证券研究报告 | 2025 年 09 月 10 日 晨会集萃 制作：产品中心 重点推荐 《策略|"移动互联网+"VS"人工智能+"，如何看本轮科技牛潜在空间？ ——产业赛道与主题投资风向标》 1、周思考：对比两轮起点至今的领涨行业，可清晰定位当前行情"进度 条"。市场高度：2013 年 6 月 25 日至 2015 年末 TOP10 二级行业平均涨 幅峰值 446%；2024 年 9 月 24 日至 2025 年 9 月 5 日为 110%，仅约上一 轮峰值 1/4，指数层面或仍有上行空间。赚钱效应：2013 年 6 月 25 日至 2015 年末百日新高个股占比最高 64%；本轮 2024 年 10 月初冲高至 65% 后回落，近期阶段高点 25%，与 64% 峰值或仍有差距，行情仍处"龙头 领涨"阶段。市场活跃度：2013-2015 年成交 TOP10 二级行业占比均值 33.3%、峰值 53%；2024 年 9 月 24 日至今均值 36.8%、峰值 45%，未破 50% 的" 过热警戒线"，整体处于"活跃但未极端"的状态。机构持仓：上一 轮 TMT 基金平均持股比例最高 8.28%，当前 2025H1 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's D-2570 (TYK2) inhibitor shows potential as a best-in-class treatment, with ongoing clinical trials for multiple indications including ulcerative colitis and psoriasis [1][2] - D-2570 demonstrated superior efficacy in Phase II trials for psoriasis, achieving a PASI 75 response rate of 90.0%, significantly higher than the placebo group [1] - The safety profile of D-2570 is favorable, with most adverse events being mild to moderate and no serious adverse events reported [1] Clinical Development - D-2570 is being explored for various indications, including ulcerative colitis, psoriatic arthritis, and systemic lupus erythematosus [2] - The Phase II clinical trial for ulcerative colitis commenced in May 2025 [2] Preclinical Innovations - The company has high molecular innovation in preclinical candidates YF087 and YF550, which have shown excellent anti-tumor efficacy in various animal models [3][4] - YF087 targets the synthetic lethal target WRN, demonstrating significant effects on MSI-H tumors, while YF550 targets KIF18A, crucial for the proliferation of CIN+ tumor cells [3][4] Financial Forecast - The company is expected to face challenges in profitability, with projected net losses of -243 million and -219 million CNY for 2025 and 2026 respectively [5][10] - Revenue is forecasted to grow from 185.53 million CNY in 2023 to 503.37 million CNY by 2027, reflecting a compound annual growth rate [10][12] Market Position - The company operates in the highly competitive pharmaceutical and chemical manufacturing industry, particularly in the oncology and autoimmune disease segments [5]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7]. Core Views - The company is a leader in refrigerator door seals and is expanding into automotive parts, focusing on intelligent driving and new materials [1][3]. - The company has achieved significant growth in overseas markets, with overseas revenue expected to exceed 500 million yuan in 2024 [2][30]. - The company is actively developing new materials, including a patented alloy that may open new market opportunities [4][39]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of home appliance and automotive parts, with its main product being refrigerator door seals, recognized as a "manufacturing single champion product" [1][14]. - By the end of 2024, the company will have established 16 overseas bases, achieving its "1515" internationalization strategy ahead of schedule [1][15]. Home Appliance Business - The home appliance segment is the cornerstone of the company's revenue and profit, with growth driven by new products and overseas expansion [2]. - The company has expanded its product offerings beyond refrigerator seals to include components, injection molding, and glass products, with a focus on washing machine seals [23][24]. - In 2024, overseas revenue is projected to surpass 500 million yuan, with significant growth in markets like Vietnam and Thailand [30]. Automotive Parts - The company is positioning itself in the automotive sector, focusing on intelligent steering and sensing components, with a recent acquisition of a 51% stake in Guo Taiyang, a company specializing in steering systems [3][36]. - The shift from electric power steering (EPS) to steer-by-wire (SbW) systems is anticipated to drive growth in this segment [32]. Material Development - The company is enhancing its material research capabilities, transitioning from soft PVC to TPE for refrigerator seals, and has developed a new alloy material with superior properties [4][39]. - The new alloy material is expected to find applications in various fields, potentially creating new growth avenues for the company [39]. Financial Forecast - Revenue projections for 2025-2027 are 4.2 billion, 5.07 billion, and 6.04 billion yuan, respectively, with net profits expected to grow to 160 million, 210 million, and 270 million yuan [5][41]. - The company is valued at a target price of 46.25 yuan based on a 25X valuation for 2025 [5][44].

Group 1 - The report highlights the significant growth of the AI industry driven by the synergy of computing power, models, and applications, with a strong policy framework supporting its development since 2019 [1][9][10] - The demand for AI computing power continues to rise, with AIDC becoming a core engine for AI development, providing efficient and stable computing environments for AI training and inference [15][16] - The global AI investment and financing amount surged to 31.6 billion USD in the first half of 2024, a year-on-year increase of 84%, with large model enterprises leading the financing events [2][25][27] Group 2 - The CSI Artificial Intelligence Theme Index consists of 50 listed companies involved in providing foundational resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [3][43] - As of September 2025, the index has shown a total return of 63.28% from January 2020 to September 2025, with an annualized return of 15.14%, outperforming major indices like CSI 300 [3][53] - The index's constituent stocks are primarily concentrated in the computer, electronics, and communication sectors, with a market capitalization distribution indicating a balanced representation across different company sizes [3][47][49] Group 3 - The report details the performance of the Huaxia CSI Artificial Intelligence Theme ETF, which tracks the CSI Artificial Intelligence Theme Index and has a fund size of 9.075 billion CNY as of September 2025 [4][57] - The ETF aims to minimize tracking deviation and error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [4][58]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [8]. Core Views - The company has shown robust expansion with record-high performance indicators, achieving a revenue of 167.71 billion yuan in H1 2025, a year-on-year increase of 11.50%, and a net profit of 23.29 billion yuan, up 54.41% year-on-year [1][5]. - The company is expected to benefit from the long-term growth of copper and gold prices, supported by increased resource reserves that provide room for expansion [5]. Summary by Sections Performance - In H1 2025, the company achieved a total revenue of 167.71 billion yuan, with a profit of 34.50 billion yuan, and a net profit attributable to shareholders of 23.29 billion yuan, reflecting significant year-on-year growth [1]. Production Volume - The company reported steady increases in the production of its main products: copper production reached 570,000 tons (up 9% YoY), gold production was 41 tons (up 16% YoY), and lithium carbonate equivalent production surged by 2961% to 7,315 tons [2]. Cost and Profitability - The operating cost for H1 2025 was 127.88 billion yuan, a 5.16% increase YoY, primarily due to declining ore grades and increased transportation distances. However, the rise in gold and copper prices contributed to an increase in gross margin by 4.60 percentage points [3]. Expenses - Financial expenses decreased by 13.46% YoY due to lower financing costs, while management expenses rose by 24.25% YoY, attributed to increased labor costs and hiring due to expansion [4]. Investment Recommendations - The report maintains a positive outlook on copper and gold prices, projecting continued revenue and profit growth. The company’s resource reserves have significantly increased, supporting future production expansion. The net profit estimates for 2025, 2026, and 2027 have been raised to 48.17 billion yuan, 53.16 billion yuan, and 59.19 billion yuan respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][8][17]. Core Views - The company reported a significant profit increase in Q2 2025, benefiting from rising gold prices and optimized product structure, with a net profit of 3.4 billion yuan, a year-on-year increase of 31.3% [1][4]. - The mid-term dividend proposal includes a cash dividend of 0.25 yuan per share, with a payout ratio of approximately 45% [1]. - The company has shown strong operational resilience and potential for brand matrix development, leading to an adjustment in profit forecasts for 2025-2027 [4]. Financial Performance - In H1 2025, the company achieved revenue of 4.6 billion yuan, a year-on-year decline of 43.9%, while the net profit was 590 million yuan, down 1.3% [1]. - For Q2 2025, revenue was 1.92 billion yuan, a year-on-year decline of 38.5%, but net profit increased by 31.3% [1]. - The gross margin improved to 30.3% in H1 2025, up 12.0 percentage points year-on-year, and the net margin reached 12.9%, an increase of 5.6 percentage points [3]. Business Segmentation - In H1 2025, revenue from various product categories showed significant variation: gold products declined by 50.9%, while embedded jewelry saw a smaller decline of 23.1% [2]. - Revenue from franchise and brand usage fees increased by 4.4%, while management service revenue decreased by 18.3% [2]. - The company operated 4,718 stores at the end of H1 2025, with a net decrease of 113 stores in Q2 2025 [2]. Profitability Metrics - The company’s net profit forecast for 2025 is adjusted to 1.12 billion yuan, with projected PE ratios of 14, 12, and 11 for 2025, 2026, and 2027 respectively [4][6]. - The report highlights a strong improvement in profitability metrics, with a net profit margin of 17.7% in Q2 2025, up 9.4 percentage points year-on-year [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company achieved a revenue of 4.336 billion yuan in the first half of 2025, representing a year-on-year growth of 12.35%, and a net profit of 1.052 billion yuan, up 27.63% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 35.75% and 24.27%, respectively, showing improvements compared to the previous year [1]. - The company has successfully navigated tariff challenges, particularly in the U.S. market, and has seen a 21% year-on-year growth in overseas business [2][3]. - New differentiated products, such as ship spray rust removal robots and tunnel drilling robots, have opened new market opportunities [2]. - The company has introduced a "fuel-to-electric" service to enhance customer asset utilization and reduce lifecycle costs [2]. Financial Data and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 2.168 billion, 2.556 billion, and 2.930 billion yuan, respectively, reflecting growth rates of 33%, 18%, and 15% [3]. - The financial forecast indicates a revenue growth rate of 20.29% for 2025, with an expected EBITDA of 2.600 billion yuan [3][9]. - The company’s price-to-earnings ratio (P/E) is projected to be 12.25 for 2025, decreasing to 9.06 by 2027 [3][9].

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price yet to be specified [4]. Core Viewpoints - The company has shown resilience in its lens business, with a revenue of 333 million and a growth of 4.23% in the first half of 2025, despite external pressures and intensified price competition [2]. - The company is strategically positioning itself in the AI glasses market, becoming the exclusive optical lens supplier for Xiaomi's AI glasses, which enhances its competitive edge [3]. - The financial performance for the first half of 2025 indicates a revenue of 400 million, a year-on-year increase of 3.68%, and a net profit of 96 million, reflecting a growth of 7.35% [1]. Financial Performance Summary - In the first half of 2025, the company's gross margin was 57.9%, a decrease of 1.5 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 23.9% [1]. - The company's lens revenue for the first half of 2025 was 333 million, with a gross margin of 62.40%, showing a slight decline of 1.08 percentage points year-on-year [2]. - The company expects net profits for 2025 to be 200 million, with projections of 230 million and 260 million for 2026 and 2027, respectively [4]. Product and Channel Development - The company has optimized its product and customer structure, with direct sales accounting for 59.43% of total revenue in the first half of 2025 [2]. - The introduction of new product lines, such as the upgraded 1.74 series, has received positive consumer feedback, with sales increasing by 258% compared to the previous year [2]. - The company has expanded its SKU offerings to 36 in the myopia management lens category, maintaining a leading position in product line richness [2].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 3.373 billion yuan for the first half of 2025, representing a year-on-year growth of 4.27%, and a net profit attributable to shareholders of 477 million yuan, up 14.57% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 34.07% and 14.44%, respectively, showing improvements of 2.26 and 1.48 percentage points year-on-year [2]. - The company is focusing on high-end AI sewing machines and humanoid robots, achieving significant breakthroughs in integrating AI with garment manufacturing processes [3][4]. - The company’s revenue from domestic and overseas markets for the first half of 2025 was 1.58 billion yuan and 1.785 billion yuan, respectively, with year-on-year changes of -10.86% and +22.82% [3]. - The company expects to launch its humanoid robot in the second half of 2026, enhancing its application in the garment industry [4]. Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 966 million yuan, 1.091 billion yuan, and 1.323 billion yuan, respectively, with year-on-year growth rates of 19%, 13%, and 21% [4]. - The company’s revenue is expected to grow from 5.294 billion yuan in 2023 to 10.228 billion yuan in 2027, with a compound annual growth rate of approximately 24.90% [5]. - The projected earnings per share (EPS) for 2025 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 23.76 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company's core industries remain resilient, with strong growth in high-end powder business despite a slight decline in overall revenue [1][2]. - The company has optimized its product structure and accelerated new product promotion, achieving significant growth in high-end medical equipment and semiconductor fields [2]. - The company has successfully completed key projects, maintaining its leading position in the refractory tungsten and molybdenum metal products industry [2]. Financial Performance - In H1 2025, the company achieved revenue of 3.715 billion yuan, a year-over-year decrease of 5.3%, and a net profit of 187 million yuan, down 33.2% year-over-year [1]. - The second quarter of 2025 saw revenue of 1.933 billion yuan, a decrease of 4.8% year-over-year but an increase of 8.4% quarter-over-quarter [1]. - The company’s net profit for Q2 2025 was 105 million yuan, down 48.1% year-over-year but up 26.8% quarter-over-quarter [1]. Segment Performance - The refractory tungsten and molybdenum business faced pressure due to overseas market fluctuations and rising raw material prices, but new contract signings increased significantly [2]. - The magnetic materials segment saw new contract amounts of 916 million yuan, a year-over-year increase of 9.9%, despite a revenue decline of 6.4% [3]. - The high-end powder segment continues to break through, with a new project partially in production, solidifying the company's position in the metal soft magnetic powder field [4]. Profit Forecast - The company’s profit forecast has been slightly adjusted upwards, with expected net profits for 2025-2027 at 353 million, 375 million, and 397 million yuan respectively, corresponding to P/E ratios of 41.7, 39.3, and 37.1 [4].