北京商报讯（记者 马换换 王蔓蕾）8月23日，天合光能（688599）发布2025年半年度报告显示，公司上 半年实现归属净利润约为-29.18亿元，同比转亏，也系公司自2020年上市以来半年度净利首次亏损。 交易行情显示，8月22日，天合光能股价收涨2.89%，收于16.74元/股，总市值364.8亿元。 中报显示，2025年上半年，天合光能实现营业收入约为310.56亿元，同比下降27.72%；对应实现归属净 利润约为-29.18亿元，同比由盈转亏。对于营业收入变动原因，天合光能表示，光伏组件销量增长，但 受光伏产业链价格持续处于低位影响，本期光伏组件营业收入下降。系统产品本期销量下降，对应营业 收入下降。 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 24.05 CNY, based on a current price of 19.99 CNY [7]. Core Insights - The company is a core supplier of military communication products and is expected to benefit from a new procurement cycle driven by the military's informationization efforts and the upcoming "15th Five-Year Plan" [4][41]. - The company has faced a significant decline in revenue and net profit in 2024, primarily due to industry cyclical adjustments and a decrease in new orders [3][23]. - The military communication sector is anticipated to experience a recovery in orders, which could lead to a reversal in the company's performance [4][24]. Summary by Sections Company Overview - The company, established in 1936, is a major electronic enterprise focused on military and civilian wireless communication, as well as environmental monitoring [2][14]. - It was listed on the Shanghai Stock Exchange in 2018 and is controlled by the Tianjin State-owned Assets Supervision and Administration Commission [2][14]. Market Opportunities - The "14th Five-Year Plan" is nearing its end, and the company is expected to release previously delayed orders, which, combined with the new equipment from the "15th Five-Year Plan," may lead to a new inventory cycle in the military information sector [3][24]. - The demand for military and civilian communication products is projected to increase due to the modernization of military capabilities and the expansion of transportation infrastructure [4][42]. Financial Performance - In 2024, the company reported a revenue of 2.16 billion CNY, a decrease of 34.09% year-on-year, and a net loss of 248.82 million CNY, a decline of 156.58% [3][6]. - The company’s revenue and net profit showed an upward trend from 2019 to 2022, but faced challenges in 2024 due to market conditions [3][24]. Profitability Forecast - The report forecasts a recovery in revenue growth from 2025 onwards, with expected growth rates of 30%, 25%, and 20% for the years 2025 to 2027 [46][47]. - The company is projected to maintain a relatively high gross margin and return on equity (ROE) despite recent declines [28][29]. R&D and Competitive Advantage - The company emphasizes R&D, with R&D expenses accounting for 29.27% of revenue in 2024, reflecting its commitment to innovation and maintaining a competitive edge [33][34]. - It holds numerous patents and has been involved in the development of various wireless communication standards, enhancing its industry influence [33][34].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 24.05 CNY, based on a current price of 19.99 CNY [7]. Core Viewpoints - The company is positioned as a core supplier of military communication products, benefiting from the ongoing modernization of military communication systems and the anticipated recovery in orders during the "15th Five-Year Plan" period [3][4]. - The company has experienced a significant decline in revenue and net profit in 2024, primarily due to industry cyclical adjustments and a decrease in new orders, but it is expected to recover as delayed orders are released and new equipment is procured [3][24]. - The company maintains a strong focus on R&D, with R&D expenses constituting 29.27% of revenue in 2024, which supports its competitive advantage in the military communication sector [33][34]. Summary by Sections Company Overview - The company, established in 1936, is a major electronic enterprise specializing in military and civilian wireless communication, as well as environmental monitoring [2][14]. - It was listed on the Shanghai Stock Exchange in 2018 and is controlled by the Tianjin State-owned Assets Supervision and Administration Commission [2][14]. Financial Performance - In 2024, the company reported revenue of 2.15 billion CNY, a year-on-year decrease of 34.09%, and a net loss of 248.82 million CNY, a decline of 156.58% [3][6]. - The company’s revenue and net profit showed an upward trend from 2019 to 2022, but faced challenges in 2024 due to market conditions [24][26]. Market Outlook - The military communication sector is expected to see increased demand due to the modernization of the military and the emphasis on information technology in warfare [37][41]. - The civilian communication market is also projected to grow, driven by national transportation infrastructure development and the integration of various transportation systems [42][44]. Profit Forecast and Valuation - The company is expected to see revenue growth in the coming years, with projected increases of 30% in 2025, 25% in 2026, and 20% in 2027 for terminal products [46][47]. - The report suggests that the company’s competitive advantages and market position will allow it to outperform its peers in the military communication sector [5][46].

证券研究报告 七一二 (603712 CH) 行业调整拖累业绩，静待需求回暖 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 通信设备制造 | 公司 2024 年实现营收 21.54 亿元（yoy-34.09%），归母净利-2.49 亿元 （yoy-156.58%），扣非净利-2.88 亿元（yoy-173.74%），主要系下游客户 需求放缓，同时期间费用率、信用减值损失等同比增长。1Q25 实现营收 2.16 亿元（yoy-55.88%），归母净利-5401.97 万元（yoy-440.23%），低于我们 此前预期（0.13 亿元），主要系期间费用率仍呈现扩大趋势。展望 25-27 年， 我们认为随着"十四五"进入尾声，军工行业有望逐步恢复常态，推动公司 业绩复苏。维持"买入"评级。 军民无线通信领域持续深耕，积极拓展新领域新客户 2024 年，公司终端、系统产品分别实现营收 12.22/8.01 亿元，分别同比 -36.86/-33.47%，主要受军工行业调整影响。公司持续深耕主业，巩固军民 用无线通信领 ...