证券研究报告 | 公司点评 | 服装家纺 Bonding 服装高增，维密中国业绩亮眼 ——维珍妮点评报告 投资要点 ❑ 维珍妮：全球贴身内衣 ODM 龙头，差异化技术构建壁垒，拓宽运动品类 公司作为全球贴身内衣 ODM 龙头，贴身内衣为基本盘，持续保持行业龙头地 位，差异化创新产品拓展运动品类，FY26H1 营业收入 38.4 亿港元（同比- 3.4%）,其中贴身内衣 21.0 亿港元（同比-6.6%，占比 54.7%），运动产品收入 15.1 亿港元（同比+13.4%，占比 39.2%），实现归母净利润 1.4 亿港元（同比 +114.3%），收入在关税扰动下运动产品仍逆势实现双位数增长展现公司差异化 技术壁垒，利润靓丽增长主要来自财务费用降低、维密中国利润贡献靓丽和肇庆 工厂搬迁一次性费用的降低。 ❑ 差异化创新技术构建壁垒，Bonding 服装高增 ❑ 肇庆工厂搬迁近尾声，减债计划提上日程，盈利能力修复 2023 年以来深圳生产基地陆续搬迁至广东肇庆，分别于 FY2024、FY2025、 FY2026H1 产生员工工龄一次性补偿费用 1.3、1.8、0.4 亿港元，我们预计将于 FY2027 完成工厂搬 ...

Summary of the Conference Call for Huali Technology Company Overview - **Company**: Huali Technology - **Industry**: Amusement and Gaming Equipment Key Points and Arguments Business Performance - Huali Technology's domestic business has been under pressure due to macroeconomic conditions and a slow recovery in consumer spending, particularly in the amusement sector [3][4] - Positive signs include a stabilization in the pricing of tokens used in amusement parks, indicating a reduction in harmful price competition [4] - The company plans to focus on its strengths in simulation machines, particularly music and racing machines, and will also target mid-to-low-end markets to increase market share [5] Domestic Market Challenges - The domestic market remains challenging, with expectations of continued pressure in 2025 compared to 2024 [11] - The company is reducing the number of new store openings and seeking light-asset management partnerships to adapt to the current market conditions [11] International Market Growth - Huali Technology sees overseas markets as a key growth driver, with significant performance in the U.S. and Southeast Asia [7] - The company is expanding its ODM and OEM business, particularly with Japanese clients seeking to rebuild their supply chains post-pandemic [8] Product Development and IP Strategy - The company launched new products, including the second generation of Pokémon cards and a female-oriented card machine, which have performed well despite recent public relations challenges [9][12] - Huali Technology aims to increase its penetration in the market by expanding the number of stores carrying its products, currently reaching around 2,000 stores [9][43] - The company plans to allocate approximately 30% of its new product launches to non-traditional channels to broaden its audience [43] Financial Updates - Huali Technology raised approximately 150 million yuan through a recent fundraising round, primarily to invest in the Pokémon IP and other established franchises like Marvel [27] - The company anticipates increasing its machine deployment from 2,000-3,000 units to potentially 4,000-5,000 units in 2026 due to the new funding [27] Market Trends and Consumer Behavior - The company notes a shift in consumer behavior, with amusement parks moving away from price wars to improve service quality and upgrade facilities [39] - There is an expectation of a gradual recovery in equipment demand as the market stabilizes, with potential improvements in the second half of 2026 [40] Future Outlook - Huali Technology plans to maintain a focus on overseas expansion and increasing the number of machines deployed in the domestic market [47] - The company is cautious about the performance of its products in the domestic market, particularly in light of recent public relations issues affecting the Pokémon brand [15][49] R&D and Product Innovation - The company has significantly increased its R&D team, now comprising around 100 members, to enhance product development capabilities [35] - Huali Technology aims to release 5-10 new products annually, with a focus on maintaining a competitive edge in the card machine sector [36] Conclusion - Huali Technology is navigating a challenging domestic market while seeking growth opportunities abroad. The company is committed to product innovation and expanding its market presence through strategic investments and partnerships.

Summary of Conference Call Notes on Kstar and Kehua Industry Overview - The report focuses on the data center electricals industry, specifically analyzing two companies: Kstar and Kehua. - Kstar is positioned as a key ODM partner for global players, particularly in the US AI data center market, while Kehua faces challenges due to high domestic competition in China. Kstar Highlights - **Investment Recommendation**: Kstar is rated as a "Buy" with a 12-month target price of Rmb67.6, indicating a 26% upside potential [1][2]. - **Valuation**: Kstar is valued at 26x 2028E P/E, reflecting a strong long-term growth outlook with a projected earnings CAGR of 26% from 2028E to 2030E [2]. - **Sales Growth**: Kstar is expected to achieve a total sales CAGR of 27% from 2025E to 2030E, driven by overseas high-power electrical sales, which are projected to increase from Rmb100 million in 2025E to Rmb800 million in 2026E [7][19]. - **Pricing Power**: The overseas ODM model allows Kstar to command a pricing premium of 25-50% compared to domestic orders, contributing to an expected gross profit margin (GPM) of 33% and operating profit margin (OPM) of 18% by 2028E [7][21]. - **Product Pipeline**: Kstar is actively developing next-generation products, including 800V DC and SST systems, with launches planned for early 2026 [10][19]. - **Market Position**: Kstar is gaining market share in the domestic market, particularly with major clients like Alibaba and ByteDance, and is expected to become a significant UPS supplier by 2026 [19]. Kehua Highlights - **Investment Recommendation**: Kehua is rated as "Neutral" with a 12-month target price of Rmb50.5, indicating a 24% downside potential [1][3]. - **Valuation**: Kehua is valued at 30x 2026E P/E, with a lower earnings growth potential of 21% CAGR from 2026E to 2030E compared to Kstar [3]. - **Sales Growth**: Kehua is projected to have a total sales CAGR of 16% from 2025E to 2030E, primarily driven by domestic demand [27]. - **Customer Concentration**: Kehua's growth may be limited due to high customer concentration and intense competition in the domestic market, with a modest sales CAGR of 16% expected [7][39]. - **Overseas Expansion**: Kehua's overseas expansion is slower compared to Kstar, with only 12% of segment sales expected to come from international markets by 2025E [42]. - **Product Portfolio**: Kehua has a strong product portfolio and partnerships with Chinese hyperscalers, but faces challenges in maintaining margins due to competitive pricing pressures [42]. Financial Projections - **Kstar Financials**: - Total revenue is projected to grow from Rmb5,332 million in 2025E to Rmb17,384 million by 2030E [24]. - Expected ROE to improve to 25% by 2030E, up from 16% in 2021-2024 [21]. - **Kehua Financials**: - Total revenue is expected to grow from Rmb4,159 million in 2024 to Rmb7,259 million by 2030E [24]. - ROE is projected to reach 17% by 2030E, still lower than Kstar due to intense domestic competition [43]. Key Risks and Considerations - **Kstar Risks**: Dependence on successful product launches and maintaining competitive pricing in the US market [19]. - **Kehua Risks**: High customer concentration and limited overseas market penetration could hinder growth [42][43]. Conclusion - Kstar presents a more favorable investment opportunity with strong growth prospects and better positioning in the US market, while Kehua faces challenges that may limit its growth potential in the competitive domestic landscape.

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shanghai Longcheer Technology Co., Ltd. 上海龍旗科技股份有限公司 (the "Company") (A joint stock company incorporated in the Peo ...

Group 1: Company Overview and Strategy - The company focuses on solidifying its core competitiveness and implementing its development strategy and new business layout [3] - The company adheres to a sustainable high-quality development philosophy, aiming for long-term growth across economic cycles [3] Group 2: Investor Relations and Market Performance - The lock-up period for Pre-IPO external institutional shareholders and strategic placement shareholders is 12 months post-listing, while the employee stock platform has a 36-month lock-up [2] - The company emphasizes the importance of aligning market value with intrinsic value, affected by macroeconomic factors, industry policies, market sentiment, and capital preferences [2][3] Group 3: Financial Performance - The company reported revenue growth in Q3, but profit declined due to increased export tariffs to the U.S., rising component prices, and investments in new factories and technologies [4] - The adjustment of U.S. tariffs, reducing the "fentanyl tariff rate" from 20% to 10%, is expected to create a favorable environment for business expansion in the U.S. market [5] Group 4: Production and Supply Chain - The company maintains a self-managed full-process production model, ensuring quality control and delivery through various manufacturing capabilities [6] - The Vietnam factory is operational, primarily exporting to the U.S., but faces challenges in establishing a stable local supply chain [7] Group 5: Future Investments and Growth - The company is executing investment plans for smart audio IoT products and high-end audio product manufacturing, with a target of producing 1.5 million units annually [7] - The company considers acquisitions to enhance its industry chain and aims to become a global technology enterprise integrating R&D, production, sales, and branding [7] Group 6: Product Focus and Market Position - The company is not prioritizing headphone production due to intense market competition, instead focusing on high-value audio and AIoT system solutions [7] - With over 20 years of development, the company has established a strong reputation in the ODM sector for high-performance audio products and aims to lead in niche markets through innovation [8]

Core Viewpoint - Suzhou Shunwei has completed its share reduction plan for Longqi Technology, cashing out a total of 867 million yuan, fully exiting its stake in the company [1] Group 1: Share Reduction Details - Suzhou Shunwei held 19.19 million shares of Longqi Technology before the reduction, representing 4.09% of the total shares [1] - The reduction was executed through a combination of centralized bidding and block trading, with 15.64 million shares sold via centralized bidding and 3.55 million shares through block trading, at prices ranging from 40.00 yuan to 52.80 yuan per share [1] Group 2: Shareholder Relationships - Suzhou Shunwei and Tianjin Jinmi Investment have a concerted action relationship, both being under the same actual controller, with Tianjin Jinmi holding 23.22 million shares, or 4.95% of the total shares, prior to the reduction [2] - Together, Suzhou Shunwei and Tianjin Jinmi held a combined 9.04% of Longqi Technology's total shares, making them significant shareholders [2] Group 3: Company Background and Business Relationship - Longqi Technology is a major ODM supplier for Xiaomi's smart products, with a partnership that began in 2013, covering areas such as smartphones, tablets, AIoT products, and automotive electronics [2] - In 2015, Xiaomi's affiliated companies increased their investment in Longqi Technology, resulting in Suzhou Shunwei and Tianjin Jinmi holding a combined 20% stake [2] - In March of this year, both Suzhou Shunwei and Tianjin Jinmi announced plans to reduce their holdings by up to 6%, and by June 30, they had collectively reduced their stake by 5.96%, cashing out 1.093 billion yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company reported a significant revenue growth of 35.8% year-on-year for the first three quarters of 2025, achieving a total revenue of 25.11 billion yuan, with a net profit of 6.58 billion yuan, reflecting a year-on-year increase of 52.62% [4][6] - The gross margin for the first three quarters of 2025 was 38.36%, an increase of 4.64 percentage points year-on-year, indicating improved profitability and operational efficiency [5] - The company has seen a continuous increase in its market penetration in the U.S., with retail customers accounting for 70% of its top ten clients, and significant growth in procurement from these clients [6][7] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 8.30 billion yuan, a year-on-year increase of 29.25%, and a net profit of 2.26 billion yuan, up 55.06% year-on-year [4] - The company expects revenues of 33.79 billion yuan, 41.41 billion yuan, and 47.85 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.02 billion yuan, 10.94 billion yuan, and 12.7 billion yuan [7][10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 4.12 yuan, 5.00 yuan, and 5.81 yuan respectively, with price-to-earnings (P/E) ratios of 23.87, 19.67, and 16.94 [10][11]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, achieving revenue of 128.88 billion yuan, a year-on-year increase of 69.56%, and a net profit attributable to shareholders of 3.099 billion yuan, up 51.17% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 44.943 billion yuan, a year-on-year increase of 22.75% but a quarter-on-quarter decrease of 8.17% [1] - The net profit attributable to shareholders for Q3 2025 was 1.210 billion yuan, reflecting a year-on-year increase of 59.46% and a quarter-on-quarter increase of 15.53% [1] - The company's gross profit margin for Q3 2025 was 8.17%, an increase of 0.54 percentage points year-on-year and 1.04 percentage points quarter-on-quarter [1] Group 2: Business Segments Growth - All four major business segments reported revenue growth exceeding 70% year-on-year [1] - The smart terminal business saw revenue growth of 84.4% year-on-year, while the high-performance computing segment grew by 70% [1] - The AIoT and other businesses experienced a revenue increase of 72.9%, and the automotive and industrial products segment grew by 77.1% [1] Group 3: Future Outlook - The smart terminal business is expected to achieve a smartphone shipment growth rate exceeding 30% in 2025, benefiting from increased ODM penetration and market share gains among leading ODM manufacturers [2] - The data center business is projected to maintain double-digit revenue growth, with expectations of exceeding 40 billion yuan in revenue for the year [2] - The automotive electronics segment is anticipated to surpass 1 billion yuan in revenue for the first time this year, with continued investment in this area [2] Group 4: Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 4.006 billion yuan, 4.940 billion yuan, and 5.987 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.94, 4.86, and 5.89 yuan [2] - The projected PE ratios for the same years are 25.8, 20.9, and 17.3 times [2]

Core Viewpoint - Huqin Technology, a leading player in the global mobile ODM industry, plans to issue H-shares and list on the Hong Kong Stock Exchange, marking the start of its "A+H" dual capital platform operation after less than two years of being listed on the A-share main board [3][4]. Company Overview - Founded in 2005 by Qiu Wensheng and former colleagues from ZTE, Huqin Technology has grown into a significant ODM player, focusing on mobile phone design and manufacturing [6][10]. - The company initially specialized in feature phone motherboard solutions before transitioning to smart phone production in 2010, capitalizing on the industry's shift towards smart devices [10][11]. Management Team - The management team consists of 11 senior executives, all of whom have prior experience at ZTE, including Qiu Wensheng as Chairman and General Manager, and Cui Guopeng as Vice Chairman [6][8]. Financial Performance - In 2024, Huqin Technology's revenue surpassed 100 billion yuan, reaching 1098 billion yuan, reflecting the success of its business strategies [13][16]. - The company reported a significant increase in revenue for the first half of 2025, achieving 839.4 billion yuan, a year-on-year growth of 113.1% [16]. Strategic Moves - Huqin Technology has made strategic acquisitions to expand into the semiconductor and robotics sectors, including a 75% stake in Haoceng Intelligent and a 6% stake in Jinghe Integrated [15]. - The company has established partnerships with major brands like Samsung, OPPO, Xiaomi, and Vivo, enhancing its market position and customer loyalty [12]. Market Position - The ODM industry is characterized by intense competition, and Huqin Technology has adopted a "heavy asset for light asset" business philosophy, investing in advanced manufacturing facilities to provide one-stop delivery services [12][11]. - The company's overseas revenue has consistently accounted for over 50% of its total revenue, indicating a strong international presence [13].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's mid-year performance aligns with forecasts, showing significant growth in electric tools, with a revenue increase of 4.87% year-on-year to 7.027 billion yuan in H1 2025 [1]. - The report anticipates better industry conditions in the second half of the year, driven by potential interest rate cuts that could enhance demand elasticity [7]. - The company is focusing on product innovation to sustain high growth in electric tools, which have seen a revenue increase of 56.03% year-on-year, raising their revenue share from 7.1% to 10.56% [7]. - The report projects revenues of 15.56 billion yuan for 2025, with a year-on-year growth of 5%, and net profits of 2.564 billion yuan, reflecting an 11% increase [2][7]. Financial Performance Summary - H1 2025 financials: Total revenue of 7.027 billion yuan, net profit of 1.273 billion yuan, and a non-recurring net profit of 1.254 billion yuan [1]. - Q2 2025 performance: Revenue of 3.371 billion yuan, net profit of 0.812 billion yuan, and a non-recurring net profit of 0.792 billion yuan [1]. - The company’s gross margin for H1 2025 was 31.95%, with a slight year-on-year decrease, while the net margin improved to 18.69% [7]. Revenue and Profit Forecast - Projected total revenue for 2025 is 15.56 billion yuan, with subsequent years expected to grow to 17.201 billion yuan in 2026 and 19.021 billion yuan in 2027 [2][14]. - Forecasted net profit for 2025 is 2.564 billion yuan, increasing to 2.896 billion yuan in 2026 and 3.255 billion yuan in 2027 [2][14]. Valuation Metrics - Current price-to-earnings (PE) ratio is projected at 16x for 2025, decreasing to 14x in 2026 and 13x in 2027 [7]. - The price-to-book (PB) ratio is expected to decline from 2.3 in 2025 to 1.8 by 2027 [2][14].