Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 9.84 and a sector rating of "Outperform" [1][5]. Core Insights - The company reported a revenue of USD 5.499 billion for the first half of the year, representing a year-on-year growth of 13.1%. The Southeast Asian market revenue reached USD 1.970 billion, growing by 29.6%, while the Chinese market revenue was USD 3.137 billion, with a growth of 4.6% [3][8]. - The report highlights the continuous decline in single-ticket costs in both Southeast Asia and China, alongside a significant increase in market share in Southeast Asia, which is expected to drive future growth [5][8]. Summary by Sections Financial Performance - The company achieved a total revenue of USD 5.499 billion in the first half of the year, with a breakdown showing Southeast Asia at USD 1.970 billion (up 29.6%), China at USD 3.137 billion (up 4.6%), and new markets at USD 0.362 billion (up 24.3%) [3][8]. - The adjusted EBITDA for Southeast Asia was USD 313 million, while China reported an adjusted EBITDA of USD 155 million [8]. Market Position - The company’s market share in Southeast Asia increased to 32.8%, up from 27.4% at the end of the previous year, with a package volume growth of 57.9% [8]. - In China, the market share rose to 11.1%, ranking fifth in the industry, with a package volume growth of 20% [8]. Cost Management - The report notes a decrease in single-ticket revenue in Southeast Asia from USD 0.74 to USD 0.61, while the single-ticket cost dropped from USD 0.60 to USD 0.50 [8]. - In China, single-ticket revenue fell from USD 0.34 to USD 0.30, but the single-ticket cost was managed down from USD 0.32 to USD 0.28, maintaining profit resilience [8]. Future Projections - The company is projected to achieve net profits of RMB 2.389 billion, RMB 4.129 billion, and RMB 6.234 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 0.27, RMB 0.46, and RMB 0.69 [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 17.20 and a sector rating of "Outperform" [1][5]. Core Views - The company demonstrates operational resilience and enhanced integration advantages, despite a year-on-year decline in revenue and net profit for the first half of 2025. The report highlights the company's improved management efficiency and financial metrics, alongside steady growth in product sales [3][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of RMB 1,039.44 billion, a decrease of 7.68% year-on-year, and a net profit attributable to the parent company of RMB 30.50 billion, down 24.08% year-on-year. The second quarter saw revenue of RMB 468.98 billion, a decline of 13.45%, and a net profit of RMB 9.99 billion, down 46.81% year-on-year [3][9][10]. Profitability and Cost Management - The gross profit margin for the first half of 2025 was 11.96%, an increase of 0.10 percentage points year-on-year. The profit margins for refining products, PTA, and polyester products were 17.95%, 3.49%, and 11.82%, respectively. The company has also reduced its financial expenses by 18.41% year-on-year [8][9]. Production and Sales Growth - The company reported steady growth in production and sales volumes for its refining products, PTA, and new materials, with respective increases of 9.53%, 1.64%, and 8.64% year-on-year. The integrated operational model is expected to enhance competitiveness as smaller, less efficient refineries exit the market [8][9]. Future Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are RMB 72.73 billion, RMB 86.09 billion, and RMB 102.02 billion, respectively. The expected earnings per share for the same years are RMB 1.03, RMB 1.22, and RMB 1.45, with corresponding price-to-earnings ratios of 16.6x, 14.1x, and 11.9x [5][7]. Shareholder Returns and Strategic Initiatives - The company plans to distribute a cash dividend of RMB 5.63 billion, representing an 18.46% payout ratio. The actual controller has also announced plans to increase shareholding, which is expected to boost market confidence [8][9].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 30.31 and a sector rating of "Outperform" [1][3]. Core Insights - The company reported strong revenue and profit growth for the first half of 2025, with operating revenue reaching RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of RMB 127 million, up 46.96% year-on-year. Both domestic and overseas businesses showed significant improvement [3][8]. - The flexible employment business is experiencing good growth, driving revenue increases, and the recruitment business is showing signs of recovery, indicating promising future growth [5][8]. Summary by Sections Financial Performance - In 2025 H1, the company achieved operating revenue of RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit of RMB 127 million, up 46.96% year-on-year. The second quarter alone saw revenue of RMB 3.772 billion, a year-on-year increase of 29.99% [3][8]. - The gross profit margin for 2025 H1 was 5.52%, down from 6.69% the previous year, influenced by market conditions and the growth of lower-margin flexible employment services [8]. Business Segments - The flexible employment segment grew by 29.31% year-on-year, with a notable increase in the proportion of technical and R&D positions, which now account for 70.79% of flexible employment roles, up 5.38 percentage points year-on-year [8]. - The recruitment business showed a year-on-year growth of 6.20%, with headhunting down by 1.18% and recruitment outsourcing up by 26.84%, reflecting a recovering market [8]. Future Projections - The company forecasts EPS for 2025-2027 to be RMB 1.42, RMB 1.65, and RMB 2.18, respectively, with corresponding P/E ratios of 21.3, 18.3, and 13.9 times [5][7]. - Revenue projections for the years 2023 to 2027 are RMB 9.778 billion, RMB 11.788 billion, RMB 14.852 billion, RMB 17.823 billion, and RMB 20.496 billion, with growth rates of 7.5%, 20.5%, 26.0%, 20.0%, and 15.0% respectively [7][8].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Insights - The report highlights significant breakthroughs in the AI + manufacturing sector, with companies like UBTECH securing a 250 million yuan order, marking the largest contract for humanoid robots globally, which accelerates the commercialization of intelligent robotics [1][11]. - The establishment of Beijing Data Group signifies a rapid acceleration in the construction of the data factor market, with state-owned enterprises actively participating in this development [14][15]. - The Ministry of Industry and Information Technology has released an action plan focusing on stabilizing growth and promoting high-end development in the electronic information industry, projecting a 7% average growth rate for major sectors [18][19]. Summary by Sections Company Dynamics - UBTECH has secured a 250 million yuan contract for humanoid robots, which is the largest single contract in the global humanoid robot market, and plans to deliver within the year [11][12]. - Beijing Data Group has been established with a registered capital of 3 billion yuan, aiming to enhance the data factor market's infrastructure [14][15]. - Qi Anxin has completed the cancellation of 2,919,652 shares, reducing its total share capital to 682,252,725 shares [27]. Investment Recommendations - The report suggests focusing on companies within the UBTECH supply chain, such as iFlytek, Zhongke Chuangda, and others, as well as firms in the data factor and electronic information sectors, including YunSai ZhiLian and GuoDian YunTong [4][8]. Industry Developments - The electronic information manufacturing industry has shown a year-on-year growth of 11.1% in the first half of the year, with expectations for continued growth driven by policy support and market demand [18][19]. - The data factor market is projected to exceed 200 billion yuan this year, indicating substantial market potential and growth opportunities [15][16].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company's revenue and profit have shown steady growth in the first half of 2025, with a focus on expanding into AI+ applications to create new growth avenues [3][8] - The company is expected to achieve revenues of RMB 62.51 billion, RMB 75.01 billion, and RMB 90.01 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 8.89 billion, RMB 11.37 billion, and RMB 14.36 billion [5][7] Financial Performance Summary - For the first half of 2025, the company reported revenue of RMB 25.79 billion, a year-on-year increase of 7.64%, and a net profit of RMB 3.84 billion, up 26.89% year-on-year [8] - The company's gross margin for the first half of 2025 was 22.72%, slightly down from the previous year [8] - The company is expected to maintain a steady growth trajectory with projected revenue growth rates of 24.5% in 2025, 20.0% in 2026, and 20.0% in 2027 [7][9] Shareholder and Market Information - The total market capitalization of the company is approximately RMB 27.35 billion, with a circulating share count of 720.55 million [3][4] - The major shareholder is Guangdong Shunde Holdings Group Co., Ltd., holding 23.67% of the shares [3] Valuation Metrics - The report projects earnings per share (EPS) of RMB 1.23, RMB 1.58, and RMB 1.99 for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 30.8, 24.1, and 19.1 [5][10] - The company is expected to maintain a dividend yield of around 1.6% for the years 2025 to 2027 [7][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown steady growth in its performance for the first half of 2025, with revenue reaching 690 million RMB, a year-on-year increase of 49.02%, and a net profit attributable to shareholders of 46 million RMB, up 35.19% year-on-year [3][9] - The report highlights the company's strong prospects in integrated circuits and smart terminal packaging materials, supported by a favorable market environment and successful implementation of acquisition strategies [3][5] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 690 million RMB, with a gross margin of 27.46% and a net margin of 6.74% [3][9] - The second quarter of 2025 saw revenue of 374 million RMB, a 43.80% increase year-on-year, although net profit decreased by 7.51% year-on-year [3][10] - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (before tax) for the mid-year profit distribution [3] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 146 million RMB, 209 million RMB, and 293 million RMB respectively, with corresponding earnings per share of 1.03 RMB, 1.47 RMB, and 2.06 RMB [5][11] - The report anticipates a significant increase in revenue, projecting 1.61 billion RMB for 2025, with a growth rate of 37.9% [7][11] Market Position and Competitive Advantage - The company has a strong customer base in the smart terminal packaging materials sector, including major players like Apple, Huawei, and Xiaomi, and has achieved a high market share in TWS earphones and smartphones [3][8] - The acquisition of Taijino has expanded the company's portfolio in high-end thermal interface materials, contributing to revenue growth [3][5]

基础化工 | 证券研究报告 — 业绩评论 2025 年 9 月 8 日 300487.SZ 买入 原评级：买入 市场价格:人民币 56.06 板块评级:强于大市 本报告要点 公司业绩稳健增长，高毛利业务占比提 升，看好公司吸附材料业务持续发展， 维持 买入 评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.0 9.6 19.7 34.9 相对深圳成指 (4.8) (3.8) (3.7) (17.8) (1%) 11% 23% 35% 47% 59% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 蓝晓科技 深圳成指 | 发行股数 (百万) | | 507.67 | | --- | --- | --- | | 流通股 (百万) | | 306.63 | | 总市值 (人民币 百万) | | 28,459.73 | | 3 个月日均交易额 (人民币 百万) | | 238.54 | | 主要股东 | | | | 寇晓康 | | 24.38% | | 资料来源：公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][6]. Core Views - The company has shown improvement in profitability in the second quarter, with a year-on-year revenue increase of 7.03% to RMB 1.673 billion and a net profit increase of 18.68% to RMB 0.6325 billion for the first half of 2025. The second quarter alone saw a revenue of RMB 0.991 billion, reflecting a 0.70% year-on-year growth, and a net profit of RMB 0.39 billion, up 20.86% year-on-year [4][10][11]. - The company is expected to benefit from its competitive advantages in the concrete admixture industry, particularly with the growth in sales of functional materials and high-performance water reducers [4][9]. - The company is expanding its efforts in major engineering projects and enhancing its competitiveness in overseas markets, with significant achievements in sectors such as hydropower and nuclear power [9]. Financial Summary - For the first half of 2025, the company achieved total revenue of RMB 1.673 billion, with a gross margin of 34.75% and a net asset return of 1.47% [9][10]. - The company’s earnings per share (EPS) for 2025 are projected to be RMB 0.35, with net profits expected to reach RMB 1.51 billion, RMB 2.03 billion, and RMB 2.49 billion for 2025, 2026, and 2027 respectively [6][8]. - The company’s market capitalization is approximately RMB 4.63 billion, with an average trading volume of RMB 138.58 million over the past three months [2][3].

原评级：增持 市场价格:人民币 18.28 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (5.8) 11.6 25.5 3.4 相对上证综指 (21.2) 6.5 14.0 (31.9) 发行股数 (百万) 2,342.92 (21%) (4%) 12% 29% 46% 63% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Sep-25 福莱特 上证综指 | 流通股 (百万) | 2,342.74 | | --- | --- | | 总市值 (人民币 百万) | 42,828.58 | | 3 个月日均交易额 (人民币 百万) | 429.59 | | 主要股东 | | | 香港中央结算(代理人)有限公司 | 18.85% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 4 日收市价为标准 相关研究报告 电力设备 | 证券研究报告 — 调整盈利预测 2025 年 9 月 8 日 601865.SH 增持 证券分析师：武佳雄 jiaxi ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 24.82, indicating an expectation of outperforming the market by 10%-20% over the next 6-12 months [1]. Core Views - The company is experiencing steady growth in performance, driven by increased sales of OLED terminal materials and improved domestic production rates of OLED materials. The report highlights the positive development opportunities arising from the rising penetration rate of OLED panels in downstream applications [1][5][10]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of RMB 292 million, representing a year-on-year growth of 18.84%. The net profit attributable to the parent company was RMB 126 million, up 36.74% year-on-year. In Q2 2025, revenue reached RMB 147 million, with a year-on-year increase of 11.73% and a quarter-on-quarter increase of 1.37% [5][10][11]. - The company's gross margin for H1 2025 was 74.72%, an increase of 8.52 percentage points year-on-year, while the net margin was 43.34%, up 5.68 percentage points year-on-year [10]. - The profit distribution plan for H1 2025 includes a cash dividend of RMB 1.8 per 10 shares (before tax) [5]. Future Earnings Forecast - The report adjusts the profit forecast for 2025-2027, estimating net profits of RMB 286 million, RMB 438 million, and RMB 612 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 0.71, RMB 1.09, and RMB 1.52, with price-to-earnings (PE) ratios of 34.9, 22.8, and 16.3 times [7][9][10]. Market Position and Growth Drivers - The report emphasizes the growing penetration of OLED panels in various sectors, including smartphones, IT devices, and automotive displays. The company’s OLED organic materials revenue for H1 2025 was RMB 276 million, reflecting a year-on-year increase of 29.95% [10][11]. - The company is actively expanding its customer base and product offerings, including new products in the OLED materials segment, which are expected to contribute to future revenue growth [10][11].