Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company focuses on the research and manufacturing of optical components and modules, with stable revenue growth projected to reach 420 million yuan in 2024, a year-on-year increase of 14%, and a compound annual growth rate (CAGR) of 13% from 2019 to 2024 [2]. - The company is expected to benefit from the increasing demand for precision optical components in the semiconductor and general semiconductor manufacturing sectors, with a reported revenue of 51.09 million yuan in 2024, a year-on-year increase of 82.3% [2]. - The company has also begun supplying optical products for AR/VR applications, generating approximately 5.5 million yuan in revenue in 2024 [2]. Summary by Sections Company Overview - The company operates in the midstream of the optical industry, producing optical components that cover a wavelength range from ultraviolet to far infrared [14]. Downstream Applications - The demand for precision optics is driven by various emerging fields, including semiconductors, smart manufacturing, infrared security, and consumer-level optical products like AR/VR [25]. Revenue Growth and Business Expansion - The company achieved a revenue of 99 million yuan in Q1 2025, reflecting a year-on-year growth of 20.9% [33]. - The company's overseas business revenue reached 130 million yuan in 2024, a year-on-year increase of 35%, accounting for 31% of total revenue [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 510 million yuan, 640 million yuan, and 800 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 50 million yuan, 70 million yuan, and 90 million yuan [4]. - The report assigns a target price of 100.08 yuan per share based on a 2026 price-to-sales (P/S) ratio of 18x [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 166.0 billion, 196.8 billion, and 240.0 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11.51, 9.71, and 7.97 [4]. Core Views - The overall performance of the company meets expectations, with a significant increase in new car sales and revenue. The company sold 704,000 new cars in Q2, achieving a revenue of 77.79 billion, which represents a year-on-year increase of 41.5% [1][2]. - Despite a loss in the Zeekr segment, other divisions showed robust performance, indicating the company's resilience in a competitive market. The gross margin for Q2 was 17.1%, with a year-on-year increase of 0.6 percentage points [2][3]. - The company is expected to benefit from a strong new car cycle, with several new models set to launch, enhancing its growth potential in both electric and fuel vehicle segments [3][4]. Summary by Sections Financial Performance - In Q2, the company reported a total revenue of 77.79 billion, with a gross margin of 17.1% and a net profit of 3.16 billion, reflecting a year-on-year increase of 74.7% [1][2]. - The average selling price (ASP) per vehicle in Q2 was 111,000, showing a slight decrease of 3.5% compared to the previous quarter [1]. Cost and Expenses - The company’s sales, administrative, and R&D expense ratios for Q2 were 6.1%, 1.9%, and 5.1% respectively, indicating a slight increase in sales expenses [1]. Future Outlook - The company is positioned well for future growth, with strong new car launches anticipated, including the Galaxy A7 and Zeekr 9X, which are expected to drive sales and profitability [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][8]. Core Insights - The company reported a revenue of 3.48 billion CNY for H1 2025, reflecting a year-on-year growth of 18.5%. The net profit attributable to shareholders was 740 million CNY, also up by 18.5% year-on-year [1]. - The performance of different product segments showed mixed results, with noodle products declining by 3.2%, while vegetable products grew by 44.3%. The overall sales in offline channels increased by 21.5%, while online sales saw a decrease of 3.8% [2]. - The company is focusing on optimizing its supply chain and improving production efficiency, achieving a total capacity utilization rate of 79%, which is a 12.5% increase year-on-year [3]. Financial Performance - The gross margin and net margin for H1 2025 were 47.2% and 21.1%, respectively, showing a decrease of 2.6 percentage points and 0.1 percentage points year-on-year [3]. - The company has adjusted its profit forecasts for 2025-2027, increasing the net profit estimates by 10%, 8%, and 5% respectively, projecting net profits of 1.43 billion CNY, 1.73 billion CNY, and 2.07 billion CNY for those years [4]. - The report highlights a significant increase in overseas revenue, with growth exceeding 50%, and anticipates that overseas sales will surpass 100 million CNY for the year [2]. Product and Channel Analysis - The company is benefiting from the introduction of new flavors and product forms, particularly in the konjac product line, which is expected to drive continued sales growth [3]. - The report notes that traditional channels are improving efficiency while new channels are rapidly developing, contributing to overall sales growth [3]. Regional Performance - Revenue growth varied by region, with the highest growth in overseas markets at 54.4%, followed by South China at 34.6% and East China at 22.9% [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a revenue of 810 million RMB for the first half of 2025, a year-on-year decline of 8.8%, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 58 million RMB, a significant increase of 79.9% [2]. - The decline in revenue is attributed to a drop in both software and technical service revenues, with software revenue down 10.2% and technical service revenue down 6.5% [3]. - The increase in net profit is primarily due to cost reduction measures, with total costs and expenses decreasing by 10.1%, outpacing the revenue decline [3]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 480 million RMB, down 11.6% year-on-year, while the net profit attributable to the parent company was 34 million RMB, up 130.2% year-on-year [2]. Business Analysis - The company is actively expanding overseas and has established localized teams in countries such as Singapore and Indonesia to address challenges in its domestic business [3]. - The company has developed a product matrix with fourteen specialized products and introduced the Xiaoe.AI platform, which supports customizable training for various business functions [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are estimated at 2.21 billion RMB, 2.07 billion RMB, and 1.995 billion RMB, reflecting a year-on-year decline of 7.7%, 6.3%, and 3.6% respectively [4]. - The net profit attributable to the parent company is forecasted to be 250 million RMB for 2025, with a growth rate of 41.0%, followed by a slight decline in subsequent years [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.43 billion RMB for the first half of 2025, representing a year-on-year growth of 9.0%, but the net profit attributable to shareholders decreased by 26.6% to 473 million RMB [3] - The short-term performance is slightly pressured due to the revenue recognition cycle of offshore wind projects, with the cable business showing a revenue increase of 25% year-on-year [4] - Inventory and contract liabilities have significantly increased, indicating potential for accelerated performance in the second half of the year [5] - The company has a strong order backlog of 19.6 billion RMB, with expectations for accelerated order acquisition in the second half [5] Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, down 17.1% year-on-year, and a net profit of 192 million RMB, down 49.6% [3] Operational Analysis - The power engineering and cable business generated 2.2 billion RMB in revenue, up 25% year-on-year, while the submarine cable and high-voltage cable segment generated 2 billion RMB, up 8% year-on-year [4] - The marine equipment and engineering operations segment saw a significant decline of 45% year-on-year [4] Inventory and Order Backlog - As of mid-2025, contract liabilities reached 1.67 billion RMB, up 473% year-on-year, and inventory stood at 3.13 billion RMB, up 67% year-on-year [5] - The company has a robust order backlog of 19.6 billion RMB, with expectations for new project bids in the offshore wind sector [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion RMB, respectively, with corresponding P/E ratios of 21, 16, and 13 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Views - The company reported a significant revenue increase of 62.49% year-on-year, reaching 828 million RMB in the first half of 2025, with a net profit growth of 118.02% to 173 million RMB [2]. - The optical device revenue showed a strong growth of 64% year-on-year, with North American sales increasing by 69%, reflecting a robust demand in the MPO industry [3]. - The company is expected to benefit from the ramp-up of production capacity in Vietnam and the introduction of new products, enhancing its gross margin and positioning in the CPO era [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 828 million RMB, a year-on-year increase of 62.49%, and a net profit of 173 million RMB, up 118.02% [2]. Operational Analysis - The company's optical device revenue for the first half of 2025 was 812 million RMB, a 64% increase year-on-year, with North American revenue at 610 million RMB, up 69% [3]. - The revenue slightly decreased by 1.6% compared to the second half of 2024, attributed to production capacity ramp-up issues, with a capacity utilization rate of 100% [3]. Profit Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 2.011 billion RMB, 2.811 billion RMB, and 3.850 billion RMB, respectively, with net profits of 430 million RMB, 623 million RMB, and 851 million RMB [5]. - The current PE ratios are projected at 71.96, 49.66, and 36.35 for the years 2025, 2026, and 2027, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.04 billion RMB in H1 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 350 million RMB, up 13% year-on-year [2] - In Q2 2025, the company reported a revenue of 3.69 billion RMB, a growth of 19.3% year-on-year, and a net profit of 180 million RMB, which is a 12.3% increase year-on-year [2] - The company overcame downward pressure on freight rates, with the CCFI index averaging 1162 in Q2 2025, down 19% year-on-year, yet still achieved revenue growth due to increased business volume [2] - The company is focusing on smart supply chain services and enhancing chemical distribution services, acquiring several key clients in the new energy, chemical, semiconductor, and pharmaceutical sectors [2] - The company has maintained a warehouse asset utilization rate of 85% and is progressing well with self-built bases in Zhanjiang and Huizhou [2][3] - The gross profit margin improved to 11.3% in Q2 2025, up 0.4 percentage points year-on-year, attributed to a lower decline in freight forwarding gross profit per container compared to freight rate declines [3] - The company completed equity investments totaling 183 million RMB, primarily in the chemical new materials and logistics sectors, enhancing its supply chain service capabilities [3] Summary by Sections Performance - H1 2025 revenue: 7.04 billion RMB, up 17.4% YoY - H1 2025 net profit: 350 million RMB, up 13% YoY - Q2 2025 revenue: 3.69 billion RMB, up 19.3% YoY - Q2 2025 net profit: 180 million RMB, up 12.3% YoY [2] Operational Analysis - Q2 2025 CCFI index: 1162, down 19% YoY - Revenue growth driven by increased business volume despite freight rate pressures - Focus on smart supply chain and chemical distribution services with new key clients [2][3] Profitability and Expenses - Q2 2025 gross profit margin: 11.3%, up 0.4 percentage points YoY - Q2 2025 expense ratio: 4.5%, up 0.2 percentage points YoY - Q2 2025 net profit margin: 4.9%, down 0.3 percentage points YoY [3] Profit Forecast, Valuation, and Rating - Revised net profit forecasts for 2025-2027: 650 million RMB, 800 million RMB, 950 million RMB - Maintained "Buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has achieved the primary endpoint in the Phase III clinical trial of its innovative drug, Taitasip (BLyS/APRIL dual-target fusion protein), for the treatment of primary Sjögren's syndrome (pSS) and plans to submit a marketing application to the National Medical Products Administration (NMPA) [2]. - There is a large patient base for Sjögren's syndrome in China, with an estimated prevalence of 0.3%-0.7%, translating to approximately 4.2 to 9.8 million patients, and the demand for effective treatments is significant due to the limited availability of specialized therapies [3]. - The company is progressing rapidly in the development of Taitasip, which has a clear first-mover advantage in the domestic market, as it is among the few innovative therapies for Sjögren's syndrome currently in clinical trials [3]. - Taitasip has demonstrated good efficacy and safety in its Phase II clinical trial, with no deaths or serious adverse events reported [3]. - The company is also advancing its PD-1/VEGF dual antibody, RC148, which has received FDA IND approval and is expected to enter international Phase II clinical trials [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.339 billion RMB, 3.247 billion RMB, and 4.597 billion RMB in 2025, 2026, and 2027, respectively, with a net profit of -855 million RMB, -90 million RMB, and 362 million RMB in the same years [5][9]. - The revenue growth rates are expected to be 40.26%, 58.54%, 36.26%, 38.78%, and 41.58% from 2023 to 2027 [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Based on Wind data, among the bonds traded at a discount, "24 Chengtong Holdings MTN009A" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "24 Huangchan 02" led in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "23 Haixia Bank Perpetual Bond 03" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Nanjing Bank Green Bond 01" led in terms of valuation price deviation. Among the bonds with a trading yield higher than 6%, real - estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties. By industry, the bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading Tracking - "24 Chengtong Holdings MTN009A" had a valuation price deviation of - 0.28%, a valuation net price of 110.08 yuan, a valuation yield of 2.52%, and a trading volume of 5,519 million yuan. Other bonds such as "25 Ganfeng Lithium MTN001 (Science and Technology Innovation Notes)" also had different degrees of discount trading [4]. 3.2 Tracking of Bonds with Rising Net Prices - "24 Huangchan 02" had a valuation price deviation of 0.39%, a valuation net price of 105.38 yuan, a valuation yield of 3.96%, and a trading volume of 1,148 million yuan. There were also many other bonds with rising net prices and different degrees of valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Trading - "23 Haixia Bank Perpetual Bond 03" had a valuation price deviation of 0.03%, a valuation net price of 107.30 yuan, a valuation yield of 2.46%, and a trading volume of 4,291 million yuan. Most of the Tier 2 and perpetual bonds had a valuation price deviation of around 0.02% - 0.03% [6]. 3.4 Tracking of Commercial Financial Bond Trading - "25 Nanjing Bank Green Bond 01" had a valuation price deviation of 0.01%, a valuation net price of 99.83 yuan, a valuation yield of 1.75%, and a trading volume of 998 million yuan. Most of the commercial financial bonds had a valuation price deviation of 0.01% [7]. 3.5 Tracking of Bonds with a Trading Yield Higher than 6% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" all had trading yields higher than 6%, with "22 Vanke 02" having a valuation yield of 7.25% and a trading volume of 727 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms on the Day The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Trading Terms on the Day The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties [2]. 3.9 Deviation and Trading Volume of Non - financial Credit Bond Valuation Prices by Industry The bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2].

存量市场特征 超长信用债收益窄幅波动。本周（2025.8.4-2025.8.8，下同）影响债券定价信息依旧纷杂，债市情绪偏于谨慎。与上 周相比，存量超长信用债收益率小幅下行，收益率中枢维持在 2.1%-2.3%区间。 一级发行情况 超长产业新债认购情绪回弹。本周超长信用新债发行规模合计 197 亿，供给量虽有一定回升，但其占当周信用债总发 行规模的比例读数还在下滑。在新债发行利率方面，本周超长产业新债发行利率均值继续上行，现已升至 2.3%以上。 或是出于超长产业债票面利率的回升，叠加月初资金利率低位徘徊，投资者参超长信用债认购力度又有强化。 二级成交表现 超长信用债指数定价基本持平上周。债市前瞻难度加大的背景下，超长信用债表现不及主流债券资产，本周 10 年以 上国债、3-5 年中票、3-5 年国股二级债指数走势均好于超长信用债指数。 超长信用债成交笔数显著回落。7 月以来超长信用债浮盈缺乏，在预期不稳的债市中，难控回撤的弊病致使该品种交 易需求显著减弱，本周 7 年及以上城投债与产业债合计成交笔数从上周的 515 笔下降至 389 笔。成交收益方面，最为 活跃的 7-10 年产业债，成交收益率均值边际修复 ...