存货&合同负债略降，经营性现金流显著好转。截至2025Q3 末，公司合同负债为14.13 亿元，同 比-17.2%，存货为16.08 亿元，同比-11.6%。 2025Q3 公司经营性活动现金流为1.54 亿元，同比+621%，环比+317%，主要系公司销售产品、提供劳 务收到的现金增加所致。 投资要点 业绩稳健增长。25Q1-Q3 公司实现营收17.81 亿元，同比+23.7%；归母净利润4.96 亿元， 同比 +29.4%；25Q3 单季营收为6.11 亿元，同比+14.4%，环比+0.4%；归母净利润为1.69 亿元，同比 +15.0.%，环比+3.61%。 净利率持续改善，控费能力优异。2025Q1-Q3 公司毛利率为46.20%，同比-2.1pct；销售净利率为 27.85%，同比+1.2pct。期间费用率为13.44%，同比-5.6pct，其中销售费用率为0.73%，同比-1.8pct，管 理费用率为3.05%，同比-0.7pct，研发费用率为10.02%，同比-4.6pct，财务费用率为-0.35%，同比 +1.5pct，财务费用同比上升主要因大额存单减少导致利息收入降低。 Q3 单季毛利率为4 ...

Macro Strategy - The report indicates that loan demand is expected to decline in July, while social financing growth is projected to remain stable [1][22] - The ECI supply index is at 50.06%, showing a slight decrease, while the demand index is at 49.90%, indicating a contraction in both supply and demand [22] - The report highlights a potential rebound in CPI due to rising commodity prices, which may affect market expectations for interest rate cuts in September [1][23] Industry Analysis - The report discusses historical capacity adjustment cases, emphasizing that government intervention is more effective than non-intervention in addressing capacity imbalances [2][4] - It notes that supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment [2] - The "反内卷" policy is expected to differ from previous supply-side reforms, focusing on market-driven measures rather than administrative interventions [6][7] Company Insights - For Hehuang Pharmaceutical, the net profit forecast for 2025 has been adjusted to $41.4 million due to asset sales, while future projections have been revised downwards due to delays in product launches [11] - For Dazhong Media, the profit forecast for 2025-2027 has been adjusted, reflecting the impact of the "碰一碰" business model on profit elasticity and cost optimization [12] - For Di'er Laser, the company reported a 29.2% year-on-year revenue growth in H1 2025, driven by strong performance in the photovoltaic equipment sector [13][14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.17 billion yuan in H1 2025, representing a year-on-year increase of 29.2%, with a net profit attributable to shareholders of 330 million yuan, up 38.4% year-on-year [2] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year increase of 33.8% and a quarter-on-quarter increase of 8.5%, with a net profit of 160 million yuan, reflecting a year-on-year growth of 61.91% [2] - The company's gross margin for H1 2025 was 47.6%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 1.8 percentage points to 27.9% [3] - As of the end of H1 2025, the company's contract liabilities decreased by 17% year-on-year to 1.58 billion yuan, and inventory decreased by 11% to 1.75 billion yuan [4] - The company is actively advancing its business layout in the semiconductor field, focusing on laser equipment for photovoltaic cells and components, as well as laser devices for consumer electronics and integrated circuits [5] Financial Summary - The company forecasts total revenue of 2.514 billion yuan for 2025, with a year-on-year growth of 24.8%, and a net profit of 642.54 million yuan, reflecting a growth of 21.78% [1][11] - The projected earnings per share (EPS) for 2025 is 2.35 yuan, with a price-to-earnings (P/E) ratio of 31.93 based on the current price [1][11] - The company's operating cash flow for H1 2025 was -143 million yuan, a decrease of 35% year-on-year, primarily due to increased cash payments for goods and services [4]