天康生物 20250903 摘要 天康生物计划 2025 年生猪出栏 350-400 万头，上半年自繁自养成本控 制在 12.5 元左右，总成本低于 13 元。通过收购昌都畜牧，预计 2026 年出栏量将达 500 万头，加速实现既定目标。 公司通过优化饲料结构，增加中亚原料（如大麦、小麦）替代比例至 10%-20%，降低饲料成本。同时，提高人员效率和优化设施设备，进 一步控制人工费用。 甘肃地区生产成本已从 16-17 元降至 13.18 元，但仍高于新疆的 11.6 元。公司将通过完善设施、提升管理水平和优化人员队伍来进一步降低 甘肃地区的成本。 公司在新疆和河南已实现育肥产能全配套，各拥有约 140-150 万头育肥 产能，总计约 300 万头。甘肃地区育肥产能约为 50 万头。 公司认为猪价下行空间有限，母猪数量减少预示价格企稳回升。玉米价 格可能逐渐上升。公司 2025 年上半年自繁自养成本为 12.7 元，农户代 养成本为 13.7 元。 Q&A 甘肃地区生产成本较高，未来有哪些措施可以降低甘肃地区的生产成本？ 2025 年上半年公司经营情况如何？ 2025 年上半年，公司实现归母净利润 3.38 ...

Flash | 31 Aug 2025 17:34:13 ET │ 11 pages Tianqi Lithium (002466.SZ) A Tough Quarter CITI'S TAKE Tianqi Lithium reported 1H25 headline net profits of Rmb84mn, implying 2Q25 was largely breakeven at -Rmb19mn. Stripping out FX gains, its 2Q25 loss should be ~Rmb280mn, implying further deterioration in lithium dynamics while both spodumene and carbonate prices declined ~13% QoQ. The market has been volatile in the past couple of weeks on expectations of anti-involution in lithium. We think the recent rally co ...

August 31, 2025 12:38 PM GMT Hongfa Technology Co Ltd | Asia Pacific China BEST Conference 3Q 2025 Feedback: Positive Start in 2H25 Key Takeaways Core sectors see positive start in 2H25: New products take time to ramp up: framework ** = Based on consensus methodology e = Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the obj ...

August 31, 2025 04:14 PM GMT Shanghai United Imaging Healthcare Co | Asia Pacific 2Q Above MSe; Accelerated 2H Growth Seen Driven by Policy Tailwinds, Innovative Initiatives, Global Expansion Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Equipment "trade-in": The MoF announced a Rmb188bn ultra-long STB for 2025's "equipment trade-in" program. Ma ...

August 31, 2025 07:29 PM GMT China Yangtze Power Co. | Asia Pacific Robust earnings growth in 1H25 Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways CYPC reported a 1H25 net profit of Rmb13.06bn, up 14.9% yoy, 0.6% higher than that of the preliminary result. Revenue was Rmb36.7bn, up 5.3% yoy, 0.3% higher than the preliminary result. This was lar ...

2Q25 In-Line; Exploring Liquid Cooling Potential China (PRC) | Autos & Auto Parts Tuopu reported 2Q25 results with revenue of RMB7.2bn, up 10% YoY, and earnings of RMB729mn, down 10% YoY. 2Q25 GPM came in at 19.3%, down 0.6/1.1ppt QoQ/YoY, duemainly to pricing pressure from OEMs and rising depreciation cost. We joined Tuopu's post-result group call, where mgmt shared their thoughts on liquid cooling business and humanoid robot development. The company aims to achieve 20% YoY revenue growth next year. Detail ...

Summary of Zhejiang Shuanghuan Driveline Co. Ltd. Conference Call Company Overview - **Company**: Zhejiang Shuanghuan Driveline Co. Ltd. - **Ticker**: 002472.SZ - **Market Cap**: Rmb31,576.7 million - **Current Share Price**: Rmb37.26 (as of August 29, 2025) - **Price Target**: Rmb43.00, indicating a 15% upside potential [6][6] Industry Insights - **Industry**: China Industrials - **Key Growth Drivers**: - Strong demand for New Energy Vehicles (NEVs) supported by new models from companies like Xiaomi, Onvo, and Xpeng [2][2] - Increased overseas visibility with monthly shipments to Stellantis ramping up to 50,000 units, annualized to 600,000 units, alongside orders from Volvo, Renault, and Hyundai [2][2] Financial Performance - **Revenue Projections**: - Intelligent actuators expected revenue: Rmb850-900 million for 2025 and Rmb1.2 billion for 2026, driven primarily by vacuum cleaners [3][3] - Revenue for 2025 estimated at Rmb9,996 million, with a growth trajectory leading to Rmb12,277 million by 2027 [6][6] - **Gross Profit Margin (GPM)**: - Current GPM for intelligent actuators at 19% in 1H25, with a target of 25% through a balanced product mix [3][3] - Management aims for a long-term GPM of approximately 30% and a net profit margin (NPM) of 15-17% [8][8] Product Development - **Coaxial Gearboxes**: Anticipated improvement in performance in the second half of 2025, with integration into platforms from Zeekr and Lynk [2][2] - **Robotic Reducers**: Contributed about 5% to 1H25 revenue with a GPM of 35%, with annualized capacity reaching 50,000 units [4][4] - **New Reducers for Humanoid Robots**: Currently in development and testing stages with key clients [8][8] Risks and Challenges - **Downside Risks**: - Slower-than-expected market share gains and weaker overseas demand [11][11] - Intensifying competition in the gear and actuator market within China [11][11] Analyst Recommendations - **Stock Rating**: Overweight, indicating a positive outlook on Shuanghuan's topline growth from NEVs and intelligent actuators, along with margin expansion [8][8] - **Valuation Methodology**: Price target derived using a 25x P/E ratio for 2025 estimates, reflecting growth visibility and potential demand expansion [9][9] Conclusion Zhejiang Shuanghuan Driveline Co. Ltd. is positioned for growth driven by NEV demand and intelligent actuator advancements, with a focus on improving margins and expanding product offerings. The company faces competitive pressures but maintains a positive outlook supported by strong revenue projections and strategic product developments.

2 September 2025 | 3:43PM HKT We reiterate Buy on Ruijie Networks as we see (1) rising China Cloud capex (GSe BABA Capex in FY2026-28E lifted post 1QFY26 result) to drive switch demand, (2) positive 2H25 outlook with strong visibility into data center switch growth, (3) migration to 400G/800G switches for data center high-speed transmission, and (4) accumulated experience in offering customized white-box solutions for major China CSP clients. We are positive on Ruijie as a local switch leader to ride on the ...

Summary of Gotion High-Tech Co. (002074.SZ) Conference Call Company Overview - **Company**: Gotion High-Tech Co. (002074.SZ) - **Market Cap**: Rmb69.4 billion / $9.7 billion - **Enterprise Value**: Rmb89.0 billion / $12.5 billion - **Target Price**: Rmb45.40 (up from Rmb28.80) with a current price of Rmb40.12, indicating an upside of 13.2% [1][20] Financial Performance - **2Q25 Results**: - **Net Profit**: Rmb266 million, +32% YoY, +164% QoQ, but below estimates by 31% (or ~Rmb120 million) [1] - **Gross Profit**: Rmb1.5 billion, -7% YoY, -8% QoQ, below estimates by 3% [1] - **Revenue**: Rmb10.3 billion, +11% YoY, +14% QoQ, above estimates by 17% [1] - **Sales Volume**: ~22 GWh, +47% YoY, +22% QoQ, beating estimates by 25% [1] Key Insights - **Earnings Miss**: Attributed to an unexpected asset impairment of Rmb154 million related to lithium price corrections [1] - **Unit Gross Profit (GP)**: Estimated at ~Rmb62/kWh in 2Q25, below estimates of ~Rmb78/kWh and down from Rmb84/kWh in 1Q25 due to: - Stronger-than-expected US tariff impacts hindering exports [2] - Industry-wide GP decline due to price competition [2] - Unit depreciation, depletion, and amortization (DD&A) inflation from new capacity ramp-up [2] - **OPEX Efficiency**: Improved OPEX efficiency at 11% of revenue, significantly below earlier estimates of 15% [2] - Consistent decline in OPEX ratio from 14% in 4Q24 to 11% in 2Q25 [2] - OPEX improvements expected to sustain due to stronger volume growth [2] Future Projections - **Revenue Forecasts**: - 2025E: Rmb44.14 billion (up from Rmb40.42 billion) - 2026E: Rmb54.91 billion (up from Rmb48.43 billion) - 2027E: Rmb58.71 billion (up from Rmb56.36 billion) [4][39] - **Earnings Per Share (EPS)**: - 2025E: Rmb0.86 - 2026E: Rmb2.24 - 2027E: Rmb2.36 [4][39] Risks and Challenges - **Volume Growth**: Slower-than-expected volume growth could lead to a 4%/2%/3% earnings downside in 2025E-2027E for every 1% volume miss [21] - **Market Competition**: Potential share loss with major OEMs could undermine revenue and earnings forecasts [21] - **Price Competition**: Stronger-than-expected price competition could significantly impact earnings, with a Rmb10/kWh GP decline potentially lowering earnings by ~60% in 2025E and ~30% in 2026E [21] Subsidy Insights - **Government Subsidies**: Major swing factor for earnings, with updated forecasts reflecting CAPEX-based subsidies from China and production-based subsidies from the US [26] - Total subsidies expected to peak in 2026E, representing 58%/25%/7% of net profit for 2025-2027E [28] Conclusion - **Investment Rating**: Maintain Buy rating with a revised target price reflecting strong volume trends and operational efficiency improvements [20]

2 September 2025 | 3:00PM HKT Han's Laser Technology (002008.SZ) Upgrade to Buy from Neutral on growth & margin turnaround driven by PCB and consumer electronics equipment 002008.SZ 12m Price Target: Rmb44.80 Price: Rmb36.37 Upside: 23.2% We upgrade Han's Laser to Buy from Neutral with an updated 12m TP of Rmb44.8 implying c.20% upside. We expect to see earnings growth and margin turnaround in 2025, after 3 years of yoy EBIT decline in 2022-2024, driven by increasing AI related demand in the PCB equipment b ...