Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.87 CNY based on a 2.65x PS multiple for 2026 [3][6]. Core Insights - The company is experiencing improved profitability primarily due to effective cost control, with a significant reduction in expense ratios [9]. - AI security is identified as the strategic core of the company, with the upcoming launch of the "Heng Nao 3.0" platform, which is expected to enhance product competitiveness [9]. - New business segments, particularly data security and MSS services, are showing rapid growth, with data security contracts increasing by nearly 25% year-on-year [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.126 billion, 2.306 billion, and 2.538 billion CNY, respectively, reflecting a growth rate of 4.1%, 8.5%, and 10.1% [3][5]. - The company is expected to achieve a net profit of 111 million CNY by 2027, with a significant turnaround from a net loss of 360 million CNY in 2023 [5][9]. - Gross margin is projected to decline slightly from 61.8% in 2023 to 58.3% by 2026, while net margin is expected to improve from -16.6% in 2023 to 4.4% in 2027 [5][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.05 CNY based on a PS valuation method [3][10][6]. Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a total revenue of 795 million CNY (YoY -11.4%) and a net loss of 366 million CNY (YoY -51.2%) [2]. - The company experienced a significant drop in Q3 2025 revenue, amounting to 238 million CNY (YoY -31.9%), and a net loss of 157 million CNY (YoY -37.8%) [2]. - Despite the current downturn, the company expects a rebound in revenue due to a 23% increase in new orders in the first nine months of 2025, particularly in long-cycle business areas such as public safety big data and digital governance [9]. - The gross margin decreased to 35% in the first nine months of 2025, down 5.73 percentage points YoY, attributed to weak market demand and increased buyer bargaining power [9]. - The company is focusing on AI-driven products and cost control measures to improve gross margins in the future [9]. Financial Performance Summary - The company’s projected net profits for 2025-2027 are -318 million CNY, 28 million CNY, and 157 million CNY respectively, reflecting a downward revision from previous forecasts [3][10]. - Revenue is expected to decline from 1,984 million CNY in 2023 to 1,689 million CNY in 2025, before rebounding to 2,461 million CNY by 2027 [5]. - The gross margin is projected to stabilize around 39% in 2026 and 38.6% in 2027, indicating a gradual recovery [5]. Market Context - The company operates in the computer industry, with a current market capitalization of approximately 12.8 billion CNY [6]. - The stock has shown a 52-week price range of 19.94 CNY (high) to 11.2 CNY (low) [6]. - The report highlights the company's strategic focus on AI applications and digital transformation initiatives, particularly in collaboration with the State Investment Group [9].

Core Insights - The report emphasizes a cautious optimism in the market, suggesting that investors should wait for low-positioning opportunities as the market is expected to experience fluctuations [3][9] - It highlights the importance of focusing on sectors with improving marginal conditions, particularly in commodities and advanced manufacturing, while also considering short-term timing [9] Market Strategy - The report anticipates a balanced market with a tendency towards large-cap stocks, while small-cap growth stocks may experience weakness [9] - It suggests that investors should select industries with moderate valuations, low institutional allocations, and reduced volatility [9] Industry Strategy - In the non-ferrous metals sector, the report indicates that the current market conditions are favorable for investment, particularly in copper, gold, and aluminum [5][9] - It notes that the supply-demand dynamics are tightening, and inflation expectations are rising, which could lead to a favorable cross-year market for copper and gold starting in December [9] Thematic Strategy - The report discusses the potential of space computing, highlighting the government's support for commercial aerospace development and the expected growth in the satellite data center market, projected to reach $39 billion by 2035 with a CAGR of 67.4% from 2025 to 2035 [6][9] - It identifies key investment opportunities in AI computing and satellite information infrastructure as beneficiaries of the growth in space computing [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 75.39 CNY [3][9][6] Core Insights - The company is continuously advancing its front-end measurement equipment for advanced processes, which is expected to drive growth. The delivery of defect detection equipment for the 14nm process node has been successfully completed, and products for the 7nm process have also been delivered and accepted [8] - The company is expanding its layout in the semiconductor back-end electrical measurement field, with its subsidiary Wuhan Jinghong planning to implement a capital increase of 50 million CNY to enhance its operational stability and promote steady development in this business area [8] - The OLED production line investments are expected to support steady growth in the display testing business, despite concerns about potential slowdowns in the display panel industry [8] Financial Forecasts - The company’s projected net profits for 2025-2027 are 201 million CNY, 360 million CNY, and 564 million CNY respectively, with significant adjustments made to revenue, gross margin, and expense ratios [3][9] - Revenue is expected to grow from 2,429 million CNY in 2023 to 4,983 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.2% [5][12] - The gross margin is projected to improve from 47.1% in 2023 to 48.3% in 2027, indicating a positive trend in profitability [5][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 91.15 per share, reflecting a reasonable market capitalization of approximately HKD 877.47 billion [3][6]. Core Insights - The company has shown a robust revenue acceleration with a significant increase in profit margins, achieving a net profit of CNY 7.75 billion in Q3 2025, representing a year-on-year growth of 67.2% [10]. - The adjusted net profit for 2025 is forecasted to be CNY 26.95 billion, slightly down from previous estimates due to varying recovery rates among different customer segments [3][10]. - The company is focusing on integrating AI into its operations, which is expected to enhance matching efficiency and support the expansion into new job categories [10]. Financial Performance Summary - Revenue for 2023 is projected at CNY 5,952 million, with a year-on-year growth of 32%, and is expected to reach CNY 10,390 million by 2027, maintaining a steady growth rate of 12% [5][12]. - The gross margin is expected to remain high at around 84% from 2025 to 2027, while the net profit margin is projected to stabilize around 32% to 34% during the same period [5][12]. - The company has a strong cash position, with cash and cash equivalents expected to grow from CNY 2,473 million in 2023 to CNY 11,235 million by 2027 [12][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 135.66 HKD, based on a reasonable valuation of 829.1 billion HKD [3][12]. Core Insights - The company is experiencing significant competition, leading to a focus on high-value orders and a prolonged period of losses. The report suggests that the worst phase of losses may have passed, but the ongoing competition will likely extend the duration of losses [9][12]. - The company's Q3 performance showed a substantial increase in order volume driven by subsidies, but this has negatively impacted average order value (AOV), resulting in a revenue decline of approximately 12% year-on-year [9]. - The report highlights that the company's market share in high-value orders (AOV above 15 HKD) is over two-thirds, indicating a strategic focus on maintaining this segment despite competitive pressures [9]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 276,745 million HKD - 2024: 337,592 million HKD - 2025: 366,600 million HKD - 2026: 406,302 million HKD - 2027: 462,787 million HKD - The year-on-year growth rates are expected to decline significantly, with 2025 showing only an 8.59% increase [4][16]. - The company is projected to incur losses in the coming years, with net profit estimates for 2025 at -19,633 million HKD and -25,640 million HKD for 2026 [4][16]. Segment Valuation - The report employs a segmented valuation approach, estimating the following for 2026: - Delivery and Flash Purchase: 2,097 billion CNY in revenue, valued at 4,516 billion HKD - In-store and Hotel Travel: 170 billion CNY in after-tax operating profit, valued at 2,437 billion HKD - New Business: 1,216 billion CNY in revenue, valued at 1,338 billion HKD - The total estimated market value for the company is 8,291 billion HKD [11][12].

资产配置 | 动态跟踪 资产配置策略中低波分化，行业策略转向 ——资产配置模型月报 202512 研究结论 报告发布日期 2025 年 12 月 03 日 | 王晶 | 执业证书编号：S0860510120030 | | --- | --- | | | wangjing@orientsec.com.cn | | | 021-63325888*6072 | | 周仕盈 | 执业证书编号：S0860125060012 | | 资产配置不仅仅是风险分散：——主动型 | 2025-11-27 | | --- | --- | | 资产配置新思路 | | | 全天候模型仓位平稳，行业策略推荐科技/ | 2025-11-03 | | 有色/新能源等板块：——资产配置模型月 | | | 报 202511 | | | 关注权益和商品机会：——资产配置月报 | 2025-11-01 | | 202511 | | | 大类资产仓位平稳，行业策略推荐有色/科 | 2025-10-11 | | 技等板块：——资产配置模型月报 202510 | | | 大类资产风险可控，短期关注交易特征： | 2025-09-29 | | ——"2+1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70.9 CNY based on a 19x PE ratio for 2026 [5]. Core Insights - The company has secured a second data center order in North America, enhancing growth certainty and potential for additional business opportunities [3][8]. - The new order is expected to accelerate the company's strategic development in the data center sector, leveraging its comprehensive Gas to Power solution capabilities [8]. - The report anticipates continued growth in the company's power segment, supported by the increasing demand for electricity in the North American AI industry [8]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 31.53 billion CNY, 38.18 billion CNY, and 44.64 billion CNY respectively, reflecting a robust growth trajectory [3]. - Revenue forecasts indicate a growth from 13.91 billion CNY in 2023 to 22.68 billion CNY by 2027, with a notable increase of 27.4% in 2025 [4][10]. - The company's gross margin is expected to improve from 32.8% in 2023 to 35.3% in 2027, indicating enhanced operational efficiency [4][10]. Market Performance - The company's stock has shown strong performance, with a 93.47% increase over the past year [6]. - The stock price as of December 3, 2025, was 65.91 CNY, with a 52-week range of 26.91 CNY to 65.91 CNY [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.44 [3][7] Core Views - The automotive electronics business is developing healthily, with a comprehensive customer base covering over 70% of global vehicle brands [10] - The company has completed the industrial chain layout for integrated modules, including sensor, touch module, and display modules for automotive applications [10] - The company is expanding into new fields such as UTG (Ultra-Thin Glass) and UFG (Ultra-Flexible Glass), which are expected to open up growth opportunities [10] - The subsidiary, Changxin Zhikuan, focuses on AI computing power services, with revenue exceeding RMB 60 million, and aims to build a comprehensive service capability in the AI computing sector [10] Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are RMB 0.16, 0.23, and 0.31 respectively, with adjustments made to revenue and gross margin forecasts [3][11] - Revenue is expected to grow from RMB 8,889 million in 2023 to RMB 18,792 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 23% [5] - The gross margin is projected to improve from 10.2% in 2023 to 12.9% in 2027, indicating enhanced profitability [5] - The net profit attributable to the parent company is forecasted to increase from RMB 242 million in 2023 to RMB 777 million in 2027, with a significant growth rate of 36% in 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.23 CNY based on a 29x PE valuation for 2026 [4][10]. Core Insights - The company is expected to achieve net profits of 2.79 billion, 3.59 billion, and 4.39 billion CNY for the years 2025, 2026, and 2027 respectively, reflecting a downward adjustment in revenue and gross margin forecasts for its electronic components and communication parts businesses [4][10]. - The report highlights the positive impact of AI on the passive components industry, with increased demand for MLCCs driven by AI server requirements, which are significantly higher than traditional servers [9]. - The company is positioned well in the MLCC market with a comprehensive product matrix that caters to various sectors, including mobile communication and new energy [9]. Financial Summary - The company's projected revenue for 2025 is 9.39 billion CNY, with a year-on-year growth of 27.3%. By 2027, revenue is expected to reach 13.55 billion CNY, growing at 19.2% [6]. - The gross margin is forecasted to improve from 39.8% in 2023 to 46.7% in 2027, while the net profit margin is expected to rise from 27.6% to 32.4% over the same period [6]. - The earnings per share (EPS) is projected to increase from 0.82 CNY in 2023 to 2.29 CNY in 2027 [6].