Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 45.83 [5]. Core Insights - The company has seen a continuous improvement in the domestic data center business, with nearly 200MW of new orders accumulated by the end of 1H25, driven primarily by AI computing demand [2]. - The data center industry is currently in a cycle of improving supply and demand, with AI driving new demand and limited new supply due to strict project approvals in major cities [2]. - The company is successfully expanding its DayOne projects in Europe and Southeast Asia, aiming to sign contracts for 1GW capacity within three years [3]. - The successful issuance of the first domestic data center REITS project has garnered significant market attention, reflecting the capital market's recognition of quality digital infrastructure assets [3]. Summary by Sections Domestic Business Performance - By the end of 1H25, the company achieved nearly 200MW of new data center orders, with 150MW added in Q1 and 40MW in Q2, primarily from AI computing demand [2]. - The domestic data center business's deployment rate reached a historical high of 77.5% in Q2 2025, benefiting from the expansion of AI applications [2]. Industry Supply and Demand - The domestic data center industry is experiencing a continuous improvement in supply and demand dynamics, with AI contributing to increased demand [2]. - The limited new supply due to stringent energy consumption indicators in first-tier cities positions the company favorably due to its resource reserves [2]. International Expansion - As of Q2 2025, the company has an operational scale of 213MW and a cumulative signed capacity of 783MW, with plans to achieve 1GW capacity in three years [3]. - The company has successfully signed contracts for its Thailand project and has initiated construction of a second data center in Finland, indicating strong growth potential in Europe [3]. REITS Project - The Southern GDS REITS has been successfully listed on the Shanghai Stock Exchange, with a project valuation of HKD 2.4 billion and an implied EV/EBITDA valuation of 16.9 times [3]. - The public offering was highly subscribed, with an effective subscription multiple of 456 times, showcasing market confidence in quality digital infrastructure assets [3]. Financial Projections - The report maintains revenue and adjusted EBITDA forecasts, projecting adjusted EBITDA of RMB 5.29 billion, RMB 5.93 billion, and RMB 6.88 billion for 2025, 2026, and 2027 respectively [4]. - The target valuation remains unchanged, with a SOTP valuation method applied, resulting in a target price of HKD 45.83 per share [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A and H shares [7]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 4.011 billion RMB, up 269% year-on-year, and net profit attributable to shareholders at 1.127 billion RMB, up 1185% year-on-year [1]. - The core driver of profit growth is attributed to a substantial increase in investment income, which reached 2.097 billion RMB, a year-on-year increase of 459% [2]. - The acquisition of Minsheng Securities has strengthened the company's investment banking capabilities and expanded its wealth management client base [3]. Summary by Sections Financial Performance - The company achieved a net investment banking income of 531 million RMB, a year-on-year increase of 214% [3]. - The underwriting amount for equity financing was 2.62 billion RMB, with IPO underwriting amounting to 1.52 billion RMB, significantly up from 295 million RMB in the same period last year [3]. - The asset management net income was 357 million RMB, a year-on-year increase of 14% [4]. Investment Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.45, 0.50, and 0.58 RMB respectively, with significant upward adjustments due to the acquisition of Minsheng Securities [5]. - The target price is set at 16.56 RMB for A shares and 9.07 HKD for H shares, reflecting a price-to-book (PB) ratio of 1.8 for A shares and 0.9 for H shares [5]. - The company is expected to maintain a strong market position with a projected net profit of 2.561 billion RMB in 2025, representing a year-on-year increase of 544.3% [11].

证券研究报告 南京银行 (601009 CH) 信贷有力投放，业绩稳步提升 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 14.79 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 蒲葭依 联系人 SAC No. S0570123070039 SFC No. BVL774 pujiayi@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 14.79 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 11.28 | | 市值 (人民币百万) | 139,461 | | 6 个月平均日成交额 (人民币百万) | 604.63 | | 52 周价格范围 (人民币) | 9.67-12.15 | | BVPS (人民币) | 16.71 | 股价走势图 (6) 5 15 26 36 Aug ...

息差降幅收窄，成本费用改善 2025 年 8 月 29 日│中国内地 区域性银行 证券研究报告 苏州银行 (002966 CH) 目标价(人民币): 10.07 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 蒲葭依 联系人 SAC No. S0570123070039 SFC No. BVL774 pujiayi@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 10.07 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 8.32 | | 市值 (人民币百万) | 37,196 | | 6 个月平均日成交额 (人民币百万) | 339.50 | | 52 周价格范围 (人民币) | 6.67-9.39 | | BVPS (人民币) | 13.11 | 股价走势图 (8) 3 15 26 37 Au ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of RMB 17.69 [2][8][10] Core Views - The report highlights a recovery in gross profit margin and anticipates improved profitability in the second half of the year [1][10] - The company has demonstrated strong cost control, leading to a sequential recovery in performance despite a decline in coal prices [6][8] - The forecast for net profit attributable to the parent company has been raised significantly for 2025-2027, reflecting a positive outlook on coal prices and operational efficiency [8][20] Financial Data Summary - As of August 28, the closing price was RMB 13.04, with a market capitalization of RMB 39,008 million [2] - The company reported a revenue of RMB 14.069 billion for the first half of 2025, down 20.3% year-on-year, and a net profit of RMB 1.348 billion, down 39.4% year-on-year [6] - The gross profit margin for the second quarter of 2025 improved to 39.5%, up 1 percentage point from the previous quarter [6][8] - The company’s production and sales of raw coal reached 28.63 million tons and 25.25 million tons respectively in the first half of 2025, showing a year-on-year increase of 3.5% and 2.9% [6][7] Earnings Forecast and Valuation - The earnings forecast for 2025 has been adjusted to a net profit of RMB 3.3 billion, reflecting a year-on-year increase of 34.7% [8][20] - The report estimates the company's EBITDA for 2026 at RMB 10,130.4 million, applying a valuation multiple of 3.59x EV/EBITDA [21] - The projected dividend yield is expected to increase to 5.60% by 2027 [5][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 13.86 [7][9]. Core Views - The company's H1 performance met expectations, with total revenue of RMB 6.689 billion, a year-on-year increase of 7.57%, and a net profit attributable to shareholders of RMB 536 million, reflecting a significant year-on-year increase of 372.55% [1]. - Despite a decline in box office performance leading to losses in Q2, the company is positioned as a leader in the full film industry chain, with rapid growth in non-ticket revenue, indicating strong profitability visibility [1][2]. - The company has a rich pipeline of films scheduled for release, including several that have already performed well at the box office during the summer season [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of RMB 6.689 billion, with a net profit of RMB 536 million and a non-recurring net profit of RMB 480 million, marking year-on-year increases of 372.55% and 455.35% respectively [1]. - The gross margin for H1 2025 was 28.28%, an increase of 2.20 percentage points year-on-year [2]. - The company experienced a decline in Q2 revenue to RMB 1.980 billion, a year-on-year decrease of 17.38% and a quarter-on-quarter decrease of 57.94% due to a significant drop in box office performance [1][2]. Business Development - The company is expanding its non-ticket revenue streams, which saw a 74% increase in H1 2025, and is enhancing its business structure by integrating quality resources [4]. - Strategic partnerships have been established, including collaborations with Haoyun Coconut and 52TOYS, resulting in the opening of 49 Haoyun Coconut stores and 175 52TOYS specialty stores [4]. Market Outlook - The report anticipates a recovery in cinema attendance and box office performance in the second half of the year, supported by a strong lineup of films and a stable summer box office performance [2][5]. - The company has adjusted its profit forecasts for 2025-2027, now projecting net profits of RMB 751 million, RMB 1.103 billion, and RMB 1.349 billion respectively [5].

Investment Rating - The investment rating for the company is "Buy" [5][4] Core Insights - The company is transitioning its Tianyi Cloud business from a phase of rapid revenue growth to a focus on high-quality development, with strong demand for intelligent computing services [2][1] - The mobile and broadband businesses are expected to maintain a steady growth trajectory [2] - The capital expenditure guidance for 2025 remains unchanged at RMB 83.6 billion, with a gradual decline in the capital expenditure to revenue ratio [3][1] - The company plans to leverage AI large models to enhance operational efficiency and further improve profitability [3][1] Summary by Sections Tianyi Cloud Business - The Tianyi Cloud business is moving towards a high-quality development phase, with a strong demand for intelligent computing services. The overall intelligent computing resource utilization rate has reached nearly 70%, with a diversified customer base expanding from government and state-owned enterprises to finance, transportation, and education sectors. In the first half of 2025, the total computing power reached 77 EFLOPS, with an increase of 15 EFLOPS [2][1] Basic Business Operations - In the first half of 2025, the mobile ARPU and broadband comprehensive ARPU remained stable. The company has been promoting bundled packages to enhance user stickiness and add extra user value. The industry competition has been effectively managed by the Ministry of Industry and Information Technology since 2019, leading to a healthier market environment [2][1] Capital Expenditure - The company's capital expenditure in the first half of the year accounted for approximately 41% of the annual budget, which is typical for the telecom industry, as investments are usually higher in the second half. The capital expenditure guidance for 2025 remains at RMB 83.6 billion, with a declining trend in the capital expenditure to revenue ratio expected as the peak investment period for 5G network construction has passed [3][1] Cost and Expense Management - The company aims to keep the growth rate of costs and expenses below that of revenue, which is expected to enhance profitability. The development of an AI model specifically for cloud network operations is expected to save labor costs and reduce base station electricity expenses through optimized algorithms [3][1] Profitability Forecast - The company is expected to see continued profit growth, with net profits projected at RMB 34.8 billion, RMB 36.7 billion, and RMB 38.4 billion for 2025, 2026, and 2027 respectively. The target price is set at RMB 9.11 per share, based on a 1.8x PB valuation for 2025 [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 1H25 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 507 million, 122 million, and 111 million RMB respectively, showing a year-on-year decline of 14.1%, 29.3%, and 32.0%. However, the 2Q25 results showed improvement with revenue and net profit increasing by 2.7% and 5.0% year-on-year [1][2] - Domestic revenue faced pressure with a 22.7% decline to 332 million RMB, while overseas revenue grew by 9.0% to 175 million RMB. The decline in domestic revenue is attributed to anti-corruption measures and centralized procurement [2] - The company increased its R&D expense ratio to 22.27%, up by 5.52 percentage points year-on-year, while the gross margin decreased to 64.70%, down by 5.12 percentage points, mainly due to the impact of centralized procurement [3] Summary by Sections Financial Performance - 1H25 revenue was 507 million RMB, with a significant decline in domestic business but stable growth in overseas markets. 2Q25 showed signs of recovery with a year-on-year increase in revenue and net profit [1][2] - The company forecasts net profits for 2025-2027 to be 296.33 million, 341.69 million, and 392.41 million RMB respectively, with a downward adjustment of 23%, 20%, and 19% compared to previous estimates [4] Valuation - The target price is set at 17.59 RMB, based on a 25x PE valuation for 2025, compared to a peer average of 23x [4][6] - The company's market capitalization is approximately 6.063 billion RMB, with a closing price of 14.15 RMB as of August 28, 2025 [6] Growth Prospects - The company is expected to benefit from ongoing technological iterations in its clinical medical and dermatology aesthetics product lines, which may lead to improved growth rates in the future [2][4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.30 [7][8]. Core Views - The company reported a revenue of RMB 1.673 billion for H1 2025, representing a year-over-year increase of 7.03%, and a net profit attributable to the parent company of RMB 63.25 million, up 18.68% year-over-year [1][7]. - The second quarter of 2025 saw revenue of RMB 991 million, a year-over-year increase of 0.70% and a quarter-over-quarter increase of 45.45%, with net profit of RMB 38.92 million, reflecting a year-over-year increase of 20.86% and a quarter-over-quarter increase of 59.97% [1][7]. - The company is expected to benefit from the ongoing major infrastructure projects in the western region, such as the "Yaxia" hydropower station, which will drive demand for its products [1][5]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 1.673 billion, with a net profit of RMB 63.25 million and a non-recurring net profit of RMB 52.96 million [1][7]. - The comprehensive gross margin for H1 2025 was 34.75%, slightly down by 0.12 percentage points year-over-year [2]. - The company’s expense ratio for H1 2025 was 27.72%, down 0.34 percentage points year-over-year, indicating improved cost absorption capabilities [3]. Product Performance - Sales of high-performance water-reducing agents and functional materials showed positive trends, with revenues of RMB 867 million and RMB 347 million respectively, reflecting year-over-year increases of 6.3% and 25.2% [2]. - The company has expanded its functional materials offerings, with significant growth in new materials, which has been well-received by customers [4]. Market Expansion - The company has intensified its efforts in the western region, achieving notable results in sectors such as hydropower, nuclear power, and railways, participating in projects like the Sichuan-Tibet Railway and the Haitaichangjiang Tunnel [4]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, thereby broadening its international market presence [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are RMB 164 million, RMB 206 million, and RMB 241 million respectively, with corresponding EPS of RMB 0.38, RMB 0.48, and RMB 0.56 [5][11]. - The target price has been adjusted to RMB 13.30, based on a 35x PE valuation for 2025, reflecting the company's strong project experience and first-mover advantage in major infrastructure projects [5].

证券研究报告 蜜雪集团 (2097 HK) 港股通 1H 高质量快步增长，龙头强者恒强 2025 年 8 月 29 日│中国香港 餐饮 | 目标价 (港币) | 590.22 | | --- | --- | | 收盘价 (港币 截至 8 月 28 日) | 435.00 | | 市值 (港币百万) | 165,134 | | 6 个月平均日成交额 (港币百万) | 317.85 | | 52 周价格范围 (港币) | 256.00-618.50 | | BVPS (人民币) | 55.98 | 华泰研究 中报点评 投资评级(维持): 买入 目标价(港币): 590.22 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 股价走势图 (14) 41 95 150 204 Mar-25 May-25 Jun-25 Aug-25 (%) 蜜雪集团 ...