Investment Rating - The report maintains a "Buy" rating for Guanghe Technology (001389) [3][4] Core Views - The company experienced rapid growth in the first half of 2025, with revenue reaching 2.425 billion yuan, a year-on-year increase of 42.17%. The net profit attributable to shareholders was 492 million yuan, reflecting a growth of 53.91% [4][5] - The growth is attributed to the company's proactive approach in seizing opportunities from strong demand for computing power, expanding its market for computing products, and overcoming technical bottlenecks in key product areas such as high-end HDI, AI servers, high-speed switches, next-generation general servers, and optical modules [5] - The company's gross margin improved to 36.41%, up by 2.07 percentage points year-on-year, while the net margin increased to 20.27%, up by 1.54 percentage points [5] Financial Summary - The total revenue for 2023 is projected at 26.78 billion yuan, increasing to 35.34 billion yuan in 2024, and further to 51.07 billion yuan in 2025, with an estimated growth to 63.54 billion yuan in 2026 [6] - The net profit attributable to shareholders is expected to rise from 4.15 billion yuan in 2023 to 6.76 billion yuan in 2024, reaching 10.09 billion yuan in 2025, and 13.18 billion yuan in 2026 [6] - The earnings per share (EPS) are forecasted to be 2.37 yuan for 2025 and 3.10 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 29 and 22 [5][6]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4]. Core Insights - The company is a leader in AI server manufacturing and has a comprehensive layout in smart manufacturing, benefiting from the rapid growth in AI-driven demand [14][27]. - The AI server business is experiencing high demand, with significant revenue growth projected in the coming years, driven by major cloud service providers' capital expenditures [2][39]. - The company has a stable and concentrated shareholding structure, with a seasoned management team that supports its strategic initiatives [21][25]. Summary by Sections 1. Company Overview - The company operates in three main segments: communication and mobile network equipment, cloud computing, and industrial internet, achieving full coverage of five major categories in the digital economy [14]. - In the first half of 2025, the company reported a 35.58% year-on-year revenue increase to CNY 360.76 billion, with a net profit growth of 38.61% to CNY 12.11 billion [27]. 2. AI Server Demand and Cloud Computing Benefits - The demand for AI servers remains robust, with major cloud service providers increasing their capital expenditures significantly, reaching USD 90 billion in Q2 2025, a 70% year-on-year increase [2][39]. - The company's AI server revenue grew over 60% year-on-year in Q2 2025, contributing to a substantial increase in overall cloud computing revenue [2][39]. 3. High-Speed Switches and Client Collaborations - The market for high-speed switches is expanding, with the 400G market projected to reach approximately USD 8.91 billion by 2024, and the 800G market expected to grow significantly [3]. - The company has deepened collaborations with major clients, enhancing its competitive advantage in the data center interconnect market [3]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of CNY 971.79 billion, CNY 1,653.68 billion, and CNY 2,205.94 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 34.15 billion, CNY 52.43 billion, and CNY 65.16 billion [4][5]. - The report highlights the company's valuation advantages compared to peers, with projected P/E ratios of 26, 17, and 14 for 2025, 2026, and 2027, respectively [4].

8月21日，广合科技发布2025年上半年报告称，上半年，公司实现营业收入24.25亿元，同比增长42.17%；实现归属于上市公司股东的净利润 4.92亿元，同比增长53.91%；扣除非经常性损益的净利润为4.78亿元，同比增长47.78%。 （校对/黄仁贵） 报告期内，受益于算力基础设施需求强劲增长，公司所处的算力供应链需求旺盛。公司积极把握算力需求强劲增长机遇，加大算力产品市 场开拓，坚持以技术创新驱动产品结构优化，通过数字化推动提产增效，经营业绩稳步提升，公司2025年上半年的营收和净利润较上年同 期均有所增长。 报告称，广合科技坚持以技术创新为发展内核，公司聚焦材料、新产品开发、创新工艺研究、数字化管理建设等关键领域，开展了一系列 富有成效的研究工作。上半年，公司在高阶HDI、AI服务器、高速交换机、新代际通用服务器、光模块等核心产品领域持续突破技术瓶颈， 高端产品技术的加速迭代与突破，不仅显著提升了公司的核心竞争力，更为其在高端化产品赛道的深耕与拓展奠定了坚实基础。 报告期内，公司全资子公司黄石广合持续推动成本管控、调整产品结构、提产增效，报告期内实现扭亏为盈。2025年6月，泰国广合正式投 产，目前 ...

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company has experienced rapid growth in the past two years, with a significant increase in revenue and net profit driven by the demand for AI servers and cloud computing [6][28]. - The cloud computing segment has become the company's largest business, accounting for over 50% of revenue in 2024, with a projected growth rate of 62% from 2025 to 2027 [31][79]. - The company is well-positioned to benefit from the increasing capital expenditures of major global cloud providers, indicating strong demand for AI-related services [50][57]. Summary by Sections 1. Company Overview - The company, backed by Hon Hai, has rapidly grown since its establishment in 2015, with a focus on cloud services and industrial internet [17]. - The management team is experienced, with a new rotating CEO system implemented to enhance decision-making processes [25]. 2. Cloud Computing Business - The cloud computing sector is expected to see substantial growth, with revenue projections of 5,175 billion, 9,110 billion, and 12,094 billion from 2025 to 2027, respectively [8][79]. - The demand for AI servers is robust, with significant capital expenditure increases from major cloud players, reflecting a strong market outlook [50][57]. 3. Other Business Segments - The high-speed switch market is experiencing rapid growth, with the company's 800G switches seeing a revenue increase of nearly three times in the first half of 2025 compared to the previous year [68]. - The precision structure components for consumer electronics are benefiting from innovations in AI smartphones, with a 17% revenue increase in the first half of 2025 [69]. 4. Financial Forecast and Valuation - Revenue forecasts for 2025 to 2027 are 8,434 billion, 13,203 billion, and 17,156 billion, with corresponding growth rates of 38.5%, 56.5%, and 29.9% [79]. - The projected net profit for the same period is 305 billion, 505 billion, and 594 billion, with growth rates of 31.5%, 65.5%, and 17.6% [79].

Investment Rating - The report maintains an "Add" investment rating for the company [2] Core Views - The company reported a revenue of 3.77 billion yuan for the first half of 2025, representing a year-on-year increase of 91%, with a net profit of 530 million yuan, up 452% year-on-year [1] - The company is investing 1.9 billion yuan to expand its PCB production capacity, focusing on AI computing clients and high-end markets [6] - The second quarter of 2025 saw a revenue of 2.19 billion yuan, a year-on-year increase of 101.1%, driven by the growth in AI servers and high-speed switches [6] - The company expects significant growth in revenue and net profit from 2025 to 2027, with projected revenues of 82.0 billion yuan, 118.9 billion yuan, and 160.6 billion yuan respectively [6] Financial Data and Valuation - The company’s total revenue is projected to decline by 7% in 2023, followed by growth rates of 43%, 75%, 45%, and 35% in the subsequent years [12] - The projected earnings per share (EPS) are expected to rise from -0.03 yuan in 2023 to 3.71 yuan in 2027 [12] - The price-to-earnings (PE) ratio is expected to improve from -1826.8 in 2023 to 14.8 in 2027 [12] - The company’s return on equity (ROE) is projected to increase from -0.6% in 2023 to 36.8% in 2027 [12]

格隆汇8月14日｜东方证券研报指出，工业富联25Q2单季营收达2003.4亿元，同比增长36%；净利润为 68.8亿元，同比增长51%，均创下同期历史新高。公司AI服务器业务竞争力强大，有望持续推动业绩增 长。在服务器业务方面，工业富联25Q2整体服务器营收增长超50%，云服务商服务器营收同比增长 150%，AI服务器营收同比增长超60%。认为公司业绩有望继续受到AI服务器业务的驱动，保持高速成 长态势。高速交换机需求旺盛，公司有望继续受益数据中心高速互联市场成长。展望未来，AI手机推 动高端换机潮，终端需求有望持续结构性复苏。公司在高端手机精密结构件上竞争力强大，有望继续保 持领先地位，充分受益高端手机需求向好。采用可比公司26年22倍PE进行估值，对应目标价为48.18 元，维持"买入"评级。 ...

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,683.46, up by 0.48%, and the Shenzhen Component Index rising by 1.76% to 11,551.36 [4]. Industry Commentary - In the chemical pharmaceutical sector, the oral GLP-1 small molecule receptor agonist has reached phase III clinical endpoints, showcasing weight loss potential in domestic pipelines during U.S. clinical trials [5][6]. - The AI-powered slag removal equipment developed by Qingda Environmental Protection has been recognized as internationally leading, aiming for a smart operation model with self-sensing and self-diagnosing capabilities [8][9]. Company Commentary - Qingda Environmental Protection (688501.SH) has received approval for a private placement to raise up to 150 million yuan, aimed at enhancing liquidity. The company is expected to see significant revenue growth driven by the demand for flexible transformation in thermal power generation [8][9]. - 361 Degrees reported a strong performance in e-commerce channels with a mid-year dividend payout ratio of 45%, reflecting robust growth in online sales [8]. - Industrial Fulian (601138.SH) reported a 35.58% year-on-year increase in revenue for the first half of 2025, driven by strong demand for AI servers and high-speed switches [17][19]. - Zhigao Machinery (920101.BJ) is recognized as a "small giant" in the engineering machinery sector, focusing on rock drilling equipment and air compressors, with a strong market presence [16]. Financial Performance - Qingda Environmental Protection anticipates revenue between 900 million to 1.25 billion yuan for the first half of 2025, representing a year-on-year growth of 75.1% to 143.2% [9]. - 361 Degrees expects revenues of 113.67 billion, 127.14 billion, and 141.10 billion yuan for 2025-2027, with net profits projected to grow steadily [12]. - Industrial Fulian's EPS is projected to be 1.56, 2.01, and 2.61 yuan for 2025-2027, maintaining a "buy-A" rating based on strong growth prospects [19].

Core Viewpoint - Industrial Fulian reported a strong performance in Q2 2025, with revenue and net profit reaching historical highs, driven by robust growth in AI server and high-speed switch businesses [1] Financial Performance - In Q2 2025, the company's revenue reached 200.34 billion yuan, a year-on-year increase of 36% [1] - Net profit for the same period was 6.88 billion yuan, up 51% year-on-year [1] Business Segments - The AI server business showed strong competitiveness, with overall server revenue growth exceeding 50% and cloud service server revenue increasing by 150% year-on-year [1] - AI server revenue grew by over 60% year-on-year, indicating a significant demand in this segment [1] - The demand for high-speed switches remains strong, with revenue from 800G high-speed switches nearly tripling compared to the entire year of 2024 [1] - The precision components business benefited from the popularity of certain high-end smartphone models, with shipment volume increasing by 17% year-on-year [1] Future Outlook - The trend of high-end smartphone upgrades driven by AI is expected to sustain terminal demand for the precision components business [1] - Earnings per share forecasts for 2025-2027 are adjusted to 1.59, 2.19, and 2.59 yuan respectively, reflecting an increase in the proportion of high-end products [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Insights - The company's performance in Q2 2025 reached historical highs, driven by significant growth in AI server and switch businesses, with a revenue increase of 35.92% year-on-year [7]. - The cloud computing segment saw over 50% growth compared to the same period last year, with AI server revenue increasing by more than 60% year-on-year [7]. - The report highlights the company's strong market position and deepening customer relationships, particularly with major clients like Microsoft and AWS, which enhances its competitive edge in the AI server market [7]. Financial Summary - Total revenue projections for the company are as follows: - 2024A: 609,135 million - 2025E: 767,554 million - 2026E: 949,776 million - 2027E: 1,196,683 million - Year-on-year growth rates for total revenue are projected at 27.9% for 2024, 26.0% for 2025, 23.7% for 2026, and 26.0% for 2027 [2][8]. - Net profit attributable to the parent company is expected to grow significantly, with projections of: - 2024A: 23,216 million - 2025E: 33,929 million - 2026E: 45,125 million - 2027E: 56,692 million - The net profit growth rates are projected at 10.3% for 2024, 46.1% for 2025, 33.0% for 2026, and 25.6% for 2027 [2][8]. Market Position - The company is positioned as a leading global server manufacturer, benefiting from the growing demand for AI servers, with the global market expected to reach $158.7 billion in 2025 [7]. - The report emphasizes the company's strong R&D and manufacturing capabilities in the AI server sector, which are crucial for maintaining its market leadership [7].