Investment Rating - The report suggests a positive investment outlook for the AIDC industry, driven by high growth in global capital expenditure and increasing demand for data centers [2][11][18]. Core Insights - The AIDC industry is experiencing a significant transformation towards direct current (DC), high voltage, and high density, with a projected market size of 99.6 billion yuan by 2030, reflecting a CAGR of approximately 50% from 2024 to 2030 [2][68]. - The global AI market is entering a high growth phase, with the market size expected to reach approximately $274.5 billion by 2032, growing at a CAGR of 36% [11]. - Major cloud service providers (CSPs) are significantly increasing their capital expenditures for data center infrastructure, with notable investments from companies like Alibaba and Tencent [17][22]. - The evolution of power supply systems in data centers is shifting from traditional UPS to more efficient HVDC systems, which are expected to dominate the market in the coming years [34][49]. Summary by Sections AIDC Capital Expenditure Growth - Global AIDC capital expenditure is experiencing high growth, with CSPs increasing investments in data centers, leading to a projected total installed capacity of over 100 GW by 2025 [2][18]. - The capital expenditure from domestic CSPs is expected to see explosive growth, with Alibaba's capital expenditure forecasted to increase by 239% in 2024 [17][22]. Power Supply System Evolution - The AIDC is rapidly evolving towards direct current and high voltage systems, with a significant focus on improving power supply efficiency and reducing system costs [34][49]. - The report highlights the transition from traditional UPS systems to HVDC systems, which are expected to enhance energy efficiency and reduce operational costs [49][52]. Market Opportunities - The report identifies new market opportunities in auxiliary power sources such as BBU and supercapacitors, which are becoming standard in AI server configurations [2][4]. - The global server power supply market is projected to reach 147 billion yuan by 2030, with a CAGR of approximately 42% from 2024 to 2030 [2][68]. Competitive Landscape - The competitive landscape for server power supplies is characterized by high barriers to entry, with established players like Delta Electronics and Lite-On Technology dominating the market [81]. - The report emphasizes the importance of customer relationships and technological capabilities as key competitive advantages in the server power supply sector [84][85].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q2 2025, the company's net profit attributable to shareholders increased by 57% year-on-year, with a strong order backlog in the "two machines" business [2] - The company achieved a total revenue of 1.38 billion yuan in the first half of 2025, representing a 9% year-on-year increase, and a net profit of 190 million yuan, up 24% year-on-year [2] - The company has over 1.5 billion yuan in orders for the "two machines" business, with contract liabilities reaching 200 million yuan, a 270% year-on-year increase [2] Financial Performance - The company's gross profit margin for the first half of 2025 was 36.3%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 12.2%, up 1.1 percentage points year-on-year [3] - The company’s revenue from high-temperature alloy products and precision cast steel parts was 840 million yuan, a 6.4% year-on-year increase, driven by the core "two machines" blade business [2][3] - The revenue from new materials and equipment surged by 74.5% year-on-year to 150 million yuan [2] Business Growth Drivers - The "two machines" business is expected to become a new growth driver, with significant opportunities arising from the global AI demand explosion [4] - The company has signed strategic cooperation agreements with major players like Siemens Energy and Safran Group, indicating strong growth potential in the "two machines" sector [4] - The nuclear energy business is also expanding, with multiple supply contracts signed in the first half of 2025 [4] Future Outlook - The company is investing 1.15 billion yuan in blade processing and coating project development, which is expected to enhance its core competitiveness and profitability [4] - The company anticipates a gradual increase in the proportion of high-margin "two machines" business, which will contribute to long-term profitability improvements [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The report outlines the growth trajectory of the company, highlighting its evolution through various market cycles, including the sedan cycle, SUV cycle, and the current transition to the new energy vehicle market [3][4][9]. - The company has established itself as a leading player in the automotive lighting sector, benefiting from strong partnerships with major automotive manufacturers and a focus on technological innovation [8][9]. Summary by Sections Sedan Cycle (2007-2011) - The company experienced stable revenue growth, with sales increasing from 446 million yuan in 2007 to 1.098 billion yuan in 2011, representing a compound annual growth rate (CAGR) of 25% [18]. - Gross margin improved from 25.17% in 2007 to 27.22% in 2011, driven by higher sales from new projects and cost reductions [21]. - Net profit rose significantly from 59 million yuan in 2007 to 167 million yuan in 2011, with a net profit margin increase from 13.23% to 15.21% [21]. SUV Cycle (2012-2016) - Revenue grew from 1.318 billion yuan in 2012 to 3.347 billion yuan in 2016, with a CAGR of 26% [47]. - Gross margin declined from 25.93% in 2012 to 20.98% in 2016 due to price reductions from clients and rising costs [49]. - Net profit increased from 189 million yuan in 2012 to 350 million yuan in 2016, but the net profit margin fell from 15.21% to 10.46% [49]. New Energy Cycle (2021-2025) - The company is expected to return to a growth trajectory in revenue starting from 2023, following a period of adjustment in customer structure [4]. - The report forecasts net profits of 1.759 billion yuan in 2025, 2.199 billion yuan in 2026, and 2.698 billion yuan in 2027, with corresponding earnings per share (EPS) of 6.16 yuan, 7.70 yuan, and 9.44 yuan respectively [1][9]. Intelligent Cycle (2026-2030) Outlook - The automotive lighting sector is anticipated to continue evolving with smart technology, enhancing market potential and driving average selling prices (ASP) higher [9]. - The company is well-positioned to benefit from partnerships with leading clients in the new energy vehicle space, which will contribute to sustained growth [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded expectations, with three major business segments experiencing rapid growth [7] - The company is positioned as a leader in the all-terrain vehicle and motorcycle markets, with significant sales growth in the first half of 2025 [7] Financial Performance Summary - For 2023, total revenue is projected at 12,110 million RMB, with a year-on-year growth of 6.44% - By 2025, total revenue is expected to reach 20,519 million RMB, reflecting a year-on-year increase of 36.44% [1] - The net profit attributable to the parent company for 2023 is estimated at 1,008 million RMB, with a year-on-year growth of 43.65% - The forecast for 2025 indicates a net profit of 1,869 million RMB, representing a year-on-year increase of 26.99% [1] - The latest diluted EPS for 2023 is projected at 6.60 RMB, increasing to 12.25 RMB by 2025 [1] Business Segment Performance - All-terrain vehicle sales reached 102,000 units in H1 2025, a year-on-year increase of 25.1%, with revenue of 4.73 billion RMB, up 33.9% [7] - Motorcycle sales totaled 150,000 units in H1 2025, a slight decline of 2.3% year-on-year, but with a revenue increase of 3.0% to 3.35 billion RMB [7] - The extreme core segment showed remarkable growth, with sales of 251,000 units in H1 2025, compared to 20,000 units in the same period last year, resulting in revenue of 870 million RMB, up 652% [7] Profitability Metrics - The gross margin for Q2 2025 was 27.3%, with a net profit margin of 11.0% [7] - The company maintained a stable expense ratio, with sales, management, and R&D expense ratios at 5.3%, 4.0%, and 5.4% respectively [7] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20.6, 15.6, and 14.1 respectively, indicating a favorable valuation outlook [7] - The company’s market capitalization is approximately 38.56 billion RMB, with a closing price of 252.73 RMB [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to industry cyclical impacts, but new product expansions are expected to yield positive results [1][3] - The company is a leader in wireless communication and BeiDou navigation, benefiting from the long-term trend of defense informationization and actively expanding into satellite internet and low-altitude economy [3][9] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [1][9] - Revenue breakdown shows wireless communication revenue at 690 million yuan (down 5.73%), BeiDou navigation revenue at 280 million yuan (down 32.25%), aerospace revenue at 140 million yuan (down 11.04%), and smart ecology revenue at 1.082 billion yuan (down 13.15%) [9] - The company's R&D expense ratio reached a historical high of 20.05%, indicating a strong commitment to transformation [9] Earnings Forecast and Valuation - The revised net profit forecasts for 2025 and 2026 are 334 million yuan and 567 million yuan, respectively, with a new forecast for 2027 at 1.027 billion yuan [3][10] - Corresponding P/E ratios are projected at 104, 61, and 34 times for 2025, 2026, and 2027, respectively [3][10] Market Data - The closing price of the stock is 14.13 yuan, with a market capitalization of approximately 35.068 billion yuan [6][10] - The company has a price-to-book ratio of 2.81 [6] Competitive Advantages - The company is enhancing its core competitive advantages through continuous R&D in "BeiDou + 5G" integrated chips and has secured contracts in satellite internet and low-altitude economy sectors [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 860 million yuan in H1 2025, representing a year-on-year increase of 42.4%, with a net profit of 390 million yuan, up 26.7% year-on-year [7] - The sales of medical device products remained stable, while functional skincare products saw significant growth, with revenue from medical devices, functional skincare, and raw materials reaching 710 million, 120 million, and 30 million yuan respectively in H1 2025, reflecting year-on-year growth of 33.4%, 152.4%, and 12.4% [7] - The company launched the world's first injectable gel product in April 2025, which is expected to drive domestic growth [7] - Strategic partnerships are being strengthened to accelerate international expansion, with plans to recruit partners in Thailand for medical device distribution [7] - The long-term growth outlook remains positive, with adjusted net profit forecasts for 2025-2027 being 1.04 billion, 1.46 billion, and 1.86 billion yuan respectively [7] Financial Summary - Total revenue is projected to reach 2.10 billion yuan in 2025, with a year-on-year growth rate of 45.81% [1] - The company's net profit is expected to grow to 1.04 billion yuan in 2025, reflecting a growth rate of 42.09% [1] - The latest diluted EPS is forecasted to be 9.04 yuan per share in 2025, with a P/E ratio of 35.39 [1]

Macro Strategy - The report anticipates a decline in loan demand for July and stable growth in social financing [1] - The geopolitical situation and rising interest rate expectations have boosted market sentiment, leading to an increase in US stock prices [1] - The 10-year US Treasury yield rose by 6.7 basis points to 4.283% due to weak auction results reflecting soft market demand [1] Fixed Income Analysis - The report highlights the investment value of non-ETF component bonds in the Sci-Tech bond market, suggesting a shift towards these bonds due to their higher yield and credit spread compared to ETF components [2] - It notes that 14.79% of the non-ETF component bonds have a credit spread exceeding 40 basis points, indicating potential for yield compression [2] - The "anti-involution" policy is expected to have a longer-lasting impact compared to previous supply-side reforms, with a focus on high-quality development rather than large-scale demand-side stimulus [3][4] Company-Specific Insights - Guodian Measurement (002967) is recommended for its AI chip localization and high-end PCB expansion, with profit forecasts for 2025-2027 set at 4.0/4.5/5.2 billion [9] - Aisheng Co., Ltd. (600732) has shown a significant increase in shipments and profitability, with revised profit forecasts for 2025-2027 at 3.8/15.6/24.9 billion, reflecting a growth rate of 107%/307%/60% [10] - Yanjing Beer (000729) continues to perform well with a focus on its U8 product line, with profit forecasts adjusted to 16.03/19.26/22.74 billion for 2025-2027 [11] - Gole Technology (002241) is expanding its AR capabilities through investment in Micro-LED technology, with profit forecasts adjusted to 34/44 billion for 2025-2026 [13] - Pop Mart (09992.HK) is expected to see rapid revenue growth driven by its IP strategy, with profit forecasts raised to 100.3/144.9/182.9 billion for 2025-2027 [14]

并购重组跟踪（三十一） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 证券研究报告 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年8月11日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 上周并购动态回顾 注：上周为8.4-8.10，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 8月5日，中国人民银行等七部门 《关于金融支持新型工业化的指导意见》 ，支持上市公司通过整体上市 定向增发、资产收购等形式进行行业 ...

Group 1: Report's Core View - Analyze the secondary - market performance of product component bonds and tracking index component bonds of science - and - technology innovation bonds (STIBs) ETF before and after its listing to determine the layout direction and bond - selection strategy of STIBs after the component bond market [1][13] - The valuation yields and credit spreads of STIBs ETF component bonds and non - ETF component bonds in the STIBs index show the same changing trends but with different amplitudes. Non - ETF component bonds generally have higher valuation yields and credit spreads. Currently, non - ETF component bonds have more potential for spread compression and less crowded trading, presenting a good configuration window period [7] Group 2: Industry Investment Rating - Not mentioned in the report Group 3: Summary According to the Directory 3.1 STIBs ETF Component Bonds' Secondary - Market Performance Comparison before and after Listing - As of July 31, 2025, 10 STIBs ETFs involve 543 component bonds (excluding duplicates), and the number of component bonds in each ETF has increased compared to the listing day [14] - In Interval 1 (January 1 - June 17, 2025), the average yield of STIBs ETF component bonds first rose and then fell, with a central value of about 2.03%. The yield increased in the early stage due to macro - interest - rate fluctuations and then decreased as funds flowed in. The credit spread showed a narrowing trend, with a central value of about 41.14BP, at the 61.20% quantile level since 2025 [15][16] - In Interval 2 (June 18 - July 16, 2025), the yield of STIBs ETF component bonds significantly decreased, and the credit spread rapidly compressed. The central value of the credit spread was 29.10BP, at the 15.20% quantile level since 2025. Some trading - disk investors started to take profits due to the high callback risk [16][17] - In Interval 3 (July 17 - July 31, 2025), the yield of STIBs ETF component bonds first decreased and then increased. The credit spread showed a similar trend. The central value of the credit spread was 17.35BP, at the 3.60% quantile level since 2025. The current entry has average cost - effectiveness and may face high adjustment risks [18][19] 3.2 Secondary - Market Performance Comparison of Tracking Index Component Bonds Not Included in STIBs ETF - As of July 31, 2025, the CSI, SSE, and SZSE AAA STIBs indexes tracked by STIBs ETF involve 899 underlying component bonds, among which 357 are not included in STIBs ETF component bonds, accounting for 39.71% [24] - In Interval 1, the yield of non - ETF component bonds first rose and then fell, similar to the overall bond market and STIBs ETF component bonds. The credit spread narrowed, with a central value of about 46.49BP, at the 74.10% quantile level since 2025, presenting a good left - side layout opportunity [27] - In Interval 2, the yield of non - ETF component bonds decreased, and the credit spread compressed. However, the decline in yield and the compression in credit spread were slightly lower than those of STIBs ETF component bonds. The allocation value between the two types of bonds began to diverge [28][29] - In Interval 3, the yield of non - ETF component bonds first decreased and then increased, but the change was slower than that of STIBs ETF component bonds. The credit spread widened, and the compression space was relatively larger than that of STIBs ETF component bonds [30][31] 3.3 Comparison of the Allocation Value between STIBs ETF Component Bonds and Non - ETF Component Bonds in the STIBs Index - Although the valuation yields and credit spreads of the two types of STIBs show the same trends, the amplitudes are different. Non - ETF component bonds generally have higher valuation yields and credit spreads [7][38] - In Interval 1, the excess spread between non - ETF component bonds and STIBs ETF component bonds was relatively stable, ranging from 1.41BP to 9.26BP [7] - In Interval 2, the excess spread widened from 2.79BP on June 17, 2025, to 9.18BP on July 16, 2025. The spread - return space of STIBs ETF component bonds was gradually consumed [7] - In Interval 3, the excess spread further widened from 10.42BP on July 17, 2025, to 11.74BP on July 31, 2025. The allocation value of non - ETF component bonds became prominent [7] - The proportion of bonds with a credit spread of over 40BP in non - ETF component bonds is 14.79%, while that in STIBs ETF component bonds is 5.94%. Non - ETF component bonds have a larger selection range for bonds with spread - compression potential [7]

Group 1: Capital Market News - The Ministry of Finance has revised the "Management Measures for Supporting the Development of Preschool Education Funds," which includes waiving childcare fees for eligible public kindergartens and providing corresponding reductions for private kindergartens [6] - In Shaanxi, a joint announcement by seven departments aims to expand the scope of interest subsidies for entrepreneurial guarantee loans, increase loan limits, and gradually reduce or waive counter-guarantee requirements to support entrepreneurship [7] Group 2: Industry News - In July, China's new energy vehicle (NEV) exports reached 225,000 units, a year-on-year increase of 120%. From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, respectively, representing year-on-year growth of 39.2% and 38.5%. NEV sales accounted for 45% of total new car sales [8] - The State Post Bureau reported that China's express delivery development index for July was 414.3, a year-on-year increase of 5.2%. The development scale index, service quality index, development capability index, and development trend index were 570.5, 566.5, 220.7, and 69.5, respectively, with year-on-year increases of 12.1%, 0.3%, 1%, and 11.2% [10] Group 3: Market Performance - On August 11, 2025, the Kexin 50 index rose by 0.59%, the Beijiao 50 index increased by 1.18%, and the A-share index rose by 0.34%. The average market capitalization of the 270 constituent stocks in the Beijiao exchange was 3.183 billion, with a trading volume of 23.226 billion, a decrease of 3.078 billion from the previous trading day [11] - Among individual stocks, 189 closed higher, with Huami New Materials, Gebijia, and Sanwei Equipment leading the gains at 22.13%, 11.47%, and 7.96%, respectively. Conversely, *ST Guandao, Hengli Drill, and Jiahua Technology saw declines of 8.30%, 5.84%, and 4.77% [12]