Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company experienced a revenue growth of 1.8% year-on-year in H1 2025, reaching 2.34 billion yuan, while the net profit attributable to shareholders decreased by 11.2% to 370 million yuan due to weak order intake and foreign exchange losses [1][3]. - The company is focusing on enhancing its global market share through a globalization strategy, which has led to a 13.72% increase in international revenue, while domestic revenue declined by 4.09% [2][3]. - The company is expanding its production capacity with ongoing upgrades in its factories in Bangladesh and Vietnam, which is expected to support long-term growth and meet customer demands for overseas production [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin improved by 1.1 percentage points to 42.9%, while the net profit margin decreased by 2.3 percentage points to 15.8% due to foreign exchange losses [1]. - For Q2 2025, revenue fell by 9.2% year-on-year to 1.36 billion yuan, and net profit dropped by 20.4% to 269 million yuan, reflecting weak order intake and adverse foreign exchange impacts [1]. Product Segmentation - Sales of zippers and buttons remained stable, with revenues of 1.29 billion yuan and 930 million yuan respectively, while other apparel accessory businesses grew by 11.2% to 80 million yuan [1]. - The company’s strategic focus on "large accessory strategy" is expected to drive growth in other accessory segments, leveraging existing customer relationships [1]. Regional Performance - Domestic revenue decreased by 4.09% to 1.47 billion yuan, while international revenue increased by 13.72% to 860 million yuan, with both domestic and international gross margins showing improvements [2]. Capacity Expansion - As of H1 2025, the company’s button production capacity reached 6.3 billion pieces, and zipper capacity was 485 million meters, reflecting ongoing capacity expansion efforts [3]. - The Vietnam factory, which commenced operations in March 2024, is seeing a rapid increase in capacity utilization, contributing positively to order trends [3]. Profit Forecast - The company is projected to experience a 4.4% decline in net profit for 2025, with expected revenue growth of 3.8% to 4.85 billion yuan [3][4]. - Forecasted net profits for 2025-2027 are 669 million yuan, 760 million yuan, and 846 million yuan respectively, with a PE ratio of 20 times for 2025 [4].

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 通信 光模块：从涨业绩到提升估值 当前光模块等算力板块行情持续火热，而在财报季算力业绩兑现的背景 下，市场普遍存在疑问：光模块行情进展到了哪里？持续性如何？我们认 为，目前光模块的行情仅仅是个开始，其行业正经历从业绩高速增长向提 升估值的关键阶段，头部企业正值从"盈利兑现"到"价值重估"的新阶 段，股价驱动因素将由业务驱动转向业绩+估值双重驱动。 【客观事实：估值的纵向与横向对比】 纵向对比来看，国内光模块龙头估值处于历史估值中枢。我们将国内海外 链光模块龙头目前估值与其自身的历史十年数据进行对比。截至本周 五收盘，从 PE（TTM）角度来看，新易盛、中际旭创均位于历史十年 的中值附近，PE（（FY1，最近预测年度）角度看，两者位于较低位置（（ 体图表参见正文部分）。这种估值仅是统计意义上的水平，受到预测方 法等因素影响，我们只是拉到同一水平线观察。 作者 横向对比来看，国内龙头相比于海外各硬件巨头估值更低。我们选取同样 是硬件设施厂商的海外巨头进行对比，根据市场一致预测，英伟达、博 通、AMD 在 26 年的预测 PE ...

Investment Rating - The report maintains a rating of "Increase" for the industry [4] Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining by 59.5% from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024 [1] - The construction project growth rate in the chemical industry has turned negative at -7.3% by Q1 2025, indicating a slowdown [1] - The basic chemical index saw a cumulative increase of 12.6% from July 11 to August 22, 2024, while the petroleum and petrochemical index rose by 5.6% during the same period [1] - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1] Summary by Sections AI for Science and Material Development - The report emphasizes the importance of AI for Science (AI4S) in revolutionizing material development, particularly through the use of molecular dynamics (MD) and density functional theory (DFT) [2] - The development of algorithm chip-based atomic-level computing APU chips by Dao Technology is highlighted, which significantly improves computational power and reduces energy consumption [2] - Dao Technology's subsidiary, Hexi, is building an AI4S intelligent computing center to support material research [2] Investment Opportunities in AI4S - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with 41 license-out transactions in the Chinese innovative drug sector in Q1 2025, totaling $36.929 billion [3] - AI is expected to replace traditional drug development processes, significantly speeding up research and reducing costs [3] - The report identifies potential investment opportunities in AI4S-related materials, including perovskite, solid-state batteries, semiconductor materials, and more [3] Key Stocks - The report lists key stocks with a "Buy" rating, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical, with projected earnings per share (EPS) and price-to-earnings (PE) ratios provided for 2024 to 2027 [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 76.463 billion yuan, a year-on-year growth of 34.46%, and net profit attributable to shareholders at 10.53 billion yuan, a staggering increase of 1169.77% [1] - The company plans to reduce its total cost of sales for commodity pigs to 11 yuan/kg by the end of 2025, demonstrating effective cost management [2] - A high dividend payout ratio of 47.5% of net profit for the first half of 2025 indicates strong cash flow and management confidence in future performance [3] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 24.174 billion yuan, reflecting a year-on-year growth of 35.2% [4] - The company's earnings per share (EPS) for 2025 is estimated at 4.43 yuan, with a price-to-earnings (P/E) ratio of 11.4x [4] - The company’s revenue is expected to grow from 145.676 billion yuan in 2025 to 155.810 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.6% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company is expected to enter a profit release cycle starting in 2025, driven by favorable cost and capacity dynamics, alongside potential price increases due to demand recovery [3][4]. - Historical profit release cycles have shown that the company typically outperforms the food and beverage sector during these periods, with significant profit elasticity contributing to excess returns [1][14]. Summary by Sections Stock Price Review - The company has historically demonstrated excess returns during profit release cycles, particularly noted in years such as 2009, 2016-2018, and 2020, attributed to faster profit elasticity release compared to the sector [1][14]. Profit Cycle Review - The report highlights three historical profit release cycles: 1. In 2009, net profit margin increased by 6.8 percentage points, driven by accelerated overseas revenue growth and a decline in costs [2][19]. 2. From 2015 to 2017, the company experienced a cumulative net profit margin increase of 10.7 percentage points, aided by reduced depreciation pressure and proactive price increases amidst a favorable demand environment [2][33]. 3. In 2020, a strong demand for small packaging products led to a 3.6% increase in net profit margin, primarily due to proactive pricing strategies [2][51]. Current Outlook - The company is expected to maintain double-digit revenue growth, with domestic demand stabilizing and overseas markets showing high growth potential [3][4]. - The cost cycle is anticipated to benefit from a decline in sugar molasses prices, with projections indicating a significant drop to 1000-1100 RMB/ton by January 2025 [3][4]. - The production capacity cycle is nearing the end of its investment phase, which is expected to alleviate depreciation pressure post-2023 [3][4]. - Historical trends suggest that the company can increase prices in response to demand recovery, particularly in a balanced capacity environment [3][4]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.64 billion, 1.92 billion, and 2.19 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.6%, 17.1%, and 14.4% [4][5]. - The current price-to-earnings (P/E) ratios for the forecasted years are 21, 18, and 16 times, indicating that the stock is still trading at historically low valuations [4][5].

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media sector saw a 5.82% increase during the week of August 18-22, driven by strong performance in the gaming sector and favorable policies in the film industry [11][12]. - The introduction of the "21 Regulations" by the National Radio and Television Administration is expected to revitalize the long video industry by removing restrictions on series production and promoting high-quality IP development [3][20]. - The report highlights investment opportunities in gaming, AI applications, and IP monetization, with a focus on companies with strong IP advantages and full industry chain potential [2][18]. Summary by Sections Market Overview - The media sector's performance was bolstered by positive expectations for mid-year reports and favorable policy changes, particularly in gaming and film [11][12]. - The top-performing stocks in the media sector included Shunwang Technology (up 24.2%), Kunlun Wanwei (up 23.5%), and Zhidu Co. (up 20.5%) [12][15]. Subsector Insights - **Gaming**: Key companies to watch include ST Huatuo, Jibite, and Kaixin Network, with additional attention on Perfect World and Ice River Network [2][18]. - **AI**: Focus on companies like Dou Shen Education and Sheng Tian Network, which are positioned to benefit from AI advancements [2][18]. - **Education**: Companies such as Xueda Education and Fenbi are highlighted as potential investment opportunities [2][18]. Key Events - The "21 Regulations" meeting on August 18 provided clarity on new policies aimed at enhancing the film industry, which is expected to lead to a resurgence in production and quality [3][20]. - The launch of DeepSeek's DS-V3.1 model marks a significant advancement in AI technology, with implications for various sectors, including media [4][20]. Data Tracking - The domestic film market generated approximately 1.107 billion yuan in box office revenue from August 16-22, with top films including "Wang Wang Mountain Little Monster" and "Chasing the Wind" [22][24]. - The report also tracks the performance of popular series and variety shows, indicating strong viewer engagement [25].

Investment Rating - The industry is rated as "Maintain Increase" [4] Core Views - The price of yellow chickens continues to rise, with average prices for fast, medium, and slow-growing yellow feathered chickens at 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [13][14] - The supply side is experiencing a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well [13] - Demand is being driven by seasonal factors such as graduation banquets and preparations for the Mid-Autumn Festival and National Day, which is boosting overall sales [13] - The current cycle of prosperity in the industry is expected to last about one quarter, with a recovery in the fundamentals of the sector [13] Summary by Sections Livestock Farming - The average price for lean pigs is 13.71 CNY/kg, down 0.2% from last week, indicating a relatively low valuation [14][16] - The average wholesale price of pork is 20.1 CNY/kg, up 0.2% from last week [16] - Self-breeding pigs show a profit of 33.95 CNY per head, while purchased piglets show a loss of 151.8 CNY per head [18][19] Poultry Farming - The average price for white feathered chickens is 7.33 CNY/kg, up 1.8% from last week, while the average price for chicken products is 8.75 CNY/kg, down 0.6% [30] - The price of meat chicken chicks remains stable at 3.58 CNY each [25] - The yellow chicken production capacity is being adjusted, with a focus on seasonal price elasticity opportunities [14] Planting and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [14] Supporting Industries - The volatility of agricultural product prices is increasing, and leading feed companies are expected to replace smaller companies due to their advantages in procurement, scale, and capital [14]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on state-owned enterprises such as China Communications Construction Company (CCCC), China State Construction Engineering Corporation, and others [1][7][8]. Core Insights - The recent issuance of opinions on existing PPP projects clarifies responsibilities and ensures funding sources for ongoing projects, which is expected to accelerate revenue recognition for construction companies [2][7]. - The report emphasizes the strategic importance of Xinjiang, predicting increased central government support and policy incentives due to upcoming significant events, including the 70th anniversary of the Xinjiang Uyghur Autonomous Region [3][21]. - The construction sector is projected to benefit from the acceleration of large-scale infrastructure projects in Xinjiang, particularly in transportation and coal chemical industries, with significant investments expected in the coming years [6][21]. Summary by Sections Industry Investment Rating - The report highlights a "Buy" rating for major construction state-owned enterprises, including CCCC, China State Construction, China Metallurgical Group, and others, indicating strong potential for recovery and growth in their financial performance [1][7][8]. Key Developments - The issuance of guidelines for existing PPP projects aims to ensure smooth project execution and financial support, which is expected to enhance the financial health of construction companies [2][6]. - The report notes that as of the end of 2022, the total value of PPP projects in execution reached approximately 13.83 trillion yuan, with 9.95 trillion yuan expected to enter the operational phase [2][19]. Focus on Xinjiang - The report underscores the importance of Xinjiang's strategic position and the anticipated central government support, particularly in infrastructure and coal chemical projects, with projected investments exceeding 800 billion yuan [3][21]. - It identifies key beneficiaries in the Xinjiang region, including local construction leaders and coal chemical EPC companies, which are expected to see significant growth due to ongoing and upcoming projects [6][21]. Investment Recommendations - The report recommends focusing on construction companies with strong PPP project portfolios and those positioned to benefit from Xinjiang's infrastructure development, including CCCC, China State Construction, and others [7][18]. - It also highlights the potential of coal chemical EPC leaders such as China Chemical Engineering and Donghua Technology, which are expected to benefit from accelerated project timelines [21][26].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].

Investment Rating - The report maintains a "Buy" rating for key companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [7][8]. Core Views - The Federal Reserve's dovish stance is expected to drive a bullish outlook for precious metals, with gold prices likely to reach new highs due to anticipated interest rate cuts and inflationary pressures [1][38]. - The copper market is supported by both macroeconomic factors and supply-side constraints, leading to a strong price outlook [2]. - Lithium prices are rebounding due to ongoing supply disruptions, while the market remains tight with a strong demand forecast [3]. Summary by Sections Precious Metals - The Federal Reserve's shift to a dovish tone has increased expectations for interest rate cuts, with a 90% probability for a September rate cut [1]. - Gold prices are projected to rise, with optimistic scenarios suggesting silver could reach $70 per ounce if the gold-silver ratio normalizes [1]. - Key companies to watch include Xinyi Silver, Shengda Resources, and Zijin Mining [1]. Industrial Metals - Copper prices are expected to strengthen due to macroeconomic support and supply disruptions, with domestic smelting capacity facing maintenance [2]. - Aluminum prices are predicted to fluctuate in the short term, influenced by macroeconomic sentiment and supply adjustments across regions [2]. - Companies of interest include Luoyang Molybdenum, Nanshan Aluminum, and China Hongqiao [2]. Energy Metals - Lithium prices are experiencing a strong rebound, with industrial-grade lithium carbonate priced at 84,000 yuan per ton, reflecting a 1.5% weekly increase [3]. - The market remains tight with a forecasted increase in demand for electric vehicles, supporting a bullish outlook for lithium [3]. - Companies to monitor include Ganfeng Lithium, Tianqi Lithium, and others [3]. Market Trends - The non-ferrous metals sector has shown a general upward trend, with the sector index rising by 1.3% recently [19]. - Specific sub-sectors like small metals have seen significant gains, with a 10.5% increase noted [19]. - The report highlights the importance of monitoring inventory levels and price movements across various metals to gauge market health [35].