Group 1: Strategy Insights - The "anti-involution" theme is gradually forming, supported by policies such as the commencement of the Yarlung Zangbo River downstream hydropower project and restrictions on overproduction in the coal industry [2][3] - The report suggests focusing on three investment strategies: 1) low-value, low-chips, high-dividend sectors like building materials and chemicals; 2) sectors with natural capacity clearance signs such as wind power and agricultural chemicals; 3) sectors like photovoltaics that have already priced in pessimistic expectations [2][3] Group 2: Industry Analysis - The engineering tire industry is expected to benefit from the Yarlung Zangbo River hydropower project, which will promote a new wave of supply chain autonomy, allowing domestic companies to penetrate a high-profit market worth billions [3] - The report highlights the potential for new billion-dollar products in the soft drink industry, driven by changing consumer preferences towards health and functionality, indicating a shift from volume-driven growth to structural upgrades [9] Group 3: Company Performance - ASMPT reported a revenue of HKD 3.4 billion for Q2 2025, a year-on-year increase of 1.8%, with orders amounting to HKD 3.75 billion, reflecting a 20.2% year-on-year growth [11] - Bilibili is expected to achieve a revenue of CNY 7.35 billion in Q2 2025, representing a 20% year-on-year increase, with a focus on new game releases and advertising growth [12] - QuanFeng Holdings anticipates a net profit of USD 90 million to 100 million for H1 2025, a year-on-year increase of 46% to 62%, driven by the growth of its EGO brand and strategic asset divestitures [17] Group 4: Market Trends - The report indicates that the Hong Kong asset revaluation is entering a new phase, with external disturbances diminishing and relative expectations improving, suggesting a potential early start for the third round of the Hong Kong stock market rally [7] - The report emphasizes that the overall market is expected to reach new heights in the second half of the year, supported by favorable domestic policies and easing pressures [7]

证券研究报告 策略 "反内卷"主线或逐渐形成 2025 年 7 月 24 日│中国内地 动态点评 华泰研究 何康，PhD 研究员 hekang@htsc.com +(86) 21 2897 2202 王伟光 研究员 SAC No. S0570523040001 wangweiguang@htsc.com +(86) 21 2897 2228 方正韬 研究员 SAC No. S0570524060001 fangzhengtao@htsc.com +(86) 21 2897 2228 孙瀚文 研究员 SAC No. S0570524040002 SFC No. BVB302 sunhanwen@htsc.com +(86) 21 2897 2228 核心观点 近日，雅鲁藏布江下游水电站项目（以下简称"雅下项目"）开工和煤炭行 业限制超产等政策助力下"反内卷"主线逐渐形成，背后是政策力度和市场 认知的进一步深化：其一，此前部分投资者担忧本轮"反内卷"缺乏需求侧 政策配合，雅下项目落地提供了积极信号，下半年信用和库存周期拐点渐次 出现、ROE 企稳回升的能见度进一步上升；其二，本轮"反内卷"政策已 完成政策定调和顶 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the allocation of active equity - oriented funds showed an obvious "dumbbell - shaped" structure. Funds increased their positions in the financial sector, with the allocation coefficients of city commercial banks and rural commercial banks rising to the highest levels since 2016, and that of joint - stock banks at the central level since 2016. The allocation coefficient of securities remained low. In the technology assets, the allocation coefficient of the computing power chain (communication equipment) reached the highest level since 2016, while the current quantile of the allocation coefficient of the AI software end (IT services, software development) was still low. The quantile of the current allocation coefficient of the pharmaceutical sector rebounded to the central level, with a relatively high quantile for innovative drugs and a low quantile for CXO. In addition, from a global perspective, sectors such as decoration building materials, decoration and decoration, chemical raw materials, chemical products, silicon materials and wafers, and aquaculture still had historically low allocation coefficients, and there were positive changes in both supply and demand recently [1]. - In Q2 2025, active equity - oriented funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The position in the Science and Technology Innovation Board reached a new high since 2019. From an industry perspective, funds increased their positions in communication, agriculture, forestry, animal husbandry, national defense and military industry, and media. The position in Hong Kong stocks reached a new high since 2019 (14%), and the increase in the over - (under -) allocation ratio of sectors such as pharmaceutical biology, non - bank finance, and light manufacturing ranked among the top [3]. 3. Summary According to Relevant Catalogs 25Q2 Overall Configuration Overview - In Q2 2025, active equity - oriented funds held stocks worth 2.9 trillion yuan, and the position rebounded to 84.5%. Funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The position in the Science and Technology Innovation Board reached a new high since 2019. From an industry perspective, funds increased their positions in communication, agriculture, forestry, animal husbandry, national defense and military industry, and media. The position in Hong Kong stocks reached a new high since 2019 (14%), and the increase in the over - (under -) allocation ratio of sectors such as pharmaceutical biology, non - bank finance, and light manufacturing ranked among the top [3]. Concern 1: "Supply - demand improvement + low position" Concentrated in Anti - involution and Infrastructure Chains - From the perspective of chip distribution, assets with low quantiles of the Q2 2025 allocation coefficient (since 2016) were mainly concentrated in anti - involution, infrastructure, AI, and domestic demand industrial chains. Specifically, in the anti - involution area, assets such as chemical raw materials (chlor - alkali), chemical products, silicon materials and wafers, aquaculture, and energy metals had low quantiles of the allocation coefficient. In the infrastructure chain, funds reduced their positions in the real estate infrastructure chain in Q2 2025. Considering policy expectations, assets with relatively low quantiles of the allocation coefficient and positive catalysts included decoration building materials and decoration and decoration. In the AI field, funds increased their positions in the computing power chain in Q2 2025, with the chip congestion of communication equipment at a historical high, while the congestion of computer equipment, IT services, and software development was relatively low, and the quantile of the allocation coefficient of communication services since 2016 was still at the historical central position. In the domestic demand assets, under the continuous disturbance of tariffs, policy efforts on domestic demand might still be the baseline scenario. In Q2 2025, the quantiles of the allocation coefficients of food processing, liquor, animal health, and flavor fermentation products were below 10%. Further considering high - frequency prosperity data, the supply - side perspective of financial reports, and policy expectations, sectors such as decoration building materials, decoration and decoration, chemical raw materials, chemical products, silicon materials and wafers, and aquaculture still had historically low allocation coefficients, and there were positive changes in both supply and demand recently [4]. Concern 2: The Fund Allocation in the Second Quarter Showed an Obvious Dumbbell - shaped Structure - In Q2 2025, the increase in positions of active equity - oriented funds showed a "dumbbell - shaped" structure. From the perspective of fund holding styles, compared with Q1 2025, the overall style of public funds in Q2 2025 shifted towards the theme - growth and large - market - value value at the two ends of the dumbbell. From the perspective of different industries, from the two perspectives of over - (under -) allocation ratio and allocation coefficient, active equity - oriented funds in Q2 2025 increased their positions in theme - growth directions such as AI, national defense and military industry, media, and communication catalyzed by geopolitical factors, as well as large - market - value value industries such as finance. The increase in positions in non - bank finance might be catalyzed by the "stable coin", and the increase in positions in banks might be related to bank valuation repair and the public fund reform plan [5]. Concern 3: Growth - Oriented Funds Chose Directions such as Communication and Military Industry, while Value - Oriented Funds Increased Their Positions in Banks - Considering funds with relatively obvious position changes: Funds that increased their positions in communication, national defense and military industry and other theme - growth industries in Q2 2025 reduced their positions in power equipment and automobiles, which might be internal position - switching within growth - oriented funds to choose new growth directions. In Q2 2025, value - oriented funds adjusted internally, increasing their positions in banks and reducing their positions in food and beverages. Growth - oriented funds switched from power equipment and electronics to pharmaceuticals (fund sizes were generally > 5 billion), and value - oriented funds reduced their positions in food and beverages and increased their positions in pharmaceuticals (fund sizes were generally < 5 billion). Funds that increased their positions significantly but still had a position < 80% in Q2 2025 increased their positions in household appliances, food and beverages, and pharmaceutical biology [5]. 25Q2 Public Fund Position Analysis: Style Shifted towards the Two Ends of the "Dumbbell" - **Position Style and Factor Split**: In terms of style drift, the position style of public funds in the second quarter shifted towards the "dumbbell" directions of small - market - value growth and large - market - value value. Compared with Q1 2025, the overall style of public funds in Q2 2025 shifted towards the small - market - value growth and large - market - value value at the two ends of the dumbbell (manifested as an increase in the proportion of the scatter plot in the first and third quadrants). The attention to stocks with low valuations and stable cash flows increased. Compared with Q1 2025, the attention of funds to stocks with low valuations and stable cash flows increased [15][20]. - **Heavy - Position Stock Concentration**: The concentration of fund heavy - position stocks decreased slightly quarter - on - quarter, which might be affected by the decline in the stock prices of heavy - position stocks. In Q2 2025, the proportion of the market value of the top 50 heavy - position stocks in the total market value of active equity - oriented fund heavy - position stocks decreased slightly to 51.5% (VS 52.4% in Q1 2025), and the concentration of the top 100 heavy - position stocks decreased to 62.7% (VS 63.3% in Q1 2025). After excluding the impact of stock price increases and decreases, the concentration of the top 100 fund positions in Q2 2025 was basically the same as that in Q1 2025 [23]. - **Increasing - Position Perspective Measurement**: From the two perspectives of allocation coefficient (position/standard allocation) and over - (under -) allocation ratio (position - standard allocation), the increase in positions of communication, national defense and military industry, and media ranked among the top, while the decline in positions of food and beverages, household appliances, and automobiles ranked among the top. The difference was that the ranking of the increase in the allocation coefficient of agriculture, forestry, animal husbandry, and beauty care was higher than that of the over - (under -) allocation ratio, indicating that the subsequent space for funds to increase their positions might be limited. The ranking of the allocation coefficient of banks and non - bank finance was lower than that of the over - (under -) allocation ratio, indicating that funds showed signs of bottom - fishing [25]. - **Industrial Chain Perspective**: From the industrial chain perspective, in Q2 2025, pharmaceuticals and TMT were the main directions for funds to increase their positions, and the main reduction was in the real estate infrastructure chain, export chain, domestic demand consumption, and advanced manufacturing. From the perspective of the quantile of the allocation coefficient, the quantiles of the allocation coefficients of the export chain and advanced manufacturing were at relatively high positions above 70%, while those of the other industrial chains were at low positions below 40% [36]. - **Index**: Among broad - based indexes, active equity - oriented funds had the highest increase in the over - (under -) allocation ratio for the CSI 500, Hang Seng Index, Hang Seng Technology Index, CSI 1000, and MSCI A50 constituent stocks, while the over - (under -) allocation ratio of the STAR 50, CSI 300, and SSE 50 constituent stocks decreased quarter - on - quarter. From the perspective of quantiles, in Q1 2025, the quantiles of the allocation coefficients of the Hang Seng Index, Hang Seng Technology Index, CSI 1000, and CSI 500 since 2016 were at relatively high positions of 100%, 100%, 86%, and 89% respectively [67]. Fund Allocation Logic - **Main Position Change Directions**: Funds that increased their positions in communication and national defense and military industry in Q2 2025 mainly reduced their positions in power equipment and automobiles (robots), which might be internal position - switching of growth - oriented funds to choose new growth directions. Funds that increased their positions in banks reduced their positions in food and beverages, which might be internal position adjustment of value - oriented funds. Funds that increased their positions in pharmaceuticals were more diversified. Some growth - oriented funds switched from power equipment, electronics, and automobiles to pharmaceuticals (fund sizes were generally > 5 billion), and some value - oriented funds reduced their positions in food and beverages and household appliances and increased their positions in pharmaceuticals (fund sizes were generally < 5 billion) [70]. - **Allocation Directions of Funds with Increased Positions**: Funds that increased their positions significantly in Q2 2025 mainly increased their positions in household appliances, food and beverages, and pharmaceutical biology. Considering that the equity positions of public funds were still at a high level, funds that still had room to increase their positions (meeting the conditions of equity position > 30% in Q1 2025, position increase > 10 pct in Q2 2025, and equity position < 85% in Q2 2025) mainly increased their positions in household appliances, food and beverages, and pharmaceutical biology [84]. 25Q2 Fund Allocation Overview: The Allocation Intensity of Hong Kong Stocks Continued to Increase - **Overview**: In Q2 2025, the positions of active equity - oriented funds in A - shares and Hong Kong stocks continued to increase quarter - on - quarter. The overall position was above the median since 2020. The performance of the common stock - type fund index and the partial - stock hybrid fund index in Q2 2025 was slightly weaker than that of the main indexes such as the Shanghai Composite Index but stronger than other main market indexes, reflecting that the overall performance of fund heavy - position stocks was stronger than the market in Q2 2025. Active equity - oriented funds increased their positions in the ChiNext and the Science and Technology Innovation Board and reduced their positions in the Main Board. The current allocation ratio of the ChiNext had dropped to around one standard deviation below the median since 2010, while the allocation ratio of the Science and Technology Innovation Board continued to reach a new high, and the overall science and technology attributes of public fund heavy - position stocks continued to strengthen. In addition, in terms of Hong Kong stocks, the allocation intensity of public funds to Hong Kong stocks increased in Q2 2025, rising by 1.0 pct quarter - on - quarter, and had reached the highest level since 2019 [89]. - **By Industry**: In terms of A - shares, communication, agriculture, forestry, animal husbandry, national defense and military industry, and media had the highest increase in the allocation coefficient, mainly increasing their positions in leading stocks in sub - directions such as communication equipment, feed, and ground military equipment. Sectors such as household appliances, automobiles, and food and beverages had the highest decline in the allocation coefficient, mainly reducing their positions in leading stocks in sub - directions such as white goods, passenger cars, and liquor. In Hong Kong stocks, sectors such as pharmaceuticals, light manufacturing, and non - bank finance had the highest increase in the allocation coefficient, while sectors such as commercial retail, non - ferrous metals, and banks had the highest decline in the allocation coefficient [104].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 181.60 [6][7]. Core Insights - The company has launched its first edge AI co-processor, RK1820/RK1828, which is expected to accelerate AI upgrades in edge products and gradually increase its revenue share [1][2]. - The company emphasizes a clear product roadmap for its next-generation flagship chip RK3688 and co-processor RK1860, focusing on parallel development of SoC and co-processors [1][3]. - The company is optimistic about the rapid growth potential in nine major markets, including automotive, education, robotics, and healthcare, while also developing independent product lines for specific applications [4]. Summary by Sections Product Development - The RK1820/RK1828 co-processor supports mainstream AI models and utilizes 3D packaging technology, enhancing bandwidth and reducing power consumption compared to traditional 2D structures [2]. - The next-generation co-processor RK1860 is planned to include over 64 TOPS NPU units, supporting larger models [2]. Market Potential - The company identifies significant growth opportunities in various sectors, including automotive, education, and healthcare, and plans to develop specialized product lines while maintaining technological synergy across different product lines [4]. Financial Forecast - The company's net profit margin for Q2 2025 is projected to reach 27.7%, driven by scale effects and flagship product growth, leading to an upward revision of net profit forecasts for 2025-2027 [5]. - The estimated revenues for 2025 are projected at RMB 4.49 billion, with a net profit of RMB 1.1 billion, reflecting substantial growth compared to previous years [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.30 [4][6]. Core Views - The company has shown steady revenue growth, achieving RMB 15.94 billion in revenue for 1H25, a year-on-year increase of 19.51%. The net profit attributable to shareholders was RMB 1.17 billion, up 3.43% year-on-year [1][4]. - The company is transitioning to a full-spectrum LED chip supplier, with significant capacity expansion from its fundraising projects, expected to generate over RMB 6 billion in annual revenue once fully operational [3][4]. - The company is benefiting from structural optimization due to an increase in high-end product sales and improved economies of scale, despite facing short-term pricing pressures [1][2]. Summary by Sections Financial Performance - In 2Q25, the company achieved a record quarterly revenue of RMB 8.63 billion, a 17.63% increase year-on-year and a 17.94% increase quarter-on-quarter. However, net profit for the same quarter decreased by 14.54% year-on-year due to cost pressures [1][2]. - The company's LED chips and epitaxial wafers generated RMB 6.58 billion in revenue for 1H25, a decrease of 3.44% year-on-year, while other revenue sources increased by 43.47% [2]. Capacity and Production - The company's LED chip production capacity reached 12.104 million pieces in 1H25, with a utilization rate of 96.60%. The company is also expanding its production capacity with ongoing projects [2][3]. - The fundraising project for red and yellow light epitaxial wafers and chips is progressing, with expectations to achieve full production capacity of 100,000 pieces per month in the second half of 2025 [3]. Market Position and Outlook - The company is positioned as a leading domestic LED chip enterprise, expected to benefit from recovering demand and capacity release. Revenue forecasts for 2025, 2026, and 2027 are RMB 31.41 billion, RMB 35.18 billion, and RMB 39.22 billion, respectively [4][10]. - The report highlights the company's strategic shift towards high-end products, including Mini/Micro LED chips, which will enhance its product matrix across key application areas [3][4].

Group 1: Market Outlook - External negative factors are improving faster than expected, suggesting the market may reach new heights in the second half of the year[2] - The Hang Seng Index has the potential to break resistance levels with only a risk sentiment adjustment needed[3] - The third round of the Hong Kong stock market rally may start earlier than previously anticipated, driven by the Hang Seng Technology Index[12] Group 2: Investment Strategy - Focus on sectors with improving sentiment and low valuations, such as e-commerce and local services, which are showing signs of stabilization[3] - The technology sector is at the intersection of recovery and low valuation, making it suitable for institutional investors to "buy low"[3] - The coal, cement, and cyclical goods sectors may accelerate their recovery due to the "anti-involution" policy[3] Group 3: Capital Flow and Valuation - Southbound trading accounts for 40% of the turnover, indicating a shift in the importance of foreign capital in the Hong Kong market[5] - The AH premium is expected to decrease to around 26% or lower, driven by a weaker dollar and market dynamics[6] - Corporate earnings are improving, with the MSCI China Index's EPS expected to rise for the third consecutive year in 2025[7] Group 4: Long-term Investment Themes - Two long-term investment themes are highlighted: large financials and technology, which are seen as core assets for differentiated allocation in the Hong Kong market[7] - The Hong Kong capital market is undergoing profound changes, with policies supporting its status as an international financial center[7]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 5.89, up from the previous target of HKD 4.36, representing a 35% increase [1][5]. Core Views - The report emphasizes that urban renewal is transitioning from large-scale expansion to improving existing stock, which is expected to catalyze demand for municipal plastic pipes due to infrastructure upgrades [1][2]. - The company is well-positioned to benefit from the growing demand in the agricultural plastic pipe sector, supported by stable growth in primary industry investments and high market share in engineering [1][4]. - The projected total investment in urban gas, water supply, and heating networks over the next five years is approximately CNY 4 trillion, indicating significant market opportunities [3]. Summary by Sections Urban Renewal and Market Potential - The central urban work conference highlighted urban renewal as a key strategy for enhancing quality and efficiency, with a substantial number of existing buildings (3.54 billion) and a total area of 128 billion square meters [2]. - The estimated demand for building renovations is around 2.4 billion square meters, with a stable upward trend expected [3]. Agricultural Investment and Demand Stability - First industry fixed asset investment grew by 6.5% year-on-year in the first half of 2025, indicating robust growth [4]. - The government aims to transform 4.55 million acres of farmland into high-standard farmland by 2035, with increased subsidy standards from CNY 1,300 to CNY 2,400 per acre [4]. Financial Projections and Valuation - The company’s EPS forecasts for 2025-2027 are CNY 0.67, CNY 0.74, and CNY 0.82 respectively, with a projected PE ratio of 8x for 2025 [5][10]. - Revenue is expected to grow from CNY 27,026 million in 2024 to CNY 33,404 million by 2027, reflecting a compound annual growth rate [10][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 27.06 [6]. Core Views - The company is expected to achieve a net profit of USD 90 million to 100 million for the first half of 2025, representing a year-on-year increase of 46% to 62%. Adjusted net profit, excluding non-recurring gains from the disposal of automotive equity, is projected to be USD 70 million to 80 million, reflecting a year-on-year growth of 14% to 30% [1][5]. - The company's strong profit performance is attributed to the steady growth of its proprietary brand business represented by EGO, divestiture of non-core assets, and favorable currency fluctuations. Despite external tariff disruptions, the company's operational resilience remains prominent [1][2]. Summary by Sections Main Business Operations - The company has shown resilience in operations despite concerns over US-China trade tariffs, with North American revenue expected to reach USD 1.293 billion in 2024, accounting for 72.9% of total revenue. New tariffs of 20% on fentanyl and 10% on reciprocal tariffs have been introduced since 2025. To mitigate tariff risks, the company has implemented proactive measures such as pre-stocking in overseas warehouses, adaptive pricing strategies, and accelerated overseas capacity expansion [2]. Asset Divestiture - The company signed an agreement to sell its automotive equity for RMB 570 million, which is expected to generate an investment gain of USD 20 million. The divestiture will eliminate the negative impact of equity losses from joint ventures, which amounted to USD 18.3 million and USD 17.3 million in 2023 and 2024, respectively, thereby enhancing the profitability on the balance sheet [3]. Long-term Outlook - As a leading global brand in electric tools and lithium battery outdoor power equipment (OPE), the company’s EGO brand has shown strong growth momentum, with a projected 2 percentage point increase in market share in the US for 2024. The trend towards lithium OPE is clear, driven by improved product performance and reduced total cost of ownership. The company is well-positioned to benefit from this trend, especially in the developed markets of North America and Europe, where OPE consumption is considered essential [4]. Profit Forecast and Valuation - The report maintains profit forecasts, projecting net profits of USD 148 million, USD 174 million, and USD 201 million for 2025 to 2027, respectively, with corresponding EPS of USD 0.29, USD 0.34, and USD 0.39. The target price is set at 12 times the expected PE for 2025, resulting in a target price of HKD 27.06 [5][9].

Group 1 - The external disturbances are improving faster than expected, leading to a potential new peak in the market in the second half of the year [1][8][11] - The domestic policy environment is improving, which may alleviate profit pressures on companies [23][24] - The Hong Kong capital market is undergoing profound changes, with a focus on two long-term investment themes: large finance and technology [5][16] Group 2 - The report suggests selecting industries with improving sentiment and low valuations, particularly in the technology sector, which is currently at a low valuation and experiencing a recovery [2][31][32] - The AH premium is expected to have further downward space, with a long-term central tendency below 25% driven by a weaker dollar [4][54][55] - The performance of Hong Kong stocks is supported by improving corporate earnings, with expectations for continued recovery in EPS and ROE [4][23][24] Group 3 - The report highlights the importance of foreign capital in the Hong Kong market, noting that southbound trading accounts for 40% of transactions, indicating a shift in pricing power towards domestic institutions [3][40][42] - The technology sector, which constitutes nearly one-third of the market capitalization, is expected to see improved earnings prospects due to easing negative pressures [24][27] - The report emphasizes the potential for structural opportunities in sectors like social services, textiles, and aviation, which are currently undervalued yet experiencing high demand [32][34]

Key Insights - The report highlights a cautious approach towards the bond market, suggesting a wave of critical long-short battles as market sentiment shifts [2][3] - The "U-shaped" structure of the US Treasury yield curve reflects a complex interplay of monetary policy expectations, economic growth, inflation pressures, and debt issues [3] - The coal market is facing a supply-demand imbalance, with high inventory levels leading to declining prices, but potential "anti-involution" policies could catalyze a valuation recovery [4] - The aluminum sector shows strong fundamentals, with rising prices driven by low inventory levels and increased downstream activity, particularly in the photovoltaic sector [5] - The construction sector is poised for a valuation reassessment due to the "Yaxi" hydropower project, benefiting both directly involved companies and undervalued construction firms [5] - Financial stocks are seeing increased fund allocations, particularly in the banking sector, driven by public fund reforms and strong performance from regional banks [7] - The real estate sector is stabilizing, with a focus on core cities and companies with strong credit and dividend performance, particularly in the A-share and Hong Kong markets [7] - The report indicates a new phase of asset revaluation in Hong Kong, with improved external conditions and domestic policy changes expected to support market growth [8] - TCL Electronics is projected to see a significant increase in mid-year profits, driven by strong sales in high-end TV segments [9] - Harbin Electric is expected to report a substantial profit increase due to new equipment orders and improved operational efficiency [13]