Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to industry cyclical impacts, but new product expansions are expected to yield positive results [1][3] - The company is a leader in wireless communication and BeiDou navigation, benefiting from the long-term trend of defense informationization and actively expanding into satellite internet and low-altitude economy [3][9] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [1][9] - Revenue breakdown shows wireless communication revenue at 690 million yuan (down 5.73%), BeiDou navigation revenue at 280 million yuan (down 32.25%), aerospace revenue at 140 million yuan (down 11.04%), and smart ecology revenue at 1.082 billion yuan (down 13.15%) [9] - The company's R&D expense ratio reached a historical high of 20.05%, indicating a strong commitment to transformation [9] Earnings Forecast and Valuation - The revised net profit forecasts for 2025 and 2026 are 334 million yuan and 567 million yuan, respectively, with a new forecast for 2027 at 1.027 billion yuan [3][10] - Corresponding P/E ratios are projected at 104, 61, and 34 times for 2025, 2026, and 2027, respectively [3][10] Market Data - The closing price of the stock is 14.13 yuan, with a market capitalization of approximately 35.068 billion yuan [6][10] - The company has a price-to-book ratio of 2.81 [6] Competitive Advantages - The company is enhancing its core competitive advantages through continuous R&D in "BeiDou + 5G" integrated chips and has secured contracts in satellite internet and low-altitude economy sectors [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 860 million yuan in H1 2025, representing a year-on-year increase of 42.4%, with a net profit of 390 million yuan, up 26.7% year-on-year [7] - The sales of medical device products remained stable, while functional skincare products saw significant growth, with revenue from medical devices, functional skincare, and raw materials reaching 710 million, 120 million, and 30 million yuan respectively in H1 2025, reflecting year-on-year growth of 33.4%, 152.4%, and 12.4% [7] - The company launched the world's first injectable gel product in April 2025, which is expected to drive domestic growth [7] - Strategic partnerships are being strengthened to accelerate international expansion, with plans to recruit partners in Thailand for medical device distribution [7] - The long-term growth outlook remains positive, with adjusted net profit forecasts for 2025-2027 being 1.04 billion, 1.46 billion, and 1.86 billion yuan respectively [7] Financial Summary - Total revenue is projected to reach 2.10 billion yuan in 2025, with a year-on-year growth rate of 45.81% [1] - The company's net profit is expected to grow to 1.04 billion yuan in 2025, reflecting a growth rate of 42.09% [1] - The latest diluted EPS is forecasted to be 9.04 yuan per share in 2025, with a P/E ratio of 35.39 [1]

Macro Strategy - The report anticipates a decline in loan demand for July and stable growth in social financing [1] - The geopolitical situation and rising interest rate expectations have boosted market sentiment, leading to an increase in US stock prices [1] - The 10-year US Treasury yield rose by 6.7 basis points to 4.283% due to weak auction results reflecting soft market demand [1] Fixed Income Analysis - The report highlights the investment value of non-ETF component bonds in the Sci-Tech bond market, suggesting a shift towards these bonds due to their higher yield and credit spread compared to ETF components [2] - It notes that 14.79% of the non-ETF component bonds have a credit spread exceeding 40 basis points, indicating potential for yield compression [2] - The "anti-involution" policy is expected to have a longer-lasting impact compared to previous supply-side reforms, with a focus on high-quality development rather than large-scale demand-side stimulus [3][4] Company-Specific Insights - Guodian Measurement (002967) is recommended for its AI chip localization and high-end PCB expansion, with profit forecasts for 2025-2027 set at 4.0/4.5/5.2 billion [9] - Aisheng Co., Ltd. (600732) has shown a significant increase in shipments and profitability, with revised profit forecasts for 2025-2027 at 3.8/15.6/24.9 billion, reflecting a growth rate of 107%/307%/60% [10] - Yanjing Beer (000729) continues to perform well with a focus on its U8 product line, with profit forecasts adjusted to 16.03/19.26/22.74 billion for 2025-2027 [11] - Gole Technology (002241) is expanding its AR capabilities through investment in Micro-LED technology, with profit forecasts adjusted to 34/44 billion for 2025-2026 [13] - Pop Mart (09992.HK) is expected to see rapid revenue growth driven by its IP strategy, with profit forecasts raised to 100.3/144.9/182.9 billion for 2025-2027 [14]

并购重组跟踪（三十一） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 证券研究报告 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年8月11日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 上周并购动态回顾 注：上周为8.4-8.10，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 8月5日，中国人民银行等七部门 《关于金融支持新型工业化的指导意见》 ，支持上市公司通过整体上市 定向增发、资产收购等形式进行行业 ...

Group 1: Report's Core View - Analyze the secondary - market performance of product component bonds and tracking index component bonds of science - and - technology innovation bonds (STIBs) ETF before and after its listing to determine the layout direction and bond - selection strategy of STIBs after the component bond market [1][13] - The valuation yields and credit spreads of STIBs ETF component bonds and non - ETF component bonds in the STIBs index show the same changing trends but with different amplitudes. Non - ETF component bonds generally have higher valuation yields and credit spreads. Currently, non - ETF component bonds have more potential for spread compression and less crowded trading, presenting a good configuration window period [7] Group 2: Industry Investment Rating - Not mentioned in the report Group 3: Summary According to the Directory 3.1 STIBs ETF Component Bonds' Secondary - Market Performance Comparison before and after Listing - As of July 31, 2025, 10 STIBs ETFs involve 543 component bonds (excluding duplicates), and the number of component bonds in each ETF has increased compared to the listing day [14] - In Interval 1 (January 1 - June 17, 2025), the average yield of STIBs ETF component bonds first rose and then fell, with a central value of about 2.03%. The yield increased in the early stage due to macro - interest - rate fluctuations and then decreased as funds flowed in. The credit spread showed a narrowing trend, with a central value of about 41.14BP, at the 61.20% quantile level since 2025 [15][16] - In Interval 2 (June 18 - July 16, 2025), the yield of STIBs ETF component bonds significantly decreased, and the credit spread rapidly compressed. The central value of the credit spread was 29.10BP, at the 15.20% quantile level since 2025. Some trading - disk investors started to take profits due to the high callback risk [16][17] - In Interval 3 (July 17 - July 31, 2025), the yield of STIBs ETF component bonds first decreased and then increased. The credit spread showed a similar trend. The central value of the credit spread was 17.35BP, at the 3.60% quantile level since 2025. The current entry has average cost - effectiveness and may face high adjustment risks [18][19] 3.2 Secondary - Market Performance Comparison of Tracking Index Component Bonds Not Included in STIBs ETF - As of July 31, 2025, the CSI, SSE, and SZSE AAA STIBs indexes tracked by STIBs ETF involve 899 underlying component bonds, among which 357 are not included in STIBs ETF component bonds, accounting for 39.71% [24] - In Interval 1, the yield of non - ETF component bonds first rose and then fell, similar to the overall bond market and STIBs ETF component bonds. The credit spread narrowed, with a central value of about 46.49BP, at the 74.10% quantile level since 2025, presenting a good left - side layout opportunity [27] - In Interval 2, the yield of non - ETF component bonds decreased, and the credit spread compressed. However, the decline in yield and the compression in credit spread were slightly lower than those of STIBs ETF component bonds. The allocation value between the two types of bonds began to diverge [28][29] - In Interval 3, the yield of non - ETF component bonds first decreased and then increased, but the change was slower than that of STIBs ETF component bonds. The credit spread widened, and the compression space was relatively larger than that of STIBs ETF component bonds [30][31] 3.3 Comparison of the Allocation Value between STIBs ETF Component Bonds and Non - ETF Component Bonds in the STIBs Index - Although the valuation yields and credit spreads of the two types of STIBs show the same trends, the amplitudes are different. Non - ETF component bonds generally have higher valuation yields and credit spreads [7][38] - In Interval 1, the excess spread between non - ETF component bonds and STIBs ETF component bonds was relatively stable, ranging from 1.41BP to 9.26BP [7] - In Interval 2, the excess spread widened from 2.79BP on June 17, 2025, to 9.18BP on July 16, 2025. The spread - return space of STIBs ETF component bonds was gradually consumed [7] - In Interval 3, the excess spread further widened from 10.42BP on July 17, 2025, to 11.74BP on July 31, 2025. The allocation value of non - ETF component bonds became prominent [7] - The proportion of bonds with a credit spread of over 40BP in non - ETF component bonds is 14.79%, while that in STIBs ETF component bonds is 5.94%. Non - ETF component bonds have a larger selection range for bonds with spread - compression potential [7]

Group 1: Capital Market News - The Ministry of Finance has revised the "Management Measures for Supporting the Development of Preschool Education Funds," which includes waiving childcare fees for eligible public kindergartens and providing corresponding reductions for private kindergartens [6] - In Shaanxi, a joint announcement by seven departments aims to expand the scope of interest subsidies for entrepreneurial guarantee loans, increase loan limits, and gradually reduce or waive counter-guarantee requirements to support entrepreneurship [7] Group 2: Industry News - In July, China's new energy vehicle (NEV) exports reached 225,000 units, a year-on-year increase of 120%. From January to July, NEV production and sales totaled 8.232 million and 8.22 million units, respectively, representing year-on-year growth of 39.2% and 38.5%. NEV sales accounted for 45% of total new car sales [8] - The State Post Bureau reported that China's express delivery development index for July was 414.3, a year-on-year increase of 5.2%. The development scale index, service quality index, development capability index, and development trend index were 570.5, 566.5, 220.7, and 69.5, respectively, with year-on-year increases of 12.1%, 0.3%, 1%, and 11.2% [10] Group 3: Market Performance - On August 11, 2025, the Kexin 50 index rose by 0.59%, the Beijiao 50 index increased by 1.18%, and the A-share index rose by 0.34%. The average market capitalization of the 270 constituent stocks in the Beijiao exchange was 3.183 billion, with a trading volume of 23.226 billion, a decrease of 3.078 billion from the previous trading day [11] - Among individual stocks, 189 closed higher, with Huami New Materials, Gebijia, and Sanwei Equipment leading the gains at 22.13%, 11.47%, and 7.96%, respectively. Conversely, *ST Guandao, Hengli Drill, and Jiahua Technology saw declines of 8.30%, 5.84%, and 4.77% [12]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report highlights the accelerating growth of orders for unmanned sanitation equipment and the approaching economic viability of small-tonnage equipment, alongside the marketization of water prices and a cash flow turning point, indicating a potential next phase for waste incineration [1][5] Summary by Sections Unmanned Sanitation Equipment - The economic viability of small-tonnage unmanned sanitation equipment is improving, with orders showing a scattered growth trend. One unit plus one operator can replace 3-4 workers, achieving economic feasibility as prices drop to 200,000 yuan [9][10] - The market potential for unmanned sanitation equipment is estimated to reach hundreds of billions, with a conservative assumption of a 20% replacement rate leading to a market space of 575 billion yuan for small-tonnage and 761 billion yuan for large-tonnage equipment [10][11] - Orders for unmanned sanitation equipment are projected to grow by 129% year-on-year in 2025, with over 180 projects expected [12] Waste Incineration - The report emphasizes that declining capital expenditures will enhance free cash flow and dividends in the waste incineration sector. The sector's free cash flow turned positive in 2023 and is expected to continue improving [14][16] - Companies like Junxin and Green Power are projected to have significant dividend payouts, with Junxin's dividend ratio reaching 94.59% in 2024 [14][16] Water Operations - The water operations sector is poised for growth due to marketization and improved cash flow, with companies like Xingrong and Hongcheng Environment expected to maintain high dividend ratios [18][21] - The report suggests that water price reforms will lead to sustainable growth, with potential for significant valuation increases similar to trends seen in the U.S. water industry [18][20] Industry Trends - The report notes a 90.56% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 15.86% [28] - The average price of biodiesel remains stable, with a slight increase in profitability per ton [37] - The lithium battery recycling sector is experiencing a decline in profitability, with fluctuating metal prices impacting margins [40]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - The report anticipates a rise in US gas prices due to warmer temperatures in August, while domestic gas prices are expected to decline amid slow demand recovery and intensified competition between sea and land sources [5][10] - The report highlights the ongoing adjustments in pricing mechanisms and the potential for cost reductions in downstream gas companies, which may lead to improved profitability and valuation recovery [37][50] Price Tracking - As of August 8, 2025, US HH gas prices increased by 1.5% week-on-week, while European TTF prices decreased by 2.7%, and domestic LNG prices fell by 3.8% [5][10] - The average total supply of natural gas in the US decreased by 1.1% week-on-week to 1,119 billion cubic feet per day, while total demand fell by 6.5% to 1,025 billion cubic feet per day [14][27] Supply and Demand Analysis - The report notes that China's apparent natural gas consumption decreased by 0.2% year-on-year to 2,103 billion cubic feet in the first half of 2025, attributed to warmer winter conditions in 2024 affecting heating demand [27][28] - Domestic LNG import prices averaged 3,819 yuan per ton in June 2025, reflecting a 3.3% increase month-on-month but an 8% decrease year-on-year [27][31] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [37] - The new pricing mechanism for provincial natural gas pipeline transportation aims to reduce costs and enhance efficiency, with a permitted return rate lower than current provincial levels [50][51] Investment Recommendations - The report recommends focusing on companies that can benefit from cost reductions and pricing adjustments, such as Xin'ao Energy, China Resources Gas, and Kunlun Energy, among others [53] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [53]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 5.78%, ranking second among all primary industries, with precious metals leading at 8.04% [14][1] - The report highlights the impact of U.S. interest rate cut expectations on industrial metal prices, leading to a broad price increase across the sector [29][28] - The ongoing purchase of gold by the People's Bank of China for nine consecutive months is noted as a significant factor supporting gold prices [49][52] Summary by Sections Market Review - The Shanghai Composite Index rose by 2.11%, with the non-ferrous metals sector outperforming by 3.67 percentage points [14] - All sub-sectors within non-ferrous metals experienced gains, with precious metals, new materials, industrial metals, small metals, and energy metals increasing by 8.04%, 6.84%, 5.79%, 5.35%, and 3.94% respectively [14] Industrial Metals - **Copper**: Prices are under short-term pressure due to increased inventories domestically and internationally, with LME copper at $9,768/ton and SHFE copper at ¥78,490/ton [33][2] - **Aluminum**: Prices are influenced by macroeconomic sentiment, with LME aluminum at $2,615/ton and SHFE aluminum at ¥20,680/ton, expected to fluctuate within a narrow range [37][3] - **Zinc**: Prices increased with LME zinc at $2,834/ton and SHFE zinc at ¥22,515/ton, despite mixed inventory changes [43][4] - **Tin**: Prices rose to $33,605/ton for LME tin and ¥267,780/ton for SHFE tin, supported by tight supply conditions [47][5] Precious Metals - **Gold**: The report notes a closing price of $3,458.20/oz for COMEX gold and ¥787.80/g for SHFE gold, with a bullish outlook due to ongoing central bank purchases and expectations of interest rate cuts [49][52]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The trend of domestic AI chip localization is a certainty, with a continuous increase in demand for third-party testing services [2] - The demand for high-end PCBs is rising, driving the development of the supporting industrial chain [3] - The company plans to raise no more than 1.3 billion yuan for testing platforms in aerospace equipment, AI chips, and satellite internet, ensuring sufficient long-term growth momentum [4] Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 2,889 million yuan in 2023 to 4,330 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.58% [1] - The net profit attributable to the parent company is expected to increase from 199.39 million yuan in 2023 to 515.44 million yuan in 2027, reflecting a CAGR of about 13.57% [1] - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.88 yuan in 2027 [1] - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 50.46 for 2023, decreasing to 19.52 by 2027 [1][10]