Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 1.05 billion yuan in Q2 2025, representing a year-on-year increase of 3.9%, while the net profit attributable to the parent company was 100 million yuan, down 2.4% year-on-year [2][4]. - The company is expanding its product offerings in aluminum die-casting, extrusion, and forging for automotive parts, while also accelerating its layout in magnesium alloys and the robotics sector [2][8]. - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [2][8]. Summary by Sections Financial Performance - In Q2 2025, the company reported a gross margin of 22.7%, an increase of 2.1 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, driven by product structure optimization and cost reduction efforts [8]. - The company’s operating expenses ratio was 8.5%, down 1.8 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, benefiting from a decrease in financial expenses [8]. Business Development - The company has secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle platforms and has won key project bids from several leading domestic new energy manufacturers [8]. - The company’s Mexican factory commenced operations in June 2025, and a new facility in Thailand broke ground in July 2025, supporting its global expansion strategy [8]. Future Outlook - The company is expected to achieve net profits of 480 million yuan, 620 million yuan, and 770 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28.6X, 22.3X, and 17.9X [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved operating revenue of 7.802 billion yuan, a year-on-year increase of 1.03%, and a net profit attributable to shareholders of 543 million yuan, a year-on-year increase of 22.79% [2][5]. - The company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares to all shareholders [2][5]. - The company continues to innovate technologically, which has led to improved profitability, with a gross margin of 22.08% in the first half of 2025, an increase of 0.32 percentage points year-on-year [11]. Summary by Sections Financial Performance - For Q2 2025, the company reported operating revenue of 3.968 billion yuan, a year-on-year decline of 6.60%, while the net profit attributable to shareholders was 296 million yuan, a year-on-year increase of 9.84% [2][5]. - The gross margin for Q2 was 21.75%, reflecting a year-on-year increase of 0.12 percentage points [11]. Revenue Breakdown - In the first half of 2025, domestic and foreign sales accounted for 22.20% and 77.80% of revenue, respectively, with domestic sales declining by 3.77% and foreign sales increasing by 2.49% [11]. - The product breakdown shows that kitchen appliances, home appliances, and other products accounted for 67.69%, 18.78%, and 11.47% of revenue, respectively [11]. Profitability and Cost Management - The company’s net profit margin reached 6.96% in the first half of 2025, an increase of 1.23 percentage points year-on-year [11]. - The company is focused on establishing a diversified small home appliance technology service system to enhance customer satisfaction and improve product profitability through cost reduction and efficiency enhancement measures [11]. Future Outlook - The company expects net profits attributable to shareholders to be 1.115 billion yuan, 1.227 billion yuan, and 1.350 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.41, 10.37, and 9.43 [11].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 11.478 billion yuan for the first half of 2025, representing a year-on-year growth of 4.68%. However, the net profit attributable to shareholders was 940 million yuan, a slight decline of 0.07% year-on-year [2][5]. - The company is actively promoting product innovation and optimizing channel layouts, maintaining a leading market share in domestic sales. It is expected to benefit from national subsidies for high-priced products, with strong growth in external orders [7]. - The company has maintained a considerable dividend rate in recent years, with projected net profits attributable to shareholders of 2.258 billion, 2.523 billion, and 2.758 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 18.32, 16.39, and 15.00 times [7]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 5.691 billion yuan, a year-on-year increase of 1.87%, while the net profit attributable to shareholders was 443 million yuan, down 5.94% year-on-year [2][5]. - The gross profit margin for the first half of 2025 was 23.61%, with a slight decline compared to the previous year. The company’s net profit margin for the first half was 8.19%, down 0.39 percentage points year-on-year [12]. Sales Breakdown - For the first half of 2025, the company's revenue from domestic sales grew by 3.36%, while external sales increased by 7.55%. The domestic market accounted for 67.62% of total revenue [12]. - The company launched innovative products, such as a handheld garment steamer, which achieved the highest online market share in the first half of 2025 [12]. Future Projections - The company is expected to maintain steady growth in scale while optimizing profitability efficiency. The projected net profits for 2025-2027 indicate a positive outlook for the company's financial performance [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company has disclosed a stock incentive and partnership shareholding plan covering 62 key personnel, with a total of 370,700 restricted shares to be granted, accounting for approximately 0.1431% of the total share capital, at a grant price of 107.03 CNY per share [2][4] - The partnership shareholding plan will cover up to 53 individuals, including some directors and senior management, with a maximum of 366,300 shares, also at a repurchase price of 107.03 CNY per share [2][4] - The incentive plans are set for four years with relatively moderate targets, aiming for revenue growth rates of no less than 10%/14%/18%/22% for the years 2025 to 2028, based on 2024 revenue [10] - The company is expected to maintain high revenue growth due to an aggressive competitive strategy, with projected revenue growth rates of +66.54%/+86.22%/+73.78% for Q4 2024 and Q1/Q2 2025 [10] - The company is positioned as a leading player in the cleaning appliance sector, with strong brand recognition and potential for significant market share growth [10] Summary by Sections Company Overview - The company is engaged in the cleaning appliance industry and has a strong focus on technological innovation and product upgrades [10] Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.047 billion, 2.887 billion, and 3.424 billion CNY, respectively, with corresponding P/E ratios of 26.31, 18.66, and 15.73 [10][15]

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - In H1 2025, the company achieved revenue of 5.66 billion, a year-on-year increase of 41.2%, and adjusted profit of 1.09 billion, up 42.4% year-on-year. The growth is significantly driven by the competitive landscape in the takeaway market, which is expected to further enhance performance in Q3 [2][6]. - The company has a clear growth strategy with substantial room for store expansion, focusing on densely populated regions and leveraging a self-controlled supply chain for efficiency. High R&D investment supports rapid product innovation, which is anticipated to contribute to steady revenue growth [2][10]. - The company’s total GMV reached 14.1 billion, reflecting a 34.4% year-on-year increase, with average daily GMV per store at 7.6 thousand, up 21.2% year-on-year. The number of cups sold per store per day increased by 17% to 439 cups, while the average price per cup rose by 3% to 17.3 [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 1.79 billion, a 41.0% increase year-on-year, and an adjusted core profit of 1.14 billion, up 49.0% year-on-year [6][10]. - The gross margin for H1 2025 was 31.5%, slightly down by 0.1 percentage points year-on-year, while the adjusted profit margin improved by 0.2 percentage points to 19.2% [10][11]. Store Expansion - The company opened 1,570 new stores in H1 2025, a 105.2% increase year-on-year, bringing the total number of stores to 11,179, which is a 17.5% increase year-on-year. The distribution of stores across different city tiers shows a significant focus on lower-tier cities, with 81% of stores located in second-tier and below [10][11]. Product Development - The company launched 52 new products in H1 2025, demonstrating its strong R&D capabilities. The number of registered members on the company’s mini-program reached 178 million, with 50 million active members, indicating high consumer engagement [10][11]. - The company has equipped over 8,000 stores with coffee machines, achieving a coverage rate of approximately 72%, and introduced 16 new coffee products, which are expected to contribute to sales growth [10][11].

Core Insights - The A-share market experienced fluctuations with a notable rebound in the ChiNext Index, driven by gains in computing power and new energy stocks, while the Shanghai Composite Index fell by 1.16% and the Shenzhen Component Index decreased by 0.65% [2][11] - The market turnover reached 2.40 trillion yuan, with 4,558 stocks declining across the board [11][25] Market Performance - The ChiNext Index rose by 0.95%, while the Shanghai 50 Index dropped by 1.07%, and the CSI 300 Index fell by 0.68% [11] - In terms of sector performance, telecommunications (+1.68%) and electric power & new energy equipment (+1.29%) sectors saw gains, while defense and military (-5.84%) and comprehensive finance (-3.57%) sectors led the declines [11] Industry Trends - The rebound in the ChiNext Index was supported by a resurgence in computing hardware stocks, particularly in optical modules and optical communication [11] - The new energy supply chain, including photovoltaic inverters and energy storage, showed strong performance, likely influenced by surging overseas demand for energy storage [11] - Battery concepts, such as solid-state batteries and sodium-ion batteries, also saw upward movement due to industry advancements [11] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, anticipating continued monetary and fiscal support, which historically has helped the market withstand external risks and volatility [11] - Investment strategies should focus on non-bank sectors in a "slow bull" market, with an emphasis on AI computing, innovative pharmaceuticals in Hong Kong, and military sectors [11] - Additionally, sectors benefiting from improved supply-demand dynamics, such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming, are recommended for attention [11]

丨证券研究报告丨 联合研究丨公司点评丨寒武纪-U（688256.SH） [Table_Title] 寒武纪 2025H1 财报点评：净利率大幅提升，规 模效应显现 报告要点 [Table_Summary] 寒武纪公告其 2025 年半年度报告，报告期内，公司实现营业总收入 28.81 亿元，同比增长 4347.82%，实现归母净利润 10.38 亿元，同比增长 295.82%。公司所在 AI 算力行业下游需求 旺盛叠加公司强产品力助力其高速增长，归母净利润超预期。本报告期公司合同负债大幅增长， 预付和存货环比基本持平，一方面反映供不应求，同时在营收大幅增长背景下反映供应持续增 加，为后续业绩增长提供保障。公司已经进入业绩爆发期，规模效应下净利率大幅提升。 分析师及联系人 [Table_Author] 杨洋 宗建树 余庚宗 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490516030002 SFC：BUW100 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 寒武纪-U（688256.SH） cj ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 601 million yuan in the first half of the year, representing a year-on-year growth of 15.60%. However, the net profit attributable to shareholders decreased by 40.93% to 34.99 million yuan, and the net profit after deducting non-recurring items fell by 44.68% to 30.45 million yuan [2][6]. Summary by Sections Business Performance - The company's main business remains architectural design, generating 410 million yuan in revenue, a decline of 6.17% year-on-year. The prefabricated building segment saw a significant drop of 32.84% to 168 million yuan. In contrast, the engineering general contracting business grew by 81.56% to 17.12 million yuan. The digital culture business generated 109 million yuan, accounting for 18.09% of total revenue, becoming a key driver for revenue growth [12]. Profitability - The overall gross margin for the first half was 24.57%, down by 3.17 percentage points year-on-year. The gross margin for the second quarter was 28.6%, a decrease of 7.2 percentage points. The gross margin for the main architectural design business improved to 38.54%, up by 7.85 percentage points year-on-year. However, the digital culture business reported a negative gross margin of -17.43% due to higher costs [12]. Cost Management - The company successfully reduced its expense ratio to 15.8%, down by 2.6 percentage points year-on-year. The second quarter saw further improvement, with the expense ratio dropping to 13.5%. This reduction was attributed to effective control over the scale of marketing and R&D personnel [12]. Cash Flow and Financial Health - The company experienced a net cash outflow of 180 million yuan from operating activities, an increase of 60 million yuan year-on-year. The cash collection ratio was 72.7%, down by 20.4 percentage points. The asset-liability ratio improved by 2.8 percentage points to 45.6% [12]. Growth Opportunities - Urban renewal policies are expected to provide new growth opportunities in the architectural design sector. The company is also leveraging digitalization and AI technologies to develop new business models, including a BIM engineering laboratory and an online management platform, which are anticipated to drive future revenue growth [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - The company achieved an operating revenue of 43.536 billion yuan in the first half of 2025, a year-on-year decrease of 4.91%. The net profit attributable to shareholders was 2.78 billion yuan, down 13.00% year-on-year, while the net profit after deducting non-recurring gains and losses was 2.72 billion yuan, a decrease of 13.72% year-on-year [2][6]. - The company's performance was under pressure due to project transitions, but construction is expected to accelerate in the second half of the year, supported by a significant increase in orders [11]. Summary by Sections Financial Performance - In the first half of 2025, the company experienced a decline in revenue and profit, with a total revenue of 43.536 billion yuan, down 4.91% year-on-year, and a net profit of 2.78 billion yuan, down 13.00% year-on-year. The gross profit margin was 14.50%, a decrease of 1.38 percentage points year-on-year [11]. - The second quarter saw a revenue of 20.55 billion yuan, a year-on-year decrease of 13.21%, primarily due to complex construction conditions in the Sichuan region [11]. Order Growth - The company saw a significant increase in orders in the second quarter, with a total bid amount of 37.559 billion yuan, a year-on-year increase of 25%. The total bid amount for the first half of 2025 reached 72.24 billion yuan, up 22.2% year-on-year [11]. Profitability and Cash Flow - The company's net profit margin for the first half of 2025 was 6.38%, down 0.59 percentage points year-on-year. The operating cash flow showed a net outflow of 4.284 billion yuan, which was a reduction in outflow compared to the previous year [11]. - The company plans to increase its dividend payout ratio from 50% to 60% for 2025, which could enhance its attractiveness to investors [11]. Market Outlook - The company is expected to benefit from the acceleration of infrastructure projects in Sichuan, with four major highways approved for construction, indicating a positive trend for future revenue growth [11].

丨证券研究报告丨 公司研究丨点评报告丨宁波银行（002142.SZ） [Table_Title] 不良生成下降，宣告首次中期分红 ——2025 年中报点评 报告要点 [Table_Summary] 上半年营收同比增速 7.9%，归母净利润同比增速 8.2%。利息净收入延续高增长，主要信贷规 模高增长，非息净收入增速转正推动营收上行，中收&投资相关非息回暖。上半年末贷款较期初 大幅增长 13.4%，其中一般对公较期初大幅增长 21.3%，今年信贷重点投向对公政府类业务， 也有利于资产质量保持稳定。上半年末不良率环比持平于 0.76%，拨备覆盖率环比回升 4pct 至 374%，较期初-15pct。上半年不良净生成率 1.00%，较 Q1 下降 14BP，Q2 单季不良净生成率 降至 0.77%。宣告 2025 年将实施首次中期分红，分红比例 13.4%。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宁波 ...