Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.87 CNY, based on a PE valuation of 13X for comparable companies [3][5]. Core Views - The company's performance has shown significant improvement on a quarter-on-quarter basis, with a gradual recovery in profitability expected. The net profit attributable to the parent company for the first half of 2025 was 313 million CNY, a year-on-year decrease of 29.14%, but a quarter-on-quarter increase of 92.63% in Q2 2025 [9]. - The company is experiencing a recovery in demand for its cold-rolled stainless steel products, with production and sales volumes increasing by 11.68% and 13.74% respectively in Q2 2025. This has led to an increase in capacity utilization and a rise in gross margin to 5.90% [9]. - The company is expanding its production capacity, with new projects underway that are expected to enhance profit margins as downstream demand gradually recovers. The company’s projects, such as the 1.2 million tons per year high-quality wide stainless steel strip project, are beginning to ramp up production [9]. Financial Summary - The company’s revenue is projected to grow from 39.874 billion CNY in 2023 to 50.900 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 8.8% [4]. - The net profit attributable to the parent company is expected to increase from 453 million CNY in 2023 to 948 million CNY in 2027, reflecting a significant recovery in profitability [4]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 1.99 CNY, 2.25 CNY, and 2.59 CNY respectively, down from previous estimates [3][4].

和黄医药 00013.HK 公司研究 | 中报点评 ——和黄医药 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到部分产品竞争加剧，我们下调公司 2025-2027 年营业收入分别为 6.00、 7.06、7.97 亿美元（原预测值为 7.30、8.41、9.49 亿美元）。根据可比公司，我们 给予公司 2026 年 6.06 倍 PS，对应目标价为 38.32 港元（汇率约 7.81），维持买入 评级。 风险提示 ⚫ 创新药研发进度不及预期、产品竞争加剧或者销售不及预期、公司中长期盈利能力 下降的风险。 公司主要财务信息 海外稳步放量，储备管线注入新动能 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 838.00 | 630.20 | 600.43 | 705.84 | 796.91 | | 同比增长 (%) | 96.52% | -24.80% | -4.72% | 17.56% | 12.90% | | 归属母公司净利润(百万元) | 100.7 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130.36 HKD [6][12] Core Insights - The company's revenue for the first half of 2025 was 19.65 billion CNY, representing a year-on-year growth of 4%. The gross margin improved to 19.8%, up by 2.6 percentage points. The net profit attributable to shareholders was 1.65 billion CNY, showing a significant year-on-year increase of 53% [1] - The company is expected to achieve earnings per share of 3.16 CNY, 3.61 CNY, and 4.11 CNY for the years 2025, 2026, and 2027 respectively, with a projected average PE ratio of 33 times for comparable companies in 2026 [2][12] Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 31.83 billion CNY in 2023, increasing to 51.79 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2027 [4][14] - **Net Profit**: The net profit attributable to shareholders is forecasted to rise from 1.10 billion CNY in 2023 to 4.51 billion CNY in 2027, reflecting a strong recovery trajectory [4][14] - **Gross Margin**: The gross margin is expected to improve from 14.5% in 2023 to 19.3% in 2027, indicating enhanced profitability [4][14] - **Earnings Per Share (EPS)**: The EPS is anticipated to grow from 1.00 CNY in 2023 to 4.11 CNY in 2027, showcasing robust earnings growth [4][14] Business Segment Insights - **Mobile Business**: The mobile segment generated 13.25 billion CNY in revenue for the first half of 2025, with a year-on-year growth of 1.7%. The shift towards high-end products is expected to drive higher average prices and gross margins [11] - **Automotive Business**: The automotive segment reported revenue of 3.4 billion CNY in the first half of 2025, marking an 18% year-on-year increase. The company is capitalizing on the growing demand for advanced driver-assistance systems (ADAS) [11] - **XR and IoT Business**: The XR segment achieved revenue of 1.2 billion CNY in the first half of 2025, growing by 21% year-on-year. The company is expanding its presence in the IoT market, particularly in handheld photography devices [11]

《蛋仔派对》暑期表现优异，预期 Q3 长青 游戏修复 ——网易（9999.HK）25Q2 点评 核心观点 盈利预测与投资建议 ⚫ 公司暴雪游戏陆续恢复运营，长青游戏《蛋仔派对》等暑期表现优异。Q3 有《命运 群星》、《暗黑破坏神 2》等新品预期将陆续上线驱动增长。我们预测公司 25~27 年归母净利润为 363/390/433 亿元（原 25~27 为 360/381/415 亿元，因根据财报上 调毛利率，下调销售费率调整盈利预测）。我们采用 SOTP 估值，给予目标价 283.69 港币/259.51 人民币（HKD/CNY=0.91），维持"买入"评级。 风险提示 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -6.13 | -5.16 | 7.56 | 46.55 | | 相对表现% | -4.38 | -6.53 | 1.29 | 2.84 | | 恒生指数% | -1.75 | 1.37 | 6.27 | 43.71 | | 项雯倩 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment has experienced a revenue growth of 17.98%, although this growth is relatively moderate due to new capacity coming online and a slight decline in market prices [11]. - The pharmaceutical segment has faced challenges, with a revenue decline of 20.30%, primarily due to the impact of centralized procurement and bidding processes [11]. - The company's strategic focus on a "vertical and horizontal" approach is yielding positive results, positioning it well for long-term growth [11]. Financial Forecasts - Revenue projections for 2025-2027 are set at 1,362 million CNY, 1,497 million CNY, and 1,672 million CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The forecasted earnings per share for 2025, 2026, and 2027 are 0.63 CNY, 0.73 CNY, and 0.93 CNY, respectively [2][4]. - The gross margin is expected to decline slightly from 59.9% in 2023 to 55.4% in 2025, before recovering to 56.7% by 2027 [4]. Company Overview - The company is recognized as the only global producer with a complete supply chain for vitamin D3, holding a 70% market share in NF-grade cholesterol, which is a key raw material for vitamin D3 production [11]. - The company has several projects in various stages of production, including a 6,000-ton VA powder project and a 5,000-ton VB6 project, which are expected to contribute to revenue growth [11].

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company has shown stable revenue growth with a significant increase in net profit, driven by effective cost control and increased government subsidies [10]. - The analysis segment has stable growth, while the industrial purification segment has experienced rapid growth, particularly in the GLP-1 drug purification market [10]. - The trend of domestic substitution is becoming established, and the company is making orderly progress in overseas market expansion [10]. Financial Performance Summary - Revenue for 2023 is projected at 2.45 billion yuan, with a year-on-year growth of 15.2%. By 2027, revenue is expected to reach 5.82 billion yuan, reflecting a growth rate of 22.7% [6]. - The net profit attributable to the parent company is forecasted to grow from 520 million yuan in 2023 to 1.85 billion yuan in 2027, with a compound annual growth rate of 33.1% [6]. - Earnings per share are expected to increase from 0.13 yuan in 2023 to 0.44 yuan in 2027 [6]. Segment Performance Summary - The analysis chromatography segment is expected to generate revenue of 610 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.57% [10]. - The industrial purification segment is projected to achieve revenue of 1.20 billion yuan in the first half of 2025, with a year-on-year growth of 28.59% [10]. - The company has accumulated 87 projects in clinical phase III and commercial production stages through domestic substitution by the end of June 2025 [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment experienced a revenue of 3.01 billion CNY, growing by 17.98% year-on-year, although growth is expected to stabilize due to new industry capacities and price fluctuations [11]. - The pharmaceutical segment saw a decline in revenue by 20.30% year-on-year, primarily due to the impact of centralized procurement policies [11]. - The company's strategic focus on a full industrial chain for Vitamin D3 production has resulted in a significant cost advantage, with a gross margin of 62.99% in the first half of 2025, up by 8.12 percentage points year-on-year [11]. Financial Forecasts - Revenue projections for 2025-2027 are 1.362 billion CNY, 1.497 billion CNY, and 1.672 billion CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The net profit attributable to the parent company is forecasted to be 343 million CNY in 2025, with a growth rate of 11.1% [4]. - Earnings per share are expected to be 0.63 CNY in 2025, increasing to 0.73 CNY in 2026 and 0.93 CNY in 2027 [4]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, specifically focusing on vitamin production and pharmaceutical products [6]. - As of August 20, 2025, the company's stock price was 15.52 CNY, with a market capitalization of 8.435 billion CNY [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is focusing on inventory clearance during the off-season and stabilizing prices through various measures to help reduce inventory and boost sales [6]. - The company is adjusting its revenue and gross margin forecasts for 2025-2026 due to the impact of alcohol bans and the overall weak consumption of liquor [3][7]. - The company is expected to see a recovery in performance based on its healthy sales strategies and focus on key products and markets [6]. Financial Forecasts - The projected earnings per share for 2025, 2026, and 2027 are 2.65, 3.85, and 4.50 yuan respectively, with a target price of 84.70 yuan based on a 22x PE ratio for 2026 [3][7]. - Revenue for 2025 is expected to be 20,129 million yuan, a decrease of 30.3% year-on-year, followed by a recovery in 2026 with a projected increase of 23.9% [3][10]. - The company's net profit for 2025 is forecasted to be 3,990 million yuan, down 40.2% year-on-year, with a recovery expected in 2026 [3][10]. Market Performance - The company's stock price as of August 20, 2025, is 73.38 yuan, with a 52-week high of 102.19 yuan and a low of 60.99 yuan [4]. - The company has shown a relative performance of 4.26% over the past week and 6.03% over the past month [4]. Strategic Focus - The company is concentrating on the domestic market and optimizing its product structure, particularly in response to the challenges faced by mid-to-high-end liquor segments [6]. - New product launches and collaborations with platforms like JD.com are part of the company's strategy to engage younger consumers and enhance brand presence [6].

Investment Rating - The report maintains a "Buy" rating for NetEase Cloud Music (9899.HK) with a target price of 293.51 HKD [5][3] Core Views - The introduction of well-known Korean music labels and the promotion of original music are expected to drive growth in online music MAU (Monthly Active Users) [3][8] - The company reported a 25H1 revenue of 3.83 billion CNY, a year-on-year decrease of 6%, which was slightly below Bloomberg's expectations [8] - The net profit attributable to the parent company for 25H1 was 1.89 billion CNY, a year-on-year increase of 133%, exceeding Bloomberg's expectations by 57% [8] Financial Forecasts and Investment Recommendations - The forecast for net profit attributable to the parent company for 2025-2027 is 2.81 billion, 2.17 billion, and 2.54 billion CNY respectively [3] - The revenue for 2025 is expected to be 7.93 billion CNY, with a slight decrease of 0.2% year-on-year, followed by a growth of 9.7% in 2026 [10] - The report anticipates that the online music revenue for 25H2 may reach 3.2 billion CNY, reflecting a year-on-year growth of 15% [8] - The company is focusing on its core music business while adjusting its social entertainment segment, which saw a significant decline in revenue [8] Key Financial Metrics - The company's gross margin for 25H1 was 36%, which was 2 percentage points higher than Bloomberg's expectations [8] - The projected earnings per share for 2025 is 12.91 CNY, with a net profit margin of 35.4% [10] - The price-to-earnings ratio for 2025 is estimated at 19.7 times, while the price-to-book ratio is projected at 4.3 times [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.48 CNY, based on a projected 36 times price-to-earnings ratio for 2025 [4][6]. Core Insights - The company's revenue and gross margin forecasts have been revised downwards, with expected net profits for 2025-2027 at 391 million, 473 million, and 567 million CNY respectively, reflecting a long-term growth potential driven by strong competitiveness in respiratory and cochlear implant businesses [4][10]. - Despite a challenging performance due to geopolitical factors, the company has shown promising growth in emerging businesses, particularly in blood glucose management, which is anticipated to become a significant growth driver [10]. - The expansion of production capacity in Malaysia is expected to enhance supply chain stability and strengthen long-term relationships with international clients [10]. Financial Performance Summary - Revenue for 2023 is projected at 1,338 million CNY, with a year-on-year decline of 5.5%, followed by a recovery with expected growth rates of 19.2%, 18.6%, 18.2%, and 18.3% for the subsequent years [5][12]. - The gross margin is expected to stabilize around 41.5% to 41.8% from 2025 to 2027, while net profit margins are projected to decline slightly from 23.4% in 2023 to around 21.4% by 2027 [5][12]. - The company’s earnings per share are forecasted to increase from 0.55 CNY in 2023 to 1.00 CNY by 2027, indicating a positive trend in profitability [5][12].