Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 4.992 billion yuan in Q2 2025, representing a year-on-year growth of 32.2% [7] - The Non-GAAP operating profit was 121 million yuan, with a Non-GAAP operating profit margin of 2.4% [7] - The second-hand recycling business showed stable growth, with product (1P) revenue increasing by 34.0% to 4.56 billion yuan, benefiting from brand influence and enhanced supply chain capabilities [7] - The service (3P) revenue grew by 15.4% to 430 million yuan, with multi-category revenue increasing by 107% [7] - The number of offline stores reached 2,092, with 804 stores offering multi-category recycling services, which is expected to drive further growth [7] - The company effectively controlled overall expense ratios, with a Non-GAAP fulfillment expense ratio of 8.2% and a Non-GAAP sales expense ratio of 7.8% [7] - A three-year shareholder return plan was announced, with a commitment to return at least 60% of annual Non-GAAP net profit to shareholders from 2025 to 2027 [7] - The company is expected to see significant growth in Non-GAAP net profit, projected at 4.8 billion yuan in 2025, 7.1 billion yuan in 2026, and 10.6 billion yuan in 2027, with corresponding PE ratios of 15.0x, 10.2x, and 6.8x [7] Financial Forecasts - Revenue is projected to grow from 12,965.78 million yuan in 2023 to 21,173.14 million yuan in 2025, with a growth rate of 31.4% in 2023 and 29.7% in 2025 [5][8] - The net profit is expected to turn positive in 2025, reaching 349.98 million yuan, with a staggering growth rate of 4,353.0% compared to the previous year [5][8] - Earnings per share (EPS) is projected to be 1.59 yuan in 2025, with a PE ratio of 21.36 [5][8] - The return on equity (ROE) is expected to be 8.7% in 2025, increasing to 16.6% by 2027 [5][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue increase of 12.63% year-on-year in the first half of 2025, achieving a total revenue of 2.793 billion yuan and a net profit of 82 million yuan, reflecting a 30.19% increase year-on-year [7] - The performance of the biological products segment is recovering, while the chemical medicine segment is experiencing rapid growth [7] - The company is expected to achieve revenues of 6.443 billion yuan, 6.834 billion yuan, and 7.264 billion yuan from 2025 to 2027, with net profits of 194 million yuan, 242 million yuan, and 317 million yuan respectively [7] Financial Performance Summary - Revenue (in million yuan): 2023A: 5,406, 2024A: 6,017, 2025E: 6,443, 2026E: 6,834, 2027E: 7,264 [6] - Net profit (in million yuan): 2023A: 403, 2024A: 71, 2025E: 194, 2026E: 242, 2027E: 317 [6] - EPS (in yuan): 2023A: 0.39, 2024A: 0.07, 2025E: 0.19, 2026E: 0.24, 2027E: 0.31 [6] - PE ratios: 2025E: 39.8, 2026E: 32.0, 2027E: 24.4 [6] Business Segment Performance - The biological products segment saw a revenue decline of 7.86% to 450 million yuan in the first half of 2025, while the chemical medicine segment's revenue increased by 57.36% to 999 million yuan [7] - The company launched six new products in the pet business during the first half of 2025 [7] - Export revenue increased by 24.5% to 195 million yuan in the first half of 2025 [7] Profitability Metrics - Gross margin for the first half of 2025 was 17.20%, with a net margin of 3.19% [7] - The company expects to improve its profitability with projected net profit margins of 2.6%, 3.1%, and 3.8% from 2025 to 2027 [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][7] Core Views - The company has shown significant improvement in profitability due to price recovery and cost control, with a mid-term dividend payout ratio of 40.34% and a dividend yield of 1.26% [7] - The company's revenue for the first half of 2025 reached 9.109 billion yuan, a year-on-year increase of 17.70%, while the net profit attributable to shareholders was 1.687 billion yuan, up 75.51% year-on-year [7] - The second quarter of 2025 saw revenue of 4.630 billion yuan, a year-on-year increase of 6.28%, and a net profit of 957 million yuan, up 56.58% year-on-year [7] Financial Performance - The company's revenue forecast for 2025 is 19.491 billion yuan, with a growth rate of 22.93% [6] - The net profit attributable to shareholders is expected to reach 3.446 billion yuan in 2025, reflecting a growth rate of 40.97% [6] - The earnings per share (EPS) for 2025 is projected to be 0.86 yuan, with a price-to-earnings (PE) ratio of 15.63 [6] Market Position and Trends - The average price of alkali-free glass fiber yarn increased by 4.70% in Q2 2025, while the fine yarn price rose by 7.93% [7] - The company has maintained a strong market position in the wind power sector, with sales accounting for over 23% of total sales in the first half of 2025, showing a year-on-year growth of over 60% [7] - The gross profit margin for Q2 2025 was 33.84%, an increase of 11.27 percentage points year-on-year, while the net profit margin was 21.49%, up 7.19 percentage points [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated resilient growth despite a high base, with notable performance from brands such as OR and Yuanse Bota. The revenue for the first half of 2025 reached 5.362 billion yuan, a year-on-year increase of 7.2%, while the net profit attributable to shareholders was 799 million yuan, up 13.8% [8] - The main brand, Proya, is accelerating its entry into niche markets, while sub-brands like Caitang, OR, and Yuanse Bota are actively launching new products to drive growth. The forecast for net profit attributable to shareholders for 2025-2027 is 1.776 billion, 1.962 billion, and 2.161 billion yuan, respectively, corresponding to PE ratios of 19.0, 17.2, and 15.6 times [8] Financial Performance - For the fiscal year 2023, the company reported a revenue of 8.905 billion yuan, with a growth rate of 39.5%. The projected revenue for 2025 is 11.907 billion yuan, reflecting a growth rate of 10.5% [6] - The net profit for 2023 was 1.194 billion yuan, with a growth rate of 46.1%. The expected net profit for 2025 is 1.776 billion yuan, indicating a growth rate of 14.5% [6] - The earnings per share (EPS) for 2023 was 3.01 yuan, projected to increase to 4.49 yuan in 2025 [6] Brand and Product Development - The company has accelerated the incubation of new products across multiple categories, launching several new items in 2025, including a whitening series and various makeup products. The brand Caitang achieved the highest sales in the domestic color cosmetics category on platforms like Tmall [8] - The company plans to issue overseas listed shares (H shares) and list on the Hong Kong Stock Exchange, which is expected to enhance liquidity [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.416 billion yuan in the first half of 2025, a year-on-year decrease of 4.49%, while the net profit attributable to shareholders was 689 million yuan, an increase of 4.83% year-on-year [7] - The company is a core supplier of civil aircraft components and is actively participating in international cooperation and subcontracting work [7] - The company is expected to achieve revenues of 45.809 billion yuan, 49.473 billion yuan, and 53.926 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.108 billion yuan, 1.174 billion yuan, and 1.270 billion yuan for the same years [7] Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 7.27%, an increase of 2.36 percentage points year-on-year, and a net profit margin of 3.55%, an increase of 0.32 percentage points year-on-year [7] - The company's revenue growth rates are projected to be 7.0% in 2023, 7.2% in 2024, 6.0% in 2025, 8.0% in 2026, and 9.0% in 2027 [6][8] - The earnings per share (EPS) are expected to be 0.40 yuan in 2025, 0.42 yuan in 2026, and 0.46 yuan in 2027 [6][8] Market Performance - The company's stock price closed at 28.09 yuan as of August 27, 2025 [2] - The company has shown a market performance of -9% over the last 12 months compared to the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a stable growth in pig and chicken farming, with a focus on improving quality and efficiency. The forecasted net profits for 2025-2027 are 9.494 billion, 12.556 billion, and 13.688 billion RMB respectively, with corresponding PE ratios of 12.7, 9.6, and 8.8 times [7][8] Financial Performance - For the first half of 2025, the company reported a revenue of 49.875 billion RMB, a year-on-year increase of 5.92%, and a net profit of 3.475 billion RMB, a significant increase of 159.12% [7] - The average selling price for pork was 14.93 RMB/kg, down 2.56% year-on-year, with a total of 16.6166 million pigs sold, an increase of 15.6% [7] - The revenue from pork sales reached 32.735 billion RMB, up 16.26% year-on-year [7] - The average selling price for broilers was 10.84 RMB/kg, down 18.43% year-on-year, with 598 million chickens sold, an increase of 9.16% [7] - The company recorded a cash flow from operating activities of 6.465 billion RMB, an increase of 11.3% year-on-year [7] Profit Forecast - The projected revenue for 2025 is 95.200 billion RMB, with a revenue growth rate of -9.2% [6] - The projected net profit for 2025 is 9.494 billion RMB, with a net profit growth rate of 2.9% [6] - The company’s return on equity (ROE) is expected to be 19.5% in 2025, with a projected price-to-book (PB) ratio of 2.5 [6] Market Position - The company is a leading player in the pig and yellow feather chicken farming industry, with a focus on sustainable development and efficiency improvements [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue of 2.755 billion yuan, down 14.18% year-on-year, and a net profit of -30 million yuan, a decrease of 0.35 billion yuan [8][9] - Domestic real estate-related business is under pressure, while overseas growth is performing well, with overseas revenue increasing by 30.75% year-on-year [8][10] - The increase in raw material prices has pressured gross margins, leading to a decline in net profit due to reduced expense dilution [8][10] - The company is focusing on local operations overseas, which is expected to become a growth point [10] Financial Performance Summary - Revenue forecast for 2023A is 7.802 billion yuan, with a projected decline to 6.638 billion yuan in 2024A and further to 6.259 billion yuan in 2025E, before recovering to 6.639 billion yuan in 2026E and 7.120 billion yuan in 2027E [7] - Net profit is expected to decrease to 76 million yuan in 2025E, followed by increases to 114 million yuan in 2026E and 190 million yuan in 2027E [7] - Earnings per share (EPS) is projected to be 0.21 yuan in 2025E, 0.32 yuan in 2026E, and 0.54 yuan in 2027E [7] - The price-to-earnings (PE) ratio is forecasted to be 105.44x in 2025E, 70.04x in 2026E, and 42.22x in 2027E [7] Revenue Breakdown - In the first half of 2025, the revenue from various product categories showed significant declines: door and window hardware systems (-17.60%), home products (-27.69%), and other construction hardware (-16.00%), while door and window accessories increased by 7.79% [8][10] - Domestic revenue was 2.278 billion yuan, down 19.95%, while overseas revenue reached 477 million yuan, up 30.75% [8][10] Cost and Margin Analysis - The gross margin for the first half of 2025 was 30.37%, a decrease of 0.90 percentage points, primarily due to rising metal raw material prices [8][10] - The company reported a net cash flow from operating activities of -204 million yuan, indicating a cash outflow compared to the previous year [8][10]

证券研究报告 固收点评报告 / 2025.08.28 联系人 郑惠文 zhenghw01@ctsec.com 相关报告 1. 《利率 | 政策性金融工具的杠杆作用能 放大吗？》 2025-08-26 2. 《信用 | 短久期高票息资产选什么？》 2025-08-25 3. 《信用 | 哑铃策略，关注二永交易》 2025-08-24 核心观点 ❖ 本次调整的原因有哪些？（1）固收+投资者可能在降低含权资产配置。近 一周来看，随着权益市场整体价格站上历史高位，纯债市场连续回调节奏放 缓，叠加 9 月将近，部分投资者可能增配纯债仓位，减配股票、转债。（2） 绝对收益投资者止盈盘或不少。6 月末开始转债 ETF 的份额出现明显增长， 而中证转债指数 6 月末至今已有 10%以上收益。或有不少绝对收益投资者已 经完成全面业绩目标。（3）估值高位或触发部分止盈指标，近期转债市场估 值已经来到历史极高水平，收盘价中位数本周也向上突破至 135 元这个重要 阈值点，或触发部分投资者卖出指标。 请阅读最后一页的重要声明！ 择券空间有所恢复，转债或"超调"——0827 分析师 孙彬彬 SAC 证书编号：S016052502000 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated steady growth in performance, with multiple business segments contributing to its success. The telecommunications and automotive sectors have shown rapid growth, while the consumer electronics segment continues to perform well. The company has successfully integrated new product projects and expanded its client base in emerging fields such as AR/VR and 3D printing [7][6] - The company reported a revenue of 124.5 billion yuan for the first half of 2025, representing a year-on-year increase of 20.18%, and a net profit of 6.644 billion yuan, up 23.13% year-on-year. The second quarter of 2025 saw a revenue of 62.715 billion yuan, a 22.51% increase year-on-year [7] - The company has provided guidance for the third quarter of 2025, forecasting a net profit of 4.246 to 4.699 billion yuan, which is a year-on-year increase of 15.41% to 27.74% [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 231.91 billion yuan, 2024A: 268.79 billion yuan, 2025E: 323.50 billion yuan, 2026E: 387.71 billion yuan, 2027E: 428.70 billion yuan, with a revenue growth rate of 8.4% in 2023, increasing to 20.4% in 2025 [6] - The net profit forecast for the company is: 2023A: 10.95 billion yuan, 2024A: 13.37 billion yuan, 2025E: 16.64 billion yuan, 2026E: 20.11 billion yuan, 2027E: 23.53 billion yuan, with a net profit growth rate of 19.5% in 2023, reaching 24.5% in 2025 [6] - The earnings per share (EPS) are projected to be: 2023A: 1.54 yuan, 2024A: 1.86 yuan, 2025E: 2.29 yuan, 2026E: 2.77 yuan, 2027E: 3.24 yuan, with corresponding price-to-earnings (PE) ratios of 22.4 in 2023, decreasing to 19.6 in 2025 [6] Business Segment Performance - The consumer electronics segment generated revenue of 97.799 billion yuan in the first half of 2025, a year-on-year increase of 14.32%, while the telecommunications segment saw revenue of 11.098 billion yuan, up 48.65%, and the automotive segment reached 8.658 billion yuan, an increase of 82.07% [7] - The company has successfully completed the acquisition of assets from Wentech Technology, enhancing its product integration capabilities [7] - The company continues to expand its market share among leading cloud service providers and AI server clients, with multiple high-value products being delivered in bulk [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%, and a net profit of 384 million yuan, up 26.89% year-on-year [8] - Significant customer expansion has been noted, particularly in high-value products, with successful certifications from top-tier overseas clients and entry into the supply chains of major technology firms [8] - The company is strategically investing in new production lines, particularly in embedded PCB packaging technology, with a total investment of approximately 1.5 billion yuan planned for the "Chip Innovation Smart Carrier" project [8] - Revenue projections for 2025-2027 are estimated at 6.247 billion yuan, 7.730 billion yuan, and 8.980 billion yuan respectively, with corresponding net profits of 884 million yuan, 1.152 billion yuan, and 1.402 billion yuan [8] Financial Performance - The company reported a revenue growth rate of 2.0% in 2023, 11.1% in 2024, and is expected to achieve 24.4% in 2025 [7] - The net profit growth rate is projected at 14.2% for 2023, 36.2% for 2024, and 31.1% for 2025 [7] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, increasing to 1.23 yuan in 2025 and reaching 1.95 yuan by 2027 [7] Market Performance - The company's stock has shown a market performance of -4% over the last 12 months, while the industry benchmark (CSI 300) has seen a performance of 21% [4]