Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.66 CNY based on a 34x PE valuation for 2026 [4][7]. Core Insights - The company is expected to see a significant increase in net profit from 320 million CNY in 2025 to 583 million CNY in 2027, with a revised forecast reflecting an increase in gross margin [4][12]. - The acquisition of a 51% stake in a liquid cooling technology company is aimed at enhancing the company's data center business, which is becoming increasingly essential [11]. - The demand for thermal management solutions is expected to grow, particularly in AI-enabled devices, positioning the company to benefit from this trend [11]. Financial Forecasts - The company's projected revenues for 2025-2027 are 2.09 billion CNY, 2.94 billion CNY, and 3.96 billion CNY, respectively, with corresponding growth rates of 33.3%, 40.7%, and 34.7% [6][12]. - The gross margin is expected to improve from 31.0% in 2024 to 34.0% in 2025, before stabilizing at around 32.3% by 2027 [6][12]. - The net profit margin is projected to increase from 12.9% in 2024 to 15.3% in 2025, reflecting the company's operational efficiency [6][12]. Business Developments - The company is expanding its product offerings beyond graphite materials to include a comprehensive range of thermal management solutions, which are critical for various applications including smartphones and data centers [11]. - The company has established strong partnerships with leading clients in various sectors, including industrial, automotive, and medical, enhancing its market position [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is increasing its focus on semiconductor and cooling businesses, which aligns with domestic substitution trends and the growing demand for cooling solutions in high-power scenarios [3][4] - The controlling shareholder's plan to increase their stake in the company reflects confidence in its future development [8] - The company has established a joint venture to explore the server liquid cooling market, leveraging advanced cooling technologies [7] Summary by Sections Investment Highlights - The company plans to raise up to 1.2 billion yuan through a private placement to fund projects in semiconductor equipment and automotive components [3] - The establishment of Chongqing Yulai Sheng Precision Technology Co., Ltd. aims to provide specialized equipment for semiconductor clients, enhancing production capacity and technology [3] - The liquid cooling technology is gaining traction due to its efficiency and suitability for high-power applications, with the company positioned to meet increasing demand [4] Financial Forecast - The company’s net profit is projected to be -201 million yuan in 2025, with a recovery to 169 million yuan in 2026 and 317 million yuan in 2027 [9] - The earnings per share (EPS) is expected to improve from -0.95 yuan in 2025 to 1.50 yuan in 2027, indicating a potential turnaround [9] - The current price-to-earnings (P/E) ratio is projected to be -41 in 2025, improving to 26 by 2027 as profitability increases [9] Market Position - The company has developed a mature technology system in liquid cooling and is positioned to capture significant market share in the server cooling sector [7] - The collaboration with JuLiang Innovation Green Energy Co., Ltd. aims to create a platform for high-performance GPU and AI server cooling components, enhancing competitive advantage [7]

2025 年 12 月 07 日 投资评级：买入（维持） | 日期 | 2025/12/5 | | --- | --- | | 当前股价(元) | 182.05 | | 一年最高最低(元) | 228.93/168.30 | | 总市值(亿元) | 2,220.94 | | 流通市值(亿元) | 2,220.94 | | 总股本(亿股) | 12.20 | | 流通股本(亿股) | 12.20 | | 近 3 个月换手率(%) | 25.89 | 食品饮料/白酒Ⅱ 山西汾酒（600809.SH） 节奏张弛有度，竞争优势持续 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-12 2025-04 2025-08 山西汾酒 沪深300 相关研究报告 《整体稳健，结构下移—公司信息更 新报告》-2025.9.3 《业绩符合预期，控制节奏稳健发展 —公司信息更新报告》-2025.5.2 张宇光（分析师） 逄晓娟（分析师） zhangyuguang@kysec.cn pangxiaojuan@kysec.cn 证书编号：S0790521060002 市场发展相对健康，业绩表现好于行 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.64 CNY, based on a projected 19x PE for comparable companies in 2026 [3][7]. Core Insights - The company demonstrates resilient performance despite industry challenges, with a projected net profit of 1.944 billion CNY for 2025, reflecting a decrease from previous estimates [3]. - The report highlights an improving industry landscape for spandex, with the company positioned to benefit from both volume and price elasticity as supply constraints tighten and demand for elastic fabrics grows [11]. - The adipic acid sector is expected to recover from its current low profitability, with the company being a leading player in the market, benefiting from industry consolidation and demand recovery [11]. Financial Performance Summary - The company reported a revenue of 26.298 billion CNY in 2023, with a projected decline to 25.75 billion CNY in 2025, followed by growth in subsequent years [4]. - The net profit attributable to the parent company is forecasted to decrease to 1.944 billion CNY in 2025, with a recovery expected in 2026 and 2027 [4]. - The gross margin is expected to decline to 12.7% in 2025 but is projected to improve to 15.4% and 16.8% in 2026 and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for Longking Environmental [1] Core Views - The Ministry of Finance has accelerated the allocation of environmental special funds for 2026, with a significant increase in the proportion of funds for air pollution control, benefiting leading companies in the air pollution sector [8] - Longking Environmental is expected to benefit from the robust demand in the air pollution control market, driven by both fiscal support and ongoing needs for new and upgraded projects in the power and non-power sectors [8] - The report forecasts a substantial increase in net profit for Longking Environmental, with projected net profits of 1.23 billion, 1.53 billion, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Projections - Total revenue is projected to reach 12.1 billion yuan in 2025, 13.3 billion yuan in 2026, and 14.3 billion yuan in 2027, reflecting growth rates of 20.74%, 9.82%, and 7.64% respectively [1] - The report anticipates a significant recovery in net profit margins, with a forecasted net profit growth of 63.15% in 2024, followed by 48.33% in 2025, and continuing growth in subsequent years [1] - Earnings per share (EPS) are expected to increase from 0.65 yuan in 2024 to 1.37 yuan in 2027, indicating a strong upward trend in profitability [1]

MRO 集约化采购时代风起，踏浪增量时代市场红利 ——咸亨国际研究报告 通用设备 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 执业证书编号：S0740525060005 Email：kouhj@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 410.28 | | 流通股本(百万股) | 403.39 | | 市价(元) | 19.83 | | 市值(百万元) | 8,135.90 | | 流通市值(百万元) | 7,999.29 | 咸亨国际（605056.SH） 证券研究报告/公司深度报告 2025 年 12 月 06 日 相关报告 MRO 龙头扩展或兼具横、纵向。 从横向角度看，公司近三年新业务的拓展，其初始毛利率或不如电网领域，盖因规模 扩张总是先行，更深度的服务往往建立于客户关系的逐步成熟和新领域的理解加深， 且电网领域的深耕和地位也助力公司横向迈入其他大型企业集团的准入门槛。 从纵向角度看，如咸亨国际希望通过发展无人机业务来提升毛利率，及基于对终端客 户作业场景的深度理解，沿着产业价值链向上延伸，构 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - The company is a leading retail pharmacy chain in China, focusing on both traditional and modern medicine, with a wide coverage across 21 provinces. As of September 30, 2025, it operates 17,385 stores, including 10,356 direct-operated and 7,029 franchised stores. The company is shifting from "scale expansion" to "quality improvement" and aims to enhance its core competitiveness through digital supply chains and specialized services [3][5][13] - The retail pharmacy industry is undergoing a transformation from scale expansion to quality competition, with a market size of 929.3 billion yuan in 2023, growing by 6.5% year-on-year, although the growth rate has slowed significantly [3][46] - The company achieved a revenue of 20.068 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.7%, and a net profit of 1.081 billion yuan, up 26.0% year-on-year. The third quarter alone saw a revenue of 6.546 billion yuan, growing by 2.5%, and a net profit of 283 million yuan, up 41.0% year-on-year [3][19][26] Company Overview - The company has developed into a leading retail pharmacy chain through steady internal growth and strategic acquisitions since its establishment in 1999. It has expanded its network significantly, covering major markets across China [5][13] - The ownership structure is concentrated, with the controlling shareholders being three brothers who collectively hold 55.12% of the shares, ensuring efficient decision-making [8] Industry Status - The retail pharmacy market is experiencing a decline in growth rates, with the number of retail pharmacies decreasing from 706,000 in Q3 2024 to 699,000 in Q1 2025 due to various factors including online competition and regulatory changes [46][51] - The industry is expected to see increased concentration and chain rates, with larger chains likely to gain a competitive edge over smaller pharmacies [3][46] Financial Performance - The company’s profit margins have improved, with a gross margin of 34.8% and a net margin of 5.8% in the first three quarters of 2025. The retail business achieved a gross margin of 37.7% [26][29] - The company’s revenue forecast for 2025-2027 is projected to be 27.205 billion, 30.071 billion, and 33.363 billion yuan, with corresponding net profits of 1.208 billion, 1.485 billion, and 1.798 billion yuan, indicating strong growth potential [3][113]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][10]. Core Insights - The completion of the shareholder structure adjustment has positioned Zhongyu Food as the actual controlling entity, which is expected to enhance operational efficiency and profitability in existing businesses while facilitating the launch of new high-value product lines [4][8]. - The company has reported a revenue of 415 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.27%, with a net profit of 57 million yuan, up 31.94% [3][10]. Summary by Sections Market Performance - The company's stock price has shown a range from 6.1 to 12.34 yuan over the past 52 weeks, with an average daily trading volume of 126.35 million yuan [1]. Business Overview - The core business revolves around grain deep processing, with related revenue accounting for 86.17% of total income in the first half of 2025, primarily from gluten powder and edible alcohol products [5][6]. - The introduction of Zhongyu Food as the main controlling force is expected to resolve existing competition in gluten powder and alcohol sectors by April 2028, enhancing market opportunities [5][8]. New Product Development - The company is expanding into high-value bioproducts with the introduction of xanthan gum and resistant dextrin, which are anticipated to improve profit margins and product mix in the long term [7][8]. - The xanthan gum project commenced construction in August 2023, with an expected annual capacity of 20,000 tons, while the resistant dextrin production lines are undergoing technical upgrades [7]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 634 million, 1.119 billion, and 1.514 billion yuan respectively, with corresponding EPS of 0.17, 0.25, and 0.30 yuan [10][12]. - The report anticipates significant growth in net profit, with projections of 84 million, 119 million, and 148 million yuan for the same years, reflecting growth rates of 231.8% and 41.5% in subsequent years [12][13].

Investment Rating - The report assigns a rating of "Accumulate" for the company [3] Core Views - The company has shown a steady revenue growth of 8.50% year-on-year in the first three quarters of 2025, with total revenue reaching 1.142 billion yuan [4] - The net profit attributable to the parent company for the same period was a loss of 62 million yuan, indicating a decrease compared to the previous year [4] - The company is facing pressure on performance due to rising AI server costs and increased advertising expenses, which may impact short-term results [4] - Long-term prospects remain positive due to the company's unique multi-modal capabilities and the potential for growth as industry technology matures [4] Summary by Sections Financial Performance - For 2023, the company is projected to achieve a revenue of 1,481 million yuan, with a year-on-year growth rate of 25% [3] - The net profit for 2023 is expected to be 86 million yuan, reflecting a significant year-on-year growth of 113% [3] - The earnings per share (EPS) for 2023 is estimated at 0.63 yuan [3] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 1,573 million yuan, 1,787 million yuan, and 2,065 million yuan respectively [5] - The net profit for 2025 is projected to be a loss of 43 million yuan, with subsequent years showing a recovery to 21 million yuan in 2026 and 41 million yuan in 2027 [5] Cost and Expense Analysis - The operating costs for the first three quarters of 2025 increased by 42.24% year-on-year, primarily due to rising AI server fees and platform service costs [4] - The company’s sales expenses are projected to rise from 849 million yuan in 2024 to 1,094 million yuan in 2027 [5] Strategic Initiatives - The company is implementing a "dual-mode drive" strategy, enhancing its AI capabilities and product offerings [4] - Significant upgrades to existing products and the introduction of new AI-driven features are expected to open new revenue streams [4]

Investment Rating - The report gives a "Buy" rating for the company for the first time, considering the scarcity of smart imaging brands and the growth potential of its business [1][7]. Core Insights - The report highlights the company's position as a leading brand in smart imaging, expanding from handheld devices to the drone market, and emphasizes its innovative products and technological leadership [1][6][7]. - The company is expected to grow its revenue significantly, with projections of 9.6 billion, 14.65 billion, and 19.6 billion for 2025, 2026, and 2027 respectively, alongside net profits of 1.03 billion, 1.81 billion, and 2.72 billion [7][8]. Summary by Sections Company Overview - The company, established in 2015, has become a leader in the panoramic camera market and is expanding its product lines to include action cameras, wearable cameras, gimbals, and drones, while also starting to develop software services [6][12]. - The revenue distribution in 2024 is expected to be 85.9% from consumer devices, 0.4% from professional devices, and 12.9% from accessories, with significant contributions from regions like China, the US, Europe, and Japan [12][13]. Handheld Imaging Devices - The company is recognized as the leader in the panoramic camera segment, continuously enriching its product line and driving market expansion alongside competitors like DJI [16][33]. - The report indicates that the market for handheld imaging devices could reach hundreds of billions, driven by increasing outdoor activities and social media sharing [18][39]. Drone Market - The drone market is projected to grow significantly, with the company entering this space by leveraging its expertise in panoramic imaging to differentiate itself from competitors like DJI [7][33]. - The report notes that the company has developed proprietary technologies in flight control, obstacle avoidance, and image transmission, which are critical for drone functionality [7][33]. Financial Projections - The company is expected to see substantial revenue growth, with a compound annual growth rate (CAGR) of 66.2% from 2017 to 2024, driven by the success of its panoramic cameras and the introduction of new product lines [13][39]. - The financial outlook includes projected revenues of 9.6 billion in 2025, with a net profit of 1.03 billion, reflecting a strong growth trajectory [8][39]. Software Services - The introduction of cloud services in 2025 is expected to enhance user engagement and provide significant profit potential in the long term [56]. - The software business is anticipated to grow rapidly, benefiting from the integration with existing hardware products and the company's advancements in AI technology [56].