Guangzhou Hexin Instrument (SH:688622) Minsheng Securities·2025-08-05 04:07Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company's traditional main business has significantly reduced its losses, while it is advancing into the quantum computing sector [1]. - The company plans to acquire a 56% stake in Shanghai Liangxi Technology Co., which specializes in quantum computing patents and products [2]. - Major overseas companies are increasing their investments in quantum computing, indicating a growing trend in the industry [3]. - The company is expected to achieve revenues of 210 million, 230 million, and 240 million yuan from 2025 to 2027, with corresponding P/S ratios of 37x, 34x, and 32x [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 53 million yuan, a year-on-year decline of 48.9%, and a net loss attributable to shareholders of 17.65 million yuan, which is a 20.9% improvement compared to the same period last year [1]. - For the second quarter of 2025, revenues were 21.44 million yuan, down 62.7% year-on-year and 33.2% quarter-on-quarter, with a net loss of 10.39 million yuan, a decrease of 47.6% year-on-year and 47.0% quarter-on-quarter [1]. Investment in Quantum Computing - The acquisition of Liangxi Technology is aimed at enhancing the company's capabilities in quantum computing, particularly in providing ultra-low temperature and weak signal measurement equipment [2]. - Liangxi Technology achieved revenues of 70.8 million yuan in the first half of 2025, nearing its total revenue of 74.35 million yuan for 2024, with a gross margin of 62.1% [2]. Industry Trends - Major players like Microsoft and NVIDIA are emphasizing the importance of quantum computing, with predictions of significant advancements in the field [3]. - The report highlights that the quantum computing sector is expected to grow, benefiting companies like the one under review [3]. Future Projections - The company is projected to achieve revenues of 213 million, 228 million, and 244 million yuan from 2025 to 2027, with a growth rate of 5.1%, 7.3%, and 6.9% respectively [5]. - The net profit attributable to shareholders is expected to improve from a loss of 19 million yuan in 2025 to a loss of 13 million yuan in 2027 [5].