Shanxi Securities·2025-09-18 00:32Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,876.34, up by 0.37% [4] - The New Materials sector outperformed, with a weekly increase of 2.50%, surpassing the growth of the ChiNext Index by 0.39% [6] Industry Commentary - The automotive industry is expected to benefit from the "Automobile Industry Stabilization Growth Work Plan" issued by eight departments, highlighting opportunities in upstream new materials [6] - The plan aims for approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales projected to reach 15.5 million, growing by around 20% [6] Company Analysis: Kingdee International (00268.HK) - Kingdee International reported a revenue of 3.192 billion yuan for the first half of 2025, an increase of 11.2% year-on-year, with a net loss of 98 million yuan, improving by 55.1% [10] - The cloud subscription business generated 1.684 billion yuan, up 22.1% year-on-year, with an annual recurring revenue (ARR) of 3.73 billion yuan, reflecting an 18.5% increase [10] - The company’s gross margin improved to 65.63%, a rise of 2.39 percentage points year-on-year, driven by the higher proportion of high-margin cloud subscription revenue [10] Company Analysis: Zhongji Xuchuang (300308.SZ) - Zhongji Xuchuang's revenue for the first half of 2025 reached 14.79 billion yuan, a year-on-year increase of 37.0%, with a net profit of 4.0 billion yuan, up 69.4% [14] - The company is expected to maintain its position as a global leader in optical modules, with a focus on increasing production capacity for 1.6T products [12][15] - The gross margin is anticipated to improve due to the rising proportion of high-end silicon optical products [15] Investment Recommendations - The report suggests focusing on companies in the new materials sector related to the automotive industry, particularly "Shidai New Materials" and "Jundida" [6] - For Kingdee International, the expected earnings per share (EPS) for 2025-2027 are projected at 0.03, 0.10, and 0.17, with corresponding price-to-earnings (PE) ratios of 528.8, 151.8, and 85.1, respectively, recommending a "Buy-A" rating [13] - Zhongji Xuchuang is expected to achieve net profits of 93.5 billion yuan, 180.8 billion yuan, and 248.5 billion yuan for 2025-2027, maintaining a "Buy-A" rating [16]