Investment Rating - The report assigns an "Accumulate" rating for Lenovo Group (00992) for the first time [2]. Core Views - Lenovo is the largest PC manufacturer globally, with a market share of 24.8% as of Q2 2025, and operates in 180 countries with around 80,000 employees [7][11]. - The company's revenue for Q2 2025 reached $18.83 billion, a year-on-year increase of 21.9%, exceeding Bloomberg's expectations [7]. - The adjusted net profit for Q2 2025 was $390 million, a 22% increase year-on-year, also surpassing Bloomberg's forecast [7]. - The report anticipates revenue growth driven by AI PC penetration and AI server expansion, projecting revenues of $77.38 billion, $83.68 billion, and $91.22 billion for 2025, 2026, and 2027 respectively [7][42]. Summary by Sections Company Overview - Lenovo is recognized as the largest PC manufacturer globally, with a significant global presence and a strategic focus on digital transformation [11]. - The company has a robust shareholder structure, with Lenovo Holdings being the largest shareholder [14]. IDG: AI PC Penetration - The Intelligent Devices Group (IDG) reported revenue of $13.46 billion in Q2 2025, marking a 17.8% year-on-year increase, driven by the growth of AI PCs and mobile business [21][26]. - The AI PC market is expected to grow significantly, with projections indicating a market penetration rate of 85% by 2027 [25]. SSG: Diversification Strategy - The Solutions and Services Group (SSG) achieved a revenue growth of 19.8% in Q1 FY25/26, driven by AI infrastructure and industry solutions [30]. - SSG is positioned as a leading player in the IT services market, maintaining the fastest revenue growth for eight consecutive years [27]. ISG: AI Server Growth - The Infrastructure Solutions Group (ISG) experienced a 36% year-on-year revenue increase in Q1 FY25/26, attributed to rising cloud investments and strong server demand [35]. - The company aims to become a leading provider of end-to-end infrastructure solutions, leveraging advanced technologies like liquid cooling [36]. Profit Forecast and Valuation Analysis - The report forecasts a compound annual growth rate (CAGR) of approximately 15.2% for adjusted net profit from FY24/25 to FY27/28, with projected adjusted net profits of $1.63 billion for FY25/26 [43][44]. - The report highlights a favorable valuation with a projected PE ratio of 10.7 for FY25/26, compared to an average of 19.4 for comparable companies [44].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 5.44 billion yuan in the first half of 2025, a decrease of 15.31%, with a net profit of 5.63 billion yuan, down by 9.89% [7] - The company's CDMO business is experiencing rapid growth, with revenue increasing by 20.32% to 12.36 billion yuan, while the raw material drug business faced challenges, with revenue declining by 23.41% to 36.03 billion yuan [7] - The company is expected to achieve revenues of 10.896 billion yuan, 11.512 billion yuan, and 13.081 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.028 billion yuan, 1.224 billion yuan, and 1.477 billion yuan [7] Financial Performance Summary - Revenue for 2023A was 11,474 million yuan, with a growth rate of 8.8%, while the forecast for 2025E is 10,896 million yuan, reflecting a decline of 9.4% [6][8] - The net profit for 2023A was 1,055 million yuan, with a growth rate of 6.7%, and is expected to be 1,028 million yuan in 2025E, showing a slight decline of 0.3% [6][8] - The company's gross margin for the first half of 2025 was 25.73%, an increase of 1.03 percentage points compared to the previous period [7] Business Structure and Strategy - The company has formed a "funnel" model for its CDMO project structure, with 1,180 ongoing projects, of which 377 are in the commercialization stage [7] - The company is advancing its business transformation strategy, focusing on "starting raw materials + registered intermediates + API + formulations," with a total of 134 API projects [7] - The company is accelerating its "multi-variety" strategy in the formulation business, with 68 projects under research, including a semaglutide injection that has entered phase III clinical trials [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.249 billion yuan for 1H2025, representing a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 120 million yuan, up 42.54% year-on-year [7][8] - The engineering segment saw significant revenue growth, primarily due to the steady progress of the Beifang Huajin project, which generated 239 million yuan in revenue in 1H2025 [7][8] - The company expects to achieve net profits of 339 million yuan, 451 million yuan, and 581 million yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 17.9, 13.5, and 10.5 [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,657 million yuan in 2023, 2,554 million yuan in 2024, 3,075 million yuan in 2025, 3,658 million yuan in 2026, and 4,296 million yuan in 2027, with a revenue growth rate of 20.4% in 2025 [6][9] - The net profit attributable to shareholders is projected to be 282 million yuan in 2023, 263 million yuan in 2024, 339 million yuan in 2025, 451 million yuan in 2026, and 581 million yuan in 2027, with a net profit growth rate of 29.2% in 2025 [6][9] - The company's sales gross margin for 1H2025 was 19.94%, an increase of 0.89 percentage points year-on-year, while the net profit margin was 9.64%, up 1.4 percentage points year-on-year [7][8] Market Performance - The company's stock price closed at 9.38 yuan as of August 20, 2025, with a circulating share capital of 629 million shares and a total share capital of 649 million shares [2]

-6% 26% 58% 89% 121% 153% 盐津铺子 沪深300 上证指数 休闲食品 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 黄欣培 SAC 证书编号：S0160525070004 huangxp01@ctsec.com 魔芋高景气度持续放量，费用率实现优化 盐津铺子(002847) 证券研究报告 休闲食品 / 公司点评 / 2025.08.21 投资评级:买入(维持) | 基本数据 | 2025-08-20 | | --- | --- | | 收盘价(元) | 73.96 | | 流通股本(亿股) | 2.46 | | 每股净资产(元) | 7.98 | | 总股本(亿股) | 2.73 | 最近 12 月市场表现 相关报告 1. 《收入端高质量增长，所得税率影响利润 表现》 2024-10-31 2. 《收入端韧性突出，多品牌布局逐步完 善》 2024-08-12 3. 《收入端韧性突出，重视股东回报》 2024-07-15 核心观点 ❖ 风险提示：新品增长不及预期；原料价格波动超预期；食品安全风险 盈利预测 | [币种Table_ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is preparing for its H-share issuance and listing on the Hong Kong Stock Exchange, with a final price set at HKD 42.80 per share [7] - The company has established itself as a significant supplier in the semiconductor industry, ranking among the top three global manufacturers of silicon carbide (SiC) substrates, with a market share of 16.7% [7] - The demand for SiC substrates is expanding into AI server power supply units, driven by the increasing need for high-performance AI computing [7] - Revenue projections for 2025-2027 are estimated at CNY 25.38 billion, CNY 32.68 billion, and CNY 41.12 billion, with corresponding net profits of CNY 3.12 billion, CNY 5.19 billion, and CNY 8.15 billion [7] Financial Performance Summary - The company reported a revenue of CNY 1,251 million in 2023, with a projected growth rate of 199.9% [6] - The net profit is expected to turn positive in 2024, reaching CNY 179 million, and continue to grow to CNY 815 million by 2027 [6] - The earnings per share (EPS) is projected to increase from -0.11 in 2023 to 1.90 by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 121.9 in 2024 to 35.3 in 2027, indicating improving profitability [6] Market Performance - The company has shown a significant market performance compared to the Shanghai and Shenzhen 300 index, with a 12-month performance of 76% [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.456 billion yuan, up 18.96% year-on-year, and net profit of 174 million yuan, up 42.30% year-on-year [8] - The second quarter of 2025 saw revenue of 692 million yuan, an increase of 7.75% year-on-year, and a net profit of 92 million yuan, up 28.42% year-on-year [8] - The company benefits from a favorable demand structure, particularly in the wind power and home appliance sectors, which has led to a good performance in production and sales [8] - The report anticipates continued growth in net profit for 2025-2027, with expected figures of 408 million yuan, 506 million yuan, and 583 million yuan respectively, representing growth rates of 49%, 24%, and 15% [8] Financial Performance Summary - Revenue for 2023 was 2.607 billion yuan, with a projected increase to 3.215 billion yuan in 2025, reflecting a growth rate of 20.80% [7] - The net profit for 2023 was 296 million yuan, with an expected increase to 408 million yuan in 2025, indicating a growth rate of 48.50% [7] - The company's earnings per share (EPS) is projected to rise from 0.72 yuan in 2023 to 1.00 yuan in 2025 [7] - The price-to-earnings (PE) ratio is expected to be 16.69 in 2025, indicating a reasonable valuation compared to historical performance [7] Market Performance - The company's stock has shown a strong performance compared to the CSI 300 index, with a notable increase of 54% over the past 12 months [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is focusing on building a full-stack capability for large models to promote the industrialization of AI, with significant R&D investments and product launches across various sectors [8] - The company has established deeper strategic partnerships with major players like China Mobile, expanding collaboration into new product categories and areas [8] - Revenue and profit forecasts for 2025-2027 are optimistic, with expected revenues of 346.37 billion, 374.79 billion, and 407.38 billion yuan, and net profits of 39.99 billion, 43.19 billion, and 48.06 billion yuan respectively [8] Financial Performance Summary - The company reported a revenue of 32,218 million yuan in 2023, with a projected growth rate of 5.4% [7] - The net profit for 2023 was 7,362 million yuan, with a significant increase of 216.7% compared to the previous year [7] - The earnings per share (EPS) for 2023 was 2.31 yuan, with a projected EPS of 1.22 yuan for 2025 [7] Product Development and Market Strategy - The company has launched a series of large model products across edge, cloud, and central sides, with 121 products released in the first half of 2025 [8] - The focus areas include education, power, cultural tourism, transportation, public safety, and smart cities, enhancing the company's core competitiveness in the smart IoT industry [8] - Continuous upgrades to the Starry Sky large model have been made, with the 2.0 version released in March 2025, featuring capabilities in language, multi-modal, and vision [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has successfully promoted its products through external channels and accelerated its R&D progress [7] - The company has established a differentiated product portfolio in the hypertension field, enhancing its brand influence in chronic disease management [7] - The company is expected to achieve revenue of 44.54 billion, 53.44 billion, and 62.53 billion yuan, and net profit of 6.28 billion, 6.90 billion, and 7.96 billion yuan from 2025 to 2027, with corresponding PE ratios of 89.6, 81.6, and 70.8 [7] Financial Performance - In the first half of 2025, the company achieved revenue of 2.131 billion yuan, a year-on-year increase of 4.32%, and a net profit of 365 million yuan, a year-on-year increase of 6.10% [7] - The company’s R&D investment in the first half of 2025 was 542 million yuan, accounting for 25.43% of revenue [7] - The company’s revenue projections for 2025E, 2026E, and 2027E are 44.54 billion, 53.44 billion, and 62.53 billion yuan respectively, with net profit projections of 6.28 billion, 6.90 billion, and 7.96 billion yuan [6][7] Market Performance - The company’s stock performance over the last 12 months shows a range of fluctuations, with a maximum increase of 101% compared to the benchmark index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 4.5 billion, 5.5 billion, and 6.1 billion RMB for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 26.5%, 22.2%, and 10.9% [9] - The net profit is forecasted to reach 1.896 billion, 2.591 billion, and 3.033 billion RMB for the same years, with net profit growth rates of 32.6%, 36.7%, and 17.1% [9] - The company has made significant progress in clinical research, particularly with the drug Vomeletin, which has received breakthrough therapy designation for treating NSCLC [9] - The drug Goleirese has been successfully approved and is expected to enter the national medical insurance directory, which will accelerate its market penetration [9] Financial Performance and Forecast - Revenue for 2023 is reported at 2,018 million RMB, with a projected increase to 3,558 million RMB in 2024, and further growth to 4,500 million RMB in 2025 [7][10] - The company’s net profit for 2023 is 644 million RMB, expected to rise to 1,430 million RMB in 2024, and 1,896 million RMB in 2025 [7][10] - Earnings per share (EPS) is projected to grow from 1.43 RMB in 2023 to 4.21 RMB in 2025, with a corresponding price-to-earnings (PE) ratio of 21.4 in 2025 [7][10] Market Performance - The company has shown a market performance of -27% over the last 12 months, compared to the Shanghai Composite Index and the Chemical Pharmaceutical sector [4]

Group 1 - The global drone market is experiencing steady growth, with the civilian drone market expected to reach USD 23.2 billion by 2025 and a shipment volume of approximately 7 million consumer drones [4][8] - The Antigravity A1 drone from the company introduces a new segment with VR-level natural interaction and immersive creative experiences, significantly lowering the professional threshold for users [8][9] - The company aims to capture the ultra-micro drone market, potentially generating tens of billions in new revenue over the next three years, becoming a strong second growth curve [14] Group 2 - The home appliance sector showed a mixed performance, with the home appliance index rising by 1.9% during the week of August 11-17, while the overall market indices saw higher gains [16][17] - The white goods, black goods, and small appliances segments experienced varying changes, with black goods increasing by 4.2% [16][18] - Notable individual stock performances included a 27% increase for Shunwei Co. and an 8.7% decrease for Wanhe Electric [18] Group 3 - Raw material prices have shown fluctuations, with copper prices up 7.3% year-to-date and aluminum prices up 5% [22] - The price index for plastics has decreased by 9.2% year-to-date, while the steel price index has seen a slight decline of 2.1% [22] Group 4 - The retail performance of major appliances showed a year-on-year increase in air conditioning sales by 23% and washing machines by 11%, while refrigerators saw a decline of 7% [45] - The online sales of small appliances, particularly vacuum cleaners, have surged with a year-on-year growth of 48% [45]