Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 68.2 CNY [2][8] Core Views - The company demonstrated significant investment elasticity and achieved a net profit of 14.8 billion CNY in H1 2025, representing a year-on-year increase of 33.5%. The new business value (NBV) also saw a substantial rise of 58.4% to 6.2 billion CNY [2][8] - The annualized net, total, and comprehensive investment returns were reported at 3%, 5.9%, and 6.3%, respectively, with slight year-on-year changes [2][8] - The company's net assets reached 83.4 billion CNY by the end of H1 2025, reflecting a decrease of 13.3% from the previous year, while the embedded value increased by 8.1% to 279.4 billion CNY [2][8] Financial Summary - Total revenue for 2024 is projected at 132,555 million CNY, with a year-on-year growth rate of 85.3%. However, a decline of 2.0% is expected in 2025 [4] - The net profit for 2024 is estimated at 26,229 million CNY, with a significant growth of 201.1% year-on-year, followed by a modest increase of 1.4% in 2025 [4] - Earnings per share (EPS) is forecasted to be 8.4 CNY in 2024, slightly increasing to 8.5 CNY in 2025 [4] Business Performance - The company achieved a remarkable growth in new business value, with a 100.5% increase in new policies, driven by a 113.1% rise in long-term insurance premiums [2][8] - The individual insurance segment showed strong growth, with a notable increase in the proportion of participating insurance products [2][8] - The investment asset portfolio grew by 5.1% to 1.71 trillion CNY, with a significant focus on equity markets contributing to investment returns [2][8]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][8]. Core Views - The company's revenue for the first half of 2025 reached 3.769 billion yuan, representing a year-on-year increase of 91%, while the net profit attributable to shareholders was 531 million yuan, up 452.11% year-on-year [1]. - The AI server segment is driving significant growth, with expectations for continued expansion in production capacity to capture a larger market share [8]. - The company is experiencing robust demand for its AI server and 800G switch products, with multiple projects entering mass production [8]. Financial Performance Summary - For 2025, the total revenue is projected to be 8.312 billion yuan, with a year-on-year growth rate of 77.3% [3]. - The net profit attributable to shareholders is expected to reach 1.271 billion yuan in 2025, reflecting a staggering growth rate of 283% [3]. - The earnings per share (EPS) is forecasted to be 1.53 yuan for 2025, with a price-to-earnings (P/E) ratio of 52 [3]. Growth Drivers - The company is set to benefit from the increasing demand for AI products, with significant orders already in place for AI servers and high-speed switches [8]. - The expansion of production capacity, including a new investment of 1.75 billion yuan for a smart manufacturing project, is expected to support future growth [8]. - The company is also advancing in sectors such as automotive and satellite communications, with core product lines gaining traction [8].

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum with a target price of 11.3 yuan [1]. Core Views - The company's integrated layout continues to improve, leading to a significant decrease in financial expenses. The company achieved an operating income of 15.328 billion yuan in the first half of 2025, a year-on-year increase of 11.19%. The net profit attributable to the parent company was 2.084 billion yuan, a year-on-year increase of 0.51% [1][7]. - The average selling price of self-produced electrolytic aluminum was approximately 20,250 yuan/ton, up about 2.8% year-on-year, while the average selling price of self-produced alumina was about 3,700 yuan/ton, up about 6% year-on-year. The increase in metal prices contributed to the revenue growth, but rising procurement costs for bauxite led to a 2% increase in electrolytic aluminum production costs and an 18% increase in alumina production costs [1][7]. - The company has seen a steady decline in interest-bearing liabilities, resulting in a 33% decrease in financial expenses. The asset-liability ratio has decreased to 49.53% [1][7]. - The production and sales of electrolytic aluminum and alumina have remained stable, with a new project to increase electrolytic aluminum production by 240,000 tons progressing smoothly [1][7]. - The company is advancing its upstream and downstream projects, enhancing its integrated advantages. The bauxite mining operations in Guinea have commenced, and the company is also progressing with its mining rights in Guangxi and exploration in Indonesia [1][7]. - The report forecasts net profits attributable to the parent company for 2025-2027 to be 4.79 billion yuan, 5.93 billion yuan, and 6.702 billion yuan, respectively, with year-on-year growth rates of 7.4%, 23.8%, and 13.1% [1][7]. Financial Summary - The total revenue for 2024 is projected at 28.089 billion yuan, with a year-on-year growth rate of -3.1%. For 2025, the revenue is expected to reach 29.974 billion yuan, reflecting a growth rate of 6.7% [1][8]. - The net profit for 2024 is estimated at 4.455 billion yuan, with a growth rate of 102.0%. The net profit for 2025 is projected at 4.786 billion yuan, with a growth rate of 7.4% [1][8]. - The earnings per share (EPS) for 2024 is expected to be 0.96 yuan, increasing to 1.03 yuan in 2025 [1][8].

证 券 研 究 报 告 联易融科技-W（09959.HK）2025 年中报点评 推荐（维持） 拟大额回购彰显公司信心，国际业务有望打 造第二增长曲线 事项： ❖ 联易融科技发布 2025 年中报。25H1 实现营业收入 3.75 亿元（同比-9.3%）， 归母净利润-3.80 亿元，经调整净利润-3.72 亿元（24H1 为-1.89 亿元）。 评论： （1）电子债权凭证业务：25H1，促成融资额 1592.2 亿元（同比+38.6%），主 要由于聚焦于非地产客户的多级流转云融资额持续高增。多级流转云（客户为 核心企业）融资额为 1332.3 亿元（同比+54.4%），占 25H1 总融资额比例提升 至 65.5%。报告期内，为多家企业落地了订单融资等"弱信用链接解决方案"； E 链云（客户为金融机构）融资额为 259.9 亿元（同比-9.2%），主要由于公司 主动压降了 E 链云的部分低毛利业务。同时加速推进 AI Agent 核心模块迭代， 已在超过 24 家金融机构进行 SaaS 或本地化部署交付。 （2）资产证券化业务：25H1，促成融资额为 395.0 亿元（同比-3.8%）。AMS 云（客户为核心 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 76.69 CNY [2][7]. Core Views - The company has demonstrated significant revenue growth, achieving 80.05% year-on-year increase in revenue for the first half of 2025, reaching 801.92 billion CNY. Net profit also increased by 34.87% to 7.99 billion CNY [2][7]. - The company's core business, server sales, has seen a remarkable growth of 99.50%, contributing 93.88% to total revenue, solidifying its leading position in the market [2][7]. - The company is well-positioned to benefit from the growing demand for AI and digital transformation, supported by favorable government policies [2][7]. Financial Summary - For 2025, the company is projected to achieve total revenue of 1556.29 billion CNY, with a growth rate of 35.6%. The net profit is expected to be 22.58 billion CNY, reflecting a slight decline of 1.5% [2][8]. - The earnings per share (EPS) for 2025 is estimated at 1.53 CNY, with a price-to-earnings (P/E) ratio of 44 [2][8]. - The company’s total assets are projected to grow from 71,191 million CNY in 2024 to 123,507 million CNY by 2027, indicating a strong growth trajectory [8].

Investment Rating - The report maintains a "Recommendation" rating for Suzhou Bank, with a target price of 9.64 CNY [2][9]. Core Views - Suzhou Bank's revenue has accelerated year-on-year, with a 1H25 revenue of 6.504 billion CNY, up 1.81% YoY, and a net profit attributable to shareholders of 3.134 billion CNY, up 6.15% YoY. The non-performing loan ratio remains stable at 0.83%, while the provision coverage ratio has decreased by 9 percentage points to 438% [2][9]. - The bank is experiencing balanced growth in volume, price, and quality, with a notable increase in net interest income and a reduction in the decline of non-interest income [9]. - The bank's asset quality remains stable, with a strong risk buffer, and it is expected to achieve revenue growth rates of 1.6%, 8.2%, and 9.4% for 2025-2027, respectively [9][10]. Financial Performance Summary - 1H25 net interest income growth accelerated, with a 2Q25 revenue growth rate of +2.88%, up 2.1 percentage points from the previous quarter. The net interest income growth rate for the quarter increased by 6.7 percentage points to 6.2% [9]. - The bank's cost control measures have been effective, with a year-on-year decrease in business and management expenses by 9.4% and a cost-to-income ratio down 3.7 percentage points to 30.5% [9]. - The bank's total assets are projected to grow from 693.714 billion CNY in 2024 to 973.864 billion CNY in 2027, with total loans expected to increase from 333.359 billion CNY to 485.183 billion CNY over the same period [11][14]. Asset Quality and Risk Management - The non-performing loan ratio remains stable at 0.83%, with a decrease in the annualized net non-performing loan generation rate to 0.54%. The bank has increased provisions for non-credit assets, leading to a decrease in the provision coverage ratio [9][12]. - The bank's retail loan non-performing rate has increased, particularly in personal operating loans and mortgage loans, but overall asset quality is considered stable [9][12]. Investment Recommendations - Given the stable asset quality, sufficient provision buffer, and expected revenue growth, the report suggests that Suzhou Bank is well-positioned for future expansion, especially as economic activity rebounds [9][10].

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 844 | 1,215 | 1,573 | 1,973 | | 同比增速(%) | 32.7% | 43.9% | 29.5% | 25.5% | | 归母净利润(百万) | 97 | 238 | 316 | 414 | | 同比增速(%) | 95.7% | 144.8% | 32.6% | 31.1% | | 每股盈利(元) | 0.40 | 0.99 | 1.31 | 1.72 | | 市盈率(倍) | 131 | 53 | 40 | 31 | | 市净率(倍) | 5.4 | 5.0 | 4.7 | 4.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 27 日收盘价 公司研究 证 券 研 究 报 告 泰凌微（688591）深度研究报告 强推（首次） 低功耗无线连接芯片领军者，端侧 AI 拼图 日臻完善 集成电路 2025 年 08 月 28 日 目标价： ...

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Xineng (603693) with a target price of 15.7 CNY, representing a 15% upside from the current price of 13.68 CNY [1][6]. Core Views - The company's performance in the first half of 2025 was under pressure due to weak wind conditions, but there is optimism regarding its long-term growth potential [1][6]. - The company is expected to benefit from the increasing focus on offshore wind energy and related policies, positioning it as a key player in the sector [6][6]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 2,099 million CNY in 2024 to 3,484 million CNY by 2027, with a CAGR of 22.8% from 2026 to 2027 [2]. - Net profit is expected to increase from 417 million CNY in 2024 to 780 million CNY in 2027, with a notable growth rate of 34.4% in 2025 [2]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.47 CNY in 2024 to 0.88 CNY in 2027, reflecting a strong growth trajectory [2]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2024 to 16 in 2027, indicating improving valuation as earnings grow [2]. Operational Insights - **Performance in H1 2025**: - The company reported a net profit of 282 million CNY in H1 2025, a decrease of 3.62% year-on-year, while Q2 2025 saw a significant increase of 181.56% year-on-year [6][7]. - Revenue for H1 2025 was 1,054 million CNY, a slight increase of 0.48% year-on-year, with Q2 revenue growing by 25.47% [6][7]. - **Power Generation**: - Total power generation in H1 2025 was 1,783 million kWh, down 2.67% year-on-year, with on-grid power generation also declining by 2.76% [6][6]. - The company has a total installed capacity of 1.71 million kW, with significant contributions from onshore wind, offshore wind, and photovoltaic projects [6][6]. Strategic Developments - **Project Pipeline**: - The company is advancing several key projects, including a 1.55 million kW offshore wind project and various photovoltaic initiatives, which are expected to enhance future profitability [6][6]. - **Policy Environment**: - Recent government policies favoring deep-sea technology and high-quality development of the marine economy are anticipated to catalyze growth in the offshore wind sector [6][6].

证 券 研 究 报 告 奥普科技（603551）2025 年半年报点评 推荐（维持） 费用控制良好，业绩有所提升 目标价：16.1 元 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,866 | 1,926 | 2,027 | 2,154 | | 同比增速(%) | -6.5% | 3.2% | 5.2% | 6.3% | | 归母净利润(百万) | 297 | 305 | 332 | 358 | | 同比增速(%) | -3.9% | 2.6% | 8.9% | 7.9% | | 每股盈利(元) | 0.76 | 0.78 | 0.85 | 0.92 | | 市盈率(倍) | 16 | 16 | 14 | 13 | | 市净率(倍) | 3.3 | 3.1 | 3.1 | 3.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 27 公司研究 小家电Ⅲ 2025 年 08 月 28 日 | | | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2][7]. Core Views - The company is focusing on the "Increase Revenue + N" model, with innovative business orders showing significant growth. The new signed orders reached 1.403 billion CNY in the first half of 2025, a year-on-year increase of 46.30%, with innovative business orders growing by 126.50% [7][8]. - The company is strategically shifting towards "AI + Parking Operations," leveraging AI technology to enhance various parking-related services, including transaction settlements and asset management [7][8]. - The report highlights the growth in smart parking projects and data services, with the online user base exceeding 140 million and transaction volume reaching 6.895 billion CNY in the first half of 2025 [7][8]. Financial Summary - Total revenue is projected to grow from 1,579 million CNY in 2024 to 2,733 million CNY in 2027, with year-on-year growth rates of -4.0%, 21.1%, 20.0%, and 19.2% respectively [3][8]. - The net profit attributable to the parent company is expected to increase from 31 million CNY in 2024 to 289 million CNY in 2027, with growth rates of -72.0%, 430.8%, 33.3%, and 30.2% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.05 CNY in 2024 to 0.45 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 233 to 25 [3][8]. Business Performance - In the first half of 2025, the company achieved a revenue of 744 million CNY, a year-on-year increase of 21.44%, and a net profit of 41 million CNY, up 143.75% [7][8]. - The company’s cloud hosting business has shown strong growth, with revenue from software and cloud services reaching 125 million CNY, a 26.11% increase year-on-year [7][8]. - The parking asset management business has also seen rapid growth, with new signed orders totaling 677 million CNY in the first half of 2025, leading to a cumulative order backlog of 1.586 billion CNY [7][8].