Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported significant order growth, with its semiconductor business achieving profitability [6][12]. - In the first half of 2025, the company achieved revenue of 1.381 billion yuan, a year-on-year increase of 23.20%. However, the net profit attributable to the parent company was 28 million yuan, a decrease of 44.48% year-on-year [2][6]. - The company has a total order backlog of approximately 3.609 billion yuan, with 1.823 billion yuan in the semiconductor sector, indicating strong demand [12]. Financial Performance Summary - In H1 2025, revenue from flat panel display, semiconductor, and new energy segments were 671 million yuan, 563 million yuan, and 120 million yuan, with year-on-year growth rates of -13.54%, +146.44%, and +27.32% respectively [12]. - The gross profit margin for H1 2025 was 44.05%, an increase of 1.0 percentage points year-on-year [2][6]. - The company’s R&D investment reached 320 million yuan in H1 2025, accounting for 23.17% of revenue, with a year-on-year increase of 6.31% [12]. Future Outlook - The company expects net profits attributable to the parent company to be 196 million yuan, 318 million yuan, and 590 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 104x, 64x, and 35x [12]. - The semiconductor sector is anticipated to become the core driver of the company's performance, with advanced process products increasingly contributing to overall revenue and orders [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 702 million yuan for H1 2025, representing a year-on-year increase of 51.39%. The net profit attributable to the parent company was -18 million yuan, an increase of 73.01% year-on-year. The gross margin was 54.31%, up by 8.1 percentage points [2][4]. - In Q2 2025, the company achieved a revenue of 408 million yuan, a year-on-year increase of 78.73%, with a net profit of -3 million yuan, reflecting a 96.68% year-on-year increase. The gross margin for this quarter was 51.59%, an increase of 13.7 percentage points [2][4]. - The company's revenue from testing equipment and measurement equipment reached 426 million yuan and 256 million yuan respectively in H1 2025, with year-on-year increases of 38.9% and 70.5%. The gross margins for these segments were 62.2% and 41.3%, increasing by 11.6 percentage points and 4.7 percentage points respectively [9]. - R&D investment for H1 2025 was 285 million yuan, a year-on-year increase of 37.79%, with a total of 577 R&D personnel, of which 56% held master's degrees or higher [9]. - The company has a robust order backlog and is seeing growth in advanced process products, particularly in the HBM and emerging advanced packaging sectors [9]. Summary by Sections Financial Performance - H1 2025 revenue: 702 million yuan, up 51.39% YoY - H1 2025 net profit: -18 million yuan, up 73.01% YoY - H1 2025 gross margin: 54.31%, up 8.1 percentage points [2][4]. Product and Market Development - Major products include various wafer defect detection and measurement devices, with significant new deliveries in the first half of 2025 [9]. - The company is benefiting from domestic substitution and increased demand for advanced process measurement equipment due to U.S. export controls [9]. Future Outlook - Expected net profits for 2025-2027 are projected at 155 million yuan, 390 million yuan, and 662 million yuan respectively, with corresponding PE ratios of 187x, 74x, and 44x [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2.017 billion yuan for the first half of 2025, an increase of 8.88% year-on-year, while the net profit attributable to shareholders decreased by 10.20% to 94 million yuan [5][10]. - The company's OPEX business revenue share increased to 37.3% in H1 2025 from 31.0% in 2024, indicating significant growth in this segment [10]. - The company is actively pursuing external acquisitions to enhance its core component business, including a recent acquisition of 62.23% of Liaoning Hanjing Semiconductor Materials Co., which specializes in high-precision quartz and advanced ceramic materials [10]. Financial Performance Summary - In H1 2025, the company achieved a gross margin of 23.71%, down 3.2 percentage points year-on-year, while the gross margin for Q2 2025 was 22.35%, a decrease of 4.3 percentage points [5][10]. - The company expects to achieve revenues of 6.99 billion yuan, 8.78 billion yuan, and 10.85 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 700 million yuan, 930 million yuan, and 1.15 billion yuan for the same years [10].

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0916 港股日评：指数分化，机器人概念领涨 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% 报告要点 [Table_Summary] 2025 年 9 月 16 日，港股市场大市成交额达到 2940.7 亿港元，南向资金净卖出 31.89 亿港元。 港股三大指数今日走势分化，恒指高开低走、全日震荡。近期汽车产业链政策密集落地，涵盖 账款支付规范、绿色转型、储能建设及行业稳增长等多方面，系统性提振市场对板块成长潜力 的预期，带动 Wind 香港电气设备及 Wind 香港汽车与零配件走强。此外，马斯克透露将评估 A5 芯片并召开人工智能、机器人及产能会议，提振机器人产业链预期，催化机械相关个股及指 数上行。 [Table_Title2] 0916 港股日评：指数分化，机器人概念领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 0.03%报 26438.51，恒生科技上涨 0.56%报 6077.66，恒 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 209 million yuan in Q2 2025, a year-on-year decrease of 30% and a quarter-on-quarter increase of 9%. The non-recurring net profit was 145 million yuan, down 51% year-on-year and down 20% quarter-on-quarter [2][4]. - Despite the continuous decline in lithium prices in the first half of 2025, the company demonstrated significant cost advantages and resilient profitability. The sales volume of lithium salts reached approximately 12,050 tons, with an average price of battery-grade lithium carbonate at 70,400 yuan per ton, a year-on-year decrease of 32%. The gross margin for the lithium battery new energy business was 29.76%, a decrease of 2.94 percentage points year-on-year [10]. - The company has ample cash reserves, with cash on hand amounting to 5.224 billion yuan and almost no long-term debt. The dividend payout ratio reached 40%, with a total dividend of 159 million yuan in the first half of 2025 [10]. - The company possesses high-quality upstream lithium ore resources, ensuring stable raw material costs for lithium salt production. The mining rights of its subsidiary cover an area of 1.8714 square kilometers, with confirmed ceramic soil mineral resources of 49.22521 million tons [10]. - As a cost-effective lithium extraction enterprise, the company is expected to enhance profitability through the expansion of production capacity and the implementation of a 10,000-ton battery-grade lithium carbonate technical transformation project [10]. Financial Summary - In the first half of 2025, the company achieved total operating revenue of 28.31 billion yuan, a year-on-year decrease of 6.28%, with a gross margin of 11.52%, down 0.79 percentage points year-on-year [10]. - The financial forecasts indicate total operating revenue of 80.11 billion yuan for 2025, with a projected net profit of 903 million yuan [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's profitability is pressured by declining lithium prices, with a focus on the potential growth of small metals and copper resources [4][9]. - In Q2 2025, the company reported a net profit attributable to shareholders of -0.46 billion yuan, a year-on-year decrease of 121% and a quarter-on-quarter decrease of 134% [2][4]. - The company is diversifying its metal resources, with steady development in lithium and rubidium-cesium segments, while accelerating the expansion into gallium, germanium, and copper [9]. Financial Performance - In H1 2025, the company achieved lithium salt sales of 17,900 tons, a year-on-year increase of 6.37%, and began direct sales of self-produced lithium concentrate, with sales of 34,800 tons [9]. - The rubidium-cesium segment generated revenue of 708 million yuan in H1 2025, a year-on-year increase of 50.43%, with a gross profit of approximately 511 million yuan, also up by 50.15% [9]. - The copper smelting business faced a net profit loss of approximately 200 million yuan due to a significant decline in industry processing fees [9]. Future Outlook - The company is advancing its lithium sulfate project in Africa and enhancing resource utilization efficiency at the Tanco mine in Canada [9]. - A lithium salt technical transformation project commenced in June 2025, expected to increase smelting capacity by 5,000 tons while reducing costs [9]. - The copper segment is progressing with the Kitumba copper mine project, with initial design work completed and construction underway [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's main operations are stable, benefiting from the contribution of newly consolidated subsidiaries, with a year-on-year revenue growth of 23.40% and a net profit growth of 47.93% in the first half of 2025 [2][6]. - The company is focusing on the humanoid robot sector and has made strategic investments in several companies, including Kepler, Tashan Technology, and Wuxi Beimi Sensor, to enhance its capabilities in the robotics field [2][6]. - The company has achieved significant progress in its "sensor forest" strategy, consolidating its leading position in high-end sensor technology and industrial applications [12]. - The company has sent samples to over 50 domestic humanoid and collaborative robot enterprises, receiving market recognition and entering small batch order phases with some clients [12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 685 million, a year-on-year increase of 23.40%, and a net profit of 173 million, up 47.93% [6]. - The gross profit margin for the first half of 2025 was 44.04%, an increase of 0.61 percentage points year-on-year, while the net profit margin reached 28.48%, up 4.93 percentage points year-on-year [12]. - The company expects to achieve a net profit of 360 million and 420 million in 2025 and 2026, respectively, corresponding to PE ratios of 58x and 50x [12].

1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Core View of the Report - During the week from September 8 to September 13, 2025, construction convertible bonds remained in a relatively stable stage with median valuation and high market prices. The fundamentals of the underlying stocks are expected to gradually recover with policy support. The sector has the advantages of large scale and relatively low valuation, so construction convertible bonds may present allocation opportunities [2][6]. - The A - share market oscillated upward, with the CSI 500 and Sci - tech Innovation styles relatively dominant. The technology growth and manufacturing mainlines remained active, with concentrated trading in electronics and power equipment. Valuations in some highly - crowded sectors were high, and volatility risks needed to be guarded against [2][6]. - The convertible bond market recovered as a whole, with small - cap rebounds stronger than large - cap ones. The valuation structure was differentiated, with the valuation of high - parity bonds rising and the implied volatility slightly increasing, showing signs of style rotation. The primary market supply was stable, and clause games were frequent. Event - driven opportunities needed continuous attention [2][6]. 3. Summary by Relevant Catalogs 3.1. Macro and Construction Sector Analysis - The construction sector may stabilize. Infrastructure construction investment has maintained low - level year - on - year growth, and real estate investment has maintained negative year - on - year growth. The early issuance of local government bonds may boost the demand of the construction sector [10][17]. - This year, the equity side of the construction sector has been boosted by the "Yajiang" concept. The convertible bond side has shown internal differentiation, with building materials slightly outperforming the CSI Convertible Bond Index and building decoration under some pressure. The overall valuation is slightly equity - biased but still at a median level, and the market price is in a historically high area, with individual bond prices concentrated between 110 - 130 yuan [10][17][18]. - Financially, the construction sector is still at the bottom of the cycle. The accounts receivable days of building materials and building decoration have been on the rise since 2021 and are currently at a high level since 2015. The ratio of net operating cash flow to operating income is at a low level since 2015, indicating pressure on corporate cash collection [20]. - In terms of market price, the construction sector is currently at a historically high level. In terms of valuation, it is still in the median range, slightly leaning towards equity characteristics [24][25]. - The individual bonds in the construction sector have a large overall scale, and the market price distribution is concentrated. The ROE of the underlying stocks corresponding to the convertible bonds in Q2 2025 is generally less than 10%, and the PB historical quantiles are evenly distributed [27]. 3.2. Market Theme Weekly Review 3.2.1. Equity Theme Weekly Review - During the week, the trading themes in the equity market remained active, with the manufacturing mainline leading the gains. Solid - state battery - related indexes such as the power battery index, lithium - ion electrolyte index, and energy storage index led the rise, and the photovoltaic sector in power equipment also strengthened. The energy metals such as lithium ore and cobalt ore performed strongly. The pharmaceutical chain improved marginally, while the military sector was relatively weak. High - valuation and high - crowding sectors should be guarded against for valuation convergence risks [34]. 3.2.2. Market Weekly Tracking - **Main Indexes**: The main A - share indexes oscillated upward, with the Shenzhen Component Index performing strongly. The Sci - tech Innovation 50 and CSI 500 had stronger gains than the CSI 300 and CSI 2000. The outflow of main funds converged, and there were signs of inflow in the latter part of the week [36]. - **Sector Performance**: Technology - related sectors such as electronics, communication, non - ferrous metals, and power equipment rebounded. Funds were mainly concentrated in electronics, power equipment, and machinery, indicating a focus on technology growth and manufacturing sectors. Some sectors had high crowding and high valuations, and risks needed to be guarded against [40]. 3.2.3. Convertible Bond Market - The convertible bond market oscillated and recovered, with small - cap varieties rebounding more prominently and large - cap ones under some pressure. The overall trading activity declined. Valuations were differentiated, with the valuation of high - parity individual bonds rising and that of low - parity ones under pressure. The median market price oscillated upward, and the implied volatility increased slightly, indicating market divergence [10][47]. - Technology and cyclical sectors performed strongly. The non - ferrous metals sector led the gains, and the computer, electronics, and communication sectors also performed well. Trading was mainly concentrated in power equipment, electronics, and basic chemicals [55]. - Individual bonds generally strengthened, with cyclical and manufacturing sectors performing well. Among them, 427 convertible bonds had a week - on - week increase of 0 or more, accounting for 92.2% of the total number of convertible bonds in the market. Some of the top - performing and bottom - performing individual bonds had short - duration characteristics [61]. 3.3. Issuance and Clause Tracking - **New Bond Listings**: Three convertible bonds were listed during the week, namely Jinwei Convertible Bond, Shenglan Convertible Bond 02, and Kaizhong Convertible Bond [63]. - **Pre - issuance Updates**: A total of 15 listed companies updated their convertible bond issuance plans, including 3 at the approved - for - registration stage, 4 at the passed - by - the - listing - committee stage, 5 at the passed - by - the - shareholders' - meeting stage, and 3 at the board - proposal stage. The total scale of projects at and after the exchange - acceptance stage was 52.36 billion yuan [64][65]. - **Clause - related Announcements**: - **Expected Trigger of Downward Revision**: Five convertible bonds announced an expected trigger of downward revision, with a market - value - weighted average PB of the underlying stocks of 2.5 [71][74]. - **No Downward Revision**: Five convertible bonds announced no downward revision, with a market - value - weighted average PB of the underlying stocks of 5.9 [73][74]. - **Expected Trigger of Redemption**: Seven convertible bonds announced an expected trigger of redemption [76][79]. - **No Early Redemption**: Two convertible bonds announced no early redemption [77][79]. - **Early Redemption**: Four convertible bonds announced early redemption [78][79].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [8]. Core Insights - The report highlights that the decline in real estate development and sales indicators has intensified, with core cities facing significant pressure on second-hand housing prices. A new round of policy easing is gradually being initiated from the bottom up, with cities like Beijing, Shanghai, and Shenzhen relaxing purchase restrictions since August. There is still room for conventional policies, and extraordinary measures have considerable flexibility [2][11]. - The report suggests prioritizing high-quality real estate companies with relatively low inventory pressure and strong product capabilities. It also indicates that there is potential for investment in commercial real estate, property management, and brokerage sectors, particularly for leading companies with stable cash flow and potential high dividends [2][11]. Summary by Sections Sales and Price Trends - In the first eight months of 2025, national commodity housing sales value and area decreased by 7.3% and 4.7% year-on-year, respectively. In August alone, sales value and area fell by 14.0% and 10.6% year-on-year, with sales value performing slightly better than the average from 2020 to 2024. The price index for new and second-hand homes in 70 cities dropped by 0.3% and 0.6% month-on-month in August, respectively [11][12]. - As of August, second-hand housing price indices in all cities except Chengdu have fallen below levels from September of the previous year, indicating increased pressure to stabilize prices [11]. Construction and Investment Trends - New construction area in the first eight months of 2025 decreased by 19.5% year-on-year, with a 20.6% decline in August. The report anticipates that the rate of decline in new construction may narrow but expects limited elasticity due to unclear sales expectations and high inventory clearance cycles [11]. - The report notes that funding for real estate companies has continued to show weak performance, with total funding down 8.0% year-on-year in the first eight months of 2025. Real estate development investment also fell by 12.9% year-on-year during the same period [11][12]. Future Outlook - The report projects that the most challenging period for the real estate industry may be nearing its end, with expectations of continued double-digit declines in construction and investment throughout 2025. The performance of sales will largely depend on the effectiveness of future policy measures [11][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance in 2025 met expectations, with revenue and profit showing both year-on-year and quarter-on-quarter growth. The company capitalized on structural opportunities in emerging industries to offset declines in the photovoltaic sector while maintaining its position as the No. 2 player in the domestic servo system market. Overall profitability remains robust [2][11]. - The company has made significant progress in its humanoid robot core components, including joint modules, frameless torque motors, hollow cup motors, and dexterous hands. Most clients have achieved progress, and several large commercial orders have been secured, leading to substantial revenue growth. The company plans to initiate trial production and small-scale manufacturing of 15 new dexterous hand products in Q3 2025 [2][11]. Financial Performance - In H1 2025, the company achieved revenue of 891 million, a year-on-year increase of 8.28%. The net profit attributable to the parent company was 119 million, up 2.22% year-on-year. For Q2 2025, revenue reached 501 million, a year-on-year increase of 13.40%, with net profit of 63 million, up 2.19% year-on-year [6][11]. - The company's gross margin slightly improved to 38.78%, with a year-on-year increase of 0.67 percentage points. The sales net profit margin was 13.94%, down 0.42 percentage points year-on-year [11]. Business Segments - The company continues to deepen its customer needs in traditional advantageous industries while capturing structural opportunities in emerging sectors. The revenue growth rates for various segments in H1 2025 were 19.3% for servo systems, -4.1% for stepper systems, and 11.3% for programmable logic controllers [11]. - The control technology segment has seen significant growth, with PLC product revenue increasing by 44.09% year-on-year [11]. Future Outlook - The company is optimistic about the development of its humanoid robot business and plans to continue its innovation-driven strategy, focusing on high-end servo product research and solutions in cutting-edge fields. The projected net profits for 2025 and 2026 are 257 million and 317 million, respectively, with corresponding PE ratios of 60x and 48x [11].