| 火炬电子（603678.SH）：产业拐点将至，员工持股计划业绩目标彰显信心 | | --- | | 捷捷微电（300623.SZ）：产销两旺，高端制造打造新增长点 | | 美格智能（002881.SZ）：通信模组+解决方案双轮驱动，智能座舱模组建立先发优势 | | 金山办公（688111.SH）：WPS365 增速亮眼，AI 持续赋能 | | 派克新材（605123.SH）：上天入海，锻件产品迈向高端 | | 金银河（300619.SZ）：周期与成长共振或开启戴维斯双击--锂电设备前段一体化程度国内领先 | | 宁波高发（603788.SH）：主销产品份额持续提升，盈利能力稳定 | | 中国巨石（600176.SH）：玻纤龙头逆势继续提升市占率 | | 中国神华（601088.SH）：煤电联营强韧性，持续高分红彰显重回报 | | 贵州茅台（600519.SH）：龙头业绩稳健，全年目标完成可期 | | 甘源食品（002991.SZ）：不破不立，有望逐季改善 | 九月金股汇 | | | | 刘航 | 电话：021-25102913 邮箱：liuhang-yjs@dxzq.net.cn | 执业证书编号：S14 ...

投资事件：公司发布2025 年中报：营业收入26.57 亿元，同比增长10.12%，归母净利润7.47 亿元，同比 增长3.57%，扣非归母净利润7.27 亿元，同比增长5.77%，经营活动产生现金流量净额为7.38 亿元，同 比增长17.51%。 风险提示：业务发展不及预期，市场竞争加剧，政策落地缓慢 推进WPS AI 3.0 落地，AI 产品月活用户规模近3000 万。公司重视研发投入，加大AI 产品研发。报告期 内，公司研发投入9.59 亿元，同比增长18.70%，高于收入增速，研发费用率约36%，研发人员规模达 3533 人，占总员工比例约66%。公司AI 产品体系进入WPS AI 3.0 阶段，原生Office 办公智能体"WPS 灵犀"则作为WPS AI 3.0的核心能力载体，产品包括AI 改文档、灵犀语音助手、WPS 知识库、WPS AI PPT等新功能。公司推出的AI 产品获得市场高度认可，报告期末，公司WPS AI 月活已达2951 万，并且 随着AI 新产品落地推广，下半年AI 月活有望快速增长。 投资建议：考虑宏观经济形势的影响，公司加大AI 产品推广及研发投入力度等因素，我们对公司盈利 ...

金山办公 20250827 摘要 WPS AI 3.0 通过 AI 技术，显著提升办公效率，包括快速生成研究报告、 PPT 和知识库，满足白领和学生群体日常需求，尤其在报告撰写、PPT 制作和资料管理方面表现突出。 WPS AI 3.0 具备历史版本对比功能和 PPT 实时动态优化能力，优于同 类产品，整合金山内部数据资源，增加用户粘性和迁移成本，提升市场 竞争力。 WPS 3.0 在交互方式上升级为同屏协同，技术架构上实现软件 AI 化和 AI 软件化，通过大模型训练 AI，更深入理解办公场景需求，实现用户意 图的精准操作。 金山办公在 AI 领域拥有大量文档数据和用户基础，自 2023 年起大力推 进 AI 应用，月活跃用户接近 3,000 万，普惠 AI 策略成功，预计 2025 年下半年新产品将带来月活跃用户大幅提升。 信创业务是金山办公的重要增长点，受益于采购高峰期和财政支持，市 场占有率超过 90%，预计 2025 年采购量将大幅增长，显著提升营收和 盈利能力。 Q&A 金山办公最新推出的 WPS AI 3.0 有哪些主要功能和优势？ 在实际应用中，WPS AI 3.0 展现出强大的自动化与智能化 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 金山办公(688111.SH) 投资评级：买入 上次评级：买入 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 收入增速明显回暖，AI 赋能效益逐渐显现 [Table_ReportDate] 2025 年 8 月 27 日 [Table_S 事件：金山办公 ummary]发布 2025 年半年度报告，公司 2025 年上半年实现营收 26.57 亿元，同比增长 10.12%；实现归母净利润 7.47 亿元，同比增长 3.57%； 实现扣非净利润 7.27 亿元，同比增长 5.77%；实现经营性现金流净额 7.38 亿元，同比增长 17.51%。单 2025Q2 来看，公司实现营收 13.56 亿元，同 比增长 14.1 ...

Group 1: First Capital (002797.SZ) - The core conclusion indicates that First Capital has a distinctive focus on fixed income business, with significant growth potential driven by asset management and investment banking [1][6][7] - The company has transitioned towards a trading-driven model in its fixed income business, with revenue increasing from 288 million to 646 million, and its share of total revenue rising from 11.03% to 18.29% over the past three years [7] - The asset management and investment banking sectors are identified as the main growth drivers, with asset management projected to account for 32.4% of revenue by 2024 [7] Group 2: TMT Technology Industry - The report highlights a positive outlook for the AI computing chain, with expected growth across various sectors including computing chips, servers, and optical modules [2][11] - NVIDIA's introduction of Spectrum-XGS Ethernet aims to create AI super factories by overcoming existing limitations in data center expansion [9] - The domestic computing industry is focusing on enhancing the performance and capacity of domestic computing chips, while the overseas sector is advancing high-end technology and global layout [10] Group 3: Real Estate Industry - Shanghai's recent policy adjustments are seen as a significant step towards market stabilization, with measures including the removal of purchase limits for certain demographics and adjustments to mortgage rates [12][14] - The new policies are expected to stimulate demand and improve sales performance in the real estate market, particularly benefiting first-time buyers and non-local purchasers [13][14] - The report suggests that the recent policy changes serve as a positive signal for the industry, indicating a commitment to stabilizing the market [14] Group 4: Kingsoft Office (688111.SH) - Kingsoft Office reported a steady revenue growth of 10.12% year-on-year, with a projected revenue of 5.9 billion, 7 billion, and 8.5 billion for 2025, 2026, and 2027 respectively [4][16] - The company is increasing its R&D investment, which reached 9.6 billion in the first half of 2025, representing a 19% year-on-year increase [18] - The WPS365 business is experiencing rapid growth, with a 62.27% increase in revenue, indicating strong market demand for its services [17] Group 5: Huadong Medicine (000963.SZ) - Huadong Medicine reported a revenue increase of 3.39% year-on-year, with a net profit growth of 7.01% in the first half of 2025 [30] - The pharmaceutical industrial segment is showing robust growth, driven by innovative product offerings and increased R&D investment [30][31] - The medical aesthetics segment is experiencing a recovery, with improvements noted in the second quarter of 2025 [31] Group 6: Sunshine Power (300274.SZ) - Sunshine Power achieved a revenue of 43.53 billion, reflecting a year-on-year growth of 40.34%, with a net profit increase of 55.97% [32] - The company is expanding its product offerings in the energy storage sector, which saw a significant revenue increase of 128% [32][33] - New product launches in the energy storage segment are expected to enhance the company's market position [33]

研发投入力度加强，销售与管理费用管控合理：报告期内，公司毛利率为 85.03%（YoY+0.13pct）。费 用率方面，公司销售/管理/研发费用率分别为 18.01%/8.24%/36.07%，分别同 比-0.31pct/-0.82pct/+2.6pct。销售与管理费用管控合理；上半年研发投入9.59亿元（YoY+18.70%），公 司提高研发人员的薪酬待遇，并重点加强AI产品的研发投入力度，启动新版WPS国际版的研发，夯实 技术创新的根基和坚守技术独立自主性。 WPS365业务高增长变益于AI驱动及民营企业覆盖，软件业务受信创采购节奏影短期下滑Q02已复苏： 报告期内，公司主营业务实现营收26.57 亿元（YoY+10.12%），稳健增长；其中，WPS个人业 务/WPS365业务/WPS 软件业务分别为17.48/3.09/5.42亿元，分别同比+8.38%/+62.27%/-2.08%。公司积极 推动WPS个人业务落地和进行AI权益下放，同时完善海外本土化运营策略，拉动用户月活量保障业务 稳定增长。截至2025年6月30日，WPS Office全球月活量为6.51亿（YoY+8.46%）。WPS365产品 ...

金山办公 20250822 摘要 金山办公 2025 年上半年营收达 32.7 亿元，同比增长 22%，主要受益 于 C 端业务复苏和达佩斯 365 的增长，但软件业务同比略有下降 2%， 受客户下单节奏影响。 公司坚持技术立业，研发投入持续加大，研发费用率提升至 36%，研发 人员占比 66%，WPS AI 国内月活用户达 2,951 万，同比增长近 50%，国内付费用户数增长 10%至 4,179 万。 WPS Office 全球月活跃设备数达 6.51 亿，同比增长 8.56%，其中 PC 端月活 3.05 亿，同比增长 12.3%，显示用户规模持续扩大。 达梦 AI 3.0 推出灵犀改文档、多人 AI PPT 对话等新功能，强调用户与 AI 及软件的灵活交互，并逐步推送给所有用户，提升用户体验。 WPS365 在 ToB 市场提供一体化解决方案，具备安全管控和私有云部 署优势，并支持全信创环境，受益于国产化进程和 AI 渗透率，B 端业务 保持高速增长。 公司二季度业绩显示经营拐点，AI 策略调整后，用户习惯培养取得成效， WSA3.0 在 Agent 技术上取得进展，内部对未来发展充满信心。 面对 ...

Investment Rating - The report maintains a "Positive" outlook on the computer industry, indicating expectations for the sector to outperform the overall market performance in the coming months [2]. Core Insights - The domestic AI chip market is experiencing robust supply and demand, with significant developments from companies like DeepSeek, Huawei, and Cambricon, which are forming a comprehensive ecosystem for domestic chips [4][16]. - Key companies such as Kingsoft Office, JD Health, and Taiji Co. are showing strong performance, with Kingsoft's AI commercialization accelerating and JD Health exceeding revenue expectations [4][31][35]. - The report highlights the increasing capital expenditure among domestic internet giants, which is expected to drive demand for domestic computing power [25][27]. Summary by Sections Domestic AI Chips - The release of DeepSeek's V3.1 model emphasizes a shift towards domestic computing power, indicating a gradual transition from reliance on NVIDIA chips [4][6]. - Major domestic chip manufacturers like Huawei, Cambricon, and Haiguang are establishing their ecosystems, with Huawei's Ascend chips nearing the performance of NVIDIA's H100 [17][19]. - The report notes the importance of "super nodes" in AI computing, showcasing advancements in system-level integration and interconnectivity [13][15]. Key Company Updates - **Kingsoft Office**: Reported H1 2025 revenue of 2.66 billion, up 10.1% YoY, with AI-driven growth in its WPS365 platform [31][32]. - **JD Health**: Achieved H1 2025 revenue of 35.3 billion, a 25% increase YoY, driven by strong sales in pharmaceuticals and digital marketing [35][36]. - **Taiji Co.**: Focused on AI solutions for healthcare and legal sectors, with its "ZhiLing" medical AI solution recognized as a benchmark case in the industry [37][38]. Capital Expenditure Trends - Domestic internet giants are expected to increase their capital expenditures, with Q2 2025 showing a significant rise in spending, reflecting strong demand for AI cloud services [25][27][28]. - The report compares domestic and overseas capital expenditure intensity, noting that domestic firms have room for growth in this area [25][26]. Investment Targets - The report identifies several investment targets across different segments, including AIGC applications, digital economy leaders, and AI computing power providers [39].

Core Insights - Kingsoft Office (688111.SH) reported a revenue of 2.657 billion yuan for the first half of 2025, representing a year-on-year growth of 10.12% [1] - The net profit attributable to shareholders was 747 million yuan, with a year-on-year increase of 3.57%, indicating a slower growth rate compared to revenue [1] Revenue Breakdown - The personal business remains the core revenue source, generating 1.748 billion yuan (65.8% of total revenue) with a year-on-year growth of 8.38%, and the number of paying users increased to 41.79 million [1] - The enterprise product WPS365 showed significant performance, achieving revenue of 309 million yuan (11.6% of total revenue) with a substantial year-on-year growth of 62.27%, primarily due to contracts with government and enterprise clients such as China Unicom and China Three Gorges Corporation [1] - Revenue from WPS software business was 542 million yuan (20.4% of total revenue), experiencing a slight decline of 2.08% year-on-year [1] - The overseas market contributed 129 million yuan in revenue [1] R&D Investment - The company invested 959 million yuan in R&D during the first half of the year, marking an 18.7% year-on-year increase, with R&D expenses accounting for 36.07% of total revenue [1] - Key areas of investment include AI technology development and cross-platform adaptation, such as training large models with hundreds of billions of parameters and developing "instant document opening" technology for the HarmonyOS [1] Shareholder Changes - Notably, there was a significant reduction in holdings by employee stock ownership platforms, with nine companies, including Qiwen Yiwei and Qiwen Erwei, transferring 7.761767 million shares at a price of 267.50 yuan per share, totaling 2.076 billion yuan [1]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.338 billion yuan, a year-over-year increase of 9.41% but a quarter-over-quarter decrease of 16.28% [1] - The net profit attributable to the parent company was 284 million yuan, showing a year-over-year decline of 0.24% and a quarter-over-quarter decrease of 38.32% [1] Group 2: Gaming Business - The gaming segment generated 1.037 billion yuan in revenue, representing a year-over-year increase of 13.71% but a quarter-over-quarter decrease of 19.73%, accounting for 44.33% of total revenue [1] - The revenue growth was primarily driven by existing titles such as "Dust White Zone" and "Jian Wang 3," while the decline was attributed to fewer commercial content releases for "Jian Wang 3" in Q1 [1] - The company anticipates continued long-term operation of existing products and expects the launch of "Jian Wang 3: No Boundaries" in June 2024 to enhance user growth and engagement [1] - The upcoming sci-fi mech shooting game "Limit Break" had a peak concurrent player count of over 317,000 during testing and is scheduled for release in July 2025, which is expected to be a significant breakthrough for the company [1] Group 3: Office Business - The office software and services segment reported revenue of 1.301 billion yuan, with a year-over-year increase of 6.21% but a quarter-over-quarter decrease of 13.30%, making up 55.67% of total revenue [2] - The growth in revenue was mainly due to the performance of WPS Personal and WPS 365, although it was partially offset by a decline in WPS software business [2] - The increase in WPS Personal revenue was driven by strategies focused on enhancing AI active user numbers and rich membership benefits, while WPS 365 growth stemmed from supporting organizational clients in digital office transformation [2] - The decline in WPS software revenue was influenced by new procurement processes in 2025 [2] - The company aims to focus on AI, collaboration, and internationalization, with expectations for rapid growth in overseas WPS Personal business through localized operations and differentiated features [2] Group 4: R&D and Expenses - In Q1 2025, the company's R&D, sales, and management expenses were 828 million, 340 million, and 160 million yuan respectively, with year-over-year increases of 16.14%, 30.30%, and 0.01% [3] - The increase in R&D expenses was primarily due to a rise in employee numbers and AI-related expenditures to support the development of AI and collaboration capabilities [3] - Sales expenses increased year-over-year mainly due to promotions for new games [3] Group 5: Profit Forecast and Investment Rating - The company maintains its previous profit forecast, expecting EPS of 1.33, 1.65, and 1.95 yuan for 2025-2027, corresponding to current PE ratios of 25, 20, and 17 times [3] - The company is optimistic about the steady development of its dual business model and anticipates breakthroughs in new gaming categories and continued implementation of office AI and international expansion [3]