"反内卷"持续推进 对于业绩变动的原因，爱旭股份表示，公司围绕ABC产品创新打造的以价值定价的商业模式已逐步得 到市场认可，ABC组件产销两旺，海外销售占比显著提升且公司不断提升运营效率，产品成本、期间 费用持续下降、存货跌价损失大幅改善。 同样发力BC路线的隆基绿能也实现减亏。该公司今年上半年净亏损25.69亿元，上年同期亏损52.31亿 元。在财报中，隆基绿能同样提到了HPBC组件的市场表现，其HPBC2.0组件产品逐步投入市场，签单 量及出货量快速增长。"BC技术迎来快速发展，在竞争中的差异化优势凸显"。另外，隆基绿能不断加 强内部运营管理，主要产品单位成本、销售费用、管理费用及资产减值损失快速下降。 弘元绿能上半年亏损大幅收窄。面对行业调整期的挑战，公司采取了一系列应对措施，包括优化供应链 管理、加速库存周转、严格控制成本费用等，确保核心业务保持稳定运营。 光伏组件厂商现业绩改善信号 ◎邱思雨 记者 俞立严 截至8月22日，包括隆基绿能、通威股份、天合光能在内的多家光伏上市公司发布上半年"成绩单"。上 海证券报记者梳理发现，爱旭股份、弘元绿能等部分光伏组件厂商出现业绩好转态势，上半年实现减亏 或扭亏。 ...

Investment Rating - The report assigns a rating of "Accumulate" (首次) for the company [5] Core Views - The company has achieved a turnaround in performance, with significant revenue growth and a reduction in losses, particularly in Q2 2025, where it reported a revenue of 4.31 billion yuan, a year-on-year increase of 62.8% [7][10] - The company has a strong competitive advantage with its ABC components, which have shown a significant premium in sales compared to traditional products, achieving a sales premium of 10%-50% [7][15] - The company has received approval for a fundraising project to support its expansion in high-efficiency solar cell production, indicating its strength in technology and market position [7][17][18] Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of 8.45 billion yuan, a year-on-year increase of 63.6%, and a net profit attributable to shareholders of -240 million yuan, an improvement of 86.4% [10] - The company shipped 8.57 GW of ABC components in the first half of 2025, with Q2 shipments reaching approximately 4 GW, reflecting strong market acceptance [12][15] Revenue and Profit Forecast - The company forecasts revenues of 22.72 billion yuan, 25.97 billion yuan, and 32.08 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 158 million yuan, 960 million yuan, and 1.63 billion yuan for the same years [5][22] - The expected EPS for 2025, 2026, and 2027 is 0.09 yuan, 0.53 yuan, and 0.89 yuan respectively, with corresponding PE ratios of 163, 27, and 16 [5][24] Competitive Position and Technology - The company has maintained a leading position in the efficiency of its ABC components, achieving a conversion efficiency of 24.4% and launching a third-generation "full-screen" component with over 25% efficiency [15][17] - The company’s overseas sales accounted for over 40% of its total sales in Q2 2025, indicating a growing presence in high-value markets [15] Fundraising and Expansion Plans - The company has received approval for a fundraising project to raise up to 3.5 billion yuan for its 15 GW high-efficiency solar cell project and to supplement working capital [17][19] - The total investment for the Yiwu Phase VI project is approximately 8.5 billion yuan, with 3 billion yuan allocated from the fundraising [17][19]

Group 1: Steel Industry - In July, the electrolytic aluminum capacity utilization rate reached 98.4%, marking a new high since 2012 [5] - The Ministry of Industry and Information Technology issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of backward production capacity on July 18, indicating potential recovery in steel sector profitability [5] - The stock price-to-book ratio (PB) of steel stocks is expected to recover alongside profitability [5] Group 2: Wanhuah Chemical (600309.SH) - For the first half of 2025, Wanhuah Chemical reported revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% [5] - In Q2 2025, the company achieved revenue of 47.834 billion yuan, a year-on-year decrease of 6.04%, but a quarter-on-quarter increase of 11.07% [5] Group 3: Guoguang Co., Ltd. (002749.SZ) - In the first half of 2025, Guoguang Co., Ltd. achieved revenue of 1.119 billion yuan, a year-on-year increase of 7.33%, and a net profit attributable to shareholders of 231 million yuan, up 6.05% [6] - In Q2 2025, the company reported revenue of 734 million yuan, a year-on-year increase of 8.47% and a quarter-on-quarter increase of 90.44% [6] Group 4: Aishuxin Co., Ltd. (600732.SH) - Aishuxin reported a revenue of 8.446 billion yuan for the first half of 2025, a year-on-year increase of 63.63%, with a net profit attributable to shareholders of -238 million yuan, indicating a narrowing loss [7] - In Q2 2025, the company achieved revenue of 4.311 billion yuan, a year-on-year increase of 62.77%, and a net profit of 63 million yuan, marking a return to profitability [7] Group 5: Huangshanghuang (002695.SZ) - For the first half of 2025, Huangshanghuang reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit attributable to shareholders increased by 26.90% to 77 million yuan [8] - In Q2 2025, the company achieved revenue of 538 million yuan, a year-on-year decrease of 10.72%, but net profit increased by 16.08% [8] Group 6: Yanjing Beer (000729.SZ) - Yanjing Beer reported revenue of 8.56 billion yuan for the first half of 2025, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.4% [8] - The company experienced a significant improvement in overall net profit margin due to effective sales expense management [8] Group 7: Haitai New Light (688677.SH) - In 2024, Haitai New Light reported revenue of 443 million yuan, a year-on-year decrease of 5.90%, with a net profit of 135 million yuan, down 7.11% [9] - In 2025, the company saw a 24.9% year-on-year increase in revenue in Q1, indicating a recovery as customer inventory levels decreased [9]

Macro Strategy - The report anticipates a decline in loan demand for July and stable growth in social financing [1] - The geopolitical situation and rising interest rate expectations have boosted market sentiment, leading to an increase in US stock prices [1] - The 10-year US Treasury yield rose by 6.7 basis points to 4.283% due to weak auction results reflecting soft market demand [1] Fixed Income Analysis - The report highlights the investment value of non-ETF component bonds in the Sci-Tech bond market, suggesting a shift towards these bonds due to their higher yield and credit spread compared to ETF components [2] - It notes that 14.79% of the non-ETF component bonds have a credit spread exceeding 40 basis points, indicating potential for yield compression [2] - The "anti-involution" policy is expected to have a longer-lasting impact compared to previous supply-side reforms, with a focus on high-quality development rather than large-scale demand-side stimulus [3][4] Company-Specific Insights - Guodian Measurement (002967) is recommended for its AI chip localization and high-end PCB expansion, with profit forecasts for 2025-2027 set at 4.0/4.5/5.2 billion [9] - Aisheng Co., Ltd. (600732) has shown a significant increase in shipments and profitability, with revised profit forecasts for 2025-2027 at 3.8/15.6/24.9 billion, reflecting a growth rate of 107%/307%/60% [10] - Yanjing Beer (000729) continues to perform well with a focus on its U8 product line, with profit forecasts adjusted to 16.03/19.26/22.74 billion for 2025-2027 [11] - Gole Technology (002241) is expanding its AR capabilities through investment in Micro-LED technology, with profit forecasts adjusted to 34/44 billion for 2025-2026 [13] - Pop Mart (09992.HK) is expected to see rapid revenue growth driven by its IP strategy, with profit forecasts raised to 100.3/144.9/182.9 billion for 2025-2027 [14]

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company has shown significant growth in ABC component shipments, with a year-on-year increase of over 400% in H1 2025, leading to a positive quarterly profit [9] - The company is expected to maintain full production and sales in Q3, with a projected total shipment of 20GW for ABC components in 2025, reflecting strong market penetration [9] - The financial outlook has improved, with adjusted net profit forecasts for 2025-2027 showing substantial growth, indicating a recovery from previous losses [9] Financial Summary - Total revenue for 2023 is projected at 27,170 million, with a significant increase to 40,137 million by 2027, reflecting a compound annual growth rate [10] - The net profit for 2025 is estimated at 383.49 million, with a remarkable growth rate of 107.21% compared to the previous year [10] - The earnings per share (EPS) is expected to recover from a loss of 2.91 yuan in 2024 to a profit of 1.37 yuan by 2027 [10]

Group 1: 华虹半导体 - The company experienced a rebound in gross margin, with a notable demand for power management devices, leading to an upward revision in profit forecasts [1][2] - For Q2 2025, revenue reached $566 million, slightly exceeding guidance, with a gross margin of 10.8%, surpassing expectations [1] - The management indicated that price adjustments made in Q2 2025 will reflect more significantly in Q3 and Q4, with Q3 revenue guidance set between $620 million and $640 million [1][2] Group 2: 和黄医药 - The company faced short-term pressure in H1 2025, with total revenue declining by 9% year-on-year, significantly impacted by competition in mainland China [3][4] - The revenue from oncology and immunology businesses dropped by 15%, leading to a downward revision of the full-year revenue guidance from $350-450 million to $270-350 million [3] - Despite the challenges, the company is expected to achieve operational breakeven in H2 2025 [3][4] Group 3: 爱旭股份 - The company reported a profit of 63 million RMB in Q2 2025, marking a significant turnaround, with a gross margin of 7.4%, up 6.9 percentage points from the previous quarter [9] - The shipment volume of ABC components was 4.03 GW, although it saw an 11% quarter-on-quarter decline, with overseas sales exceeding 40% [9] - The rising prices of silicon wafers since July may compress the profit margins of ABC components, and there are uncertainties regarding the potential cancellation of a 9% export tax rebate on photovoltaic products [9]

Core Viewpoint - The photovoltaic industry in China is experiencing significant growth, with a new installed capacity of 212.21 GW in the first half of 2025, representing a year-on-year increase of 107%. However, the industry faces challenges due to oversupply and intense competition, leading to a focus on reversing the trend of low prices and quality [2][3]. Group 1: Company Performance - Aiko Solar (爱旭股份) has reported a turnaround in its quarterly performance, achieving profitability in the second quarter, which may signal a recovery for the industry [4]. - In the first half of the year, Aiko Solar's revenue reached 8.446 billion yuan, a year-on-year increase of 63.63%, although it still recorded a net loss of 238 million yuan. The company managed to achieve a net profit of 63 million yuan in the second quarter [6]. - The sales of ABC (All Back Contact) components accounted for approximately 74% of Aiko Solar's total revenue, with a shipment volume of 8.57 GW, reflecting a year-on-year growth of over 400% [6][7]. Group 2: Market Dynamics - Aiko Solar's overseas component sales exceeded 40% in the second quarter, with significant growth in high-value markets. The ABC components command a sales premium of 10% to 50% over traditional TOPCon components [7]. - As of the end of June, Aiko Solar's accounts receivable reached 1.368 billion yuan, a year-on-year increase of 63.17%, attributed to the expansion of component sales [7]. Group 3: Financial Health - Aiko Solar reported a net cash inflow from operating activities of 1.855 billion yuan in the first half of the year, indicating improved operational efficiency and financial stability [8]. - The company's research and development expenses decreased by 65.60% to 167 million yuan, as the peak R&D phase for ABC products was front-loaded [9]. Group 4: Future Growth Initiatives - Aiko Solar plans to invest 750 million yuan in a 112 MW wind power project, expected to be completed and connected to the grid by 2027 [10]. - The company is also focusing on zero-carbon applications based on ABC components and has signed a strategic cooperation agreement with 3M's Swiss subsidiary for energy systems in modern agricultural facilities [10]. - Aiko Solar's fundraising efforts include a plan to raise up to 3.5 billion yuan through a private placement to fund a 15 GW high-efficiency crystalline silicon solar cell project and to supplement working capital [10][11].

Investment Rating - The investment rating for the company is Neutral [2][11]. Core Insights - The company has reported better-than-expected performance, achieving profitability in Q2 2025, with a revenue of RMB 4.31 billion, a quarter-on-quarter increase of 4.2% [6][7]. - The gross margin significantly improved to 7.4%, up 6.9 percentage points from the previous quarter, marking the first profitable quarter since Q4 2023 [6]. - Despite the positive results, uncertainties remain for the second half of the year, leading to a maintained Neutral rating and a target price of RMB 16.50, reflecting a potential upside of 12.6% [6][11]. Financial Overview - Revenue projections for the company are as follows: RMB 27,170 million in 2023, RMB 11,155 million in 2024, RMB 19,370 million in 2025E, RMB 30,386 million in 2026E, and RMB 35,905 million in 2027E, with a significant growth expected in 2025 [5][13]. - The net profit is projected to be RMB 757 million in 2023, a loss of RMB 5,319 million in 2024, and a loss of RMB 337 million in 2025E, with a return to profitability expected in 2026 [5][13]. - The company’s gross margin is expected to recover from -9.9% in 2024 to 5.3% in 2025E, and further improve to 13.8% in 2026E [13]. Market Performance - The stock has a 52-week high of RMB 16.49 and a low of RMB 7.39, with a market capitalization of approximately RMB 26,556.06 million [4]. - Year-to-date performance shows an increase of 32.94% [4]. Component Business Forecast - The company’s ABC component sales are projected to grow from 0.5 GW in 2023 to 20.0 GW in 2025E, with unit prices expected to decrease from RMB 1.22 to RMB 0.73 per watt during the same period [8].

Core Viewpoint - Aikang Co., Ltd. (爱旭股份) has shown significant improvement in its financial performance in the first half of 2025, driven by the success of its ABC components and cost reduction strategies [1][2][3]. Financial Performance - In the first half of 2025, Aikang Co., Ltd. achieved operating revenue of 8.446 billion yuan, a year-on-year increase of 63.63% [1]. - The net profit attributable to shareholders was -238 million yuan, an improvement from a loss of -1.745 billion yuan in the same period last year [1]. Component Sales and Market Strategy - The company reported that its ABC component shipments reached 8.57 GW, a year-on-year increase of over 400%, with ABC component revenue accounting for approximately 74% of total revenue, up from 32.96% in the previous year [2]. - Aikang Co., Ltd. is transitioning from a third-party battery supplier to a producer of advanced N-type ABC components and scenario-based products [2]. - In the second quarter of 2025, overseas sales of components accounted for over 40% of total sales, with ABC components commanding a price premium of 10% to 50% over traditional TOPCon components in high-value distributed markets [2]. Cost Management - The company has successfully reduced management expenses by 37.42% and R&D expenses by 65.60%, attributing these reductions to decreased personnel costs [3]. - Financial expenses shifted from 280 million yuan in the previous period to -37 million yuan, due to increased exchange gains and interest income [3]. Industry Outlook and Fundraising - Aikang Co., Ltd. noted that the industry is stabilizing due to self-regulatory production limits and improved pricing conditions, although potential risks remain if policy measures fall short [4]. - The company received approval for a revised fundraising plan, aiming to raise 3.5 billion yuan, with 3 billion yuan allocated for a new high-efficiency solar cell project and 500 million yuan for working capital [4]. - The fundraising is expected to enhance the supply capacity of N-type ABC cells and solidify the company's competitive advantage in the BC cell sector [4].

Core Viewpoint - Aiko Technology (爱旭股份) is betting on BC technology and has made significant progress in expanding its production capacity, aiming to improve its financial performance and navigate through the challenging photovoltaic industry cycle [3][4][14]. Group 1: Company Performance and Financials - Aiko Technology has turned a profit in the second quarter of 2025, becoming the first photovoltaic company in the main industry chain to achieve this milestone [7]. - The company reported revenues of approximately 111.55 billion yuan and 41.36 billion yuan for 2024 and the first quarter of 2025, respectively, with net profits of -53.19 billion yuan and -3 billion yuan [8]. - In the first half of 2025, the company expects a net profit of between -280 million yuan and -170 million yuan, indicating a recovery from previous losses [8]. - As of the end of the first quarter of 2025, Aiko Technology had total borrowings exceeding 100 billion yuan and an asset-liability ratio of 85.97%, ranking fifth among 31 listed photovoltaic companies [9][10]. Group 2: Production Capacity and Market Demand - Aiko Technology's ABC components have seen a significant increase in orders, with over 5 GW of new orders in the first quarter of 2025, indicating strong market demand [4]. - The company plans to invest 30 billion yuan from a recent fundraising effort into a 15 GW high-efficiency silicon solar cell project, which is crucial for its ongoing expansion in the N-type ABC battery sector [5][6]. - The production capacity for ABC components is currently at full capacity, but the company is working to enhance this capacity to meet growing demand [4]. Group 3: Competitive Position and Market Trends - Aiko Technology's ABC components are sold at a premium compared to TOPCon competitors, with domestic market premiums around 10% and up to 40% in high-value European markets [6]. - The company has positioned itself in the BC technology sector, which is expected to grow significantly, with forecasts suggesting a market share increase from single digits to over 30% by 2027 [14][15]. - The photovoltaic industry is currently facing challenges, with significant losses reported across the sector, but Aiko Technology's focus on differentiated technology may provide a competitive edge [11][12].