Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.97 [7][5]. Core Views - The company's revenue for the first half of 2025 reached RMB 601 million, a year-on-year increase of 15.60%, but the net profit attributable to shareholders decreased by 40.93% to RMB 34.99 million, primarily due to the digital culture business being in an investment phase, leading to rapid revenue growth without profitability [1][2]. - The company is committed to advancing its "Design + Technology" strategy, enhancing research and development in areas such as artificial intelligence and BIM, and integrating AI throughout the design process to strengthen its core competitiveness [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of RMB 337 million, a year-on-year increase of 15.79% and a quarter-on-quarter increase of 27.50%. However, the net profit was RMB 32.51 million, down 42.07% year-on-year but up 1213.38% quarter-on-quarter, which was below expectations due to the digital culture business's ongoing investment phase [1][2]. - The overall gross margin for the first half of 2025 was 24.57%, down 3.17 percentage points year-on-year, largely due to the digital culture business's negative gross margin of -17.43% [2][3]. Cost and Cash Flow - The company's expense ratio improved to 15.83%, down 2.6 percentage points year-on-year, with reductions in sales, management, and R&D expenses [3]. - Operating cash flow showed a net outflow of RMB 183 million, a year-on-year increase in outflow of RMB 59 million, primarily due to investments in the digital culture business [3]. Strategic Initiatives - The company has been a leader in BIM research since 2008 and has developed various platforms to enhance its digital capabilities. It is also expanding AI applications in design, including the launch of an industry-level C-end product [4]. - The company is actively expanding its creative cultural industry chain and has initiated the construction of an AI Agent platform for the architecture industry [4]. Profit Forecast and Valuation - The company is projected to have net profits of RMB 1.08 billion, RMB 970 million, and RMB 930 million for 2025 to 2027, respectively. The report assigns a PE ratio of 40 times for 2025, reflecting the company's strong position in the market and its potential to benefit from AI integration [5][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.33, reflecting a target PB of 1.10 times for 2025 [8][6]. Core Views - The company's performance in H1 2025 shows an increase in net profit, revenue, and PPOP by 7.3%, 5.9%, and 6.7% year-on-year, respectively, driven by credit expansion and improved net interest income [1][2]. - The company is focusing on credit expansion, maintaining a leading position in the industry, with total assets, loans, and deposits growing by 14.3%, 18.0%, and 14.8% year-on-year as of June [2]. - The financial investment business remains stable, with investment income increasing by 7% year-on-year in H1 2025, although there was a significant decline in intermediary income by 45.2% [3]. - Asset quality is stable, with non-performing loan ratios at 0.66% and 0.98% for corporate and retail loans, respectively, indicating solid risk control capabilities [4]. Summary by Sections Performance Overview - In H1 2025, the company's net profit, revenue, and PPOP increased by 7.3%, 5.9%, and 6.7% year-on-year, respectively, with a notable improvement in performance compared to Q1 [1]. - The company adheres to a strategy of stable deposits and efficient asset management, indicating potential for operational improvement [1]. Credit and Asset Management - The company has accelerated credit issuance, maintaining a strong growth rate in loans, with a focus on retail and corporate loans [2]. - As of June, the net interest margin was 1.62%, showing a slight improvement from the previous year [2]. Financial Investments - The investment income showed a year-on-year increase of 7% in H1 2025, although intermediary income saw a significant decline [3]. - The company is optimizing its bond allocation and focusing on high-performing fund products to enhance investment returns [3]. Asset Quality - The overall asset quality remains stable, with a non-performing loan ratio of 0.66% for corporate loans and 0.98% for retail loans, reflecting effective risk management [4]. - The company has maintained a high provision coverage ratio of 453% as of June [4]. Management and Shareholder Actions - The company announced a change in leadership with the appointment of a new chairman, expected to ensure a smooth transition and continuity in strategy [5]. - Shareholders have approved adjustments to the share buyback plan, extending the buyback period to April 2026 without a price cap [5]. Valuation and Forecast - The forecast for net profit for 2025-2027 is RMB 138.2 billion, 151.1 billion, and 166.6 billion, respectively, with a target PB of 1.10 times for 2025 [6][12]. - The company is expected to maintain a strong position in the industry, justifying a valuation premium compared to peers [6].

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The report anticipates a resonance between the meat and dairy cycles, which is expected to reveal profit elasticity for the company [1] - The company has experienced a decline in revenue and increased net losses in the first half of 2025, but there are signs of potential recovery in the dairy and beef markets [1][4] Revenue and Performance Summary - In the first half of 2025, the company's revenue was 6.07 billion RMB, a year-on-year decrease of 5.4%, with a net loss of 980 million RMB compared to a net loss of 210 million RMB in the same period last year [1] - Raw milk revenue decreased by 0.8% year-on-year to 5.07 billion RMB, with sales volume increasing by 10.3% but average price per kilogram dropping by 10.1% to 3.29 RMB/kg [2] - The company has improved its core herd ratio and increased the annual average yield per lactating cow to 13.2 tons per head, a year-on-year increase of 1.5% [2] Profitability and Margin Analysis - The gross margin for the first half of 2025 increased by 0.3 percentage points to 26.4%, while the cash EBITDA was 1.48 billion RMB, a year-on-year decrease of 2.5% [3] - The company expects a reduction in biological asset impairment losses in the second half of 2025, which could improve profitability [3] Future Outlook and Valuation - The report maintains earnings forecasts, projecting EPS of -0.17, 0.08, and 0.14 RMB for 2025 to 2027, respectively [4] - The target price is set at 1.58 HKD, based on a 18x PE ratio for 2026, indicating potential upside from the current market price [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.46 [6][5]. Core Views - The company is expected to benefit from revenue growth in its finished frame and decorative building materials segments, driven by increased production capacity in Vietnam [1][4]. - The company's revenue for 1H25 reached RMB 1.666 billion, a year-on-year increase of 16.13%, while net profit attributable to shareholders was RMB 146 million, a decrease of 6.01% year-on-year [1][2]. - The report highlights the successful launch of the second phase of the Vietnam project and plans for a third phase, which is anticipated to further enhance revenue growth [4][5]. Revenue and Profitability - In 1H25, the company achieved revenue growth in its decorative building materials segment by 38.4% year-on-year, contributing significantly to overall revenue [2][3]. - The overall gross margin for the company in 1H25 was 25.27%, a slight decrease of 0.86 percentage points year-on-year [2][3]. Cost Management - The sales expense ratio decreased by 0.68 percentage points year-on-year, indicating improved efficiency in sales operations [3]. - Financial expenses increased significantly due to foreign exchange losses, primarily from the appreciation of the RMB against the USD [3]. Future Outlook - The company plans to invest approximately USD 40 million in the third phase of its Vietnam project, which is expected to be completed in 24 months and will significantly increase production capacity [4][5]. - The report projects an increase in net profit attributable to shareholders for 2025-2027, with expected earnings per share of RMB 1.63, 1.91, and 2.28 respectively [5][10].

证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速，负债成本改善 华泰研究 中报点评 息差降幅收窄，非息增速下滑 渝农商行 25H1 净息差 1.60%，较 25Q1、24 年均下行 1bp，息差降幅收窄， 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道，25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长，25H1 同比+6.0%，增速较 Q1+0.7pct。非息有所波动，25H1 中收同比-13.2%，增速较 Q1-10.0pct，主要是银行卡手续费下降；其他非 息收入同比-17.7%，增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%，主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳，零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%， 不良走势平稳，拨备略有下行但仍保持充裕水平。分行业看，对公 ...

证券研究报告 港股通 建发国际集团 (1908 HK) 灯塔项目强化产品力 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国香港 | 房地产开发 | 目标价(港币): | 21.60 | 公司公布上半年业绩：收入 341.6 亿元，同比+4.3%；归母净利润 9.1 亿元， 同比+11.8%，利润增速好于我们此前预计的全年增速（-2.2%），业绩超预 期主要得益于结转项目毛利率改善及结转权益比例提升。我们认为公司自 2021 年以来存货减值已较为充分，当前已售未结资源结构持续优化，叠加 结转利润率显现回升趋势，未来盈利能力有望企稳修复。维持"买入"评级。 结转资源持续优化，业绩有望稳中有增 25H1 公司归母净利增幅显著，主要由于：1）毛利率同比+1.0pct 至 12.9%； 2）少数股东损益占比同比-4pct 至 39%；3）合联营公司利润同比+59%至 4 亿元。上半年，公司存货计提减值同比+39%至 3.9 亿元，2021-2025H1 累计并表存货减值 ...

证券研究报告 嘉友国际 (603871 CH) 蒙煤量价承压，供应链贸易拖累盈利 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 27 日│中国内地 | 仓储物流 | 目标价(人民币): | 15.20 | 公司公布上半年业绩：收入 40.8 亿元，同比-12.0%；归母净利润 5.6 亿元， 同比-26.1%。其中二季度公司实现收入 17.9 亿元，同比-32.4%；归母净利 润 3.0 亿元，同比-33.9%。公司上半年业绩低于我们预期（6.5 亿元），主 因上半年蒙煤价格承压，供应链贸易服务收入及毛利均同比下滑。虽然蒙煤 进口量整体下滑，但公司跨境多式联运业务收入与毛利均同比增长，我们看 好公司凭借跨境陆运运营经验、核心口岸资源、与上游资源方和下游客户的 长期合作关系，通过物贸一体化模式稳固中蒙基本盘业务，中非多项目持续 推进打开第二成长曲线。维持"买入"。 中非：多个项目稳步推进，加速构建跨境物流网络 1H25 陆港项目服务实现营业收入 3.1 亿元（yoy+34.2%），毛利 1.8 ...

证券研究报告 北摩高科 (002985 CH) 业绩持续向好，成长空间不断拓展 2025 年 8 月 27 日│中国内地 航空航天 北摩高科发布半年报，2025 年 H1 实现营收 4.60 亿元（yoy+33.40%）， 归 母 净 利 8097.61 万元（ yoy+21.50% ） ， 扣 非 净 利 7981.68 万 元 （yoy+29.68%）。其中 Q2 实现营收 1.98 亿元（yoy+88.73%，qoq-24.67%）， 归母净利 2718.02 万元（yoy+501.80%，qoq-49.48%）。公司作为我国航 空着陆系统领域的龙头公司，近年来在品类和客户方面均取得了良好进展， 25 年起公司军机起落架业务持续放量，同时民航刹车盘领域的客户全体持 续拓展，发展趋势向好，维持"买入"评级。 航空制造业务复苏明显，起落架收入占比提升导致毛利率下滑 25H1 公司航空相关设备制造业务实现收入 3.15 亿元，yoy+58.31%，毛利 率为 40.42%，yoy-19.37pct，毛利率下滑原因主要系产品结构发生变化， 毛利率相对较低的起落架产品收入占比显著提升；检测服务业务实现收入 1.4 ...

证券研究报告 华兰股份 (301093 CH) 主业稳健增长，期待卡式瓶组件起量 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 医疗器械 | 目标价(人民币): | 39.46 | 公司公告 1H25 收入、归母净利、扣非净利 3.09、0.44、0.35 亿元（+9%、 +18%、+42% yoy），其中 2Q25 收入、归母净利、扣非净利 1.63、0.25、 0.21 亿元（+4%、-4%、-0% yoy）。随着药企客户需求恢复，我们预计 2025 年公司重回增长轨道，此外胰岛素与 GLP-1 供应链国产化有望带来收入利 润弹性，维持"买入"评级。 药用胶塞上半年有序恢复，全年收入有望双位数增长 1H25 收入 3.1 亿元（+9% yoy），毛利率 39.4%（同比基本持平），其中 常规胶塞收入同比增长 8%、覆膜胶塞收入同比增长 9%。1H25 公司在手授 权项目覆膜、常规胶塞分别 1674、1528 个（较 2024 年末增长 8%、6% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company has shown steady overseas demand, with a good value proposition for investors. The revenue for H1 2025 reached 21.676 billion RMB, a year-on-year increase of 3.74%, while the net profit attributable to shareholders was 1.421 billion RMB, up 1.56% year-on-year [1][5]. - The company has a robust order book, with new contracts signed amounting to 41.2 billion RMB in H1 2025, reflecting an 11% year-on-year growth. The total uncompleted contracts stood at 62 billion RMB, a 5% increase year-on-year, indicating a healthy backlog [1][3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of 21.676 billion RMB, with a net profit of 1.421 billion RMB. The second quarter saw revenues of 11.529 billion RMB, marking an 8.69% year-on-year increase and a 13.61% quarter-on-quarter increase [1][2]. - The company's operational segments showed varied performance: engineering services revenue was 12.576 billion RMB (up 3.94%), high-end equipment manufacturing revenue was 2.309 billion RMB (down 20.81%), and production operation services revenue was 6.235 billion RMB (up 9.92%) [2]. Revenue Breakdown - The company reported domestic revenue of 9.806 billion RMB (down 14.26%) and overseas revenue of 11.706 billion RMB (up 25.15%) in H1 2025. The overall gross margin decreased by 2.67 percentage points to 16.72% [3][4]. - New orders in H1 2025 included 27.7 billion RMB from engineering technology, 4.9 billion RMB from equipment manufacturing, and 7.7 billion RMB from operational services, with overseas new orders increasing by 19% [3]. Cost Management - The company improved its expense management, with a total expense ratio of 8.52%, down 1.96 percentage points year-on-year. Financial expenses turned into a gain of 114 million RMB due to currency exchange benefits [4][5]. - The net profit margin for H1 2025 was 6.56%, a slight decrease of 0.14 percentage points year-on-year [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 3.131 billion RMB, 3.196 billion RMB, and 3.248 billion RMB, respectively. The target price has been raised to 14.23 RMB, corresponding to a 12x PE for 2025 [5][6].