Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company reported a revenue of 1.36 billion USD for H1 2025, representing a year-on-year increase of 132.2%, and a net profit of 67.4 million USD, up 320.21% year-on-year, exceeding market expectations [1][5]. - The growth in revenue is primarily driven by the ramp-up of rear camera business, with the company capturing over 30% market share in new iPhone models [5]. - Future growth is anticipated from new optical innovations in Apple products, including the iPhone 17, which is expected to further enhance the company's market share and revenue [5]. - The company is also actively expanding into AR/VR and robotics, which opens up long-term growth opportunities [5]. Financial Data and Valuation - The projected total revenue for the company is expected to grow from 3.815 billion USD in 2025 to 7.038 billion USD by 2027, with corresponding net profits increasing from 200 million USD to 365 million USD [1][5]. - The company's PE ratio is projected to decrease from 17.6 in 2025 to 9.6 in 2027, indicating a potential undervaluation compared to peers in the Hong Kong and A-share markets [5][16]. - The company’s return on equity (ROE) is expected to rise from 23.0% in 2024 to 30.6% by 2027, reflecting improved profitability [16]. Performance Metrics - The company achieved a gross margin of 11.47% in H1 2025, with a net margin of 4.93%, showing stable profitability despite seasonal fluctuations [5]. - The asset-liability ratio is projected to increase from 63.7% in 2024 to 67.5% in 2025, indicating a rising leverage position [16]. - The company’s cash flow from operating activities is expected to improve significantly, reaching 179 million USD in 2025 [13].

证券研究报告 | 公司点评报告 2025 年 08 月 22 日 巴比食品（605338.SH） Q2 利润略超预期，核心业务增长提速 消费品/食品饮料 公司发布 25 年半年报，25Q2 实现收入/归母净利润/扣非归母净利润 4.7 亿元 /0.9 亿元/0.6 亿元，同比分别+13.5%/+31.4%/+24.3%。25Q2 公司利润表现略 超预期，特许加盟业务侧单店收入增速企稳回升，基本盘业务稳步扩容；大客 户与零售业务表现亮眼、实现多点突破。展望 25H2，公司单店增长修复有望延 续，大客户与零售业务有望通过直播带货、强化客户定制与优质单品等方式继 续培育增长极，与盒马、美团小象超市、天猫等多高势能客户销售有望继续快 速增长，成为驱动公司增长的重要引擎。预计公司 25-27 年 EPS 分别为 1.2 元、 1.3 元与 1.4 元，对应 25 年 18 倍 PE，维持"增持"投资评级。 大客户与零售业务方面：1）大客户业务：25H1 公司聚焦产品体系优化与渠 道布局，去年新开拓的定制馅料销售渠道表现亮眼，25H1 收入约 0.3 亿元 （yoy+约 90%），此外，公司完成一系列重点客户新品开发，持 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a Q2 revenue increase of 9.7% year-on-year, but a significant profit decline of 88.2% due to high raw material costs and increased expenses from structural adjustments [1][7]. - The company expects revenue and profit to improve in the second half of the year as costs normalize, projecting net profits of 510 million, 730 million, and 800 million for 2025-2027, with EPS of 1.01, 1.43, and 1.58 respectively [1][7]. Financial Performance - For H1 2025, the company achieved revenues of 2.75 billion and a net profit of 90 million, reflecting a year-on-year decline of 5.0% and 73.7% respectively [7]. - The revenue breakdown shows that sunflower seeds and nuts faced pressure, while e-commerce and overseas sales continued to grow [7]. - The gross margin for sunflower seeds and nuts was 20.9% and 14.8%, down 7.7 percentage points and 14.0 percentage points year-on-year [7]. Cost and Expense Analysis - The Q2 gross margin was 21.4%, a decrease of 3.6 percentage points year-on-year, primarily due to high raw material costs [7]. - The company’s selling, administrative, and R&D expenses increased, with selling expenses rising due to investments in new product development and channel expansion [7]. Market Position and Future Outlook - The company aims to maintain its revenue growth target for the year, with expectations of cost reductions as high-priced raw materials are used up by Q3 [7]. - The report indicates that the company is actively expanding new channels, including group purchasing and restaurant partnerships [7].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7][3] Core Views - The company continues to lead in breeding costs, with significant cash flow improvements and a declining debt-to-asset ratio. The dividend payout ratio has notably increased, reflecting the company's value [1][7] - In the context of supply-side reforms and production capacity adjustments, the company is expected to benefit from its low-cost advantage, particularly in the face of industry challenges [7][1] - The company achieved a revenue of 76.5 billion yuan in the first half of 2025, representing a year-on-year increase of 34%, and a net profit of 10.5 billion yuan, up 1170% year-on-year [7][19] Financial Data and Valuation - The company’s total revenue is projected to be 110.861 billion yuan in 2023, with a growth rate of -11%, followed by a 24% increase in 2024 [19][20] - The estimated net profit for 2025 is 21.074 billion yuan, with a corresponding PE ratio of 13.0 [19][20] - The company’s cash flow from operating activities is expected to reach 38.235 billion yuan in 2025, indicating strong operational efficiency [18][20] Performance Metrics - The company’s breeding costs have significantly improved, with the estimated cost of live pigs dropping from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [7][19] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which represents 48% of its net profit [7][19] - The company’s return on equity (ROE) is projected to be 26.0% in 2025, reflecting strong profitability [20][19]

Investment Rating - The report maintains a "Strong Buy" investment rating for China Communication Services [3]. Core Views - The company reported a revenue of RMB 76,939 million for the first half of 2025, representing a year-on-year growth of 3.4%, while net profit increased by 0.2% to RMB 2,129 million [1]. - The company is experiencing strong momentum in emerging businesses, particularly in digital infrastructure, green low-carbon initiatives, and smart city projects, with new contracts in strategic emerging industries accounting for over 40% of total new contracts [6]. - The report highlights the company's focus on leveraging opportunities in the digital economy and artificial intelligence, with new contracts in digital infrastructure exceeding RMB 12 billion, reflecting a year-on-year growth of over 20% [6]. Financial Data and Valuation - Total revenue projections for the upcoming years are as follows: RMB 149,139 million in 2023, RMB 150,536 million in 2024, and RMB 154,438 million in 2025, with expected growth rates of 6%, 1%, and 3% respectively [2]. - The company's net profit is projected to be RMB 3,584 million in 2023, increasing to RMB 3,731 million in 2025, with corresponding growth rates of 7%, 1%, and 3% [2]. - The report provides a PE ratio forecast of 8.6 for 2023, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [2][13]. Stock Performance - The current stock price is HKD 4.86, with a total market capitalization of HKD 33.7 billion [3]. - The stock has shown an absolute performance of 6% over the past month, 3% over six months, and 22% over the past year [5]. Business Segments - The report details three main business segments: - Telecommunications Infrastructure Services (TIS) generated RMB 38,272 million in revenue, a 1.6% increase, accounting for 49.7% of total revenue [6]. - Business Process Outsourcing (BPO) revenue was RMB 22,383 million, up 1.0%, representing 29.1% of total revenue [6]. - Application, Content, and Other Services (ACO) saw a significant growth of 11.7% to RMB 16,284 million, making up 21.2% of total revenue [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][6]. Core Insights - The company reported Q2 2025 revenue of 6.43 billion yuan, a year-on-year increase of 4.5%, aligning with the guidance of 0%-5% [1][6]. - Adjusted EBITDA and net profit for Q2 2025 were 2.27 billion yuan and 1.35 billion yuan, respectively, reflecting year-on-year growth of 11.3% and 7.6% [1][6]. - The company anticipates Q3 2025 revenue growth of 2%-6%, with domestic hotel revenue expected to grow by 4%-8% [1][6]. Financial Performance - The company achieved a gross margin of 41.6%, an increase of 2.3 percentage points year-on-year [6]. - The operating profit margin for Q2 2025 was 27.8%, up by 2.2 percentage points year-on-year [6]. - The company’s total revenue for 2023 is projected at 21.882 billion yuan, with a year-on-year growth of 58% [2][8]. Operational Metrics - The number of domestic hotels reached 12,016, representing an 18.4% increase year-on-year [6]. - The company has a robust pipeline with 2,947 hotels awaiting opening, sufficient to support its annual opening plan [6]. - The overall hotel occupancy rate, average daily rate, and RevPAR showed a slight decline, with year-on-year changes of -1.6 percentage points, -1.9%, and -3.8%, respectively [6]. Shareholder Information - The total share capital is 3,069 million shares, with a market capitalization of 80.7 billion HKD [3][6]. - The major shareholder, Qi Qi, holds a 31.21% stake in the company [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Insights - The company's key financial indicators, including revenue, profit, cash flow, and contract liabilities, have shown continuous improvement, driven by the recovery in government client demand and rapid growth in cloud and overseas revenues [1][7]. - The company is well-positioned to benefit from the current AI industry development due to its comprehensive capabilities in "cloud + security + storage" [1][7]. Financial Data and Valuation - The projected total revenue for 2023 is 7,662 million yuan, with a year-on-year growth of 3%. For 2024, it is expected to decrease by 2% to 7,520 million yuan, followed by a significant increase of 14% in 2025 to 8,558 million yuan [3][12]. - The projected net profit attributable to the parent company for 2023 is 198 million yuan, with a growth of 2%. It is expected to remain stable in 2024 and then increase by 71% in 2025 to 336 million yuan [3][12]. - The company's earnings per share (EPS) is projected to be 0.47 yuan in 2023, remaining the same in 2024, and increasing to 0.80 yuan in 2025 [3][13]. - The price-to-earnings (PE) ratio is projected to decrease from 221.9 in 2023 to 130.5 in 2025, indicating a potential improvement in valuation [3][13]. Performance Metrics - The company achieved a revenue of 3,009 million yuan in the first half of 2025, representing a year-on-year increase of 11.16%. The net profit attributable to the parent company was -228 million yuan, showing a significant improvement of 61.54% year-on-year [7]. - The cash flow from operating activities for the first half of 2025 was -235 million yuan, with a year-on-year increase of 75.93% [7]. - The gross margin for the first half of 2025 was 62.09%, an increase of 0.75 percentage points year-on-year, with the cloud computing business gross margin increasing by 3.46 percentage points [7]. Growth Drivers - The recovery in demand from government clients and the growth in cloud and overseas markets are identified as key growth drivers for the company [7]. - The revenue from enterprise clients increased by 6.61% year-on-year, while revenue from government and other sectors grew by 16.98% and 11.23%, respectively [7]. - The company's international market revenue reached 254 million yuan, reflecting a year-on-year growth of 35.33% [7].

证券研究报告 | 公司点评报告 2025 年 08 月 21 日 BOSS 直聘（BZ.O） 费用优化提速利润释放，业绩表现超市场预期 消费品/商业 8 月 20 日，BOSS 直聘发布 25Q2 业绩，公司 2025Q2 实现营收 21.0 亿元 /+9.7%，经调整归母净利润 9.5 亿元/+30.8%，整体收入与指引基本一致，符合 市场预期，业绩表现超市场预期；25Q2 公司用户维持强劲增长， MAU（平均 月活跃用户）为 6360 万人/+16.5%，过去 12 个月付费企业客户总数为 650 万 /+10.2%。考虑到 25Q2 以来国内招聘行业需求稳步复苏，蓝领/制造业招聘 5 月以来边际回暖，小微企业加速恢复，叠加公司持续推进成本管控和降本增效， 看好 Q3 公司收入及业绩继续保持同比增长，我们小幅上调全年利润预期，维 持"强烈推荐"评级。 % 1m 6m 12m 绝对表现 16.9 43.4 58.5 相对表现 13.3 33.4 15.7 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Aug-24 Dec-24 Apr-25 % BOSS直聘 MSCI中国(美元) 相关 ...

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and expected outperformance of the industry index against the benchmark index [6]. Core Insights - The report highlights that ADI's FY25Q3 revenue reached $2.88 billion, exceeding guidance with a year-on-year growth of 25% and a quarter-on-quarter growth of 9% [20][21]. - The industrial sector shows strong recovery across all sub-sectors, with significant contributions from aerospace, defense, and automation [15][20]. - The automotive market is expected to see a quarter-on-quarter decline in FY25Q4 due to the fading effects of order front-loading and potential tariff pressures, despite long-term growth prospects driven by increased vehicle value [4][28]. - The communication sector is experiencing robust growth, driven by AI demand, with a year-on-year increase of 40% and a quarter-on-quarter increase of 18% [2][20]. - The consumer electronics segment continues to show strong performance, maintaining double-digit year-on-year growth for four consecutive quarters [2][20]. Summary by Sections Financial Performance - FY25Q3 revenue was $2.88 billion, with a gross margin of 69.2% and an operating profit margin of 42.2% [20][21]. - The company expects FY25Q4 revenue guidance of $2.9 to $3.1 billion, with a midpoint year-on-year growth of 23% and a quarter-on-quarter growth of 4% [3][22]. Sector Performance - Industrial sector revenue accounted for 45% of total revenue, with a year-on-year growth of 23% and a quarter-on-quarter growth of 12% [2][20]. - Automotive sector revenue accounted for 30% of total revenue, with a year-on-year growth of 22% but a slight quarter-on-quarter decline of 1% [2][20]. - Communication sector revenue accounted for 13% of total revenue, showing a year-on-year growth of 40% and a quarter-on-quarter growth of 18% [2][20]. - Consumer electronics also accounted for 13% of total revenue, with a year-on-year growth of 21% and a quarter-on-quarter growth of 16% [2][20]. Market Outlook - The industrial sector is expected to continue its growth momentum into FY25Q4, with guidance indicating a quarter-on-quarter growth of 13% to 15% [4][22]. - The automotive market is projected to decline in FY25Q4, influenced by the expiration of EV subsidies and tariff pressures, although long-term growth remains positive [4][28]. - AI and robotics sectors are anticipated to maintain double-digit growth, driven by advancements in signal processing and edge computing technologies [4][16][17].

Investment Rating - Strongly recommended (maintained) [2] Core Views - The company reported revenue and profit growth, with a significant improvement in profitability and cash flow quality. Revenue for H1 2025 reached 21.447 billion yuan, a year-on-year increase of 16.95%, while net profit attributable to shareholders was 4.805 billion yuan, up 37.33% year-on-year [5][6] - Q2 2025 performance exceeded expectations, with revenue of 11.537 billion yuan, a year-on-year increase of 21.39%, and net profit of 2.775 billion yuan, up 31.45% year-on-year [5][6] - The company has increased capital expenditures significantly, with cash payments for fixed assets and other long-term assets amounting to 2.861 billion yuan in H1 2025 [5][6] - The proportion of high value-added glass products continues to rise, with a 4.81 percentage point increase compared to the same period last year [5][6] - Inventory turnover efficiency has improved, with inventory turnover days reduced from 84 days to 82 days year-on-year [5][6] Summary by Sections Financial Performance - H1 2025 revenue was 21.447 billion yuan, up 16.95% year-on-year; net profit was 4.805 billion yuan, up 37.33% year-on-year; operating cash flow reached 5.354 billion yuan, a significant increase of 61.02% year-on-year [5][6] - Q2 2025 revenue was 11.537 billion yuan, a year-on-year increase of 21.39%, and net profit was 2.775 billion yuan, up 31.45% year-on-year [5][6] Capital Expenditure - Capital expenditures in H1 2025 totaled 2.861 billion yuan, with significant investments in various projects including the US automotive glass project and multiple projects in Anhui [5][6] Product Development - The share of high value-added glass products has increased, contributing to improved profitability and revenue growth [5][6] Operational Efficiency - Inventory turnover days improved, indicating better inventory management and operational efficiency [5][6]