Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has shown steady growth in its aerospace new materials business, benefiting from the booming composite materials market. The military aviation market's demand for composite materials remains stable, while the civil aviation market presents new opportunities, particularly in the low-altitude economy and other sectors like new energy [6]. - The company reported a revenue of 2.747 billion yuan for the first half of 2025, a year-on-year increase of 7.87%, and a net profit attributable to shareholders of 605 million yuan, up 0.24% year-on-year [4][5]. Financial Performance - In the first half of 2025, the aerospace new materials business achieved a revenue of 2.717 billion yuan, a year-on-year growth of 7.89%, with a net profit of 644 million yuan, up 1.75% [5]. - The company's gross margin improved by 0.54 percentage points to 37.79% in the first half of 2025 [5]. - The company’s total liabilities reached 2.665 billion yuan, a year-on-year increase of 1.73%, while cash and cash equivalents rose by 10.57% to 1.936 billion yuan [4]. Future Projections - The company is expected to have EPS of 0.96, 1.12, and 1.32 for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27.1, 23.2, and 19.7 based on the closing price of 25.95 yuan on August 22 [7][12]. - Revenue projections for the years 2025 to 2027 are 5.891 billion yuan, 6.901 billion yuan, and 8.152 billion yuan, reflecting year-on-year growth rates of 16.1%, 17.1%, and 18.1% respectively [9][13]. Market Position - The company is recognized as the only professional entity in China engaged in the research and engineering of composite materials in the aviation sector, positioning it as a leader in R&D and results transformation within the domestic market [6]. - The company plans to expand its market presence in civil aviation and the low-altitude economy while consolidating its leadership in military products [6].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [11]. Core Insights - The company reported a revenue of 3.104 billion yuan for the first half of 2025, a year-on-year decrease of 6.12%, while the net profit attributable to shareholders was 288 million yuan, reflecting a year-on-year increase of 3.19% [5][6]. - Despite a decline in revenue, the company managed to achieve profit growth through effective cost control, with significant reductions in sales and administrative expenses [6][9]. - The online sales channel showed resilience, with a revenue increase of 8.88% year-on-year, contributing to 19.16% of total revenue [8][9]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 76.41%, a slight increase of 0.11 percentage points year-on-year, with the e-commerce channel's gross margin rising by 2.28 percentage points to 63.40% [9]. - The company’s operating cash flow for the first half of 2025 was 896 million yuan, a substantial year-on-year increase of 98.27% [10]. - The company plans to enhance brand strength and product excellence in the second half of 2025, with expectations for slight revenue improvement and profit elasticity due to reduced store numbers and lower incentive costs [11]. Revenue and Profit Forecast - The company’s projected earnings per share (EPS) for 2025-2027 are 0.84, 0.90, and 0.95 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.0, 7.5, and 7.1 [11][13].

Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1] Core Views - In the first half of 2025, the company achieved a revenue of 14.817 billion yuan, representing a year-on-year growth of 3.3%, while the net profit attributable to shareholders was 1.737 billion yuan, down 11.0% year-on-year [2][4] - The board proposed a mid-term dividend of 0.3359 yuan per share, with a payout ratio of 50% [2] - The company's EBITDA for the first half of 2025 was 3.513 billion yuan, reflecting a 2.0% increase year-on-year [4] Revenue and Profit Analysis - Revenue from footwear, apparel, accessories, and equipment for the first half of 2025 was 8.231 billion, 5.193 billion, 1.393 billion, and 0.139 billion yuan respectively, with year-on-year growth rates of 4.9%, -3.4%, and 23.7% [5] - The retail sales of running shoes exceeded 5.26 million pairs, with significant growth in the running and casual sports categories [5] - The company reported a gross margin of 50.0%, a slight decline of 0.4 percentage points year-on-year, attributed to a decrease in the proportion of high-margin direct sales [6][8] Channel Performance - Direct sales revenue decreased by 3.4% to 3.383 billion yuan, while e-commerce revenue grew by 7.4% to 4.300 billion yuan, indicating a strong performance in the online channel [6] - The company maintained a healthy inventory turnover with an inventory amount of 2.428 billion yuan, a year-on-year increase of 5.0% [8] Financial Forecast and Valuation - The company is expected to have EPS of 1.02, 1.14, and 1.21 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.5, 15.8, and 14.9 [9][11] - The report indicates a stable growth outlook for the company, particularly in the running category, and suggests a limited expansion in store numbers [9]

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

Investment Rating - The report maintains a "Buy-A" rating for China Unicom (600050.SH) [1] Core Views - China Unicom's H1 2025 revenue reached 200.2 billion yuan, a year-on-year increase of 1.5%, with a total profit of 17.7 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 6.349 billion yuan, also up 5.1% year-on-year [2][3] - The growth in mobile and broadband connections is robust, with a total user base exceeding 1.2 billion, including a net increase of over 11 million users, marking a historical high [3] - The company is focusing on AI opportunities and enhancing its data center capabilities, with a revenue of 37.6 billion yuan from cloud services, up 4.6% year-on-year [4][10] - Capital expenditure for 2025 is planned at 55 billion yuan, a decrease of 10.4% year-on-year, with a focus on efficient investment strategies [5] Summary by Sections Financial Performance - In H1 2025, China Unicom achieved a revenue of 200.2 billion yuan, with a profit total of 17.7 billion yuan and a net profit of 6.349 billion yuan, reflecting year-on-year growth of 1.5%, 5.2%, and 5.1% respectively [2][3] - The company anticipates continued revenue and profit growth, with projected net profits of 9.521 billion yuan, 10.038 billion yuan, and 10.624 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 5.4%, 5.4%, and 5.8% [11] User Growth and Service Expansion - The user base for mobile and broadband services has reached historical highs, with mobile and broadband users exceeding 480 million and IoT connections reaching 690 million [3] - The adoption of "dual-gigabit" services is significant, with 50% of users opting for this offering, and the penetration rate of integrated services surpassing 77% [3] Strategic Focus - The company is enhancing its AI capabilities and expanding its cloud market share, with a focus on building a robust international network and data center infrastructure [4][10] - China Unicom plans to invest in AI infrastructure and major projects, with a special budget allocation for AI initiatives [11] Capital Expenditure and Cost Management - The planned capital expenditure for 2025 is 55 billion yuan, reflecting a 10.4% decrease year-on-year, with a focus on optimizing operational costs [5] - The company aims to maintain stable cost ratios, with a significant focus on improving data center resource utilization [10]

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [5] Core Views - MINISO's same-store sales in China showed significant improvement in Q2 2025, indicating a turning point in operations [6][14] - The company reported Q2 2025 revenue of 4.966 billion yuan, a year-on-year increase of 23.1%, and an adjusted net profit of 0.692 billion yuan, up 10.6% year-on-year [7][9] - For the first half of 2025, MINISO achieved revenue of 9.393 billion yuan, a 21.1% increase year-on-year, with an adjusted net profit of 1.279 billion yuan, growing 3.0% year-on-year [9] Financial Performance - In Q2 2025, MINISO's adjusted net profit margin was 13.9%, down 1.6 percentage points year-on-year, while the first half of 2025 saw a net profit margin of 13.6%, down 2.4 percentage points year-on-year [9][11] - The gross margin for the first half of 2025 was 44.3%, reflecting a slight increase of 0.6 percentage points year-on-year [11] - The company’s operating cash flow for the first half of 2025 was 1.014 billion yuan, aligning closely with net profit [13] Business Segmentation - Domestic revenue for MINISO in H1 2025 was 5.115 billion yuan, a year-on-year increase of 11.4%, with same-store sales showing low single-digit growth in Q2 2025 [10] - Internationally, MINISO's revenue reached 3.534 billion yuan in H1 2025, a 29.4% increase year-on-year, although same-store sales declined slightly in Q2 2025 [10] - The TOP TOY segment reported H1 2025 revenue of 742 million yuan, a remarkable 73.0% increase year-on-year [10] Future Projections - The report forecasts MINISO's revenue for 2025-2027 to be 21.216 billion, 25.799 billion, and 30.633 billion yuan respectively, with net profits projected at 2.606 billion, 3.464 billion, and 4.239 billion yuan [14][16] - The expected P/E ratios for 2025-2027 are 17.0, 12.8, and 10.4 respectively, indicating a favorable valuation outlook [14][16]

Investment Rating - The report maintains a "Buy-A" rating for Kingsoft Office (688111.SH) [1][9] Core Views - The company achieved a steady revenue growth of 10.12% year-on-year in the first half of 2025, with total revenue reaching 2.657 billion yuan [4] - The WPS personal business and WPS 365 business are driving overall revenue growth, with WPS 365 revenue increasing by 62.27% year-on-year [5][6] - The launch of WPS AI 3.0 has significantly increased monthly active users to 29.51 million, up from 19.68 million at the end of 2024 [7][9] Financial Performance - In the first half of 2025, the company reported a net profit of 747 million yuan, a year-on-year increase of 3.57% [4] - The gross margin for the first half of 2025 was 85.03%, an increase of 0.11 percentage points compared to the same period last year [6] - The company’s R&D expense ratio increased to 36.07%, reflecting continued investment in AI [6] Business Segmentation - WPS personal business revenue reached 1.748 billion yuan, growing by 8.38% year-on-year, with domestic revenue at 1.619 billion yuan [6] - WPS 365 business revenue was 309 million yuan, benefiting from enhanced product capabilities and new key clients [6] - WPS software revenue decreased by 2.08% year-on-year to 542 million yuan due to some clients transitioning to WPS 365 [6] Future Projections - The report projects EPS for 2025-2027 to be 3.87, 4.56, and 5.42 yuan respectively, with corresponding P/E ratios of 85.06, 72.27, and 60.77 [9][10]

珠宝首饰及钟表 潮宏基（002345.SZ） 增持-A(维持) 2025 年 8 月 25 日 公司研究/公司快报 | | | | 收盘价（元）： | | 15.20 | | --- | --- | --- | | 年内最高/最低（元）： | | 18.18/4.06 | | 流通 A | 股/总股本（亿 | 8.67/8.89 | | 股）： | | | | 流通 A 股市值（亿元）： | | 131.83 | | 总市值（亿元）： | | 135.05 | | 基本每股收益(元)： | 0.37 | | --- | --- | | 摊薄每股收益(元)： | 0.37 | | 每股净资产(元)： | 4.26 | | 净资产收益率(%)： | 8.79 | | 资料来源：最闻，山西证券研究所 | | 分析师： 8 月 21 日，公司发布 2025 年半年度报告。2025H1，公司实现营收 41.02 亿元， 同比增长 19.54%，实现归母净利润 3.31 亿元，同比增长 44.34%。公司拟向全体股东每 10 股派发现金红利 1 元（含税），中期派息率 26.82%。 事件点评 资料来源：最闻，山西证券研 ...

Core Insights - The report highlights a significant growth in the AI sector, driven by macroeconomic factors such as the expectation of interest rate cuts in the US and supportive policies for AI investments from the Trump administration. This has led to increased investor interest in AI-related technologies and companies [5][6] - The liquid cooling industry is experiencing heightened attention due to accelerated deployments by overseas cloud service providers (CSPs) and positive performance indicators from key players in the sector. The report suggests that the liquid cooling market is transitioning from a conceptual phase to one of actual performance delivery [5][6] - The report emphasizes the importance of domestic supernodes and the expected growth in high-speed copper connections and optical modules, particularly following the recent Open Compute Project (OCP) conference [6][9] Industry Commentary - The communication sector is witnessing a rotation towards AI-related investments, with a focus on liquid cooling, optical circuit switching (OCS), and domestic supernodes. The report suggests that these areas are poised for growth due to technological advancements and market demand [5][6] - The report notes that the OCS market is expected to see significant commercial deployment in North America by 2026, with potential total addressable market (TAM) reaching $2 billion. This technology is becoming increasingly relevant for large CSP data center networks [9][10] Company Analysis - The report discusses the performance of China Mobile, which reported a slight decline in revenue but an increase in net profit for the first half of 2025. The company is focusing on transitioning its business model towards value-based operations, leveraging its extensive customer base [18][19] - The report highlights the strong performance of a specific company, which achieved a revenue of 12.354 billion yuan in the first half of 2025, marking a 251% year-on-year increase. The company is expanding its market presence both domestically and internationally [10][12] - Another company mentioned in the report experienced a revenue growth of 10.36% in the first half of 2025, despite facing challenges in profitability due to operational pressures from older factories and the ramp-up of new facilities [15][16]

Investment Rating - The report maintains a "Buy-A" rating for the company [6][13]. Core Views - The company achieved a revenue of 12.661 billion yuan in H1 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7][8]. - The company is experiencing a phase of pressure on profitability due to the transitional efficiency of new factories and a decline in orders from older factories, leading to a temporary drop in gross margin [8][10]. - The company is successfully diversifying its customer base, with significant contributions from new clients like On and New Balance, and a successful partnership with Adidas [9]. Financial Performance - As of June 30, 2025, the basic earnings per share (EPS) was 1.43 yuan, and the diluted EPS was also 1.43 yuan [4]. - The net asset return rate (ROE) stood at 10.34% [4]. - The company’s total production capacity reached 116.71 million pairs, with a utilization rate of 95.78% [10]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.54 billion, 4.07 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [13]. - The company’s revenue is projected to grow from 26.325 billion yuan in 2025 to 32.688 billion yuan in 2027, with year-on-year growth rates of 9.7% and 10.7% respectively [15][19].