丨证券研究报告丨 港股研究丨公司点评丨中金公司（3908.HK） [Table_Title] 中金公司 2025 年中报点评：公司业绩随市高增， 国际化业务持续深化 %% %% research.95579.com 1 报告要点 [Table_Summary] 各项业务共同推动公司 2025 年半年度业绩实现高增。长期内我们继续看好中金公司凭借优秀 的收费类业务和资产负债表运用能力，在经纪、投行、资管和交易等方面建立竞争优势，并通 过客需业务和财富管理业务实现 ROE 稳步抬升。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% 中金公司（3908.HK） cjzqdt11111 [Table_Title 中金公司 2022] 5 年中报点评：公司业绩随市高 增，国际化业务持续深化 [Table_Summary2] 事件描述 中金公司发布 2025 年半年报，报告期内实现营业收入 128.3 亿元，同比+44.0%，实现归母净 利润 43.3 亿元，同比+94 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 2.1 HKD [5][7]. Core Insights - China Jinmao's sales amount increased by 20% year-on-year to 53.4 billion RMB in the first half of 2025, with an average contract price of approximately 26,000 RMB per square meter, primarily driven by the top ten core cities [1]. - The company has focused on acquiring land in core cities, securing 16 new projects with a total land price of 49.2 billion RMB, emphasizing a precise investment strategy [2]. - Total revenue for the first half of 2025 reached 25.11 billion RMB, a 14% increase year-on-year, with property development revenue growing by 17% [3]. - Financing costs have decreased significantly, with the average cost of new financing at 2.7%, down from the end of 2024 [4]. Sales Performance - The sales amount for the first half of 2025 was 53.4 billion RMB, with 74.5% of sales coming from the top ten core cities, particularly Shanghai and Beijing [1]. - The company achieved an opening rate of 81% for new projects launched within six months, indicating strong operational efficiency [1]. Land Acquisition Strategy - In 2025, China Jinmao acquired 16 projects with a total construction area of 1.45 million square meters, focusing on first and second-tier cities [2]. - The land acquisition strategy highlights a 66% investment concentration in Beijing and Shanghai, showcasing a targeted approach to growth [2]. Financial Performance - The total revenue for the first half of 2025 was 25.11 billion RMB, with property development revenue at 20.04 billion RMB, reflecting a 17% year-on-year increase [3]. - The profit, including fair value gains from investment properties, was 1.09 billion RMB, an 8% increase year-on-year [3]. Financial Structure - The company successfully issued low-interest bonds, with the cost of the "25 Jinmao Investment MTN001" at 2.30%, a reduction of 109 basis points [4]. - As of June 30, total debt stood at 123.3 billion RMB, with a balanced debt maturity structure [4].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics (00285.HK) [1] Core Views - The company has shown stable growth, with new momentum from automotive and new intelligent products [1] - Revenue for the first half of 2025 reached 80.61 billion RMB, a year-on-year increase of 2.6%, while net profit attributable to shareholders was 1.73 billion RMB, up 14.0% year-on-year [7] - The report highlights the company's strong performance in consumer electronics, AI data center products, and the electric vehicle sector, indicating robust growth potential across various business lines [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 130.404 billion RMB, with a year-on-year growth of 20.83% [1] - Net profit attributable to shareholders is expected to reach 4.041 billion RMB in 2023, reflecting a significant year-on-year increase of 117.56% [1] - The earnings per share (EPS) for 2025 is estimated at 2.35 RMB, with a price-to-earnings (P/E) ratio of 17.59 based on the latest diluted EPS [1] Business Segments - Consumer electronics revenue for the first half of 2025 was 60.947 billion RMB, a decrease of 3.7% year-on-year, but the company is focusing on high-value products to enhance profitability [7] - New intelligent product revenue reached 7.209 billion RMB, with significant growth in AI data center products and internal applications of robotics [7] - The electric vehicle business generated 12.450 billion RMB in revenue, a year-on-year increase of 60.50%, driven by the demand for smart cockpit and driving products [7] Future Projections - The report adjusts the expected net profit for 2025 to 5.300 billion RMB, with further increases projected for 2026 and 2027 [7] - The anticipated P/E ratios for 2025, 2026, and 2027 are 17.6, 14.7, and 12.6 respectively, indicating a favorable valuation outlook [7]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on the significant profit growth and operational improvements. Core Insights - The company achieved a net profit of HKD 910 million in H1 2025, representing an 81% year-on-year increase, despite a slight revenue decline of 2% to HKD 11.04 billion [1][2] - The increase in net profit is attributed to improved gross margins and optimized sales expenses, with a gross margin of 33.5%, up 5.2 percentage points year-on-year [2][3] - The company plans to distribute a cash dividend of HKD 0.21 per share, a 40% increase compared to the previous year [1] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of HKD 11.04 billion, a decrease of 2% year-on-year, with retail business revenue at HKD 10.76 billion, down 3% [1] - The gross profit margin improved significantly to 33.5%, with gross profit increasing by 16% year-on-year, despite a slight revenue decline [2] - The sales expense ratio decreased to 17.3%, down 0.7 percentage points year-on-year, leading to a reduction in sales and distribution expenses by HKD 130 million [2] Market Dynamics - The increase in gross margin is driven by rising gold prices and an optimized product mix, with a higher proportion of high-margin products [3] - The sales proportion of gold products in mainland China and Hong Kong increased, contributing to the overall margin improvement [3] Operational Efficiency - The company closed 85 underperforming stores in mainland China while opening 11 new ones, resulting in a net reduction of 74 stores, ending with 768 stores [4] - The operational efficiency improved significantly, with the profit margin for continuing operations rising by 3.8 percentage points to 8.2% [2][4] Future Projections - Revenue projections for 2025-2027 are estimated at HKD 21.6 billion, HKD 22.0 billion, and HKD 22.5 billion, respectively, with a consistent growth rate of 2% [6] - The expected net profit for the same period is projected to be HKD 1.517 billion, HKD 1.576 billion, and HKD 1.640 billion, reflecting a significant growth trajectory [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.57 billion in the first half of 2025, representing a year-on-year growth of 68%, significantly exceeding market expectations [7] - The overall chip shipment reached 1.98 million units in the first half of 2025, doubling year-on-year, with mid-to-high-end chip shipments increasing sixfold [7] - The average price per chip in the first half of 2025 was 393 yuan, up 106% year-on-year, driven by an improved product mix [7] - The company has established partnerships with 27 OEMs (42 brands), with over 310 models confirmed, maintaining a leading market share in China [7] - R&D expenses reached 2.3 billion in the first half of 2025, a 62% increase year-on-year, aimed at enhancing core competitiveness [7] - The report forecasts revenues of 3.66 billion, 5.36 billion, and 8.05 billion for 2025, 2026, and 2027 respectively, with corresponding P/S ratios of 36.4, 24.8, and 16.6 [7] Financial Summary - The company reported a net profit of -13.3 billion in the first half of 2025, with an adjusted net profit of -13 billion [7] - The projected total revenue for 2023, 2024, 2025, 2026, and 2027 is 1.55 billion, 2.38 billion, 3.66 billion, 5.36 billion, and 8.05 billion respectively, with year-on-year growth rates of 71.32%, 53.62%, 53.52%, 46.60%, and 50.00% [1][8] - The projected net profit for the same years is -6.74 billion, 2.35 billion, -2.45 billion, -1.41 billion, and 0.40 billion, with corresponding year-on-year growth rates of 22.71%, 134.82%, -204.40%, 42.57%, and 128.68% [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 7.519 billion yuan in the first half of 2025, representing a year-on-year growth of 4.61%. The net profit reached 1.894 billion yuan, up by 27.02%, with a non-recurring net profit attributable to shareholders of 1.894 billion yuan, increasing by 37.37%. The gross margin was 52.19%, up by 5.58 percentage points, and the net margin was 25.18%, up by 4.44 percentage points. The long-term development of the company is viewed positively, maintaining profit forecasts for 2025-2027 with expected net profits of 2.839 billion, 2.452 billion, and 2.705 billion yuan respectively. The current stock price corresponds to a PE ratio of 8.98, 10.4, and 9.43 times for the years 2025-2027 [7][8] Financial Performance - In the first half of 2025, the formulation segment led growth with a revenue increase of 65.9% to 3.979 billion yuan, accounting for 52.9% of total external sales. The insulin series showed outstanding performance with a revenue growth of 74.5% and a sales volume increase of 90.4%. The revenue from external licensing reached 1.434 billion yuan, mainly from the UBT251 licensing agreement with Novo Nordisk. However, the intermediate and raw material drug segments faced revenue declines of 23.1% and 27.0%, respectively [8][9] Research and Development Progress - The company has made significant progress in its R&D projects, with multiple products in the formulation segment receiving key approvals, including liraglutide injection and polyethylene glycol eye drops. The animal health segment is expanding with six product registrations in Vietnam and Australia, and 19 overseas registrations initiated. The new production facilities are expected to add over 5 billion yuan in annual output once fully operational, with 61 ongoing R&D projects covering various animal health areas [9][8]

Investment Rating - The report maintains a "Buy" rating for Wuxi Biologics [5][17][28] Core Insights - Wuxi Biologics reported a revenue of Rmb 9.95 billion for the first half of 2025, representing a year-on-year growth of 16.1%, and a net profit of Rmb 2.34 billion, which is a 56.1% increase year-on-year [8][14] - The adjusted net profit reached Rmb 2.39 billion, reflecting a 6.2% year-on-year growth, aligning with expectations [8][14] - The blended gross margin increased by 3.7 percentage points to 42.7%, while the adjusted net profit margin rose by 1.2 percentage points to 45.6% [8][14] Revenue Breakdown - Pre-IND service revenue grew by 35.2% year-on-year to Rmb 4.15 billion in the first half of 2025 [9][15] - Revenue from early-phase projects (Phase I & II) declined by 29.7% year-on-year, primarily due to large projects moving to later stages [9][15] - Revenue from Phase III and commercial projects increased by 24.9% year-on-year [9][15] - Revenue from the US market grew by 20.1%, accounting for 60.5% of total revenue, while revenue from Europe and China increased by 5.7% and decreased by 8.5%, respectively [9][15] Order Backlog - The total backlog reached US$ 20.4 billion, a 1.2% year-on-year increase, including a service backlog of US$ 11.4 billion (down 13% year-on-year) and potential milestone fees backlog of US$ 9.0 billion (up 27% year-on-year) [9][15] - The backlog within three years increased by 16% year-on-year to US$ 4.2 billion, representing 21% of the total backlog [9][15] Project Pipeline - The number of new projects added in the first half of 2025 was 86, with over 50% from the US [10][16] - The total number of integrated projects reached 864, including 67 Phase III and 24 commercial projects, indicating potential future revenue growth [10][16] Financial Forecasts - Adjusted net profit forecasts for 2025 and 2026 have been revised down to Rmb 4.90 billion and Rmb 5.50 billion, respectively, with a new forecast of Rmb 6.34 billion for 2027 [10][17] - Revenue projections for 2025, 2026, and 2027 are Rmb 21.38 billion, Rmb 24.64 billion, and Rmb 28.57 billion, respectively, with year-on-year growth rates of 14.49%, 15.23%, and 15.95% [12][19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company has shown a significant turnaround in its financial performance, achieving a net profit of 0.66 billion yuan in the first half of 2025, compared to a loss in the previous year [3][7]. - The revenue for the first half of 2025 reached 1.15 billion yuan, reflecting a year-on-year growth of 20.7%, driven by the high-margin medical aesthetics business [3]. - The company has a strong cash position with total cash and equivalents amounting to 3.89 billion yuan, ensuring robust cash flow and payment capabilities [3]. Summary by Sections Medical Aesthetics - The medical aesthetics segment generated 0.59 billion yuan in revenue for the first half of 2025, marking an impressive year-on-year growth of 81.3%, with segment profit increasing by 215.3% to 0.31 billion yuan [4]. - The company has expanded its partnerships, adding 44 key cooperative groups and penetrating over 1,000 high-end medical aesthetics institutions [4]. Generic Drugs - The generic drug business experienced a revenue decline of 15.8% to 0.50 billion yuan in the first half of 2025 due to national procurement policies, but operating profit increased by 1.2% to 0.17 billion yuan [5]. Innovative Drugs - The innovative drug segment saw a revenue increase of 96.6% to 0.058 billion yuan in the first half of 2025, with significant growth in sales of diabetes medications and the launch of new oncology drugs [6]. - The company has a pipeline of over 10 innovative drug products under development, with two already approved for market [6]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.43 billion yuan, 3.71 billion yuan, and 5.08 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 53%, and 37% [7]. - The forecasted net profit for 2025 is 0.18 billion yuan, with significant increases expected in subsequent years [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Insights - The company experienced significant revenue growth in H1 2025, with revenue reaching $940 million, a year-on-year increase of 47%, and net profit of $32 million, a year-on-year increase of 340% [4]. - The gross margin improved to 21.44%, up by 0.88 percentage points, while the net margin increased to 3.44%, up by 2.29 percentage points [4]. - The growth is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, which enhances economies of scale [4]. - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively [4]. - The company is expected to maintain a strong contribution to revenue growth through its Mintegral platform, which has seen a significant increase in developer participation [5]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at $1.054 billion, with a year-on-year growth of 17.9%, and is expected to reach $2.381 billion in 2025, reflecting a growth of 57.9% [7]. - Net profit is forecasted to increase from $25 million in 2023 to $124 million in 2025, representing a year-on-year growth of 607.5% [7]. - The company’s gross margin is expected to improve from 20.6% in 2023 to 23.6% in 2025, while the net margin is projected to rise from 2.3% to 5.2% over the same period [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 132.5 in 2023 to 26.3 in 2025, indicating a more attractive valuation as earnings grow [7].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [4] Core Viewpoints - The company is a leading brand in the spicy snack industry, focusing on flavored noodle products and vegetable snacks, achieving impressive growth through strategic product expansion and channel development [4][5] - The management team is stable and experienced, enhancing operational efficiency and supply chain capabilities [4][5] - Revenue and profit are expected to grow significantly from 2025 to 2027, with projected revenues of 77.2 billion, 93.3 billion, and 110.6 billion yuan, and net profits of 13.8 billion, 17.0 billion, and 20.6 billion yuan respectively [4][7] Summary by Sections 1. Company Overview - The company has established itself as a leader in the spicy snack market, with a strong brand presence and innovative product offerings [14] - It has built a comprehensive sales network across 22 regions in China and has expanded its product line to include new flavors and healthier options [14][20] 2. Industry Growth - The snack food industry in China is experiencing steady growth, with the spicy snack segment expected to reach a market size of 273.7 billion yuan by 2026, growing at a compound annual growth rate (CAGR) of 9.6% [32][33] - The vegetable snack segment, particularly konjac products, is also seeing rapid growth, with the market size projected to exceed 180 billion yuan by 2024 [45][53] 3. Product Development - The company is focusing on enhancing its core products, particularly spicy noodle snacks, while also expanding its vegetable product line, which has seen significant revenue growth [5][20] - The konjac product line has become a second growth engine for the company, with a strong brand presence and consumer acceptance [5][51] 4. Channel Strategy - The company is actively expanding its distribution channels, including traditional retail and emerging online platforms, with a notable increase in online sales [6][43] - Collaborations with discount retailers and membership stores are part of the strategy to enhance market penetration [6][57] 5. Financial Performance - The company's revenue has shown a robust growth trend, with a significant increase in net profit expected in the coming years [17][19] - The gross margin has improved due to the rising share of high-margin vegetable products in the overall product mix [21][20]