证券研究报告 | 2025年08月27日 超威半导体(AMD)（AMD.O） 优于大市 全球高性能计算龙头，AI 需求赋能业绩增长 收入、利润快速增长，消费级处理器放量。2025H1 公司实现营业收入 151.23 亿美元，同比增长 33.74%，实现净利润 15.81 亿美元，同比增长 307.47%， 主要由 Ryzen 9000 系列需求旺盛，桌面渠道销量快速增长，带动出货量价 齐升以及微软、Meta、甲骨文等云厂商订单增长推动。分季度来看，2025Q2 公司实现营业收入 76.85 亿美元，同比增长 31.71%，实现净利润 8.72 亿美 元，同比增长 229.06%，主要由 EPYC CPU 收入增长以及在云服务和企业客户 市场占有率提升、锐龙处理器在商用与消费级市场放量推动。 数据中心为最大收入来源，客户端业务高速增长。2025H1，公司客户端业务 高速增长，实现收入 47.93 亿美元，同比增长 67.59%，主要得益于平均售价 增长 42%，以及 AMD Ryzen 移动和桌面处理器出货量增长 17%；实现数据中 心收入为 69.14 亿美元，同比增长 33.71%，主要由 AMD EPYC ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][9] Core Viewpoints - The company has been selected as a city partner for the construction of the Harmony ecosystem in Xi'an, collaborating with various industry partners to create a leading smart transportation ecosystem [2][3] - The company's all-scenario AI business has seen significant growth, with revenue reaching 656 million yuan in the first half of 2025, representing a year-on-year increase of 130% [2][6] - The company maintains its profit forecast, expecting revenues of 18.881 billion, 21.071 billion, and 23.467 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 693 million, 914 million, and 1.045 billion yuan [2][9] Summary by Sections Company Overview - The company has been appointed as the leading unit for the smart transportation field in Xi'an, working with multiple partners to implement a full-chain approach in consulting, planning, design, products, solutions, and industry [2][3] AI Business Growth - The all-scenario AI business has become a new growth engine for the company, with a structured 4E AI system that includes various product families and industry applications, contributing to significant revenue growth [6][9] Financial Forecast - The company forecasts revenue growth rates of 11.4%, 11.6%, and 11.4% for the years 2025, 2026, and 2027, with a corresponding price-to-earnings ratio of 24, 18, and 16 times [2][9]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company's revenue for the first half of 2025 reached 6.013 billion HKD, representing a year-on-year increase of 18.3%, while adjusted profit slightly decreased by 2.1% to 737 million HKD [1] - The company is benefiting from the global trend towards regulatory compliance, with its vaping business recovering as expected [1] - The company plans to distribute an interim dividend of 0.20 HKD per share [1] Revenue and Profit Analysis - The company's To B business revenue increased by 19.5% year-on-year to 4.74 billion HKD, with European revenue growing by 38.0% to 2.73 billion HKD [2] - In the U.S., revenue was 1.5% higher at 1.89 billion HKD, while domestic revenue decreased by 6.1% to 120 million HKD [2] - The self-owned brand business revenue grew by 14.1% year-on-year to 1.27 billion HKD, with European revenue increasing by 15.1% [3] Long-term Growth Potential - The successful commercialization of HNB products and steady progress in vaping medical applications are expected to drive long-term growth [3] - The company launched high-end HNB products in Japan, with plans for nationwide expansion and entry into more key markets in the second half of 2025 [3] Financial Forecasts - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.239 billion HKD, 1.822 billion HKD, and 2.565 billion HKD respectively, reflecting year-on-year changes of -4.9%, +47.0%, and +40.8% [4] - The diluted EPS is projected to be 0.20, 0.29, and 0.41 HKD for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 98, 67, and 48 [4]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [1][5]. Core Insights - The report highlights the upcoming World Lung Cancer Conference (WCLC) where Chinese pharmaceutical companies will present innovative research results, particularly focusing on domestic innovative drug companies [2][11]. - The pharmaceutical sector has shown weaker performance compared to the overall market, with a current price-to-earnings ratio (TTM) of 40.45x, which is at the 83.46th percentile of the historical valuation over the past five years [1][2]. Company-Specific Summaries - **Mindray Medical (300760.SZ)**: Rated "Outperform" with a projected net profit of 11.67 billion in 2024, increasing to 16.19 billion by 2027, and a PE ratio decreasing from 25.4 in 2024 to 18.3 in 2027 [4]. - **Aier Eye Hospital (300015.SZ)**: Rated "Outperform" with a projected net profit of 3.56 billion in 2024, increasing to 5.76 billion by 2027, and a PE ratio decreasing from 35.1 in 2024 to 21.7 in 2027 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with a projected net profit of 9.35 billion in 2024, increasing to 14.51 billion by 2027, and a PE ratio decreasing from 29.7 in 2024 to 19.2 in 2027 [4]. - **Innovent Biologics (9926.HK)**: Rated "Outperform" with a projected net profit of -0.51 billion in 2024, turning positive to 1.79 billion by 2027, with a PE ratio from -281.7 in 2024 to 80.8 in 2027 [4]. - **Legend Biotech (688212.SH)**: Rated "Outperform" with a projected net profit of 0.2 million in 2024, increasing to 1.2 million by 2027, and a PE ratio decreasing from 321.8 in 2024 to 54.5 in 2027 [4]. Market Performance - The overall A-share market increased by 3.58%, with the Shanghai Composite Index rising by 4.18%, while the biotechnology sector only saw a 1.05% increase, indicating underperformance relative to the broader market [1][2].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][32] Core Views - The company's net profit for the first half of 2025 was 800 million yuan, a year-on-year decrease of 9.9%. Revenue for the same period was 2.473 billion yuan, an increase of 12.5% year-on-year [1][9] - The decline in performance is attributed to the suspension of operations at the main subsidiary, Yinman Mining, from March 9 to April 16, 2025, and the low-grade ore processing at Yubang Mining [1][9] - The company expects revenue growth of 28.14%, 10.23%, and 18.30% for the years 2025, 2026, and 2027 respectively, with net profit growth of 37.21%, 14.74%, and 22.54% for the same years [4][30] Financial Performance Summary - In the first half of 2025, the company achieved a gross profit margin of 56.90%, down 7.73 percentage points year-on-year, and a net profit margin of 31.67%, down 7.90 percentage points year-on-year [2][10] - The company's silver production increased by 4.57% year-on-year, while tin production decreased by 20.64% due to the impact of the suspension at Yinman Mining [3][23] - The company's debt-to-asset ratio as of June 30, 2025, was 40.88%, an increase of 6.49 percentage points from the end of 2024 [2][10] Production and Profitability - The company’s main mining subsidiaries reported varying profitability, with Yinman Mining achieving a net profit of 671 million yuan, a decrease of 5.45% year-on-year, while Yubang Mining reported a loss of 12 million yuan [3][29] - The company maintains a strong position in the market, leveraging its resource-rich location in Inner Mongolia and actively pursuing mergers and acquisitions to secure quality mineral resources [4][30]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has shown stable performance in the first half of 2025, with revenue from pickled vegetables, radishes, and pickles reaching 1.12 billion, 33 million, and 119 million respectively, indicating growth of 0.45%, 38.35%, and a decline of 8.37% year-on-year [2][11] - The company is focusing on a strategic plan to stabilize its core product, pickled vegetables, while expanding into new product categories such as side dishes and sauces, and is actively pursuing the acquisition of a 51% stake in Weizimei to enhance its product offerings [15][4] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 1.313 billion, a year-on-year increase of 0.51%, and a net profit attributable to shareholders of 441 million, a decrease of 1.66% [1][9] - The gross profit margin for the second quarter of 2025 was 52%, with a year-on-year increase of 2.9 percentage points, while the net profit margin decreased by 3.6 percentage points to 28.1% [3][12] - The company expects revenues of 2.49 billion, 2.65 billion, and 2.81 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.5%, 6.3%, and 6.0% [4][16] Market and Sales Performance - The company has seen a net reduction of 186 distributors, bringing the total to 2,446, as part of its ongoing efforts to optimize its distribution channels [2][11] - The sales performance across various regions showed mixed results, with South China and East China experiencing growth of 5.6% and 7.8% respectively, while North China saw a decline of 8.4% [2][11] Cost and Expense Management - The increase in marketing expenses has put pressure on profitability, with the sales and management expense ratios for the second quarter of 2025 at 17.2% and 3.9% respectively [3][12] - The company is benefiting from low procurement prices for key raw materials, which is expected to positively impact gross margins in the short term [3][12]

证券研究报告 | 2025年08月27日 汽车智能化月报系列（二十七） 优于大市 尚界 H5 搭载 HUAWEI ADS 4 辅助驾驶系统，地平线 HSD 首搭奇瑞星途 E05 行业新闻：1）Waymo 获美国纽约市首个自动驾驶汽车测试许可；2）尚界 H5 上市即搭载 HUAWEI ADS4 辅助驾驶系统；3）地平线 HSD 迎来升级， 首搭车型锁定奇瑞星途 E05；4）小马智行正式启动上海浦东自动驾驶出 行服务；5）文远知行发布一段式端到端辅助驾驶解决方案，预计 2025 年内量产上车；6）禾赛获得丰田汽车旗下品牌激光雷达定点，2026 年 开启量产；7）新一代智己 LS6 搭载速腾聚创 520 线超级激光雷达。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 6 月， 乘用车前视摄像头渗透率 67.6%，其中 800 万像素占比 39.7%，同比 +22pct，环比+0.5pct；2）英伟达驾驶芯片占比提升。2025 年 6 月，乘 用车驾驶域控渗透率 31%，其中地平线、英伟达、特斯拉 FSD、华为芯 片占比分别为 10.4%、53.5%、9.4%、11.6%，同比分别-2.4、+ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Views - The company has shown year-on-year improvement in performance, with a proposal for its first interim dividend. In H1 2025, the company achieved revenue of 41.29 billion, a year-on-year decrease of 9.4%, while the main business revenue increased by 2.31% to 34.84 billion. The net profit attributable to shareholders was 4.37 billion, up 31.3% year-on-year, and the earnings per share (EPS) was 0.83 yuan [1][8]. - Despite insufficient market demand, the company benefited from rising cement prices, decreasing coal costs, and ongoing cost control measures, leading to improved year-on-year performance [1][8]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 41.29 billion, with a main business revenue of 34.84 billion, and a net profit of 4.37 billion, reflecting a 31.3% increase year-on-year. The EPS was 0.83 yuan, and the company proposed a mid-term dividend of 2.4 yuan per 10 shares [1][8]. - In Q2 2025, the company achieved a revenue of 22.24 billion, a decrease of 8.2% year-on-year, but the net profit rose by 40.3% to 2.56 billion [1][8]. Market Position and Sales - The company's self-produced cement clinker sales reached 126 million tons, a slight decrease of 0.35% year-on-year, outperforming the industry average decline of 4.3%. The average price per ton was 244.2 yuan, with a cost of 174.2 yuan, resulting in a gross profit of 70.0 yuan per ton [2][14]. - The company has maintained its domestic market share while expanding its overseas operations, achieving overseas revenue of 2.46 billion, a year-on-year increase of 7.1% [2][14]. Cash Flow and Investments - The company reported a net cash flow from operating activities of 8.29 billion, an increase of 20.6% year-on-year, with total cash and financial assets amounting to 63.84 billion [3][29]. - The company is actively pursuing project acquisitions and construction, including the acquisition of Xinjiang Yaobai and ongoing overseas expansion projects [3][29]. Future Outlook - The company is expected to benefit from ongoing strategic projects that may enhance infrastructure investment and improve supply-demand dynamics. The projected EPS for 2025-2027 is 1.85, 1.08, and 2.25 yuan per share, with corresponding price-to-earnings ratios of 8.4, 7.6, and 7.1 [34].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35]. Core Views - The company's revenue for the first half of the year reached 167.71 billion yuan, a year-on-year increase of 11.50%, while the net profit attributable to shareholders was 23.29 billion yuan, up 54.41% year-on-year. The significant growth in gold production and prices contributed to this performance [1][9]. - The company plans to spin off its overseas gold mining assets into a separate entity, which is expected to enhance its valuation and facilitate rapid expansion in overseas gold operations [2][30]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 88.78 billion yuan, a year-on-year increase of 17.38% and a quarter-on-quarter increase of 12.49%. The net profit attributable to shareholders was 13.13 billion yuan, up 48.75% year-on-year and 29.10% quarter-on-quarter [1][9]. - The company’s core mineral product output for the first half of the year included 41.19 tons of gold (up 16.3% year-on-year) and 566,900 tons of copper (up 9.3% year-on-year) [1][13]. Cost Management - The unit operating cost for gold was 261.97 yuan per gram, an increase of 15.41% year-on-year. The company is focused on strict cost control and enhancing management efficiency [2][16]. Dividend Policy - The company plans to distribute a mid-term cash dividend of 2.2 yuan per 10 shares (tax included), totaling approximately 5.847 billion yuan, which accounts for 25.10% of the net profit attributable to shareholders for the first half of the year [2][25]. Strategic Initiatives - The spin-off of the overseas gold segment is a significant strategic move, expected to create a dedicated platform for overseas gold operations and lead to a revaluation of the company's overall business structure [2][30]. - The company is actively pursuing international expansion and diversification into new energy materials, aiming to position itself among the top global mining enterprises [3][35]. Financial Forecast - The company’s revenue projections for 2025-2027 are 365.1 billion yuan, 381.7 billion yuan, and 400.5 billion yuan, with corresponding net profits of 46.06 billion yuan, 52.66 billion yuan, and 58.48 billion yuan [3][36].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][22] Core Viewpoints - The company is experiencing stable growth in both domestic and international markets, with a significant increase in net profit driven by export expansion and recovery in lithium battery profitability [1][4][22] - The company has successfully expanded its overseas capacity and strengthened its distribution channels, contributing to growth in export business [3][22] - The future growth potential lies in channel upgrades and business expansion, particularly in the lead-acid battery aftermarket and overseas markets, which are larger than the domestic market [22] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, net profit reached 295 million yuan, up 87% year-on-year and 25% quarter-on-quarter [1][10] - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [2][10] Cost Management - The company maintained stable cost control with sales, management, and R&D expense ratios of 4.3%, 2.5%, and 1.9% respectively in Q2 2025 [2][13] - The gross margin for low-voltage lithium batteries improved to 15.0% in the first half of 2025, compared to 12.3% for the entire year of 2024 [2][13] Business Expansion - The company has established partnerships with over 2,000 distributors and more than 120,000 retail outlets across the country, enhancing its distribution network [3][22] - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a 21.3% year-on-year increase in overseas sales [3][22] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 930 million yuan, 1.126 billion yuan, and 1.334 billion yuan for 2025, 2026, and 2027 respectively [4][22] - The report emphasizes the potential for growth in the lead-acid battery aftermarket and the ongoing development of lithium battery projects, which are expected to contribute to future revenue [22]