息差降幅收窄，成本费用改善 2025 年 8 月 29 日│中国内地 区域性银行 证券研究报告 苏州银行 (002966 CH) 目标价(人民币): 10.07 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 蒲葭依 联系人 SAC No. S0570123070039 SFC No. BVL774 pujiayi@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 10.07 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 8.32 | | 市值 (人民币百万) | 37,196 | | 6 个月平均日成交额 (人民币百万) | 339.50 | | 52 周价格范围 (人民币) | 6.67-9.39 | | BVPS (人民币) | 13.11 | 股价走势图 (8) 3 15 26 37 Au ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of RMB 17.69 [2][8][10] Core Views - The report highlights a recovery in gross profit margin and anticipates improved profitability in the second half of the year [1][10] - The company has demonstrated strong cost control, leading to a sequential recovery in performance despite a decline in coal prices [6][8] - The forecast for net profit attributable to the parent company has been raised significantly for 2025-2027, reflecting a positive outlook on coal prices and operational efficiency [8][20] Financial Data Summary - As of August 28, the closing price was RMB 13.04, with a market capitalization of RMB 39,008 million [2] - The company reported a revenue of RMB 14.069 billion for the first half of 2025, down 20.3% year-on-year, and a net profit of RMB 1.348 billion, down 39.4% year-on-year [6] - The gross profit margin for the second quarter of 2025 improved to 39.5%, up 1 percentage point from the previous quarter [6][8] - The company’s production and sales of raw coal reached 28.63 million tons and 25.25 million tons respectively in the first half of 2025, showing a year-on-year increase of 3.5% and 2.9% [6][7] Earnings Forecast and Valuation - The earnings forecast for 2025 has been adjusted to a net profit of RMB 3.3 billion, reflecting a year-on-year increase of 34.7% [8][20] - The report estimates the company's EBITDA for 2026 at RMB 10,130.4 million, applying a valuation multiple of 3.59x EV/EBITDA [21] - The projected dividend yield is expected to increase to 5.60% by 2027 [5][8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 13.86 [7][9]. Core Views - The company's H1 performance met expectations, with total revenue of RMB 6.689 billion, a year-on-year increase of 7.57%, and a net profit attributable to shareholders of RMB 536 million, reflecting a significant year-on-year increase of 372.55% [1]. - Despite a decline in box office performance leading to losses in Q2, the company is positioned as a leader in the full film industry chain, with rapid growth in non-ticket revenue, indicating strong profitability visibility [1][2]. - The company has a rich pipeline of films scheduled for release, including several that have already performed well at the box office during the summer season [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of RMB 6.689 billion, with a net profit of RMB 536 million and a non-recurring net profit of RMB 480 million, marking year-on-year increases of 372.55% and 455.35% respectively [1]. - The gross margin for H1 2025 was 28.28%, an increase of 2.20 percentage points year-on-year [2]. - The company experienced a decline in Q2 revenue to RMB 1.980 billion, a year-on-year decrease of 17.38% and a quarter-on-quarter decrease of 57.94% due to a significant drop in box office performance [1][2]. Business Development - The company is expanding its non-ticket revenue streams, which saw a 74% increase in H1 2025, and is enhancing its business structure by integrating quality resources [4]. - Strategic partnerships have been established, including collaborations with Haoyun Coconut and 52TOYS, resulting in the opening of 49 Haoyun Coconut stores and 175 52TOYS specialty stores [4]. Market Outlook - The report anticipates a recovery in cinema attendance and box office performance in the second half of the year, supported by a strong lineup of films and a stable summer box office performance [2][5]. - The company has adjusted its profit forecasts for 2025-2027, now projecting net profits of RMB 751 million, RMB 1.103 billion, and RMB 1.349 billion respectively [5].

Investment Rating - The investment rating for the company is "Buy" [5][4] Core Insights - The company is transitioning its Tianyi Cloud business from a phase of rapid revenue growth to a focus on high-quality development, with strong demand for intelligent computing services [2][1] - The mobile and broadband businesses are expected to maintain a steady growth trajectory [2] - The capital expenditure guidance for 2025 remains unchanged at RMB 83.6 billion, with a gradual decline in the capital expenditure to revenue ratio [3][1] - The company plans to leverage AI large models to enhance operational efficiency and further improve profitability [3][1] Summary by Sections Tianyi Cloud Business - The Tianyi Cloud business is moving towards a high-quality development phase, with a strong demand for intelligent computing services. The overall intelligent computing resource utilization rate has reached nearly 70%, with a diversified customer base expanding from government and state-owned enterprises to finance, transportation, and education sectors. In the first half of 2025, the total computing power reached 77 EFLOPS, with an increase of 15 EFLOPS [2][1] Basic Business Operations - In the first half of 2025, the mobile ARPU and broadband comprehensive ARPU remained stable. The company has been promoting bundled packages to enhance user stickiness and add extra user value. The industry competition has been effectively managed by the Ministry of Industry and Information Technology since 2019, leading to a healthier market environment [2][1] Capital Expenditure - The company's capital expenditure in the first half of the year accounted for approximately 41% of the annual budget, which is typical for the telecom industry, as investments are usually higher in the second half. The capital expenditure guidance for 2025 remains at RMB 83.6 billion, with a declining trend in the capital expenditure to revenue ratio expected as the peak investment period for 5G network construction has passed [3][1] Cost and Expense Management - The company aims to keep the growth rate of costs and expenses below that of revenue, which is expected to enhance profitability. The development of an AI model specifically for cloud network operations is expected to save labor costs and reduce base station electricity expenses through optimized algorithms [3][1] Profitability Forecast - The company is expected to see continued profit growth, with net profits projected at RMB 34.8 billion, RMB 36.7 billion, and RMB 38.4 billion for 2025, 2026, and 2027 respectively. The target price is set at RMB 9.11 per share, based on a 1.8x PB valuation for 2025 [4][8]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 1H25 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 507 million, 122 million, and 111 million RMB respectively, showing a year-on-year decline of 14.1%, 29.3%, and 32.0%. However, the 2Q25 results showed improvement with revenue and net profit increasing by 2.7% and 5.0% year-on-year [1][2] - Domestic revenue faced pressure with a 22.7% decline to 332 million RMB, while overseas revenue grew by 9.0% to 175 million RMB. The decline in domestic revenue is attributed to anti-corruption measures and centralized procurement [2] - The company increased its R&D expense ratio to 22.27%, up by 5.52 percentage points year-on-year, while the gross margin decreased to 64.70%, down by 5.12 percentage points, mainly due to the impact of centralized procurement [3] Summary by Sections Financial Performance - 1H25 revenue was 507 million RMB, with a significant decline in domestic business but stable growth in overseas markets. 2Q25 showed signs of recovery with a year-on-year increase in revenue and net profit [1][2] - The company forecasts net profits for 2025-2027 to be 296.33 million, 341.69 million, and 392.41 million RMB respectively, with a downward adjustment of 23%, 20%, and 19% compared to previous estimates [4] Valuation - The target price is set at 17.59 RMB, based on a 25x PE valuation for 2025, compared to a peer average of 23x [4][6] - The company's market capitalization is approximately 6.063 billion RMB, with a closing price of 14.15 RMB as of August 28, 2025 [6] Growth Prospects - The company is expected to benefit from ongoing technological iterations in its clinical medical and dermatology aesthetics product lines, which may lead to improved growth rates in the future [2][4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.30 [7][8]. Core Views - The company reported a revenue of RMB 1.673 billion for H1 2025, representing a year-over-year increase of 7.03%, and a net profit attributable to the parent company of RMB 63.25 million, up 18.68% year-over-year [1][7]. - The second quarter of 2025 saw revenue of RMB 991 million, a year-over-year increase of 0.70% and a quarter-over-quarter increase of 45.45%, with net profit of RMB 38.92 million, reflecting a year-over-year increase of 20.86% and a quarter-over-quarter increase of 59.97% [1][7]. - The company is expected to benefit from the ongoing major infrastructure projects in the western region, such as the "Yaxia" hydropower station, which will drive demand for its products [1][5]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 1.673 billion, with a net profit of RMB 63.25 million and a non-recurring net profit of RMB 52.96 million [1][7]. - The comprehensive gross margin for H1 2025 was 34.75%, slightly down by 0.12 percentage points year-over-year [2]. - The company’s expense ratio for H1 2025 was 27.72%, down 0.34 percentage points year-over-year, indicating improved cost absorption capabilities [3]. Product Performance - Sales of high-performance water-reducing agents and functional materials showed positive trends, with revenues of RMB 867 million and RMB 347 million respectively, reflecting year-over-year increases of 6.3% and 25.2% [2]. - The company has expanded its functional materials offerings, with significant growth in new materials, which has been well-received by customers [4]. Market Expansion - The company has intensified its efforts in the western region, achieving notable results in sectors such as hydropower, nuclear power, and railways, participating in projects like the Sichuan-Tibet Railway and the Haitaichangjiang Tunnel [4]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, thereby broadening its international market presence [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are RMB 164 million, RMB 206 million, and RMB 241 million respectively, with corresponding EPS of RMB 0.38, RMB 0.48, and RMB 0.56 [5][11]. - The target price has been adjusted to RMB 13.30, based on a 35x PE valuation for 2025, reflecting the company's strong project experience and first-mover advantage in major infrastructure projects [5].

证券研究报告 蜜雪集团 (2097 HK) 港股通 1H 高质量快步增长，龙头强者恒强 2025 年 8 月 29 日│中国香港 餐饮 | 目标价 (港币) | 590.22 | | --- | --- | | 收盘价 (港币 截至 8 月 28 日) | 435.00 | | 市值 (港币百万) | 165,134 | | 6 个月平均日成交额 (港币百万) | 317.85 | | 52 周价格范围 (港币) | 256.00-618.50 | | BVPS (人民币) | 55.98 | 华泰研究 中报点评 投资评级(维持): 买入 目标价(港币): 590.22 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 股价走势图 (14) 41 95 150 204 Mar-25 May-25 Jun-25 Aug-25 (%) 蜜雪集团 ...

证券研究报告 宏观 图说日本宏观月报 | 2025 年 8 月 第十三期 概览：关税拖累出口，但整体看日本经济维持复苏态势：二季度日本 GDP 超预期增长，8 月制造业 PMI 超预期回升，消费增速回升，投资维持韧性， 而通胀边际降温。日央行加息预期小幅上行，美日利差收窄、日元升值；美 日达成关税协议等多重因素推动日股上涨，日经 225 创历史新高；市场对 日本财政可持续性的担忧加剧，推动日本 30 年期国债收益率升破 3.2%。 1. 实体经济走势：经济维持修复态势，通胀边际降温 日本 8 月制造业 PMI 上行，显示制造业周期延续修复。日本 8 月综合 PMI 升至 51.9，其中制造业 PMI 升至 49.9 接近荣枯线，服务业 PMI 则从 53.6 回落至 52.7，但仍维持在扩张区间。 劳工市场边际走强，消费增速回升。就业市场边际走强：6 月正式员工人数 上升，新增岗位空缺和申请人数之比回升至 2.2，名义工资增速回升至 2.2%， 失业率持平于 2.5%。居民收入推动消费增速有所回升。6 月日本零售总额 环比（季调后）回升至 0.9%，食品、服装和一般商品零售环比均明显回升， 同时消费者活动预期 ...

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268 HK) with a target price of HKD 82.24 [7][12] Core Insights - The demand for ADC (Antibody-Drug Conjugates) continues to grow, with the company experiencing significant order increases and steady capacity expansion [1][2] - WuXi AppTec is reaffirmed as a leader in the global ADC/XDC CRDMO (Contract Research, Development, and Manufacturing Organization) sector, with strong upward momentum in performance [1][7] Financial Performance - For the first half of 2025, the company reported revenues of RMB 2.701 billion, a year-on-year increase of 62%, and adjusted net profit of RMB 733 million, up nearly 70% [2] - The overseas revenue contribution reached 82%, an increase of 8 percentage points compared to 2024 [2] - The company's market share in the global ADC CRDMO market rose from 9.9% in 2022 to 22.2% in the first half of 2025 [2] Industry Dynamics - The ADC/XDC sector shows strong long-term growth potential, with four ADC products approved for market from Q4 2024 to H1 2025, and many more expected in the next 3-5 years [2] - There are approximately 2,200 candidate conjugated drugs globally, with 21% being new ADCs, indicating a robust pipeline for future development [2] Client Expansion and Orders - In H1 2025, the company signed 37 new iCMC contracts, a historical high for the period, with expectations for the total number of new projects in 2025 to exceed the previous two years [3] - The backlog of orders reached USD 1.329 billion, a year-on-year increase of 57.9%, with North America leading in new contracts [3] - The company added 64 new clients in H1 2025, maintaining active collaborations with 13 of the top 20 multinational corporations, contributing approximately 33% of revenue [3] Capacity Expansion and Operational Efficiency - WuXi AppTec is set to launch new production facilities in Wuxi and Singapore, with a planned capital expenditure exceeding RMB 7 billion by 2029 [4] - The gross margin for H1 2025 was 36.1%, an increase of 4 percentage points year-on-year, with expectations for further improvement in 2025 [4] - The adjusted net profit margin for H1 2025 was 27.1%, reflecting a positive trend amid company growth [4] Profit Forecast and Valuation - The adjusted net profit forecast for 2025-2027 is RMB 1.72 billion, RMB 2.37 billion, and RMB 2.80 billion, respectively, with a CAGR of 34% [5] - The target price is based on a PEG ratio of 1.59x, consistent with comparable company expectations [5][12]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.20 [1][5]. Core Views - The company's revenue for the first half of 2025 reached RMB 891 million, a year-on-year increase of 8.28%, while the net profit attributable to the parent company was RMB 119 million, up 2.22% year-on-year. The second quarter saw revenue of RMB 501 million, reflecting a year-on-year increase of 13.40% and a quarter-on-quarter increase of 28.27% [1]. - The company is expected to achieve steady growth in its main business through application expansion and sales transformation, with the humanoid robot product layout potentially creating a second growth curve [1]. - The servo system segment reported revenue of RMB 427 million, a year-on-year increase of 19.29%, while the PLC segment saw a significant growth of 44.09% year-on-year, indicating a successful expansion into the servo and PLC fields [2]. - The gross margin for the first half of 2025 was 38.78%, with a net margin of 13.94%. The company experienced a significant improvement in cash flow, with operating cash flow reaching RMB 50 million, a year-on-year increase of 115.87% [3]. - The humanoid business is being developed through subsidiaries focusing on core components and solutions, which is expected to drive revenue growth in this segment [4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of RMB 891 million and a net profit of RMB 119 million, with Q2 figures showing a revenue of RMB 501 million and a net profit of RMB 63 million [1]. - The gross margin for the first half was 38.78%, and the net margin was 13.94% [3]. Business Segments - The servo system segment generated RMB 427 million in revenue, up 19.29% year-on-year, while the PLC segment saw a 44.09% increase in revenue [2]. - The humanoid robot business is being developed through various subsidiaries, focusing on core components and solutions [4]. Profitability and Cash Flow - The company achieved a gross margin of 38.78% and a net margin of 13.94% for the first half of 2025, with significant improvements in cash flow [3]. Future Outlook - The company maintains its profit forecast for 2025-2027, expecting net profits of RMB 271 million, RMB 339 million, and RMB 389 million respectively, with corresponding EPS of RMB 0.86, RMB 1.08, and RMB 1.24 [5].