Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

证券研究报告·海外公司点评·半导体(HS) 证券分析师 黄细里 地平线机器人-W（09660.HK） 2025 年中报点评：智驾平权最大受益方，芯 片出货高增驱动业绩超预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,552 | 2,384 | 3,659 | 5,365 | 8,047 | | 同比(%) | 71.32 | 53.62 | 53.52 | 46.60 | 50.00 | | 归母净利润（百万元） | (6,739.02) | 2,346.58 | (2,449.75) | (1,406.83) | 403.52 | | 同比(%) | 22.71 | 134.82 | (204.40) | 42.57 | 128.68 | | EPS-最新摊薄（元/股） | (0.49) | 0.17 | (0.18) | (0.10) | 0.03 | | P/S（现价&最新摊薄） | 85.89 ...

智通财经9月2日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1670.60亿港元，较前一日继续缩量约330亿；约为今日恒指成交总额的50.91%，占 比短线连续走低但保持5成以上。 今日恒指出现回调，南向资金则继续加仓，全天净买入约92.81亿港元。其中，沪港股通净流入约56.36亿港元，深港股通净流入约36.45亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)34.43亿港元；腾讯控股(0700.HK)4.93亿港元；地平线机器人-W(09660.HK)2.90亿港元。 大幅净流出：中芯国际(00981.HK)10.37亿港元；华虹半导体(01347.HK)10.15亿港元；小米集团-W(01810.HK)4.10亿港元。 中芯国际今日跌4.63%，短线资金持续流出，前5日减持2894万股。 华虹半导体今日跌5.53%，短线资金仍以流入为主，前5日加仓1383万股。 小米集团-W今日涨3.43%，短线资金连续流出，前5日减持4925万股。 注：由于港交所T+2结算，实际为向前递延两个交易日的前5日数据。 | 港股通速递(南向) | | | | | -- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year growth of 67.6%. The adjusted net loss was 1.33 billion yuan, compared to a loss of 804 million yuan in the same period last year [7] - Revenue from products and solutions increased by 3.5 times year-on-year to 778 million yuan, while software and licensing services revenue grew by 6.9% to 738 million yuan. The delivery volume of products reached nearly 2 million sets, a year-on-year increase of approximately 100% [7] - The company has achieved a record number of model approvals, with nearly 400 models approved, including over 100 high-end products with advanced driving assistance features. The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [7] - The company is expected to achieve revenues of 3.542 billion yuan, 5.495 billion yuan, and 7.402 billion yuan for 2025, 2026, and 2027 respectively, with projected net profits of -1.946 billion yuan, -744 million yuan, and 782 million yuan [7] Financial Summary - The company’s revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 1,552 million yuan, 2,384 million yuan, 3,542 million yuan, 5,495 million yuan, and 7,402 million yuan respectively, with growth rates of 71.32%, 53.62%, 48.62%, 55.14%, and 34.68% [6] - The projected earnings per share (EPS) for the years 2023A, 2024A, 2025E, 2026E, and 2027E are -2.50 yuan, 0.51 yuan, -0.14 yuan, -0.05 yuan, and 0.06 yuan respectively [6] - The company’s return on equity (ROE) is expected to be 27.32%, 19.70%, -19.52%, -8.06%, and 7.81% for the years 2023A, 2024A, 2025E, 2026E, and 2027E respectively [6]

智通财经APP获悉，2025年9月2日当天，阿里巴巴-W(09988)、小米集团-W(01810)、中芯国际(00981)位 居沪港通（南向）成交额前3位，成交额分别为86.47 亿元、60.46 亿元、59.59 亿元；中芯国际 (00981)、阿里巴巴-W(09988)、小米集团-W(01810) 位居深港通（南向）成交额前3位，成交额分别为 48.12 亿元、45.52 亿元、34.29 亿元。 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 48.12 亿元 | -14.55 亿元 | | 阿里巴巴-W(09988) | 45.52 亿元 | +13.55 亿元 | | 小米集团-W(01810) | 34.29 亿元 | +1.81 亿元 | | 华虹半导体(01347) | 17.35 亿元 | -8.60 亿元 | | 腾讯控股(00700) | 14.87 亿元 | +4.37 亿元 | | 美团-W(03690) | 12.68 亿元 | +5270.24 万元 | | 盈富基金(02800 ...

点击蓝字，关注我们 | | 星期一 | 星期二 | 星期三 | 星期四 | 星期五 | | --- | --- | --- | --- | --- | --- | | | 09/01 | 09/02 | 09/03 | 09/04 | 09/05 | | 港股业绩发布 | | 00943 | | 00016 | 03988 | | (北京时间) | | 中证国际 | | 新鸿基地产 | 中国银行 | | | | NIO | CRM | AVGO | ABM | | | | 蔚来 | 赛富时 | 博通 | 얻을工亦 | | | | [盘前] | [審ළ] HFP | [盘后] CRPT | [盘前] | | | | | 慧与科技 [盎닫] | 卡帕特 [盘层] LULU | | | | | | DLTR | Lululemon | | | 美股业绩发布 | | | 美元树公司 | | | | | | | 「盘前」 | Athletica | | | (美东时间) | | | | [盘后] | | | | | | M | | | | | | | 梅西自货 | | | | | | | Al | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 12.3, reflecting a potential upside of 28.1% from the current price of HKD 9.60 [1][3][7]. Core Insights - The company reported a strong revenue growth of 68% year-on-year, reaching RMB 1.57 billion in the first half of 2025, primarily driven by a significant increase in automotive product solutions, which grew by 250% [1][7]. - Despite a decline in gross margin by 13.7 percentage points due to changes in product mix, the overall gross margin remains high at 65.4% [1][7]. - The company continues to invest heavily in R&D, leading to a slight increase in net loss to RMB 5.2 billion in the first half of the year [1][7]. - The management emphasizes the competitive advantage in the accelerating adoption of assisted driving technologies in China [1][7]. Financial Overview - Revenue projections show a steady increase from RMB 1.55 billion in FY23A to RMB 8.73 billion in FY27E, with year-on-year growth rates of 71.3% in FY23A and 53.6% in FY24A [2][11]. - Gross margin is expected to stabilize above 50% in the long term, with specific forecasts of 63.8% for FY25E and 58.1% for FY26E [2][11]. - The net profit is projected to remain negative in the coming years, with estimates of RMB -6.93 billion in FY25E and RMB -1.96 billion in FY26E [2][11]. Market Position - The company holds a market share of 45.8% in basic assisted driving solutions and 32.4% in overall assisted driving solutions, reinforcing its leadership in the Chinese automotive technology market [1][7]. - The product solutions segment is anticipated to be the core growth engine, with revenue expected to reach RMB 2.1 billion this year, driven by a shift towards higher-value products [7]. Shareholder Structure - Major shareholders include SAIC QIJUN I HLDG LTD with 9.3% and GIL TRUST LIMITED with 8.1% [4]. Stock Performance - The stock has shown strong performance with a 31.3% absolute return over the past month and a 26.8% return over the past three months [5].

高盛指出，地平线机器人-W上半年收入同比增长68%，好过预期，主要因Journey6出货量攀升。该行对 地平线超级驾驶(HSD)系统于下半年起量产持积极看法。另外，地平线机器人上半年NOA功能产品出货 量达98万件，占总出货量50%，推动平均售价提升。该行预期产品组合将持续向更高端的软硬件整合解 决方案升级 消息面上，近日，地平线机器人-W发布2025年上半年业绩公告。公告显示，公司上半年收入15.67亿 元，同比增长67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿。2025年上半年地平线总 体业绩延续去年狂飙增长势头，核心财务指标迈上新高度。 地平线机器人-W(09660)涨近5%，截至发稿，涨4.98%，报9.91港元，成交额7.23亿港元。 美银证券表示，在参加了地平线机器人-W(09660)财报后投资者会议后，因公司近期在国内外市场的车 型设计导入进展顺利，该行对其未来增长前景更加乐观。该行认为，公司今年有望从至少4-5家汽车制 造商获得高端HSD解决方案的设计订单，预计将推动其J6P芯片出货量从2025年预计的4万件，增至2026 年的43万。 ...

美银证券表示，在参加了地平线机器人-W(09660)财报后投资者会议后，因公司近期在国内外市场的车 型设计导入进展顺利，该行对其未来增长前景更加乐观。该行认为，公司今年有望从至少4-5家汽车制 造商获得高端HSD解决方案的设计订单，预计将推动其J6P芯片出货量从2025年预计的4万件，增至2026 年的43万。 消息面上，近日，地平线机器人-W发布2025年上半年业绩公告。公告显示，公司上半年收入15.67亿 元，同比增长67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿。2025年上半年地平线总 体业绩延续去年狂飙增长势头，核心财务指标迈上新高度。 高盛指出，地平线机器人-W上半年收入同比增长68%，好过预期，主要因Journey 6出货量攀升。该行 对地平线超级驾驶(HSD)系统于下半年起量产持积极看法。另外，地平线机器人上半年NOA功能产品出 货量达98万件，占总出货量50%，推动平均售价提升。该行预期产品组合将持续向更高端的软硬件整合 解决方案升级 智通财经APP获悉，地平线机器人-W(09660)涨近5%，截至发稿，涨4.98%，报9.91港元，成交额7.23亿 港元。 ...

风险提示：消费复苏不及预期、竞争加剧、监管变动、新业务拓展不及预期。 2025H1 收入超预期，短期看好HSD 量产，中长期看好出海&L42025H1 公司实现收入15.67 亿元， YoY+67.6%，高于彭博一致预期（14.35 亿元），产品及解决方案实现收入7.78 亿元，YoY+250%，交 付量近200 万套，YoY+106%，平均售价YoY+70%，其中中高阶产品收入占产品及解决方案收入比重超 80%，出货量98 万套，YoY+513%，得益于征程6 系列量产，产品及解决方案实现量价齐升；软件及授 权服务实现收入7.38 亿元，YoY+6.9%，实现稳健增长。（1）HSD 量产：HSD 已获得多家OEM 超过10 款车型的定点，相关车型有望于2025H2实现量产，公司将随着HSD 量产进入到乘用车城区NOA 智驾方 案市场，相较于J6E、J6M，HSD 单价更高，有望进一步推动公司量价齐升，为公司注入短期增长动 力；（2）出海：公司国际化再突破，2025H1 获得9 家合资车企30 款国内车型定点，已有2 家外资车企 海外车型定点，全生命周期预计交付超750 万辆，同时，公司已与博世、电装、大陆展 ...