Group 1 - The company has been deeply engaged in the cleanroom integration service sector for 17 years, established in 2008, and is recognized as a national high-tech enterprise with a full industry chain capability covering design, construction, procurement, and after-sales service [1] - The company has a strong growth in the medical cleanroom market, with a backlog of orders increasing from 1.727 billion yuan in 2022 to 3.706 billion yuan in the first half of 2025, ensuring sustained growth in its medical business [1] - The company has successfully entered the electronic cleanroom sector by leveraging its experience in the medical field, establishing an electronic division in 2024, and winning multiple projects from high-level clients [2] Group 2 - The company is expected to achieve revenues of 2.542 billion yuan, 3.547 billion yuan, and 4.598 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 49%, 40%, and 30% respectively [2] - The projected net profit attributable to the parent company for the same period is expected to be 153 million yuan, 225 million yuan, and 332 million yuan, with year-on-year growth rates of 129%, 47%, and 47% respectively [2] - The company's reasonable market value is estimated at 5.1 billion yuan, indicating a potential upside of approximately 43% relative to its market value as of September 15, 2025, leading to a "buy" rating [2]

Investment Rating - The report initiates coverage with a "Buy" rating for Huakang Clean Technology Co., Ltd. [1][7] Core Views - The company has a strong order backlog and a robust capability to win medical contracts, ensuring long-term stable growth in its medical business. The successful entry into the electronic cleanroom sector provides high growth potential. Revenue projections for 2025-2027 are CNY 25.42 billion, CNY 35.47 billion, and CNY 45.98 billion, with year-on-year growth rates of 49%, 40%, and 30% respectively. Net profit forecasts are CNY 1.53 billion, CNY 2.25 billion, and CNY 3.32 billion, with growth rates of 129%, 47%, and 47% respectively. The company's reasonable market capitalization is estimated at CNY 5.1 billion, indicating a potential upside of approximately 43% from its market value as of September 15, 2025 [6][7]. Summary by Sections 1. Deepening Cleanroom Field, Continuous High Growth - Huakang Clean has been deeply engaged in the cleanroom integration service sector for 17 years, providing comprehensive services including design, construction, procurement, and after-sales support. The company has served over 800 high-quality clients across various sectors, including healthcare and electronics [6][20][21]. - The company has achieved continuous revenue growth since 2017, with a CAGR of 24%. In the first half of 2025, revenue reached CNY 835 million, a year-on-year increase of 51% [23][26]. 2. Long-term Stable Medical Demand, High Prosperity in Electronics - The cleanroom market is expected to exceed CNY 500 billion by 2032, with a projected CAGR of over 7% from 2023 to 2032. The medical cleanroom market is driven by the increasing number of hospitals and the rising demand for ICU and surgical facilities [42][66]. - The electronic cleanroom market is also anticipated to grow significantly, supported by the high capital expenditure in the semiconductor industry, which is projected to remain robust [71][80]. 3. Increased Market Share in Medical Sector, Strong Entry into Electronics - The company has successfully expanded its market share in the medical cleanroom sector despite a challenging macro environment. The order backlog for medical and laboratory cleanrooms has grown from CNY 1.727 billion in 2022 to CNY 3.706 billion in the first half of 2025 [6][9]. - The establishment of the electronic cleanroom division in 2024 has allowed the company to tap into a larger market, leveraging its technical expertise and local resources [6][9]. 4. Profit Forecast and Valuation - The company is expected to maintain high growth, with revenue projections of CNY 25.42 billion, CNY 35.47 billion, and CNY 45.98 billion for 2025-2027. The net profit is forecasted to be CNY 1.53 billion, CNY 2.25 billion, and CNY 3.32 billion for the same period [5][7].

Core Viewpoint - Huakang Clean's stock experienced a decline of 1.07% on September 15, with a trading volume of 129 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing and Trading Data - On September 15, Huakang Clean had a financing buy-in amount of 8.33 million yuan and a financing repayment of 10.36 million yuan, resulting in a net financing outflow of 2.03 million yuan [1]. - As of September 15, the total financing and securities lending balance for Huakang Clean was 59.11 million yuan, which represents 1.66% of its market capitalization and is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - There were no shares sold or repaid in the securities lending market on September 15, with a securities lending balance of 0, which is above the 70th percentile of the past year, suggesting a lack of short-selling activity [1]. Company Overview - Huakang Clean, established on November 12, 2008, and listed on January 28, 2022, is located in Wuhan, Hubei Province. The company specializes in the research, design, implementation, and operation of medical purification systems, along with the sale of related medical equipment and consumables [1]. - The revenue composition of Huakang Clean includes 85.24% from purification system integration, 8.53% from medical consumables sales, 3.74% from medical equipment sales, 1.88% from operation and maintenance services, and 0.61% from other sources [1]. Financial Performance - For the first half of 2025, Huakang Clean reported a revenue of 835 million yuan, reflecting a year-on-year growth of 50.73%. The net profit attributable to the parent company was 18.68 million yuan, showing a significant increase of 273.48% compared to the previous year [2]. - Since its A-share listing, Huakang Clean has distributed a total of 40.02 million yuan in dividends, with 29.46 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, Huakang Clean had 10,300 shareholders, a decrease of 8.37% from the previous period, while the average number of circulating shares per shareholder increased by 9.14% to 7,056 shares [2]. - Notable institutional holdings include Anxin Medical Health Stock A as the fifth largest circulating shareholder with 652,800 shares, and Nuoan Multi-Strategy Mixed A as the tenth largest with 429,900 shares, both being new shareholders [3].

Group 1 - The core point of the article highlights that Huakang Clean reported a decrease in the number of shareholders, with a total of 10,307 shareholders as of September 10, down by 942 from the previous period, representing a decline of 8.37% [2] - The closing price of Huakang Clean was 33.14 yuan, reflecting a decrease of 1.07%, and the stock price has cumulatively dropped by 12.28% since the concentration of shares began, with 5 days of increase and 6 days of decrease in the trading period [2] - The company's semi-annual report indicated that it achieved an operating income of 835 million yuan in the first half of the year, marking a year-on-year growth of 50.73%, and a net profit of 18.683 million yuan, which is a year-on-year increase of 273.48%, with basic earnings per share at 0.1900 yuan and a weighted average return on equity of 1.04% [2]

Core Viewpoint - Huakang Clean has shown significant stock performance and financial growth, indicating strong market interest and operational success in the medical purification sector [1][2]. Financial Performance - As of August 29, Huakang Clean achieved a revenue of 835 million yuan for the first half of 2025, representing a year-on-year growth of 50.73% [2]. - The net profit attributable to shareholders for the same period was 18.68 million yuan, marking a substantial increase of 273.48% year-on-year [2]. Stock Performance - The stock price of Huakang Clean increased by 69.49% year-to-date, with a recent rise of 3.26% over the last five trading days [1]. - The stock reached a price of 34.17 yuan per share, with a market capitalization of 3.682 billion yuan [1]. Shareholder Information - As of August 29, the number of shareholders increased to 11,200, reflecting a 3.20% rise from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.10% to 6,465 shares [2]. Dividend Distribution - Huakang Clean has distributed a total of 40.02 million yuan in dividends since its A-share listing, with 29.46 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Anxin Medical Health Stock A and Nuoan Multi-Strategy Mixed A, both of which are new entrants among the top ten circulating shareholders [3].

Core Points - Huakang Clean announced on September 12 that it received a "Notice of Winning Bid" from Yunnan Zhaoyu Engineering Management Consulting Co., confirming the company as the winning supplier for the "Medical Service Construction Project" [2] Summary by Category Company Announcement - The company disclosed the winning bid on the Chi Chao Information Disclosure website on September 5, 2025 [2] - The announcement indicates the company's successful participation in a significant project within the medical services sector [2] Industry Implications - Winning the bid positions the company favorably within the healthcare construction industry, potentially leading to further opportunities [2] - The project aligns with ongoing trends in healthcare infrastructure development, which may enhance the company's market presence [2]

Core Viewpoint - Huakang Clean (301235.SZ) has been awarded a bid for a "Medical Service Construction Project" with a total estimated amount of 1,309.66 million yuan, which represents 7.67% of the company's audited revenue for 2024 [1] Group 1 - The company received a "Notice of Winning Bid" from Yunnan Zhaoyu Engineering Management Consulting Co., confirming its status as the winning supplier for the project [1] - The project is expected to positively impact the company's net profit in future years if the formal contract is signed and implemented smoothly [1] - The execution of this project will not affect the company's business independence [1]

Group 1 - The company Huakang Clean (301235.SZ) has received a "Notice of Winning Bid" from Yunnan Zhaoyu Engineering Management Consulting Co., Ltd, confirming it as the winning supplier for the "Medical Service Construction Project" [1] - The winning bid amount for the project is 131 million yuan [1]

Group 1 - The core point of the article is that Huakang Clean (301235.SZ) has been awarded a contract for a "medical service construction project" with a bid amount of 131 million yuan [1] Group 2 - The company received the "Notice of Winning Bid" from Yunnan Zhaoyu Engineering Management Consulting Co., Ltd., confirming its status as the winning supplier for the project [1]

Core Viewpoint - The company has been awarded a contract for a medical service construction project, which is expected to positively impact its future net profit and revenue [1] Group 1: Project Details - The project is estimated to have a total investment of 142 million yuan and the winning bid is 131 million yuan [1] - The project includes the purification engineering of special departments such as the surgical center and ICU, radiation protection engineering, medical gas engineering, and smart hospital construction [1] - The construction site is located in the Jinlin community of the Xiaoxiang Street, Qilin District, with a construction period of 150 calendar days [1] Group 2: Financial Impact - The project is expected to account for 7.67% of the company's audited operating income for the year 2024 [1] - Successful implementation of the project is anticipated to have a positive effect on the company's net profit in future years [1]