Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a production volume of 2.363 million tons in the first half of 2025, representing a year-on-year increase of 12.2%. In the second quarter alone, production reached 1.313 million tons, up 10.6% year-on-year [2][8]. - The company has adopted proactive sales strategies, including focusing on small orders and enhancing sales assessments, which contributed to a projected increase in production orders for 2025 [14]. - Despite a decline in order value by 0.85% in the second quarter due to falling steel prices, the overall order volume is expected to maintain growth [14]. - The average price of sample orders in Q2 was 5,167 CNY/ton, showing a slight increase of 15 CNY/ton from the previous quarter, although it decreased by 119 CNY/ton year-on-year [14]. - The company is experiencing a positive trend in production and sales, with expectations for improved profitability if steel prices stabilize and rise [14]. Summary by Sections Production and Orders - The company achieved a production volume of 2.363 million tons in H1 2025, a 12.2% increase year-on-year, with Q2 production at 1.313 million tons, up 10.6% year-on-year [2][8]. - Orders increased by 0.17% in H1, but Q2 saw a decline of 0.85% due to lower steel prices [14]. Pricing and Profitability - The average price for sample orders in Q2 was 5,167 CNY/ton, reflecting a 15 CNY/ton increase from Q1 but a 119 CNY/ton decrease year-on-year [14]. - The company’s pricing strategy is influenced by the steel price trend, with potential for improved profitability if prices recover [14]. Strategic Initiatives - The company is focusing on small orders and enhancing sales personnel management to drive order growth [14]. - Significant investments in smart manufacturing technologies are being made, including advanced cutting and welding equipment, which are expected to enhance production efficiency [14]. Financial Outlook - The company is projected to see a 10% increase in volume for the year, with stable profitability and potential government subsidies decreasing [14]. - The current market valuation is considered to be at a safe bottom, with significant upside potential if operational improvements and market conditions align favorably [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 35.60, up from the previous RMB 30.00 [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of RMB 119.58 to 121.58 billion for the first half of 2025, representing a year-on-year growth of 36.84% to 39.12%. The second quarter of 2025 is projected to see a net profit of RMB 67.27 to 69.27 billion, with a year-on-year increase of 47.72% to 52.11% [1][4]. - The growth is primarily driven by the accelerated shipment of the GB200 server and the ramp-up of 800G switches, indicating a strong performance in the second half of 2025 [1][2]. Summary by Sections Cloud Computing Business - In Q2 2025, the company's cloud computing revenue grew significantly, increasing by over 50% year-on-year. AI server revenue surged by more than 60%, while revenue from cloud service provider servers more than doubled [2]. - The growth is attributed to the large-scale shipment of the GB200 series AI chips/servers and increasing demand for AI cabinet products from cloud service providers [2]. Communication and Network Equipment Business - The communication and mobile network equipment segment saw steady growth, particularly in the smartphone metal frame business due to strong sales of high-end and budget AI models [3]. - The revenue from 800G switches reached three times the total revenue for 2024, driven by rising AI demand and an improving product mix [3]. Financial Projections - The report projects the company's net profit attributable to shareholders for 2025 to be RMB 303 billion, with expected growth rates of 30.3%, 24.1%, and 20.1% for 2025, 2026, and 2027 respectively [4][10]. - The earnings per share (EPS) are forecasted to be RMB 1.52, RMB 1.89, and RMB 2.27 for 2025, 2026, and 2027 respectively [10].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 235-265 million RMB in the first half of 2025, representing a year-on-year increase of 81%-104% [1]. - The second quarter is projected to yield a net profit of 117-147 million RMB, reflecting a year-on-year growth of 42%-79% [1]. - The company benefits from a favorable competitive landscape in PVA and successful ramp-up of new materials such as PVA optical films [1]. Summary by Sections Financial Performance - The company anticipates a significant increase in net profit for H1 2025, with a forecast of 2.35-2.65 billion RMB, and a non-recurring net profit of 2.23-2.53 billion RMB, marking growth of 89%-115% year-on-year [1]. - For Q2 2025, the expected net profit is 1.17-1.47 billion RMB, with a non-recurring net profit of 1.06-1.36 billion RMB, indicating a year-on-year increase of 46%-87% [1]. Cost and Pricing Analysis - The average price of PVA in Q2 was reported at 11,038 RMB/ton, with a price difference from acetylene at 5,524 RMB/ton, showing a year-on-year decrease of 8% and 428 RMB/ton respectively [2]. - The cost side has improved significantly, with Q2 prices for coal, acetic acid, and acetylene showing declines of 25%, 20%, and 7% year-on-year [2]. Market Outlook - The report suggests that the trend of cost improvement for PVA may continue, supported by a favorable supply-demand balance and the absence of new domestic production capacity [3]. - The company is expected to increase its global market share in PVA, with exports rising by 13% year-on-year in the first five months of 2025 [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is set at 530 million, 670 million, and 770 million RMB respectively, with corresponding EPS of 0.25, 0.32, and 0.37 RMB [4]. - The target price is maintained at 5.50 RMB, based on a 22x PE ratio for 2025 [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a year-on-year growth in net profit of 36.84% to 39.12% for the first half of 2025, with preliminary estimates indicating a net profit of 119.58 to 121.58 billion yuan [1]. - The cloud computing business is experiencing rapid growth, with overall revenue increasing by over 50% year-on-year in the second quarter, and AI server revenue growing by over 60% [2]. - The company is benefiting from the increasing demand for AI infrastructure, with significant growth in its AI server and high-speed switching products [3]. Financial Forecasts - Revenue projections for 2025-2027 are 840.37 billion yuan, 1,130.38 billion yuan, and 1,429.68 billion yuan respectively, with net profit estimates of 30.51 billion yuan, 39.17 billion yuan, and 50.12 billion yuan [4][5]. - The company's earnings per share (EPS) are forecasted to be 1.54 yuan in 2025, increasing to 2.52 yuan by 2027 [5]. - The price-to-earnings (P/E) ratios are projected to be 15.6, 12.2, and 9.5 for the years 2025, 2026, and 2027 respectively [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [3][8]. Core Insights - The company has launched a new generation of dexterous hands, ZWHAND, focusing on various applications of embodied intelligence. The DM17 model features a direct drive solution with 17 degrees of freedom and a fingertip pressure range of 5-12N, while the LM06 model has 6 degrees of freedom and a fingertip pressure range of 15-20N, with a total grip strength of 200N [4][5]. - The new dexterous hands demonstrate significant advancements over previous models, including a highly integrated design, improved efficiency and torque stability with new motor technology, and enhanced sensitivity with integrated flexible electronic skin [5]. - The company is actively building an ecosystem around its dexterous hands, having signed agreements with leading robotics firms and component suppliers. It has also submitted an application for H-share listing to raise funds for technology development and capacity expansion [5]. - Profit forecasts for the company indicate net profits of 270 million RMB, 350 million RMB, and 420 million RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20%, 31%, and 19%. The expected EPS for the same years is 1.1 RMB, 1.5 RMB, and 1.8 RMB, corresponding to P/E ratios of 89x, 69x, and 58x [5][7]. Financial Summary - The company is projected to achieve revenues of 1.88 billion RMB, 2.25 billion RMB, and 2.78 billion RMB for 2025, 2026, and 2027 respectively, with corresponding operating profits of 302 million RMB, 389 million RMB, and 466 million RMB [9]. - The net profit for 2023 is estimated at 180 million RMB, with a growth of 19.55% year-on-year, and is expected to reach 421 million RMB by 2027 [7][9].

2025 年 7 月 8 日 | 29.0 | | --- | | 朱吉翔 C0044@capital.com.tw 目标价(元) | 公司基本资讯 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 工业富联(601138.SH) 买入（BUY） | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/7/7) | | 23.98 | | 上证指数(2025/7/7) | | 3473.13 | | 股价 12 个月高/低 | | 28.67/14.58 | | 总发行股数(百万) | | 19859.47 | | A 股数(百万) | | 19858.18 | | A 市值(亿元) | | 4761.99 | | 主要股东 | | China Galaxy | | | | Enterprises | | | | Limited(36.72% | | | | ) | | 每股净值(元) | | 7.91 | | 股价/账面净值 | | 3.03 | | 一个月 三个月 | | 一年 | | 股价涨跌 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leading player in the ODM (Original Design Manufacturer) sector for skincare products, with significant growth potential driven by R&D and testing capabilities, as well as expanding overseas markets [1][4] - The company has demonstrated strong revenue growth, with a 48.27% year-on-year increase in revenue for 2024 and a 40.15% increase in Q1 2025 [3][4] - The company is focusing on a "big client, big product" strategy to enhance service quality and product value, which is expected to drive market share growth domestically and internationally [4] Financial Performance Summary - In 2024, the company achieved revenue of 6.95 billion yuan, a 48.27% increase year-on-year, and a net profit of 453.9 million yuan, a 10.28% increase [3] - For Q1 2025, the company reported revenue of 1.62 billion yuan, a 40.15% increase year-on-year, and a net profit of 8.62 million yuan, an 8.81% increase [3] - The company’s revenue projections for 2025, 2026, and 2027 are 9.66 billion yuan, 11.21 billion yuan, and 12.85 billion yuan respectively, with year-on-year growth rates of 39.0%, 16.1%, and 14.6% [5] - The projected net profit for 2025, 2026, and 2027 is 610 million yuan, 800 million yuan, and 1.01 billion yuan respectively, with corresponding EPS of 0.54, 0.72, and 0.91 yuan per share [5] Product and Market Insights - The company’s main product categories, including skincare (excluding masks), masks, and hair care, have shown significant revenue growth, with skincare revenue increasing by 49.56% year-on-year [4] - The company has successfully registered new raw materials with the National Medical Products Administration, which is expected to enhance its product offerings [4] - The overseas revenue for 2024 reached 526.29 million yuan, a remarkable 361.52% increase year-on-year, indicating strong international market potential [4]

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [3][5]. Core Insights - The company focuses on adhesive materials, aiming for market share growth in both indoor and outdoor home decoration sectors in 2024, while also expanding into new products in the automotive aftermarket and packaging markets [1]. - The company has successfully entered the supply chain of CATL, the world's largest power battery manufacturer, providing various adhesive tapes for battery assembly [1]. - The optical adhesive film product line covers high-end applications in mobile displays, including foldable screens and curved screens [1]. Financial Performance - In 2024, the company is projected to achieve revenue of 1.88 billion yuan, a year-on-year increase of 20.94%, with electronic-grade adhesive materials revenue expected to reach 494 million yuan, up 48.75% year-on-year [2]. - The gross margin for electronic-grade adhesive materials is forecasted at 27.45%, an increase of 3.35 percentage points year-on-year [2]. - The company maintains a leading position in adhesive material production capacity, with plans for significant production lines across multiple provinces [2]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 82 million yuan, 103 million yuan, and 123 million yuan, respectively, with corresponding P/E ratios of 57.47, 46.18, and 38.63 [3].

公司报告 | 公司专题研究 百济神州（688235） 证券研究报告 CDK4 抑制剂展现出优异早期疗效信号，后续将进入 注册临床研究阶段 CDK4 抑制剂 BGB-43395 具有更优抑制效力。目前 CDK4i 领域 FIC 的药物是 进入 III 期临床的辉瑞的 PF-07220060，在 MCF-7 增殖实验中，BGB-43395 的抑制细胞增殖效力IC₅₀为126 nM，比PF-07220060 更强（后者为544 nM）， 活性提升 4.3 倍，展现出卓越疗效。 后续随访时间延长，整体响应率有望大幅提升 从辉瑞披露的数据可以看到，CDK4 抑制剂 Atirmociclib 的中位起效时间是 3.6M。所以对同靶点药物，百济神州的 CDK4i 来说，3 个月的中位随访时 间还未到中位起效时间。过往数据提示 CDK4/6i 的应答率随时间延长逐 步提升，在 9 个月时达到最高应答概率。BGB-43395 在 3 个月的评估时间 看到 240mg、400mg、600mg BID 联用组 SD+PR 为 67%(8/12)，83%（5/6）， 75%（6/8），趋势较好。 盈利预测与投资评级 我们预计 202 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to significantly benefit from the AI wave, with multiple growth engines contributing to its development [2] - The company is currently in a golden development period, with notable growth in AI-related revenues [2] - The company is positioned as a core player in the AI industry chain, awaiting further developments in its GB200 product line [2] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of approximately 6.73 billion to 6.93 billion yuan for Q2 2025, representing a year-on-year growth of 47.72% to 52.11% [2] - For the first half of 2025, the expected net profit attributable to shareholders is between 11.96 billion and 12.16 billion yuan, with a year-on-year growth of 36.84% to 39.12% [2] - The company anticipates total revenue of 804.63 billion yuan for 2025, with a year-on-year growth of 32.1% [4] - The projected net profit for 2025 is 30.39 billion yuan, reflecting a year-on-year increase of 30.9% [4] Business Growth Drivers - The cloud computing business is experiencing rapid growth, with Q2 revenue increasing by over 50% year-on-year [5] - AI server revenue has grown by over 60% year-on-year, and revenue from cloud service provider servers has more than doubled [5] - The company maintains a leading market share in core products among major clients, with significant growth in GPU modules and GPU computing boards [5] - The precision components business has seen steady growth due to strong sales of high-end and affordable AI models [5] - Revenue from 800G switches reached three times the total for 2024, driven by increasing AI demand [5] Future Projections - The company expects revenues of 987.6 billion yuan in 2026 and 1,087.14 billion yuan in 2027, with year-on-year growth rates of 22.7% and 10.1% respectively [5] - The projected net profit for 2026 is 40.54 billion yuan, and for 2027, it is 45.10 billion yuan, with year-on-year growth rates of 33.4% and 11.3% respectively [5]