Investment Rating - The report assigns a "Buy" rating for the company for the first time [5][13][17] Core Insights - The company leverages AI to enhance supply chain finance, addressing the financing challenges faced by small and micro enterprises [3][15] - The supply chain finance market is expected to grow significantly, with a projected scale of 121.1 trillion yuan by the end of 2027, reflecting a compound annual growth rate (CAGR) of 5.7% from 2023 to 2027 [10][34] - The company has transitioned from a heavy asset model to a light asset operation, which has improved its profitability and operational efficiency [12][18] Summary by Sections 1. Supply Chain Finance: Broad Development Space - The financing difficulties for small and micro enterprises persist, with only 20.7% obtaining funds through traditional bank loans as of Q1 2025 [10][27] - Supply chain finance reduces the reliance on fixed asset collateral, using accounts receivable and other liquid assets instead, thus lowering the financing threshold for small businesses [34][41] 2. AI + Industry Supply Chain Leader - The company has over ten years of experience in the factoring industry and has established partnerships with major enterprises, enhancing its market position [55] - The company’s revenue is expected to grow significantly, with projected total revenues of 1.171 billion, 1.339 billion, and 1.541 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 11.64%, 14.36%, and 15.02% [14][17] 3. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 500 million, 636 million, and 806 million yuan for 2025, 2026, and 2027, with growth rates of 31.49%, 27.20%, and 26.70% respectively [14][17] - The report emphasizes the company's strong growth potential due to its innovative business model and successful partnerships with state-owned enterprises [12][18]

证券研究报告 | 2025年07月25日 亚翔集成（603929.SH） 优于大市 重大项目有序衔接，后续增长动能明确 业绩短期承压，后续增长动能明确。受重大项目确认节奏波动的影响，公司 2025H1 实现营业收入 16.8 亿元，同比-41%，实现归母净利润 1.61 亿元，同 比-32%。其中 Q2 实现营收 8.5 亿元，同比-52%，净利润 0.79 亿元，同比-34%。 收入与利润短期承压主要系上年同期联电新加坡项目集中施工，而本期新项 目尚处准备阶段所致。 联电新加坡项目收入确认完毕，VSMC 项目有序衔接。2025H1 公司新加坡市 场收入 9.87 亿元，同比-18.1%，收入占比 58%。推算联电项目剩余收入已经 于上半年确认完毕，新加坡 VSMC 项目开始初步贡献收入。受国内市场需求 疲软影响，国内市场收入 6.56 亿元，同比-60.4%。 盈利能力持续优化，汇兑损失产生短期扰动。2025H1 公司毛利率提升至 16.9%，同比提升 5.9pct，净利率 9.56%，同比提升 1.2pct。2025H1 财务费 用为 0.21 亿元，较去年同期增加 0.48 亿元，对利润产生较大扰动。财 ...