Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [9] Core Insights - The chemical industry experienced a slight revenue increase of 1.9% year-on-year in H1 2025, with total revenue reaching 12,630.5 billion yuan, while net profit decreased by 1.0% to 746.7 billion yuan. The gross margin remained stable at 16.8% [2][5][17] - The outlook for the chemical sector is optimistic, with expectations of demand recovery driven by anticipated interest rate cuts by the Federal Reserve and domestic policies aimed at reducing competition. This could lead to a positive supply-demand dynamic [2][18] - Key sub-sectors such as fluorochemicals, pesticides, additives, potassium fertilizers, and compound fertilizers showed significant year-on-year profit growth in H1 2025 [5][6] Summary by Sections Overall Performance - In H1 2025, the chemical industry saw a slight revenue increase to 12,630.5 billion yuan, with a year-on-year growth of 1.9%. Net profit was 746.7 billion yuan, down 1.0% from the previous year. The gross margin was stable at 16.8% [5][17] - The industry is experiencing a low-level oscillation in its economic performance, with capital expenditures declining and many chemical products nearing the end of their expansion cycles [5][17] Key Sub-sectors Analysis - **Fluorochemicals**: Achieved a net profit of 34.5 billion yuan in H1 2025, a 133.8% increase year-on-year, driven by a new pricing model for refrigerants [6][35] - **Phosphorus Chemicals**: Generated a net profit of 42.9 billion yuan, down 2.2% year-on-year, but with stable pricing for phosphate rock [6][46] - **Potassium Fertilizers**: Reported a net profit of 56.6 billion yuan, up 39.7% year-on-year, with strong demand and rising prices [6][52] - **Pesticides**: Achieved a net profit of 51.9 billion yuan, a 90.3% increase year-on-year, indicating signs of recovery in the market [6][35] - **Soda Ash**: Experienced a significant decline in net profit, down 72.5% year-on-year, but potential recovery is anticipated due to policy changes [6][38] Investment Recommendations - The report suggests actively investing in the chemical sector, particularly in cyclical and growth-oriented companies such as Wanhua Chemical, Hualu Hengsheng, and Longbai Group, as well as in sectors benefiting from new production capabilities and stable growth [7][38]

%% %% %% %% 激浊扬清，周观军工 第135期： 阅兵彰显体系能力，军工投资主线明晰 长江证券研究所国防军工研究小组 2025-09-07 research.95579.com 1 分析师 王贺嘉 分析师 王清 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SFC执业证书编号：BUX462 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 九三阅兵展示我军体系作战能力、 新域新质战力以及战略威慑实力 02 中航光电军民两翼齐飞横纵拓展， 精准扩产把握板块景气释放节奏 03 中航沈飞核心型号J-35对标美国 F-35多用途属性国内外需求旺盛 目 录 04 菲利华航空航天及半导体景气复 苏，电子布以及掩膜版乘势而上 05 十四五务期必成甄选产品力提升、 渗透率提升客单价提升核心标的 %% research.95579.com 3 01 九三阅兵展示我军体系作战能力、 新域新质战力以及战略威慑实力 %% %% %% %% research.95579.com 4 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for the first half of the year was 53.472 billion yuan, a year-on-year decrease of 2.11%. The net profit attributable to shareholders was 798 million yuan, down 16.48% year-on-year. The net profit after deducting non-recurring gains and losses was 775 million yuan, a decrease of 24.96% year-on-year [5][12] - In the second quarter, the company achieved revenue of 23.922 billion yuan, a year-on-year decrease of 6.52%. The net profit attributable to shareholders was 246 million yuan, down 38.13% year-on-year, while the net profit after deducting non-recurring gains and losses was 249 million yuan, a decrease of 49.55% year-on-year [5][12] - The company signed new contracts worth 32.974 billion yuan in the second quarter, a year-on-year decline of 6.28%. The nuclear construction segment saw new contracts of 30.890 billion yuan, an increase of 34.67% year-on-year, while the civil engineering segment had new contracts of 53.585 billion yuan, a slight decrease of 0.21% year-on-year [12] - The company has maintained a high approval rate for nuclear power projects, with 10 units approved for construction, indicating a stable growth outlook for the nuclear construction business [12] Summary by Sections Financial Performance - The company's total revenue for the first half of the year was 53.472 billion yuan, with a net profit of 798 million yuan, reflecting a decline in both metrics compared to the previous year [5][12] - The gross profit margin for the first half was 9.81%, a slight decrease of 0.02 percentage points year-on-year, while the second quarter gross profit margin was 10.89%, down 0.41 percentage points year-on-year [12] - Operating cash flow showed a net outflow of 13.485 billion yuan in the first half, an increase in outflow compared to the previous year, with a collection ratio of 75.94%, up 9.41 percentage points year-on-year [12] Market Outlook - The approval of 10 nuclear power units for construction indicates a positive trend for the nuclear construction sector, with an estimated investment exceeding 200 billion yuan, which is expected to benefit the company significantly [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 292.757 billion yuan in the first half of the year, representing a year-on-year growth of 2.66%. However, the net profit attributable to shareholders decreased by 13.81% to 5.426 billion yuan, and the net profit after deducting non-recurring gains and losses fell by 22.66% to 4.821 billion yuan [2][6]. Summary by Sections Revenue and Profitability - In the first half of the year, the company signed new contracts totaling 686.699 billion yuan, a year-on-year increase of 5.83%, achieving 49.13% of the annual target of 1,397.8 billion yuan. Domestic contracts accounted for 79.37% of the total, while international contracts made up 20.63% [13]. - The overall gross margin for the first half was 11.23%, down 1.03 percentage points year-on-year. The net profit margin attributable to shareholders was 1.85%, a decrease of 0.35 percentage points [13]. Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 51.196 billion yuan in the first half, an increase of 4.569 billion yuan year-on-year. The cash collection ratio improved to 97.63%, up 6.53 percentage points [13]. - The asset-liability ratio increased by 1.17 percentage points to 79.86%, and the accounts receivable turnover days rose by 9.31 days to 85.11 days [13]. Business Segments and Future Outlook - The company signed energy and power business contracts worth 431.388 billion yuan, accounting for 62.82% of the total new contracts, with a year-on-year growth of 12.27%. Notably, wind power contracts surged by 68.78% [13]. - The company is positioned as a leader in hydropower infrastructure in China, with potential benefits from major projects such as the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion West Route Project [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 212.09 billion yuan in the first half of the year, representing a year-on-year growth of 9.18%. The net profit attributable to shareholders was 2.802 billion yuan, with a year-on-year increase of 0.72%. The net profit after deducting non-recurring gains and losses was 2.521 billion yuan, up by 8.32% year-on-year [2][6] Financial Performance - In Q2, the company recorded a revenue of 111.72 billion yuan, which is a 15.35% increase year-on-year. The core businesses in energy, electricity, and water conservancy showed steady growth, with a year-on-year revenue increase of 18.58% [13] - The overall gross margin for the first half of the year was 11.29%, a decrease of 0.91 percentage points year-on-year. The net profit margin was 1.32%, down by 0.11 percentage points year-on-year [13] - The company signed new contracts worth 775.36 billion yuan in the first half of the year, a year-on-year increase of 4.98%. The overseas new contracts increased by 13.74% year-on-year [13] Business Segments - The company’s installed capacity for controlled grid-connected projects reached 20.2871 million kilowatts, with significant contributions from wind and solar power. The traditional energy segment saw a growth of 44.90%, while the new energy segment grew by 5.47% [13] - The company is expected to benefit from major hydropower infrastructure projects, including the Yarlung Tsangpo River downstream hydropower project with a total investment of 1.2 trillion yuan and the South-to-North Water Diversion West Line project with an estimated investment of 257.6 billion yuan [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 85.56 billion yuan for the first half of 2025, representing a year-on-year growth of 6.65%. The net profit attributable to shareholders was 1.883 billion yuan, up 89.26% year-on-year, while the net profit excluding non-recurring items reached 1.559 billion yuan, marking a 178.96% increase. Operating cash flow was 27.274 billion yuan, reflecting a growth of 115.9% [2][6] - The report highlights a significant potential for dividend increases due to a clear upward trend in dividend yield, as capital expenditures decrease and the profit statement recovers. The stock price has already reflected the temporary drag from the photovoltaic business, indicating substantial room for long-term valuation increases [2][12] Business Segment Summary - In the semiconductor display segment, TCL Huaxing achieved a revenue of 50.43 billion yuan, a year-on-year increase of 14.4%, with a net profit of 4.32 billion yuan, up 74.0%. This segment contributed 2.63 billion yuan to the net profit attributable to TCL Technology, a 51% increase year-on-year. The display business showed strong performance in the second quarter, driven by high growth in niche markets such as NB, automotive, and mobile [12] - The semiconductor silicon wafer business reported a revenue of 2.74 billion yuan, a year-on-year increase of 38.2%. In the renewable photovoltaic segment, TCL Zhonghuan's revenue was 9.87 billion yuan, down 28.0% year-on-year, with crystalline wafer revenue at 5.77 billion yuan, a 7.1% decrease quarter-on-quarter [12] - Other businesses, primarily TV OEM, generated a revenue of 10.39 billion yuan, a year-on-year increase of 16%, maintaining the global leading position in TV OEM volume [12] Financial Projections - The company is projected to have earnings per share (EPS) of 0.29, 0.45, and 0.52 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 15.23, 9.72, and 8.35 [12][18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.68 billion yuan for the first half of 2025, representing a year-on-year increase of 41.97%. However, the net profit attributable to shareholders decreased by 31.47% to 38 million yuan, and the net profit after deducting non-recurring items fell by 45.48% to 35 million yuan. The non-recurring items mainly consisted of government subsidies [2][6]. - The polarized film industry is currently experiencing rapid domestic substitution, with a clearer trend of separation among the three major suppliers. The company still has significant potential for market share growth, particularly with new products in OLED polarized films and VR headset optical composite films [2][12]. Summary by Sections Financial Performance - In the second quarter, the company achieved a revenue of 874 million yuan, a year-on-year increase of 36.51% and a quarter-on-quarter increase of 8.6%. The net profit attributable to shareholders was 8 million yuan, showing a quarter-on-quarter decline due to increased depreciation from the Hefei Phase II project. The gross margin for the second quarter was 15.52%, up 1.10 percentage points year-on-year but down 2.20 percentage points quarter-on-quarter. The net margin was 0.95%, down 2.90 percentage points year-on-year and 2.71 percentage points quarter-on-quarter [12][12]. - The Hefei Phase II project, which transitioned to fixed assets with an investment of 745 million yuan, is still in the ramp-up phase regarding yield and capacity utilization, resulting in a loss of 15.23 million yuan in the first half of the year [12]. Product Development and Market Position - The company is expected to rely on dual drivers from 65-inch LCD polarized films and OLED circular polarized films. The UV glue polarized films and hydrophobic material polarized films for large-size TVs have been fully mass-produced, addressing previous shortcomings in the large-size TV segment. The company is also developing new OLED polarized films with features such as thinner profiles, eye protection, and blue light filtering [12]. - The company’s market share continues to increase significantly, and the potential for new products in OLED polarized films and VR optical composite films is promising [2][12]. Earnings Forecast - The projected earnings per share (EPS) for the company from 2025 to 2027 are 0.53 yuan, 1.30 yuan, and 1.80 yuan, with corresponding price-to-earnings (PE) ratios of 47.66, 19.57, and 14.11 respectively [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 6.88 billion yuan in Q2 2025, representing a year-on-year increase of 0.75%, while the net profit attributable to shareholders was 0.64 billion yuan, down 21.86% year-on-year [2][6]. - The company continues to strengthen its advantages in traditional sectors, with a steady increase in market share, while accelerating its layout in precision fields to seize opportunities in embodied intelligence and AI [2][11]. - Despite short-term weak demand and price competition affecting operations, the long-term outlook remains positive due to the company's established platform in general, specialized, and precision fields, solidifying its growth in the reducer sector [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 12.90 billion yuan, a year-on-year increase of 1.71%, and a net profit of 1.07 billion yuan, down 26.97% year-on-year [6]. - The company's revenue for Q2 2025 was 6.88 billion yuan, with a net profit of 0.64 billion yuan, reflecting a decline in profitability [6]. Market Position - The company has maintained its leading position in the domestic general reducer market, with a 5% year-on-year growth in its industrial transmission reducer business in H1 2025 [11]. - Key products such as modular reducers and high-power reducers saw sales growth of approximately 15% and 13% respectively, while traditional industrial cycloidal pinwheel reducers experienced an 8% decline in sales [11]. Strategic Initiatives - The company is actively expanding its precision field layout, focusing on harmonic reducers and precision reducers, and has initiated collaborations with major manufacturers in robotics [11]. - In July 2025, the company co-founded a technology company to deepen cooperation in the field of robotic joint modules [11]. - The company has increased its R&D investment, completing approximately 3,650 customized product designs in H1 2025 [11]. Future Outlook - The company is expected to achieve net profits of 2.80 billion yuan, 3.26 billion yuan, and 3.82 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 40x, 34x, and 29x [11].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The demand for capital goods in Europe and the US is expected to recover, driven by increased infrastructure investment and manufacturing demand, which will benefit leading manufacturers of construction machinery, high-altitude machinery, and forklifts in China [2][6][9] - In Europe, significant infrastructure investment plans have been approved, including approximately €800 billion for the "Rearmament of Europe" and a €500 billion investment plan by Germany, which are expected to boost the demand for construction-related capital goods [6] - In the US, factors such as corporate tax cuts, interest rate reduction expectations, and the return of high-end manufacturing are anticipated to improve cash flow for foreign enterprises and restore capital goods demand [7][8] Summary by Sections European Market - European infrastructure investment is set to improve, with major plans approved, leading to a recovery in construction capital goods demand [6] - The manufacturing sector in Europe shows signs of improvement, with the Eurozone manufacturing PMI reaching a 38-month high of 50.7 in August 2025, indicating a strong production growth [6] US Market - The US construction spending is nearing a turning point, with new orders for construction machinery showing a year-on-year increase of 3% in the first half of 2025 [8] - Major companies like Caterpillar and JLG have reported significant recovery in sales and orders, indicating a positive trend in the US capital goods market [8] Chinese Market - China's leading manufacturers in construction machinery, high-altitude machinery, and forklifts are expected to benefit from the recovering demand in Europe and the US, with exports to Western Europe increasing by 23.5% year-on-year in July 2025 [9] - The competitive edge of Chinese brands is improving due to product differentiation and advancements in technology, positioning them well for future growth [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In the first half of 2025, the company achieved a revenue of 651 million yuan, a year-on-year decrease of 27.54%. The net profit attributable to the parent company was 79 million yuan, down 9.88% year-on-year. In Q2 2025, the revenue was 461 million yuan, a year-on-year decline of 2.27%, but a quarter-on-quarter increase of 141.36%. The net profit for Q2 was 50 million yuan, showing a year-on-year growth of 4.96% and a quarter-on-quarter increase of 74.02% [2][4]. Financial Performance - The company's micro-inverter and energy communication products generated a revenue of 360 million yuan in H1 2025, down 42% year-on-year, primarily due to subdued demand in Europe. The commercial storage revenue was 190 million yuan, up 6% year-on-year, mainly contributed by Q2. The revenue from circuit breakers was 60 million yuan, down 24% year-on-year, affected by demand in the U.S. The household storage revenue was 20 million yuan, up 34% year-on-year [11]. - The overall gross margin decreased to 20.6% in Q2, a decline of 23 percentage points quarter-on-quarter, due to the increased proportion of low-margin commercial storage business [11]. - The company's expense ratio in Q2 was only 5.5%, a decrease of 17 percentage points quarter-on-quarter, marking the first drop below 10% since Q4 2022, attributed to revenue growth and increased foreign exchange gains [11]. - As of the end of Q2, the company had cash and cash equivalents of 1.38 billion yuan and trading financial assets of 530 million yuan, indicating a strong cash position for business expansion [11]. Business Outlook - The company has established a product layout centered around micro-inverters, including micro-storage, household storage, and commercial storage. Recent demand for micro-inverters has been stable, with good gross margins, and there is significant potential for market penetration growth in the long term [11]. - The commercial storage business is steadily developing after last year's surge, with active expansion into overseas markets, including sales in Germany and Slovakia, which is expected to enhance profitability and contribute to performance growth [11].