Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The Hedda Convertible Bond (127088.SZ) is a high - quality balanced bond with the issuer's performance and valuation at a low level. The company has excellent fundamentals, and its performance and valuation are at historical lows. The bond has a long remaining term [1][4] - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged, without considering forced redemption and downward revision, the reasonable valuation of the Hedda Convertible Bond is between 124 and 132 yuan [5] Summary by Relevant Catalogs Information about the Convertible Bond - The Hedda Convertible Bond has a rating of AA - a bond balance of 600 million yuan, accounting for 99.97% of the total issuance. The remaining term is 3.82 years. The latest closing price is 122.79 yuan, the conversion premium rate is 50.15%, and the pure bond premium rate is 14.83% [1] Information about the Underlying Stock - The underlying stock is Shandong Hedda (002810.SZ), established in 1992. Its main products are cellulose ether and plant capsules, and its business covers more than 100 countries and regions. The latest total market value is 4.797 billion yuan, and the 2025E PE is 26.3x. The actual controller is an individual, and the largest shareholder and persons acting in concert hold a total of 39.87% of the shares. The attributable net profit in H125 decreased by 8.71% year - on - year [2] Main Highlights of the Hedda Convertible Bond - The company has been deeply involved in the cellulose ether industry for nearly 30 years. Cellulose ether has many advantages. The company's products cover more than 70 categories and more than 100 models, with rich structure and leading technology. By the end of H125, its wholly - owned subsidiary Zhongfu Hedda had a production capacity of 10,000 MT and was one of the largest HEC manufacturers in China [3] - The company has extended its industrial chain to the downstream plant capsule industry. Compared with gelatin capsules, plant capsules have many advantages and are mainly used in the steadily growing health product industry. By the end of H125, the company's effective production capacity was 30 billion capsules, with a capacity utilization rate of about 60%. The US factory with a planned capacity of 20 billion capsules is under construction and is expected to be put into production in the middle of next year [4] - The company has a high proportion of overseas revenue. In 2024, the export proportions of building - grade, pharmaceutical and food - grade cellulose ether, and plant capsules were 56.4%, 57.3%, and 88.2% respectively. In 2025, the US imposed anti - dumping duties on some of the company's products, affecting orders and increasing raw material costs. Currently, the company is actively responding, and the unreasonable factors may ease in Q4, when the performance is expected to turn around [4]

Industry Overview - The report highlights the upcoming IPO application by Yushu Technology in Q4 2025, with significant sales contributions from quadruped and humanoid robots [6][8] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation are addressing low-price competition in the photovoltaic sector to promote high-quality development [6][8] - The National Development and Reform Commission has released a draft for the basic rules of the medium- and long-term electricity market to prevent market manipulation and promote fair competition [6][8] Company Analysis Dingjie Intelligence (300378.SZ) - The company reported a revenue of 1.045 billion yuan in H1 2025, a year-on-year increase of 4.08%, with a net profit of 45 million yuan, up 6.09% [8][10] - AI commercialization is accelerating, with a projected EPS of 0.75, 0.94, and 1.16 yuan for 2025-2027 [12] Jinkong Coal Industry (601001.SH) - The company achieved a revenue of 476 million yuan in H1 2025, a 4.61% increase year-on-year, with a focus on high-growth sectors like electronics and automotive components [13] - The net profit margin improved to 4.22%, up 0.23 percentage points from the previous year [13] Xiechuang Data (300857.SZ) - The company reported a revenue of 4.944 billion yuan in H1 2025, a 38.18% increase year-on-year, with a net profit of 432 million yuan, up 20.76% [16] Yonggui Electric (300351.SZ) - The company achieved a revenue of 1.027 billion yuan in H1 2025, a 20.65% increase year-on-year, with a focus on emerging sectors like embodied intelligence [23] Wan'an Technology (002590.SZ) - The company reported a revenue of 2.165 billion yuan in H1 2025, a 14.91% increase year-on-year, although net profit decreased by 2.13% [31] Yap Group (603013.SH) - The company achieved a revenue of 4.345 billion yuan in H1 2025, a 12.79% increase year-on-year, with a net profit of 287 million yuan, up 11.82% [34][35] Huayang Co., Ltd. (600348.SH) - The company reported a revenue of 11.240 billion yuan in H1 2025, a decrease of 7.86% year-on-year, with a net profit of 783 million yuan, down 39.75% [39] Shanco International (600546.SH) - The company achieved a revenue of 5.158 billion yuan in Q2 2025, a 14.56% increase from the previous quarter, with a focus on improving production and sales ratios [41][42]

Investment Rating - The report assigns an "Accumulate-A" rating for Wan'an Technology (002590.SZ) [1] Core Views - The company achieved a revenue of 2.165 billion yuan in the first half of 2025, representing a year-on-year growth of 14.91%. However, the net profit attributable to the parent company decreased by 2.13% to 85.18 million yuan [2][3] - The company is expected to benefit significantly from the implementation of AEBS regulations, which will enhance its market position in the automotive parts industry [5] - The company is actively expanding its overseas presence and has made progress in its fundraising projects, which will support future growth [4] Financial Performance - In the first half of 2025, the revenue from the air brake system was 602 million yuan, down 1.47% year-on-year, while the hydraulic brake system revenue increased by 34.99% to 552 million yuan. The subframe product revenue grew by 19.72% to 738 million yuan [3] - The gross margin for the first half of 2025 was 16.08%, a decrease of 2.05 percentage points year-on-year, and the net margin was 4.02%, down 0.62 percentage points [3] - The company expects revenue for 2025-2027 to be 4.982 billion, 5.735 billion, and 6.625 billion yuan, respectively, with net profits of 232 million, 275 million, and 343 million yuan [9] Market Position and Strategy - The company is positioned in the core area of intelligent chassis and is expanding from braking systems to the entire chassis field, creating a competitive advantage through technology accumulation and customer resources [9] - The company has established joint ventures in Mexico and Morocco to enhance its global supply chain capabilities and expand its market reach [4]

汽车零部件Ⅲ 亚普股份（603013.SH） 增持-A(首次) | 市场数据：2025 年 9 月 | 9 日 | | --- | --- | | 收盘价（元）： | 25.65 | | 年内最高/最低（元）： | 26.28/12.55 | | 流通A股/总股本（亿）： | 5.13/5.13 | | 流通 股市值（亿）： A | 131.48 | | 总市值（亿）： | 131.48 | 事件描述 | 基础数据：2025 年 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.56 | | 摊薄每股收益(元)： | | | 0.56 | | 每股净资产(元)： | | | 9.52 | | 净资产收益率(%)： | | | 6.26 | 资料来源：最闻 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 多点开花业绩稳健增长，外延并购拓宽发展路径 2025 年 9 月 9 日 公司研究/公司快报 近日，亚普股份发布 2025 年 ...

Investment Rating - The report maintains a "Buy-A" rating for Dingjie Smart (300378.SZ) [1][6] Core Insights - The company achieved a revenue of 1.045 billion yuan in the first half of 2025, representing a year-on-year growth of 4.08%. The net profit attributable to shareholders was 45 million yuan, up 6.09% year-on-year [4] - The company is focusing on high-growth sectors such as electronics and automotive components, while also accelerating AI integration across its product lines, leading to a significant increase in AI-related revenue, which grew by 125.91% year-on-year [5][6] Financial Performance Summary - In the first half of 2025, the company reported a gross margin of 58.32%, an increase of 0.88 percentage points compared to the same period last year. The net profit margin reached 4.22%, up 0.23 percentage points year-on-year [4] - The company’s revenue from the mainland China region was 476 million yuan, a year-on-year increase of 4.61%, while revenue from non-mainland China was 569 million yuan, growing by 3.65% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.75, 0.94, and 1.16 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 67.0, 53.8, and 43.4 [6][7] AI Integration and Market Expansion - The company has integrated AI into four major industrial software product segments, enhancing its offerings in product lifecycle management (PLM), digital management, production control, and AIoT solutions [5] - The company is actively pursuing opportunities in Southeast Asia, resulting in a 60.87% year-on-year revenue growth in that market [4][5]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company has shown improvement in the second quarter, with both dividend value and growth potential coexisting [1] - The company reported a revenue of 5.965 billion yuan in the first half of 2025, a year-on-year decrease of 19.16%, and a net profit attributable to shareholders of 876 million yuan, down 39.01% year-on-year [2] - In the second quarter, the company achieved a revenue of 3.541 billion yuan, a year-on-year decrease of 4.83% but a quarter-on-quarter increase of 46.07% [2] - The company’s coal production and sales improved in the second quarter, with raw coal production reaching 9.3565 million tons, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 19.0% [4] Financial Performance - The company completed coal production of 17.2191 million tons in the first half of 2025, a year-on-year increase of 1.72%, while commodity coal sales were 13.2949 million tons, down 8.01% year-on-year [4] - The company’s earnings per share (EPS) for the first half of 2025 was 0.52 yuan, with a diluted EPS of 0.52 yuan [5] - The net asset return rate (ROE) is reported at 4.35% [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.585 billion yuan, 1.668 billion yuan, and 2.003 billion yuan respectively, with dynamic PE ratios of 13.5, 12.9, and 10.7 times [6] Market Data - As of September 9, 2025, the closing price of the company's stock was 12.88 yuan, with a year-to-date high of 18.72 yuan and a low of 10.89 yuan [4] - The total market capitalization of the company is 21.557 billion yuan [4]

Investment Rating - The investment rating for Huayang Co., Ltd. (600348.SH) is maintained at "Accumulate-A" [1] Core Views - The report indicates that while coal prices have decreased, the company has seen an increase in coal production, suggesting potential for growth in the future [6][8] - The company has made significant progress in its new energy and materials projects, particularly in sodium-ion battery materials, which are expected to enhance its future revenue streams [6][8] Summary by Sections Market Data - Closing price as of September 9, 2025, is CNY 7.10 - Year-to-date high/low prices are CNY 9.31 and CNY 6.17 respectively - Circulating A-shares and total share capital are both 3.608 billion shares - Circulating A-share market capitalization is CNY 25.613 billion, with a total market capitalization also at CNY 25.613 billion [3] Financial Performance - For the first half of 2025, the company reported operating revenue of CNY 11.240 billion, a year-on-year decrease of 7.86% - The net profit attributable to shareholders was CNY 783 million, down 39.75% year-on-year - In Q2 2025, operating revenue was CNY 5.422 billion, a decrease of 10.24% year-on-year and 6.79% quarter-on-quarter; net profit was CNY 186 million, down 56.97% year-on-year and 68.89% quarter-on-quarter [5] Production and Sales - In H1 2025, the company achieved a raw coal output of 20.76 million tons, an increase of 11.25% year-on-year - Purchased coal amounted to 1.84 million tons, up 14.28% year-on-year - Total coal sales reached 19.28 million tons, a year-on-year increase of 12.79% - The average selling price of coal was CNY 460.84 per ton, a decrease of 19.50% year-on-year [6] Future Growth and Resource Security - The company is expected to enhance its coal production capacity to over 45 million tons per year with the commissioning of new mines - The acquisition of coal exploration rights in the Yujiazhuang block is projected to add approximately 630 million tons of coal resources, increasing the total coal reserves to nearly 7 billion tons, primarily consisting of rare non-caking coal [7] Investment Recommendations - Projected net profits for 2025-2027 are CNY 1.741 billion, CNY 2.156 billion, and CNY 2.346 billion respectively - The dynamic PE ratios for the same period are estimated at 14.5, 11.7, and 10.8 times - Despite the decline in coal prices affecting performance, the future production from new mines is expected to support growth - The company is committed to stable dividends for investors [8]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][6]. Core Insights - The company has exceeded expectations in Q2 growth, with significant increases in its computing power leasing business. The server remanufacturing and computing power services have been the main contributors to revenue growth [1][4]. - The company is positioned as a leader in server remanufacturing in China, with emerging businesses like cloud computing expected to drive rapid revenue growth in the future [6][5]. Financial Performance - For the first half of 2025, the company achieved revenue of 4.944 billion yuan, a year-on-year increase of 38.18%, and a net profit of 432 million yuan, up 20.76% year-on-year [7]. - The company’s revenue breakdown for H1 2025 shows: - Data storage devices: 1.835 billion yuan, down 5.27% year-on-year - AIoT terminals: 875 million yuan, down 11.61% year-on-year - Server peripherals and remanufacturing: 835 million yuan, up 119.49% year-on-year - Intelligent computing products and services: 1.221 billion yuan, up 100.00% year-on-year [4][5]. - The gross margin for H1 2025 was 17.61%, an increase of 0.15 percentage points compared to the same period last year [4]. Future Projections - The company is expected to see EPS of 3.22, 5.00, and 6.71 for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35.74, 22.99, and 17.15 based on the closing price of 115.01 yuan on September 9, 2025 [6][11]. - Revenue forecasts for the upcoming years are as follows: - 2025: 10.984 billion yuan - 2026: 14.585 billion yuan - 2027: 18.305 billion yuan - Year-on-year growth rates are projected at 48.2%, 32.8%, and 25.5% respectively [9][11].

Investment Rating - The investment rating for the company is "Accumulate-A" [1] Core Views - The company reported a revenue of 1.027 billion yuan in H1 2025, representing a year-on-year increase of 20.65%. However, the net profit attributable to shareholders decreased by 24.90% to 55.76 million yuan due to several factors including lower gross margins in the automotive and energy information sectors, increased financial expenses from convertible bond issuance, and impairment losses [4][5] - The company is actively pursuing cost reduction and efficiency improvement measures to enhance profitability, with expectations of gradual recovery in profit margins as order fulfillment increases and production capacity utilization improves [5][6] - The company is making significant advancements in the electric vehicle charging technology sector, focusing on high-power charging solutions to meet the demands of commercial vehicles [6] - The company is strategically positioning itself in emerging fields such as embodied intelligence and low-altitude economy, with substantial investments in R&D and a growing patent portfolio [6] Financial Performance Summary - For H1 2025, the company achieved a revenue of 1.027 billion yuan, with a gross margin of 25.94% and a net margin of 6.16%, both showing a decline compared to the previous year [5] - The company expects revenues of 2.429 billion yuan, 2.902 billion yuan, and 3.463 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 102 million yuan, 117 million yuan, and 148 million yuan [8][10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.26 yuan, 0.30 yuan, and 0.38 yuan, with price-to-earnings (P/E) ratios of 66, 58, and 46 respectively [8][10] Market Data Summary - As of September 9, 2025, the closing price of the company's stock was 17.25 yuan, with a year-to-date high of 21.25 yuan and a low of 13.16 yuan [3] - The circulating A-shares amount to 262 million out of a total share capital of 388 million, resulting in a market capitalization of 6.691 billion yuan [3]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company's performance has improved quarter-on-quarter, with a focus on the recovery of the production and sales ratio [1][6] - The company reported a revenue of 9.66 billion yuan for the first half of 2025, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 655 million yuan, down 49.25% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 5.16 billion yuan, a year-on-year decrease of 33.03% but a quarter-on-quarter increase of 14.56%, with a net profit of 400 million yuan, down 43.45% year-on-year but up 56.91% quarter-on-quarter [2][4] Financial Performance - The company produced 17.82 million tons of raw coal in the first half of 2025, an increase of 15.86% year-on-year, while total sales of commercial coal were 17.88 million tons, a decrease of 14.1% year-on-year [4][5] - Despite a decline in coal prices, the company's coal production and sales improved in Q2, with self-produced coal revenue reaching 3.13 billion yuan, a quarter-on-quarter increase of 19.31%, and sales volume of 5.93 million tons, up 34.3% quarter-on-quarter [4][5] - The company has committed to distributing dividends of no less than 60% of the annual distributable profits for the years 2024-2026, indicating potential future dividend value [4][5] Future Projections - The company is projected to achieve net profits of 1.51 billion yuan, 1.67 billion yuan, and 1.92 billion yuan for the years 2025-2027, respectively [6] - The dynamic PE ratios for 2025-2027 are expected to be 12.9, 11.7, and 10.1 times, respectively, reflecting the company's improving performance and dividend value [6][8]