业绩简评 2025 年 8 月 27 日早晨，公司发布 2024 中期业绩：实现营收 85.2 亿元，同比+6.5%；归母净利润 20.3 亿元，同比+7.4%；核心净利 润 20.1 亿元，同比+15.0%。 经营分析 毛利率水平持续提升，两费费率下降，提质增效带动业绩高质量 增长。2024 年①收入同比+6.5%，其中商业航道同比+14.6%，物业 航道同比+1.1%。②毛利率：综合 37.1%，同比+3.1pct，其中商业 航道 66.1%，同比+5.2pct；物业航道 18.8%，同比-0.1pct。③两 费费率 6.3%，同比-0.6pct。 提升中期派息率并宣派特别股息，首次实现中期核心净利润 100% 分派。1H25 公司中期每股股息 0.529 元，同比+89.6%；同时宣派 特别股息每股 0.352 元。公司以股东价值最大化为导向，首次在 中期实现 100%核心净利润分派。 盈利预测、估值与评级 考虑到公司在商业航道持续领跑市场，构筑广阔壁垒，近年来购 物中心开业持续放量；在物业航道实现有质量的规模增长。我们 预计公司2025-2027年归母净利润分别为41.0亿元、45.0元、48.9 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company reported a revenue of 880 million yuan for the first half of 2025, a year-on-year increase of 10.0%, with a net profit of 130 million yuan, up 0.4% year-on-year [2]. - The company is investing approximately 800 million yuan in a new robot intelligent control system production project, with a construction period of 24 months [2]. - The company is experiencing steady growth in its core business and has made significant progress in its internationalization strategy, particularly in the PLC and drive systems segments [3]. Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 490 million yuan, a 6.9% year-on-year increase, with a net profit of 80 million yuan, down 1.3% year-on-year [2]. - The gross margin for Q2 was 38.4%, an increase of 0.3 percentage points year-on-year [2]. Business Operations - The PLC segment generated 310 million yuan in revenue for H1 2025, a 0.5% increase year-on-year, maintaining a leading market share in domestic small PLCs [3]. - The drive systems segment saw a revenue increase of 19% year-on-year, with stepper motors and variable frequency drive products achieving a 50% revenue growth [3]. - The company is focusing on large clients and expanding its international presence, with overseas orders increasing by nearly 50% year-on-year in H1 [3]. Emerging Industry Expansion - The company is accelerating its investment in humanoid robots, achieving small-scale sales of key components and collaborating with major robotics firms [4]. - The partnership with Huawei Cloud aims to develop advanced collaborative robots, indicating a strong potential for commercialization in the robotics sector [4]. Financial Projections - The company is expected to achieve net profits of 270 million yuan, 340 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19%, 25%, and 19% [6]. - The current price corresponds to a P/E ratio of 34, 27, and 23 for the years 2025, 2026, and 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Viewpoints - The company reported a revenue of 1.798 billion yuan for the first half of 2025, representing an 8.80% year-on-year growth, and a net profit of 516 million yuan, which is a 17.19% increase year-on-year [1]. - The blood products business continues to grow steadily, with a revenue of 1.738 billion yuan, up 7.49% year-on-year, and a net profit of 501.89 million yuan, up 18.51% year-on-year [2]. - The company is actively enhancing its plasma collection capabilities, achieving a total plasma collection of 803.66 tons in the first half of 2025, a 5.23% increase compared to the same period last year [2]. - Revenue from similar drugs is on the rise, with the company's affiliate, Hualan Gene, generating sales of 59 million yuan from Bevacizumab [3]. - The company is advancing its innovative drug development, with several products in various stages of clinical trials [3]. Summary by Sections Performance Review - In the first half of 2025, the company achieved an operating income of 1.798 billion yuan, a year-on-year increase of 8.80%, and a net profit attributable to shareholders of 516 million yuan, up 17.19% year-on-year [1]. Operational Analysis - The blood products segment generated 1.738 billion yuan in revenue, a 7.49% increase year-on-year, with a net profit of 501.89 million yuan, reflecting an 18.51% growth [2]. - The company has successfully established a new plasma collection station in Fengdu County, Chongqing, contributing to a total plasma collection of 803.66 tons, a 5.23% increase year-on-year [2]. Profit Forecast, Valuation, and Rating - The report forecasts the company's net profit for 2025-2027 to be 1.25 billion yuan (+15%), 1.41 billion yuan (+13%), and 1.59 billion yuan (+13%) respectively, with corresponding EPS of 0.68, 0.77, and 0.87 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 11.507 billion RMB for H1 2025, representing a year-on-year increase of 9.12%, with a net profit of 2.051 billion RMB, showing a slight increase of 0.05% [2]. - The outpatient visits reached 9.2483 million, up 16.47% year-on-year, while the number of surgeries performed was 879,000, an increase of 7.63% [3]. - The company has expanded its domestic and international operations, with overseas revenue contributing 13.2% of total income, highlighting the effectiveness of its global strategy [3][4]. Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 5.481 billion RMB, a year-on-year increase of 2.47%, but the net profit decreased by 13% to 1.001 billion RMB [2]. Business Analysis - The refractive and optical services led the growth, with revenues of 4.618 billion RMB (up 11.14%) and 2.720 billion RMB (up 14.73%) respectively [3]. - The cataract project generated 1.781 billion RMB, reflecting a 2.64% increase, while the anterior segment project earned 1.031 billion RMB, up 13.06% [3]. Network Expansion and Efficiency - As of H1 2025, the company operates 355 domestic hospitals and 240 outpatient departments, alongside 169 overseas eye centers and clinics [4]. - The company has initiated an organizational transformation and AI integration to enhance operational efficiency, collaborating with institutions like the Chinese Academy of Sciences and Huawei Cloud [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 3.773 billion RMB, 4.197 billion RMB, and 4.644 billion RMB respectively, with expected EPS of 0.41, 0.45, and 0.50 RMB [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 5.663 billion yuan for the first half of 2025, representing a year-on-year growth of 41.2%. The net profit attributable to shareholders reached 1.625 billion yuan, up 121.5% year-on-year [1]. - Adjusted net profit for the same period was 1.086 billion yuan, reflecting a growth of 42.4%, while adjusted core profit was 1.136 billion yuan, marking a 49.0% increase [1]. - The company is benefiting from promotional activities in the food delivery sector, leading to an upward revision of profit forecasts for FY2025, FY2026, and FY2027, with adjusted net profits projected at 2.196 billion, 2.616 billion, and 3.148 billion yuan respectively [3]. Financial Performance - The company achieved a single-store daily cup volume of 439 cups in the first half of 2025, a year-on-year increase of 17.4%, with a total of 79.4 thousand cups sold per store, up 16.6% year-on-year [9]. - The average price per cup increased to 17.25 yuan, a rise of 3.3% year-on-year, contributing to a 20.6% year-on-year growth in single-store GMV, reaching 1.3705 million yuan [9]. - The company accelerated its store openings, adding 1,265 new stores in the first half of 2025, bringing the total number of stores to 11,179, a year-on-year increase of 17.5% [9]. - The gross margin for the first half of 2025 was 31.5%, with stable sales and administrative expense ratios, leading to an operating profit margin of 23.7%, up 1.6 percentage points year-on-year [9]. Future Projections - Revenue projections for the company are as follows: 11.914 billion yuan for 2025, 13.801 billion yuan for 2026, and 16.569 billion yuan for 2027, with growth rates of 35.52%, 15.84%, and 20.05% respectively [8]. - Adjusted net profit is expected to grow significantly, with rates of 42.41% for 2025, 19.12% for 2026, and 20.33% for 2027 [8].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 1.86, 2.12, and 2.43 RMB respectively, corresponding to PE ratios of 13, 12, and 10 times [6]. Core Viewpoints - The company has shown steady revenue growth in H1 2025, with a revenue increase of 7.10% year-on-year, and a net profit increase of 11.42% [2]. - The recovery of downstream demand is expected to support stable revenue growth, particularly in eco-friendly packaging, which is anticipated to continue expanding [3]. - The company has implemented a new equity incentive plan, reflecting confidence in long-term development and a clear path for valuation uplift [5]. Performance Summary - In H1 2025, the company reported revenues of 7.876 billion RMB and a net profit of 554 million RMB, with a proposed cash dividend of 0.43 RMB per share, resulting in a payout ratio of 70.18% [2]. - The revenue from paper-based premium packaging, packaging supporting products, and eco-friendly paper-plastic products was 5.461 billion RMB, 1.297 billion RMB, and 584 million RMB respectively, with year-on-year growth rates of 5.39%, -6.70%, and 6.77% [3]. - The gross margin for H1 2025 was 22.77%, with a net margin of 6.80%, showing slight declines compared to the previous year [4]. Financial Projections - The company is projected to achieve revenues of 19.002 billion RMB in 2025, with a growth rate of 10.75% [11]. - The diluted EPS is expected to grow from 1.864 RMB in 2025 to 2.425 RMB in 2027, indicating a positive growth trajectory [11]. - The company’s return on equity (ROE) is projected to be 14.10% in 2025, with a P/E ratio of 13.24 [11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 6.435 billion RMB for the first half of 2025, a year-on-year decrease of 4.87%, and a net profit attributable to shareholders of 181 million RMB, down 39.58% year-on-year. The second quarter showed a revenue of 3.441 billion RMB, a quarter-on-quarter increase of 14.93%, and a net profit of 91.1 million RMB, up 1.51% quarter-on-quarter, aligning with expectations [2]. - The company is focusing on rapid iteration in the photovoltaic paste product development to meet customer demands, achieving significant breakthroughs in various metallization technologies, which have led to a cumulative efficiency gain of 0.2% for the year [3]. - The company is extending its industrial chain and expanding its product matrix, with its subsidiary achieving mass production in non-photovoltaic silver paste fields and developing new generation encapsulation adhesives for photovoltaic modules [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 6.435 billion RMB, down 4.87% year-on-year, and a net profit of 181 million RMB, down 39.58% year-on-year. The second quarter saw a revenue of 3.441 billion RMB, up 14.93% quarter-on-quarter, and a net profit of 91.1 million RMB, up 1.51% quarter-on-quarter, meeting expectations [2]. Operational Analysis - The industry is experiencing an upward turning point, with a significant reduction in credit impairment provisions. The company's cash flow from operating activities in the second quarter was -979 million RMB, a decrease of 722.69% quarter-on-quarter. The company recorded an impairment loss of 39 million RMB in the second quarter, indicating potential recovery in cash flow and impairment situations as the photovoltaic industry continues to improve [2]. Product Development - The company has established a comprehensive technology matrix in the photovoltaic conductive paste field, achieving breakthroughs in high-performance silver paste and UV-resistant silver paste technologies, contributing to a significant reduction in battery costs [3]. Industry Chain Expansion - The company is expanding its product offerings beyond photovoltaic silver paste, with its subsidiary achieving mass production in various electronic paste products and developing advanced encapsulation adhesives for photovoltaic modules, addressing industry pain points [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 are adjusted to 411 million RMB, 506 million RMB, and 604 million RMB, respectively, with corresponding EPS of 1.70, 2.09, and 2.50 RMB. The current stock price corresponds to PE ratios of 31, 25, and 21 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a projected price-to-earnings (PE) ratio of 31/25/20x for the years 2025-2027 [4]. Core Insights - The company achieved a revenue of 32.96 billion yuan in the first half of 2025, representing a year-on-year growth of 14.2%, and a net profit attributable to shareholders of 1.14 billion yuan, up 32.7% year-on-year [2]. - The consumer electronics segment generated revenue of 27.185 billion yuan in the first half of 2025, with a gross margin of 13.2%, slightly down by 0.56 percentage points year-on-year [3]. - The smart automotive and cockpit segment reported revenue of 3.165 billion yuan, a year-on-year increase of 16.45%, with a gross margin of 9.84% [3]. - The smart headsets and wearables segment achieved revenue of 1.647 billion yuan, growing 14.74% year-on-year, with a gross margin of 23.3%, an increase of 9.7 percentage points [4]. Summary by Relevant Sections Performance Review - In Q2 2025, the company recorded revenue of 15.9 billion yuan, a year-on-year increase of 18.9%, but a quarter-on-quarter decrease of 6.8%. The net profit for Q2 was 710 million yuan, up 29.3% year-on-year and 66.4% quarter-on-quarter [2]. Business Analysis - The consumer electronics business continues to solidify its market position, with significant growth in high-end mobile phone components and a recovery in personal computer sales [3]. - The smart automotive sector is expanding with successful product launches and collaborations with leading automotive brands, indicating a strong growth trajectory [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 5.175 billion yuan for 2025, with expected growth rates of 42.81% in 2025, 24.17% in 2026, and 25.35% in 2027 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.4 billion, 1.6 billion, and 1.7 billion RMB for 2025-2027, corresponding to PE valuations of 12, 11, and 10 times respectively [2] Core Insights - The company reported a revenue of 9.39 billion RMB for the first half of 2025, a year-on-year increase of 6.18%, with a notable improvement in Q2, achieving a revenue of 5.12 billion RMB, up 9.89% year-on-year [1] - The overseas market continues to drive strong growth, with overseas revenue reaching 4.02 billion RMB in the first half of 2025, a 15.20% increase year-on-year, accounting for 43% of total revenue, a historical high [1] - The company's gross margin improved to 23.58% in the first half of 2025, up 0.36 percentage points year-on-year, with Q2 gross margin at 24.64%, reflecting product structure optimization and increased high-margin overseas business [1] - The intelligent logistics business has become a significant growth driver, with revenue growth of 59.1% year-on-year in the first half of 2025, indicating a strategic expansion into the robotics sector [1] Summary by Sections Performance Review - The company achieved a net profit of 796 million RMB in the first half of 2025, down 4.60% year-on-year, but Q2 net profit improved to 474 million RMB, up 9.8% year-on-year [1] Operational Analysis - The company sold 204,200 units in the first half of 2025, a 17.23% increase year-on-year, with domestic sales at 126,200 units (up 11.28%) and overseas sales at 73,600 units (up 23.08%) [1] - The company is developing a manufacturing base in Thailand to enhance its global manufacturing footprint [1] Profitability and Cash Flow - The net profit margin for the first half of 2025 was 9.6%, with a Q2 margin of 10.5%, reflecting improved operational efficiency [1] - Operating cash flow for the first half of 2025 was 589 million RMB, an increase of 81.81% year-on-year, indicating enhanced cash collection capabilities [1] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 18.68 billion RMB in 2025, reflecting a growth rate of 7.84% [7]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 0.82, 0.93, and 1.07 RMB respectively, corresponding to PE ratios of 14, 12, and 11 times [5]. Core Insights - The company reported a revenue of 1.746 billion RMB for H1 2025, a year-on-year increase of 5.78%, and a net profit attributable to shareholders of 183 million RMB, up 1.72% year-on-year. The proposed dividend is 0.28 RMB per share, with a payout ratio of 93.58% [1]. - The plastic flexible packaging segment showed significant growth, contributing to the overall revenue increase. The revenue from plastic flexible packaging grew by 20.34% year-on-year, while the main business of color printing composite packaging experienced slower growth due to insufficient recovery in downstream consumer demand [2]. - The company's gross margin for H1 2025 was 21.18%, down 1.20 percentage points year-on-year, while the net margin was 10.55%, down 0.49 percentage points. The decline in margins is attributed to high raw material prices and increased market competition [3]. - As an industry leader, the company is well-positioned to capture market share from smaller competitors and is expected to benefit from new product lines in emerging consumer segments. The ongoing investment in new multi-functional film projects is anticipated to provide additional revenue growth [4]. Summary by Sections Performance Review - In H1 2025, the company achieved a revenue of 1.746 billion RMB, with a net profit of 183 million RMB. The Q2 revenue was 898 million RMB, reflecting a 10.07% year-on-year increase [1]. Operational Analysis - The revenue breakdown for H1 2025 includes 1.219 billion RMB from color printing composite packaging, 369 million RMB from plastic flexible packaging, 74 million RMB from inks, and 35 million RMB from vacuum aluminum packaging, with respective year-on-year growth rates of 2.64%, 20.34%, 3.80%, and 22.33% [2]. Margin and Cost Control - The gross margin for H1 2025 was 21.18%, with a net margin of 10.55%. The company maintained effective cost control, with sales, management, R&D, and financial expense ratios showing improvements [3]. Market Position and Growth Potential - The company is recognized as a leader in the plastic flexible packaging industry, with a focus on expanding into new consumer markets. The high dividend payout ratio and consistent historical dividend yield reflect its stable financial position [4]. Earnings Forecast and Valuation - The projected EPS for 2025-2027 is 0.82, 0.93, and 1.07 RMB, with corresponding PE ratios of 14, 12, and 11 times, supporting the "Buy" rating [5].