Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.85 [7][8]. Core Views - The company reported a revenue of RMB 45.51 billion for 1H25, a year-on-year decrease of 7.7%, and a net profit attributable to shareholders of RMB 3.19 billion, down 43.4% year-on-year [1][5]. - The decline in profit was attributed to fair value changes, while the company continues to focus on product quality upgrades and market expansion despite current demand pressures [1][5]. - The company is well-positioned with a low valuation and high dividend yield, making it an attractive investment opportunity [4][5]. Summary by Sections Financial Performance - In Q2, the company achieved revenue of RMB 25.13 billion, a decrease of 10.8% year-on-year, with a net profit of RMB 3.07 billion, down 23.0% year-on-year [1][2]. - The gross profit margin for 1H25 was 34.4%, a decline of 1.4 percentage points year-on-year, while the expense ratio increased by 0.4 percentage points to 21.2% [4]. Brand Performance - The company's main brands faced revenue declines: - Sofia brand revenue was RMB 41.28 billion, down 7.1% year-on-year - Milan brand revenue was RMB 1.76 billion, down 26.5% year-on-year - Sim brand revenue was RMB 0.56 billion, down 21.1% year-on-year [2]. Market Strategy - The company is actively expanding its presence in the stock market and enhancing cooperation with installation companies, with 270 direct partnerships covering 211 cities [3]. - The export business has shown significant growth, with a revenue increase of 39.5% year-on-year, reaching RMB 0.34 billion in 1H25 [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of RMB 11.43 billion, RMB 12.66 billion, and RMB 13.66 billion respectively [5][10]. - The company is assigned a target PE of 15 times for 2025, leading to a target price of RMB 17.85, reflecting its competitive advantages in the market [5][10].

证券研究报告 澳华内镜 (688212 CH) 短期调整不改公司长期向好趋势 2025 年 8 月 29 日│中国内地 医疗器械 公司 1H25 实现收入 2.60 亿元（yoy-26.4%）、归母净亏损 0.41 亿元（同 比转亏）。公司 1H25 业绩有所下滑，主因公司结合行业发展趋势、自身产 品迭代规律及市场需求情况，对国内业务开展节奏进行动态调整，叠加公司 着眼长期发展需要，积极提升费用投入强度等综合影响。公司持续深耕国际 市场，海外多个国家的产品准入及市场推广工作进展顺利，公司 1H25 海外 收入取得一定增长。考虑公司 AQ-400 等高端产品性能行业领先，且国内外 销售渠道持续拓展，看好公司业务长期成长空间。维持"买入"评级。 着眼长期发展，战略性提升费用投入强度 公司 1H25 毛利率为 62.4%（yoy-9.1pct），我们推测主因毛利率相对较低 的海外业务收入占比有所提升。公司 1H25 销售/管理/研发费用率分别为 38.5%/19.3%/28.4%（yoy+3.8/+2.7/+3.6pct），主因公司为保障核心技术 创新、筑牢市场竞争力，战略性强化相关投入。 短期调整不改公司内窥镜设 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a revenue of 10.459 billion RMB for 1H25, a year-on-year decrease of 7.5%, and a net profit attributable to the parent company of 0.897 billion RMB, down 20.1% year-on-year, primarily due to an unexpected impairment of 0.26 billion RMB [1][4]. - The interim dividend declared is 0.674 billion RMB, representing 80% of the net profit attributable to the parent company (excluding perpetual bond distributions), with a corresponding DPS of 7.35 HKD, reflecting a 5% increase from 1H24 [1][4]. - Capital expenditure decreased by 40% year-on-year to 0.94 billion RMB, while free cash flow significantly improved to 1.75 billion RMB [1][4]. Revenue and Profitability - The water treatment service revenue increased by 3% year-on-year to 4.52 billion RMB, with a gross margin improvement of 1 percentage point to 60% due to an increase in average water prices in China [2][3]. - The revenue from water governance construction services dropped by 57% year-on-year to 0.71 billion RMB, mainly due to the company's strategy of reducing investments in BOT projects [2][3]. Cash Flow and Capital Expenditure - The company’s cash flow continues to show improvement, with an expected net inflow of operating cash flow of 1.94 billion RMB for 1H25, compared to approximately 0.25 billion RMB in 1H24 [3][4]. - The company’s light asset transformation strategy is expected to further reduce capital expenditures, with a projected decrease in future capital spending [3][4]. Earnings Forecast and Valuation - The report slightly adjusts the company's net profit forecasts for 2025-2027, estimating 1.52 billion RMB for 2025, reflecting a decrease of 1.3% from previous estimates [4][10]. - The target price is set at 3.15 HKD, based on a target PE of 18.9x for 2025, indicating a potential upside from the current market price [4][6].

泉峰控股发布中报，25H1 实现营收 9.12 亿美元（yoy+11.9%），期内利润 0.95 亿美元（yoy+54.6%），经调整纯利 0.76 亿美元（yoy+23.4%），符 合此前业绩预告（期内利润 0.9-1 亿美元，经调整纯利 0.7-0.8 亿美元）。 上半年收入表现亮眼，主要受益于 OPE 业务终端销售表现较好，以及客户 主动备库；利润表现优于收入，主要受益于 EGO 等自主品牌快速成长带来 业务结构优化，处置泉峰汽车带来一次性收益以及汇兑收益增加等。展望后 续，我们看好锂电 OPE 海外长期渗透率提升空间，公司品牌及产品生态优 势突出，同时加速越南产能布局，长期成长逻辑顺畅，维持"买入"评级。 上半年 OPE 收入同比+22.8%，EGO 品牌持续成长，北美表现优异 证券研究报告 1）分业务看：上半年 OPE 实现营收 6.02 亿美元（yoy+22.8%），主要受 益于 EGO 品牌快速成长，市场份额持续提升，25H1 公司自主品牌 OBM 业 务收入同比+16.2%，占总收入的 77.5%，上半年推出约 100 款新品，锂电 产品占 90%以上，锂电化进程持续推进。上半年电动工具收入 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.41, up from a previous target of HKD 8.13 [6][5][7] Core Views - The company reported a revenue of RMB 2.687 billion in 1H25, a decrease of 23% year-over-year, and a net profit of RMB 338 million, down 10.1% year-over-year, primarily due to order disruptions at the end of 2024 and confirmed impairment losses on trade receivables, although other income related to subsidies increased [1][6] - New orders signed in 1H25 reached RMB 6 billion, representing a significant increase of 89.5% year-over-year, with a backlog of RMB 10.6 billion, up 20.4% year-over-year, marking a historical high [1][6] - The report anticipates a slight increase in net profit for 2025, driven by a reduction in impairment losses and a potential significant increase in new orders [1][5] Summary by Sections Medical Device Sector - The medical device sector achieved a revenue of RMB 2.687 billion in 1H25, down 23% year-over-year, with a net profit of RMB 338 million, down 10.1% year-over-year [1] - New orders in this sector were RMB 6 billion, up 89.5% year-over-year, with a backlog of RMB 10.6 billion, up 20.4% year-over-year [1] Pharmaceutical Sector - The biopharmaceutical sector generated revenue of RMB 797 million in 1H25, an increase of 20% year-over-year, mainly due to the successful completion of orders related to the first modular factory in North Africa [2] - The report expects strong revenue growth in the second half of 2025, supported by a robust order backlog and the recovery of overseas CAPEX demand [2] Chemical and Battery Materials Sector - The battery materials sector reported revenue of RMB 404 million in 1H25, down 38% year-over-year, with a backlog of RMB 760 million and new orders of RMB 290 million [3] - The chemical sector's revenue was RMB 581 million, down 17.5% year-over-year, with a backlog of RMB 1.03 billion and new orders of RMB 130 million [3] International Expansion - The report highlights the company's ongoing international capacity expansion, including the ramp-up of production at the Nantong factory and the expansion of the Malaysian factory [4] - Plans for a new production base in Thailand are also in progress to enhance the company's global supply chain [4] Profit Forecast and Valuation - The report projects EPS of RMB 0.61, 0.76, and 0.97 for 2025-2027, respectively, with a target price set at 20 times PE for 2025 [5][10] - The target price reflects an adjustment based on the recovery of the pharmaceutical sector's order capacity [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 79.42 [6][7]. Core Insights - The company emphasizes long-termism, focusing on channel health and inventory reduction, with a stable operational trend expected to continue [1]. - Despite external challenges affecting business consumption, the company has met its operational targets for the first half of the year, with significant growth in its mass-market products [2]. - The company is actively expanding its market presence, particularly in core base markets, and aims to increase its e-commerce share over the next two years [2][3]. - Recent sales data indicates a recovery in demand for key products, with a notable improvement in sales performance in July and August [3]. - The company plans to innovate products targeting younger demographics and enhance brand influence through strategic channel management [3]. Summary by Sections Product Performance - The company faced a contraction in business consumption but achieved its operational goals for the first half of the year. Key products like "She Zhi Dao" and "T68" saw significant growth, while the high-end product line continues to be developed [2]. Channel Strategy - The company is focusing on base markets and has initiated campaigns in six major cities to enhance channel construction and consumer engagement. It aims to create several core model cities with revenues between RMB 500 million to 1 billion [2]. Recent Operational Feedback - Sales performance has shown recovery, with key products performing steadily. The company has increased investments in banquet markets and is expanding into group purchasing channels [3]. Future Outlook - The company is expected to benefit from a recovery in consumer demand, with a focus on four core products and innovative offerings for younger consumers. The strategy emphasizes channel expansion and brand enhancement [3][4]. Financial Projections - The company forecasts revenues of RMB 46.9 billion, RMB 49.0 billion, and RMB 52.1 billion for 2025 to 2027, with corresponding EPS of RMB 1.47, RMB 1.57, and RMB 1.71 [4][10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.40 [2][8]. Core Views - The company reported a revenue of HKD 2.1 billion for 1H25, a year-on-year decrease of 17%, primarily due to a 45% drop in the selling price of coking coal, although a 17.3% increase in raw coal production partially offset this decline [5][6]. - The net profit attributable to the parent company for 1H25 was HKD 404 million, down 51.7% year-on-year, aligning with the performance warning issued earlier [5][6]. - The company declared a dividend of HKD 0.06 per share for 1H25, down from HKD 0.09 in 1H24, with a payout ratio of 76% for 1H25 compared to 53% in 1H24 [5][6]. - The company expects production levels to stabilize in 2H25, with a focus on improving washing technology to counteract quality declines [6][7]. - The company has successfully reduced production costs by 27.6% year-on-year to HKD 328 per ton in 1H25, contributing to maintaining a low-cost advantage [7][8]. Financial Projections - Revenue projections for the company are as follows: HKD 5,057 million for 2024, HKD 4,358 million for 2025E, and HKD 4,607 million for 2026E [5][8]. - The net profit attributable to the parent company is projected to be HKD 1,494 million for 2024, HKD 1,047 million for 2025E, and HKD 1,191 million for 2026E [5][8]. - The company maintains a stable dividend expectation with a projected payout ratio of 80% from 2025 to 2035 [8]. Valuation Metrics - The company’s current market capitalization is HKD 14,102 million, with a closing price of HKD 2.77 as of August 28 [2][5]. - The price-to-earnings (PE) ratio is projected to be 9.20 for 2024 and 13.13 for 2025E, while the price-to-book (PB) ratio is expected to be 0.83 for 2024 and 0.80 for 2025E [5][8]. - The expected dividend yield is 11.01% for 2024, decreasing to 6.09% for 2025E [5][8].

证券研究报告 安宁股份 (002978 CH) 钛矿景气有所下行,并购钛矿巩固优势 | 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 | 化学原料 | 目标价(人民币): | 38.60 | 安宁股份于 8 月 28 日发布 25H1 半年度报告：上半年实现营收 11 亿元， 同比+31%，归母净利润 4.4 亿元，同比+0.6%，扣非净利润 4.4 亿元，同 比+0.9%；其中 Q2 实现归母净利润 2.1 亿元，同比+1.2%/环比-8.5%，扣 非净利润 2.1 亿元，同比+1.1%/环比-8.7%。公司 Q2 归母净利润符合我们 的预期（2.1 亿元）。考虑公司掌握钛矿稀缺资源禀赋，有望持续支撑盈利 中枢，我们维持"增持"评级。 25H1 钛矿均价同比下跌，公司铁精矿业务盈利改善 钛精矿方面，据百川盈孚，25H1 国内钛精矿均价同比-6.8%至 1944 元/吨， 公司上半年钛精矿业务营收同比+1.1%至 5.3 亿元，而受钛矿价格下降影响， 毛利率 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.25 [6][7]. Core Insights - The company demonstrated strong profit performance with a total revenue of RMB 61.93 billion and a net profit attributable to the parent company of RMB 7.2 billion for the first half of 2025, reflecting a year-on-year increase of 3.4% in revenue but a decrease of 4.4% in net profit [1][2]. - The liquid milk business showed stability despite a 2.1% decline in revenue, while the milk powder and dairy products segment grew by 14.3%, indicating competitive strength in the industry [1][2]. - The company effectively managed inventory levels, positioning itself well for the upcoming peak sales periods during the Mid-Autumn Festival and National Day [1][2]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenues of RMB 61.93 billion, with a net profit of RMB 7.2 billion, and a non-recurring net profit of RMB 7.02 billion, showing a year-on-year change of +3.4%, -4.4%, and +31.8% respectively [1]. - The gross profit margin improved by 1.3 percentage points to 36.0% in the first half of 2025, driven by a higher proportion of revenue from high-margin milk powder and dairy products [3]. Business Segments - The liquid milk segment generated RMB 36.13 billion in revenue, down 2.1% year-on-year, while the milk powder and dairy products segment achieved RMB 16.58 billion, up 14.3% [2]. - The cold drink business showed recovery with a 12.4% increase in revenue for the first half of 2025, indicating a positive trend following previous channel adjustments [2]. Profitability and Forecast - The report anticipates a slight adjustment in revenue forecasts for 2025-2027, projecting revenues of RMB 119.32 billion, RMB 123.52 billion, and RMB 127.39 billion respectively, reflecting a minor decrease from previous estimates [4]. - The expected earnings per share (EPS) for 2025-2027 are projected at RMB 1.81, RMB 1.99, and RMB 2.14, with a reference price-to-earnings (PE) ratio of 20x for 2025 [4].

证券研究报告 山西汾酒 (600809 CH) 延续稳健表现，全国布局展开 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 239.6/85.1/85.2 | | --- | | 亿，同比 +5.4%/+1.1%/+1.3% ； 25Q2 总营收 / 归母净利 / 扣非净利 | | 74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成汾酒复 | | 兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"， | | 上半年也顺利实现稳健增长，为未来长期发展打下坚实基础。展望全年，产 | | 品端公司将坚持四轮驱动；渠道端优化经销商考核结构；市场端在稳固基地 | | 市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 | 汾酒稳健增长，全国布局展开 1）产品结构：25H1 汾酒/其他酒类营收 233.9/4.8 亿（同比+5.8%/-10.5%）， 25Q2 营收同比变化+0.6%/-3.5%；上半年汾酒占营收比重同比+0.4pct 至 98.0%。公司积极打造全方位 ...