Western Securities·2025-09-18 02:15Group 1: Innovation Qizhi (02121.HK) - The report initiates coverage on Innovation Qizhi, projecting revenues of 1.471 billion, 1.729 billion, and 2.008 billion CNY for 2025-2027, representing year-on-year growth of 20.4%, 17.5%, and 16.2% respectively [1][7] - The net profit attributable to the parent company is expected to be -170 million, -127 million, and -61 million CNY for the same period, with adjusted net profit turning positive in 2026 [1][7] - The target market capitalization for 2025 is estimated at 5.642 billion HKD, corresponding to a target price of 10.01 HKD, with a "Buy" rating assigned [1][7] Group 2: Shenzhou Cell (688520.SH) - The company is expected to generate revenues of 2.194 billion, 2.543 billion, and 3.021 billion CNY from 2025 to 2027, with a year-on-year decline of 12.7% in 2025, followed by growth of 15.9% and 18.8% in the subsequent years [2][12] - The first half of 2025 saw revenues of 972 million CNY, a decrease of 25.5%, primarily due to regional policy impacts and price reductions in the market [10][11] - The company maintains a "Buy" rating, considering the potential catalysts from its innovative pipeline despite short-term sales pressure [2][12] Group 3: Jiangshan Oupai (603208.SH) - The company reported revenues of 868 million and 466 million CNY for the first half and second quarter of 2025, reflecting declines of 39.82% and 42.9% year-on-year [14][15] - The net profit attributable to the parent company was 10 million and 7 million CNY for the same periods, showing significant declines of 90.39% and 91.3% respectively [14][15] - The company is transitioning its business model from heavy asset to light asset and is expected to gradually improve performance as strategic adjustments take effect [16] Group 4: Swine Industry Dynamics - In August 2025, listed pig companies reported an output of 16.6036 million heads, a year-on-year increase of 29.11% and a month-on-month increase of 6.86% [5][18] - The total revenue for listed pig companies in August was 24.859 billion CNY, a decrease of 14.21% year-on-year, while cumulative revenue from January to August reached 205.332 billion CNY, up 11.57% year-on-year [5][19] - The average selling price of pigs in August decreased by 31.03% year-on-year, attributed to an oversupply in the market despite a slight month-on-month increase [20]