安科瑞 (300286 CH) 证券研究报告 25H1 毛利率提升、费用率优化，看好全年盈利能力提升 25H1 公司归母净利率为 23.30%，同比+4.36pct，净利率提升主要受益于毛 利率提升与费用率优化。25H1 公司销售毛利率为 47.82%，同比+0.75pct， 其中电力监控及变电站综合监测系统、能效管理产品及系统、消防及用电安 全业务毛利率分别同比+1.03pct、+0.73pct、+0.69pct，毛利率提升主要受 益于公司持续优化生产线效率。25H1公司销售/管理/研发费用率为 11.89%、 5.69%、9.67%，同比-0.94pct/-0.13pct /-1.58pct，整体费用管控能力持续 优化。我们认为，受益于经营质量提升，公司盈利能力有望持续提升。 出海业务持续推进，看好国内+海外双轮驱动 25H1 公司国内业务营收 5.12 亿元（yoy+1.21%），海外业务营收 0.27 亿 元（yoy+8.40%），海外业务增长主要受益于公司在国际市场的持续开拓。 国内业务收入同比略有增长，主要由于不同行业客户的需求存在分化。公司 具备国内+海外双增长驱动，1）出海：25H1 公司继续 ...

Report Information - Report Title: Export Throughput Maintains Resilience, Price Trends Diverge [1] - Report Date: August 25, 2025 - Analysts: Zhang Jiqiang, Wu Jing, Wu Yuhang - Contact: Li Zihao Core Viewpoints - In the third week of August, external demand showed high throughput year-on-year, but freight rates were weak with a widening decline. The real estate market had mixed performance in transactions, with new and second-hand housing sales continuing to decline year-on-year, and housing prices yet to stabilize. On the production side, the industrial freight volume was good, coal prices rose, and production maintained a differentiated resilience. In the construction industry, cement supply and demand improved marginally, while black metal supply and demand were weak. In the consumption sector, travel remained resilient, and automobile consumption increased slightly. Prices of crude oil were significantly affected by external factors, and the fundamentals restricted black metal prices, while Powell's dovish signals supported copper prices [2]. Summary by Category Consumption - Travel maintained a high level, with increases in subway ridership, congestion delay index, and flight operation rates similar to the previous year. Automobile consumption increased slightly, textile consumption recovered, and express delivery pick-up volume remained high [3]. Real Estate - Real estate transactions were differentiated. New housing transactions were basically flat, with second-tier cities leading. Second-hand housing transactions recovered, especially in Beijing, Shanghai, Shenzhen, and Chengdu. The listing price and quantity of second-hand housing both decreased, and the land premium rate increased while land transactions decreased [4][6]. Production - Freight volume remained high, and the data of operating rates were differentiated. In the power sector, coal consumption increased, hydropower decreased, and coal prices rose. In the construction industry, the funds in place increased year-on-year, cement supply and demand improved, black metal supply and demand declined, and asphalt operating rates decreased [5][13][14]. External Demand - Port throughput remained high, but freight rates declined. The cumulative cargo throughput and container throughput of ports were at a high level. The RJ/CRB index increased year-on-year, the Baltic Dry Index (BDI) decreased, and international route freight rates weakened. South Korea's exports in the first 20 days of August increased by 7.62% year-on-year, and Vietnam's exports in the first half of August increased by 15.56% year-on-year [5]. Prices - The prices of agricultural products, crude oil, and cement increased, while the prices of black metals were differentiated, and the prices of non-ferrous metals and glass decreased. The increase in crude oil prices was due to geopolitical risks and increased demand, while the differentiation of black metal prices was affected by supply and demand and policies [20][21].

1. Report Industry Investment Rating No specific industry investment rating is mentioned in the report. 2. Core Viewpoints of the Report - The second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted on August 20, 2025. With policy support, the second batch is expected to be launched soon. The Science - and - Technology Innovation Bond ETFs have shown rapid scale growth and good liquidity since their listing, and are expected to thrive in the future [1][10]. - The second batch of Science - and - Technology Innovation Bond ETFs will introduce incremental funds to the market, enhancing the liquidity of the underlying bonds and potentially lowering their yields. However, the short - term decline may be limited due to various disturbances. It is recommended to focus on the post - adjustment allocation opportunities of 1 - 3 - year medium - to - high - grade Science - and - Technology Innovation Bond index underlying bonds [1][29]. - The stock market was strong last week, suppressing the bond market. Credit bond yields increased across the board, and the net issuance of corporate - type credit bonds decreased, while that of financial - type credit bonds increased significantly [2][3]. - In the secondary market, trading of medium - and - short - duration bonds was active, and the proportion of long - duration bond trading increased slightly [4]. 3. Summary by Relevant Catalogs Credit Hotspots - On August 20, 2025, the second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted, with 10 tracking the CSI AAA Science - and - Technology Innovation Corporate Bond Index, 3 tracking the Shanghai Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index, and 1 tracking the Shenzhen Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index. Referring to the approval process of the first batch, the second batch is likely to be launched soon [10]. - Since the first batch of Science - and - Technology Innovation Bond ETFs were listed, they have become the second - largest type of credit bond ETFs. As of August 22, 2025, the scale of credit bond ETFs was 348.3 billion yuan, and the Science - and - Technology Innovation Bond ETFs accounted for 34.6% with a scale of 120.4 billion yuan [11]. - The Science - and - Technology Innovation Bond ETFs have shown good liquidity since their listing. From July 17 to August 22, the average daily trading volume fluctuated between 18 - 106 billion yuan, and the average daily turnover rate was 46.48% [15]. - The net value of Science - and - Technology Innovation Bond ETFs has experienced two rounds of adjustments. As of August 22, compared with the listing date on July 17, the average decline of the net value of 10 Science - and - Technology Innovation Bond ETFs was 0.43% [19]. - With policy support, increased supply of Science - and - Technology Innovation Bonds, and the launch of the repurchase business, the Science - and - Technology Innovation Bond ETFs are expected to develop well. The second batch of ETFs will enhance the liquidity of the underlying bonds and lower their yields, but the short - term decline may be limited [27][29]. Market Review - From August 15 to August 22, 2025, the stock market was strong, suppressing the bond market. Credit bond yields increased across the board, with most medium - and long - term yields rising by more than 6BP, and medium - and short - term credit bonds being relatively resilient. The yields of Tier 2 and perpetual bonds also increased by 4 - 8BP [2][34]. - Last week, bond funds were redeemed, with net sales of 13.3 billion yuan, while wealth management products had net purchases of 19.3 billion yuan. The scale of credit bond ETFs was 348.3 billion yuan, up 1.7% from the previous week [2]. - The median spreads of public bonds of AAA - rated entities in various industries generally increased by 2 - 6BP, and the median spreads of urban investment bonds in each province increased across the board, with Inner Mongolia, Chongqing, and Liaoning seeing increases of more than 6BP [2][34]. Primary Issuance - From August 18 to August 22, 2025, the total issuance of corporate - type credit bonds was 235 billion yuan, a 21% decrease from the previous period, with a net repayment of 64.1 billion yuan. The total issuance of financial - type credit bonds was 120.4 billion yuan, a 142% increase from the previous period, with a net financing of 61.9 billion yuan [3][60]. - Among corporate - type credit bonds, urban investment bonds issued 101.8 billion yuan with a net repayment of 21.6 billion yuan, and industrial bonds issued 126.6 billion yuan with a net repayment of 37 billion yuan [3][60]. - The average issuance rates of medium - and short - term notes and corporate bonds mostly showed an upward trend [3][60]. Secondary Trading - Active trading entities are mainly medium - to - high - grade, medium - and short - term, and central and state - owned enterprises [4][71]. - For urban investment bonds, active trading entities are from strong economic and financial provinces like Jiangsu and Guangdong, and high - spread areas in large economic provinces. For real - estate bonds and private - enterprise bonds, active trading entities are mostly AAA - rated, with trading terms mostly in the medium - and short - term [4][71]. - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 0% to 4% compared with the previous week [4][71].

Investment Rating - The report maintains an "Overweight" rating for the communication industry and related sectors, specifically recommending "Buy" for companies like China Mobile, China Telecom, and Ruijie Networks, while suggesting "Hold" for China Unicom and Tai Chen Guang [8][55]. Core Insights - The release of DeepSeek-V3.1 marks a significant advancement in domestic computing power, with its mixed reasoning architecture and enhanced efficiency, indicating a sustained high demand for domestic computing infrastructure due to increased capital expenditure from internet companies and supply constraints on overseas GPUs [2][11][20]. - The report emphasizes the importance of focusing on the domestic computing power and its supporting industrial chain, including optical modules, AIDC, switches, and copper connections, as the market is expected to maintain high prosperity [2][20]. Summary by Sections Market Performance - The communication index rose by 10.84% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 3.49% and 4.57% respectively [11][42]. Key Companies and Dynamics - The report highlights key companies such as Tai Chen Guang and Ruijie Networks in the AI computing power chain, and China Mobile, China Telecom, and China Unicom in core asset value reassessment [3][55]. - It also notes the growth potential in new productive forces like satellite internet and low-altitude economy, recommending companies like Huace Navigation and Hengtong Optic-Electric [3]. Recommended Companies - Tai Chen Guang (300570 CH) is rated "Overweight" with a target price of 162.38 CNY, supported by strong revenue growth in MPO products [55][56]. - Ruijie Networks (301165 CH) is rated "Buy" with a target price of 98.13 CNY, benefiting from the demand for internet AI data centers [55][58]. - China Mobile (600941 CH) is rated "Buy" with a target price of 126.30 CNY, showing resilience and growth potential in the AI+ sector [55][60]. - China Telecom (601728 CH) is rated "Buy" with a target price of 9.11 CNY, focusing on digital transformation and AI applications [55][60].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.10 RMB [4][6]. Core Insights - The company achieved a record high quarterly revenue of 59.39 billion RMB in Q2 2025, benefiting from improved terminal demand and a healthier inventory level in the downstream market [1][2]. - The gross margin improved to 14.82% in Q2 2025, reflecting effective cost control measures and a recovery in storage prices [1][2]. - The company is expected to see continued growth in its enterprise storage and overseas business, with a positive outlook for storage prices in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 1H25, the company reported revenue of 101.96 billion RMB, a year-over-year increase of 12.80%, but a significant decline in net profit to 0.15 billion RMB, down 97.51% year-over-year [1][2]. - Q2 2025 revenue was 59.39 billion RMB, up 29.51% year-over-year and 39.53% quarter-over-quarter, with a net profit of 1.67 billion RMB, reflecting a 20.55% decrease year-over-year but a 209.73% increase quarter-over-quarter [1][2]. Business Growth - The Lexar brand's overseas business grew by 31.61% year-over-year in 1H25, while Zilia's revenue increased by 40.01% year-over-year, indicating strong international demand [2]. - The enterprise storage segment saw a remarkable 138.66% year-over-year revenue growth in 1H25, with Q2 2025 revenue reaching 3.74 billion RMB, up 17.24% quarter-over-quarter [2]. Market Outlook - The report anticipates that storage prices will continue to rise in the second half of 2025, driven by production cuts from major suppliers like Samsung and Micron, as well as seasonal demand in consumer electronics [3]. - The company is expected to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, which will drive demand for its enterprise storage products [3]. Valuation Adjustments - Revenue forecasts for 2025-2027 have been revised upward to 241.6 billion RMB, 275.0 billion RMB, and 303.6 billion RMB, respectively, reflecting a 6.2%, 3.0%, and 2.7% increase from previous estimates [4]. - Net profit forecasts for the same period have also been increased significantly, with expected profits of 10.5 billion RMB, 13.5 billion RMB, and 15.1 billion RMB, representing increases of 56.7%, 23.0%, and 19.4% [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 14.15 [6][7]. Core Views - The company reported a revenue of RMB 2.34 billion for the first half of 2025, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was RMB 370 million, down 11.2% year-on-year, with a net profit margin of 15.8% [1][6]. - The decline in profitability is attributed to a high base from the previous year and increased uncertainty in the international trade environment [1]. - The company is positioned as a leader in the global apparel accessories market, benefiting from advantages in smart manufacturing and one-stop design services [1]. Summary by Sections Business Performance - The company's zipper and button business revenues increased by 2.7% and decreased by 0.2% to RMB 1.29 billion and RMB 930 million, respectively. The production capacity for zippers and buttons grew by 10.2% and 6.8% to 490 million meters and 6.3 billion pieces, respectively [2]. - Revenue from other apparel accessories increased by 11.2% to RMB 80 million, driven by the implementation of a "big accessories" strategy [2]. - Domestic and international market revenues saw a year-on-year change of -4.1% and +13.7%, reaching RMB 1.47 billion and RMB 860 million, respectively, with international revenue growth attributed to accelerated international marketing network expansion and new customer development [2]. Capacity Utilization - The overall capacity utilization rate for the first half of 2025 decreased by 5.4 percentage points to 65.3%, with domestic and overseas rates at 68.98% and 48.3%, respectively [3]. - The company is advancing its globalization strategy, with production capacity in Bangladesh and Vietnam increasing to 18.5% of total capacity [3]. Financial Metrics - The gross profit margin for the first half of 2025 increased by 1.1 percentage points to 42.9%, with zipper and button margins rising by 0.4 and 1.4 percentage points, respectively [4]. - Financial expenses increased significantly by 301.5% year-on-year to RMB 30 million, primarily due to foreign exchange losses [4]. - Operating cash flow for the first half of 2025 increased by 10.4% year-on-year to RMB 430 million [4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down by 10.4%, 8.1%, and 6.9% to RMB 680 million, RMB 770 million, and RMB 880 million, respectively [5]. - The company is expected to maintain a price-to-earnings (PE) ratio of 24.4 times for 2025, reflecting its strong industry position and global capacity layout [5].

证券研究报告 哈药股份 (600664 CH) 核心业务收入平稳，净利率有所波动 2025 年 8 月 25 日│中国内地 化学制药 公司公告 1H25 业绩，营收、归母净利、扣非净利 81.2/2.6/2.4 亿元 （-0%/-24%/-22% yoy），其中 2Q25 分别同比下滑 1%/72%/74%，利润 下滑主因工业毛利率下降、商业利润下滑及资产计提减值。我们认为药店 行业承压下公司收入保持韧性，季度利润因费用有所波动，我们看好随着 药店行业企稳恢复与公司营销调整结束，公司利润与品牌价值释放，维持 "买入"评级。 工业收入：核心业务保持平稳，电商业务有所下滑 因药店行业整体承压（米内网数据显示 1H25 中国实体药店药品零售规模同 比下滑 0.9%、保健品零售规模同比下滑 18.6%）及公司策略调整（探索高 效投放模式），工业收入 1H25 同比下滑 6%至 29.8 亿元（其中 2Q25 同比 下滑 9%至 14.7 亿元），其中主营 OTC 的营销公司收入同比下滑 4%至 13.6 亿元，主营保健品的 GNC 中国收入同比增长 3%至 7.4 亿元，主营电商渠 道的健康科技收入同比下滑 30%至 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has shown a significant improvement in its performance, with a positive net profit in Q2 2025, indicating a recovery trend despite challenges in the first half of the year [1] - The report highlights the potential for further performance improvement driven by cost control and AI-enabled efficiency gains [5] Financial Performance Summary - In the first half of 2025, the company's revenue was CNY 1.631 billion, with a net profit of CNY 6 million, reflecting a year-on-year decline of 13% in revenue and a 68% decline in net profit [1] - Q2 2025 saw revenue of CNY 960 million and a net profit of CNY 58 million, marking a turnaround from negative to positive net profit [1] - The gross margin for the first half of 2025 was 44.65%, down 2.59 percentage points year-on-year, primarily due to a decline in gross margins in some business segments [4] Business Segment Performance - The reproductive health business generated CNY 426 million in revenue, down 29.8% year-on-year, attributed to a decrease in testing volume and pricing [2] - The oncology and chronic disease prevention segment reported revenue of CNY 180 million, down 27.5% year-on-year, with a significant decline in colorectal cancer testing revenue [2] - The multi-omics big data service revenue was CNY 279 million, down 8.3% year-on-year, impacted by geopolitical factors, while single-cell sequencing revenue grew by approximately 110% [3] Future Projections - Revenue projections for 2025-2027 have been adjusted downward by 15% to CNY 3.6 billion, CNY 4.0 billion, and CNY 4.4 billion respectively, with net profit estimates also revised downwards [5] - The report anticipates continued improvement in profitability due to ongoing focus on core business and AI-driven cost reductions [5] Valuation - The target price for the company is set at CNY 57.72, reflecting a price-to-sales ratio of 6.7x for 2025, compared to the industry average of 5.7x [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60.30 [4][6][14] Core Views - The company reported a revenue of HKD 13.3 billion for 1H25, representing an 18% year-over-year increase, with a gross margin of 20.7%, down 0.8 percentage points year-over-year [1][2] - The net profit attributable to shareholders for 1H25 was HKD 880 million, a 63% increase year-over-year [1] - The report indicates a downward adjustment in net profit forecasts for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively, due to lower-than-expected gross margin improvements in the MEMS microphone business [1][4] Revenue and Profitability - The revenue breakdown for 1H25 includes: - Acoustic segment: HKD 3.52 billion, up 2% year-over-year, with a gross margin of 27.2%, down 2.7 percentage points [2] - Optical segment: HKD 2.65 billion, up 20% year-over-year, with a gross margin of 10.2%, up 5.5 percentage points [2] - Motor and precision components: HKD 4.63 billion, up 27% year-over-year, with a gross margin of 22.9%, roughly flat year-over-year [2] Future Growth Opportunities - The company is expected to benefit from growth in new intelligent terminals such as automotive, XR glasses, and robotics, with significant breakthroughs anticipated in the next 2-3 years [3][4] - Collaborations with PSS and acquisitions in the automotive sector are expected to enhance the company's competitive position in vehicle acoustics [3] - The report highlights the potential for rapid revenue growth from XR customers due to successful product placements [3] Valuation Metrics - The target price of HKD 60.30 corresponds to a 2026 target PE of 25.0x, which is a premium compared to the average of comparable companies at 20.6x [4][14] - The report suggests that the current valuation of 18.0x for the 2026 forecast PE is attractive [14]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.36 RMB [4][6]. Core Views - The company's performance in the first half of 2025 was below expectations, with a revenue of 5.811 billion RMB, down 2.91% year-on-year, and a net profit of 920 million RMB, down 21.72% year-on-year. The lower-than-expected on-grid electricity price is a primary factor for this performance [1]. - The company is expected to benefit from the "coal-electricity joint operation" effect as new coal power plants come online, which should enhance profitability [1][3]. - The external coal sales price decreased significantly in Q2 2025, but there is potential for recovery in Q3 2025 due to recent market price rebounds [2]. - The company has a substantial amount of coal power capacity under construction, which is anticipated to be operational by the end of 2025, further supporting the "coal-electricity joint operation" strategy [3]. Summary by Sections Financial Performance - In 1H25, the company achieved a net profit of 920 million RMB, a decrease of 21.72% year-on-year, with a revenue of 5.811 billion RMB, reflecting a 2.91% decline year-on-year [1]. - The net profit from the coal segment fell by 21.75% to 816 million RMB due to declining coal prices [2]. Sales and Pricing - The external coal sales volume in Q2 2025 was 4.8304 million tons, with a sales price of 478 RMB per ton, down 13.72% year-on-year [2]. - The report anticipates a recovery in external coal prices in Q3 2025 due to recent market trends [2]. Future Outlook - The company has 4.64 million kW of coal power capacity under construction, expected to start production by the end of 2025, which will enhance the "coal-electricity joint operation" effect [3]. - The target price of 7.36 RMB is based on a revised earnings forecast, reflecting a decrease in expected net profits for 2025-2027 [4].