光大证券晨会速递-20250709

Core Insights - The report highlights the strong performance of Honglu Steel Structure in Q2 2025, with both order volume and production achieving double-digit growth, supported by advancements in intelligent cutting and welding solutions [2] - Tencent Music is expected to enhance its competitive edge through a solid content ecosystem and innovative subscription models, with projected adjusted net profits for 2025-2027 at 9.35 billion, 10.91 billion, and 12.50 billion yuan respectively [2] - Yanjing Beer anticipates a significant increase in net profit for H1 2025, projected between 1.062 billion and 1.137 billion yuan, reflecting a year-on-year growth of 40%-50% [3] Company Research Honglu Steel Structure - In Q2 2025, the company achieved a record high quarterly production, indicating the initial success of its smart transformation efforts [2] - The dynamic price-to-earnings ratio for 2025 is projected at 12x, maintaining a "buy" rating [2] Tencent Music - The company is expected to see an increase in ARPPU from SVIP development, with non-subscription revenue streams contributing to growth [2] - The adjusted net profit forecast for 2025-2027 has been set at 9.35 billion, 10.91 billion, and 12.50 billion yuan, respectively, with a "hold" rating maintained [2] Yanjing Beer - The company is implementing a "beer + beverage" marketing strategy and is actively exploring new markets and channels [3] - The adjusted net profit forecasts for 2025-2027 have been raised to 1.457 billion, 1.737 billion, and 2.012 billion yuan, respectively, with a "hold" rating [3]