研究早观点 2025 年 8 月 26 日 星期二 市场走势 资料来源：最闻 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【今日要点】 【公司评论】应流股份(603308.SH)：应流股份 2025 中报点评-两机业 务高景气，在手订单充沛 【公司评论】天融信(002212.SZ)：天融信（002212.SZ）：二季度收入实现 正增长，一体机成为新增长点 【公司评论】深信服(300454.SZ)：深信服（300454.SZ）：收入端稳健增长， Q2 单季度实现扭亏 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,883.56 | 1.51 | | 深证成指 | | 12,441.07 | 2.26 | | 沪深 | 300 | 4,469.22 | 2.08 | | 中小板指 | | 7,580.95 | 1.79 | | 创业板指 | | 2,762.99 | 3.00 | | 科创 50 | | 1,287.73 | 3.20 | 资料来源：最闻 分析师： 【山证 ...

基础件 应流股份（603308.SH） 增持-A(首次) 两机业务高景气，在手订单充沛 2025 年 8 月 25 日 公司研究/公司快报 事件描述 公司披露 2025 年中报。上半年，公司实现营业收入 13.8 亿元，同比 +9.1%；实现归母净利润 1.9 亿元，同比+23.9%；扣非归母净利润 1.9 亿元， 同比+25.6%。其中，25Q2 营业收入 7.2 亿元，同比+19.0%，环比+8.8%；归 母净利润 1.0 亿元，同比+56.8%，环比+4.5%；扣非归母净利润 1.0 亿元，同 比+64.1%，环比+8.3%。 事件点评 拟发行可转债募资不超过 15 亿元，用于叶片机匣加工涂层、先进核能 材料及关键零部件智能化升级项目。申请获上交所审核通过，尚需获得证监 会作出同意注册的决定后方可实施。 投资建议 公司近一年市场表现 | 市场数据: 2025年8月22日 | | --- | | 收盘价（元）： | 28.55 | | --- | --- | | 年内最高/最低（元）： | 29.50/9.37 | | 流通A股/总股本（亿）： | 6.79/6.79 | | 流通 A 股市值（亿）： | ...

2025 年 08 月 25 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 147 期 观点精粹: 最新报告摘要 Q2 毛利率创新高，Q4 有望开启"一车双能"周期--小鹏汽车-W/乘用车(09868/212805) 点评报告（港股美股） 风险偏好提升，两融明显提速--资产配置报告 主营业务稳步发展，控股合并完善供应链条--圣农发展/养殖业(002299/211107) 公司点评 业绩同比高增，养殖成本持续优化--牧原股份/养殖业(002714/211107) 公司点评 魔芋延续高景气，Q2 毛销差同比增速转正--盐津铺子/休闲食品(002847/213408) 公司点评 下游需求持续回暖，2025 上半年公司归母净利润同比增加--国瓷材料/电子化学品Ⅱ(300285/212706) 公司点 评 Q2 归母净利润同比大增，两机订单保障持续增长动力--应流股份/通用设备(603308/216401) 公司动态研究 高端材料快速放量，上半年业绩同比高增--圣泉集团/塑料(605589/2122 ...

2025 年 08 月 22 日 公司研究 评级：买入(维持) | œ 4 | | --- | | # | | 务 | | 1 | | 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 证券分析师： | 张钰莹 | S0350524100004 | | | zhangyy03@ghzq.com.cn | 联系人 | ： | 王鹏 | S0350125040009 | | wangp05@ghzq.com.cn | | | | | [Table_Title] Q2 归母净利润同比大增，两机订单保障持续增 长动力 ——应流股份（603308）公司动态研究 最近一年走势 | 相对沪深 | 300 | 表现 | 2025/08/21 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 应流股份 ...

Core Viewpoint - The company reported steady growth in revenue and net profit for the first half of 2025, but faces challenges in cash flow management and debt control [2][7]. Operational Overview - As of the reporting period, the company's total operating revenue reached 1.384 billion yuan, a year-on-year increase of 9.11% - The net profit attributable to shareholders was 188 million yuan, up 23.91% year-on-year - The net profit excluding non-recurring items was 187 million yuan, reflecting a 25.6% year-on-year increase - In the second quarter alone, total operating revenue was 721 million yuan, a 19.05% increase year-on-year - The net profit for the second quarter was 96.62 million yuan, up 56.75% year-on-year - The net profit excluding non-recurring items for the second quarter was 97.18 million yuan, a 64.11% increase year-on-year [2]. Profitability - The company's gross margin improved to 36.33%, an increase of 5.69 percentage points year-on-year - The net profit margin rose to 12.24%, up 10.21 percentage points year-on-year, indicating significant progress in cost control and operational efficiency [3]. Financial Health - Despite improved profitability, the company's cash flow and debt situation are concerning - Operating cash flow per share was -0.22 yuan, a decrease of 547.82% year-on-year, primarily due to increased raw material procurement and reduced sales collections - Cash and cash equivalents amounted to 421 million yuan, down 33.71% year-on-year, mainly due to increased bill guarantees and short-term borrowing funds - Interest-bearing liabilities reached 5.541 billion yuan, an 18.14% year-on-year increase, with an interest-bearing asset-liability ratio of 40.08%, indicating a high debt burden - Financial expenses totaled 189 million yuan, accounting for 13.64% of revenue, a year-on-year increase of 6.06%, suggesting pressure in debt management and interest expenses [4]. Accounts Receivable Situation - Accounts receivable stood at 1.341 billion yuan, a year-on-year increase of 12.92% - The ratio of accounts receivable to profit was as high as 468.39%, indicating a need for improved management of accounts receivable to enhance cash flow [5]. Main Business Composition - The company's main business revenue primarily comes from mechanical equipment components and pump and valve parts, accounting for 53.37% and 43.76% of main revenue, respectively - High-temperature alloy products and precision cast steel products accounted for 60.84% of revenue, with a gross margin of 38.42%, serving as a major source of profit [6]. Development Prospects - As a leading enterprise in the production of specialized equipment components, the company focuses on the R&D, manufacturing, and sales of core components for high-end equipment - The company actively participates in the localization of aviation engines, gas turbines, and nuclear power equipment, establishing long-term partnerships with several global industry leaders - During the reporting period, the company signed new orders exceeding 2 billion yuan, a year-on-year increase of over 35%, with the backlog of orders reaching a historical high [7].

IPO and Financing Overview - Two companies are scheduled for IPO review next week, aiming to raise a total of 1.397 billion yuan [1] - 恒坤新材 plans to reduce its fundraising target from 1.2 billion yuan to 1.007 billion yuan, removing the SiARC development project from its proposal [2] - 泰凯英 has also cut its fundraising target from 770 million yuan to 390 million yuan, with several projects being deleted or adjusted [4] 恒坤新材 Company Profile - 恒坤新材 focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [7] - The company reported a net profit of 96.91 million yuan in the last year, with a total asset value of 2.645 billion yuan [9] 泰凯英 Company Profile - 泰凯英 specializes in the design, research, sales, and service of tires for the global mining and construction industries, particularly in engineering radial tires and all-steel truck tires [11] - The company reported a net profit of 156.65 million yuan for the last year, with total assets amounting to approximately 1.647 billion yuan [12] Upcoming Financing Plans - Next week, two companies are set to review their refinancing plans, aiming to raise a total of 3.5 billion yuan [1] - 金诚信 plans to issue convertible bonds to raise 2 billion yuan, focusing on mining services and resource development [15] - 应流股份 aims to raise 1.5 billion yuan through convertible bonds, specializing in high-temperature alloy products and precision castings [18]