华泰证券今日早参-20250806

Group 1: Steel Industry - The steel industry is expected to benefit from self-initiated production cuts, with industry prosperity bottoming out in Q3 2024. If the anti-involution policy promotes crude steel production cuts, it could further enhance profit recovery [2][3] - The current phase of the steel sector is characterized by policy expectation trading and fundamental improvement, similar to the previous demand downturn cycle [2][3] - The adjustment in the Chinese steel industry may resemble a prolonged battle, drawing parallels with Japan's steel development history [2] Group 2: Saint Bella (2508 HK) - Saint Bella is the largest postpartum care and recovery brand group in Asia and China, with 96 maternity centers in 30 cities globally as of June 2025. The company is rated "Buy" with a target price of HKD 9.76, corresponding to a 27X PE for 2026 [3][14] - The company is expected to achieve a revenue and adjusted net profit CAGR of 28% and 94% respectively from 2025 to 2027, driven by stable same-store growth and rapid store expansion [3] - Saint Bella aims to expand its family care and women's health product lines globally, leveraging its multi-brand and platform capabilities [3] Group 3: Yum China (9987 HK) - Yum China reported Q2 2025 revenue of USD 2.787 billion, a year-on-year increase of 4%, and an operating profit of USD 304 million, exceeding expectations [5] - The company maintains a target of opening 1,600 to 1,800 new stores in 2025, with a focus on sustaining same-store sales growth in the second half of the year [5] - The operating profit margin improved to 10.9%, reflecting the resilience of the leading brand [5] Group 4: Techtronic Industries (669 HK) - Techtronic Industries achieved a revenue of USD 7.833 billion in H1 2025, a year-on-year increase of 7.1%, with a net profit of USD 628 million, up 14.2% [6] - The growth is attributed to strong sales of flagship brands Milwaukee and RYOBI, alongside a strategic reduction in non-core business investments [6] - The company is positioned as a leading global brand in power tools and outdoor products, with a favorable long-term growth outlook [6] Group 5: Dongmu Co., Ltd. (600114 CH) - Dongmu Co., Ltd. reported H1 2025 revenue of CNY 2.930 billion, a year-on-year increase of 24.51%, and a net profit of CNY 261 million, up 37.61% [7] - The strong performance is driven by robust demand in the automotive and home appliance sectors [7] - The company is recognized as a leader in the powder metallurgy industry, maintaining an "Overweight" rating [7] Group 6: Zhongchong Co., Ltd. (002891 CH) - Zhongchong Co., Ltd. achieved H1 2025 revenue of CNY 2.432 billion, a year-on-year increase of 24.32%, with a net profit of CNY 203 million, up 42.56% [10] - The company benefits from strong domestic sales growth of 39% and an 18% increase in overseas sales due to capacity expansion [10] - The target price for 2025 is set at CNY 79.52, maintaining a "Buy" rating [10]