Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown significant growth in its Q2 performance, particularly in the high-speed cable module segment, which is experiencing a rapid increase in demand from major clients [6][7] - The company is expected to continue expanding its high-speed cable module business and improve its profitability due to an optimized revenue structure [6][10] Financial Summary - Target price is set at RMB 88.35, with the closing price as of August 25 at RMB 78.50, indicating potential upside [2] - Market capitalization is RMB 36,188 million, with a 6-month average daily trading volume of RMB 784.44 million [2] - Revenue projections for the upcoming years are as follows: - 2024: RMB 1,092 million (up 20.83%) - 2025: RMB 2,470 million (up 126.24%) - 2026: RMB 4,442 million (up 79.83%) - 2027: RMB 5,870 million (up 32.14%) [5][21] - Net profit attributable to the parent company is projected to turn positive in 2025, reaching RMB 377.90 million, and further increasing to RMB 1,032 million by 2027 [5][21] Business Segments - The company’s revenue growth is driven by two main strategic businesses: 1. High-speed cable modules, which have secured bulk orders from major clients such as Huawei and Alibaba, leading to a significant market presence [7] 2. High-voltage connectors for new energy vehicles, which have successfully entered the supply chains of several mainstream automakers [7] - The company’s gross margin improved significantly to 32.86% in 1H25, driven by the introduction of high-margin products [8] Profitability and Valuation - The company’s profitability is expected to improve due to a favorable revenue mix and operational efficiencies [10] - The estimated price-to-earnings (PE) ratio for 2026 is projected at 60x for the communications segment, reflecting strong growth potential [10][23] - The overall target market valuation for the company is set at RMB 407.29 billion, corresponding to the target price of RMB 88.35 per share [23]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 RMB [6][4]. Core Views - The company achieved a revenue of 3.221 billion RMB in H1 2025, representing a year-over-year increase of 32.72%, and a net profit of 378 million RMB, up 22.55% year-over-year [1][6]. - The company demonstrated strong growth in domestic revenue despite intense competition, indicating robust product and marketing capabilities [1][3]. - The report emphasizes the company's solid supply chain and R&D foundation, suggesting that leading pet companies will continue to strengthen their competitive positions in a more rational consumer and brand competition environment [1][3]. Summary by Sections Revenue and Profitability - In Q2 2025, the company reported revenue of 1.741 billion RMB, a year-over-year increase of 30.99% and a quarter-over-quarter increase of 17.68% [1][2]. - The main grain products generated revenue of 1.883 billion RMB in H1 2025, up 57.09% year-over-year, with a gross margin of 46.23% [2][3]. - The company’s gross margin improved to 43.8% in Q2 2025, reflecting a year-over-year increase of 1.0 percentage points [3]. Sales Channels and Product Performance - Direct sales channels contributed 1.210 billion RMB in revenue in H1 2025, a growth of 39.72% year-over-year, increasing their share of total revenue from 35.85% to 37.73% [2][3]. - The company’s snack products achieved revenue of 1.294 billion RMB in H1 2025, with a gross margin of 37.48% [2]. Research and Development - The company invested 26.87 million RMB in R&D in Q2 2025, marking a year-over-year increase of 27% [3]. - The report highlights the positive externalities of R&D, particularly the significant impact of the Fliegat 2.0 upgrade on main grain product sales [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 750 million RMB, 964 million RMB, and 1.254 billion RMB, respectively [4][9]. - The report assigns a 54X PE for 2026, reflecting the company's efficient organizational structure and strong core barriers [4].

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The company has shown significant achievements in overseas expansion and improved gross margin year-on-year [1][2] - The company is optimistic about the long-term development potential of the high-tech industry and is actively pursuing major project tenders in the second half of 2025 [4][1] - The company’s revenue for the first half of 2025 was 2.424 billion RMB, a year-on-year decrease of 3.14%, while the net profit attributable to the parent company was 83.5 million RMB, down 16.10% year-on-year [1][3] Revenue and Profitability - In the first half of 2025, the company achieved revenue of 2.424 billion RMB, with a gross margin increase of 0.7 percentage points year-on-year to 10.1% [2][3] - The revenue breakdown by sector shows semiconductor and related industries generated 1.49 billion RMB, with a year-on-year decrease of 23%, while the life sciences sector saw a 235% increase [2][3] - The company’s overall expense ratio increased to 3.88%, with sales expenses rising by 28.8% due to increased employee compensation and incentive stock payment [3][4] Order and Contract Status - The company had a backlog of orders amounting to 1.75 billion RMB at the end of the first half of 2025, a year-on-year decrease of 22.4% [4][1] - New contracts signed in the first half of 2025 totaled 1.28 billion RMB, down 32.2% year-on-year, indicating a focus on future growth opportunities [4][1] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 236.21 million RMB, 265.09 million RMB, and 282.02 million RMB respectively [5][10] - The target price has been adjusted to 17.92 RMB, based on a price-to-earnings ratio of 40x for 2025 [5][6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 32.76 [1][5]. Core Views - The company has shown a steady revenue growth of 1.54% year-on-year in H1 2025, achieving revenue of RMB 539 million and a net profit of RMB 126 million, which is a 24.83% increase year-on-year [1][2]. - The increase in profitability is attributed to a higher proportion of software revenue, leading to improved gross margins and better expense management [1][3]. - The demand for the company's overseas expansion and EMS 3.0 business is expected to grow, supported by favorable industry trends in energy efficiency management [1][4]. Summary by Sections Revenue and Profitability - In H1 2025, the company achieved revenue of RMB 539 million, with a net profit of RMB 126 million, reflecting a year-on-year increase of 24.83% [1][2]. - The gross profit margin improved to 47.82%, up by 0.75 percentage points year-on-year, driven by efficiency optimization in production lines [3]. Product Performance - Revenue from various product segments in H1 2025 includes RMB 226 million from power monitoring systems, RMB 175 million from energy management products, and RMB 41 million from fire safety products, with overall revenue growth supported by the accelerated rollout of EMS 3.0 products [2][3]. Domestic and International Growth - Domestic revenue reached RMB 512 million, growing by 1.21% year-on-year, while international revenue was RMB 27 million, up by 8.40% year-on-year, indicating a dual growth strategy [4]. - The company is focusing on expanding its sales presence in Southeast Asia, Europe, the Middle East, and Africa, which is expected to enhance future business growth [4]. Earnings Forecast and Valuation - The revenue forecast for 2025 is adjusted to RMB 1.252 billion, with a compound annual growth rate (CAGR) of 22.71%, and net profit forecasted at RMB 294 million, with a CAGR of 40.65% [5]. - The target price is set at RMB 32.76, based on a price-to-earnings (PE) ratio of 28x for 2025, reflecting the company's software product advantages [5].

Report Information - Report Title: Export Throughput Maintains Resilience, Price Trends Diverge [1] - Report Date: August 25, 2025 - Analysts: Zhang Jiqiang, Wu Jing, Wu Yuhang - Contact: Li Zihao Core Viewpoints - In the third week of August, external demand showed high throughput year-on-year, but freight rates were weak with a widening decline. The real estate market had mixed performance in transactions, with new and second-hand housing sales continuing to decline year-on-year, and housing prices yet to stabilize. On the production side, the industrial freight volume was good, coal prices rose, and production maintained a differentiated resilience. In the construction industry, cement supply and demand improved marginally, while black metal supply and demand were weak. In the consumption sector, travel remained resilient, and automobile consumption increased slightly. Prices of crude oil were significantly affected by external factors, and the fundamentals restricted black metal prices, while Powell's dovish signals supported copper prices [2]. Summary by Category Consumption - Travel maintained a high level, with increases in subway ridership, congestion delay index, and flight operation rates similar to the previous year. Automobile consumption increased slightly, textile consumption recovered, and express delivery pick-up volume remained high [3]. Real Estate - Real estate transactions were differentiated. New housing transactions were basically flat, with second-tier cities leading. Second-hand housing transactions recovered, especially in Beijing, Shanghai, Shenzhen, and Chengdu. The listing price and quantity of second-hand housing both decreased, and the land premium rate increased while land transactions decreased [4][6]. Production - Freight volume remained high, and the data of operating rates were differentiated. In the power sector, coal consumption increased, hydropower decreased, and coal prices rose. In the construction industry, the funds in place increased year-on-year, cement supply and demand improved, black metal supply and demand declined, and asphalt operating rates decreased [5][13][14]. External Demand - Port throughput remained high, but freight rates declined. The cumulative cargo throughput and container throughput of ports were at a high level. The RJ/CRB index increased year-on-year, the Baltic Dry Index (BDI) decreased, and international route freight rates weakened. South Korea's exports in the first 20 days of August increased by 7.62% year-on-year, and Vietnam's exports in the first half of August increased by 15.56% year-on-year [5]. Prices - The prices of agricultural products, crude oil, and cement increased, while the prices of black metals were differentiated, and the prices of non-ferrous metals and glass decreased. The increase in crude oil prices was due to geopolitical risks and increased demand, while the differentiation of black metal prices was affected by supply and demand and policies [20][21].

1. Report Industry Investment Rating No specific industry investment rating is mentioned in the report. 2. Core Viewpoints of the Report - The second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted on August 20, 2025. With policy support, the second batch is expected to be launched soon. The Science - and - Technology Innovation Bond ETFs have shown rapid scale growth and good liquidity since their listing, and are expected to thrive in the future [1][10]. - The second batch of Science - and - Technology Innovation Bond ETFs will introduce incremental funds to the market, enhancing the liquidity of the underlying bonds and potentially lowering their yields. However, the short - term decline may be limited due to various disturbances. It is recommended to focus on the post - adjustment allocation opportunities of 1 - 3 - year medium - to - high - grade Science - and - Technology Innovation Bond index underlying bonds [1][29]. - The stock market was strong last week, suppressing the bond market. Credit bond yields increased across the board, and the net issuance of corporate - type credit bonds decreased, while that of financial - type credit bonds increased significantly [2][3]. - In the secondary market, trading of medium - and - short - duration bonds was active, and the proportion of long - duration bond trading increased slightly [4]. 3. Summary by Relevant Catalogs Credit Hotspots - On August 20, 2025, the second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted, with 10 tracking the CSI AAA Science - and - Technology Innovation Corporate Bond Index, 3 tracking the Shanghai Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index, and 1 tracking the Shenzhen Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index. Referring to the approval process of the first batch, the second batch is likely to be launched soon [10]. - Since the first batch of Science - and - Technology Innovation Bond ETFs were listed, they have become the second - largest type of credit bond ETFs. As of August 22, 2025, the scale of credit bond ETFs was 348.3 billion yuan, and the Science - and - Technology Innovation Bond ETFs accounted for 34.6% with a scale of 120.4 billion yuan [11]. - The Science - and - Technology Innovation Bond ETFs have shown good liquidity since their listing. From July 17 to August 22, the average daily trading volume fluctuated between 18 - 106 billion yuan, and the average daily turnover rate was 46.48% [15]. - The net value of Science - and - Technology Innovation Bond ETFs has experienced two rounds of adjustments. As of August 22, compared with the listing date on July 17, the average decline of the net value of 10 Science - and - Technology Innovation Bond ETFs was 0.43% [19]. - With policy support, increased supply of Science - and - Technology Innovation Bonds, and the launch of the repurchase business, the Science - and - Technology Innovation Bond ETFs are expected to develop well. The second batch of ETFs will enhance the liquidity of the underlying bonds and lower their yields, but the short - term decline may be limited [27][29]. Market Review - From August 15 to August 22, 2025, the stock market was strong, suppressing the bond market. Credit bond yields increased across the board, with most medium - and long - term yields rising by more than 6BP, and medium - and short - term credit bonds being relatively resilient. The yields of Tier 2 and perpetual bonds also increased by 4 - 8BP [2][34]. - Last week, bond funds were redeemed, with net sales of 13.3 billion yuan, while wealth management products had net purchases of 19.3 billion yuan. The scale of credit bond ETFs was 348.3 billion yuan, up 1.7% from the previous week [2]. - The median spreads of public bonds of AAA - rated entities in various industries generally increased by 2 - 6BP, and the median spreads of urban investment bonds in each province increased across the board, with Inner Mongolia, Chongqing, and Liaoning seeing increases of more than 6BP [2][34]. Primary Issuance - From August 18 to August 22, 2025, the total issuance of corporate - type credit bonds was 235 billion yuan, a 21% decrease from the previous period, with a net repayment of 64.1 billion yuan. The total issuance of financial - type credit bonds was 120.4 billion yuan, a 142% increase from the previous period, with a net financing of 61.9 billion yuan [3][60]. - Among corporate - type credit bonds, urban investment bonds issued 101.8 billion yuan with a net repayment of 21.6 billion yuan, and industrial bonds issued 126.6 billion yuan with a net repayment of 37 billion yuan [3][60]. - The average issuance rates of medium - and short - term notes and corporate bonds mostly showed an upward trend [3][60]. Secondary Trading - Active trading entities are mainly medium - to - high - grade, medium - and short - term, and central and state - owned enterprises [4][71]. - For urban investment bonds, active trading entities are from strong economic and financial provinces like Jiangsu and Guangdong, and high - spread areas in large economic provinces. For real - estate bonds and private - enterprise bonds, active trading entities are mostly AAA - rated, with trading terms mostly in the medium - and short - term [4][71]. - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 0% to 4% compared with the previous week [4][71].

Investment Rating - The report maintains an "Overweight" rating for the communication industry and related sectors, specifically recommending "Buy" for companies like China Mobile, China Telecom, and Ruijie Networks, while suggesting "Hold" for China Unicom and Tai Chen Guang [8][55]. Core Insights - The release of DeepSeek-V3.1 marks a significant advancement in domestic computing power, with its mixed reasoning architecture and enhanced efficiency, indicating a sustained high demand for domestic computing infrastructure due to increased capital expenditure from internet companies and supply constraints on overseas GPUs [2][11][20]. - The report emphasizes the importance of focusing on the domestic computing power and its supporting industrial chain, including optical modules, AIDC, switches, and copper connections, as the market is expected to maintain high prosperity [2][20]. Summary by Sections Market Performance - The communication index rose by 10.84% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 3.49% and 4.57% respectively [11][42]. Key Companies and Dynamics - The report highlights key companies such as Tai Chen Guang and Ruijie Networks in the AI computing power chain, and China Mobile, China Telecom, and China Unicom in core asset value reassessment [3][55]. - It also notes the growth potential in new productive forces like satellite internet and low-altitude economy, recommending companies like Huace Navigation and Hengtong Optic-Electric [3]. Recommended Companies - Tai Chen Guang (300570 CH) is rated "Overweight" with a target price of 162.38 CNY, supported by strong revenue growth in MPO products [55][56]. - Ruijie Networks (301165 CH) is rated "Buy" with a target price of 98.13 CNY, benefiting from the demand for internet AI data centers [55][58]. - China Mobile (600941 CH) is rated "Buy" with a target price of 126.30 CNY, showing resilience and growth potential in the AI+ sector [55][60]. - China Telecom (601728 CH) is rated "Buy" with a target price of 9.11 CNY, focusing on digital transformation and AI applications [55][60].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.10 RMB [4][6]. Core Insights - The company achieved a record high quarterly revenue of 59.39 billion RMB in Q2 2025, benefiting from improved terminal demand and a healthier inventory level in the downstream market [1][2]. - The gross margin improved to 14.82% in Q2 2025, reflecting effective cost control measures and a recovery in storage prices [1][2]. - The company is expected to see continued growth in its enterprise storage and overseas business, with a positive outlook for storage prices in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 1H25, the company reported revenue of 101.96 billion RMB, a year-over-year increase of 12.80%, but a significant decline in net profit to 0.15 billion RMB, down 97.51% year-over-year [1][2]. - Q2 2025 revenue was 59.39 billion RMB, up 29.51% year-over-year and 39.53% quarter-over-quarter, with a net profit of 1.67 billion RMB, reflecting a 20.55% decrease year-over-year but a 209.73% increase quarter-over-quarter [1][2]. Business Growth - The Lexar brand's overseas business grew by 31.61% year-over-year in 1H25, while Zilia's revenue increased by 40.01% year-over-year, indicating strong international demand [2]. - The enterprise storage segment saw a remarkable 138.66% year-over-year revenue growth in 1H25, with Q2 2025 revenue reaching 3.74 billion RMB, up 17.24% quarter-over-quarter [2]. Market Outlook - The report anticipates that storage prices will continue to rise in the second half of 2025, driven by production cuts from major suppliers like Samsung and Micron, as well as seasonal demand in consumer electronics [3]. - The company is expected to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, which will drive demand for its enterprise storage products [3]. Valuation Adjustments - Revenue forecasts for 2025-2027 have been revised upward to 241.6 billion RMB, 275.0 billion RMB, and 303.6 billion RMB, respectively, reflecting a 6.2%, 3.0%, and 2.7% increase from previous estimates [4]. - Net profit forecasts for the same period have also been increased significantly, with expected profits of 10.5 billion RMB, 13.5 billion RMB, and 15.1 billion RMB, representing increases of 56.7%, 23.0%, and 19.4% [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 14.15 [6][7]. Core Views - The company reported a revenue of RMB 2.34 billion for the first half of 2025, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was RMB 370 million, down 11.2% year-on-year, with a net profit margin of 15.8% [1][6]. - The decline in profitability is attributed to a high base from the previous year and increased uncertainty in the international trade environment [1]. - The company is positioned as a leader in the global apparel accessories market, benefiting from advantages in smart manufacturing and one-stop design services [1]. Summary by Sections Business Performance - The company's zipper and button business revenues increased by 2.7% and decreased by 0.2% to RMB 1.29 billion and RMB 930 million, respectively. The production capacity for zippers and buttons grew by 10.2% and 6.8% to 490 million meters and 6.3 billion pieces, respectively [2]. - Revenue from other apparel accessories increased by 11.2% to RMB 80 million, driven by the implementation of a "big accessories" strategy [2]. - Domestic and international market revenues saw a year-on-year change of -4.1% and +13.7%, reaching RMB 1.47 billion and RMB 860 million, respectively, with international revenue growth attributed to accelerated international marketing network expansion and new customer development [2]. Capacity Utilization - The overall capacity utilization rate for the first half of 2025 decreased by 5.4 percentage points to 65.3%, with domestic and overseas rates at 68.98% and 48.3%, respectively [3]. - The company is advancing its globalization strategy, with production capacity in Bangladesh and Vietnam increasing to 18.5% of total capacity [3]. Financial Metrics - The gross profit margin for the first half of 2025 increased by 1.1 percentage points to 42.9%, with zipper and button margins rising by 0.4 and 1.4 percentage points, respectively [4]. - Financial expenses increased significantly by 301.5% year-on-year to RMB 30 million, primarily due to foreign exchange losses [4]. - Operating cash flow for the first half of 2025 increased by 10.4% year-on-year to RMB 430 million [4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down by 10.4%, 8.1%, and 6.9% to RMB 680 million, RMB 770 million, and RMB 880 million, respectively [5]. - The company is expected to maintain a price-to-earnings (PE) ratio of 24.4 times for 2025, reflecting its strong industry position and global capacity layout [5].

证券研究报告 哈药股份 (600664 CH) 核心业务收入平稳，净利率有所波动 2025 年 8 月 25 日│中国内地 化学制药 公司公告 1H25 业绩，营收、归母净利、扣非净利 81.2/2.6/2.4 亿元 （-0%/-24%/-22% yoy），其中 2Q25 分别同比下滑 1%/72%/74%，利润 下滑主因工业毛利率下降、商业利润下滑及资产计提减值。我们认为药店 行业承压下公司收入保持韧性，季度利润因费用有所波动，我们看好随着 药店行业企稳恢复与公司营销调整结束，公司利润与品牌价值释放，维持 "买入"评级。 工业收入：核心业务保持平稳，电商业务有所下滑 因药店行业整体承压（米内网数据显示 1H25 中国实体药店药品零售规模同 比下滑 0.9%、保健品零售规模同比下滑 18.6%）及公司策略调整（探索高 效投放模式），工业收入 1H25 同比下滑 6%至 29.8 亿元（其中 2Q25 同比 下滑 9%至 14.7 亿元），其中主营 OTC 的营销公司收入同比下滑 4%至 13.6 亿元，主营保健品的 GNC 中国收入同比增长 3%至 7.4 亿元，主营电商渠 道的健康科技收入同比下滑 30%至 ...