Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue growth of 16% in the first half of 2025, with diversified expansion into new fields such as medical, consumer electronics, and robotics [5][8] - The company's sensor revenue increased by 29%, while actuator revenue decreased by 33.16% due to reduced demand in the overseas security market [8] - The company is focusing on domestic market expansion, with domestic revenue growth of 30% in the first half of 2025 [8] - The company is actively investing in R&D, with a 12% increase in R&D expenses, indicating a commitment to innovation and product upgrades [8] Financial Summary - Revenue projections for 2025 are estimated at 753 million yuan, with a year-on-year growth rate of 21.99% [7] - The net profit attributable to the parent company is projected to be 98 million yuan in 2025, reflecting a growth rate of 11.77% [7] - The earnings per share (EPS) is expected to be 0.69 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 47.76 [7] - The company maintains a low debt-to-asset ratio of 11.27%, indicating a strong financial position [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see steady growth in plasma collection, with new products anticipated to drive revenue growth [5] - The projected net profit for the company from 2025 to 2027 is estimated at 1.44 billion, 1.67 billion, and 1.91 billion yuan respectively, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% [6] - The current stock price corresponds to a price-to-earnings (PE) ratio of 28, 24, and 21 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, and a net profit of 633 million yuan, a year-on-year decline of 12.88% [6] - For Q2 2025, the operating revenue was 1.793 billion yuan, with a year-on-year growth of 10.70%, and a net profit of 388 million yuan, down 5.13% year-on-year [6] - The company maintained a leading position in the industry with a plasma collection volume of approximately 1361 tons in the first half of 2025, representing a year-on-year growth of 0.7% [6] Product and Market Insights - The company has a total of 107 plasma collection stations, with 85 currently operational [6] - Revenue from immunoglobulin products in the first half of 2025 was 1.43 billion yuan, up 6.56% year-on-year, while revenue from albumin was 1.35 billion yuan, up 20.8% year-on-year [6] - The fourth-generation chromatography immunoglobulin product has been launched, which is expected to significantly enhance profit margins [6] Future Growth Potential - The company is expected to achieve notable results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [6] - The ongoing clinical trials for various new products, including subcutaneous immunoglobulin and recombinant coagulation factors, are anticipated to contribute to future revenue growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to face domestic pressure in the short term, but the production line is anticipated to drive reagent volume growth [5] - Revenue forecasts for 2025-2027 are projected at 48.58 billion, 54.96 billion, and 63.48 billion RMB, with year-on-year growth rates of 7.12%, 13.12%, and 15.51% respectively [6] - The net profit attributable to the parent company for the same period is expected to be 18.32 billion, 20.65 billion, and 23.85 billion RMB, with growth rates of 0.17%, 12.77%, and 15.48% respectively [6] - The current stock price corresponds to a price-to-earnings ratio (PE) of 25x, 22x, and 19x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 21.85 billion RMB (down 1.18% year-on-year) and a net profit of 7.71 billion RMB (down 14.62% year-on-year) [8] - The company's reagent revenue was 15.21 billion RMB (down 4.40% year-on-year), while instrument revenue was 6.60 billion RMB (up 7.37% year-on-year) [8] - Domestic revenue was 12.29 billion RMB (down 12.81% year-on-year), with domestic instrument business revenue increasing by 18.18% [8] - Overseas revenue reached 9.52 billion RMB (up 19.57% year-on-year), with reagent business revenue growing by 36.86% [8] - The overall gross margin for the first half of 2025 was 68.64% (down 4.14 percentage points year-on-year) [8] - The company’s R&D expense ratio was 10.86% (up 1.62 percentage points year-on-year) [8] Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 are 48.58 billion, 54.96 billion, and 63.48 billion RMB, with corresponding year-on-year growth rates of 7.12%, 13.12%, and 15.51% [6] - The net profit attributable to the parent company is projected to be 18.32 billion, 20.65 billion, and 23.85 billion RMB for 2025, 2026, and 2027, with growth rates of 0.17%, 12.77%, and 15.48% respectively [6] - The earnings per share (EPS) for 2025 is expected to be 2.33 RMB, with a projected increase to 3.04 RMB by 2027 [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 359 million yuan in H1 2025, representing a year-on-year increase of 37.17%, with tea beverage ingredients becoming a new growth driver [7] - The company has a solid foundation in the konjac powder business, with a revenue increase of 30% year-on-year, while the konjac food segment saw a significant growth of 58% year-on-year [7] - The company is focusing on health consumption trends, driving innovation in research and development, and expanding production capacity to build a multi-dimensional product matrix [7] Financial Performance Summary - In H1 2025, the company reported a net profit attributable to shareholders of 40.92 million yuan, up 23.01% year-on-year, with a gross margin of 21.75% [7] - The revenue from konjac powder reached 248 million yuan, accounting for approximately 69% of total revenue, while the konjac food segment generated 104 million yuan, making up about 29% of total revenue [7] - The company’s R&D expenses in H1 2025 amounted to 13.42 million yuan, a year-on-year increase of 26.84% [7] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is 97 million, 113 million, and 131 million yuan respectively, with corresponding P/E ratios of 51, 43, and 37 [7][8] - The projected revenue for 2025 is 742 million yuan, with a year-on-year growth rate of 20.40% [8] - The company aims to transition from a raw material manufacturer to an application service provider, focusing on expanding its customer base in both B2B and B2C segments [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report suggests that the inflection point logic is expected to be further validated, with anticipation for increased volume from the subsidiary [5] - The company has shown significant revenue growth, with a 51.66% year-on-year increase in H1 2025, and a remarkable 199.23% increase in net profit attributable to shareholders [7] - The company is positioned as a leader in the domestic automatic balancing machine market, successfully breaking foreign technology barriers and expanding into high-end equipment manufacturing markets [7] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 410 million RMB, representing a 52.47% year-on-year growth [6] - The net profit attributable to shareholders is expected to reach 53 million RMB in 2025, with a year-on-year growth rate of 179.77% [6] - The earnings per share (EPS) is forecasted to be 0.48 RMB in 2025, with a projected price-to-earnings (P/E) ratio of 88.46 [6] Business Segment Performance - The balancing machine and accessories business generated 104 million RMB in H1 2025, with a 9.44% year-on-year growth [7] - The automation equipment and accessories business saw a substantial increase of 370.20% year-on-year, contributing 38 million RMB [7] - The software information system business experienced a remarkable growth of 661.77% year-on-year, achieving 18 million RMB [7] Market Outlook - The report indicates that the company’s new downstream orders are beginning to ramp up, with potential for significant performance elasticity due to previously high expense ratios [7] - The subsidiary, Diting Intelligent, has made breakthroughs in complex underwater acoustic signal processing technology, with applications in both military and civilian markets [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong revenue growth in the first half of 2025, with total revenue reaching 1.769 billion yuan, a year-on-year increase of 30.83% [7] - The main brand, Marubi, continues to perform well, maintaining its position as the leading domestic brand in eye care products [7] - The company is benefiting from a strategic transformation and channel adjustments, leading to a positive outlook for future growth [7] Financial Performance Summary - Revenue Forecasts: - 2023: 2,226 million yuan - 2024: 2,970 million yuan (growth of 33.44%) - 2025E: 3,832 million yuan (growth of 29.04%) - 2026E: 4,735 million yuan (growth of 23.56%) - 2027E: 5,615 million yuan (growth of 18.59%) [6] - Net Profit Forecasts: - 2023: 259 million yuan - 2024: 342 million yuan (growth of 31.69%) - 2025E: 419 million yuan (growth of 22.71%) - 2026E: 540 million yuan (growth of 28.92%) - 2027E: 669 million yuan (growth of 23.88%) [6] - Earnings Per Share (EPS): - 2023: 0.65 yuan - 2024: 0.85 yuan - 2025E: 1.05 yuan - 2026E: 1.35 yuan - 2027E: 1.67 yuan [6] - Return on Equity (ROE): - 2023: 7.75% - 2024: 10.11% - 2025E: 12.03% - 2026E: 14.94% - 2027E: 17.70% [6] Brand Performance - Marubi brand achieved revenue of 1.250 billion yuan in 25H1, a year-on-year increase of 34.36% [7] - PL brand achieved revenue of 516 million yuan in 25H1, a year-on-year increase of 23.87% [7] - The company is focusing on high-quality, minimalist makeup products and has seen significant online sales growth [7] Channel Performance - Online revenue reached 1.571 billion yuan in 25H1, a year-on-year increase of 37.85% [7] - Offline revenue was 197 million yuan, a year-on-year decrease of 7.07% [7] - The company is implementing a multi-platform strategy to enhance user engagement and sales efficiency [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - In the first half of 2025, the company achieved revenue of 166 million yuan (yoy +7%) and a net profit attributable to shareholders of 32.94 million yuan (yoy +3%) [6] - The company has established a strategic partnership with Konghui Automotive to co-develop new products, enhancing its market position [6][7] - The company is focusing on the research and development of new energy vehicle components, with significant growth in traditional fuel vehicle components as well [6] Financial Performance - In 2025H1, the company's revenue from new energy vehicle components, general automotive components, and traditional fuel vehicle components were 69.3 million yuan (yoy +8%), 37.92 million yuan (yoy +7%), and 43.2 million yuan (yoy +28%) respectively [6] - The gross profit margins for these segments were 33% (yoy +2pcts), 38%, and 32% respectively [6] - The company’s total market capitalization is 2,522.71 million yuan, with a circulating market value of 1,342.77 million yuan [3] Business Development - The company has successfully completed the acceptance of its third-generation welding ring production line, which is expected to achieve mass production within the year [6] - The company is actively expanding its overseas presence, including establishing joint ventures in Slovenia to enhance supply chain security [7] - The company’s investment in new technologies and partnerships is expected to improve its competitive edge and market share [6][7] Earnings Forecast - The forecasted net profits for the company from 2025 to 2027 are 65 million yuan, 80 million yuan, and 100 million yuan respectively, corresponding to PE ratios of 38.9, 31.6, and 25.2 times [6][8]

基础化工 | 橡胶 北交所|公司点评报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 证券研究报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 市场表现： | 基本数据 | | | | 月 | 年 | 25 | 08 | | 2025 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | 27.30 | | | | | | | | | | | | | | 一 年 高 低 | 最 | | | | | | | | | | | 33.01/7.01 | | 内 | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | 3,464.89 | | | 流通市值（百万元） | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown robust growth in the first half of 2025, with a 40% year-on-year increase in net profit attributable to shareholders, driven by industry recovery and strategic product developments in intelligent oil-gas suspension and robotics [5][6] - The company's revenue for H1 2025 reached 344 million yuan, a 13% increase year-on-year, while the net profit attributable to shareholders was 67.32 million yuan, reflecting a 40% growth [6] - The report highlights significant growth in specific product lines, including a 25.95% increase in revenue from dump truck cylinders and a 21.40% increase from oil-gas springs, attributed to policy support and rising demand in the construction and new energy sectors [6] Summary by Sections Market Performance - The closing price as of August 25, 2025, was 44.56 yuan, with a total market capitalization of 5,312.22 million yuan and a circulating market value of 2,943.58 million yuan [3] Financial Performance - For H1 2025, the company reported a net cash flow from operating activities of 108.19 million yuan, a 48% increase year-on-year [6] - The sales expense ratio was 1.28%, and the management expense ratio was 2.74% [6] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 185 million yuan, and 220 million yuan respectively, with corresponding P/E ratios of 37.7, 28.6, and 24.1 [7] - Revenue projections for 2025, 2026, and 2027 are 779 million yuan, 931 million yuan, and 1,102 million yuan, with growth rates of 23.87%, 19.62%, and 18.35% respectively [7] Product Development and Market Trends - The company is actively investing in R&D, with a 15.93% increase in R&D expenses in H1 2025, focusing on electric, intelligent, and systematized solutions [6] - The report notes a significant recovery in the heavy-duty dump truck market, with a 36.4% year-on-year increase in sales, and a substantial rise in new energy heavy truck sales by 184.68% [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, indicating a positive outlook for the company's future performance in the agricultural chemicals sector [5][7]. Core Views - The company is recognized as a leading enterprise in the agricultural chemicals industry, with expectations for growth as the industry cycle is anticipated to reverse [5][6]. - The global agricultural market is projected to recover gradually, with China's pesticide production ranking among the top in the world, indicating a robust market environment for the company [6][27]. - The company has a strong foundation in research and development, with a comprehensive business model that integrates production, sales, and technical services, positioning it well for future growth [6][43]. Summary by Sections Market Performance - As of August 25, 2025, the company's closing price is 4.48 yuan, with a market capitalization of approximately 5,491.58 million yuan [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023: 5,868 million yuan, 2024: 5,830 million yuan, 2025E: 6,170 million yuan, 2026E: 6,828 million yuan, and 2027E: 7,706 million yuan, with a growth rate of 5.83% in 2025 [5][7]. - The expected net profit for 2025 is 42 million yuan, with a significant recovery anticipated in subsequent years [5][7]. Industry Overview - The global agricultural market is valued at over 70 billion USD, with a compound annual growth rate of 3.3% from 2017 to 2023, reaching 748 billion USD in 2023 [6][16]. - China is the world's largest pesticide exporter, with an export value of 8.1 billion USD in 2023, significantly surpassing the United States and India [27][29]. Company Positioning - The company ranks among the top ten pesticide sales in China over the past decade and has a strong patent portfolio with 391 patents, including 216 invention patents [6][52]. - The company has established a solid market presence both domestically and internationally, with a balanced revenue distribution between domestic and foreign markets [46][59]. Growth Potential - The company is expected to benefit from the recovery of the agricultural chemicals industry, with a focus on expanding its market share and enhancing its product offerings [9][27]. - The company has a strategic advantage in its research and development capabilities, which are crucial for maintaining competitiveness in the agricultural chemicals sector [58].