Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's firmware and IDE business fundamentals are solid, and the commercialization prospects of AI+IDE are promising. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 88 million, 158 million, and 297 million yuan, respectively. The corresponding EPS is projected to be 0.73, 1.30, and 2.45 yuan per share, with current price-to-earnings ratios of 99.4, 55.8, and 29.6 times [4][5] Financial Performance - In the first half of 2025, the company achieved operating revenue of 174 million yuan, a year-on-year increase of 11.07%. The net profit attributable to the parent company was 27 million yuan, up 40.66% year-on-year. The non-recurring net profit attributable to the parent company was 21 million yuan, showing a significant growth of 323.58% [5] - The firmware business generated revenue of 61 million yuan, with a gross margin increase of 10 percentage points year-on-year, attributed to the introduction of AI large language model tools that significantly improved development efficiency. The cloud service business revenue grew by 48.10% year-on-year, reaching 59 million yuan [6] Stock Incentive Plan - On June 4, the company announced a stock incentive plan, granting 3.7 million shares at 25 yuan per share to 40 individuals, representing 3.05% of the total share capital. The performance targets set for the stock incentive plan reflect strong confidence in long-term development [7] Future Growth Potential - The company is a rare player in the domestic AI programming field, having launched the new low-code IDE product SnapDevelop and the AI+IDE platform EazyDevelop. The 2026 version of SnapDevelop enhances AI-assisted programming capabilities, supporting domestic large models such as DeepSeek, Qianwen, and Doubao, indicating promising future performance [7]

基础化工/塑料 东材科技（601208.SH） 2025 年 08 月 28 日 Q2 业绩环比增长，聚丙烯薄膜、光学膜材料、高速 电子树脂有序放量 投资评级：买入（维持） 数据来源：聚源 -80% 0% 80% 160% 240% 2024-08 2024-12 2025-04 东材科技 沪深300 相关研究报告 《2024 年业绩承压，2025Q1 业绩改 善，看好高附加值产品放量—公司信 息更新报告》-2025.4.25 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn 证书编号：S0790524070005 Q2 业绩环比改善、符合预期，聚丙烯薄膜、光学膜材料、电子材料有序放量 公司发布 2025 年中报，实现营收 24.31 亿元，同比+14.6%；归母净利润 1.9 亿 元，同比+19.1%；扣非净利润 1.59 亿元，同比+45.3%，非经常性损益主要是 3,622 万元计入当期损益的政府补助等。其中 Q2 实现营收 12.97 亿元，同比+7.9%、 环比+14.3%；归母净利润 0.98 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, with the neuro-interventional business entering a harvest phase [5] - In H1 2025, the company achieved total revenue of 240 million yuan (up 12.53% year-on-year) and a net profit attributable to shareholders of 13.84 million yuan (up 296.54%) [5] - The profit growth is primarily due to cost reduction and a significant decrease in asset impairment losses [5] - The sales gross margin improved to 63.64% (up 4.44 percentage points), driven by product mix adjustments and enhancements in yield and production efficiency [5] - The company has adjusted its annual revenue forecast downward due to uncertainties in new product approvals and market launch schedules, while maintaining net profit forecasts [5] Financial Summary - Revenue projections for 2025-2027 are 580 million yuan, 752 million yuan, and 976 million yuan respectively [5] - Net profit projections for the same period are 24 million yuan, 58 million yuan, and 86 million yuan respectively [5] - The current stock price corresponds to P/S ratios of 21.7, 16.7, and 12.9 for 2025, 2026, and 2027 respectively [5] Business Developments - The intracranial self-expanding drug-eluting stent has entered the FDA green channel, marking a significant milestone for the neuro-interventional business [6] - The company’s coronary intervention business saw a revenue increase of 17.40% in H1 2025, attributed to significant sales growth of two coronary stent products and balloon products [7] - The company has successfully registered its coronary products in several countries, including Argentina, Ecuador, and Vietnam, expanding its overseas market presence [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has established a profit turning point, showcasing strong cost control capabilities and resilience in profitability despite industry pressures. The report anticipates continued growth driven by multiple new projects and strategic investments [5][6] - The company's H1 2025 net profit attributable to shareholders increased by 30.33% year-on-year, while revenue decreased by 4.87% year-on-year, indicating a strong recovery in profitability [5][6] - The report projects net profits for 2025, 2026, and 2027 to be 1.23 billion, 4.88 billion, and 7.28 billion respectively, with corresponding EPS of 0.24, 0.95, and 1.41 [5][6] Financial Performance Summary - In H1 2025, the company achieved a main business sales volume of 1.4344 million tons, a year-on-year increase of 5.90%, and a gross margin of 3.16%, up by 1.03 percentage points [6] - The company’s net profit for Q2 2025 was 0.08 billion, reflecting a significant year-on-year increase of 498.42% [5][6] - The report indicates that the company’s revenue for 2025 is expected to be 16.141 billion, with a projected year-on-year decline of 6.3% [8] Growth Drivers - The company is advancing multiple new projects, including a 600,000-ton ethylene glycol project and a 300,000-ton bottle chip base in Nigeria, which are expected to enhance profitability [6] - Strategic investments in humanoid robotics and collaboration on an rPET project with Carbios are anticipated to create synergies with the main business [6] - The report highlights that the domestic bottle chip price difference has improved from 150-170 yuan/ton in late June to around 300 yuan/ton currently, indicating a recovery in industry profitability [6]

Investment Rating - The investment rating for the company is upgraded to "Outperform" [3] Core Views - The company is expected to experience short-term profit pressure due to ongoing market competition and business expansion costs, but is anticipated to enter a harvest period post-2026, driven by growth in system, overseas, and industrial businesses [3][5] - The forecast for the company's net profit for 2025-2026 has been revised down from 500 million and 640 million HKD to 360 million and 480 million HKD, with a new forecast for 2027 at 710 million HKD, reflecting a year-on-year growth rate of -7%, +33%, and +47% respectively [3][4] Financial Performance Summary - In H1 2025, the company's revenue reached 6.67 billion HKD, representing an 8.3% year-on-year increase, with automotive display revenue growing by 8.6% and industrial display revenue increasing by 4.8% [4] - The net profit for H1 2025 was 180 million HKD, a 5.1% year-on-year increase, with a net profit margin of 2.7%, slightly down by 0.1 percentage points [4] - The company's gross margin decreased by 0.5 percentage points to 5.9%, influenced by price pressures and rising costs [4] Future Outlook - For H2 2025, profit levels are expected to remain under pressure, but revenue growth is anticipated to be more certain, particularly in the automotive sector [5] - The company is projected to benefit from high-margin business growth starting in 2026, with net profit margins expected to approach 4%-5% [5] - The domestic automotive module business is expected to stabilize, while overseas business growth is anticipated to accelerate, particularly in Europe and Korea [5]

Investment Rating - The industry investment rating is "Overweight" [1][10] Core Viewpoints - The military industry is expected to benefit from the upcoming military parade showcasing new equipment, indicating a new phase in equipment construction and a potential turning point for orders and revenue in the military sector [3][4] - The performance of the military sector is anticipated to improve continuously from Q3 2025 to Q2 2026, following a decline in orders in 2024 due to anti-corruption efforts, with a significant recovery expected in 2025 [4][5] - The current military market rally is supported by fundamental improvements, with expectations for sustained order fulfillment and a favorable direction for equipment development during the "14th Five-Year Plan" [5][6] Summary by Sections Industry Performance - The military sector's performance is projected to improve significantly in the coming quarters, with a low performance base in 2024 allowing for substantial year-on-year growth [4] - The military parade is a key catalyst for the current market rally, with new equipment expected to be major products in the next five years [5] Key Beneficiaries - Companies involved in unmanned equipment, low-cost ammunition, and intelligent systems are expected to benefit from international military trade and conflicts [6] - Specific beneficiaries include companies like Jingpin Special Equipment, Aerospace Rainbow, and others in various segments of the military supply chain [6]

医药生物/化学制药 京新药业（002020.SZ） 创新药持续放量，在研管线稳步推进 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 19.09 | | 一年最高最低(元) | 20.86/10.50 | | 总市值(亿元) | 164.37 | | 流通市值(亿元) | 138.21 | | 总股本(亿股) | 8.61 | | 流通股本(亿股) | 7.24 | | 近 3 个月换手率(%) | 249.4 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-08 2024-12 2025-04 京新药业 沪深300 相关研究报告 《存量业务稳中提质，创新药带来新 增量—公司信息更新报告》-2025.4.7 《营销改革效果持续显现，创新药推 动增量空间—公司信息更新报告》 -2024.10.30 余汝意（分析师） 刘艺（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 liuyi1@kysec.cn 证书编号：S079012407002 ...

Group 1 - The report emphasizes a positive market outlook driven by a "dual-wheel" strategy, highlighting the importance of technology as a priority [1][12][13] - The dual-wheel strategy consists of strong resilience in growth categories under global technological collaboration and a cyclical recovery driven by PPI [1][12] - The report suggests that maintaining a self-reliant approach while prioritizing technology is crucial in the current market environment [1][12] Group 2 - The overseas computing chain and Huawei's industrial chain are described as two sides of the same coin, forming a complementary relationship within the global computing ecosystem [2][15][20] - The overseas computing chain is recommended due to its high performance and strong earnings certainty, particularly in sectors like optical modules, PCBs, and liquid cooling [2][15] - Huawei's industrial chain is positioned as a leader in domestic substitution and a critical component of the current technology market [2][15][20] Group 3 - From a probability and odds perspective, Huawei's industrial chain is seen as having high value due to its significant importance, large domestic substitution potential, strong policy support, and continuous technological advancements [3][16][29] - The relationship between the overseas computing chain and Huawei's industrial chain is characterized by coexistence, complementarity, and rotation [4][38] Group 4 - Huawei's industrial chain encompasses six core businesses: smart devices, smart cars, chips, cloud computing, base station equipment, and digital energy, with a focus on chips and smart devices as key areas of growth [5][41] - The chip business is strategically positioned to break through technology import restrictions and is expected to benefit from the domestic AI computing infrastructure wave [5][41] - The smart device segment has shown strong recovery post-import restrictions, with significant growth expected in the smartphone supply chain [5][41][44] Group 5 - Huawei's industrial chain is deeply integrated into national strategies, receiving multi-dimensional policy support, which enhances its competitive edge in the technology sector [35][36] - Continuous advancements in areas such as the HarmonyOS, chip stacking technology, and smart automotive solutions are noted as significant progress for Huawei [36][37] - The report highlights that Huawei's industrial chain is in a rapid development phase, with substantial growth potential in emerging fields [37][38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.186 billion yuan in H1 2025, representing a year-on-year increase of 33.11%, and a net profit of 1.649 billion yuan, up 59.5% [7] - The growth is primarily driven by government subsidies boosting end-consumer demand and increased enthusiasm among distributors for inventory replenishment due to clear policy regulations [7] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 3.009 billion yuan, 3.501 billion yuan, and 4.093 billion yuan respectively, with corresponding EPS of 1.0, 1.1, and 1.3 yuan [7] - The current stock price corresponds to P/E ratios of 12.1, 10.4, and 8.9 for the years 2025, 2026, and 2027 respectively, indicating a solid market position with strong product and channel barriers [7] Revenue Breakdown - In H1 2025, the company’s total sales volume increased significantly, with electric bicycles and electric scooters generating a total revenue of 13.106 billion yuan, accounting for 68.3% of total revenue [8] - The total sales volume reached 8.7935 million units, up 37.77%, with an average selling price (ASP) of 2,182 yuan per unit, down 3.4% [8] - The revenue from electric bicycles was 9.298 billion yuan, up 49.01%, while electric scooters generated 3.808 billion yuan, up 7.39% [8] - Revenue from batteries and chargers was 5.713 billion yuan, up 40.52%, while revenue from electric two-wheeler components decreased to 367 million yuan, down 34.76% [8] Profitability - The company improved its product mix in H1 2025, resulting in a gross margin increase of 1.6 percentage points to 19.61% [9] - The sales, management, and R&D expenses accounted for 4.3%, 2.8%, and 3.3% of revenue respectively, with a focus on optimizing internal management [9] - The net profit margin for H1 2025 was 8.6%, reflecting a 1.4 percentage point increase year-on-year, driven by revenue growth and cost control measures [9] Outlook - The introduction of new national standards is expected to accelerate industry consolidation, with anticipated double-digit growth in overall shipments due to trade-in activities [10] - The company plans to leverage its advantages in product development and compliance to achieve excess growth in a recovering market, with a projected sales increase of 38% in H1 2025 [10] - The company is also expanding its product offerings in overseas markets such as Indonesia and Thailand, with expected growth potential [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in new customer acquisition, with a strong expectation for order elasticity in high-end products in the second half of the year. The total revenue and net profit for H1 2025 were 935 million and 143 million yuan, respectively, representing a year-on-year increase of 71.6% and a turnaround from losses. The Q2 figures were 393 million and 4 million yuan, with a quarter-on-quarter decrease of 28% and 97%, but a year-on-year increase of 56% and a return to profitability, aligning with expectations. The financial information services revenue and securities services (excluding investments) grew by 60% and 120% year-on-year, respectively, indicating a strong synergy and growth potential [5][6][7]. Financial Performance Summary - For H1 2025, the company reported total revenue of 935 million yuan, with a net profit of 143 million yuan, marking a significant recovery from previous losses. The Q2 results showed a revenue of 393 million yuan and a net profit of 4 million yuan, reflecting a year-on-year growth of 56% [5][6]. - The financial information services revenue reached 680 million yuan in H1 2025, up 60% year-on-year, while sales cash flow was 720 million yuan, an increase of 47% [6]. - The company has adjusted its net profit forecasts for 2025-2027 to 420 million, 640 million, and 980 million yuan, respectively, indicating a year-on-year growth of 306%, 51%, and 53% [5][6]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 218.0, 144.0, and 94.1 times, respectively [8][11]. - The gross margin is expected to improve from 87.3% in 2023 to 93.7% by 2027, while the net margin is projected to increase from 6.5% to 23.8% over the same period [8][11]. - The return on equity (ROE) is forecasted to rise from 4.1% in 2023 to 25.8% in 2027, reflecting improved profitability [8][11].