Investment Rating - The report maintains an "Overweight" rating for the company [7]. Core Views - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching 1.843 billion RMB, up 22.00% year-on-year, and net profit of 126 million RMB, up 106.69% year-on-year [1][2]. - The rapid growth in performance is attributed to accelerated order deliveries in Q2, a surge in revenue from the shipbuilding EPC business, and an improvement in gross margins [1][3]. - The company has a robust order backlog, particularly benefiting from government support for deep-sea technology policies, positioning it well for future growth [1][4]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 19.67%, an increase of 2.80 percentage points year-on-year, and the net profit margin was 6.85%, up 2.59 percentage points year-on-year [2]. - The total expense ratio for H1 2025 was 11.17%, a year-on-year increase of 0.55 percentage points, with sales expenses rising due to rapid growth in overseas business [2]. Operational Highlights - The company delivered 14 vessels under its design and construction contracts in H1 2025, compared to 12 vessels in H1 2024, indicating an acceleration in delivery speed [3]. - The revenue from the shipbuilding EPC business reached 1.697 billion RMB, reflecting a year-on-year increase of 32.33% [3]. Order Backlog and Future Prospects - As of the end of H1 2025, the company had a substantial order backlog, including 1.314 billion RMB in design contracts and 14.143 billion RMB in construction contracts, showing a 1.3% increase compared to the end of 2024 [4]. - The report highlights an increase in the proportion of offshore engineering orders, which is expected to benefit from the growing emphasis on deep-sea development and resource utilization [4]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 218 million RMB, 288 million RMB, and 334 million RMB respectively, reflecting increases of 15%, 16%, and 17% [5]. - The target price is set at 8.21 RMB, based on a PE ratio of 65 times for 2025, indicating a favorable valuation compared to the industry average [5].

证券研究报告 天通股份 (600330 CH) 装备业务压力仍存，材料等业务向好 2025 年 8 月 27 日│中国内地 其他金属非金属新材料及加工 天通股份发布半年报，2025 年 H1 实现营收 15.84 亿元（yoy+1.00%）， 归母净利 5260.73 万元（yoy-33.29%）。其中 Q2 实现营收 8.69 亿元 （yoy+20.13%，qoq+21.70%），归母净利 464.57 万元（yoy-86.54%， qoq-90.31%）。公司在设备和材料细分领域均处于行业领先地位，目前设 备业务受市场环境影响导致整体业绩有所承压，静待行业景气回暖，但考虑 公司围绕新兴材料领域增强布局，因此维持"买入"评级。 公司材料业务稳健增长，专用设备营收和毛利大幅下滑 公司 25H1 电子表面贴装产品、材料销售及其他业务实现营收 13.7 亿 （yoy+24.97%）、0.64 亿（yoy-0.09%）；对应毛利为 2.55 亿（yoy+30%）、 0.39 亿元（yoy+92.73%），两项业务毛利合计占比 89.94%。因光伏行业 市场需求下行，导致公司专用设备业务销售额下降；25H1 公司该业 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 20.70 [1][2]. Core Insights - The company reported a revenue of RMB 2.103 billion for H1 2025, representing a year-on-year increase of 8.6%, while the net profit attributable to the parent company was RMB 414 million, down 13.6% year-on-year. In Q2 alone, revenue reached RMB 817 million, up 22.3% year-on-year, but net profit fell 29.3% to RMB 83 million. The main brand's revenue growth remains stable, and the multi-brand strategy is showing results, particularly in the upper garment category. The online channel is rapidly expanding, although short-term profitability is pressured by increased e-commerce and brand promotion expenses. However, as channel layouts improve, performance is expected to gradually recover in 2026-2027, justifying the "Buy" rating [5][6][9]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 2.103 billion, with a net profit of RMB 414 million. Q2 revenue was RMB 817 million, with a net profit of RMB 83 million [5][6]. - The company’s gross margin decreased by 1.9 percentage points to 75.9% due to lower margins in direct and franchise channels. The sales expense ratio increased by 2.5 percentage points to 41.4% due to higher online channel investments and brand promotion efforts [7]. Revenue Breakdown - Revenue from upper garments, outerwear, and lower garments grew by 12.4%, 7.4%, and 1.0% respectively, contributing 52.9%, 14.7%, and 21.6% to total revenue. The upper garment category performed particularly well, benefiting from the company's branding as a "T-shirt expert" [6]. Channel Performance - Online sales surged by 71.8% to RMB 210 million, while direct sales increased by 10.6% to RMB 1.41 billion. Franchise sales, however, declined by 10.3% to RMB 460 million. The company is focusing on enhancing its online presence, which is expected to support healthy long-term inventory development [6][8]. Inventory and Cash Flow - As of H1 2025, inventory rose by 36.1% to RMB 1.039 billion, with inventory turnover days increasing by 45 days to 354 days due to the multi-brand strategy. Operating cash flow decreased by 36.9% to RMB 336 million, primarily due to increased production payments [8]. Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted downwards by 22%, 26%, and 21% to RMB 700 million, RMB 790 million, and RMB 910 million respectively. The target price is set at RMB 20.70 based on a 15x PE for 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady growth with a revenue of 1.171 billion yuan in the first half of 2025, representing a year-on-year increase of 2.38%, and a net profit of 76 million yuan, up 4.22% year-on-year [1] - The company is focusing on the IP derivative business, which is expected to reach a market size of 202.8 billion yuan in China by 2025, indicating significant growth potential [2] - The overseas business has continued to grow, with revenue reaching 443 million yuan in the first half of 2025, a year-on-year increase of 11.54%, and a gross margin of 32.43%, up 1.99 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.171 billion yuan, a 2.38% increase year-on-year, and a net profit of 76 million yuan, reflecting a 4.22% growth [1] - The company expects revenues of 2.958 billion yuan, 3.198 billion yuan, and 3.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 6.5%, 8.1%, and 9.5% [4] - The net profit forecast for the same years is 167 million yuan, 202 million yuan, and 233 million yuan, with year-on-year growth rates of 9.9%, 20.8%, and 15.5% [4] Business Strategy - The company is leveraging its brand, design, IP resources, manufacturing scale, and channel advantages to enhance its competitive edge [1] - The IP matrix includes both externally licensed IPs such as "Zhu Xian" and "Detective Conan," and self-developed IPs like "Xi Xi Jiang" and "MIMO," aiming to expand product categories and improve IP operations [2] Market Outlook - The report highlights the potential of the IP derivative market in China, which is projected to grow significantly, providing a favorable environment for the company's strategic focus [2] - The overseas business is expected to continue its growth trajectory despite challenges in the international market, with a focus on high-value products and large orders [3]

证券研究报告 致欧科技 (301376 CH) 1H 净利同增 11%，供应链全球化加速 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 电子商务 | 目标价(人民币): | 23.29 | 致欧科技公布 1H25 业绩，实现营收 40.4 亿元（yoy+8.7%），归母净利润 1.9 亿元（yoy+11.0%）。分季度看，Q1、Q2 营收分别同增 13.6%/3.9%， 归母净利润分别同增 10.3%/12.1%，Q2 起美国关税影响开始逐步显现，VC 模式切换过程亦对营收增速有短期扰动，但海运费下降、汇兑收益、仓网布 局完善带动净利率同比提升。展望后续，Q3 关税扰动或有所加剧，但后续 边际缓解趋势可期。公司海外供应链快速推进、仓储网络有望提升物流效率、 丰富渠道结构打开新增长空间，助力中长期持续成长，维持"买入"评级。 关税和平台政策变动叠加销售模式调整，Q2 营收增速放缓 2Q25 公司营收 19.5 亿元（yoy+3.9%），环比 Q1 增速 ...

证券研究报告 能辉科技 (301046 CH) 收入延续快速增长，回款明显改善 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 建筑设计及服务 | 目标价(人民币): | 26.78 | 公 司 公 布 上 半 年 业 绩 ： 25H1 收 入 / 归 母 净 利 9.0/0.3 亿 元 ， 同 比 +44.8%/-9.5%，其中 Q2 收入/归母净利 5.9/0.2 亿元，同比+56.7%/+5.5%， Q2 业绩超出我们预期（0.15 亿元），主要系光伏 EPC 业务项目结转加快， 我们认为重卡换电等新业务有望为公司带来新成长空间，维持"增持"。 在建项目加速结转带动系统集成收入增长，毛利率同比承压 25H1 公司光伏电站系统集成/电站运营业务分别实现收入 8.7/0.3 亿元，同 比+44.5%/+76.7%，在建光伏项目加速结转带动系统集成业务收入增长，同 时新建电站投产带动电站运营收入大幅增长。25H1 公司毛利率 12.4%，同 比-4.9 ...

证券研究报告 驰宏锌锗 (600497 CH) 公司 Q2 业绩同环比均实现增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 基本金属及加工 | 目标价(人民币): | 6.95 | 驰宏锌锗发布半年报，2025 年 H1 实现营收 105.81 亿元（yoy+7.67%）， 归母净利 9.32 亿元（yoy+3.27%），扣非净利 9.19 亿元（yoy+12.11%）。 其中 Q2 实现营收 54.37 亿元（yoy+5.47%，qoq+5.69%），归母净利 4.38 亿元（yoy+5.45%，qoq-11.42%）。公司高分红属性突出，电解铝产能天 花板约束下，铝价维持高位，公司盈利稳中有增，维持公司增持评级。 公司上半年毛利率同比上升，费用率略有抬升 盈利方面，公司 25H1 毛利率 19.77%，同比+2.03pct，其中 25Q2 毛利率 为 19.83%，环比+0.12pct。费用方面，公司上半年合计期间费用率为 6.52%， 同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][4]. Core Views - The company reported a revenue of RMB 204.9 billion and a net profit attributable to shareholders of RMB 39.0 billion for the first half of 2025, reflecting year-on-year growth of 2.1% and 7.2% respectively [1][4]. - The second quarter of 2025 saw a revenue of RMB 100.5 billion, with a net profit of RMB 21.9 billion, indicating a year-on-year increase of 1.3% and 7.3% respectively [1][4]. - The company benefited from a decline in raw material costs and internal lightweight management, leading to an increase in gross margin and net profit margin in Q2 2025 [3][4]. Summary by Sections Revenue and Sales Performance - In the first half of 2025, the company's beer sales reached 4.732 million tons, up 2.3% year-on-year, while the revenue per ton of beer decreased by 0.1% [2][4]. - The second quarter of 2025 saw beer sales increase by 1.0% year-on-year, despite industry challenges such as the alcohol ban and weak consumer demand [2][4]. Cost and Profitability - The gross margin for the first half of 2025 was 43.7%, an increase of 2.1 percentage points year-on-year, while the net profit margin was 19.1%, up 0.9 percentage points [3][4]. - The company recorded a gross margin of 45.8% and a net profit margin of 21.8% in Q2 2025, reflecting year-on-year increases of 3.0 and 1.2 percentage points respectively [3][4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are RMB 3.51, RMB 3.80, and RMB 4.10 respectively, with a downward adjustment of 1% to 2% from previous forecasts [4][10]. - The target price for the A-shares is set at RMB 84.24, corresponding to a price-to-earnings (PE) ratio of 24x for 2025 [4][6].

Investment Rating - The investment rating for Hengli Petrochemical is "Buy" (maintained) [1] Core Views - The mid-year performance of Hengli Petrochemical met expectations, and the mid-term dividend has been increased to enhance shareholder returns [5] - The company reported a revenue of 1,038.87 billion yuan for H1 2025, a year-on-year decrease of 7.69%, and a net profit attributable to shareholders of 30.50 billion yuan, down 24.08% year-on-year [5] - The second quarter of 2025 saw a net profit of 9.99 billion yuan, reflecting a significant decline of 46.81% year-on-year and 51.28% quarter-on-quarter due to maintenance and falling oil prices [5] - The report anticipates a recovery in profitability driven by improved refining industry conditions and effective cost control [6] Financial Performance Summary - For H1 2025, sales volumes for refining products, PTA, and new materials were 939.60 million tons, 760.37 million tons, and 287.42 million tons, respectively, showing year-on-year growth of 9.89%, 3.52%, and 10.59% [6] - The average selling prices for refining products, PTA, and new materials were 5,077.67 yuan/ton, 4,249.42 yuan/ton, and 6,955.37 yuan/ton, reflecting year-on-year declines of 5.61%, 19.41%, and 14.17% [6] - The company plans to distribute a cash dividend of 5.63 billion yuan for the mid-term, with a payout of 0.08 yuan per share, resulting in a dividend payout ratio of 18.46% [6] Future Outlook - The report projects net profits for 2025-2027 to be 76.38 billion yuan, 99.71 billion yuan, and 123.24 billion yuan, with corresponding EPS of 1.09 yuan, 1.42 yuan, and 1.75 yuan [5] - The current stock price corresponds to P/E ratios of 16.2, 12.4, and 10.0 for the years 2025, 2026, and 2027, respectively [5] - The refining industry is expected to improve due to capacity adjustments and restructuring, which may enhance the supply-demand balance [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 27.2 yuan [2][8]. Core Views - The company's Q2 performance exceeded expectations, with revenue of 14.44 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 401 million yuan, up 5% year-on-year [2][3]. - The company is making breakthroughs in new fields, particularly in the production of non-heat materials, which have been validated in the market and are expected to drive future growth [8]. - The report adjusts the company's net profit forecasts for 2025-2027, reflecting a growth rate of 12% for 2025 and 11% for 2027, with a corresponding PE ratio adjustment from 16.5 to 22 times [8]. Financial Summary - For 2024A, total revenue is projected at 27.25 billion yuan, with a year-on-year growth rate of 16.6%. The net profit attributable to shareholders is expected to be 707 million yuan, with a growth rate of 16.8% [4][9]. - The company’s total assets are estimated to reach 21.43 billion yuan in 2024, with a debt-to-equity ratio of 151.3% [9]. - The report highlights a significant increase in cash flow from operating activities in 2025, projected at 522 million yuan, compared to a negative cash flow in 2024 [9].