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山西证券研究早观点-20250826
Shanxi Securities· 2025-08-26 00:52
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 ...
应流股份(603308):两机业务高景气,在手订单充沛
Shanxi Securities· 2025-08-25 12:33
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): | ...
一周安徽上市公司要闻回顾(8.18-8.24)
Xin Lang Cai Jing· 2025-08-25 06:44
1.黄山胶囊:上半年净利润3555.25万元 同比增长19.78% 8月22日电,黄山胶囊8月22日晚间披露2025年半年报,公司上半年实现营业收入2.44亿元,同比增长 3.66%;归母净利润3555.25万元,同比增长19.78%;基本每股收益0.12元。报告期内,肠溶明胶空心胶 囊与植物空心胶囊的营收比重由去年同期的26.17%提升至35.46%。 2.科大讯飞:拟向特定对象增发募资不超过40亿元 科大讯飞8月21日晚间发布公告称,本次向特定对象发行A股股票相关事项已经2025年8月20日召开的公 司第六届董事会第十四次会议审议通过。本次发行的发行对象为不超过35名(含本数)符合中国证监会 规定条件的特定对象,其中,本次向特定对象发行股票数量不超过1亿股(含本数),占本次发行前公 司总股本的4.33%,未超过本次发行前公司总股本的30%,最终以中国证监会同意注册的批复文件为 准。发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。本次发行拟募集不超过40亿 元。 2025年1至6月份,科大讯飞的营业收入构成为:软件和信息技术服务业占比98.16%,教育教学占比 1.51%,其他业务占比0.3 ...
国海证券晨会纪要-20250825
Guohai Securities· 2025-08-25 01:02
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 ...
应流股份(603308):Q2归母净利润同比大增,两机订单保障持续增长动力
Guohai Securities· 2025-08-22 10:32
Investment Rating - The report maintains a "Buy" rating for the company [1][11][39] Core Views - The company's net profit attributable to shareholders saw a significant year-on-year increase in Q2 2025, driven by robust order growth in the gas turbine sector and ongoing projects in nuclear energy [6][7][11] - The company has secured over 2 billion yuan in new orders in the first half of 2025, reflecting a year-on-year growth of over 35%, with total revenue reaching 1.384 billion yuan, up 9.11% year-on-year [6][11] - The company is well-positioned for sustained growth, with a strong order backlog and a favorable outlook for the two-machine industry chain [11] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 721 million yuan, a year-on-year increase of 19.05% and a quarter-on-quarter increase of 8.82%. The net profit attributable to shareholders was 96 million yuan, up 56.75% year-on-year [7] - For the first half of 2025, the company reported a net profit of 188 million yuan, a year-on-year increase of 23.91%, with a return on equity (ROE) of 3.98% [6][11] Order Growth and Industry Position - The company has established strategic partnerships with major players such as Siemens Energy and GE Aviation, securing a stable supply of components for gas turbines and expanding its product offerings in the aerospace sector [8][9] - In the nuclear energy sector, the company has signed multiple contracts for product supply, benefiting from government approvals for new nuclear power units [10] Future Projections - Revenue projections for 2025-2027 are estimated at 2.946 billion yuan, 3.610 billion yuan, and 4.441 billion yuan respectively, with net profits expected to reach 405 million yuan, 531 million yuan, and 710 million yuan [11][13]
图南股份:高温合金产品目前主要应用于航空发动机、燃气轮机、石油化工等领域
Sou Hu Cai Jing· 2025-08-20 01:01
图南股份回复:您好!感谢您对公司的关注。公司高温合金产品目前主要应用于航空发动机、燃气轮 机、石油化工等领域,并以航空领域应用居多。公司会积极关注相关行业发展机会和技术产品应用场 景。谢谢! 以上内容为证券之星据公开信息整理,由AI算法生成(网信算备310104345710301240019号),不构成 投资建议。 证券之星消息,图南股份(300855)08月20日在投资者关系平台上答复投资者关心的问题。 投资者提问:尊敬的董秘您好!作为国内高温合金材料领军企业,有没有在机器人和无人机领域发力? 工矿、消防、战争机器人,都是需要高温合金材料的,载货载航弹无人机,是未来发展趋势,对高温合 金需求增长很明显的。 ...
应流股份2025年中报:营收与净利润稳步增长,现金流及债务状况需关注
Zheng Quan Zhi Xing· 2025-08-12 22:13
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].
应流股份(603308):2025年半年报点评:Q2业绩同比增长56.8%,持续看好公司布局四大新质生产力方向
Huachuang Securities· 2025-08-12 06:52
Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][22]. Core Insights - The company achieved a year-on-year revenue growth of 56.8% in Q2, reflecting a strong performance and continued optimism regarding its strategic positioning in four new productivity directions [1]. - The company is focusing on four major areas: aviation engines, gas turbines, nuclear energy new materials, and low-altitude economy, which are considered future strategic productivity drivers [6]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024 is 2,513 million, increasing to 2,943 million in 2025, 3,504 million in 2026, and 4,808 million in 2027, with respective growth rates of 4.2%, 17.1%, 19.1%, and 37.2% [2][12]. - **Net Profit Forecast**: Expected net profit for 2024 is 286 million, rising to 401 million in 2025, 529 million in 2026, and 736 million in 2027, with growth rates of -5.6%, 39.9%, 32.1%, and 39.0% respectively [2][12]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.42 yuan in 2024, increasing to 0.59 yuan in 2025, 0.78 yuan in 2026, and 1.08 yuan in 2027 [2][12]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 64 in 2024 to 25 in 2027, while the price-to-book (P/B) ratio is projected to decline from 3.9 to 3.1 over the same period [2][12]. Business Segment Performance - **High-Temperature Alloy and Precision Casting**: Revenue reached 8.42 billion, with a year-on-year growth of 6.41% and a gross margin of 38.42% [6]. - **Nuclear Power and Large Casting Products**: Generated 3.26 billion in revenue, up 5.57% year-on-year, with a gross margin of 34.59% [6]. - **New Materials and Equipment**: Achieved a revenue of 1.46 billion, marking a significant growth of 74.49% year-on-year, with a gross margin of 31.94% [6]. Strategic Developments - The company has deepened collaborations in the aviation engine sector with major clients like GE Aviation and China Commercial Aircraft Corporation, leading to substantial order volumes [6]. - In the gas turbine segment, the company has become the sole supplier of certain components for Siemens Energy in China, indicating a strong market position [6]. - The nuclear energy business is benefiting from stable approvals for new units, with the company making advancements in new product development [6]. - The low-altitude economy segment is expected to reach a profitability turning point, with ongoing developments in drone technology and airport operations [6].
下周审核2家IPO,2家再融资;科创板及北交所IPO企业在审期间皆调减拟募资规模
Sou Hu Cai Jing· 2025-07-20 14:24
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]
应流股份20250527
2025-05-27 15:28
Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].