Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a decline in performance in the first half of 2025, with revenue of 5.444 billion yuan (down 15.31% year-on-year) and a net profit attributable to shareholders of 563 million yuan (down 9.89% year-on-year). However, the CDMO business showed rapid growth, with projected net profits for 2025-2027 at 1.177 billion, 1.374 billion, and 1.652 billion yuan respectively, indicating a high valuation cost-effectiveness [4][5] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 5.444 billion yuan (down 15.31% year-on-year) and a net profit of 563 million yuan (down 9.89% year-on-year). The gross margin was 25.73% (up 1.03 percentage points) and the net margin was 10.34% (up 0.62 percentage points) [4] - For Q2 2025, revenue was 2.714 billion yuan (down 15.98% year-on-year) with a net profit of 315 million yuan (down 17.48% year-on-year) [4] - The CDMO business generated revenue of 1.236 billion yuan (up 20.32% year-on-year) with a gross margin of 44.04% (up 3.95 percentage points) [5] - The company has 1,180 ongoing projects, a 35% increase year-on-year, with 377 projects in the commercialization stage (up 19% year-on-year) and 803 projects in the research phase (up 44% year-on-year) [5] R&D and Cost Structure - The company employed 1,155 R&D personnel in the first half of 2025, with over 500 in the CDMO segment. The sales expense ratio increased to 4.77%, while the R&D expense ratio was 5.95% [6] Valuation Metrics - The projected P/E ratios for 2025-2027 are 16.1, 13.8, and 11.5 times respectively, indicating a favorable valuation [4][8]

Investment Rating - The investment rating for Weimob Group is "Buy" (maintained) [1][4][12] Core Views - The report highlights that Weimob Group's SaaS business is focusing on e-commerce and retail core scenarios, actively promoting AI Agent applications. The company is reducing investments in small micro clients, and the impact of advertising business rebate policies is diminishing. However, the SaaS business is still affected by macroeconomic conditions, leading to a delay in demand from existing and new clients. The advertising business is adjusting its client structure, resulting in a downward revision of the adjusted net profit forecast for 2025-2026 to 0.5/1.3 billion RMB (previously 1.3/3.0 billion RMB), with a new adjusted net profit forecast for 2027 of 2.4 billion RMB, corresponding to adjusted diluted EPS of 0.02/0.05/0.09 RMB [4][5][6]. Financial Summary and Valuation Metrics - For H1 2025, Weimob Group's revenue was 775 million RMB, a year-on-year decline of 10.6%, which was in line with Bloomberg consensus expectations (773 million RMB). The adjusted net profit was 17 million RMB, better than the consensus expectation of -110 million RMB, due to the reduction of loss-making and low-margin businesses, as well as ongoing cost reduction and efficiency improvements [5][7]. - The revenue breakdown shows that the subscription solutions segment generated 438 million RMB in H1 2025, down 10.1% year-on-year, primarily due to macroeconomic impacts and the company's proactive reduction of small micro merchants, leading to a decrease in deferred revenue. The number of paying merchants declined by 13.9%, while ARPU increased by 4.5%. AI-related business revenue was between 30-40 million RMB. The gross margin was 62.6%, up 2.5 percentage points year-on-year, due to reduced amortization of intangible assets, partially offset by increased costs from new business development [5][6][7]. - The advertising solutions segment saw gross advertising revenue grow by 3.4% year-on-year, with adjusted revenue increasing by 45.3%, as the impact of rebate policy adjustments weakened. The gross margin was 91.3%, up 16.8 percentage points year-on-year, due to the reduction of TSO and credit businesses [5][6][7]. - The financial metrics for Weimob Group are as follows: - Revenue (million RMB): 2,228 (2023A), 1,339 (2024A), 1,605 (2025E), 1,782 (2026E), 2,002 (2027E) - Adjusted net profit (million RMB): -388 (2023A), -530 (2024A), 43 (2025E), 133 (2026E), 245 (2027E) - Gross margin (%): 66.6 (2023A), 44.5 (2024A), 68.2 (2025E), 68.7 (2026E), 68.7 (2027E) - Net margin (%): -17.4 (2023A), -39.6 (2024A), 3.0 (2025E), 7.4 (2026E), 12.2 (2027E) - ROE (%): -72.2 (2023A), -43.1 (2024A), 6.4 (2025E), 28.0 (2026E), 34.0 (2027E) - EPS (diluted/RMB): -0.15 (2023A), -0.19 (2024A), 0.02 (2025E), 0.05 (2026E), 0.09 (2027E) - P/E (times): NA (2023A), NA (2024A), 166.0 (2025E), 59.6 (2026E), 32.3 (2027E) - P/S (times): 3.5 (2023A), 5.9 (2024A), 4.9 (2025E), 4.4 (2026E), 3.9 (2027E) [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to show a positive performance trend, driven by the robust growth in the downstream OLED market, with a revenue of 292 million yuan in the first half of 2025, representing a year-on-year increase of 18.8%, and a net profit of 126 million yuan, up 36.7% year-on-year [2] - The comprehensive gross margin reached 74.72%, an increase of 8.5 percentage points year-on-year, while the net profit margin stood at 43.34% [2] - The company is expected to benefit from the increasing demand in the OLED market and the ramp-up of new products, leading to revised profit forecasts for 2025-2026 and the addition of a forecast for 2027 [2] Financial Summary and Valuation Indicators - Revenue projections for 2025-2027 are 307 million yuan, 412 million yuan, and 609 million yuan respectively, with corresponding EPS of 0.76 yuan, 1.02 yuan, and 1.51 yuan [2][5] - The current stock price corresponds to a PE ratio of 35.5, 26.5, and 17.9 for 2025-2027 [2][5] - The company’s revenue is projected to grow significantly, with a year-on-year increase of 64.6% in 2025 and 29.8% in 2026 [5] Market Strategy and Product Development - The company is implementing a market strategy focused on product series and comprehensive customer coverage, leading to a steady increase in market share [3] - Existing products like Red Prime and Green Host are expected to see increased shipment volumes in the second half of the year, while new products such as Red Host and Green Prime are progressing towards mass production [3] - The company is also exploring advanced technologies and expanding its customer base in emerging fields like silicon-based OLED [3] International Market Expansion - The OLED intermediate segment is advancing with the development of deuterated products, with three materials already in mass production [4] - Collaborations with international companies such as SOLUS and P&H Tech have been established, with multiple projects entering mass production testing [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for spandex is expected to continue growing due to increasing penetration rates in the textile industry and rising consumer preferences for comfort [5][13] - The spandex industry is currently facing severe overcapacity, with outdated production capacity gradually being eliminated [6][22] - The supply-demand dynamics are expected to improve as outdated capacity is cleared, benefiting leading companies in the industry [7][44] Summary by Sections Demand Side - Spandex is primarily used in the textile and apparel sector, with 76% of spandex consumption in 2024 dedicated to clothing production, resulting in an apparent consumption volume of 1.0269 million tons [5][14] - The compound annual growth rate (CAGR) for spandex apparent consumption from 2020 to 2024 is 9.21%, significantly higher than other mainstream fibers [14] - The retail sales of clothing, shoes, and textiles in China increased by 3.10% year-on-year in the first half of 2025, further driving spandex demand [14][19] Supply Side - The spandex industry has been experiencing significant overcapacity, with an average gross profit margin of -5,217 yuan/ton as of August 13, 2025, indicating prolonged losses [6][25] - In 2024, new spandex production capacity is expected to increase by 135,000 tons, with a year-on-year growth rate of 10.88%, continuing a trend of over 10% growth for three consecutive years [25][39] - The industry concentration ratio (CR5) stands at 79.53%, indicating a high level of market concentration among leading companies [33][35] Future Outlook - Leading companies such as Huafeng Chemical and Xinxiang Chemical Fiber are expected to benefit from their cost advantages, with unit costs significantly lower than the industry average [7][39] - The anticipated new production capacity for spandex in 2025 is only 111,000 tons, indicating a slowdown in capacity growth [33][48] - Recommended stocks include Huafeng Chemical, with other beneficiaries being Xinxiang Chemical Fiber and Taihe New Materials [45][48]

电子/光学光电子 康冠科技（001308.SZ） 发布 AI 服镜布局更多视觉场景，品牌出海持续突破 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 26.07 | | 一年最高最低(元) | 29.20/17.27 | | 总市值(亿元) | 182.65 | | 流通市值(亿元) | 62.53 | | 总股本(亿股) | 7.01 | | 流通股本(亿股) | 2.40 | | 近 3 个月换手率(%) | 71.65 | 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 康冠科技 沪深300 数据来源：聚源 相关研究报告 《主业稳健+创新业务高增致 Q1 业绩 拐点，关注自有品牌全球化弹性—公 司信息更新报告》-2025.5.1 《利润短期承压，年末订单大幅增长 蓄力 2025 年高增—公司信息更新报 告》-2025.3.31 《收入延续亮眼增长，提价节奏变化 利润端仍承压—公司信息更新报告》 -2024.10.30 初敏（分析师） 程婧雅（分析师） c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in net profit attributable to shareholders by 29.6% year-on-year for H1 2025, indicating performance pressure [5] - Revenue for H1 2025 was 1.299 billion yuan, down 21.6% year-on-year, with Q2 2025 revenue at 636 million yuan, a decrease of 25.1% [5] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares (including tax), with a payout ratio of 45.82% [5] - Despite the competitive market, the company’s R&D pipeline is progressing steadily, and external expansion is expected to drive growth, leading to a reasonable valuation and a maintained "Buy" rating [5] Financial Performance Summary - For H1 2025, the company's solution products generated revenue of 744 million yuan (down 23.8%), with a gross margin of 93.2% [6] - Gel products achieved revenue of 493 million yuan (down 24.0%), with a gross margin of 97.8% [6] - The overall gross margin for H1 2025 was 93.4%, down 1.5 percentage points, and the net margin was 60.9%, down 6.8 percentage points [6] - The company’s sales, management, and R&D expense ratios were 11.1%, 5.3%, and 12.1%, respectively, with year-on-year increases of 2.6, 1.2, and 4.5 percentage points [6] Growth Drivers - The company is enhancing its growth trajectory through the acquisition of REGEN, which is expected to create a second growth curve [7] - The product line includes market-leading offerings and new products like the "Hao Ke La" launched in May 2025 [7] - The company has obtained 12 Class III medical device registrations, with the second-generation implant line nearing registration [7] - The acquisition of REGEN Biotech has expanded the product matrix, with approvals in 35 and 23 countries for its AestheFill and PowerFill products, respectively [7] Financial Projections - Revenue projections for 2025-2027 are 1.7 billion, 2.005 billion, and 2.325 billion yuan, respectively, with corresponding EPS of 5.62, 6.63, and 7.68 yuan [5][8] - The company’s P/E ratios for 2025-2027 are projected to be 33.5, 28.5, and 24.5 times, respectively [8]

Investment Rating - The investment rating for Kingsoft Corporation (03888.HK) is "Buy" (maintained) [1][5]. Core Views - The report indicates that Kingsoft's revenue is expected to grow at a modest pace, with projected revenues of 10.62 billion, 11.96 billion, and 13.38 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 2.9%, 12.7%, and 11.8% [5][8]. - The net profit forecast has been adjusted downwards to 1.78 billion, 2.16 billion, and 2.70 billion yuan for the same years, with expected growth rates of 15.0%, 21.0%, and 25.2% [5][8]. - The current price-to-earnings (P/E) ratio is projected to be 24.4, 20.1, and 16.1 for the years 2025, 2026, and 2027 respectively, indicating potential for valuation improvement contingent on AI monetization and game performance recovery [5][8]. Financial Summary and Valuation Metrics - For 2023, the operating revenue was 8.534 billion yuan, with a year-on-year growth of 11.7% [8]. - The gross margin for 2025 is expected to be 80.9%, with a net profit margin of 16.8% [8]. - The diluted earnings per share (EPS) for 2025 is projected at 1.336 yuan, with a P/E ratio of 24.4 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company is expected to benefit from a significant product cycle starting in 2025, with a partnership with Volkswagen potentially enhancing long-term performance [5] - Revenue projections for 2025 have been adjusted from 820.1 billion to 804.4 billion RMB, while 2026-2027 revenue estimates have been increased to 1,291.1 billion and 1,431.3 billion RMB respectively [5] - Non-GAAP net profit estimates for 2025-2027 have been revised from -19.4/5.3/22.3 billion RMB to -10.7/10.5/36.8 billion RMB [5] - The company aims to achieve a breakeven point in Q4 2025, supported by high ASP products and improved gross margins [5] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 30,676 million RMB, with projections of 40,866 million RMB for 2024, 80,438 million RMB for 2025, 129,108 million RMB for 2026, and 143,129 million RMB for 2027 [6] - Non-GAAP net profit is expected to improve significantly, moving from -9,444 million RMB in 2023 to 3,679 million RMB in 2027 [6] - Gross margin is projected to increase from 1.5% in 2023 to 16.2% in 2027, indicating a positive trend in profitability [6] - The company’s EPS is expected to transition from -5.4 RMB in 2023 to 1.9 RMB in 2027 [6] - The P/S ratio is projected to decrease from 4.2 in 2023 to 1.0 in 2027, reflecting improved valuation metrics over time [6]

农林牧渔/养殖业 牧原股份（002714.SZ） 高业绩兑现高分红，龙头降本增效高质量发展 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(元) | 47.50 | | 一年最高最低(元) | 50.78/35.02 | | 总市值(亿元) | 2,594.82 | | 流通市值(亿元) | 1,810.03 | | 总股本(亿股) | 54.63 | | 流通股本(亿股) | 38.11 | | 近 3 个月换手率(%) | 59.18 | 股价走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 牧原股份 沪深300 相关研究报告 《出栏高增成本下降，龙头持续成长 兑 现 业 绩 — 公 司 信 息 更 新 报 告 》 -2025.4.26 《成本优势显著出栏稳步增长，行业 龙头业绩持续兑现—公司信息更新报 告》-2025.3.21 《成本优势显著业绩高兑现，高分红 彰显长期投资价值—公司信息更新报 告》-2024.10.31 陈雪丽（分析师） 王高展（分析师 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by more than 20% [6][9]. Core Insights - The company has demonstrated strong profit growth driven by scale effects, with Q2 2025 revenue reaching 706 million yuan, a year-on-year increase of 54%, and net profit attributable to shareholders at 44 million yuan, up 161% [2][3]. - The company is solidifying its leading position in the ADAS lidar market, with significant growth in shipments and successful expansion into major clients [3][4]. - The report forecasts net profits for 2025-2027 to be 248 million, 582 million, and 988 million yuan respectively, with corresponding EPS of 1.9, 4.5, and 7.6 yuan, indicating a strong growth trajectory [2][4]. Financial Summary and Valuation Metrics - For 2025, the company is expected to achieve a revenue of 3.352 billion yuan, reflecting a year-on-year growth of 61.4% [5]. - The gross margin for Q2 2025 is reported at 42.5%, with a notable improvement in expense ratios across sales, management, and R&D [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 101.0, 42.8, and 25.3 times respectively, indicating a decreasing valuation multiple as earnings grow [5].