Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded performance expectations in the first half of 2025, leading to an upward revision of the full-year performance guidance [8] - The revenue for the first half of 2025 reached USD 2.43 billion, a year-on-year increase of 42%, driven by the strong sales of core product Zebutini in the US and continued growth in Europe [8] - The company is expected to maintain steady revenue growth over the next three years, with significant profit release anticipated in the coming years [8] Financial Forecasts - Total revenue projections are as follows: - 2023: CNY 17,423 million - 2024: CNY 27,214 million (YoY +56.19%) - 2025: CNY 36,720 million (YoY +34.93%) - 2026: CNY 44,798 million (YoY +22.00%) - 2027: CNY 55,998 million (YoY +25.00%) [1][9] - The net profit attributable to the parent company is forecasted to improve significantly: - 2023: CNY -6,715.86 million - 2024: CNY -4,978.29 million - 2025: CNY 812.75 million (YoY +116.33%) - 2026: CNY 4,168.46 million (YoY +412.88%) - 2027: CNY 9,542.78 million (YoY +128.93%) [1][9] - The latest diluted EPS projections are: - 2023: CNY -4.70 - 2024: CNY -3.48 - 2025: CNY 0.57 - 2026: CNY 2.91 - 2027: CNY 6.67 [1][9] Key Catalysts - Important catalysts include the upcoming data readout for Sonrotoclax (BCL2 inhibitor) in late 2025 and the initiation of head-to-head trials against rival therapies [8] - The company is also advancing its pipeline in solid tumors and inflammation/immunology, with several clinical trials expected to start in 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown improvement in cash flow and continues to advance its "Three New and Two Transformations" strategy [8] - In the first half of 2025, the company achieved a revenue of 81.106 billion yuan, representing a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 1.446 billion yuan, up 19.70% year-on-year [8] - The company successfully issued public REITs for pharmaceutical warehousing and logistics, contributing a net profit of 438 million yuan [8] - The report adjusts the net profit forecasts for 2025-2027 to 2.694 billion yuan, 2.818 billion yuan, and 3.108 billion yuan respectively, corresponding to a PE ratio of 10, 9, and 8 times [8] Financial Performance Summary - Total revenue forecast for 2023A is 150.14 billion yuan, with a projected growth of 6.92% [1] - The net profit attributable to shareholders for 2023A is forecasted at 2.174 billion yuan, with a year-on-year growth of 4.27% [1] - The latest diluted EPS for 2023A is estimated at 0.43 yuan per share [1] - The company’s operating cash flow is expected to increase significantly, with a net cash flow from operating activities of 6.75 billion yuan in 2025E [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates steady growth in performance, with the "Touch" feature expected to generate additional revenue [8] - The company's revenue and profit forecasts for 2025-2027 are projected to be 0.39, 0.49, and 0.54 CNY per share respectively, with corresponding P/E ratios of 22.25, 17.84, and 16.17 [1][8] Financial Performance Summary - Total revenue for 2023 is projected at 11,904 million CNY, with a year-on-year growth of 26.30% [1] - Net profit attributable to shareholders for 2023 is forecasted at 4,827 million CNY, reflecting a year-on-year increase of 73.02% [1] - The company’s operating income for Q2 2025 is reported at 32.55 billion CNY, with a year-on-year growth of 0.52% [8] - The company maintains a high dividend strategy, distributing 1.0 CNY per 10 shares, totaling 14.44 billion CNY [8] Business Development Summary - The company has expanded its elevator media points to 1.287 million, a 5.5% increase from December 2024 [8] - The internet advertising revenue for H1 2025 reached 9.62 billion CNY, a significant year-on-year increase of 88.82%, now accounting for 15.73% of total revenue [8] - The "Touch" feature, developed in collaboration with Alipay, aims to enhance user interaction and streamline the advertising conversion process [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 performance shows a sequential improvement, with a recovery in its main business and the robot segment opening a second growth curve [1] - The photovoltaic industry is experiencing a recovery, with the company's core business competitiveness highlighted by its significant market share in wafer processing [7] - The company is actively entering the humanoid robot market, leveraging its core technology in grinding equipment and tungsten wire materials to create new growth opportunities [7] Financial Performance Summary - For 2023, total revenue is projected at 6,184 million yuan, with a year-on-year growth of 73.19%. However, revenue is expected to decline in 2024 and 2025, with forecasts of 4,474 million yuan and 3,817 million yuan respectively [1][8] - The net profit attributable to the parent company is expected to recover from a loss of 44.23 million yuan in 2024 to a profit of 52.54 million yuan in 2025, reflecting a significant year-on-year growth of 218.78% [1][8] - The earnings per share (EPS) is projected to improve from -0.06 yuan in 2024 to 0.07 yuan in 2025, indicating a recovery trend [1][8] Business Segment Analysis - The company's photovoltaic segment faced challenges in H1 2025, with a significant decline in revenue from photovoltaic cutting equipment, down 91.99% year-on-year. However, the segment is expected to benefit from the industry's recovery [7] - The robot business is positioned to capitalize on the growing demand for humanoid robots, with the company developing key components such as planetary roller screws and innovative tungsten wire tendons for robotic hands [7] Market Position and Competitive Advantage - The company is strengthening its leading position in the wafer processing market, benefiting from the trend of "anti-involution" in the photovoltaic manufacturing sector, which is expected to enhance its competitive edge [7] - The integration of equipment, consumables, and processing services creates a closed-loop business model that enhances customer loyalty and establishes a competitive barrier [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a revenue of 650 million yuan and a net profit of 120 million yuan, both showing a year-on-year increase of 1.1% [8] - The company is reducing the shipment of low-priced first-generation products, with significant growth expected in single-wall carbon tubes [8] - The average selling price of products increased by 3% in Q2, with a projected single-ton profit of approximately 3,000 yuan, reflecting a 10%+ increase [8] - The single-wall carbon tubes are anticipated to be applied in new fields such as solid-state batteries, sodium batteries, robotics, and electronic devices, with a potential market size reaching billions of dollars in the next five years [8] - The company has turned positive in operating cash flow, with a significant increase in cash flow in Q2 [8] - The profit forecast for 2025-2027 has been adjusted downwards, but the company maintains a strong growth outlook with a projected net profit growth of 40%/61%/34% for these years [8] Financial Summary - Total revenue for 2023 is projected at 1,404 million yuan, with a year-on-year decrease of 23.75% [1] - The net profit attributable to the parent company for 2023 is estimated at 297.16 million yuan, reflecting a year-on-year decrease of 29.96% [1] - The earnings per share (EPS) for 2023 is expected to be 0.81 yuan [1] - The company’s total assets are projected to reach 5,139 million yuan by 2024, with total liabilities of 2,175 million yuan [9] - The operating cash flow for 2024 is estimated at 276 million yuan [9]

Investment Rating - The industry investment rating is "Accumulate" (Maintain) [1] Core Insights - The report highlights opportunities in AI-driven cooling solutions, particularly focusing on micro-pump liquid cooling technologies from companies like Aiwei and Nanchip, which are expected to significantly enhance thermal management in electronic devices [2][7] - The introduction of Aiwei's AW86320 piezoelectric driver and Nanchip's SC3601 micro-pump liquid cooling chip is set to revolutionize cooling efficiency, with the latter achieving a tenfold improvement in energy savings and a standby power consumption as low as microampere levels [2][7] - The report anticipates a shift from passive to active cooling solutions, driven by the increasing computational demands of AI applications, with liquid cooling solutions expected to triple thermal efficiency compared to traditional methods [7] Summary by Sections Industry Trends - The report notes a clear trend towards micro-pump liquid cooling solutions, with expectations for these technologies to be implemented in high-end mobile devices by Q4 2025, marking a significant milestone for the industry [7] - The report emphasizes that the technology barrier for micro-pump liquid cooling lies in the driving chips, with domestic companies like Aiwei and Nanchip positioned to benefit from this emerging trend due to limited competition from foreign manufacturers [7]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The logic of improving solid waste quality and efficiency, along with cash flow enhancement, continues to be realized, while the construction of the national carbon market is strengthened and carbon constraints are tightening [1] - The report highlights the importance of cash flow improvements and dividend increases in the waste incineration sector, driven by reduced capital expenditures and enhanced operational efficiency [39] Summary by Sections Industry Trends - The environmental protection industry is experiencing a stable revenue growth, with the waste incineration sector's revenue reaching 23.2 billion yuan, a 1% increase year-on-year, and net profit of 5.1 billion yuan, an 8% increase year-on-year [10][13] - The report emphasizes the need for a market-oriented approach in water services, predicting significant cash flow improvements similar to those seen in the waste incineration sector [7] Policy Tracking - The central government has issued guidelines to strengthen the national carbon market, aiming for a more comprehensive coverage of industrial sectors and a robust carbon pricing mechanism by 2030 [35][36] - The report suggests that stricter carbon monitoring will increase demand for carbon monitoring equipment, benefiting companies like Snowy Dragon and Juguang Technology [38] Company Performance - **Huanlan Environment**: Achieved a net profit of 966 million yuan in H1 2025, a 28% increase year-on-year, with a significant contribution from its subsidiary [29] - **Green Power**: Reported a 24% increase in net profit in H1 2025, driven by increased waste incineration and operational efficiency [31] - **Haihua Entrepreneurship**: Experienced a 9.33% increase in net profit, with a focus on stable growth in waste disposal and energy generation [31] - **Yongxing Co.**: Increased its waste processing volume, leading to a 9% rise in net profit [32] Cash Flow and Dividends - The waste incineration sector is seeing a significant increase in free cash flow, with projections indicating potential dividend payouts reaching 50% to 150% in the coming years [40][41] - The report notes that companies are beginning to distribute dividends more actively, with Huanlan Environment initiating its first mid-year dividend [24][29]

证券研究报告·宏观报告·宏观点评 宏观点评 20250902 每周宏观经济和资产配置研判—20250902 2025 年 09 月 02 日 [Table_Summary] ◼ 国内宏观观点： ◼ 海外宏观观点： ◼ 权益市场观点： ◼ 债券市场观点 ➢ 曲线形态或分"三步走"。随着资金对股票市场回调的分歧加大，以及 8 月份利率期限利差因"股债跷跷板"显著走扩，近期利率来到修复性做 多的窗口期，并由短端利率下行带动曲线形态陡峭化，我们认为未来利 率曲线形态或呈"三步走"： 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 相关研究 《补贴与竞争：哪些地区和行业内卷 更严重？——统一大市场系列研究之 一》 2025-09-01 《去年 9 月"以旧换新"密集落地， 后续商品零售增速或将承压 》 2025-08-31 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 [Table_Tag] ➢ 6-7 月内需连续走弱，预计下半年经济小幅承压的趋势不会改变，但全 年 5%目标仍能顺利实现。 ➢ 国内经济关注 4 方面风险的演变：一是出口何时转负，目前看 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in H1 2025 showed significant improvement, with revenue reaching 44.5 billion yuan, a year-on-year increase of 1.1%, and a net profit of 710 million yuan, up 15% year-on-year [7] - The company is actively expanding its overseas operations, particularly in the U.S. market, where it achieved a revenue of 2.47 billion yuan, a year-on-year increase of 50.8% [7] - The company is expected to benefit from the rapid expansion of production capacity in the U.S., with a projected increase in capacity from 30,000 tons to 90,000 tons by the end of 2025 [7] - New product lines, including copper foil, are expected to reach breakeven by 2026, with significant sales growth in H1 2025 [7] - The company's net profit forecasts for 2025-2027 are 1.66 billion, 3.15 billion, and 3.94 billion yuan, respectively, with corresponding P/E ratios of 15.6, 8.2, and 6.6 [7] Financial Summary - Total revenue forecast for 2025 is 103.39 billion yuan, with a year-on-year growth of 18.1% [1] - The company's net profit for 2025 is projected to be 1.66 billion yuan, representing a year-on-year increase of 135.92% [1] - The latest diluted EPS for 2025 is estimated at 0.78 yuan per share [1] - The company's P/E ratio at the current price is 15.59 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is making steady progress in the European market and is experiencing continuous breakthroughs in Continuous Glucose Monitoring (CGM) [8] - The company's revenue for the first half of 2025 reached 2.264 billion yuan, reflecting a year-on-year increase of 6.12%, while the net profit attributable to the parent company was 181 million yuan, down 8.52% year-on-year [8] - The report anticipates that the company's net profit attributable to the parent company will be 4.27 billion yuan, 5.32 billion yuan, and 6.61 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28, 22, and 18 times [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 5.035 billion yuan, representing a year-on-year growth of 13.31% [1] - The net profit attributable to the parent company is expected to reach 427.04 million yuan in 2025, reflecting a growth of 30.88% compared to 2024 [1] - The earnings per share (EPS) is forecasted to be 0.76 yuan in 2025, with a P/E ratio of 27.50 times based on the latest diluted EPS [1] Market Performance Summary - The company's domestic revenue for the first half of 2025 was 1.266 billion yuan, up 5.40% year-on-year, while overseas revenue was 744 million yuan, up 7.06% year-on-year [8] - The report notes that the company has expanded its CGM product registration to several countries, including Brazil, Iran, and Vietnam, enhancing its competitiveness in overseas markets [8]