Core Insights - The report highlights an increase in institutional attention towards sectors such as electric equipment, non-bank financials, and public utilities, indicating a shift in market focus [4][5][6] - The electric vehicle market in Europe is experiencing significant growth, with major automakers like Volkswagen, Renault, and BMW reporting substantial increases in battery electric vehicle (BEV) sales [15][16] - The report emphasizes the resilience of the viscose staple fiber market, with stable demand and limited new capacity contributing to a tight supply-demand balance [11][12][13] Institutional Research Tracking - The report outlines a decrease in total institutional research activity across the A-share market, with a notable decline in the number of companies being researched compared to the previous year [5][6] - Key sectors receiving increased attention include electric equipment, non-bank financials, and public utilities, reflecting a shift in investor focus [4][6][7] Electric Vehicle Market Trends - European automakers are set to continue launching new electric vehicle models, which is expected to sustain the momentum of the electric vehicle market [16][17] - The report notes that the EU's carbon emission regulations are being adjusted, which may impact the pace of electric vehicle adoption but overall trends remain positive [17] Viscose Staple Fiber Market Analysis - The report indicates that the apparent consumption of viscose staple fiber is projected to grow, with 2023 and 2024 consumption expected to reach 3.81 million tons and 4.09 million tons respectively, reflecting year-on-year increases of 9.74% and 7.28% [11] - The industry is characterized by high capacity utilization rates, with the effective capacity utilization expected to remain above 80% due to stable demand and limited new capacity [12][13] Company-Specific Updates - The report provides updates on specific companies, such as Wanhua Chemical, which is expected to benefit from supply-side improvements in the chemical sector, maintaining a "buy" rating [28] - Action Education is noted for its stable operations and high dividend payout strategy, with a focus on AI-driven growth in the long term [32] Recommendations - The report suggests investment in companies like Sanyou Chemical and Biyuan Chemical, which are positioned to benefit from the ongoing trends in the viscose staple fiber and chemical markets [14][23] - In the electric vehicle sector, recommended stocks include CATL and Yiwei Lithium Energy, which are expected to gain from the growth in battery demand [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable performance in Q2, with several self-developed technologies gradually being implemented. The long-term growth potential remains promising despite short-term profit pressures [4][6] - For H1 2025, the company achieved revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% year-on-year. Q2 alone saw revenue of 47.834 billion yuan, a year-on-year decrease of 6.04% but an increase of 11.07% quarter-on-quarter [4][5] - The company is expected to benefit from the recovery in the chemical sector and the launch of new projects, which will drive performance growth [4][6] Financial Performance Summary - In H1 2025, the polyurethane segment saw a year-on-year sales increase of 14.49%, while the petrochemical segment faced profit pressure. The average market prices for key products were approximately 18,800 yuan/ton for pure MDI, 16,700 yuan/ton for polymer MDI, 12,400 yuan/ton for TDI, and 7,800 yuan/ton for soft foam polyether [5] - The company’s revenue projections for 2025-2027 are 135.57 billion yuan (down 10.06%), 173.88 billion yuan, and 204.36 billion yuan, respectively, with corresponding EPS of 4.33 yuan (down 0.32), 5.55 yuan, and 6.53 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 14.5, 11.3, and 9.6 for the years 2025, 2026, and 2027, respectively [4][7] Technology and Market Position - The company has accelerated the conversion of various self-developed technologies, including successful industrialization of tert-butylamine and production of qualified sulfone polymers, enhancing its product offerings [6] - The company is expanding its high-value product lines, including battery materials and specialty amines, which are expected to support long-term growth [6]

北交所新股申购报告 新 股 研 究 北 交 所 新 股 申 购 相关研究报告 《吉冈精密收购帝柯国际，加速全球 化布局与产业链协同—北交所策略并 购专题报告》-2025.8.11 《氮化硅材料性能优异，下游应用广 泛，关注北交所天马新材—北交所策 略专题报告》-2025.8.10 《2025Q2 北交所券商评价透视：7 巨 头稳居前十，特色券商差异深挖+合并 券商跻入—北交所策略专题报告》 -2025.8.10 能之光（920056.BJ）:高分子助剂小巨人，国产替代瞄向光伏/汽车改性材料 ——北交所新股申购报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 高分子助剂及功能高分子材料国家级"小巨人"，净利 3 年 60%CAGR 公司是从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业， 是国家级专精特新"小巨人"企业。公司还是 2019 年获浙江制造精品荣誉及宁 波市单项冠军示范企业，2020 年获浙江省"隐形冠军"企业及浙江省企业研究 院，2022 年获国家知识产权优势企业。公司以高分子材料接枝改性技术为基础， 深耕相容剂、增韧剂和粘合树脂等 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced short-term fluctuations in performance in H1 2025, with revenue of 344 million yuan (down 11.68% year-on-year) and net profit attributable to shareholders of 131 million yuan (down 3.51% year-on-year). The decline is attributed to macroeconomic cycles and client performance [4][5] - The company continues its high dividend strategy, proposing a cash dividend of 10.00 yuan per 10 shares (including tax), resulting in a cash dividend ratio of 90.74% [4] - The company is optimistic about AI empowerment driving long-term growth, with a focus on customer acquisition and business expansion [4][6] Financial Performance Summary - In H1 2025, the company's management training revenue was 285 million yuan (down 8.9%), with a gross margin of 84.33%. Management consulting revenue was 54 million yuan (down 25.6%), with a gross margin of 46.55% [5] - The company reported a contract liability of 1.059 billion yuan (up 5.8% year-on-year), indicating stable orders on hand [4] - The projected net profits for 2025-2027 are 299 million, 349 million, and 411 million yuan respectively, with corresponding P/E ratios of 14.5, 12.4, and 10.5 [4][7] Strategic Initiatives - The company is transitioning from "effective education" to "effective education + AI," aiming to build an intelligent ecosystem management system for enterprises. The "Hundred Schools Plan" aims to open 100 branches in key cities over the next 3-5 years [6] - The company aims to empower 10,000 enterprises to become AI organizations and train 1 million AI operators, enhancing its influence in the global management education market [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report indicates an upward revision of the company's net profit for 2025-2027, with expected figures of 8.5 billion, 10.9 billion, and 12.5 billion respectively, representing year-on-year growth of 204%, 28%, and 15% [4] - The current stock price of 13.06 HKD corresponds to a PE ratio of 16.7, 13.0, and 11.3 for the years 2025-2027 [4] - The company's optical system capabilities, international expansion, and diversification into AI glasses, robotics, lidar, and automotive modules are expected to enhance mid-term growth [4] - The company's mobile optical business is anticipated to improve profitability, while IoT business is experiencing rapid growth, and the joint venture has turned profitable [5] Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 20.217 billion, with a year-on-year growth of 25.2% [7] - Net profit for 2025 is projected at 848 million, reflecting a year-on-year increase of 203.9% [7] - The gross margin is expected to improve to 8.0% in 2025, with a net margin of 4.2% [7] - The report highlights a significant increase in the company's earnings per share (EPS), projected at 0.7, 0.9, and 1.0 for 2025, 2026, and 2027 respectively [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for viscose staple fiber is expected to continue growing due to rapid development in vortex spinning technology, with apparent consumption projected at 3.81 million tons in 2023 and 4.09 million tons in 2024, reflecting year-on-year growth of 9.74% and 7.28% respectively [5] - The viscose staple fiber industry has maintained a tight supply-demand balance, with capacity utilization rates above 80% and limited new capacity additions since 2022 [6] - The price of viscose staple fiber has shown resilience despite a decline in raw material prices, with recent price increases of approximately 150 CNY per ton [6] Summary by Sections Industry Overview - The viscose staple fiber industry is characterized by a high concentration, with the top three companies holding a combined market share of 69.77% [6] - The industry has seen limited new capacity additions, with only one planned project expected to come online in 2026 [6] Demand and Supply Dynamics - The apparent consumption of viscose staple fiber in the first half of 2025 is projected at 1.96 million tons, with a minor year-on-year decline of 1.00%, indicating strong demand resilience [5] - The industry has experienced a high operating rate of 85.9% as of August 2025, with inventory levels at a historical low of 10.9 days [6] Price Trends - The price gap between viscose staple fiber and its raw materials has been expanding, with viscose prices remaining firm despite fluctuations in raw material costs [6][9] - The recent suspension of tariffs between the US and China is expected to boost demand for viscose staple fiber in the upcoming peak seasons [6] Recommended Stocks - Recommended stock: Sanyou Chemical; Beneficiary stock: Zhongtai Chemical [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a slight decline in revenue, waiting for a bottom reversal, maintaining the "Accumulate" rating. In the first half of 2025, the company achieved revenue of 980 million yuan, a year-on-year decrease of 7.2%, while net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 26.9% [5] - The company is a leading brand in the marinated food industry, and with the recovery of external demand, store expansion is expected to resume [5] Financial Performance Summary - In Q2 2025, the company achieved revenue of 540 million yuan, a year-on-year decrease of 10.7%, and a net profit of 33 million yuan, a year-on-year increase of 16.1% [5] - The company’s revenue from various product lines in the first half of 2025 was as follows: fresh products 600 million yuan (-10.9%), packaged products 19 million yuan (-29.2%), slaughter processing 41 million yuan (+54.2%), rice products 31 million yuan (-1.4%), testing and other businesses 0.15 million yuan (-23.0%) [6] - As of the end of Q2 2025, the company had 2,898 fresh product stores, with a net closure of 762 stores in the first half of the year [6] Cost Control and Profit Growth - The gross margin for Q2 2025 was 29.3%, a year-on-year decrease of 0.8 percentage points, attributed to a decline in sales volume and increased depreciation [7] - The sales expense ratio for Q2 2025 was 11.0%, a year-on-year decrease of 2.8 percentage points, due to controlled promotional expenses and reduced labor costs [7] - The net profit for Q2 2025 benefited from controlled promotional expenses, increasing by 16.1% [7] Financial Forecasts - The company is expected to achieve net profits of 80 million yuan, 110 million yuan, and 120 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 90.5%, 36.7%, and 10.4% respectively [5] - The current stock price corresponds to P/E ratios of 116.1, 84.9, and 76.9 for the years 2025, 2026, and 2027 respectively [5]

Investment Rating - Investment rating for the electric equipment industry is "Positive (Maintain)" [1] Core Insights - The report highlights a significant growth trend in BEV (Battery Electric Vehicle) sales among major European automakers, with Volkswagen, Renault, and BMW showing substantial year-on-year increases in sales [3][13] - The European car manufacturers are expected to continue launching new electric vehicle models in 2025 and 2026, which will likely sustain the momentum of electrification in the market [4][16] - The EU Parliament's approval of amendments to carbon emission assessments indicates a delay in tightening emission targets, but the overall trend towards electrification remains unchanged [5][74] Summary by Sections BEV Sales Growth - Volkswagen Group's BEV deliveries in Europe increased by 89% year-on-year in the first half of 2025 [13] - Renault's BEV sales in Europe rose by 57% in the same period, driven by the popularity of the Renault 5 model [18][21] - Stellantis saw a remarkable 185% increase in pure electric sales for the Citroën brand in Europe [51] New Model Launches - Renault plans to launch four new BEV models in 2025, including the Renault 4 and Alpine A390, with a focus on cost reduction [24][28] - Volkswagen is set to unveil a new entry-level BEV series at the Munich Auto Show in September 2025, with the ID.2 model expected to launch in 2026 [44][49] - Stellantis will introduce three new electric models based on the Medium platform in the second half of 2025 [56] Investment Recommendations - The report recommends investing in lithium battery companies such as CATL, EVE Energy, and Xinwangda, as well as lithium material suppliers like Hunan Youneng and Huayou Cobalt [5][74] - Other recommended sectors include electric drive systems, charging infrastructure, and automotive safety components, with specific companies highlighted for potential investment [5][74]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for float glass is expected to remain high due to accelerated urban renewal and national subsidies stimulating renovation needs, despite fluctuations in real estate construction [5][14] - The photovoltaic glass sector is facing significant supply-demand imbalances, with rapid capacity expansion leading to price declines and potential production line adjustments to mitigate losses [6][21] - The soda ash industry is under pressure from new capacity additions, with low-cost natural soda ash processes likely to emerge as dominant in the future [7][28][50] Summary by Sections 1. Glass Capacity and Soda Ash Demand - Urban renewal and renovation needs are projected to sustain float glass demand, with a significant increase in housing renovation expected as older properties reach their lifespan [5][14] - The apparent consumption of flat glass is expected to grow by 3.80% in 2024, despite a decline in real estate construction area [14][19] - The soda ash apparent consumption is projected to reach 35.23 million tons in 2024, a year-on-year increase of 13.49% [27] 2. Photovoltaic Glass Sector - Photovoltaic glass capacity has surged from 11.73 million tons in 2020 to 44.77 million tons in 2024, marking a 281.64% increase [21] - The price of photovoltaic glass has decreased from a peak of 26.5 yuan per square meter to 18.5 yuan per square meter due to oversupply and inventory pressures [21][24] - The profitability of photovoltaic glass companies is declining, leading to potential production line adjustments to reduce losses [6][21] 3. Soda Ash Industry Dynamics - The soda ash industry is facing significant new capacity pressures, with multiple projects expected to come online, including 2.8 million tons from Boyuan Chemical and 5 million tons from Zhongyan Chemical [7][28][46] - The cost of production for different soda ash processes as of August 1, 2025, is 1,246 yuan/ton for the ammonia-soda process, 1,395 yuan/ton for the solvay process, and 679 yuan/ton for the natural soda process, indicating that only the natural soda process remains profitable [28][46] - The natural soda process is expected to dominate the global soda ash market due to its cost advantages and the U.S. holding 99% of the world's natural soda resources [47][50]

Group 1: Industry Perspective on Institutional Research - The overall number of institutional research engagements in the A-share market has decreased, with a total of 118 engagements last week, lower than 163 engagements in the same week of 2024, indicating a cooling interest in research activities [3][13][21] - Among the primary industries, the highest levels of attention were observed in electronics, power equipment, pharmaceuticals, machinery, computers, and automobiles, with power equipment, non-bank financials, and public utilities showing a year-on-year increase in attention [3][12][19] - In July, the total number of institutional research engagements in the A-share market was 1,345, down from 1,505 in the same month of 2024, with machinery, electronics, pharmaceuticals, automobiles, and power equipment receiving the most attention [21][22][26] Group 2: Individual Company Perspective on Institutional Research - Companies such as Huaming Equipment, Tapai Group, BOE Technology Group, and Jereh Group received significant market attention, with high numbers of research engagements and institutional participation [4][28][32] - Huaming Equipment was frequently researched, with 9 engagements last week, focusing on its role in the power equipment sector and its connections to traditional high-energy-consuming industries [30][31] - Jereh Group has been actively expanding its international strategy, particularly in the Middle East, and was also frequently researched, with 2 engagements last week [30][31]