Investment Rating - The report maintains a "Strong Buy" rating for Mengniu Dairy (02319.HK) with a target price of HKD 21, while the current price is HKD 16.20 [4][7]. Core Views - The revenue performance is under pressure, but operating profit margin (OPM) has improved, indicating a focus on quality and returns despite external demand challenges [4][7]. - The company is expected to face continued revenue pressure in the second half of the year, but profitability is anticipated to recover due to cost benefits and improved operational efficiency [7][8]. Financial Summary - **Revenue Forecasts**: Total revenue is projected to decline from HKD 88.675 billion in 2024 to HKD 81.210 billion in 2025, with a slight recovery expected in subsequent years [4][13]. - **Net Profit**: The net profit is expected to rebound significantly from HKD 105 million in 2024 to HKD 4.511 billion in 2025, reflecting a growth rate of 4216.4% [4][13]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from HKD 0.03 in 2024 to HKD 1.16 in 2025, with further growth to HKD 1.36 and HKD 1.56 in 2026 and 2027 respectively [4][13]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 554 in 2024 to 13 in 2025, indicating a more favorable valuation as earnings recover [4][13]. Segment Performance - **Product Categories**: Liquid milk revenue decreased by 11.2% year-on-year, while infant formula and ice cream showed positive growth of 2.5% and 15% respectively, indicating a mixed performance across product lines [7][8]. - **Cost Management**: The company benefited from lower raw milk prices, leading to a gross margin increase to 41.75% in the first half of 2025, up by 1.48 percentage points year-on-year [7][8]. Market Outlook - The report suggests that while external demand remains weak, the company’s inventory management is healthy, and operational improvements are expected to support profitability recovery in the second half of the year [7][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved a revenue of 1.187 billion yuan in H1 2025, representing a year-on-year increase of 58.20%. The gross margin was 28.16%, with a slight increase of 0.37 percentage points year-on-year. However, the net profit attributable to the parent company was a loss of 295 million yuan [5]. - The report highlights a recovery in demand, driven by the gradual completion of inventory destocking in the downstream market and the ramp-up of new products in computing and automotive sectors, which is expected to lead to performance recovery [5]. - The semiconductor industry is entering an upturn, with accelerated domestic substitution, particularly in the analog chip market, where domestic manufacturers are expected to experience a new growth phase [5]. - The company is focusing on high-growth areas such as computing, automotive electronics, and renewable energy, with a diverse product portfolio that includes over 3,200 analog product models [5]. - The company is transitioning towards a comprehensive semiconductor solution provider through both organic growth and strategic acquisitions, enhancing operational efficiency and scale [5]. Financial Summary - For H1 2025, the company reported a revenue of 1.187 billion yuan, with a year-on-year growth of 58.20%. The net profit attributable to the parent company was a loss of 295 million yuan [5]. - The forecast for 2025-2027 indicates a gradual recovery in net profit, with projections of -379 million yuan in 2025, 19 million yuan in 2026, and 213 million yuan in 2027 [6]. - The company’s gross margin is expected to improve from 27.3% in 2024 to 37.3% in 2027, reflecting a positive trend in profitability [6].

Investment Rating - The report maintains a "Recommended" rating for Mango Excellent Media (300413) [1] Core Views - The company is currently under pressure, with a focus on the pace of content release and the implementation of the new broadcasting regulations [1] - Short-term performance is impacted by increased content investment and weak macroeconomic conditions, but there is optimism for medium to long-term growth driven by quality content strategies [7] Financial Summary - Total revenue for 2024 is projected at 14,080 million, with a decline to 12,616 million in 2025, followed by a recovery to 13,363 million in 2026 and 14,317 million in 2027 [2] - The net profit attributable to the parent company is expected to be 1,364 million in 2024, increasing to 1,431 million in 2025, 1,764 million in 2026, and 2,128 million in 2027 [2] - Earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, rising to 0.76 yuan in 2025, 0.94 yuan in 2026, and 1.14 yuan in 2027 [2] - The target price is set at 30.6 yuan per share, with the current price at 25.60 yuan [2] Revenue and Profit Trends - The company reported a revenue of 5,964 million for the first half of 2025, a year-over-year decline of 14.3%, with a net profit of 763 million, down 28% year-over-year [7] - In Q2 2025, revenue was 3,063 million, reflecting a year-over-year decrease of 15.7% but a quarter-over-quarter increase of 5.6% [7] - The gross margin for Q2 2025 was 27%, down 2.37 percentage points year-over-year, primarily due to increased content costs [7] Strategic Insights - The company is focusing on enhancing its content offerings, with a significant investment in high-quality productions expected to drive long-term growth [7] - The new broadcasting regulations are anticipated to benefit content innovation and demand stimulation in the medium to long term [7] - The company is also exploring new growth areas such as international expansion, AI, and intellectual property [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 48.7 CNY [2][9]. Core Insights - The company's 2Q25 performance met expectations, with a notable increase in the proportion of high-margin businesses contributing to net profit growth [9]. - Revenue for 2Q25 was 21.4 billion CNY, down 3.7% year-on-year, while net profit rose by 20% year-on-year to 3.01 billion CNY, indicating a net profit margin of 15.0% [9]. - The company is actively transforming its commercial vehicle gear business and expanding its passenger vehicle gear operations in Hungary, which is expected to drive future growth [9]. - The intelligent actuator business is stable, with new growth opportunities in the robot reducer market, positioning the company as a key supplier in this sector [9]. - The forecast for net profit for 2025-2027 has been adjusted upwards, reflecting a positive outlook for the company's performance [9]. Financial Summary - Total revenue is projected to grow from 8,781 million CNY in 2024 to 14,179 million CNY by 2027, with a compound annual growth rate (CAGR) of 21.7% [4]. - Net profit is expected to increase from 1,024 million CNY in 2024 to 1,866 million CNY in 2027, with a CAGR of 21.9% [4]. - The earnings per share (EPS) is forecasted to rise from 1.21 CNY in 2024 to 2.20 CNY in 2027 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 30 times in 2024 to 17 times in 2027, indicating a potentially more attractive valuation over time [4].

证 券 研 究 报 告 计算机行业重大事项点评 推荐（维持） 国家数据基建提速，应用生态加速成熟 事项： ❑ 2025 年 8 月 14 日，国家数据局副局长夏冰在国新办"高质量完成'十四五' 规划"系列新闻发布会上介绍了国家数据基础设施的建设进展。他表示，国家 数据基础设施的提出与推进，是顺应数据科技迭代和人工智能快速发展的重要 举措，强调以释放数据价值为核心，重点建设运营数据流通与应用平台，并融 合网络、技术、标准与规范体系。 评论： 行业研究 计算机 2025 年 08 月 28 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 59,658.75 | 5.10 | | 流通市值(亿元) | 53,179.64 | 5.65 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI) [1] Core Views - The company's Q2 2025 financial results exceeded expectations, with total revenue reaching 7.34 billion yuan, a year-over-year increase of 20%, aligning with Bloomberg consensus [1] - The adjusted net profit attributable to shareholders was 560 million yuan, marking a return to profitability and surpassing Bloomberg consensus by 8% [1] Financial Summary - **Revenue Forecasts**: - 2024A: 26,832 million yuan - 2025E: 30,071 million yuan (YOY +12.1%) - 2026E: 32,638 million yuan (YOY +8.5%) - 2027E: 34,899 million yuan (YOY +6.9%) [4] - **Net Profit Forecasts**: - 2024A: -1,347 million yuan - 2025E: 903 million yuan (YOY +167.0%) - 2026E: 1,986 million yuan (YOY +120.0%) - 2027E: 3,029 million yuan (YOY +52.5%) [4] - **Earnings Per Share (EPS)**: - 2024: -3.20 yuan - 2025: 2.15 yuan - 2026: 4.72 yuan - 2027: 7.20 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 75.3 - Price-to-Book (P/B) ratio for 2025E: 4.5 [4] - **Target Price**: The target price is set at $27.52, with the current price at $22.74 [4] Business Segment Performance - **Gaming Business**: Revenue for Q2 2025 was 1.61 billion yuan, a year-over-year increase of 60%, driven by the success of the "Three Kingdoms: Strategy" game [8] - **Advertising Business**: Revenue reached 2.45 billion yuan in Q2 2025, a year-over-year increase of 20%, benefiting from AI-driven efficiency and e-commerce demand [8] - **VAS (Value-Added Services) Business**: Revenue was 2.84 billion yuan in Q2 2025, a year-over-year increase of 11%, supported by live streaming and other services [8]

Investment Rating - The report maintains a "Strong Buy" rating for Wuliangye [2][6] Core Views - The company demonstrated resilience in its financial performance, with H1 2025 revenue of 52.77 billion yuan, a year-on-year increase of 4.2%, and a net profit of 19.49 billion yuan, up 2.3% [2][6] - The target price is set at 215 yuan, reflecting confidence in the company's growth potential and dividend support [2][6] - The report highlights the company's strategic focus on enhancing marketing execution and operational efficiency, which is expected to drive future growth [6] Financial Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is projected at 89.175 billion yuan, with a decline of 5.1% in 2025 to 84.646 billion yuan, followed by a recovery to 87.270 billion yuan in 2026 and 93.496 billion yuan in 2027 [2][9] - Net profit is forecasted to decrease from 31.853 billion yuan in 2024 to 28.723 billion yuan in 2025, before rising to 29.357 billion yuan in 2026 and 31.940 billion yuan in 2027 [2][9] - **Earnings Per Share (EPS)**: - EPS is expected to be 8.21 yuan in 2024, decreasing to 7.40 yuan in 2025, then slightly increasing to 7.56 yuan in 2026 and 8.23 yuan in 2027 [2][9] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected at 15 for 2024, increasing to 17 for 2025 and 2026, and returning to 15 in 2027 [2][9] - The price-to-book (P/B) ratio is expected to decrease from 3.7 in 2024 to 3.1 in 2027 [2][9] Market Performance - The report notes that Wuliangye's stock price has shown resilience compared to the CSI 300 index, with a notable performance over the past 12 months [5][6]

证 券 研 究 报 告 复旦微电（688385）2025 年半年报点评 强推（维持） 业绩短期承压，高可靠产品动能修复 目标价：75.13 元/49.06 港元 事项： ❖ 公司发布 2025 年半年度报告：2025 年上半年公司实现营收 18.39 亿元 （YoY+2.49%），实现归母净利润 1.94 亿元（YoY-44.38%）。单二季度来看， 公司 25Q2 实现营收 9.51 亿元（YoY+5.50%，QoQ+7.09%），实现归母净利润 0.57 亿元（YoY-69.26%，QoQ-57.82%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,590 | 4,220 | 4,850 | 5,510 | | 同比增速(%) | 1.5% | 17.5% | 14.9% | 13.6% | | 归母净利润(百万) | 573 | 803 | 1,029 | 1,227 | | 同比增速(%) | -20.4% | ...

Investment Rating - The report maintains a "Strong Buy" rating for Tianwei Foods (603317) [2][8] Core Views - The company reported a total revenue of 1.39 billion yuan for H1 2025, a decrease of 5.2% year-on-year, while the net profit attributable to shareholders was 190 million yuan, down 23.0%. However, Q2 showed a recovery with revenue of 749 million yuan, an increase of 21.9%, and a net profit of 115 million yuan, up 62.7% [2][8] - The company is expected to achieve revenue growth for the full year 2025, driven by the recovery in its main business and contributions from newly consolidated businesses [8] Financial Performance Summary - **2025 H1 Financials**: - Total revenue: 1.39 billion yuan, down 5.2% YoY - Net profit: 190 million yuan, down 23.0% - Q2 revenue: 749 million yuan, up 21.9% - Q2 net profit: 115 million yuan, up 62.7% [2][8] - **Future Financial Projections**: - 2024A: Total revenue of 3.476 billion yuan, net profit of 625 million yuan - 2025E: Total revenue of 3.58 billion yuan, net profit of 615 million yuan - 2026E: Total revenue of 3.939 billion yuan, net profit of 698 million yuan - 2027E: Total revenue of 4.325 billion yuan, net profit of 789 million yuan [4][8] - **Earnings Per Share (EPS)**: - 2025E: 0.58 yuan - 2026E: 0.66 yuan - 2027E: 0.74 yuan [4][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 27.6 times - Price-to-Book (P/B) ratio for 2025: 2.9 times [4][8] Market Performance - The stock price as of August 27, 2025, was 12.37 yuan, with a target price set at 16 yuan [4][8] - The company has shown a recovery in Q2, with a gross margin of 37.0%, up 3.6 percentage points YoY, indicating improved profitability [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 yuan [1][6]. Core Views - The company shows resilience in the B-end business while the C-end continues to improve, with Q2 revenue growth approaching double digits, exceeding previous expectations [6]. - The company has optimized its product structure, leading to an increase in gross margin, with a Q2 gross margin of 34.7%, up by 2.6 percentage points year-on-year [6]. - The company is expected to maintain stable growth in revenue and profit in the second half of the year, driven by product innovation and channel network expansion [6]. Financial Summary - Total revenue for 2025 is projected at 2,894 million yuan, with a year-on-year growth rate of 9.2% [2]. - Net profit attributable to shareholders is expected to be 264 million yuan in 2025, reflecting a year-on-year growth of 13.4% [2]. - Earnings per share (EPS) is forecasted to be 0.66 yuan in 2025, with a price-to-earnings (P/E) ratio of 21 times [2][6]. - The company’s total assets are projected to reach 2,334 million yuan by 2025, with a debt-to-equity ratio of 13.7% [12].