Investment Rating - The report maintains a rating of "Buy" for key companies in the CRO and CDMO sectors, including WuXi AppTec, WuXi Biologics, and others [4][12]. Core Insights - The report indicates that the current industry cycle is expected to continue, driven by improved global liquidity, recovering overseas demand, and technological breakthroughs in areas such as XDC, peptides, and oligonucleotides [6][19]. - In the first half of 2025, the CRO and CDMO sectors showed significant revenue growth, with a 10.4% increase in revenue and a 73.2% increase in net profit attributable to shareholders [6][30]. - The report highlights a divergence in performance between CDMO and CRO, with CDMO experiencing rapid growth while CRO faces slight pressure [6][23]. Summary by Sections Revenue and Profit - In the first half of 2025, the CRO and CDMO sectors achieved a total revenue of 709.1 billion yuan, reflecting a 10.4% year-on-year increase [21]. - The net profit attributable to shareholders reached 151.4 billion yuan, up 73.2%, while the adjusted Non-IFRS net profit was approximately 165.8 billion yuan, marking an 84.8% increase [30][35]. Key Indicators - Demand recovery is evident, with significant increases in orders for major companies such as WuXi AppTec, which reported a 37.2% year-on-year increase in orders [7][37]. - The report notes that the CDMO sector's revenue reached approximately 320.8 billion yuan, a 40.8% increase, while CRO revenue was about 235.9 billion yuan, down 3.5% [23][30]. Focus Companies - The report identifies 30 key companies in the CRO and CDMO sectors, including WuXi AppTec, WuXi Biologics, and others, which are expected to benefit from ongoing industry trends [12][19]. - Specific companies like WuXi Biologics and WuXi AppTec are highlighted for their strong order backlogs and growth potential [38]. Investment Recommendations - The report suggests focusing on CDMO companies due to their expected growth driven by technological advancements and increasing demand for commercialized products [8][19]. - For CRO companies, the report anticipates a gradual recovery as the investment environment improves and orders stabilize [8][19].

Group 1 - The report emphasizes that a single high dividend yield factor is insufficient to navigate through a declining interest rate cycle, suggesting enhancements based on interest rate trends [2][6] - It highlights that while long-term interest rates are expected to decline slowly, short-term rates are entering a plateau phase, necessitating a dual focus on "stable earnings" and "high growth" for future high dividend strategies [2][6] - The report indicates that the correlation between interest rate declines and stock market performance is weak, particularly in the context of deteriorating fundamentals, which can offset the benefits of lower discount rates [2][6] Group 2 - The report outlines the direct effects of low interest rates on stock pricing through the discount rate mechanism, noting that lower rates can enhance the present value of future cash flows, particularly for stocks with high long-term cash flow [9][11] - It discusses the indirect effects of low interest rates on corporate earnings and growth expectations, stating that while lower rates can improve balance sheets, they often coincide with pressure on earnings, limiting their positive impact [11][15] - The report provides historical context, comparing the experiences of the US and Japan during low interest rate periods, noting that stock performance often diverges from economic indicators during such times [18][24] Group 3 - The report critiques the traditional view of high dividend strategies, arguing that they do not consistently maintain high returns during low interest rate environments, as evidenced by the performance of high dividend indices in the US and Japan [29][40] - It suggests that high dividend strategies should be enhanced by focusing on factors such as stable earnings, high growth, strong cash flow, and low volatility, adapting to different interest rate phases [48][60] - The report presents a model for constructing high dividend indices that incorporates a broader range of factors beyond just dividend yield, aiming for a more comprehensive investment strategy [54][57]

Investment Rating - The report maintains an "Increase" rating for the company, indicating a positive outlook for the stock's performance over the next 6 to 12 months [2][6]. Core Insights - The company has experienced significant revenue and profit growth, with a 33.5% year-on-year increase in revenue to 180 million yuan in the first half of 2025, and a 117.7% increase in net profit to 2.168 million yuan [5]. - The company is advancing its IP and AI ecosystem, with successful product launches and a focus on children's content, which has led to a strong market position [5][6]. - The company's gross margin has improved, reaching 42.5% in the first half of 2025, driven by the success of popular children's books [5]. - The company is actively developing its original IP "Lily Lan's Little Bug," which has sold over 3.1 million copies, and is expanding into animation and merchandise [5]. - Collaborations with technology partners like Alibaba Cloud are enhancing the company's AI capabilities in children's education [5]. Financial Performance Summary - Revenue projections for 2025-2027 are 367 million yuan, 497 million yuan, and 658 million yuan, representing year-on-year growth rates of 37.9%, 35.7%, and 32.4% respectively [2][6]. - Net profit forecasts for the same period are 14 million yuan, 39 million yuan, and 60 million yuan, with growth rates of 131.2%, 184.5%, and 52.3% respectively [2][6]. - The company's earnings per share (EPS) is expected to improve from -0.53 yuan in 2024 to 0.71 yuan in 2027 [2][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company is experiencing growth driven by smart home solutions and cloud services, with AI enhancing high-margin business profitability [1] - The company has successfully entered the smart home market, leveraging its AI visual technology capabilities inherited from its parent company, Hikvision [3] - The dual-driven model of smart home hardware and cloud services positions the company for potential growth as an ecosystem-level enterprise [3] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.827 billion yuan, a year-on-year increase of 9.45%, and a net profit of 302 million yuan, up 7.38% year-on-year [3] - The smart home segment led revenue growth, with smart home cameras generating 1.548 billion yuan (54.75% of total revenue) and a gross margin of 39.07% [3] - The cloud service segment reported revenue of 555 million yuan, accounting for 19.63% of total revenue, with a gross margin of 72.09% [3] Revenue and Profit Forecast - The company forecasts revenues of 5.442 billion yuan for 2024, 6.181 billion yuan for 2025, and 7.065 billion yuan for 2026, with a compound annual growth rate of 14% [1] - Net profit is projected to be 615 million yuan in 2025 and 754 million yuan in 2026, reflecting a growth rate of 22% [1][3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 52.6 in 2024 to 43.1 in 2025, indicating improving valuation [1] - The price-to-book (P/B) ratio is projected to decline from 4.8 in 2024 to 4.5 in 2025 [1] Strategic Initiatives - The company is enhancing its product offerings with the launch of the self-developed AI facial recognition video lock, which integrates personalized AI capabilities [3] - The company is focusing on channel construction and improving its retail matrix both domestically and internationally [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 1.223 billion yuan, with a year-on-year increase of 45.82%. The annualized sales from new project orders exceeded 18 billion yuan [4] - The company is accelerating its international layout and strategically entering new sectors, particularly in smart cockpit and smart driving technologies. The sales revenue from smart cockpits reached 9.459 billion yuan in the first half of 2025, growing by 18.76% year-on-year. The company has secured new project orders from major clients such as Li Auto, Xiaomi, and Geely [5] - The company is investing in AI technology and exploring new fields such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [5] Financial Forecasts and Valuation - The company is expected to achieve net profits of 2.802 billion yuan, 3.540 billion yuan, and 4.472 billion yuan for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 2.817 billion yuan and 3.617 billion yuan [5] - The projected revenue for the company is 27.618 billion yuan for 2024, 34.599 billion yuan for 2025, 42.559 billion yuan for 2026, and 51.289 billion yuan for 2027, with corresponding growth rates of 26%, 25%, 23%, and 21% [3][7] - The company’s P/E ratio is projected to decrease from 34.3 in 2024 to 15.4 in 2027, indicating an improving valuation as earnings grow [3]

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 无人物流行业兴起，无人叉车企业或充分受益 —低速无人行业系列研究报告之二 2 0 2 5 . 9 . 9 Email：wangke03@zts.com.cn Email：kouhj@zts.com.cn 分析师：王可 分析师：寇鸿基 执业证书编号：S0740519080001 执业证书编号：S0740525060005 多元因素共振：无人物流开启 大规模商业化应用 1 目录 2 无人车规模化落地第一站，无 人物流车快速增长 3 仓储端：智能叉车进阶，技术融 合与场景拓展双轮驱动 4 对应标的：无人叉车方兴，上市 公司进一步打开增长极 3 核心观点 p 无人物流行业迈向全面商业化阶段：历经2010-2016的探索时期、2016-2023的商业化突破阶段、2024年以来， 无人驾驶物流车正在向全面商业化迈进。无人配送车的应用场景从特定区域扩展到完全开放道路，头部科技公 司/物流公司开始大规模量产，头部企业车队/产能规模直指万台级别。 p 关键部件成本降至商用阈值，驱动大规模订单落地。激光雷达、域控制器作为单一价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is accelerating its intelligent transformation by integrating with Yili Technology, which is expected to enhance its operational capabilities and market position [6] - The company has a solid foundation in its core business, having secured multiple key projects, and is actively involved in the digital infrastructure sector [6] - The company is leveraging advanced technologies and AI applications to drive growth in various segments, including energy innovation services and digital applications [6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.525 billion yuan, a year-on-year decrease of 4.55%. Excluding the impact of the acquisition of Yili Technology, revenue remained stable [6] - The net profit attributable to the parent company was 266 million yuan, down 11.01% year-on-year, primarily due to increased corporate income tax expenses [6] - The digital infrastructure business generated revenue of 1.749 billion yuan, reflecting a year-on-year growth of 25.01%, contributing 49.62% to total revenue [6] - The company achieved significant growth in its intelligent application segment, with revenue reaching 704 million yuan, a year-on-year increase of 340.63% [6] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 837 million, 1.052 billion, and 1.267 billion yuan, respectively [6][8] Valuation Metrics - The company’s P/E ratio is projected to decrease from 31.2 in 2024 to 16.8 by 2027, indicating an improving valuation outlook [4] - The projected P/B ratio is expected to decline from 3.1 in 2024 to 2.5 in 2027, reflecting a strengthening financial position [4] - The net asset return rate is anticipated to stabilize around 13% by 2027, indicating consistent profitability [4]

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Despite short - term market adjustments, the medium - term trend has not reversed, and neither the index nor the technology sector has reached a stage high. The market may experience a turning point due to potential policy and external event catalysts [5]. - In the short - term high - volatility stage, it is advisable to focus on the differences in capital flow between sectors. High - dividend sectors are becoming the main short - term safe - haven direction for funds [5]. - In September, the short - term strategy should focus on defense and stable returns. Consider high - dividend and cyclical sectors, and pay attention to the mid - term allocation opportunities of technology and brokerage sectors after their corrections [6]. Summary by Directory Market Review - **Market Performance**: Last week, most major market indices declined, with the ChiNext 50 having the largest increase of 3.42%. Among major industries, the healthcare and materials indices performed relatively well, while the information technology and financial indices performed weakly. Among the 30 Shenwan primary industries, 8 industries rose, with power equipment, non - ferrous metals, and pharmaceutical biology having larger increases, and national defense and military industry, computer, and non - bank finance having larger declines [7][8][13]. - **Trading Heat**: The average daily trading volume of the Wind All - A last week was 26032.01 billion yuan (previous value: 29831.31 billion yuan), at a historically extremely high level (98.60% of the three - year historical quantile) [7][18]. - **Valuation Tracking**: As of September 5, 2025, the valuation (PE_TTM) of the Wind All - A was 21.87, down 0.28 from the previous week, at the 88.80% quantile of the past 5 - year history. Thirteen out of 30 Shenwan primary industries saw a recovery in valuation (PE_TTM) [7][25]. Market Observation - **Analysis of Market Trends after Volatility and Adjustment**: Recently, the A - share market has adjusted, showing the fragility of the capital side. Leveraged funds have expanded rapidly, long - term funds have withdrawn, and industrial capital has cashed in on profits. However, the medium - term trend remains positive, with potential policy and external event catalysts expected to be key turning points. During the short - term high - volatility period, the capital flow differences between sectors are notable, and high - dividend sectors are favored by funds [5]. - **Investment Recommendations**: In September, the short - term strategy should focus on defense and stable returns. Consider sectors with cyclical and high - dividend characteristics, such as coal and non - ferrous metals. The high - dividend sector and the bond market can be included in the portfolio. For the previously high - flying technology and brokerage sectors, their corrections after a rebound could present mid - term buying opportunities, as potential events in October may improve market sentiment [6]. Economic Calendar - This week, important domestic economic data include August export and import data, social financing scale stock, and money supply data. Overseas economic data include August PPI, CPI, and the preliminary September Michigan Consumer Sentiment Index [27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady growth in performance, with significant contributions from its two-machine and nuclear energy businesses. In the first half of 2025, the company achieved total operating revenue of 1.384 billion yuan, a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [5][6] - The company is actively expanding its low-altitude economy layout, showcasing advantages in integrated development of aviation and propulsion systems. It has made progress in various projects, including the development of new engine series and drone applications [6][7] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 1.384 billion yuan, a 9.11% increase year-on-year, and a net profit of 188 million yuan, reflecting a 23.91% growth year-on-year. The gross profit margin was 36.33%, up 1.96 percentage points year-on-year, while the net profit margin was 12.24%, an increase of 1.13 percentage points year-on-year [5][6] - The company’s operating income is projected to reach 3.021 billion yuan in 2025, with a net profit of 401 million yuan, representing a 40% year-on-year growth [4][7] Business Development - The company has become the sole supplier of Siemens Energy's gas turbine hot-end blades in China and has established strategic partnerships with GE and other major players in the aerospace and nuclear sectors. It is also involved in various nuclear power projects and has made breakthroughs in new materials for nuclear energy [6][7] - The company is focusing on the development of new engine series and drone technology, with ongoing projects such as the ES1000 large unmanned transport aircraft, which is expected to complete its first flight in the third quarter of 2025 [6][7] Investment Outlook - The company is expected to benefit from strong overseas demand and the acceleration of domestic production in its two-machine business, as well as the rapid development of its nuclear energy materials and components business. The revenue forecast for 2025-2026 has been slightly adjusted to 3.021 billion yuan and 3.645 billion yuan, respectively, with net profits of 401 million yuan and 538 million yuan [7]

证券研究报告 日期：2025年9月8日 【中泰电子】电子三季度策略：AI主线引领产 业升级，国产替代加速 分析师： 王芳 S0740521120002，杨旭 S0740521120001，李雪峰 S0740522080004，康丽侠 S0740525040001，洪嘉琳S0740524090003，刘博文S0740524030001 1 目 录 一 、电子行业基本面持续向上 二、晶圆代工：先进制程关键时刻 三、光刻机：大国重器从0到1 四、设计板块：SoC&存储 五、数通PCB：受益算力需求爆发 六、果链：关税担忧落地，折叠屏+AI驱动成长 七、投资建议&风险提示 2 1.1 行业概述：Q2电子仓位环比略降，PCB板块涨幅亮眼 图表：电子（中信）涨跌幅 图表：年初以来电子各板块 累计涨跌幅 图表：年初以来半导体细分板块 累计涨跌幅 来源：Wind，中泰证券研究所 3 注：数据截至2025/9/4 n 电子行业涨跌幅：25Q2电子（中信）指数累计上涨1%，跑输沪深300指数0.3%；25年初至9月4日，电子（中信）指数累计上 涨24.8%，跑赢沪深300指数13.9%。 n 年初以来电子细分板块涨跌幅（基于自选 ...