Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Insights - The company has released its 2025 performance forecast, which aligns with expectations, projecting a total revenue of 429.7 to 466.7 billion yuan, representing a year-on-year growth of 16% to 26%. The net profit attributable to shareholders is expected to be between 49.7 to 54.0 billion yuan, also reflecting a growth of 16% to 26% [4][8]. - The revenue growth is driven by the rapid expansion of the new energy vehicle sector and automation solutions, with the company focusing on enhancing its core technology and product upgrades [8]. - The report notes a slight decrease in profit growth compared to revenue growth due to increased R&D expenditures aimed at strategic new business areas such as humanoid robots and digital energy [8]. Financial Data and Earnings Forecast - For 2025, the company anticipates total revenue of 44,463 million yuan, with a year-on-year growth rate of 20%. The net profit is projected at 5,144 million yuan, also showing a growth of 20% [7]. - The earnings per share (EPS) for 2025 is estimated to be 1.90 yuan, with a gross margin of 28.1% and a return on equity (ROE) of 16% [7]. - The company has adjusted its profit forecasts for 2025 to 51.44 billion yuan, down from the previous estimate of 56.15 billion yuan, reflecting a more conservative outlook on growth [8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][9]. Core Insights - The company is poised for growth, with strong pricing power and an improving industry landscape. It has been restructuring its revenue sources, significantly increasing the share of non-residential and overseas income [5][8]. - The waterproofing industry has undergone significant changes over the past five years, with a shift in demand structure and an increase in market concentration. The company is expected to benefit from these trends [8][43]. - The company's financial performance is projected to recover, with expected revenue growth and improved profit margins in the coming years [6][10]. Summary by Sections Company Overview - Established in 1996, the company specializes in comprehensive waterproofing solutions, covering various sectors including construction waterproofing, civil materials, and energy solutions. It has participated in major national projects [18]. - The company has a stable governance structure, with concentrated ownership among key stakeholders [20]. Industry Changes - The demand structure in the waterproofing industry has shifted, with non-residential applications gaining importance and the share of second-hand housing transactions increasing significantly [44][50]. - The industry has seen a significant reduction in competition, with market consolidation occurring faster than in other segments of the real estate chain [54]. Financial Performance and Forecast - Revenue is expected to recover from a projected decline in 2025, with estimates of 6.22 billion yuan in 2025, followed by growth to 6.67 billion yuan in 2026 and 7.16 billion yuan in 2027 [6][10]. - The gross margin is anticipated to improve, with a forecasted increase to 28.1% in 2026 and 29.7% in 2027, reflecting the company's focus on high-margin products [6][10]. Investment Analysis - The company's valuation is currently below that of comparable companies in the consumer building materials sector, suggesting potential for upside as the market recovers [9][10]. - The report highlights the company's strong pricing power and willingness to increase prices, which could enhance profitability as market conditions improve [8][11].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook with a recommendation to actively participate in the stock subscription [28]. Core Insights - The company, HIFIMAN, is a leading player in the high-end audio market, focusing on high-fidelity headphones and audio products. It has established a global sales network and is recognized for its technological advancements and product quality [9][10]. - The company has shown significant revenue growth, with a projected revenue of 227 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 21.49% over the past three years. The gross margin is expected to be 70.10% in 2024, indicating strong profitability [10][15]. - The global headphone market is expanding, driven by technological upgrades and increasing demand for high-quality audio products. The market size is projected to grow from 71.5 billion USD in 2023 to 163.8 billion USD by 2030, with a CAGR of 12.6% [18]. Summary by Sections 1. Company Overview - HIFIMAN was established in April 2011 and is recognized as a "specialized and innovative" small giant enterprise in China. It focuses on high-end audio products, including headphones and playback devices, and has a strong global brand presence [9][10]. 2. Issuance Plan - The company plans to issue 10.53 million shares at a price of 19.71 yuan per share, raising approximately 207 million yuan. The initial issuance will represent 21.5% of the total shares post-issuance, with a low proportion of old shares in circulation [14][15]. 3. Industry Situation - China has established itself as a key manufacturing base for audio-visual electronics, with a strong competitive edge. The audio industry is evolving with advancements in AI and other technologies, creating new opportunities for growth [17][19]. 4. Competitive Advantages - HIFIMAN has a strong focus on technology research and development, with proprietary components that enhance product performance. The brand is well-regarded in the high-end audio market, supported by a robust sales network and a comprehensive supply chain [22][23]. 5. Comparable Companies - HIFIMAN's financial metrics, including a projected gross margin of 70.10% in 2024, position it favorably compared to its peers in the industry, which generally have lower margins [25][29].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has released its 2025 performance forecast, which aligns with expectations, projecting total revenue of 42.97-46.67 billion yuan, representing a year-on-year growth of 16%-26% [5] - The net profit attributable to shareholders is expected to be between 4.97-5.40 billion yuan, also reflecting a year-on-year growth of 16%-26% [5] - The company is experiencing robust growth in its revenue, driven by the electric vehicle and automation sectors, with a projected revenue midpoint of 44.82 billion yuan, indicating a 21% increase year-on-year [9] Financial Data and Profit Forecast - The total revenue for 2025 is estimated at 44.463 billion yuan, with a year-on-year growth rate of 20% [8] - The net profit for 2025 is projected at 5.144 billion yuan, with a year-on-year growth rate of 20% [8] - The earnings per share (EPS) for 2025 is expected to be 1.90 yuan, with a projected price-to-earnings (PE) ratio of 40 [8] - The company anticipates a steady increase in revenue and profit over the next few years, with 2026 and 2027 projected revenues of 50.749 billion yuan and 58.537 billion yuan, respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [8]. Core Insights - The company reported better-than-expected earnings, with a significant order backlog of $15.5 billion for AI servers, showcasing strong growth potential in this segment [2][8]. - The company’s revenue for FY25/26Q3 reached $22.204 billion, reflecting an 18.13% year-over-year increase, while adjusted net profit rose by 35.54% [8]. - The PC segment continues to lead the industry, with revenue of $15.755 billion in FY25/26Q3, a 14.30% increase year-over-year, outperforming global PC shipment growth [8]. - The Infrastructure Solutions Group (ISG) reported revenue of $5.176 billion, a 31.42% increase, with AI servers showing double-digit growth [8]. - The company is expected to effectively manage the impact of rising storage costs due to its robust supply chain and procurement capabilities [8]. Financial Data and Earnings Forecast - Projected revenues for FY25/26, FY26/27, and FY27/28 are $79.485 billion, $91.551 billion, and $105.244 billion respectively, with corresponding net profits of $1.672 billion, $2.029 billion, and $2.433 billion [7][9]. - The company’s net profit margin is expected to improve, with a projected PE ratio of 8.5x for FY25/26, decreasing to 5.9x by FY27/28 [8].

2026 年 02 月 13 日 叶传动/分别 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 25H2 厨电换新高基数压力 26 年补贴聚焦核心品类 -2025 年 12 月厨电品类零售数据点评 本期投资后了 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 ○ 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外,新增热水器、家用灶具、吸油烟机 3 个品类,共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1.3%， 燃热实现零售额 296 亿元，同比增长 8.8%。 25Q ...

叶可以分公司中 | 市场数据: | 2026年02月12日 | | --- | --- | | 收盘价（港币） | 38.32 | | 恒生中国企业指数 | 9175.18 | | 52 周最高/最低（港币） | 46.88/22.40 | | H 股市值（亿港币） | 391.43 | | 流通 H 股（百万股） | 1,021.48 | | 汇率（港币/人民币） | 0.8888 | 报告原因: 有业绩公布需要点评 ar (维持) -年内股价与基准指数对比走势： 资料来源：Bloomberq 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com (00772) 新丽传媒拖累 25 年利润，版权运营延续向上趋势 事件: 公司发布盈利预警：1）预计 25 年调整后归母净利润为 8-9 亿元，低于预期，较 24 年调整 ● 后归母净利润 11.4 亿元（新丽传媒 3.4 亿元，在线业务+阅文自有版权运营业务 8 亿元) 对应同比下滑 21-30%。2) 预计 25 年调整前归母净亏 ...

Investment Rating - The report recommends focusing on the vocational education company China Oriental Education (00667.HK) due to its strong growth prospects and operational adjustments [12]. Core Insights - The vocational training sector is experiencing an upward trend, driven by an increase in the number of high school graduates who are not entering university, leading to a growing demand for vocational skills training [2][7]. - China Oriental Education has forecasted a significant increase in adjusted net profit for 2025, with a growth rate between 46% and 51%, translating to a profit range of 767 million to 793 million RMB [6][12]. - The company is implementing refined management strategies to enhance operational efficiency, which is expected to result in a gross margin increase of 5.2 percentage points to 56.5% in 2025 [8]. Summary by Sections Market Overview - The education index fell by 3.2% in the week of February 6-12, underperforming the Hang Seng Index by 4.1 percentage points, but has shown a year-to-date increase of 12.86% [5]. Company Updates - China Oriental Education's new training participants are expected to grow by 6% in 2025, contributing to a revenue increase of 12% to 4.61 billion RMB [6][12]. - The company is targeting high school graduates who did not enter university, with a significant increase in the number of such graduates from 119,000 in 2021 to 386,000 in 2024 [7]. Operational Efficiency - The company is focusing on optimizing marketing expenditures and improving school capacity utilization, which is projected to lower the marketing expense ratio by 2.5 percentage points to 21.2% in 2025 [8]. - Management efficiency is also expected to improve, with a projected management expense ratio of 11.2%, down by 1.1 percentage points [8]. Capital Expenditure and Dividends - Capital expenditures are anticipated to decrease by 33.6% to approximately 660 million RMB in 2025, with a high dividend payout ratio expected to yield a dividend yield of 5.6% [9][10]. Investment Recommendations - The report suggests a focus on vocational education companies, particularly China Oriental Education, due to its strong performance forecasts and strategic adjustments to meet the growing demand for vocational training [12].

Investment Rating - The report maintains a "Buy" rating on the overseas education sector, specifically highlighting China Oriental Education as a key investment target [1]. Core Insights - The report indicates a positive outlook for vocational education training, with operational efficiency continuously improving. China Oriental Education is expected to achieve a net profit growth of 46% to 51% in 2025, with adjusted net profit projected between 767 million to 793 million RMB [1][7]. - The vocational training market is anticipated to benefit from an increase in high school graduates who do not enter university, leading to a significant rise in demand for vocational skills training [2][8]. - The company is implementing refined management strategies to enhance operational efficiency, expecting a gross margin increase of 5.2 percentage points to 56.5% in 2025 [3][9]. - Capital expenditures are projected to decline, with a forecast of approximately 660 million RMB in 2025, a decrease of 33.6% year-on-year, while maintaining a high dividend payout ratio [4][10]. Summary by Sections Market Overview - The education index fell by 3.2% in the week of February 6-12, underperforming the Hang Seng Index by 4.1 percentage points. Year-to-date, the education index has risen by 12.86%, outperforming the Hang Seng Index by 9.93 percentage points [6]. Company Updates - China Oriental Education has released a positive profit forecast for 2025, with an expected net profit growth of 46% to 51%, translating to an adjusted net profit of 767 million to 793 million RMB. The company anticipates a 6% increase in new training participants, driving revenue growth to between 12% and 46.1 billion RMB [7][8]. Vocational Training Demand - The vocational training sector is set to experience growth due to a mismatch in university enrollment rates and an increase in high school graduates. The number of high school graduates has risen by 2.6 million from 2021 to 2024, while university enrollment has only increased by 320,000 during the same period [2][8]. Operational Efficiency - The company is expected to continue its lean management approach from 2024, coordinating recruitment across schools to improve capacity utilization. The marketing expense ratio is projected to decrease by 2.5 percentage points to 21.2% in 2025, contributing to a net profit margin increase of 4.4 percentage points to 17.2% [3][9]. Capital Expenditure and Dividends - The company has initiated a vocational education center construction plan, with five out of six centers expected to be completed between 2023 and 2025. The capital expenditure for 2025 is estimated at 660 million RMB, with a high dividend payout ratio suggesting a dividend yield of 5.6% [4][10]. Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, due to its strong growth prospects and operational adjustments aimed at capturing the vocational training demand from high school graduates [13].

Investment Rating - The report assigns a "Buy" rating for the company, Wallrun Technology (壁仞科技) [2][7]. Core Insights - Wallrun Technology is a leading domestic AI chip company focusing on GPGPU architecture and intelligent computing solutions, with a strong emphasis on proprietary technology and a diverse team background [6][15]. - The company has achieved significant revenue growth projections, with expected revenues of RMB 9.5 billion, RMB 20.2 billion, and RMB 39.5 billion for the years 2025 to 2027, respectively [7]. - The report highlights the company's innovative product offerings, including the BR106 and BR166 chips, which are designed for large-scale AI training and inference applications [25][28]. Financial Data and Profit Forecast - Revenue projections for Wallrun Technology are as follows: RMB 62 million in 2023, RMB 337 million in 2024, RMB 945 million in 2025, RMB 2,021 million in 2026, and RMB 3,951 million in 2027, with year-on-year growth rates of 12,330.86%, 442.97%, 180.61%, 113.83%, and 95.51% respectively [5]. - Adjusted net profit forecasts indicate losses of RMB 1,051 million in 2023, RMB 767 million in 2024, RMB 827 million in 2025, and a reduced loss of RMB 632 million in 2026, with a projected profit of RMB 74 million in 2027 [5][7]. - The company's gross margin is expected to fluctuate, with rates of 76.4% in 2023, 53.2% in 2024, and 31.9% in the first half of 2025, primarily due to changes in product sales mix [6][35]. Technology and Product Development - Wallrun Technology focuses on GPGPU architecture and has developed a comprehensive hardware and software ecosystem, including the BIRENSUPA software platform, which supports major AI frameworks [20][31]. - The company is pioneering advanced technologies such as Chiplet architecture and optical interconnects, enhancing the performance and scalability of its AI computing systems [50][53]. - The BR20X chip is expected to be commercialized in 2026, featuring improved performance and support for various data formats, further solidifying the company's market position [29][30]. Market Position and Ecosystem - Wallrun Technology has established strong partnerships with major telecommunications operators and is expanding its customer base, with a projected revenue contribution from its top five customers decreasing over time [6][38]. - The report emphasizes the growing domestic AI capital expenditure (Capex) market, which is expected to accommodate multiple AI chip companies, indicating a favorable environment for Wallrun Technology's growth [8][7]. - The company has successfully implemented a domestic supply chain strategy, ensuring production and research continuity despite external challenges [54].