Investment Rating - The investment rating for NVIDIA is maintained as "Buy" with a target price of $210.00 [1]. Core Insights - NVIDIA's revenue for FY26Q2 reached $46.7 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6%, slightly above the expected $46.5 billion [6]. - The company reported a Non-GAAP EPS of $1.05, exceeding the expected $1.02, while the Non-GAAP gross margin was 72.7%, down from 73.5% in the previous quarter [6]. - The guidance for Q3 revenue is set at $54 billion, which is conservative and in line with expectations [6]. - Data center revenue was $41.1 billion, a year-on-year increase of 56% but slightly below the expected $41.4 billion [6]. - Gaming revenue surged to $4.3 billion, a year-on-year increase of 49% and a quarter-on-quarter increase of 14%, surpassing the expected $3.9 billion [6]. - The automotive and robotics business grew by 69% year-on-year, with new products like the Jetson Thor module supporting complex AI model inference [6]. Financial Projections - Revenue projections for 2025, 2026E, 2027E, and 2028E are $130.5 billion, $225.0 billion, $287.4 billion, and $329.3 billion respectively, with year-on-year growth rates of 114.2%, 72.4%, 27.8%, and 14.6% [4]. - Adjusted net profit projections for the same years are $72.9 billion, $113.6 billion, $150.7 billion, and $173.0 billion, with growth rates of 144.9%, 55.9%, 32.7%, and 14.8% respectively [4]. - The adjusted EPS for 2026E is projected at $4.86, with a PE ratio of 36.98 [4]. Market Dynamics - The Blackwell architecture continues to show growth, with a 17% quarter-on-quarter increase to approximately $31.6 billion, accounting for 77% of data center revenue [7]. - The geopolitical situation has impacted H20 shipments to China, but NVIDIA has managed to sell approximately $650 million worth of H20 to customers outside China [7]. - The company anticipates that cloud vendors' capital expenditures will reach $600 billion in 2025, supporting data center performance [7]. Competitive Landscape - AMD's recent launch of the MI350/MI400 series is expected to pose competitive pressure on NVIDIA [9]. - Despite this, NVIDIA is recognized as a leader in AI chips, justifying a premium valuation with a target PE of 33x for FY27E [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved revenue of 17.561 billion RMB in H1 2025, a year-on-year increase of 1.28%, with a net profit attributable to shareholders of 799 million RMB, up 13.91% year-on-year [1][4] - The company experienced a synergistic growth in multiple business lines, with significant increases in production and sales volumes across various products [2] - The report highlights the improvement in gross margins for key metal resource recycling and new energy battery materials [3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 8.065 billion RMB, a decrease of 10.23% year-on-year and 15.07% quarter-on-quarter, while net profit was 288 million RMB, an increase of 17.29% year-on-year but a decrease of 43.71% quarter-on-quarter [1] - The company’s nickel metal shipments from its Indonesian project reached 43,977 tons, a 112% increase year-on-year, and cobalt production was 3,667 tons, up 125% year-on-year [2] Profitability - The gross margins for nickel, cobalt, and tungsten recycling were 19.1%, 13.86%, and 7.22%, respectively, with cobalt showing a year-on-year increase of 3.09 percentage points [3] - The gross margins for new energy battery materials, including ternary precursors and cathode materials, showed mixed results, with ternary precursors at 14.14% and cathode materials at 9.07% [3] Earnings Forecast and Valuation - The report raises the company's net profit forecast for 2025-2027 to 1.599 billion RMB, 2.479 billion RMB, and 3.775 billion RMB, respectively, with corresponding EPS of 0.31, 0.48, and 0.74 RMB [4][10] - The target price is adjusted to 8.72 RMB, reflecting a price-to-book ratio of 2.16 for 2025 [4][6]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 48.40 [1][8]. Core Views - The company has shown steady performance with revenue and net profit growth, benefiting from cost reductions and market share gains despite increased competition [5][7]. - The company aims for a net profit growth rate of no less than 10.8% in 2025, supported by a new employee stock ownership plan [5][6]. - The company is experiencing strong growth in new product categories and is optimizing its distribution channels [6][8]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 152.3 billion, a year-on-year increase of 7.6%, and a net profit of RMB 39.1 billion, up 13.3% [5]. - The gross margin for the first half of 2025 was 40.1%, reflecting a 3.3 percentage point increase year-on-year, driven by cost reductions in raw materials [7]. - The company’s revenue forecast for 2025 is RMB 28.65 billion, with a projected net profit of RMB 7.08 billion, representing growth rates of 6.5% and 11.66% respectively [4][8]. Product and Channel Performance - In the first half of 2025, revenue from soy sauce, seasoning sauce, oyster sauce, and other products was RMB 79.3 billion, RMB 16.3 billion, RMB 25.0 billion, and RMB 25.1 billion respectively, with year-on-year growth rates of 9.1%, 12.0%, 7.7%, and 16.7% [6]. - Online sales grew significantly by 39.0% year-on-year, while offline sales increased by 9.1% [6]. Cost and Profitability - The company has managed to maintain a stable profit growth despite rising expenses, with a net profit margin of 25.7% in the first half of 2025, up 1.3 percentage points year-on-year [7]. - The company’s operating expenses have increased due to heightened market competition, but the overall profitability remains robust [7][8]. Valuation Metrics - The company is valued at a PE ratio of 40x for 2025, with a target price adjustment from RMB 51.20 to RMB 48.40 [8]. - The projected EPS for 2025 is RMB 1.21, with a steady decline in PE ratio expected over the next few years [4][8].

证券研究报告 老白干酒 (600559 CH) 本部表现稳健，盈利能力稳中有升 2025 年 8 月 29 日│中国内地 饮料 公司发布 2025 年半年报，25H1 总营收/归母净利/扣非净利 24.8/3.2/3.0 亿， 同比+0.5%/+5.4%/+6.5%；25Q2 总营收/归母净利/扣非净利 13.1/1.7/1.5 亿，同比-1.9%/+0.2%/+0.9%。25Q2 受外部环境影响市场需求偏弱，公司 经营略有承压，但整体来看，公司作为河北省酒龙头，聚焦产品/渠道/品牌 改革，持续提升经营业绩和核心竞争力；随省内竞争格局优化，经营景气度 有望稳步向上，利润弹性持续释放。展望未来，公司省内市场份额提升+武 陵酒等分部品牌增量+费效比提升下利润率改善逻辑坚实，维持"买入"评 级。 老白干本部表现稳健，武陵酒增速靠前，多品牌联动赋能 分产品，25H1 公司白酒业务实现营收 24.7 亿（同比+0.7%），其中百元以 上/百元以下产品同比分别+5.1%/-3.8%，产品结构进一步优化；25Q2 白酒 业务 13.1 亿（同比-1.7%），其中百元以上/百元以下产品同比分别 -9.7%/+7.8%。分品牌 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 5.81 [7][9]. Core Views - The company reported a revenue of RMB 3.22 billion for H1 2025, a year-on-year decrease of 7.23%, and a net profit attributable to shareholders of RMB 46.96 million, down 49.98% year-on-year. The second quarter saw a revenue of RMB 1.83 billion, a year-on-year decline of 8.10% but a quarter-on-quarter increase of 30.83% [1][7]. - The decline in revenue is attributed to ongoing price competition in the industry and slow recovery in pricing by leading companies. However, with the narrowing decline in new construction area, demand for waterproof materials is expected to stabilize [1][2]. Summary by Sections Revenue and Profitability - The revenue structure for H1 2025 showed a decline in sales of waterproof rolls and coatings by 9.79% and 9.15% respectively, while construction services increased by 2.36%. The overall gross margin improved to 24.68%, up 1.23 percentage points year-on-year, due to optimized revenue structure and increased sales in high-end markets [2][3]. - The company’s gross margin for waterproof materials was 28.17%, an increase of 2.70 percentage points year-on-year, while the margin for construction services was 7.67%, down 6.11 percentage points [2]. Financial Health - The company’s expense ratio for H1 2025 was 18.06%, up 0.74 percentage points year-on-year, with a significant reduction in financial expenses by 49.56% due to decreased interest payments. The net profit margin was 1.46%, down 1.25 percentage points year-on-year [3]. - The company’s asset-liability ratio stood at 69.4%, an increase of 5.5 percentage points year-on-year, while accounts receivable decreased by 7.48% to RMB 4.36 billion [3]. Strategic Initiatives - The company has established an industrial merger and acquisition fund with a total scale of RMB 481 million to invest in cutting-edge technology, aiming to drive innovation and improve efficiency. This move is in response to the market's shift towards renovation and upgrading of existing housing stock [4]. - The company is focusing on a strategy prioritizing civil construction, which is expected to capture the demand for renovation materials in the home decoration market, thereby reinforcing its leading position in the waterproof materials sector [4]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been revised downwards by 27.65%, 10.23%, and 4.31% respectively, with expected profits of RMB 184.29 million, RMB 330.45 million, and RMB 432.95 million [5][12]. - The company is assigned a PE ratio of 35 times for 2025, leading to an upward adjustment of the target price to RMB 5.81 [5].

证券研究报告 柯力传感 (603662 CH) 持续加码人形机器人传感器赛道 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 29 日│中国内地 | 专用设备 | 目标价(人民币): | 95.04 | 公司公布 2025H1 业绩：收入 6.85 亿元，同比+23.40%；归母净利润 1.73 亿元，同比+47.93%，扣非净利润 1.09 亿元，同比+8.59%。2025Q2 公司 收入 3.70 亿元，同比+20.41%；归母净利润 0.97 亿元，同比+31.66%。公 司 2025H1 营收与盈利显著增长，主要系公允价值收益较多。我们认为，随 着下游机器人产业加速渗透，人形机器人等新兴应用快速发展，传感器作为 高技术附加值核心部件，公司积极布局力+触觉等机器人传感器，成长空间 广阔，维持"买入"评级。 "传感器森林"拉动营收增长，研发投入巩固领先地位 2025H1，公司收入大幅提升，主要得益于瑞比德、桃子自动化、博远电子、 禹山传感、东大传感等控股子公司新增报表；归 ...

证券研究报告 晨光股份 (603899 CH) 综合毛利率保持稳定，期间费用率同增 1.0pct 25H1 公司综合毛利率 19.4%/同比基本持平。费用端，25H1 期间费用率 13.3%/同比+1.0pct，其中销售费用率 8.2%/同比+0.8pct，主要是线上线下 营销投入及渠道建设费等增加所致；管理费用率 4.3%/同比持平；研发费用 率 0.9%/同比持平；财务费用率-0.1%/同比+0.1pct，主要是因为上半年利息 收入较去年同期有所减少。综合影响下，25H1 归母净利率 5.2%/同比 -0.6pct。 传统业务有待恢复,积极推进 IP 赋能 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 29 日│中国内地 | 消费轻工 | 目标价(人民币): | 36.96 | 公司公布上半年业绩：收入 108.09 亿元/同比-2.2%；归母净利润 5.57 亿元 /同比-12.0%，扣非归母净利润 4.62 亿元/同比-18.6%。其中二季度公司实 现收入 55.6 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares [7]. Core Views - The company reported a revenue of 71.55 billion yuan for 1H25, representing a year-on-year increase of 14.51%, while the net profit attributable to the parent company was 5.06 billion yuan, down 11.77% year-on-year. The decline in profit is attributed to increased competition and a decrease in gross margin [1][2]. - The company is expected to benefit from its focus on AI servers and self-developed chips, which may lead to improved revenue and profit levels in the future [1][4]. Revenue Breakdown - The company's revenue from the operator network business was 35.06 billion yuan, down 6.0% year-on-year, but the decline was less severe compared to the previous year. The government enterprise business saw a significant increase of 109.9% year-on-year, reaching 19.25 billion yuan, driven by demand from major internet companies [2]. - Consumer business revenue was 17.24 billion yuan, reflecting a year-on-year increase of 7.6%. Domestic revenue was 50.62 billion yuan, up 17.6%, while overseas revenue was 20.94 billion yuan, up 7.8% [2]. Profitability and Cost Control - The overall gross margin for 1H25 was 32.45%, a decrease of 7.99 percentage points year-on-year. The gross margin for the government enterprise business was 8.27%, down 13.5 percentage points, primarily due to a decline in server and storage margins [3]. - The company maintained strict cost control, with sales expenses increasing by 5.21%, while management and R&D expenses decreased by 4.76% and 0.48%, respectively [3]. Future Outlook - The company is expected to accelerate its expansion into AI computing and mobile phone markets, leveraging its self-developed AI exchange chip and comprehensive self-research capabilities [4]. - The forecast for net profit attributable to the parent company for 2025-2027 has been adjusted to 8.49 billion, 9.38 billion, and 10.41 billion yuan, respectively, reflecting a slight downward revision due to short-term gross margin pressures [5]. Valuation - The target price for A shares is set at 62.76 yuan, while for H shares, it is 47.24 HKD, based on a 26x PE ratio for 2026 [5][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 9.44 [7][5]. Core Insights - The company demonstrated strong resilience in its operations during H1 2025, with revenue of RMB 1,108.31 billion, a year-on-year decrease of 3.17%, and a net profit attributable to shareholders of RMB 30.40 billion, an increase of 3.24% year-on-year [1]. - The company is expected to benefit from supportive policies aimed at stabilizing growth in the second half of the year, leading to improved operational performance [1]. - The company’s new contract signings in the first seven months of 2025 increased by 1.4% year-on-year, indicating robust operational capabilities [4]. Revenue and Profitability - In H1 2025, the company’s revenue from different segments was as follows: RMB 696.4 billion from housing construction (down 7.1% year-on-year), RMB 273.4 billion from infrastructure (up 1.5% year-on-year), and RMB 4.9 billion from surveying and design (up 9.0% year-on-year) [2]. - The overall gross margin for H1 2025 was 9.43%, slightly down by 0.02 percentage points year-on-year, while the gross margin for Q2 2025 was 11.01%, up by 0.31 percentage points year-on-year [2][3]. Cash Flow and Financial Health - The company’s net profit margin improved to 2.74% in H1 2025, an increase of 0.17 percentage points year-on-year, with a significant improvement in cash flow, showing a net cash outflow of RMB 82.8 billion, which is RMB 25.9 billion less than the previous year [3]. - The operating cash flow for Q2 2025 was RMB 13 billion, reflecting a year-on-year increase of RMB 25.2 billion [3]. Order Book and Future Outlook - The company signed new construction contracts worth RMB 2.5 trillion in H1 2025, a year-on-year increase of 0.9%, with significant growth in infrastructure contracts [4]. - The company’s real estate segment saw a revenue increase of 13.3% year-on-year, with a gross margin of 16.0%, despite a decrease in sales area by 3.3% [2]. Valuation and Earnings Forecast - The report forecasts the company’s net profit attributable to shareholders for 2025 to be RMB 46.79 billion, with a projected PE ratio of 5 for the construction segment and 14 for the real estate segment [5][11]. - The target price adjustment reflects a valuation based on comparable companies, with the new target price set at RMB 9.44, up from RMB 8.60 [5].

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported Q2 2025 revenue of 2.969 billion RMB, with year-on-year and quarter-on-quarter growth of 3.7% and 15.7% respectively. The net profit attributable to shareholders was 817 million RMB, reflecting a year-on-year increase of 1.7% and a quarter-on-quarter increase of 15.7%. The adjusted net profit was 849 million RMB, with a year-on-year increase of 15.1% and a quarter-on-quarter increase of 38.6%. The lower net profit compared to previous expectations was attributed to the active removal of old inventory in Europe, which slowed down shipments in the European household storage market. The report expresses optimism about the company's forward-looking layout in emerging markets and the contribution of industrial and commercial storage to performance growth [3][4][5]. Financial Performance - In H1 2025, the company's inverter revenue reached 2.64 billion RMB, representing a year-on-year increase of 13.9%. The gross margin was 47.83%, an increase of 0.82 percentage points compared to the same period last year. The sales of energy storage inverters accounted for a higher proportion, with estimated gross margins of approximately 51% for energy storage inverters, 31% for string inverters, and 30% for micro-inverters. The total inverter shipments in H1 2025 were 763,800 units, with energy storage inverters accounting for 315,600 units, including 272,700 units for household storage and 42,900 units for industrial and commercial storage, which saw a year-on-year growth rate of 213% [4][5]. Market Outlook - The report highlights a recovery in the European market and growth in markets such as Indonesia and Australia, with the company's products demonstrating strong competitiveness. The completion of inventory reduction in European household storage and the increase in industrial and commercial storage demand are noted. The company has launched solutions tailored for the Indonesian market, which is characterized by complex installation environments, and has seen rapid growth in shipments following subsidy implementation in Australia. The company introduced a commercial energy storage system solution with a modular design that reduces costs by 30%, enhancing product competitiveness [5][6]. Employee Incentives - The company announced an employee stock ownership plan draft in August, allowing up to 800 employees to subscribe to 0.21% of the share capital at a price of 30.19 RMB per share. The assessment target for 2025 is a net profit of 3.1 billion RMB, which is considered achievable, and the equity incentive is expected to motivate core employees and enhance team cohesion [6][7]. Valuation - The report revises the company's net profit forecasts for 2025-2027 to 3.573 billion RMB, 4.436 billion RMB, and 5.287 billion RMB respectively, down by 10%, 12%, and 12% from previous estimates. The target price is set at 82.95 RMB, based on a price-to-earnings ratio of 21 times for 2025, maintaining the previous valuation [7][9].