Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve a revenue of RMB 40.9 billion to RMB 41.1 billion in the first half of 2025, representing a year-on-year growth of 16.8% to 17.3%. The net profit is projected to be between RMB 5.4 billion and RMB 5.6 billion, showing a significant increase of 30.9% to 35.8% year-on-year. Key growth drivers include the multi-category layout of the Han Shu brand and significant revenue growth from the new baby skincare brand Newpage [8] - The company plans to build a matrix of six major segments over the next decade, including mass skincare, personal care, maternal and infant products, medical aesthetics, color cosmetics, and high-end skincare. The main brand Han Shu has shown strong momentum, particularly on Douyin, and other brands are expected to replicate this success, contributing to performance growth [8] - The company is projected to achieve net profits of RMB 10.2 billion, RMB 12.8 billion, and RMB 15.5 billion from 2025 to 2027, with year-on-year growth rates of 31.1%, 25.2%, and 20.9% respectively. The strong brand momentum of Han Shu and the successful establishment of a self-broadcasting system are expected to drive steady growth [8] Financial Summary - The company's revenue is forecasted to grow from RMB 6.79 billion in 2024 to RMB 11.70 billion in 2027, with growth rates of 62.1%, 27.8%, 16.8%, and 15.5% respectively [9] - The net profit attributable to the parent company is expected to increase from RMB 781 million in 2024 to RMB 1.55 billion in 2027, with growth rates of 69.4%, 31.1%, 25.2%, and 20.9% respectively [9] - The company's return on equity (ROE) is projected to be 23.0%, 35.7%, 31.9%, 28.5%, and 25.7% from 2023 to 2027 [6][9]

证券研究报告 固收点评报告 ——债基 2025 年 Q2 季报分析 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com hyzqdatemark 2025 年 08 月 08 日 马赫 请务必仔细阅读正文之后的评级说明和重要声明 联系人 mahe@huayuanstock.com 从 2025Q2 季报看利率债基变化 利率债基整体规模略有增长，债券配置比例持续提升。截至 25Q2，利率债基资产总 值为 3.6 万亿元，为 23Q1 以来最高值，其中主动型利率债基和被动型利率债基分别 为 2.4 万亿元和 1.2 万亿元，较 25Q1 分别+0.07 万亿/+0.13 万亿元。从大类资产配 置来看，截至 25Q2，利率债基主要配置于债券（规模约为 3.5 万亿元，占比 97.28%）， 其次是现金（规模约为 0.03 万亿元，占比 0.91%），规模占比较上一季度分别 +0.30pct/+0.17pct，其中主动型利率债基的债券和现金配置规模分别为 2.3 万亿元和 0.02 万亿元，比例分别为 97.26%/1.04%，较上一季度分别 ...

证券研究报告 环保 | 环境治理 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 08 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 | 07 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 15.29 | | | | | | | 年 内 高 / 低 | 最 | 最 | | | | | | | | 一 | | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 13,761.00 | | | | | 流通市值（百万元） ...

证券研究报告 机械设备 | 通用设备 北交所|公司点评报告 投资要点： 盈利预测与评级：我们预计公司 2025-2027 年归母净利润分别为 0.66/0.80/0.97 亿元，对应 EPS 分别为 0.41/0.50/0.60 元/股，当前股价对应的 PE 分别为 65.1/53.6/44.1 倍。我们持续看好公司在新业务拓展和 产品创新方面的战略布局，结合行业复苏趋势，公司业绩增长可期。随着新一代半导体测试产品的市场 推广加速，预计半导体领域业务将延续 2025H1 的显著增长，对整体营收增长形成持续贡献，维持"增 持"评级。 hyzqdatemark 2025 年 08 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 06 | 年 | 08 | 月 | 日 | 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Jianghe Group is a leading enterprise in the decoration and renovation sector with strong growth momentum. The core logic includes two main selection lines in the construction sector: 1) Dividend line: In a context of loose liquidity and low interest rates, high-dividend, low-valuation stocks have investment value. 2) "Construction+" line: Policies encourage mergers, restructuring, and transformation, with a focus on companies with clear transformation directions and strong growth potential [5][10]. Summary by Sections Company Performance - Jianghe Group has a robust business model in high-end building curtain walls and interior decoration, forming an integrated business system. In 2024, the company's decoration business achieved revenue of 21.266 billion yuan, accounting for 95.10% of total revenue, with a year-on-year increase of 6.87%. The market share rose to 1.63%, reflecting the sustained competitive advantage of leading companies amid industry consolidation [7][10]. Order Growth - In 2024, Jianghe Group secured new orders worth 27.049 billion yuan, a year-on-year increase of 4.68%, maintaining its position as the top listed company in the domestic decoration industry for three consecutive years. Notably, overseas orders (including Hong Kong and Macau) reached 7.63 billion yuan, a significant increase of 57%, accounting for 28% of total new orders [15][10]. Cash Flow and Dividend Policy - The company has emphasized a "cash is king" philosophy, with a net cash flow from operating activities of 1.626 billion yuan in 2024, an increase of 765 million yuan year-on-year. The cash on hand reached 5.35 billion yuan, up 660 million yuan year-on-year. The dividend payout ratio was approximately 98%, with a dividend yield of 7.28%, significantly higher than comparable companies in the industry [18][10].

证券研究报告 电力设备 | 电网设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 08 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 年 | 08 | 月 | 日 | 06 | | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 83.58 | | | | 一 年 内 最 高 / 低 | | | | | | 最 | | | | | （元） | | | | | | | | 86.49/50.00 | | | 总市值（百万元） | | | | | | | | 7,644.47 | | | 流通市值（百万元） | | | | | | | | 2,470.98 | | | 总股本（百万股） | | | | | | | 91.46 | | | | 资产负债率（%） ...

请务必仔细阅读正文之后的评级说明和重要声明 要点：威士忌文化多元，"舶来品"印记不构成本土化阻力，点亮中国大陆产区指日可待 "舶来品"印记并不构成本土品牌发展阻力，例如威士忌在日本市场同为"舶来品"，但日本威士忌市场由本土威士忌品牌主 导。日本产区的成功点亮证明了亚洲市场发展威士忌产区的可行性，而中国台湾噶玛兰的后发先至则为我们提供了更具体的 新兴产区威士忌品牌的发展范式。同时，近年来我国政府出台了一系列支持威士忌产业发展的政策，为产区的建设和发展提供 了有力保障，为威士忌产业的规模化、标准化发展奠定了基础。在熟成速率方面，我国产区（如邛崃）熟成速率约为苏格兰的 3-4倍。意味着我国威士忌同样在较短的陈酿时间内或能达到与传统产区高年份威士忌相当的风味密度和复杂度。这种优势不 仅可以降低生产成本，还能使产品更快地推向市场。在品牌建设方面，噶玛兰已为我们提供了发展范式，即将"无年份"、 "国际奖项背书"、"品类差异化定价"有机结合，提升市场竞争力。崃州威士忌酒厂作为国内产能和声誉较高的酒厂，有 望通过推出高品质的单桶桶强威士忌，跻身本土市场前列，并逐步向国际市场拓展。 威士忌专题： 从中国台湾噶玛兰看新兴产区威士 ...

Group 1 - The core viewpoint of the report is optimistic about the public utility sector, maintaining a positive outlook for the industry [1][2] - The report highlights the increasing pressure on electricity consumption and supply differentiation, indicating a shift from tight supply to a balanced state during the 14th Five-Year Plan [6][12] - The report emphasizes the need to focus on high-quality wind power assets due to significant yield differentiation in green electricity [5][42] Group 2 - The report projects that during the 15th Five-Year Plan, the national electricity supply will transition from tight to balanced, with coal power utilization hours expected to decline [7][13] - It forecasts that the total electricity generation will reach 131,399 billion kilowatt-hours by 2030, with an average annual growth rate of 5% [10][14] - The report notes that the new energy sector has seen a historic increase in installed capacity, with wind and solar power installations reaching 52GW and 213GW respectively in the first half of 2025, both up 105% year-on-year [22][15] Group 3 - The report discusses the severe pressure on the consumption of new energy, indicating that the utilization hours may be a more accurate indicator than utilization rates [23][28] - It highlights that the utilization rates for wind and solar power have been declining, with some regions falling below the 90% target [27][33] - The report indicates that the construction of the electricity spot market is accelerating, aiming to reflect real-time supply and demand through price signals [39][34] Group 4 - The report outlines the impact of the 136 document, which promotes the full market entry of new energy, marking a new cycle and starting point for the industry [43][44] - It emphasizes the importance of traditional power sources in ensuring energy security amidst the growing demand from new electricity consumers [13][41] - The report suggests that investment strategies should focus on stability and innovation, balancing traditional and new energy investments [5][42]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its growth potential in the power semiconductor sector [5][54]. Core Views - The company has a strong foundation in power semiconductors and is expanding into high-end applications, which is expected to drive growth [5][54]. - The inventory destocking phase in the power semiconductor industry is coming to an end, leading to a recovery in operational performance [9][24]. - The company is actively developing products for various applications, including automotive electronics and AI servers, which are expected to contribute significantly to revenue growth [9][41]. Summary by Relevant Sections Market Performance - As of April 4, 2025, the closing price is 32.24 CNY, with a market capitalization of 13,390.32 million CNY [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 22.10 billion CNY, 26.91 billion CNY, and 32.30 billion CNY, with year-on-year growth rates of 21%, 22%, and 20% respectively [47][54]. - The company’s net profit is expected to reach 5.35 billion CNY, 6.58 billion CNY, and 7.98 billion CNY for the same period, with corresponding growth rates of 23.22%, 22.80%, and 21.34% [54]. - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 25, 20, and 17 respectively [54]. Business Overview - The company focuses on the research, design, and sales of power semiconductor chips and devices, including MOSFETs and IGBTs, and has established four major product platforms [6][13]. - The company has nearly 4,000 product models covering a voltage range of 12V to 1700V [13][40]. - The company is expanding its high-end application markets, with significant contributions from automotive electronics, industrial automation, and AI computing [9][41]. Operational Performance - The company reported a revenue of 4.49 billion CNY in Q1 2025, representing a year-on-year increase of 20.81% [24]. - The gross margin for 2024 is projected to be 36.42%, reflecting a year-on-year increase of 5.67 percentage points [35]. - The company has established advanced packaging and testing lines through its subsidiaries, enhancing its production capabilities [9][22]. Competitive Position - The company is positioned to benefit from the recovery of the power semiconductor industry, with a focus on expanding its product offerings and market reach [9][54]. - The company has formed strategic partnerships with leading packaging and testing firms to strengthen its supply chain [40].

Real Estate - The real estate sector has seen a decline of 3.4% this week, with the Shanghai Composite Index down by 0.9% and the Shenzhen Component down by 1.6% [2][7] - In terms of new housing, 42 key cities recorded a total transaction of 205 million square meters this week, a 19.9% increase compared to the previous week [8] - The central government emphasized the importance of high-quality urban renewal and has implemented tax refund policies for residents purchasing new homes, amounting to 11.1 billion yuan [9] North Exchange - The North Exchange has become a key platform for observing industrial upgrades and capital flows, with a focus on mergers and acquisitions [13][14] - The introduction of new merger regulations in 2025 is expected to enhance the activity of mergers and acquisitions, particularly in the technology and manufacturing sectors [14][15] - Significant external acquisitions have been noted, with a total of 38.6 billion yuan in disclosed equity sales in Q2 2025, indicating a surge in activity [15] Food and Beverage - The company reported a revenue of 3.24 billion yuan for H1 2025, representing a year-on-year increase of 21.6%, and a net profit of 183 million yuan, up 113% [17][20] - The expansion of franchise stores has been a key driver, with the number of franchise outlets reaching 10,386, an increase of approximately 8% [19] - The company plans to distribute a mid-term dividend of 0.0716 yuan per share, totaling around 190 million yuan, marking a record high in shareholder returns [20] Public Utilities and Environmental Protection - The company announced plans to acquire assets from the National Energy Group, which includes coal, power, and chemical assets, to resolve industry competition issues [21][22] - This acquisition is expected to enhance the company's integrated operational capabilities and optimize resource allocation across the coal industry [22][23] - The company reported strong resilience in its performance for H1 2025, with a projected dividend yield of 5.4% based on current stock prices [25][26] New Consumption - The company is a leading domestic brand in the oral care industry, with a strong market presence and a focus on innovative product development [28][29] - The company has established a multi-channel marketing strategy, including e-commerce, to enhance its market reach and consumer engagement [29][30] - Future revenue growth is anticipated, with projected revenues of 1.86 billion yuan in 2025, reflecting a year-on-year growth of 19.3% [31]