Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.40, reflecting a 7.8% potential upside from the current price of HKD 7.79 [10]. Core Insights - The company's revenue for the first three quarters of 2025 increased by 7.7% year-on-year to RMB 19.35 billion, while net profit rose by 12.9% to RMB 770 million, driven by strong performance in clean energy products [1]. - The clean energy segment saw a remarkable revenue growth of 19% year-on-year, contributing RMB 15 billion, with a significant 52% increase in offshore clean energy revenue [1]. - The chemical and liquid food segments experienced a decline in revenue, with the chemical segment's revenue dropping by 48% year-on-year in Q3, primarily due to trade uncertainties [1]. - New orders in the clean energy sector have shown improvement, with a 10.9% year-on-year increase in backlog orders, largely driven by a 23.6% growth in clean energy orders [1][2]. - The report suggests that the company's profit structure is expected to stabilize further by 2026, despite ongoing challenges in the chemical and liquid food segments [1]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2025, the company reported a revenue of RMB 19.35 billion, a 7.7% increase year-on-year, and a net profit of RMB 770 million, up 12.9% [1]. - The clean energy business contributed significantly, with a revenue increase of 19% to RMB 15 billion, and a quarterly revenue growth of 14.6% in Q3 [1]. Segment Analysis - The chemical segment's revenue in Q3 fell by 48% year-on-year, while the liquid food segment's revenue decreased by 14% year-on-year, indicating a reduced impact on overall company performance [1]. - The combined revenue share of the chemical and liquid food segments has decreased to 23%, reflecting a diminishing influence on the company's overall earnings [1]. Order and Backlog Trends - The total new orders signed in the first three quarters decreased by 5% year-on-year to RMB 19.6 billion, showing significant improvement compared to a 35% decline in the first half of the year [1][2]. - The backlog of orders increased by 10.9% year-on-year to RMB 30.76 billion, with clean energy orders making up approximately 73% of the backlog [1][2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][11]. Core Insights - The company achieved a revenue of RMB 363.06 billion for the first three quarters of 2025, representing a year-over-year increase of 13.8%. The net profit attributable to the parent company was RMB 37.88 billion, up 19.5% year-over-year [9]. - The company’s Q3 revenue was RMB 1119.3 billion, with a year-over-year growth of 10.1%, and a net profit of RMB 11.87 billion, reflecting a 9.0% increase year-over-year [9]. - The report highlights that the tightening of subsidies has impacted Q3 growth, with some regions pausing national subsidies, which may affect future sales growth [9]. - The company is expected to maintain a strong performance in its home appliance segment, benefiting from domestic subsidy policies and expanding its overseas market [9]. - The projected net profits for 2025, 2026, and 2027 are RMB 44.46 billion, RMB 48.02 billion, and RMB 52.17 billion, respectively, with year-over-year growth rates of 15.4%, 8.0%, and 8.6% [9]. Financial Summary - The company’s gross profit margin for Q3 was 26.7%, a slight increase of 0.3 percentage points year-over-year. However, the financial expense ratio increased by 1.6 percentage points [9]. - The earnings per share (EPS) for 2025 is projected to be RMB 5.79, with a price-to-earnings (P/E) ratio of 12.99 for H shares [8][9]. - The dividend per share (DPS) is expected to be RMB 3.47 in 2025, with a dividend yield of 4.67% [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][14]. Core Views - The approval of the company's first injectable recombinant collagen type I medical device marks a significant breakthrough in the aesthetic medicine sector, opening a new growth curve for the company [2][3]. - Despite short-term sales fluctuations due to market reactions to the Double 11 shopping festival, the company is expected to perform well in the latter half of the event, supported by its established offline medical institution channels and brand influence [2][14]. - The management's continuous share buybacks signal strong long-term confidence in the company's prospects [2][13]. Summary by Sections Company Overview - The company announced on October 23, 2025, that its self-developed "Recombinant Type I α1 Collagen Freeze-Dried Fiber" received the Class III medical device registration certificate from the National Medical Products Administration (NMPA) [2][3]. - This product is the first approved drug-device combination in the company's Class III medical device pipeline, indicating a strategic expansion into the high-barrier aesthetic injection device market [3]. Product Details - The product is a white or off-white sponge-like solid composed of recombinant type I α1 collagen, with various specifications ranging from 10mg to 24mg per bottle [5]. - It is indicated for facial dermal tissue filling to correct dynamic wrinkles, including forehead lines, glabellar lines, and crow's feet [5]. Market Potential - The domestic market currently has 12 approved Class III collagen medical devices, with only four related to recombinant collagen, highlighting the uniqueness of the company's product [4]. - The collagen injection market is projected to reach approximately 9.8 billion by 2025, indicating significant growth potential for the company [7]. Financial Projections - The company is expected to achieve net profits of 2.549 billion, 3.092 billion, and 3.673 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 12, and 10 [2][14]. - The management's share buybacks have increased their stake to 54.66%, reflecting confidence in the company's future performance [13]. Competitive Landscape - The company's recombinant type I collagen differs from competitors' type III collagen, suggesting a non-direct competition scenario that could enhance its market position [7]. - The approval of additional products in the pipeline is anticipated to accelerate, further strengthening the company's market presence [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9]. Core Insights - The company is a leading player in the global tool steel sector, with a solid foundation for sustainable profitability. It has made breakthroughs in powder metallurgy and titanium alloy technologies, positioning itself in high-growth sectors such as integrated die-casting for electric vehicles, consumer electronics, and aerospace, establishing a clear second growth curve [6][9]. - Revenue projections for 2025, 2026, and 2027 are estimated at 49.41 billion, 56.99 billion, and 65.45 billion RMB, respectively, with year-on-year growth rates of 2.2%, 15.3%, and 14.8%. Corresponding net profits are projected at 4.31 billion, 6.20 billion, and 8.50 billion RMB, with growth rates of 20.0%, 43.9%, and 37.2% [6][9]. Summary by Sections Market Performance - As of October 28, 2025, the closing price is 3.05 HKD, with a market capitalization of 8,311.25 million HKD. The stock has seen a one-year high of 3.28 HKD and a low of 1.65 HKD [3]. Business Overview - The company has been in the special steel industry for over 40 years, evolving from a cutting tool manufacturer to a leader in high-end materials, covering high-speed steel, tool steel, cutting tools, and titanium alloys [8][18]. - The company has a concentrated and stable shareholding structure, with the Zhu family as the actual controllers, ensuring strategic execution continuity [8][17]. Financial Performance - The company reported a revenue of 5,163.31 million RMB in 2023, with a projected decline in 2024 followed by a recovery in subsequent years. The gross profit margin and net profit margin have remained stable, supported by high R&D investment [7][31]. - The first half of 2025 saw a revenue decline of 7.1% year-on-year, attributed to reduced exports and lower demand from consumer electronics. However, net profit increased by 10.4% due to favorable currency exchange rates and improved gross margins in tool steel [22][23]. Growth Drivers - The company’s core business in tool steel is expected to enter an upward cycle, driven by domestic demand recovery and import substitution in high-end materials [8][22]. - The titanium alloy business is positioned to benefit from expanding demand in consumer electronics and aerospace, with significant growth potential as the market evolves [8][37]. Technological Advancements - The company has successfully established a powder metallurgy production line, filling a domestic gap in the large-scale production of tool steel, and is expected to lead in domestic substitution efforts [15][18]. - Ongoing R&D efforts have resulted in numerous innovations, including high-nitrogen alloy materials and advanced titanium products, enhancing the company's competitive edge in high-end manufacturing [31][34].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 HKD, based on a 14x PE for 2026 [6]. Core Insights - The company is a leading player in clean energy equipment, benefiting from the energy transition, with a focus on natural gas and hydrogen-methanol development [1][3]. - The company has shown rapid revenue growth, with a CAGR of 19% from 2020 to 2024, and a projected revenue of 247.6 billion RMB in 2024 [1][28]. - The company maintains a strong market position in the LNG transportation and refueling sector, with over 80 billion RMB in new orders signed by Q3 2025 [2][66]. Summary by Sections 1. Clean Energy Equipment Leader - The company, a subsidiary of CIMC Group, specializes in providing key equipment and engineering services for clean energy, chemical environment, and liquid food industries [15][19]. - It has a comprehensive layout across three core business areas: clean energy, chemical environment, and liquid food, establishing itself as a key equipment manufacturer and integrated service provider [20][24]. 2. Clean Energy: Natural Gas Demand and Hydrogen & Green Methanol Potential - Global natural gas consumption is steadily increasing, with significant growth expected in Europe and North America [44][45]. - The company has a leading position in the LNG transportation and refueling market, with a strong order book and a focus on integrated solutions [57][62]. - Hydrogen energy is gaining traction, with the company being the first in China to offer a full range of liquid hydrogen solutions [69][77]. 3. Chemical Environment - The company is the largest manufacturer of tank containers globally, with a comprehensive service chain [20][24]. - It is actively seeking new growth areas as demand for chemical containers faces pressure [36]. 4. Rapid Development in Liquid Food Industry - The global liquid food industry is expanding rapidly, with the company focusing on turnkey project solutions and maintaining a strong global presence [5][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 12.53 billion RMB, 14.98 billion RMB, and 17.37 billion RMB for the years 2025, 2026, and 2027 respectively [6][28].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of approximately RMB 19.37 billion for Q1 to Q3 of 2025, representing a year-on-year increase of 6.4%, and a net profit of approximately RMB 1.36 billion, also up by 6.0%. For Q3 2025, the revenue was about RMB 4.66 billion, with a year-on-year growth of 2.8%, and a net profit of approximately RMB 260 million, reflecting a 10.2% increase year-on-year [2][6] - The company is a leading player in China's fertilizer industry, with over 60 years of international trade experience and a distribution network covering 95% of China's arable land. The company emphasizes shareholder returns, with strong operating cash flow and a steadily increasing dividend payout ratio [9] - The company's full industry chain layout enhances its performance resilience, benefiting from phosphorous fertilizer export trade despite a general slowdown in the compound fertilizer industry due to increased rainfall and high sulfur prices [9] - The company is advancing its "Bio+" strategy, focusing on high-end biological compound fertilizers, supported by its major shareholder Syngenta and a national-level R&D platform. This strategy has led to the successful development of several biological fertilizer products, contributing to revenue growth [9] - The company is steadily expanding its phosphate mining capacity, with a resource volume of 200 million tons and an annual production capacity of 600,000 tons. Key projects are underway to enhance production capabilities [9] - The company has rebranded itself as a leader in crop nutrition and health, aiming to redefine its brand positioning and development path while addressing deep-seated industry issues [9] - The company is expected to maintain strong asset quality, profitability, and cash flow, with projected net profits for 2025-2027 of RMB 1.46 billion, 1.55 billion, and 1.63 billion respectively, supporting the "Buy" rating [9]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown a stable fundamental performance with a strong free cash flow, which is expected to continue providing high dividend returns [1][2] - The profit growth is driven by reduced financial and administrative expenses, as well as the divestment of certain assets [2] - The company has successfully focused on its core water resource business after divesting from certain real estate operations [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, primarily due to increased income from water resource operations [1] - The net profit attributable to shareholders was HKD 4.067 billion, reflecting a year-on-year growth of 13.2% [1] - The company's tax profit increased by 9.5% to HKD 6.241 billion, driven by lower financial and administrative costs [2] Water Resource Operations - The Dongshen water supply project reported a total supply of 1.670 billion tons, with revenue of HKD 5.242 billion, marking a year-on-year increase of 1.6% [3] - Other water resource operations generated revenue of HKD 5.611 billion, with a slight decrease in tax profit by 2.6% [3] Strategic Acquisitions - The company acquired a 51% stake in Yangjiang Yuehai Qingyuan for RMB 156 million and a 2% stake in Shantou Yuehai Water for RMB 70.88 million, enhancing its operational scale to 12.1 million tons per day [4] Profit Forecast and Valuation - The report maintains profit forecasts with expected net profits for 2025-2027 at HKD 4.218 billion, HKD 4.397 billion, and HKD 4.576 billion, respectively [5] - The target price is set at HKD 9.11, based on a projected PE ratio of 13.6 times for 2026 [5]

证券研究报告 先进封装：TCB 获 HBM4 订单，C2W 方案进入量产准备 先进封装进展方面，集团 TCB 方案在存储领域凭借更优良率获得竞争优势。 3Q25，HBM4 12H TCB 方案率先获多家 HBM 厂商订单，有望保持主要供 应商地位。公司专有 AOR 技术也为 HBM16H 及以上提供了可扩展性。逻 辑领域，C2S 方案继续赢得客户 POR 订单，有望获领先晶圆代工厂 OSAT 伙伴的大量后续订单。用于 C2W 的 TCB 方案已成功通过一家领先晶圆代 工厂的最终验证，准备进入量产。混合键合方面，集团 3Q25 继续出货 HB 工具，第二代方案具备竞争力，并正与关键客户合作评估。CPO 领域，集 团继续主导 800G 收发器市场，并参与 1.6T 方案的合作。SMT 的 AP 方案 Q3 订单增长强劲，获 IDM 和 OSAT 用于基站 RF 模块的 SiP 订单。此外， SMT 也获得来自领先晶圆代工厂和 OSAT 的智能手机相关订单。我们认为 先进封装在大客户中进展顺利，相关业务需求 2026 年或将持续保持强劲， 看好 2026 年 C2W 产品量产以及存储领域的产品交付持续贡献收入增量。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company's revenue for Q1 FY26 reached $1.523 billion, a year-on-year increase of 6.1%, with the education business (including cultural tourism) generating $1.366 billion, up 8.5% year-on-year [6]. - Non-GAAP operating profit was $336 million, reflecting an 11.3% increase, with a Non-GAAP operating margin of 22%, expanding by 1.1 percentage points year-on-year [6][8]. - The company announced a shareholder return plan, distributing $190 million in cash dividends and repurchasing up to $300 million in stock [6]. Revenue and Business Performance - The overseas examination training and consulting business generated $328 million in revenue, growing 1% year-on-year, but the growth rate slowed by 19 percentage points compared to the previous year [7]. - New business segments, including K9 non-academic training and learning machines, maintained high growth, with Q1 revenue increasing 15% to $403 million [7]. - The number of teaching locations increased to 1,347, a 24% year-on-year growth, continuing the trend of high expansion [7]. Profitability and Financial Forecast - The company expects Q2 FY26 revenue to grow by 9-12% year-on-year, which is higher than the full-year guidance of 5-10% growth [9]. - Revenue forecasts for FY26-FY28 have been revised upwards to $5.38 billion, $5.98 billion, and $6.73 billion, respectively [9]. - Non-GAAP net profit estimates for FY26-FY28 have also been increased to $555 million, $610 million, and $679 million, respectively [9]. Financial Data Summary - The projected revenue and net profit figures for FY24 to FY28 are as follows: - FY24 Revenue: $4.314 billion, Net Profit: $464 million - FY25 Revenue: $4.900 billion, Net Profit: $517 million - FY26E Revenue: $5.383 billion, Net Profit: $555 million - FY27E Revenue: $5.978 billion, Net Profit: $610 million - FY28E Revenue: $6.725 billion, Net Profit: $679 million [10][12].

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 4.50 [1][10]. Core Insights - The company is expected to achieve revenue of HKD 1.85 billion to HKD 2.05 billion in Q3 2025, representing a year-on-year growth of 13.6% to 25.8%. The core operating profit is projected to be between HKD 65 million and HKD 75 million, reflecting a year-on-year increase of 44.4% to 66.7% [6][10]. - The company continues to see strong same-store sales growth and improved profitability driven by category expansion, membership system development, and refined operations. The net increase of 361 stores in Q3 aligns with the goal of adding 1,000 new stores by year-end [6][7]. - The company is focusing on product innovation and operational efficiency, with plans to launch new product lines and enhance its supply chain capabilities [9][10]. Financial Performance - Revenue projections for the upcoming years are as follows: - 2024: RMB 6.47 billion - 2025: RMB 7.78 billion - 2026: RMB 9.05 billion - 2027: RMB 10.51 billion This indicates a growth rate of 6.16% in 2024 and 20.23% in 2025 [5][15]. - The net profit attributable to the parent company is forecasted to be: - 2024: RMB 230.56 million - 2025: RMB 441.15 million - 2026: RMB 547.95 million - 2027: RMB 676.78 million This reflects a significant increase of 91.34% in 2025 [5][15]. Business Strategy - The company is accelerating its store opening strategy, with a net increase of 361 stores in Q3 and a total of 616 stores added in the first three quarters. The Q4 is expected to see a further acceleration in openings due to seasonal demand [7][8]. - The company is enhancing its membership system, which has grown to 5.03 million registered members, and is leveraging live streaming and community events to drive customer engagement [7][9]. - The introduction of new product lines, such as the "One Sauce Makes a Dish" series, and the launch of a new dining concept, "Guoquan Stir-fry," are part of the company's strategy to diversify its offerings and attract more customers [9][10].