每经头条（nbdtoutiao）——烤肉店里洗头、西湖边开面包店、进军高端酒店……海底捞"不务正业"背 后：子品牌存活率不足50% （记者 王晓波） 每经AI快讯，东鹏控股（SZ 003012，收盘价：7.19元）9月5日晚间发布公告称，公司于2025年9月4日 收到HSG Holdco B 和上海喆德两股东出具的《关于东鹏控股股份减持计划实施情况的告知函》，截至 2025年9月3日，两股东合计减持公司股份数量约1652万股，占总股本的比例为1.47%，两股东减持计划 的减持时间区间已届满。 2025年1至6月份，东鹏控股的营业收入构成为：瓷砖占比84.69%，洁具占比12.67%，其他占比2.63%。 截至发稿，东鹏控股市值为83亿元。 ...

Group 1 - The company Dongpeng Holdings announced a share buyback of approximately 16.14 million shares, accounting for 1.39% of its total share capital, with a total transaction amount of about 98.1 million yuan [1] - The share buyback was conducted through a special securities account via centralized bidding, with the lowest transaction price at 5.65 yuan per share and the highest at 6.28 yuan per share [1] - As of the report date, Dongpeng Holdings has a market capitalization of 8.1 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: tiles account for 84.69%, sanitary ware for 12.67%, and others for 2.63% [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 5% to 15% over the next six months [4]. Core Views - The company is focusing on deepening its retail channels, leading to continuous improvement in profitability and operational quality. The projected net profit for 2025-2027 is expected to reach 4.3 billion, 5.1 billion, and 6.3 billion respectively, with year-on-year growth rates of +30%, +20%, and +22% [2][4]. Financial Performance Summary - **Revenue**: The company reported a revenue of 7,773 million in 2023, with a projected decline to 6,469 million in 2024, followed by a slight recovery to 6,485 million in 2026 and reaching 7,042 million by 2027. The year-on-year growth rates are 12.2% for 2023, -16.8% for 2024, and expected to be 5.4% and 8.6% for 2026 and 2027 respectively [1][9]. - **Net Profit**: The net profit for 2023 is 720 million, with a significant drop to 328 million in 2024, followed by a recovery to 426 million in 2025, 512 million in 2026, and 626 million in 2027. The year-on-year growth rates are 256.6% for 2023, -54.4% for 2024, and expected growth of 29.7%, 20.2%, and 22.2% for the following years [1][9]. - **ROE**: The return on equity (ROE) is projected to decline from 9.2% in 2023 to 4.3% in 2024, with a gradual recovery to 7.4% by 2027 [1][9]. - **EPS**: The earnings per share (EPS) is expected to decrease from 0.62 in 2023 to 0.28 in 2024, then recover to 0.54 by 2027 [1][9]. - **P/E Ratio**: The price-to-earnings (P/E) ratio is projected to be 12.1 in 2023, increasing to 26.5 in 2024, and then decreasing to 13.9 by 2027 [1][9]. Operational Insights - The company experienced a slight decline in revenue due to a drop in the engineering channel, while the retail channel saw a growth of approximately 6%. The retail segment's revenue for the first half of 2025 increased by 5.94%, with high-value product revenue growing by 19.51% [1][2]. - The company has successfully secured a supply partnership with Beike for home decoration tiles, indicating a strategic move to enhance its market presence in the home improvement sector [1][2]. Cost Management and Cash Flow - The company achieved a gross margin of 30.33% and a net margin of 7.45% in the first half of 2025, with net profit margin showing a year-on-year increase of 0.68 percentage points. Operating cash flow saw a significant increase of 92.99% year-on-year, indicating effective cost management and improved cash collection [2].

Core Viewpoint - Dongpeng Holdings has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth opportunities in the building materials sector [1][2]. Group 1: Stock Performance - As of September 1, Dongpeng Holdings' stock price rose by 2.09% to 7.33 CNY per share, with a total market capitalization of 8.481 billion CNY [1]. - The stock has increased by 15.12% year-to-date, with notable gains of 14.53% over the last five trading days, 23.40% over the last 20 days, and 25.95% over the last 60 days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 3.4919 million CNY on August 28 [1]. Group 2: Financial Performance - For the first half of 2025, Dongpeng Holdings reported a revenue of 2.934 billion CNY, a year-on-year decrease of 5.18%, while the net profit attributable to shareholders increased by 3.85% to 219 million CNY [2]. - The company has distributed a total of 1.331 billion CNY in dividends since its A-share listing, with 744 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Dongpeng Holdings had 27,800 shareholders, a decrease of 0.40% from the previous period, with an average of 41,196 shares held per shareholder, an increase of 0.37% [2]. - The sixth largest shareholder, Hong Kong Central Clearing Limited, increased its holdings by 4.3828 million shares to 23.3987 million shares [3].

Core Viewpoint - The article highlights the significant growth in revenue and net profit for Keda Manufacturing in the first half of 2025, driven by strong performance in overseas building materials, lithium battery materials, and new energy equipment sectors [3][4]. Group 1: Financial Performance - In H1 2025, Keda Manufacturing achieved operating revenue of 8.19 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 750 million yuan, up 63.9% [3]. - In Q2 2025, the company reported operating revenue of 4.42 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 50.8% and 178.5% respectively [3]. - The gross profit margin and net profit margin for H1 2025 were 29.3% and 13.9%, showing increases of 3.7 and 3.8 percentage points year-on-year [4]. Group 2: Overseas Business Growth - Keda's overseas building materials business saw significant growth, with revenue reaching 3.77 billion yuan in H1 2025, a 90.1% increase year-on-year [5]. - The company has expanded its production capacity in several African countries, operating 21 production lines across seven nations [5]. - The gross margin for overseas building materials improved by 5.9 percentage points to 36.8% in H1 2025, supported by price increases and capacity expansion [5]. Group 3: Building Machinery Sector - The building machinery segment generated revenue of 2.57 billion yuan in H1 2025, a decline of 5.0% year-on-year, but maintained resilience through steady performance in traditional markets and new regions [7]. - The gross margin for the building machinery business increased by 1.3 percentage points to 26.2% in H1 2025, attributed to a higher proportion of overseas business [7]. Group 4: Lithium Industry Performance - Keda's associate company, Blue Lithium Industry, produced 20,000 tons of lithium carbonate in H1 2025, with a net profit contribution of 170 million yuan, reflecting a 21.7% increase year-on-year [8]. - Despite a 26.3% decline in revenue to 1.24 billion yuan due to price impacts, the net profit margin improved from 18.8% to 31.0% [8].

Core Insights - The company achieved a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%, with a net profit of 750 million yuan, up 64% year-on-year [1] - The overseas building materials segment is identified as the core growth driver, with a revenue increase of 90% year-on-year [2][3] - The company is positioned as a leading player in the African building materials market, with a strong growth outlook due to demographic advantages [5] Financial Performance - In Q2, the company reported a revenue of 4.4 billion yuan, a 51% increase year-on-year, and a net profit of 400 million yuan, up 178% year-on-year [1] - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, while the net profit margin was about 9.1%, up 0.8 percentage points year-on-year [2] - The overseas building materials revenue for the first half was approximately 3.77 billion yuan, with a gross margin of 36.8%, reflecting a 5.9 percentage point increase year-on-year [3] Segment Analysis - The building materials machinery segment saw a revenue decline of 5% year-on-year, totaling approximately 2.57 billion yuan, primarily due to weak domestic demand [4] - The company’s ceramic machinery business maintained stable growth in Southeast Asia and South Asia, while the overseas ink business performed well [4] - Blueco Lithium achieved a sales volume of approximately 21,000 tons, generating revenue of 1.24 billion yuan, with a net profit of 19,000 yuan per ton [4] Market Positioning - The company is recognized as a leading player in the African building materials market, benefiting from production, channel, and brand advantages [5] - Future net profit projections for the company are estimated at 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for 2025-2027, indicating a favorable valuation trend [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%. The net profit attributable to shareholders is projected to be 750 million yuan, a 64% increase year-on-year, with a non-recurring net profit of approximately 700 million yuan, reflecting a 75% year-on-year growth [2][4]. - In the second quarter, the company achieved a revenue of 4.4 billion yuan, marking a 51% year-on-year increase, while the net profit attributable to shareholders surged by 178% to 400 million yuan, and the non-recurring net profit rose by 204% to approximately 380 million yuan [2][4]. Summary by Sections Revenue Growth - The core growth driver is the significant increase in overseas building materials revenue, which grew by 90% year-on-year, while building machinery revenue declined by 5%. The revenue structure for the first half of the year shows overseas building materials, building machinery, and new energy equipment accounting for 46%, 31%, and 9% of total revenue, respectively [8]. - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, with a reduction in the period expense ratio to about 14.7%, down 4.1 percentage points year-on-year [8]. Overseas Building Materials - The overseas building materials segment generated approximately 3.77 billion yuan in revenue, with a gross margin of 36.8%, up 5.9 percentage points year-on-year. The company produced 98 million square meters of tiles, a 17% increase year-on-year, and expects tile prices to rise significantly [8]. - As of June 2025, the overseas building materials business operates 11 production bases in 7 countries, with 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines [8]. Building Machinery - The building machinery segment reported revenue of approximately 2.57 billion yuan, a 5% decline year-on-year, but with a gross margin of 26%, up 1 percentage point year-on-year. The decline in revenue is attributed to weak domestic demand for equipment [8]. Financial Projections - The company is projected to achieve net profits of approximately 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 14, 12, and 10 times earnings [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant year-on-year growth in performance, with a notable increase in overseas building materials sales [5][6] - The company's revenue for the first half of 2025 reached 8.19 billion yuan, representing a 49.0% increase year-on-year, while net profit attributable to shareholders increased by 63.9% to 750 million yuan [4][5] - The overseas building materials segment has been a key driver of growth, with revenue from this segment reaching 5.45 billion yuan, accounting for 66.5% of total revenue [5][6] Summary by Sections Revenue Performance - The company reported a substantial increase in revenue and net profit for the first half of 2025, with Q2 figures showing a 50.8% increase in revenue and a 178.5% increase in net profit [4][5] - The gross profit margin for the first half of 2025 was 29.3%, up 3.7 percentage points year-on-year, while the net profit margin was 13.9%, an increase of 3.8 percentage points [5] Overseas Building Materials - The production of ceramic products reached approximately 98 million square meters, a year-on-year increase of about 17.0%, with overseas building materials revenue growing by 90.1% [6] - The company has been expanding its production capacity in several African countries, with ongoing technical upgrades and new projects expected to enhance profitability further [6] Construction Machinery - The construction machinery segment generated revenue of 2.57 billion yuan, a decrease of 5.0% year-on-year, but maintained resilience in traditional markets while expanding into new regions [7] - The gross profit margin for this segment improved to 26.2%, up 1.3 percentage points year-on-year [7] Lithium Industry - The company's stake in Blue Lithium Industry saw a significant increase in net profit margin from 18.8% to 31.0%, despite a decline in revenue due to price impacts [8] - The expected rise in lithium prices may provide upward momentum for the company's performance [8] Financial Forecasts - The company forecasts net profits of 1.52 billion yuan, 1.68 billion yuan, and 1.84 billion yuan for 2025, 2026, and 2027 respectively [9] - Revenue is projected to grow from 12.6 billion yuan in 2024 to 19.8 billion yuan in 2027, with a compound annual growth rate of approximately 14.94% [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a revenue of 2.9 billion yuan in the first half of 2025, a decrease of 5% year-on-year, while the net profit attributable to shareholders is projected to be 220 million yuan, an increase of 4% year-on-year [2][4]. - The second quarter revenue is anticipated to be 1.9 billion yuan, down 7% year-on-year, with a net profit of 250 million yuan, up 12% year-on-year [2][4]. - The company is expected to achieve net profits of approximately 470 million yuan and 580 million yuan in 2025 and 2026, respectively, corresponding to valuations of 16 and 13 times [6]. Financial Performance - The company reported a gross margin of approximately 30.3% in the first half of the year, with a slight year-on-year decline in tile gross margin to 31.5% and an increase in sanitary ware gross margin to 22.4% [11]. - The net profit margin for the first half of the year was approximately 7.5%, an increase of 0.6 percentage points year-on-year, with the second quarter net profit margin reaching 12.8%, up 2.2 percentage points year-on-year [11]. - The cash flow from operating activities for the first half of the year was 440 million yuan, an increase of 210 million yuan year-on-year, indicating improved operational quality and collection capabilities [11]. Market Dynamics - The company has seen a 5.9% year-on-year increase in revenue from the retail channel for tiles, with high-value product revenue growing by 19.5% [11]. - The company has opened 133 new stores and upgraded 168 existing ones, indicating a focus on expanding its retail presence [11]. - The supply exit in the tile industry is significant, with a projected 12% year-on-year decline in ceramic tile production in 2024, leading to a reduction in the number of enterprises in the industry [11].

东鹏控股（003012.SZ） Q2 业绩逆势增长，经营质量与现金流表现亮眼 证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 事件：东鹏控股披露 2025 年度半年报。公司 2025 年上半年收入 29.3 亿元，同比下滑 5.2%，归母净利润 2.2 亿元，同比增长 3.8%，其中 单 Q2 收入 19.4 亿元，同比下滑 6.9%，归母净利润 2.5 亿元，同比增 长 12.2%，上半年计提资产及信用减值 0.91 亿元，其中存货减值损失 0.54 亿元，单 Q2 合计计提 0.65 亿元。 市场需求承压、行业竞争加剧，零售渠道逆势增长。从产品来看，上半 年瓷砖收入 24.8 亿元，同比下滑 3.64%，洁具收入 3.7 亿元，同比下 滑 14.87%。从渠道来看，公司持续优化渠道结构，深耕零售、整装等 优势渠道，上半年瓷砖大零售渠道收入同比增长 5.94%，高值产品收 入同比增长 19.51%，新建店面 133 家，重装升级 168 家，整装渠道 成功中标 2025 年贝壳家装瓷砖品类供应商，工程渠道稳健发展，房地 产战略工程向优质高端项目进行结构化转型，收入同 ...