Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing growth in its charging and NAS (Network Attached Storage) businesses, driven by overseas expansion and AI-related demand. The report emphasizes that the pre-emptive expenses in Q2 may lead to profit realization in Q3 [7] - For Q2 2025, the company reported revenue of 2.033 billion yuan (up 39.38% year-on-year) and a net profit attributable to shareholders of 124 million yuan (up 18.67% year-on-year) [8] - The company’s overseas sales have rapidly increased, accounting for 60% of total sales in H1 2025, with domestic and international sales growing by 27% and 51% respectively [8] Financial Performance Summary - Revenue for H1 2025 reached 3.857 billion yuan, reflecting a year-on-year increase of 40.60%, while the net profit attributable to shareholders was 275 million yuan, up 32.74% year-on-year [8] - The charging business grew by 44% year-on-year in H1 2025, supported by new product launches and overseas expansion [8] - The storage business saw a significant increase of 125% year-on-year in H1 2025, driven by the growth in NAS sales [8] - The overall gross margin for H1 2025 decreased by 1.44 percentage points year-on-year, primarily due to changes in product channel structure [8] Profit Forecast - The company’s revenue is projected to reach 8.566 billion yuan in 2025, with a year-on-year growth of 38.8%, and net profit attributable to shareholders is expected to be 651 million yuan, up 40.9% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 46, 34, and 25 respectively, maintaining the "Buy" rating [9]

很久没写随笔了，简单总结一下。 直接讲重点： 对于A股震荡向上的判断是不变的，目前市场上有三个最重要的判断点。 1、中美在日内瓦达成超预期的联合声明 ，市场对缓和贸易紧张局势有了新的期待，但是，目前达成的结果仍然不够是我们最理想的状态， 加上18年，综合税率仍然在50%以上。 港股相对好一点，得益于美元信用走弱带来的全球非美资产的估值体系重塑。（读不懂没关系，当我啥也没说） 港股的资金面上也可以分析一波： 外资 ：目前以短线"追涨杀跌"为主，虽阶段性流入助推行情，但长期仍呈净流出格局。 但是从宁王上市以来，有外资开始买了，中东的钱买的最多。 内资 ：今年2—3月大举加仓，公募一季报显示港股持仓达历史高点，4月以来调仓方向从互联网转向新消费板块，而险资等绝对收益机构，重点 配置则在银行、煤炭、电信等央企，最近在流出了。 发现了吗？谁是增量资金？ 内资是在卖的， 只有外资在引领港股的买入方向。 2、中国出口竞争力并未受损 ，说明产业链仍具韧性，但是，未来是否进一步管控"洗澡蟹"的压力仍在，以及，美方联合世界各方管控中 国出口的意图。 3、多项稳增长政策陆续出台 ，特别是刺激内需与产业升级的方向。但是，消费补贴边际 ...