Group 1: Company Analysis - Hao Oubo is a leading enterprise in the field of allergy testing and autoimmune testing in China, with a strategic focus on biopharmaceutical empowerment and the gradual formation of collaborative diagnosis and treatment for allergic diseases [3][4]. - The company is projected to achieve EPS of 0.58, 0.78, and 1.01 yuan for the years 2025-2027, with corresponding PE ratios of 224, 166, and 128 times, respectively, indicating a positive outlook for future growth [4]. Group 2: Industry Dynamics - The semiconductor materials industry is experiencing steady growth driven by the rapid increase in AI demand, with the market for photolithography, wet electronic chemicals, and electronic specialty gases all maintaining a growth trend [9]. - In the first half of 2025, listed companies in the semiconductor materials sector reported overall revenue and profit growth, with Q2 profits showing both year-on-year and quarter-on-quarter increases, suggesting a favorable industry outlook [9]. Group 3: Economic Indicators - In August 2025, the CPI remained flat at 0%, while the PPI finally stopped declining after eight months, indicating a potential turning point in price trends [11][24]. - The increase in new RMB loans and social financing in August 2025 suggests a positive trend in credit and social financing, with new loans amounting to 0.59 trillion yuan and social financing increasing by 2.57 trillion yuan [15].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 36.24 [1][5]. Core Views - The company reported significant improvement in performance, with H1 2025 revenue and net profit reaching RMB 133.3 billion and RMB 10.0 billion, respectively, representing year-on-year increases of 26.5% and 114.9% [1]. - The growth in revenue is attributed to notable increases in the fiberglass and wind blade businesses, along with the gradual ramp-up of special electronic fabrics [1][4]. - The company is expected to continue benefiting from its strong position in high-end electronic yarns and the overall improvement in its core business fundamentals [1]. Revenue and Profitability - In H1 2025, the company achieved sales volumes of 670,000 tons for fiberglass, 15 GW for wind blades, and 1.3 billion square meters for lithium membranes, with respective year-on-year changes of -1%, +103%, and +60% [2]. - Revenue from these segments was RMB 43.5 billion, RMB 52.0 billion, and RMB 9.3 billion, reflecting year-on-year growth of 13%, 84%, and 22% [2]. - The gross margin for fiberglass improved by 10.7 percentage points year-on-year to 26.0%, driven by rising fiberglass prices and product mix optimization [2]. Cost Management and Cash Flow - The company's expense ratio decreased to 11.5% in H1 2025, down 2.7 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [3]. - Operating cash flow improved significantly, reaching RMB 19.9 billion, an increase of RMB 21.1 billion year-on-year, primarily due to higher revenue and improved collection efforts [3]. Special Electronic Fabrics - The company successfully achieved bulk supply of special electronic fabrics, with sales of 8.95 million meters in H1 2025, covering a full range of low dielectric and low expansion products [4]. - The company has expanded its production capacity, with a new line expected to be operational by the end of the year, which will further enhance its competitive position in the special electronic fabric market [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is projected at RMB 1.15, RMB 1.38, and RMB 1.62, respectively [5]. - The company is valued based on a segmented approach, with a target market value of RMB 609 billion, corresponding to the target price of RMB 36.24 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company’s performance exceeded the mid-point of prior forecasts [1] - The company is expected to see a recovery in net profit with projections of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively [4] Segment Analysis Fiberglass - The fiberglass segment achieved sales of 136,000 tons in 2024, with revenue of 7.74 billion RMB and a net profit contribution of 0.37 billion RMB [2] - The average selling price per ton for fiberglass was 5,692 RMB, a decrease of 247 RMB year-on-year, while the cost per ton increased by 573 RMB to 4,686 RMB [2] Wind Power Blades - The wind power blade segment sold 24 GW in 2024, generating revenue of 8.57 billion RMB and a net profit of 0.318 billion RMB [3] - The average price per GW was 3.57 billion RMB, down 0.82 billion RMB year-on-year, with a unit cost of 3.09 billion RMB [3] Lithium Membranes - The lithium membrane segment sold 1.9 billion square meters in 2024, achieving revenue of 1.47 billion RMB and a net profit of 0.044 billion RMB [3] - The selling price per square meter was 0.77 RMB, a decrease of 0.64 RMB year-on-year [3]