Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 11.98 billion to 12.60 billion yuan in the first half of 2025, representing a year-on-year growth of 52.79% to 60.62%. The estimated net profit for Q2 2025 is around 7.41 billion yuan, showing a year-on-year increase of 158%, with revenues projected at approximately 83 billion yuan, a growth of about 29% [1] - The competitive landscape for FPC (Flexible Printed Circuit) is strengthening, driven by increased demand for high-density designs in AI terminals, AR/VR, and foldable screens. The company is expected to gain market share as it secures more orders from major clients, leading to rapid growth in FPC value and revenue [2] - The automotive and server markets present significant growth opportunities. The company is accelerating the development and commercialization of automotive PCB products and has achieved mass production of radar computing boards and domain control boards, collaborating with several domestic Tier 1 manufacturers [3] Financial Projections - The company is projected to achieve revenues of 40.87 billion, 46.58 billion, and 51.99 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 14%, and 12%. The net profit attributable to shareholders is expected to be 4.495 billion, 5.296 billion, and 6.059 billion yuan for the same years, with growth rates of 24%, 18%, and 14% respectively [4][5] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 20, 17, and 15 times respectively, indicating a favorable valuation outlook [4]

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 130.03 CNY as of July 14, 2025 [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.7 billion to 3.2 billion CNY in H1 2025, representing a year-on-year increase of 66.2% to 97.0% [1][2]. - The net profit for Q2 2025 is projected to be 2.19 billion CNY, showing a year-on-year growth of 56.0% and a quarter-on-quarter increase of 188.9% [1]. - The company is experiencing a strong performance in the high-end market, particularly with the launch of the AITO M8, which has received over 60,000 pre-orders within 13 days of its release [3]. - The company is pursuing a global strategy through its Hong Kong IPO, aiming to enhance its R&D capabilities and expand its international market presence [3]. Financial Performance Summary - The company forecasts revenues of 178.89 billion CNY for 2025, with a growth rate of 23.2% [5]. - The net profit attributable to shareholders is expected to reach 10.51 billion CNY in 2025, reflecting a growth rate of 76.8% [5]. - The earnings per share (EPS) is projected to be 6.44 CNY for 2025, with a price-to-earnings (PE) ratio of 20 [5][10]. - The company anticipates a steady increase in revenues and profits through 2027, with revenues reaching 259.35 billion CNY and net profits of 15.14 billion CNY by that year [5][10].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has seen a significant increase in orders, with a 25% year-on-year growth in new contracts amounting to 37.6 billion yuan in Q2 2025, indicating strong performance and a robust order backlog [1] - The demand for transportation infrastructure in Sichuan is strong, driven by national strategic initiatives, with plans to double the highway network by 2035 [2] - The company is expected to maintain high dividend payouts, with a projected minimum cash dividend rate of 60% from 2025 to 2027, enhancing its attractiveness as a high-dividend investment [3] Summary by Sections Orders and Performance - In Q2 2025, the company secured new contracts worth 37.6 billion yuan, a 25% increase year-on-year, with infrastructure and housing construction contracts growing by 24% and 34% respectively [1] - Cumulative new contracts for H1 2025 reached 72.2 billion yuan, a 22% increase year-on-year, with infrastructure orders growing by 26% [1] - The company has a substantial order backlog of over 500 billion yuan, ensuring stable performance in the upcoming periods [1] Market Demand and Strategic Positioning - Sichuan is identified as a national strategic hinterland, with significant infrastructure development expected, including a planned highway network expansion [2] - The company is positioned to benefit from high-margin projects through its partnership with the Shudao Group, which is expected to drive profitability [2] Financial Outlook and Dividend Policy - The company is projected to achieve net profits of 8 billion yuan, 9 billion yuan, and 10 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.2%, 12.3%, and 11.5% [3] - The expected dividend yields for 2025, 2026, and 2027 are 6.4%, 7.2%, and 8.1% respectively, indicating strong dividend potential [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a decline in profit due to a decrease in project turnover scale and profitability, but it maintains the top sales ranking in the industry. The land reserve structure is continuously optimized, and there is a significant advantage in funding costs. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 5.678 billion, 6.560 billion, and 7.505 billion respectively, and corresponding EPS of 0.47, 0.55, and 0.63. The current stock price corresponds to PE valuations of 17.2, 14.9, and 13.0 times, indicating a positive outlook for the company's performance recovery after the completion of low-cost project turnover [5][6][7]. Financial Performance Summary - In the first half of 2025, the company is expected to achieve a net profit attributable to the parent company of 2.735 billion, a year-on-year decrease of 63.15%, and a non-recurring net profit of 2.599 billion, a year-on-year decrease of 64.05%. The decline is primarily due to reduced project turnover scale and profitability [6]. - The company achieved a signed area of 7.1354 million square meters in the first half of 2025, a year-on-year decrease of 25.23%, with a signed amount of 145.171 billion, a year-on-year decrease of 16.25%. Despite the decline, the company remains the industry leader. The average sales price per square meter increased by 12.01% year-on-year to 20,345 yuan [7][8]. Land Acquisition and Market Position - The company maintained a land acquisition intensity of approximately 33% in the first half of 2025, with 47% of new land acquisitions located in first-tier cities. A total of 26 projects were acquired, with a total land area of 1.0118 million square meters and a total construction area of 2.9409 million square meters, representing a year-on-year increase of 153.8%. The total land acquisition amount reached 48.873 billion, a year-on-year increase of 287.8% [8]. Financial Projections - The financial summary indicates a projected revenue decline from 346.828 billion in 2023 to 269.090 billion in 2025, with a corresponding net profit decrease from 12.067 billion to 5.678 billion. The gross margin is expected to decrease from 16.0% to 13.1%, while the net margin is projected to improve from 1.6% to 2.1% by 2025 [9][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][8] Core Views - The company is experiencing strong growth in consumer-grade laser applications and has made significant progress in its new energy business. Its laser products are primarily used in precision processing for consumer electronics and new energy sectors, showcasing advanced technology applications. The company achieved new orders of 585 million yuan in Q1 2025, representing a year-on-year increase of 89.38% [4][5] - The company is focusing on technological breakthroughs across multiple fields, including new energy, consumer electronics, and PCB processing. In the power battery sector, it has received bulk orders for laser cleaning equipment from leading clients, and its laser cutting equipment for perovskite solar cells is being applied in large-scale production lines [5][6] - The company is strategically positioning itself in the high-density optical interconnection market by investing in fiber array units (FAU), which are essential for next-generation data centers. This move is expected to create significant value through resource integration and collaboration with industry partners [6] Financial Projections - The company is projected to achieve revenues of 1.892 billion yuan, 2.324 billion yuan, and 2.847 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding net profits are expected to be 200.58 million yuan, 260.46 million yuan, and 348.47 million yuan [7][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 40 times, 31 times, and 23 times for the years 2025, 2026, and 2027, respectively [7][10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 225 to 260 million yuan for the first half of 2025, representing a year-on-year increase of 115.36% to 148.86%. The net profit after deducting non-recurring items is expected to be between 223 to 258 million yuan, reflecting a year-on-year growth of 154.59% to 194.64% [1]. - The company has successfully optimized its delivery capacity through the production of fundraising projects, leading to significant improvements in profitability. The overseas projects are progressing smoothly, contributing to a robust revenue growth [7]. - The company has maintained a high level of new orders, with the total new signed orders for 2022, 2023, and 2024 being approximately 3.775 billion, 4.1 billion, and 4 billion yuan respectively, indicating strong future revenue and profit support [7]. Financial Summary - Total revenue is projected to grow from 2,419 million yuan in 2024 to 2,937 million yuan in 2025, reflecting a year-on-year growth rate of 21.4% [3]. - The net profit attributable to shareholders is expected to increase from 261 million yuan in 2024 to 389 million yuan in 2025, with a growth rate of 48.9% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.43 yuan in 2025 [3]. Market Position and Competitive Advantage - The company has made significant breakthroughs in the petrochemical industry, securing several large-scale air separation unit orders, which enhances its competitive edge in high-end product markets [7]. - The company has strategically expanded into overseas markets, with overseas revenue accounting for 42.4% and 39.1% in 2023 and 2024 respectively, significantly higher than the industry average [7]. - The company is positioned as a leading enterprise in the air separation equipment industry, combining high-quality German standards with local business practices, which is expected to drive future growth [7].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][13]. Core Views - The company leverages its refined operational capabilities in agency services to empower the development of its proprietary brands, aligning with the trend of increasingly precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The anticipated launch of a new brand centered around ruby fish oil is also promising, indicating a strong outlook for the company's brand-building potential through refined operations [5][12]. Summary by Sections Company Overview - The company is a leading global consumer brand digital management firm that started with agency services and has recently focused on developing proprietary brands, gradually building a multi-brand matrix. Since its establishment in 2011, it has developed a competitive advantage in categories such as health products, maternal and infant care, and beauty and personal care, while also expanding into high-potential categories like pets and healthcare. The proprietary brands Zhenjia and Feicui have seen rapid brand momentum, becoming core drivers of revenue growth and profit elasticity [8][21]. E-commerce Services - The company's traditional business is e-commerce services, covering a wide range of brands in beauty, personal care, maternal and infant care, and health products. The e-commerce service business is divided into agency and brand management categories, with the latter involving a higher level of engagement. The company is actively transitioning to a brand management model, which aligns with the current trend of omnichannel operations and is expected to enhance its core brand operation capabilities [9][34]. Home Cleaning Business - The home cleaning market in China has shown steady growth, with the laundry care segment being the largest sub-category. The Zhenjia brand targets the high-end scented home cleaning market, focusing on niche categories like lingerie wash and laundry pods, achieving rapid brand momentum. The company plans to continue expanding its product range in home cleaning, which is expected to elevate the brand's potential [10][35]. Health Products Business - The health products market in China is experiencing robust demand, particularly in the oral beauty and anti-aging segment, which reached a market size of 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The company focuses on the oral beauty market with the Feicui brand and has rapidly achieved exponential growth by launching products like ruby fish oil. The long-term customer base is expected to support sustained growth in the health products business [11][21]. Investment Recommendations - The report expresses confidence in the company's ability to empower its proprietary brands through refined operations, which aligns with the trend of precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The projected EPS for 2025-2027 is 0.82, 1.03, and 1.43 yuan per share, respectively [12][21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant profit growth in the first half of 2025, driven by an increase in delivery scale and a focus on high-quality land reserves in Hangzhou, with a projected net profit of 16.33 to 19.82 billion yuan, representing a year-on-year growth of 40% to 70% [5][6] - Despite a decline in sales amounting to 527.5 billion yuan in the first half of 2025, the company maintains a stable sales ranking within the top ten in the industry, with a focus on land acquisition in Hangzhou [7] - The company has successfully reduced its financing costs to levels comparable to state-owned enterprises, with a comprehensive financing cost decreasing from 3.4% at the end of 2024 to 3.1% by mid-2025 [8] Financial Performance Summary - The company expects to achieve a revenue of 71.25 billion yuan in 2025, with a year-on-year growth of 3% [9] - The projected net profit for 2025 is 29.38 billion yuan, reflecting a year-on-year increase of 15.4% [9] - The earnings per share (EPS) for 2025 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 10.6 times [9][12] Land Acquisition and Market Position - In the first half of 2025, the company acquired 16 plots of land in Hangzhou and Jinhua, with a total land cost of 33.3 billion yuan, maintaining a land acquisition intensity of 63% [7] - The company holds a total land reserve of 9.976 million square meters, with 70% located in Hangzhou, indicating a strong focus on high-quality land [7][11] Financing and Cost Management - The company successfully issued bonds totaling 2.3 billion yuan in the first half of 2025, with interest rates ranging from 2.5% to 3.8% [8] - The average financing cost has been consistently decreasing, aligning with the financing levels of state-owned enterprises [8]

证券研究报告 | 公司点评 gszqdatemark 2025 07 15 年 月 日 新易盛（300502.SZ） Q2 再创新纪录，预计 800G/1.6T 产品将加速放量 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 07 月 14 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 通信设备 | | 前次评级 | 买入 | | 07 月 14 日收盘价（元） | 130.90 | | 总市值（百万元） | 130,077.28 | | 总股本（百万股） | 993.71 | | 其中自由流通股（%） | 89.07 | | 30 日日均成交量（百万股） | 45.32 | 股价走势 事件：公司发布 2025 年半年度业绩预告，预计实现盈利 37-42 亿元，同 比增长 327.7%-385.5%，单 Q2 实现盈利 21.27-26.27 亿元，中值为 23.77 亿元，同比增长 339.4%，环比 Q1 增长 51.1%。主要受益于人工智能算 力相关投资持续增长，产品结构优化，高速率产品需求持续增加。 环比提升显著，单季度再创历史新高。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Viewpoints - The company has launched the SC3601 piezoelectric liquid cooling driver chip, which significantly enhances heat dissipation performance in mobile smart terminals, filling a gap in domestic technology [1][2]. - The demand for advanced cooling solutions is driven by the increasing power consumption and heat generation of AI chips, creating a substantial market opportunity for the company's products [2][9]. - The company is well-positioned to benefit from the recovery in the consumer electronics market and the growth in automotive electronics, with expectations of continued revenue and profit growth in the coming years [3][10]. Financial Summary - Revenue is projected to grow from 1,780 million yuan in 2023 to 4,814 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36.9% [1]. - Net profit is expected to increase from 261 million yuan in 2023 to 719 million yuan in 2027, with notable growth rates in subsequent years [1][10]. - The company's gross margin is forecasted to be around 40.12% in 2024, with net profit margins of 11.95% [3][12]. Market Potential - The global analog chip market is projected to reach 84.1 billion USD in 2024, with a growth rate of 3.7% compared to 2023, driven by demand in AI, high-performance computing, and electric vehicles [9]. - The company is expanding its product offerings in industrial and automotive electronics, capitalizing on the increasing demand for sensors and communication chips in smart vehicles [9][10].