Core Viewpoint - Texas Instruments (TI) is making a significant $60 billion investment in semiconductor manufacturing in the U.S., indicating a strong commitment to domestic chip production amid geopolitical tensions and tariff uncertainties [2][3]. Group 1: Investment and Expansion - TI announced a $60 billion project to build multiple wafer fabs in Texas and Utah, aiming to increase production capacity fivefold [4][5]. - The new facilities will support major clients like Nvidia, Ford, Medtronic, and SpaceX, with the Sherman, Texas plant expected to be operational by the end of 2025 [2][4]. Group 2: Market Position and Challenges - Despite the investment, TI's stock fell 13% following weak earnings expectations and tariff concerns, highlighting market volatility and uncertainty [3]. - TI's market share in the analog segment has declined from 19.8% in 2020 to a projected 14.7% in 2024, raising questions about the sustainability of demand [3][5]. Group 3: Technological and Operational Advantages - TI's chips are produced using traditional nodes (45 to 130 nm), which are less expensive compared to advanced 2 nm and 3 nm chips produced by competitors like TSMC [5]. - The shift to 300 mm wafers is expected to significantly reduce costs, allowing TI to produce 2.3 times more chips per wafer compared to 200 mm wafers [6][10]. Group 4: Environmental and Resource Considerations - The Sherman facility will utilize approximately 1,700 gallons of water per minute, with plans to recycle at least 50% of it, addressing environmental concerns related to water usage [10]. - TI's new plant will operate entirely on renewable energy, enhancing energy efficiency in chip production [10][11]. Group 5: Workforce and Economic Impact - The $60 billion project is projected to create 60,000 jobs in the U.S., although specific timelines for completion remain uncertain [11]. - TI has partnered with universities and community colleges to address the talent shortage in semiconductor manufacturing, reflecting a proactive approach to workforce development [11].

Investment Rating - The report maintains a "Buy-A" rating for the company [6][13]. Core Views - The company achieved a revenue of 12.661 billion yuan in H1 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7][8]. - The company is experiencing a phase of pressure on profitability due to the transitional efficiency of new factories and a decline in orders from older factories, leading to a temporary drop in gross margin [8][10]. - The company is successfully diversifying its customer base, with significant contributions from new clients like On and New Balance, and a successful partnership with Adidas [9]. Financial Performance - As of June 30, 2025, the basic earnings per share (EPS) was 1.43 yuan, and the diluted EPS was also 1.43 yuan [4]. - The net asset return rate (ROE) stood at 10.34% [4]. - The company’s total production capacity reached 116.71 million pairs, with a utilization rate of 95.78% [10]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.54 billion, 4.07 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [13]. - The company’s revenue is projected to grow from 26.325 billion yuan in 2025 to 32.688 billion yuan in 2027, with year-on-year growth rates of 9.7% and 10.7% respectively [15][19].

证券代码：301529 证券简称：福赛科技 墨西哥新工厂厂房基础已施工完成，软装项目正在施工中， 预计四季度投入使用。 在分红上，本次拟向全体股东每 10 股派发现金红利 1.2 元， 分红金额占半年度归母净利润的 15.92%（需经股东会审议通 过）。 （二）互动交流 问：墨西哥工厂的经营情况怎么样？ 答：墨西哥一期、二期工厂产能利用率满负荷，三期工厂 13 台设备已进场调试，三季度完成装修，10 月启动量产，年底产 能利用率预计达 70%。正在开发中的项目预计未来通过租赁厂 房投资设备的模式快速形成新产能，重点服务北美主机厂配套 需求。墨西哥工厂的净利润增加得益于运营效率改善从而业务 毛利率显著提升，尤其是前期的质量提升与工艺优化在二季度 反应在经营业绩上提升较大，预计未来也将持续保持现有管理 效率稳步前进。 芜湖福赛科技股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及人 员姓名 长江证券、东吴证券、华创证券、民生证券、中泰证券、中信建投证券 和方正证券等 ...

2025 年 8 月 22 日 公司研究 25H1 产品结构持续优化，坚持科技创新推动产品升级 ——回天新材（300041.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 21.68 亿 元，同比增长 7.72%；实现归母净利润 1.43 亿元，同比增长 4.18%；实现扣非 后归母净利润 1.18 亿元，同比增长 24.64%。2025Q2，公司单季度实现营收 10.97 亿元，同比增长 5.15%，环比增长 2.42%；实现归母净利润 6098 万元，同比增 长 6.18%，环比减少 25.21%。 点评： 产品结构优化，汽车及电子领域销量快速提升，毛利率修复。2025 年上半年， 基于下游行业的发展态势，公司持续优化产品结构，光伏领域营收占比下降，但 大交通及电子电器领域营收占比显著提升。2025 年上半年，公司在光伏、大交 通、电子电器、软包装领域分别实现营收 7.68 亿元、6.51 亿元、3.76 亿元、2.19 亿元，同比分别变动-18%、+34%、+23%、+15%。其中，光伏领域营收占比 同比下降 11.1pct，大交通及电子电器 ...

Financial Data and Key Metrics Changes - Inghams Group reported a total revenue decline of 1.5% to $3.15 billion, with EBITDA on an as-reported basis down 15.3% to $392 million, largely due to a significant reduction in AASB 16 charges and lower feed pricing [10][12][14] - Underlying EBITDA pre AASB 16 was $100,000 higher than FY 2024, indicating resilience despite volume headwinds [10][12] - Net debt increased by $82.5 million, influenced by the acquisition of Bostock Brothers and capital investments [13][16] Business Line Data and Key Metrics Changes - Core poultry volumes decreased by 1.4%, driven by a 2.5% decline in Australian volumes, while New Zealand experienced a strong growth of 5.2% [6][21] - Australian revenue fell by 2.6% to $2.64 billion, primarily due to the transition to a new Woolworths supply agreement [21] - New Zealand's revenue rose by 4% to CAD 512.3 million, supported by the Bostock Brothers acquisition, which contributed significantly to volume growth [22][23] Market Data and Key Metrics Changes - Group core poultry net selling prices (NSP) increased by 0.55% to $6.31, but declined sequentially in the second half by 96 basis points [7][10] - Australian NSP saw a slight increase across FY '25 but faced a 2.3% decline in the second half due to pricing pressures [7][22] - New Zealand NSP improved by 2.9%, with retail pricing increasing by 7.7%, although this was partially offset by declines in wholesale and foodservice channels [23] Company Strategy and Development Direction - The company is focusing on operational discipline and strategic positioning to navigate challenging market conditions, with a disciplined approach to cost management and customer service [5][34] - A multi-year investment program of around $120 million is planned to enhance automation and processing capabilities, aimed at improving efficiency and supporting value growth [25][28] - The company aims to match supply with demand, optimize costs, and maintain strong customer relationships to drive long-term value creation [34][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant challenges faced in Q4 due to the transition to the new Woolworths contract and a softening retail market, but expressed confidence in the medium-term outlook [6][32] - The company expects underlying EBITDA pre AASB 16 for FY '26 to be between $215 million and $230 million, with earnings weighted towards the second half [35][36] - Management noted that while feed costs are expected to provide a modest benefit, operating costs are anticipated to rise modestly due to inflation [36][37] Other Important Information - The company achieved significant sustainability milestones, including moving to 100% renewable energy in New Zealand and achieving carbon neutral certification for its Marion Bay brand [30] - The safety performance improved, with a decline in the total recordable injury frequency rate [30] Q&A Session Summary Question: What drove the material deterioration in Q4? - Management identified three main drivers: the transition of Woolworths volumes, competitors not reducing processing volumes as expected, and a softening retail market [42][43] Question: Why is there no expected feed benefit in FY '26? - Management clarified that while some feed benefits were shared with customers, the timing of benefits from feed price reductions may differ from historical patterns [45][66] Question: Is the market deterioration due to competition or other factors? - Management indicated that while poultry remains a long-term growth proposition, Q4 saw a decline in consumer confidence and cost of living pressures impacting demand [48][49] Question: Are the pressures seen in Q4 transitory or fundamental? - Management views the pressures as transitory, linked to inventory buildup and production adjustments rather than fundamental market changes [53][54] Question: What is the outlook for pricing in FY '26? - Management expects a slight decline in pricing, with improvements anticipated as the year progresses, despite current excess supply [70][80]

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth in manufacturing but challenges in retail, indicating resilience in manufacturing amidst external pressures [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of $4.06 billion, a year-on-year increase of 1.1%, while net profit attributable to shareholders decreased by 7.2% to $170 million [1]. - Q2 2025 saw a revenue decline of 0.4% to $2.03 billion, but net profit attributable to shareholders increased by 13% to $100 million [1]. - Manufacturing business revenue grew by 6.2% to $2.8 billion in H1 2025, with Q2 revenue increasing by 6.5% to $1.47 billion [1][2]. Group 2: Manufacturing Business Insights - The manufacturing segment showed resilience with a 5% increase in footwear shipment volume to 13 million pairs in H1 2025, and a capacity utilization rate maintained at 93% [1]. - Average selling price per pair increased by 3.2% to $20.6 in H1 2025, driven by improved product mix [1]. - However, the gross margin for the manufacturing business decreased by 1.4 percentage points to 17.7% in H1 2025, attributed to uneven capacity loads and rising labor costs [2]. Group 3: Retail Business Challenges - The retail segment faced significant pressure, with revenue declining by 8.3% to $9.16 billion in H1 2025, and a 14% drop in physical store revenue [2]. - The number of direct-operated stores decreased by 40 to 3,408, with same-store sales declining between 10% and 20% [2]. - Gross margin for the retail business fell by 0.7 percentage points to 33.5% in H1 2025, reflecting deeper discounts due to fluctuations in the consumer environment [2]. Group 4: Future Outlook - The company is expected to maintain steady growth in its manufacturing business, with projected revenue growth of 2.5%, 6%, and 5.4% for 2025-2027, reaching $8.38 billion, $8.88 billion, and $9.36 billion respectively [3]. - Net profit is anticipated to grow by 0.8%, 10.2%, and 6.9% during the same period, reaching $400 million, $440 million, and $470 million respectively [3]. - The company maintains a "buy" rating based on its growth prospects and supply chain expansion [3].

产能持续扩张承接订单增长。2024 年公司员工数量同增1 万人，2025H1公司生产基地新聘约4000 名员 工以提升产能。预计公司2025 及2026 年维持稳健的产能扩张节奏。此外，公司已进行欧洲地区产能布 局考察，后续有望进行布局以强化产能多元布局优势。 公司发布2025年中报。2025H1 营业收入同比增长 12.4%至 12.3 亿美元，归母净利润同比增长16.8%至1 亿美元。 机构：东北证券 点评： 研究员：刘家薇/苏浩洋 波动环境下展现增长韧性。2025H1 公司营业收入同比增长12.4%至12.3亿美元。分品类来看，休闲/运 动户外/牛仔/内衣/毛衣收入分别同增11.4%/12.4%/10.3%/9.5%/29.2%至3.4/3.1/2.6/2.1/1 亿美元，占比分 别为27.6%/25.5%/21.3%/17.1%/8.5%；分地区来看，亚太/北美洲/欧洲/其它地区收入分别同比增长 14.5%/11.7%/9.7%/14.9%至4.8/4.6/2.5/0.4 亿美元。 事件： 在对等关税等因素扰动下，核心客户份额持续提升，运动客户订单增速领先，驱动公司营收实现稳健增 长。 投资建议：晶苑 ...

（一）项目建设背景 证券代码:605376 证券简称:博迁新材 公告编号:2025-042 江苏博迁新材料股份有限公司 关于子公司新建超细镍粉扩产项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 业的发展趋势、市场行情的变化等均存在不确定性，并将对未来经营 效益的实现产生不确定性影响。 以及达到预期存在一定的不确定性。项目投资建设过程中还可能会受 到宏观经济、产业政策与市场环境等多种外部因素的影响，存在项目 建设进度及项目预期收益不达预期的风险。敬请广大投资者理性投资， 审慎决策，注意投资风险。 一、项目建设概述 二、项目建设的主要内容 MLCC 微型化、超高容的发展趋势推动小粒径高端镍粉的需求进一步增长， 江苏博迁新材料股份有限公司（以下简称"公司"）基于当前市场需求情况，考 虑到现有厂房和生产设备可能无法满足公司未来业务发展的需求，因此，为提高 公司产能，公司拟以子公司宁波广迁电子材料有限公司（以下简称"广迁电子"） 和子公司江苏广豫储能材料有限公司（以下简称"广豫储能"）作为扩产项目主 体，分别 ...

亿纬锂能 20250821 摘要 2025 年上半年，亿纬锂能营收 177 亿元，同比增长 18%。动力电池出 货 21.48GWh，同比增长 58.58%；储能电池出货 28.71GWh，同比 增长 37%。动力电池毛利率达 17.6%，净利润率接近年度目标 5%，预 计三季度保持稳定交付，全年有望超额完成净利润目标。 大圆柱电池已在国际头部车企下一代车型首发并量产交付，预计 2026 年荆门工厂满产，沈阳工厂第二条线建设中，届时出货量可达 20GWh。同时，公司正拓展国内乘用车市场，已有部分项目落地。 上半年计提减值约 2 亿元，含正常坏账 5,000 万元，单项计提主要针对 破产的合众客户，应收账款全额计提 1.5 亿元。小电芯和大电芯三季度 涨价趋势明显，碳酸锂价格上涨可能影响经营成本，公司调整曲靖产能 优化生产布局。 公司已全额计提坏账，解决相关客户问题。储能业务因两三家大客户出 货占比高且价格略低，导致上半年盈利下滑，毛利率仅 12%。公司正努 力通过商务优化和产品结构调整改善，期望三季度取得进展。 除三元软包产线外，其他产线基本开启，但 OEE 未稳定达 80%以上。 公司扩建曲靖和金门新工厂， ...

Financial Performance - The group's revenue was flat for the first half of 2025, with a volume increase of 3.8% to 27.5 million pairs, primarily driven by the sports segment [4][5] - The average selling price (ASP) decreased by 3.2% due to a higher proportion of sports products with lower ASP [5] - Operating profit margin fell to 10.9%, down 30 basis points, with net profit declining by 14.6% to $78 million [5][6] - Gross profit margin decreased by 22% compared to 25.6% last year, attributed to high labor costs and temporary efficiency issues in factories [6][9] Business Line Performance - Revenue from the sports segment increased by 8.2%, accounting for 48.5% of total manufacturing revenue, driven by higher shipments to major customers [16] - The luxury category reported a net decrease of 3.5%, while the CASM category declined by 9.2%, reflecting a strategic reallocation of capacity [17] - The company commenced shipments to new customers, including Under Armour and Justin Bieber's brand, Skylar, contributing to the sports segment's growth [15][16] Market Performance - North America and Europe accounted for 48.7% and 23.4% of total revenue, respectively, with China contributing 25% of manufacturing capacity [17][18] - The company anticipates sustained growth, with plans to scale up total capacity by an additional 21 to 26 million pairs through new factories [19] Strategic Direction and Industry Competition - The company is focused on optimizing production efficiency and diversifying manufacturing capacity to align with customer needs [11][24] - A new three-year plan is being finalized, aiming for a 10% operating margin and low single-digit growth [22][24] - The company has received an MSCI ESG rating upgrade to AA, reflecting improvements in environmental performance [21] Management Commentary on Operating Environment and Future Outlook - Management expects moderate increases in shipment volumes for the full year, with continued pressure on profit margins due to efficiency improvements [22][23] - The company is addressing operational challenges in Indonesia and the Philippines, with plans for a turnaround in the second half of the year [30][31] - Tariff impacts are anticipated to affect strategic customer partnerships, with a focus on optimizing operations [23][24] Other Important Information - The company declared a $0.52 interim dividend, maintaining a payout ratio above the previous year's [5][9] - A solid net cash balance of $291 million is reported, with plans for share repurchases or special dividends in the future [8][25] Q&A Session Summary Question: Can you provide insights on the handbag business and its recovery timeline? - The company acquired a small factory specializing in handbags to expand this segment, with expectations for gradual growth [28][29] Question: Any updates on the full-year outlook? - The outlook remains consistent with previous guidance, with expectations of $6 million to $7 million in tariff impacts [30][31] Question: Will margins return to normal levels? - Management aims to restore margins to normal levels by Q4 2026, learning from past expansion challenges [32][33] Question: What are the reasons for revenue declines in China and Europe? - Revenue declines are attributed to customer allocation decisions and pre-order impacts from the previous year [36] Question: Can you quantify the inefficiencies in the first half? - Inefficiencies related to the Philippines and Indonesia resulted in approximately $7 million in profit loss [45] Question: What are the conversations like with brand customers? - Brand customers are cautious but looking to innovate and consolidate suppliers amid tariff uncertainties [47][49] Question: How is the dividend and buyback strategy affected? - There are no changes to the dividend payout policy or capital return strategy, with plans for continued shareholder returns [89]