Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in Q2 2025, with revenue of 258 million yuan, representing a year-on-year increase of 59% and a quarter-on-quarter increase of 35%. The net profit attributable to the parent company reached 50 million yuan, up 53% year-on-year and 20% quarter-on-quarter, indicating strong growth driven by AI technology [8] - The company is heavily investing in R&D, with over 70 million yuan allocated in Q2 2025, marking significant growth compared to previous periods. The focus is on developing the second-generation in-memory computing chip technology [8] - The transformation of edge products towards AI has shown impressive results, with strong downstream demand. The company has successfully introduced its first-generation in-memory computing technology into various leading brands, leading to significant sales growth [8] Financial Forecasts - Revenue projections for 2025-2027 have been slightly adjusted to 9.25 billion yuan, 11.87 billion yuan, and 14.85 billion yuan respectively, with net profit forecasts of 1.9 billion yuan, 2.7 billion yuan, and 3.7 billion yuan for the same years. The corresponding P/E ratios are 44, 31, and 22 [8][9]

安踏体育（02020.HK） 25Q2 流水点评：安踏品牌推进渠道升级，户 外品牌引领增长 买入（维持） 证券研究报告·海外公司点评·纺织及服饰(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62,356 | 70,826 | 78,173 | 86,079 | 94,239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10,236 | 15,596 | 13,232 | 14,763 | 16,431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 22.41 | 14.71 | 17.34 | 15.54 | 13.96 | [T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 is in line with expectations, with a focus on the progress of the game "异环" (Yihuan) launch [1] - The company is expected to achieve a net profit attributable to shareholders of 4.80-5.20 billion yuan in 2025H1, with a significant turnaround compared to the previous year [7] - The game "诛仙世界" (Zhuxian World) is steadily releasing profits, and cost reduction and efficiency improvement measures are showing initial results [7] - The new game "异环" has performed well in its second test, and the company is actively monitoring its launch schedule [7] - The film and television business is focusing on quality over quantity, with a strategy to develop short dramas [7] - The earnings forecast has been adjusted upwards, with expected EPS for 2025-2027 being 0.40, 0.74, and 0.90 yuan respectively [7] Financial Summary - Total revenue for 2023 is projected at 7,791 million yuan, with a year-on-year growth of 1.57% [1] - The net profit attributable to shareholders for 2023 is expected to be 491.48 million yuan, reflecting a year-on-year decline of 64.31% [1] - The latest diluted EPS for 2023 is estimated at 0.25 yuan, with a P/E ratio of 57.27 [1] - The company anticipates a significant recovery in net profit in 2025, with a projected net profit of 775.17 million yuan, representing a year-on-year growth of 160.20% [1]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-16 宏观策略 [Table_MacroStrategy] 宏观点评 20250715：城市更新的空间有多大？——2025 年 7 月中央城市 工作会议点评 城市更新"预计能够落地多大规模？"十五五"期间，城市更新预计至少 能够完成 4.48 万亿元总投资，折合每年近 9000 亿元。未来，城市更新的 潜在需求预计将主要来自城中村改造、老旧小区改造与城市基础设施建 设改造。其中： （1）老旧小区改造与城市基础设施建设改造：2024 年， 国家发改委披露"2023-2024 年安排中央预算内投资、增发国债和超长期 特别国债资金超过 4700 亿，重点支持地下管网改造、城镇老旧小区改造 等城市更新项目。今后几年，城市更新仍是政府投资的支持重点。"如果 未来保持这样的投资强度，那么在"十五五"期间,即使不考虑财政资金 的撬动作用，老旧小区改造与城市基础设施建设改造预计至少也可贡献 2.35 万亿元新增投资。 （2）城中村改造：2020 年，全国城镇家庭居住 的自建房总建筑面积估算值约为 6.66 亿平方米。剔除 2025 年底之前可 能已完成改造部分 ...

证券研究报告·行业点评报告·国防军工 国防军工行业点评报告 9·3 阅兵在即，看好阅兵催化下的军工装备 升级周期 增持（维持） [Table_Tag] [Table_Summary] 事件：9 月 3 日上午，北京天安门广场将举行纪念中国人民抗日战争暨世 界反法西斯战争胜利 80 周年大会，包括检阅部队。 投资要点 2025 年 07 月 15 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 xumu@dwzq.com.cn 《CJ-1000A 突破国际技术封锁，助力 C919 实现航空中国心》 2025-06-18 《深海科技六问六答，深海开发始于 海洋探测，信息化与工具载体先行》 2025-03-31 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 证券分析师 高正泰 执业证书：S0600525060001 gaozht@dwzq.com.cn 行业走势 -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024/7/15 2024/11/13 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance forecast for the first half of 2025 indicates a significant decline in net profit due to falling lithium prices and expected losses in copper smelting, although there is potential for reduced losses in the upcoming quarters [7] - The report anticipates a recovery in net profit starting in 2026, driven by the ramp-up of copper and germanium production and stable growth in cesium and rubidium business [7] - The overall revenue is projected to increase significantly in the coming years, with a forecasted total revenue of 10.38 billion yuan by 2027, reflecting a growth rate of 47.40% [1][8] Financial Summary - Total revenue for 2023 is expected to be 6.013 billion yuan, with a year-on-year decrease of 25.22%. The forecast for 2024 is 5.364 billion yuan, a further decline of 10.80%, followed by a recovery to 6.521 billion yuan in 2025 [1][8] - The net profit attributable to the parent company is projected to drop to 400.28 million yuan in 2025, a decrease of 47.12% compared to the previous year, before rebounding to 1.933 billion yuan by 2027 [1][8] - The earnings per share (EPS) is expected to decline to 0.55 yuan in 2025, with a recovery to 2.68 yuan by 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to be 60.08 in 2025, decreasing to 12.44 by 2027, indicating an improvement in valuation as earnings recover [1][8]

Economic Growth Analysis - The actual GDP growth rate for Q2 2025 is 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong likelihood of achieving the annual target of around 5%[1] - Nominal GDP growth in Q2 is 3.9%, down from 4.6% in Q1, with the GDP deflator index showing a decline of approximately -1.2%[1] - Consumer retail sales increased by 5.0% in the first half, surpassing last year's 3.7% growth, driven by "trade-in" policies[1] Sector Performance - Industrial production saw a significant increase, with June's industrial added value rising to 6.8%, supported by strong external demand and a 5.9% increase in exports[2] - Fixed asset investment growth decreased from 3.7% to 2.8% in June, primarily due to declines in infrastructure and manufacturing investments[4] - The real estate sector showed resilience, with a cumulative sales decline of -3.5% in the first half, significantly better than last year's -19%[1] Consumer Behavior and Trends - Consumer spending growth in Q2 remained stable at 5.2%, with a slight decrease in June due to earlier promotional activities and changing consumption patterns[2] - The "trade-in" program's impact on durable goods consumption is expected to continue supporting consumer spending in the coming months[2] - The income growth rate for residents is 5.3%, consistent with last year's figures, while government revenue growth has improved compared to the previous year[1] Future Economic Outlook - The balance of supply and demand is under pressure, with industrial capacity utilization dropping to its second-lowest level since 2013 at 74%[4] - Key variables for the second half of the year include the evolution of consumer demand, export performance, and real estate sales trends[4] - The effectiveness of new policy measures and financial tools will be crucial in supporting investment and consumption in the latter half of the year[4]

Group 1: Urban Renewal Overview - Urban renewal is defined as a collective effort involving the renovation of dilapidated housing, upgrading old residential areas, and improving urban infrastructure[10] - The central government plans to invest over 470 billion in urban renewal projects, focusing on underground pipeline upgrades and old residential area renovations for 2023-2024[2] - During the 14th Five-Year Plan period, urban renewal is expected to generate at least 4.48 trillion in total investment, averaging nearly 900 billion annually[18] Group 2: Investment Contributions - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion in new investments during the 14th Five-Year Plan[19] - The transformation of urban villages, assuming a "half-demolition, half-renovation" model, is estimated to yield an additional 2.13 trillion in new investments[20] - The total investment from urban village renovations and old residential area upgrades could reach approximately 4.48 trillion during the 14th Five-Year Plan[18] Group 3: Funding Sources - In 2024, 12 provinces are expected to issue special bonds totaling nearly 100 billion to support urban renewal projects[4] - 28 cities have established urban renewal funds with a total scale of 455 billion, indicating a diversified funding mechanism for urban renewal[4] - Future funding may also come from local government land reserve bonds, which could help alleviate project implementation difficulties[4] Group 4: Risks and Challenges - There are potential inaccuracies in estimating the investment scale for urban renewal during the 14th Five-Year Plan[26] - The analysis of potential funding sources for urban renewal may also be subject to inaccuracies[26] - The issuance scale of local bonds, such as land reserve special bonds, may not meet expectations, posing a risk to project financing[26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face challenges in sales in the second half of the year, with discounts and gross margins likely under pressure. However, the partnership with the Chinese Olympic Committee is anticipated to enhance long-term brand development [7] - The company plans to increase marketing and R&D investments related to the Olympics and technology in the second half of the year [7] - The company has deepened discounts to boost sales, and inventory levels have improved, with a good inventory control [7] Financial Forecasts - Total revenue (in million RMB) is projected to be 27,598 in 2023, 28,676 in 2024, 28,834 in 2025, 30,529 in 2026, and 32,074 in 2027, with year-on-year growth rates of 6.96%, 3.90%, 0.55%, 5.88%, and 5.06% respectively [1] - Net profit attributable to the parent company (in million RMB) is forecasted to be 3,187 in 2023, 3,013 in 2024, 2,313 in 2025, 2,598 in 2026, and 2,926 in 2027, with year-on-year changes of -21.58%, -5.46%, -23.24%, 12.31%, and 12.64% respectively [1] - The latest diluted EPS is expected to be 1.23 in 2023, 1.17 in 2024, 0.89 in 2025, 1.00 in 2026, and 1.13 in 2027 [1] - The P/E ratios are projected to be 11.85 for 2023, 12.54 for 2024, 16.33 for 2025, 14.54 for 2026, and 12.91 for 2027 [1]

Investment Rating - The industry investment rating is "Increase Holding," indicating an expectation that the industry index will outperform the benchmark by more than 5% in the next six months [29]. Core Insights - The report highlights a total of 85 merger and acquisition (M&A) events during the period from July 7 to July 13, with 26 being significant M&A transactions. Out of these, 19 M&A events were completed, including one major transaction [9][13]. - Recent policy updates emphasize the encouragement of investment banks to enhance their advisory services for M&A, focusing on valuation and pricing research [7]. - The restructuring index outperformed the Wind All A index by 1.21% during the same period, indicating a positive market performance for restructuring activities [21]. Summary by Sections 1. M&A Dynamics Review - The report covers M&A activities from July 7 to July 13, noting a total of 85 M&A events, with 5 classified as failures [9][16]. 2. Policy Updates - On July 11, the China Securities Association issued guidelines to promote high-quality development in the securities industry, encouraging investment banks to invest more in M&A advisory services [7]. 3. Major M&A Updates - A total of 4 significant M&A events involved state-owned enterprises as acquirers during the reporting period [13]. 4. M&A Failure Events - The report identifies 5 failed M&A attempts by listed companies, including notable firms such as 博敏电子 and 中核科技 [16]. 5. Control Changes - Four listed companies reported changes in actual control, indicating shifts in ownership structures [18]. 6. Market Performance - The restructuring index showed a positive performance, exceeding the Wind All A index by 1.21% during the specified period [21].