证券研究报告 澳博控股 (880 HK) 港股通 份额/EBITDA Margin 下滑，下调至持有 2025 年 9 月 02 日│中国香港 博彩 | 华泰研究 | | 中报点评 | 投资评级(下调): | 持有 | | --- | --- | --- | --- | --- | | 2025 年 | 9 月 02 日│中国香港 | 博彩 | 目标价(港币): | 3.00 | | 何翩翩 | 研究员 | | --- | --- | | SAC No. S0570523020002 | purdyho@htsc.com | | SFC No. ASI353 | +(852) 3658 6000 | 易楚妍* 联系人 SAC No. S0570124070123 yichuyan@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (港币) | 3.00 | | --- | --- | | 收盘价 (港币 截至 9 月 1 日) | 2.92 | | 市值 (港币百万) | 20,737 | | 6 个月平均日成交额 (港币百万) | 57.87 | | 52 周价格范围 (港币) ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 46.32 [7][5]. Core Views - The company is entering a new development phase with stable cash flow from existing products and new growth from innovative drugs. The collaboration with Pfizer for drug 707 is progressing well, enhancing overseas clinical trials [1][3]. - The first payment for drug 707 is expected to be confirmed within the year, which could significantly impact the company's valuation [3]. - The company is increasing its R&D investment, with a focus on approximately 30 projects in various stages of development, indicating strong innovation potential [4]. Summary by Sections Existing Business Performance - In the first half of 2025, the company reported stable revenue performance with total revenue of CNY 43.6 billion, a slight decrease of 1% year-on-year. The breakdown includes: - Teva revenue of CNY 23.7 billion (-4% YoY) with a market share of 63% - EPO revenue of CNY 4.5 billion (-12% YoY) - Mandi revenue of CNY 6.8 billion (+24% YoY) - Sanofi revenue of CNY 6.4 billion (+7.6% YoY) [2]. R&D and Innovation - The company has increased its R&D expense ratio to 12.6% (+1.8 percentage points YoY), with R&D expenses reaching CNY 5.5 billion (+15% YoY). The pipeline includes 30 projects across various therapeutic areas, showcasing significant market potential [4]. Financial Projections - The report forecasts net profits for 2025-2027 to be CNY 10.42 billion, CNY 2.82 billion, and CNY 2.99 billion respectively, with a notable increase of 398% in 2025 [11]. - The company is valued at CNY 101.5 billion using the SOTP method, with existing business valued at CNY 22.7 billion and innovative drugs at CNY 49.6 billion [12][14].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 39.27 [1][5][7] Core Views - The company is a leading industrial valve manufacturer in China, focusing on the energy sector while expanding into traditional and emerging fields such as oil and gas, chemicals, power, marine engineering, shipbuilding, fine chemicals, nuclear power, hydrogen energy, energy storage, and carbon capture [1] - Despite moderate domestic demand, the company's overall profitability is expected to improve due to an increase in overseas sales and continuous breakthroughs in high-end products [1][3] - The company has achieved significant revenue growth, with a 19.96% year-on-year increase in revenue for H1 2025, reaching RMB 3.404 billion, and a 30.44% increase in net profit, amounting to RMB 637 million [2][16] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of RMB 3.404 billion, a year-on-year increase of 19.96%, and a net profit of RMB 637 million, up 30.44% year-on-year [2][16] - The gross profit margin for H1 2025 was 35.76%, an increase of 0.49 percentage points year-on-year, while the overall expense ratio decreased to 12.01%, down 1.24 percentage points year-on-year [2][16] - Operating cash flow improved significantly, reaching RMB 913 million, a year-on-year increase of 1188.94% [2] Global Expansion - The company's overseas revenue for 2024 is projected to be RMB 3.813 billion, a year-on-year increase of 25.95%, with an overseas gross margin of 41.72%, up 9.95 percentage points [3] - The company is leveraging the "Belt and Road" initiative and higher levels of openness to expand its international market presence, particularly in the Asia-Pacific, Middle East, and European markets [3] High-End Product Development - The company has made significant advancements in high-end valve technology, including the development of ultra-low temperature double-eccentric butterfly valves and high-pressure fully welded ball valves [4] - The company has successfully delivered nearly a thousand valves for the international nuclear fusion ITER project and has participated in several overseas nuclear power projects [4] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised upwards, with net profit estimates increased by 48.31% and 68.56% to RMB 1.435 billion and RMB 1.745 billion, respectively [5][12] - The target price has been adjusted to RMB 39.27, reflecting a price-to-earnings ratio of 21 times for 2025, indicating a premium valuation due to the company's international competitive advantages and successful high-end product expansion [5][19]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [8]. Core Insights - The banking sector has shown a recovery in performance, with revenue and net profit growth of +1.0% and +0.8% year-on-year for H1 2025, respectively, indicating an improvement compared to Q1 2025 [14][29]. - Key focus areas include accelerated non-loan driven expansion, stable credit issuance, a recovery in deposits from a low base, narrowing interest margin declines leading to a recovery in net interest income, improved growth in non-interest income, and ongoing retail risk clearance [1][2][3]. Summary by Sections Market Overview - The banking sector has experienced a slight rebound with a +13.4% absolute return year-to-date as of August 29, 2025, although it slightly underperformed the broader market [13]. - The report anticipates a potential divergence in sector performance, favoring high-quality regional banks and high-dividend Hong Kong-listed banks for investment [13]. Profitability Breakdown - The net interest margin for listed banks was measured at 1.41% for H1 2025, showing a slight improvement from Q1 2025 [3][14]. - Non-interest income has seen a year-on-year increase of 10.7% in H1 2025, driven by a recovery in capital markets [3][15]. - The report highlights a need to monitor interest rate risks due to recent market volatility [3][15]. Asset and Liability Management - Total assets and liabilities for listed banks grew by +9.6% year-on-year as of H1 2025, with significant contributions from non-loan driven growth [2][16]. - The report notes a recovery in deposits, with a year-on-year increase of +8.3% in H1 2025, attributed to a low base effect from the previous year [2][17]. Risk Assessment - The non-performing loan (NPL) ratio remained stable at 1.23% as of H1 2025, with a provision coverage ratio of 238% [4][18]. - The report indicates a slight increase in retail loan NPLs, suggesting ongoing monitoring of retail credit risks [4][18]. Market Outlook - The report suggests that the narrowing of interest margin declines and reduced non-interest income volatility will support revenue and profit growth for banks in the near term [5][14]. - It emphasizes the importance of identifying quality stocks with structural opportunities in the banking sector, particularly those with strong performance and growth potential [5][14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 140.50 [4][6]. Core Views - The company achieved revenue of RMB 222 million in 1H25, representing a year-over-year increase of 43.41%, while the net profit attributable to the parent company was a loss of RMB 104 million, showing a reduction in losses [1][2]. - The growth in revenue is attributed to the recovery of the industry cycle, ongoing support from domestic policies, and the gradual ramp-up of several new products [1][2]. - The company is expected to continue its rapid growth in 2025, driven by the launch of new products and the increasing demand for automotive-grade chips [3][4]. Summary by Sections Financial Performance - In 2Q25, the company reported revenue of RMB 141 million, a year-over-year increase of 71.39% and a quarter-over-quarter increase of 73.74% [1]. - The gross margin improved to 43.98% in 2Q25, reflecting a quarter-over-quarter increase of 3.24 percentage points [1][2]. - The company’s inventory stood at RMB 137 million at the end of 2Q25, with inventory turnover days decreasing to 186 days [2]. Product Development - The company has successfully launched several new products, including 2.5G PHY chips and various switching chips, contributing significantly to revenue growth [2][3]. - The automotive-grade chips, including 100M and 1G PHY chips, have seen rapid growth, with revenues reaching RMB 14 million, a year-over-year increase of 215.48% [2]. - The company plans to introduce a single-port 10G PHY chip by the end of 2025 to expand into high-end application markets [3]. Market Outlook - The company is expected to maintain high revenue growth in 2025, with revenue forecasts of RMB 562 million, RMB 830 million, and RMB 1.215 billion for 2025, 2026, and 2027, respectively [4][10]. - The automotive sector's demand for intelligent and connected products is anticipated to drive the growth of automotive-grade products in the medium to long term [3].

今日早参 2025 年 9 月 02 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：人民币加速升值，流动性保持宽松 偏低基数和极端天气扰动退坡下，8 月经济高频指标同比稳健；地产成交边 际企稳，部分可能受北京上海地产政策优化和潜在的财富效应提振；居民暑 期出行景气度较高，但以旧换新补贴对汽车消费的支撑边际退坡；外需方 面，8 月港口高频指标显示出口同比或较 7 月放缓。出行及消费方面，7 月 1 日-8 月 23 日全国铁路累计发送旅客数同比+6.4%，8 月国内/国际航班数同比 走高 0.9%/5.3%；8 月 1-24 日，乘用车日均零售销量同比较 7 月的 7%放缓 至 3%。出口方面，高频指标显示 8 月出口同比增速或较 7 月有所放缓。制 造业开工维持韧性：8 月焦化/高炉开工率高于去年同期 3/4.6 个百分点，水 泥开工率同比回落 7.3 个百分点，建筑钢材成交量亦低于去年同期 10.8%。 地产方面，8 月 1-30 日，44 城新房/22 城二手房成交面积同比增速较 7 月的 -19.8%/-6.1 ...

证券研究报告 商汤-W (20 HK) 港股通 经营质量大幅改善，"1+X"成效显著 公司坚定实施"1+X"战略，成效显著，连续三个半年度实现亏损额同比下 降。25H1 公司销售费用和管理费用同比分别下降 17.3%/18.8%，研发费用 同比增加 12%，主要系模型训练微调所需的算力成本增加所致。经营性现 金流出大幅收窄至 6.40 亿元（24H1 为流出 35.24 亿元），主要得益于应收 账款回收加强及库存管理优化，25H1 公司贸易应收回款 31.59 亿元， yoy+95.5%，销售与交付效率显著提升。截至 25 年 6 月 30 日，公司现金 储备为 131.58 亿元，资金充裕。上半年公司毛利率为 38.5%，yoy- 5.6pct， 主要因客户需求增加导致硬件及 AIDC 相关成本上升。 "差异化算力+融合模型+应用生态"构筑商汤三大竞争优势 1）算力：根据中报，截至 25 年 8 月，公司总算力增长至 25000P，在国产 芯片异构混调上实现约 5000 卡规模月级稳定运行，集群利用率约 80%，异 构训练效率达同构约 95%；2）模型：7 月发布的日日新 6.5 成为国内首个 实现图文交错 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [9][7]. Core Views - The company's revenue for H1 2025 was 1.41 billion RMB, a year-on-year decrease of 9.7%, with a net profit attributable to shareholders of 170 million RMB, down 5.4% year-on-year. The decline is attributed to the construction cycle of power grid measurement projects and the performance cycle of energy storage projects. However, with the further promotion of the "Silk Road" system and the growth of testing services for new thermal power installations, revenue and profit are expected to recover in the second half of the year [3][7]. - In Q2 2025, the company reported revenue of 895 million RMB, a year-on-year decrease of 14.7% but a quarter-on-quarter increase of 75.7%. The net profit attributable to shareholders was 118 million RMB, down 17.5% year-on-year but up 106.6% quarter-on-quarter, primarily due to the low base in Q1 [4]. - The energy storage segment saw a revenue of 329 million RMB in H1 2025, down 42.88% year-on-year, mainly due to the impact of project performance cycles. In contrast, the testing and inspection revenue grew by 24% year-on-year to 450 million RMB, with a gross margin of 45.72% [5][6]. Summary by Sections Financial Performance - The company’s H1 2025 revenue was 1.41 billion RMB, with a net profit of 170 million RMB, reflecting a decline due to project cycles [3]. - Q2 2025 showed a revenue of 895 million RMB, with a significant quarter-on-quarter increase of 75.7% [4]. Business Segments - Energy storage revenue in H1 2025 was 329 million RMB, down 42.88% year-on-year, while testing and inspection revenue reached 450 million RMB, up 24% year-on-year [5]. - The smart monitoring equipment segment saw a revenue increase of 92.18% year-on-year, driven by growth in environmental monitoring and emergency equipment [6]. Future Outlook - The report projects net profits attributable to shareholders for 2025-2027 to be 516 million, 708 million, and 935 million RMB respectively, with adjustments made to revenue growth assumptions for various segments [7]. - The target price for the company is set at 40.04 RMB, reflecting a price-to-earnings ratio of 44 times for 2025 [9][7].

证券研究报告 铁龙物流 (600125 CH) 业绩超预期，特箱盈利强劲增长 盈利预测与估值 考虑沙鲅线货运量逆势增长，我们上调公司 2025-2027 年归母净利 9.13%/1.65%/5.07%至 5.79/6.89/7.81 亿元（CAGR 为 16.16%）。我们基 于 Wind 一致预期行业加权均值 16.9x 2025 PE（前值 17.3x 2025 PE）， 上调目标价 4.9%至 7.44 元（前值：7.09 元）。 2025 年 9 月 01 日│中国内地 铁路运输 铁龙物流发布半年报，2025 年 H1 实现营收 55.13 亿元（yoy-22.14%）， 归母净利 3.79 亿元（yoy+33.34%）。其中 Q1、Q2 实现归母净利 2.02 亿 元（yoy-7.7%）、1.76 亿元（yoy+172.50%）。公司上半年业绩超我们预 期（3.39 亿元），主因铁路货运盈利好于预期。公司 1H25 净利高增，主因 去年同期计提房产存货计提减值损失 0.87 亿元，基数较低。剔除该事项后， 1H25 公司调整后净利润同比增长约 2.1%。公司首次提出中期分红方案， 拟派发 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 5.218 billion RMB in the first half of 2025, representing a year-on-year growth of 9.62%. The gross margin was 25.65%, a decrease of 0.75 percentage points year-on-year. The net profit attributable to shareholders was 339 million RMB, up 20.85% year-on-year, indicating a mild recovery in the semiconductor business overall [1][2]. - The company is expected to continue its revenue and profit growth in the second half of 2025, driven by the ramp-up of its 12-inch production line and accelerated deployment of third-generation semiconductors [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the product and solution business generated revenue of 2.803 billion RMB, a year-on-year increase of 21.54%. The discrete devices and IC businesses contributed 2.075 billion RMB and 729 million RMB, respectively, primarily due to stable growth in automotive electronics, photovoltaics, energy storage, and consumer electronics markets [2]. - The manufacturing and service business reported revenue of 2.239 billion RMB, a decline of 2.6%. The wafer manufacturing and testing revenue were 1.470 billion RMB and 703 million RMB, showing growth of 0.56% and 18.48%, respectively [2]. Future Outlook - For the second half of 2025, the company has made significant advancements in the AI server power supply sector, with full product line deployment including SGT, super junction MOS, and SiC/GaN devices. The company has also expanded its GaN product offerings across various sectors beyond communications, including automotive and consumer electronics [3]. - The company has a robust order backlog, with the capacity of its 90nm analog 12-inch process platform in Shenzhen expected to reach 20,000 wafers per month by the end of the year [3]. Earnings Forecast and Valuation - The report forecasts revenues of 11.513 billion RMB, 12.981 billion RMB, and 14.504 billion RMB for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 920 million RMB, 1.135 billion RMB, and 1.546 billion RMB for the same years [4][9]. - The target price is set at 72.90 RMB, based on a 4.2x 2025E PB, reflecting a premium over the average of comparable companies [4][7].