现归母净利润1.54 亿元，同比增51.56%。 其中25Q2 单季度营收9.29 亿元，同比增35.78%，环比增19.30%，归母净利润0.83 亿元，同比增 35.17%，环比增17.38%。 投资要点 并表嘉好热熔胶，公司营收业绩同比高增 25H1 公司营收业绩同比高增主要系并购的江苏嘉好贡献，江苏嘉好自 2024 年 7月纳入公司合并报表， 上半年嘉好实现营收5.1 亿元，净利润4069 万元。建筑胶方面，上半年公司建筑胶收入为6.5 亿元，同 比降6.8%，销量同比实现增长，板块收入下降主要系产品价格承压。公司作为建筑胶龙头， 上半年毛 利率22.34%，同比增0.32pct。工业胶方面，上半年收入4.4 亿元，同比增29.5%，主要得益于汽车、电 子、家电行业以旧换新为胶粘剂行业带来新的需求和增长点，板块毛利率为32.2%，同比增3.43pct。 25H1 公司毛利率21.88%，同比降0.57pct，净利率9.03%，同比增0.25pct，公司毛利率同比下降主要系 新并表的热熔胶业务影响。25H1 公司销售费用、 ...

Core Viewpoint - The financial performance of Jitai Co., Ltd. (002909) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 533 million yuan, a decrease of 10.7% year-on-year [1]. - The net profit attributable to shareholders was -8.30 million yuan, representing a decline of 245.98% compared to the previous year [1]. - In Q2 2025, total revenue was 288 million yuan, down 21.89% year-on-year, with a net profit of -2.99 million yuan, a decrease of 119.34% [1]. - The gross margin was 24.43%, down 0.94% year-on-year, while the net margin was -1.56%, a drop of 263.64% [1]. - Total expenses (selling, administrative, and financial) amounted to 106 million yuan, accounting for 19.95% of revenue, an increase of 11.46% year-on-year [1]. - Earnings per share were -0.02 yuan, a decrease of 248.63% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 37.55% to 121 million yuan, primarily due to payments for materials and project costs [3]. - The net cash flow from operating activities dropped by 249.14%, attributed to increased payments for goods [3]. - The company's debt situation is concerning, with interest-bearing liabilities remaining at 726 million yuan and a debt-to-asset ratio of 31.13% [4]. Business Strategy and Market Position - The company is focusing on optimizing its construction adhesive business and expanding into the home decoration retail market, aiming to increase sales through online platforms [4]. - In 2024, revenue from home decoration channels grew by 13.89%, indicating a positive trend in this segment [4]. - The company is also restructuring its business model to focus on high-growth sectors such as new energy vehicles and 3C electronics, with significant increases in revenue share from industrial adhesives and coatings [4].

Group 1 - The core viewpoint of the article highlights the features and applications of the construction adhesive products offered by the company, emphasizing their non-corrosive nature, excellent weather resistance, good elasticity, tensile strength, and ease of application [2] - The company's construction adhesive products are widely used in structural bonding of building curtain walls, energy-saving insulation of system windows and doors, and mold-proof sealing in home decoration [2] - The company plans to actively explore different application fields based on market conditions and its own production and operational situation [2]

Group 1: Business Strategy and Market Position - The company is optimizing its construction adhesive business to address the slowdown in the construction sector, focusing on enhancing its position in engineering fields and expanding into the home decoration retail market, with a sales revenue of 86.79 million yuan in 2024, a year-on-year increase of 13.89% [2][3] - The gross margin for construction adhesives in 2024 is projected to be 26.32%, indicating a stable profit margin despite market fluctuations [3] - The company is strategically restructuring its business to focus on high-growth sectors such as new energy, storage, and home decoration, with revenue shares for industrial adhesives and coatings increasing by 4.92 percentage points and 10.31 percentage points respectively, while construction adhesives' revenue share decreased by 15.18 percentage points [3] Group 2: Market Trends and Opportunities - The construction adhesive industry still has significant room for market concentration improvement, as many lower-performing companies are expected to exit the market, allowing leading firms to increase their market share [4] - The electric two-wheeler market is projected to have a sales volume of approximately 50 million units in 2024, with adhesives playing a crucial role in battery assembly and vehicle structure, presenting a structural growth opportunity [7] - The company has established partnerships with major players in the new energy sector, including BYD and other electric vehicle manufacturers, indicating a strong foothold in this emerging market [5][6] Group 3: Product Development and Innovation - The company has achieved a 54.84% increase in sales revenue for its coatings segment in 2024, reaching 351.49 million yuan, driven by increased demand for environmentally friendly water-based paints [8] - The company is a pioneer in the water-based paint industry and has developed zero VOCs emission powder coatings, enhancing its competitive edge in the market [10] - A new joint venture has been established to develop adhesives for aircraft windshield applications, aiming to break international monopolies and cater to domestic aviation market needs [11] Group 4: Operational Efficiency and Cost Management - The company is implementing smart manufacturing upgrades to reduce labor costs while expanding production capacity, with the ability to produce 56,000 tubes of sealant per hour [12][13] - A comprehensive digital transformation strategy is in place, covering financial, sales, manufacturing, and R&D operations to enhance efficiency and reduce costs [13] - The company maintains a stable supply chain for its main raw materials through long-term partnerships with suppliers, mitigating risks associated with market fluctuations [15]

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].