国证国际港股晨报-20250813

Group 1: Market Overview - The Hong Kong stock market saw a general rise, with the Hang Seng Index increasing by 0.25%, the Hang Seng China Enterprises Index up by 0.32%, and the Hang Seng Tech Index rising by 0.38% [2] - The total market turnover increased to HKD 215.4 billion, with short selling amounting to HKD 35.6 billion, representing 18.6% of the total turnover [2] - Southbound trading saw a net inflow of HKD 9.45 billion, with the most actively traded stocks being the Tracker Fund of Hong Kong, Hang Seng China Enterprises, Tencent Holdings, and Alibaba [2] Group 2: Industry Insights - The domestic chip industry, led by SMIC and Hua Hong Semiconductor, reported better-than-expected Q2 results due to improved prices and high capacity utilization, with expectations for continued growth as chip demand recovers [3] - The coal sector is experiencing an improving supply-demand balance due to supply-side reforms and increased electricity demand during the summer, leading to a potential rise in coal prices [4] - The newly introduced personal consumption loan policy by the Chinese government aims to lower financing costs for residents, potentially boosting consumer spending in key areas [5] Group 3: Company Analysis - Hillstone Technology - Hillstone Technology reported H1 2025 revenue of approximately HKD 8.83 billion, a year-on-year increase of 15.1%, driven by sales growth in automotive and IoT camera modules [7] - The gross margin improved to 7.4%, up by 2.2 percentage points, attributed to a higher proportion of mid-to-high-end products and improvements in fingerprint recognition module business [7] - The company achieved a net profit of approximately HKD 308 million, a significant increase of 167.6% year-on-year, and declared an interim dividend of HKD 0.15 per share, marking the first interim dividend since its listing [7][8] Group 4: Future Outlook for Hillstone Technology - The company has set ambitious targets for 2025, expecting non-mobile camera module sales to grow by no less than 60% and fingerprint recognition module sales to increase by no less than 30% [9] - Hillstone Technology's investment in new technology and partnerships with leading smart driving solution providers is expected to enhance its product offerings and market position [9] - The company anticipates continued strong performance, projecting net profits of RMB 700 million and RMB 830 million for 2025 and 2026, respectively, with a target price set at HKD 14.1 [10]