Investment Insights - The report highlights that the subsidy for replacing old appliances is continuing as expected, which supports domestic demand in the white goods sector [6] - Leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to show strong performance due to their robust overseas production capacity and market expansion strategies [6] - The two-wheeler sector is anticipated to benefit from accelerated national subsidies, with leading companies like Yadea Holdings expected to outperform the industry [6] - The black goods segment is seeing improvements in profitability driven by the old-for-new policy and structural upgrades, with a recommendation for Hisense Visual and a watch on TCL Electronics [6] Market Review - In July, the home appliance index showed a slight increase of 0.92%, but underperformed compared to the broader market indices, indicating a challenging environment for the sector [13] - The report notes that the home appliance sector's performance has been affected by fluctuating subsidy policies and tariff expectations, leading to a mixed market sentiment [12][13] - The overall market sentiment improved in July due to expectations of fiscal easing and a focus on "anti-involution" policies, which positively impacted the sector's absolute returns [13] Key Data Tracking - The report tracks significant price movements in raw materials, noting that copper and aluminum prices increased by 3% and 8% year-on-year, respectively, while cold-rolled steel prices decreased by 6% [20] - Retail sales of air conditioners showed strong growth in June, with online and offline sales increasing by 28% and 40% year-on-year, respectively, indicating a robust demand environment [27] - The report also highlights that the average selling prices of air conditioners have seen a slight decline, suggesting a competitive pricing environment [27][30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 178.886 billion yuan for the first half of 2025, a year-on-year increase of 7.27%, and a net profit attributable to shareholders of 30.485 billion yuan, up 33.33% year-on-year [5][13] - The company's market share in energy storage remains the highest, with a total energy storage sales volume of nearly 150 GWh in Q2 2025, representing a year-on-year growth of over 30% [14] - The company has established over 400 battery swap stations for passenger vehicles and plans to reach 1,000 stations by the end of the year [15] - The company has launched several innovative products, including the second-generation supercharging battery and a large-capacity energy storage system [16] Financial Performance - For Q2 2025, the company achieved a revenue of 94.182 billion yuan, a year-on-year increase of 8.26% and a quarter-on-quarter increase of 11.19% [5][13] - The projected revenues for 2025-2027 are 464.43 billion yuan, 554.24 billion yuan, and 635.97 billion yuan, with year-on-year growth rates of 28.3%, 19.3%, and 14.8% respectively [17] - The projected net profits for the same period are 65.41 billion yuan, 80.12 billion yuan, and 92.98 billion yuan, with corresponding growth rates of 28.9%, 22.5%, and 16.1% [17] Market Position - The company maintains a leading position in the global market for power batteries, with a market share of 38.1% from January to May 2025, an increase of 0.6 percentage points year-on-year [14] - In the energy storage sector, the company ranks first globally in production volume as of June 2025 [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady growth in hardware sales, with smart home and robotics expected to contribute to long-term growth. The cloud platform segment is experiencing accelerated growth in C-end advance payments, which may lead to improved revenue growth in the future. The integration of AI with C-end value-added services is anticipated to bring additional business growth. Profitability is expected to stabilize as product structure optimization improves gross margins and enhances expense efficiency. The long-term prospects of the company's AI technology, smart devices, and IoT cloud services remain promising [3][11]. Summary by Relevant Sections Financial Performance - In H1 2025, the company reported revenue of 2.83 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 300 million yuan, up 7.4% year-on-year. In Q2 2025, revenue was 1.45 billion yuan, with a year-on-year growth of 7.5% and a net profit of 160 million yuan, reflecting a 5.0% increase year-on-year [11]. - The company's smart home product revenue grew by 9% year-on-year in H1 2025, with specific segments like smart entry and robotics showing significant growth [11]. Business Segments - The gross margin for the smart entry segment improved significantly due to product structure optimization. The gross margins for various segments in H1 2025 were as follows: cameras -0.1 percentage points, smart entry +5.1 percentage points, robotics -2.5 percentage points, and cloud services -4.0 percentage points [11]. - The company’s overseas revenue increased by 25% year-on-year, accounting for 38% of total revenue, while domestic revenue grew by only 2% [11]. Future Projections - The company is projected to achieve net profits of 640 million yuan and 790 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of approximately 43.7 and 35.0 times [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has achieved significant growth in its integrated platform, with both active and passive R&D efforts progressing simultaneously [2] - In the first half of 2025, the company's revenue from optical chips and devices reached 699.99 million yuan, a year-on-year increase of 190.92% [4] - The company is expected to benefit from the growing demand for AI computing power, with products like FA, CW light sources, MT connectors, and EML lasers driving further growth [4][17] Summary by Sections Financial Performance - In the first half of 2025, the company reported total operating revenue of 993 million yuan, a year-on-year increase of 121.12%, and a total profit of 226 million yuan, up 1352.13% [13] - The net profit attributable to the parent company reached 217 million yuan, reflecting a year-on-year growth of 1712.00% [13] Business Development - The company has established a complete optical module industry chain through the synergy of "passive + active" optical chips and devices, with significant revenue contributions from AWG and optical fiber connector jumpers [14] - The company announced plans to acquire 82.38% of Fokexima's equity, which is expected to enhance the stability of MT connector supply and improve the product system [16] R&D Achievements - The company has made notable breakthroughs in silicon photonics, 1.6T, and CPO scenarios, with small batch shipments of various products [15] - The development of CWDM4 100G EML lasers and other related products has been successfully completed [15] Earnings Forecast - The company is projected to achieve operating revenues of 2.206 billion yuan, 3.247 billion yuan, and 4.061 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 105.32%, 47.16%, and 25.07% [17][18] - The net profit attributable to the parent company is expected to reach 477 million yuan, 705 million yuan, and 939 million yuan for the same years, with growth rates of 635.00%, 47.68%, and 33.17% [17][18]

证券研究报告 宏观经济|宏观点评 何时降息的分歧扩大 ——美联储 7 月议息会议点评 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月01日 证券研究报告 |报告要点 2025 年 7 月的会议上美联储继续维持利率不变，政策利率的目标区间维持在 4.25%-4.5%，符 合市场预期，但是何时降息的分歧扩大，有 2 票反对。美联储会议声明中主要变化在于风险 和增长的表述。三大股指涨少跌多，美债利率上行。从美国经济基本面来看，就业市场表现稳 健，通胀的压力仍较温和，关税的影响略有体现，商品通胀略微上行，经济的韧性允许美联储 或继续观望，我们认为美联储或需要看到经济数据恶化才会降息。市场对 2025 年降息次数的 预期也更不确定，降息 2 次及以上的概率从 67%回落到 50%。 |分析师及联系人 王博群 SAC：S0590524010002 请务必阅读报告末页的重要声明 1 / 21 宏观经济|宏观点评 glzqdatemark2 2025年08月01日 宏观点评 何时降息的分歧扩大 ——美联储 7 月议息会议点评 相关报告 1、《短期收益或被高估而长期成本或被低估 ——美联储主席解雇问 ...

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [6] Core Views - Despite short-term pressure on revenue and profitability in Q2 2025, primarily due to a decrease in central air conditioning business share, intense competition in the home air conditioning sector, and adjustments in the three-electric business, the company is expected to achieve significant growth through its proactive overseas expansion, steady growth in overseas revenue, continuous upgrading of domestic and international product structures, and improved profitability in the ice-washing business. There is a considerable probability that the company will meet the performance assessment targets of its employee stock ownership plan, and recent personnel adjustments may bring new opportunities for the HVAC business [4][14]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 49.34 billion, a year-on-year increase of 1.4%, and a net profit attributable to the parent company of 2.077 billion, up 3.0%. In Q2 2025, revenue was 24.502 billion, down 2.6%, with a net profit of 949 million, down 8.3% [12]. - The Q2 revenue decline was attributed to a decrease in central air conditioning sales amid real estate pressures, while external sales continued to grow rapidly, supported by brand expansion. The home air conditioning business faced fierce domestic competition, leading to slight fluctuations in sales [12][14]. Business Segments - The HVAC segment's profit margin decreased by 1.3 percentage points in H1 2025, while the ice-washing segment's profit margin improved by 0.8 percentage points to 4.2%. The three-electric segment experienced losses in Q2 2025, primarily due to personnel optimization and currency exchange impacts [13][18]. Future Outlook - The company is projected to achieve net profits of 3.594 billion and 4.116 billion in 2025 and 2026, respectively, corresponding to a current PE ratio of approximately 9.9 and 8.6, indicating a favorable valuation. The "Buy" rating is maintained based on these projections [14][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the domestic lithium battery precision structural components sector, achieving steady revenue and profit growth due to its strong technical foundation and scale advantages, solidifying its position as a cyclical leader. The company is proactively expanding into the robotics sector, focusing on harmonic reducers, modules, and dexterous hands to create a second growth curve [4][12][18]. Summary by Sections 1. Leading Position in Lithium Battery Structural Components - The company's structural components business continues to grow steadily, with a CAGR of 57.2% in precision structural component revenue from 2020 to 2024. The company benefits from economies of scale, with stable gross and net profit margins. With the ramp-up of production capacity in Europe and the establishment of factories in Malaysia and the USA, the company enhances its local supply capabilities, reducing logistics costs and strengthening supply chain relationships, which may lead to an increase in global market share [13][27][32]. 2. Robotics Sector Expansion - The company has initiated its robotics sector layout by establishing joint ventures focused on key components like harmonic reducers. The new harmonic reducers utilize lightweight PEEK materials, offering advantages such as high strength, high-temperature resistance (260℃), and wear resistance, significantly improving transmission accuracy and lifespan. This technology can also be applied in aerospace, medical devices, and semiconductor manufacturing, driving product upgrades towards higher value-added segments [14][21][62]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 144.81 billion, 174.62 billion, and 211.69 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 21%, and 21% respectively. The net profit attributable to shareholders is projected to be 18.01 billion, 21.50 billion, and 26.51 billion yuan, with growth rates of 22%, 19%, and 23%. The EPS is expected to be 6.58, 7.86, and 9.69 yuan per share, with a 3-year CAGR of 21.68%. The corresponding PE ratios are projected to be 17, 14, and 12 times [20][30][31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company continues to experience high growth with new products, and it is expected to develop into a comprehensive beverage group in China, with steady progress in overseas expansion, particularly in Southeast Asia [4][15] Financial Performance - In the first half of 2025, the company achieved a revenue of 10.737 billion yuan, a year-on-year increase of 36.37% - The net profit attributable to the parent company was 2.375 billion yuan, up 37.22% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.270 billion yuan, an increase of 33.02% year-on-year [13] - For Q2 2025, the operating revenue was 5.889 billion yuan, with a year-on-year growth of 34.10%, and the net profit attributable to the parent company was 1.395 billion yuan, up 30.75% year-on-year [4][13] Product Performance - The company has established a diversified product matrix with a "dual-engine + multi-category" approach, which includes high-growth new products like "Bubbling Water" and strong performance from "Fruit Tea" [4][15] - In Q2 2025, the revenue from energy drinks, electrolyte drinks, and other beverages was 4.460 billion yuan, 0.923 billion yuan, and 0.503 billion yuan respectively, with year-on-year growth rates of 18.77%, 190.05%, and 61.78% [13] Regional Performance - The company's main market in Guangdong showed steady growth, while northern markets like North China performed exceptionally well, with year-on-year revenue growth rates of 74.1% in North China and 53.6% online [13] Cost and Profitability - The gross margin for Q2 2025 was 45.70%, slightly down by 0.35 percentage points year-on-year, primarily due to product mix effects [14] - The net profit margin after deducting non-recurring gains and losses was 22.27%, down by 2.38 percentage points year-on-year [14] Future Outlook - The company is projected to achieve revenues of 20.973 billion yuan, 25.901 billion yuan, and 30.961 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 32.42%, 23.49%, and 19.53% [15] - The net profit attributable to the parent company is expected to be 4.509 billion yuan, 5.709 billion yuan, and 6.972 billion yuan for the same years, with year-on-year growth rates of 35.53%, 26.62%, and 22.13% [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 58.831 billion yuan for the first half of 2025, representing a year-on-year growth of 12.50%, and a net profit attributable to shareholders of 2.639 billion yuan, up 24.16% year-on-year. A cash dividend of 2.00 yuan per 10 shares (tax included) is proposed for all shareholders [4][12] - The company's feed sales volume increased significantly, with external sales reaching approximately 13.65 million tons in the first half of 2025, a year-on-year increase of 26%. The breakdown includes aquatic feed sales of about 2.8 million tons (up 16%), poultry feed sales of about 7.3 million tons (up 24%), and pig feed sales of about 3.4 million tons (up 43%). The overseas sales also saw a year-on-year increase of approximately 40% [14] - The company is focusing on improving breeding levels and has seen stable development in its seedling and animal health businesses. The pig breeding business is adopting a model that mitigates risks and locks in profits, while shrimp farming is strategically timed to compete with traditional products [15] Summary by Sections Financial Performance - In the first half of 2025, the company's feed sales gross margin was 10.04% (year-on-year stable), while the breeding business gross margin was 20.26% (up 3.37 percentage points). The company's sales, management, R&D, and financial expenses were 1.418 billion, 1.796 billion, 426 million, and 149 million yuan, respectively, with year-on-year changes of +12.57%, +20.68%, +6.48%, and -30.37% [13] - The company expects revenue for 2025-2027 to be 128.599 billion, 147.750 billion, and 161.161 billion yuan, with year-on-year growth rates of 12.21%, 14.89%, and 9.08%. The net profit attributable to shareholders is projected to be 5.025 billion, 5.455 billion, and 6.137 billion yuan, with growth rates of 11.57%, 8.56%, and 12.50% respectively [16][17] Market Position - The company has further increased its market share due to the growth in feed sales and the increase in downstream inventory. The absolute increase in feed sales volume in the first half of 2025 is close to the company's target for the entire year [14] - The company is expected to maintain strong growth in its main business, leading to an upward revision of its earnings forecast for 2026-2027 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the company's revenue growth is driven by brand expansion and operational leverage, leading to improved profitability [12][13] - The company is expected to benefit from an increase in store numbers, optimization of existing stores, and enhanced brand influence, which will contribute to a larger market share in the high-end gold jewelry sector in China [14] - The report anticipates significant revenue growth for the company, projecting revenues of approximately 255.17 billion, 369.59 billion, and 470.41 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 200.0%, 44.8%, and 27.3% [15] Summary by Sections Financial Performance - For the first half of 2025, the company forecasts revenue between 120 billion and 125 billion yuan, representing a year-on-year growth of approximately 241% to 255% [12] - The net profit is expected to be around 22.3 billion to 22.8 billion yuan, with a year-on-year increase of approximately 279% to 288% [12] - Adjusted net profit is projected to be between 23 billion and 23.6 billion yuan, reflecting a growth of approximately 282% to 292% [12] Market Positioning - The report emphasizes the importance of brand influence and product innovation in driving sales growth across both online and offline channels [13] - The average store efficiency for high-end brands in China, such as Cartier and LV, is cited, indicating a potential for the company's store efficiency to improve significantly in the future [14] Future Projections - The company is expected to maintain a strong growth trajectory, with projected revenues and net profits showing substantial increases over the next few years [15] - The report outlines expected earnings per share (EPS) of 27.25, 39.57, and 52.78 yuan for the years 2025, 2026, and 2027 respectively [15]