港股公司报告 | 公司点评 五菱汽车（00305） 证券研究报告 业绩稳健增长，新能源及智能化布局开启新篇章 截至2025年6月30日止中报，公司实现营业收入40.3亿元，同比+2.0%； 盈利能力显著增强，净利润达到 8580.9 万元，同比+306.2%；归母净利 润为 3941.6 万元，同比+2385.2%。我们认为，公司整体业绩表现亮眼， 盈利能力的提升主要得益于产品结构优化、成本管控成效以及研发投 入的增加，未来伴随产品结构的继续优化，公司有望实现业绩的进一 步提升。 分部业务表现：核心业务稳固，动力系统扭亏，商用车创新驱动。 汽车零部件及其他工业服务作为公司核心收入来源，实现收入 28.4 亿 元，同比+5.2%。该业务稳步开拓市场，上半年累计获得 46 个客户的 125 个项目定点。在稳固上汽通用五菱、长城汽车等存量客户的同时， 成功开拓了上汽乘用车、郑州宇通等新客户。 汽车动力系统业务实现重大突破，经调整 EBIT 扭亏为盈，实现 661 万 元。主要系公司改善产品结构，铸造件等高附加值产品收入实现快速增 长。 盈利能力与费用控制：毛利率提升，费用结构优化。 2025 年上半年，公司毛利率提 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The short-term rebound in raw milk prices does not change the ongoing destocking trend, but a price turning point is anticipated [1] - After significant destocking, beef cattle prices are gradually recovering, with September average prices reaching 25.99 CNY/kg, up 10.7% from the beginning of the year [2] - The rise in beef cattle prices is positively impacting the prices of cull cows, which in September averaged 19.33 CNY/kg, up 19.2% year-to-date [3] Summary by Sections 1) Raw Milk Price Analysis - Despite a short-term price rebound due to holiday stocking and school milk demand, overall prices remain below cost levels, leading to continued industry losses and destocking [1] - The September cow inventory decreased by 0.18% month-on-month, with a cumulative reduction of approximately 8% [1] 2) Beef Cattle Price Analysis - The average price of beef cattle in September was 25.99 CNY/kg, reflecting a 10.7% increase since the start of the year and a 15.6% increase from previous lows [2] - The average price of calves rose to 32.42 CNY/kg, marking a 39% increase from the lowest point in 2024 [2] 3) Impact of Beef Prices on Dairy Companies - The increase in beef cattle prices has led to a rise in cull cow prices, which is expected to improve the financial performance of dairy companies [3] - The trend of narrowing losses from cull cows is likely to continue for an extended period due to the long replenishment cycle in the beef industry [3] 4) Investment Recommendations - The core logic of the sector remains unchanged, with expectations for a price turning point and attractive valuations [4] - Recommended stocks include: Yuran Dairy, China Shengmu, Aoyuan Group, Modern Dairy, and Tianrun Dairy for dairy; and China Shengmu, Guangming Meat, and Fucheng Co. for beef [4]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][14]. Core Insights - The company achieved a record high revenue of 41.97 billion yuan in Q3 2025, marking a 27.5% increase quarter-on-quarter and a 27.2% increase year-on-year. However, net profit for the same quarter was 3.17 billion yuan, reflecting a 16.4% year-on-year decline [1][2]. - The HNB (Heated Not Burned) business saw a significant increase in shipment volumes, contributing to the overall revenue growth. The company is also expanding its self-owned brand business and enhancing localized marketing efforts [2][5]. - The medical aerosol business has made a breakthrough with the submission of an ANDA application for Breo® Ellipta®, which, if approved, could provide a 180-day market exclusivity in the U.S. This product is expected to generate significant sales in the future [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 102.10 billion yuan, a year-on-year increase of 21.8%. Adjusted net profit was 11.82 billion yuan, a slight increase of 0.1% year-on-year [1]. - In Q3 2025, the company achieved revenues of 41.97 billion yuan, with an adjusted net profit of 4.44 billion yuan, reflecting a 4.0% year-on-year increase [1][2]. Business Growth - The company’s HNB and electronic vaporization businesses both experienced growth, with strategic clients successfully launching new products in major global markets [2]. - The GloHilo product line is being introduced in Italy, Poland, and Serbia, aiming to reach 50 million adult consumers of smoke-free products by 2030 [3]. Future Outlook - The company is expected to see significant contributions from the HNB business starting in 2026, with adjusted net profit forecasts for 2025-2027 revised to 13.92 billion, 20.23 billion, and 27.59 billion yuan respectively [5].

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - The market or still favors TACO trading, but the volatility of equity asset prices may be weaker than that during the April 2025 tariff 1.0 period [6]. - In the short - term, with relatively weak equity elasticity, it's recommended to maintain a moderately low position and focus on low - price convertible bonds with clause resonance, especially export - chain convertible bonds affected by tariff policies [7]. - In the medium - term, the upward repair of domestic micro - enterprise performance is becoming a consensus, and the high - price equity - biased strategy may still be structurally dominant, with high attention on the rotation strategy of small - cap growth convertible bonds in technology self - controllable directions [7]. 3. Summary According to Relevant Catalogs 3.1 April 2025 Market Phases and Performance - **Tariff Upgrade Pre - period (April 2 - 7)**: A - shares and convertible bonds declined. The Shanghai Composite Index dropped 7.34% on April 7, and the Wind Convertible Bond Underlying Stock Weighted Index fell over 12%. High - price convertible bonds led the decline, and the equity - biased convertible bond strategy underperformed the market [1]. - **Tariff Counter - measure Initiation (April 8 - 11)**: A - shares and convertible bonds rebounded. The CSI Convertible Bond Index rebounded 2.45%, and high - price convertible bonds rose 5.38% [1]. - **Trade Friction Continuation (April 12 - 20)**: Market risk - aversion sentiment was high, and financial real - estate and dividend industries performed relatively well. Convertible bonds fluctuated narrowly [2]. - **Trade Friction Easing (April 21 onwards)**: Advanced manufacturing and technology sectors drove the market up, while the financial real - estate sector corrected [2]. 3.2 April 2025 Convertible Bond Market Performance by Industry - **High External - demand Exposure Industries**: Industries such as power equipment, machinery, and electronics had deep declines during the tariff upgrade pre - period and weak rebounds later. For example, electronics and home appliance industry convertible bonds' underlying stocks fell over 15% initially and only rebounded about 5% later [3]. - **Balanced Internal and External - demand Exposure Industries**: Industries like national defense and military, computer, and environmental protection had high declines initially but strong rebounds later [3]. - **Domestic - demand - led Industries**: Industries such as agriculture, forestry, animal husbandry, and fishery, food and beverage, and transportation had low initial declines and led the rebounds [3]. 3.3 April 2025 Performance of Key Export - chain Convertible Bonds - **Good Initial and Rebound Performance**: Convertible bonds in chemical pesticides (Limin Convertible Bond, Suli Convertible Bond), textile and apparel (Shengtai Convertible Bond), and medical equipment (Yirui Convertible Bond, Kangyi Convertible Bond) had low initial declines and good rebounds [4]. - **High Initial Decline but Strong Rebound**: Convertible bonds in semiconductors (Huaya Convertible Bond, Weil Convertible Bond), military (Ruichuang Convertible Bond, Hangxin Convertible Bond), and agriculture, forestry, animal husbandry, and fishery (Zhongchong Convertible Bond 2) had high initial declines but strong rebounds [4]. - **Deep Initial Decline and Weak Rebound**: Convertible bonds in consumer electronics, cleaning home appliances, medical outsourcing, and tires had deep initial declines and weak rebounds [4]. 3.4 Current Situation of the Convertible Bond Market - **Investor Behavior**: Since the end of August, investors have tended to "take profits". By the end of September, the scale of Shanghai - listed convertible bonds decreased naturally by 7.1% compared to the end of July. Insurance institutions were the main force in reducing holdings, with a 33% reduction, and other major holders also reduced their holdings [6]. - **Valuation**: Thanks to the reverse increase of public funds, convertible bond valuations are still at a relatively high historical level, and valuation indicators have slightly repaired upwards since late September [6].

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Viewpoints - The lithium battery equipment sector is experiencing a recovery phase, with significant growth expected in the coming years due to the lithium battery expansion cycle and solid-state battery innovation [3][10] - Global lithium battery shipments are projected to grow significantly, with total shipments expected to reach 1,766 GWh by 2025 and 5,154 GWh by 2030, indicating a robust long-term growth potential [9][35] - The capital expenditure for leading domestic lithium battery manufacturers has shown a positive trend, with a notable increase in spending expected in 2024 and 2025 [14][17] Summary by Sections Lithium Battery Equipment Sector - The global lithium battery equipment market is expected to reach 497 billion CNY in 2025, 810 billion CNY in 2026, and 832 billion CNY in 2027, with a compound annual growth rate (CAGR) of 29% from 2025 to 2027 [3][13] - The solid-state battery innovation cycle is anticipated to accelerate, with significant investments exceeding 10 billion CNY in domestic solid-state battery capacity planned [3][9] - The production processes for solid-state batteries are evolving, with new equipment and technologies being developed to enhance production efficiency [3][9] Market Dynamics - The global lithium battery shipment volume is expected to grow from 209 GWh in 2020 to 1,766 GWh in 2025, reflecting a CAGR of 53% [9][35] - The domestic leading lithium battery manufacturers are expected to see their capital expenditures increase, with a total of 167 billion CNY in capital expenditure recorded in Q4 2024, marking a 4% year-on-year growth [14][17] - The penetration of solid-state battery technology is projected to create a new market segment, with potential revenue contributions of 54 billion CNY in 2026 and 515 billion CNY by 2030 [3][9] Competitive Landscape - The report highlights various development paths for lithium battery equipment companies, including cross-industry expansion, platform development, and product line diversification [3][9] - Companies such as Delong Laser, Xinyuren, and Qiaocheng Ultrasonic are recommended for their potential in the solid-state battery sector, while others like Xian Dao Intelligent and Liyuan Heng are noted for their platform development strategies [3][9]

Group 1: Domestic Policy Developments - The total cross-regional population flow during the National Day and Mid-Autumn Festival reached approximately 2.432 billion, marking a historical high for the same period, with an average of 304 million daily, a year-on-year increase of 6.2% [10][11] - Premier Li Qiang attended the 80th anniversary celebration of the Workers' Party of Korea in Pyongyang, indicating a strengthening of diplomatic ties [13][14] - Vice Premier He Lifeng met with executives from multinational companies, emphasizing the continuous expansion of high-level opening-up and welcoming foreign investment in China [16][17] Group 2: Economic Indicators and Market Analysis - The A-share market saw a slight adjustment post-National Day, with the ChiNext Index dropping by 3.86%, while the Wande Micro Index rose by 0.66% in the first two trading days after the holiday [25] - The manufacturing PMI for September was reported at 49.8%, indicating a slight rebound but still below the expansion threshold, reflecting ongoing economic challenges [27][28] - The central bank conducted a net withdrawal of 426.3 billion yuan in the open market post-holiday, indicating a tightening of liquidity [47] Group 3: International Trade and Policy Outlook - The WTO raised its global trade growth forecast for 2025 from 0.9% to 2.4%, driven by strong demand for AI-related products and increased trade among emerging economies [18][19] - The report highlighted that AI-related goods contributed nearly half of the overall trade growth in the first half of the year, with a 20% increase in trade value [19][23] - The anticipated economic policies suggest a focus on maintaining stability and flexibility in fiscal and monetary measures to address potential geopolitical risks and uncertainties [5][6]

固定收益 | 固定收益专题 固定收益 证券研究报告 不动产投资信托基金（Real Estate Investment Trust, REITs）是向投资者发 行收益凭证，募集资金投资于不动产，并向投资者分配投资收益的一种投 资基金。 公募 REITs 的二级市场 一文全析"公募 REITs" 公募 REITs 的概念及核心结构 中国公募 REITs 未采用海外市场常见的公司型或契约型，而是基于现有法 律框架，采用了"公募基金+ABS"的双层 SPV 结构。 公募 REITs 的发展历程 中国公募 REITs 市场的发展历程大致可分为三个阶段：（1）早期探索与类 REITs 时代（2005-2019）；（2）试点启动与市场诞生（2020-2021）：2021 年 6 月 21 日，首批 9 单基础设施公募 REITs 产品成功挂牌上市，标志着中 国公募 REITs 市场正式诞生。（3）探索并实现常态化发行（2022 年以来）： 2024 年 7 月，发改委发布《关于全面推动基础设施领域不动产投资信托基 金（REITs）项目常态化发行的通知》，标志着中国基础设施公募 REITs 正式 迈入常态化发行的新阶段。 公 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of HKD 14.14, indicating a potential upside from the current price of HKD 11.43 [4]. Core Insights - The company reported a revenue of HKD 3.181 billion for the first half of 2025, reflecting a year-on-year growth of 40.0%. The social business segment contributed approximately HKD 2.834 billion, growing by 37.0% year-on-year. Notably, the SUGO platform saw revenue growth exceeding 100% and profit growth over 150% [1]. - The company is actively expanding its innovative product offerings, including the launch of the AI creative content community Aippy, which allows users to generate interactive content using natural language. This aligns with the company's strategy to deepen its presence in the global social entertainment market [2]. - The company has adjusted its revenue forecasts for FY2025-FY2027, increasing the projections from HKD 67.1 billion, HKD 77.5 billion, and HKD 89.5 billion to HKD 69.1 billion, HKD 85.5 billion, and HKD 102.5 billion respectively. The net profit estimates have also been revised upwards [3]. Summary by Sections Financial Performance - For the first half of 2025, the adjusted EBITDA reached HKD 650 million, representing a 44.0% increase year-on-year. The diversified product portfolio and AI technology integration have enhanced the company's strategic foresight and risk resilience [1]. Market Expansion - The company has established a regional headquarters in Riyadh, Saudi Arabia, to strengthen its ties with the Middle Eastern market. Additionally, a global headquarters was set up in Hong Kong, marking a new phase in the company's globalization strategy [2]. Product Development - The company is focusing on innovative products, with significant investments in short video content and social e-commerce, contributing to a 70.5% year-on-year revenue increase in its innovative business segment [1][2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 42.00 CNY per share, based on a current price of 29.5 CNY [6]. Core Insights - The company is positioned to benefit from the dual growth drivers of 3C and automotive functional components, with new growth curves emerging from composite aluminum foil and optical modules [1][2]. - The functional components sector is expected to see a turning point due to the resonance between the new energy and 3C cycles, with significant growth potential in battery-related products [2][5]. - The composite aluminum foil market is projected to grow from approximately 2 billion CNY in 2023 to over 24 billion CNY by 2026, with the company already having completed validation with major clients [3]. - The optical interconnection segment is anticipated to grow significantly, driven by AI and communication technologies, with the company establishing a full-chain capability in optical modules [4]. Summary by Sections Company Overview - The company, established over 10 years ago, focuses on functional components and has expanded into new energy battery sectors, forming three main product categories: battery, structural, and optical components [1][14]. - The company has a strong client base, including major players in the consumer electronics and automotive industries, ensuring stable revenue streams [15][16]. Functional Components - The functional components are critical non-standard parts that enhance the performance of end products, with a direct correlation to the global lithium battery output, which is expected to continue growing [2][37]. - The company’s battery functional components are closely linked to the lithium battery market, with a projected increase in demand as the market recovers [2][53]. Composite Aluminum Foil - The composite aluminum foil is positioned to capture a significant market opportunity, with the company planning to invest 500 million CNY in expanding production capabilities [3][23]. - The company has already secured production capacity with leading 3C battery manufacturers, indicating strong market validation [3][24]. Optical Modules - The optical module business is set to benefit from the increasing demand for high-speed communication technologies, with the company having developed a complete production process for optical chips and modules [4][24]. - Revenue projections for the optical module segment are optimistic, with expected revenues of 1.2 billion CNY in 2025, growing to 4.3 billion CNY by 2026 [4][5]. Financial Projections - The company is expected to see revenue growth from 1.09 billion CNY in 2025 to 2.18 billion CNY in 2027, with net profits projected to rise from 780 million CNY to 4.05 billion CNY in the same period [5][18]. - The report anticipates a recovery in profit margins as new products gain traction and operational efficiencies improve [25][29].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has seen a slight increase in new orders and processing volume in Q3, with a total of 22.267 billion yuan in new orders for the first three quarters of 2025, representing a year-on-year growth of 1.56%. In Q3 2025 alone, new orders amounted to 7.887 billion yuan, up 4.19% year-on-year [1]. - The company is expected to maintain growth in actual processing volume corresponding to orders, with a projected processing volume of 1.72 million tons for Q3 2025, reflecting a year-on-year increase of 3.6% [2]. - The steel supply-side reform is anticipated to enhance the company's earnings elasticity, as improved steel prices could lead to accelerated order releases and better accounting profit margins [3]. - The company is focusing on intelligent transformation and has established a dedicated R&D team for smart manufacturing, which is expected to contribute additional profits in the coming years [4]. Summary by Sections Orders and Production - In Q3 2025, the company secured 27 contracts exceeding 10,000 tons, indicating a year-on-year increase in large orders. The main project types include renewable energy, internet, and data centers [2]. - The average price of new orders in Q3 2025 was between 4,584 and 8,512 yuan per ton, showing a slight increase from the previous year [2]. Financial Performance - The company’s revenue for 2023 is projected at 23.539 billion yuan, with a growth rate of 18.60%. However, a decline of 8.60% is expected in 2024 [5]. - The net profit attributable to the parent company is forecasted to be 1.179 billion yuan in 2023, with a slight increase to 811.5 million yuan in 2025 [5]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 16, 14, and 12 respectively, indicating a favorable valuation outlook [4][5]. - The company’s market capitalization is approximately 13.124 billion yuan, with a price-to-book ratio of 1.43 [7].