3 September 2025 | 12:23AM HKT Hwatsing (688120.SS): Solid orders and product expansion to thinning/dicing/polishing equipment; 2Q25 in line; Neutral We are positive on Hwatsing and see it riding on the increasing semiconductor capex in China, along with its product expansion from CMP to Ion implementation, thinning / dicing / polishing, and cleaning tools. The company's 2Q25 revenues sustained +27% YoY/+14% QoQ growth to Rmb1.0bn (vs. +34% YoY/-4% QoQ revenues growth in 1Q25), in-line with GSe and was supp ...

Summary of Beijing New Building Materials (BNBM) Conference Call Company Overview - **Company**: Beijing New Building Materials (000786.SZ) - **Industry**: Building materials, specifically gypsum boards, waterproofing, and coatings Key Takeaways 1. **Pricing Trends**: - Improvement in Average Selling Price (ASP) across all major products observed in August [1] - Sequential price improvement noted in 3Q25 due to two rounds of ASP hikes in March and August [5] 2. **Market Position**: - BNBM maintained a leading market position with approximately 68% market share in gypsum boards, focusing on premium products and gaining market share in commodity products [5] - Ambitious market share targets set for waterproof and coating segments [1] 3. **Product Performance**: - New product sales volume in 1H25 surpassed the full-year level of 2024, indicating strong demand for high-end products [5] - Positive year-over-year growth in sales and net profit for waterproof membranes and coatings, driven by channel expansion and cost efficiencies [8] 4. **Capacity Expansion**: - Announced capacity expansion plans in Ningbo, targeting an annual production capacity of 80 million square meters for gypsum boards and 20,000 tons for metal framing [5] - Plans to expand high-end GF board capacity to 20 million square meters by the end of the year [6] 5. **Market Demand Outlook**: - Management expects market demand for gypsum boards to rise gradually to approximately 4 billion square meters by 2030, driven by renovation and reconstruction needs [6] - Anticipation of a duopoly market in the waterproof industry in China [8] 6. **Cost Management**: - Cost-saving initiatives led to a 4% year-over-year reduction in costs in 1H25, contributing to gross profit margin improvement for high-end products [5] 7. **Strategic Focus**: - Continued focus on market share expansion through differentiated high-end products and penetration into rural markets [5] - Plans for proactive market consolidation in commodity products through dynamic pricing strategies and acquisitions [5] 8. **Investment Thesis**: - BNBM is positioned to benefit from rising renovation demand, which may offset potential slowdowns in property completions in China [10] - New business expansions in waterproofing and coatings are expected to drive earnings growth [10] 9. **Risks**: - Key risks include weaker-than-expected property completions, unexpected increases in raw material prices (notably paper and energy), and execution challenges in acquisitions [12] 10. **Valuation**: - Target price set at RMB 32.00, representing a potential upside of 23.8% from the current price of RMB 25.84 [13] Additional Insights - Management highlighted the importance of entering the prefabricated decoration market, which has a significant market size potential [6] - The company aims to achieve a leading position in both architectural and industrial coatings, targeting a 10%+ market share in selected segments [8]

Summary of Conference Call Records Company and Industry Overview - **Company**: 中华蓝天 (Zhonghua Lantian) and 昊华科技 (Haohua Technology) - **Industry**: Refrigerants, Lithium Battery Electrolytes, Civil Aviation Tires, Specialty Coatings, Carbon Reduction Technologies Key Points and Arguments Refrigerants Market - Zhonghua Lantian's refrigerant business benefits from quota policies and strong downstream demand, especially in the export market, with expectations for the market to remain at high levels despite potential price fluctuations due to policy changes [2][5] - Prices for products like 134a and 32 continue to rise, indicating a robust market environment [2][5] Liquid Cooling Technology - Zhonghua Lantian is actively developing liquid cooling technology for data centers, with products like YL-1-10 and YL-70 designed for silent liquid cooling applications [2][6] - The company has identified 134a as suitable for data center cooling plates and has begun limited sales, indicating a proactive approach to meet growing cooling demands [2][6] Electrolyte Research and Development - Zhonghua Lantian has invested in solid and semi-solid electrolyte research, boasting a production capacity of 250,000 tons and establishing a research institute for sulfide research [2][7] Civil Aviation Tires - The company has achieved significant milestones in civil aviation tires, obtaining airworthiness certificates for various aircraft models and beginning large-scale production [2][10] - Anticipated explosive growth in market supply by the end of 2025 or early 2026 due to successful trials and partnerships with major airlines [2][10][13] Specialty Coatings - Zhonghua Lantian's specialty coatings focus on functional coatings for civil aviation, shipping, and industrial applications, emphasizing high value and customization [2][14] - The company is targeting marine coatings as a key area for future breakthroughs [2][16] Carbon Reduction Business - The carbon reduction segment is benefiting from previous strategic investments, with significant orders nearing 4 billion yuan and a strong market outlook [2][18][19] - The company is recognized for its advanced gas separation technologies and is positioned as a leading provider in the carbon reduction field [2][18] Financial Performance - Haohua Technology reported a sales revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45%, with net profit rising by 20.85% to 645 million yuan [3][4] - The fluorochemical segment saw a revenue increase of 24.99% and a gross profit increase of 40.73%, indicating strong performance across various business units [3][4] Market Dynamics in Lithium Battery Industry - The lithium battery industry is experiencing intense competition and overcapacity, leading to a challenging market environment [2][8][9] - The electrolyte and lithium additive sectors are currently in a downturn, with prices significantly lower than previous highs, necessitating a focus on technological advancements for competitive advantage [2][9] Future Outlook - Haohua Technology aims to become a leading enterprise in the gas sector, focusing on capacity expansion, technological development, and market exploration [2][24] - The company is set to complete a new production line for trifluorine nitrogen by the end of September 2025, which is expected to enhance profitability in the southwest region [2][22][23] Additional Important Insights - The civil aviation tire market is dominated by a few major players, but Zhonghua Lantian has positioned itself as a competitive fourth player with significant production capabilities [2][10] - The specialty coatings business is expected to grow due to increasing demand in various sectors, including renewable energy projects [2][15][16]

国药一致 20250902 摘要 国药一致 2025 年上半年业绩受信用减值损失和联营企业投资收益减少 影响，总营收略降，但通过费用管控部分抵消了毛利率下降的影响。总 资产小幅增长，负债率保持稳定，但经营性现金流下降，每股收益和净 资产收益率略有下降。 分销板块销售收入同比下降 1.09%，但通过优化商品结构，生物制品、 麻精类药品、创新药等高毛利业务快速增长。同时，公司加大港澳地区 合作，加快港澳药械通发展，并强化新品引入与创新药业务整合。 零售板块国大药房销售收入同比下降 6.46%，但净利润大幅增长 215.81%，实现扭亏为盈。这得益于商品体系和业务结构的持续优化， 自由品牌建设的加快，以及单店经营效率的提升。上半年主动关闭约 1,000 家门店，优化布局。 公司在数字化转型方面，通过业务价值度分析工具和 RPA 数字机器人等 手段，提高工作效率和运营管理智能化。智慧物流方面，形成了 "1+4+N"的仓网布局，提升库容使用率和工作效率。 Q&A 2025 年上半年国药一致的整体经营情况如何？ 2025 年上半年，国药一致实现营业收入 367.97 亿元，同比下降 2.62%；归 属于上市公司股东的净利 ...

慕思股份 20250902 摘要 慕思股份通过高端化和年轻化产品战略，积极拓展市场，覆盖更广泛的 消费群体，主副品牌并重，旨在吸引更多消费者。 慕思股份通过成本规模效应和费用分摊效应，提升盈利能力。AI 床垫等 技术创新提高了产品附加值，满足消费者对健康监测等功能的需求。 中国床垫市场集中度较低，慕思通过高品质、高性价比路线，在竞争激 烈的市场中寻求增长空间。2020 年市场规模约为 708 亿元，过去 15- 20 年复合增速为 1.9%。 慕思核心床垫价格定位高于喜临门、顾家家居等品牌，但低于舒达、泰 普尔等高端品牌，未来仍有提升空间，AI 床垫有助于吸引高端客户。 慕思积极拓展电商渠道，包括天猫、京东、抖音、快手等，2018 年至 2023 年电商复合增速达 25.5%。同时，拓展直供渠道，增强长期竞争 力。 慕思在床垫基础上，扩张至床架、床品、沙发等品类，提供卧室和全屋 家具套餐，满足一站式采购需求，提高客单价，从而提升整体收入。 慕思通过业务结构改革和 SKU 精简应对利润率压力，2023 年二季度为 拐点，调整直供客户订单，原材料价格回落，规模效应释放，改善盈利 成本。 Q&A 慕思股份与其他品牌 ...

国轩高科 20250902 摘要 国轩高科 2025 年上半年出货量达 40GWh，动力电池占比 67%，储能 占比 32%，国内出货占比 77%，海外占比 23%，预计下半年海外出货 比例将提升至接近 30%。 国轩高科计划到 2025 年底将产能提升至 150GWh，并规划到 2026 年 总产能达 200GWh，以应对市场需求，同时新建两个工厂。 受美国关税影响，二季度毛利率环比略降，但公司已采取降本措施，预 计下半年毛利率将恢复至年初水平，储能业务占比提升至 1/3 将有助改 善毛利率。 国轩高科与大众合作取得突破，预计 2026 年开始每月出货，大众订单 毛利率预计在 15%以上，将积极提升公司利润率。 国轩高科计划 2025 年底完成全固态电池设计定标，2026 年搭建量产 线，目标 2027 年实现小批量装车，并持续降低固态电解质成本。 半固态电池预计 2026 年下半年量产，能量密度为 330Wh/kg，已与多 家车企进行新车型匹配定点，主机厂对其表现出浓厚兴趣。 国轩高科正在布局两轮车动力市场，目标是未来实现 100 亿营收规模， 同时大力布局固态、低空等新应用场景，即将进入产业化推进阶段。 ...

中国核电 20250902 摘要 中国核电核电业务稳健增长，上半年营收 333.73 亿元，同比增长 6.54%，归母净利润 53.22 亿元，同比增长 9.48%。公司在建和核准 待开工的机组为 18 台，装机容量合计 2,185.9 万千瓦，预计到 2031 年控股在运的核电装机容量将达到 4,685.9 万千瓦，较目前增长约 87%。 中国核电新能源业务规模扩大，截至 2025 年 6 月 30 日，控股在运新 能源装机达到 3,322.49 万千瓦，实现上网电量 219.15 亿千瓦时，同 比增长 35.76%。但受区域限电、电价下降及折旧费用大幅提升影响， 上半年新能源归母净利润同比下降 66.28%至 3.44 亿元。 福清和海南地区核电竞价下降，主要受市场化交易影响以及前期较高定 价的补差因素消失所致。2025 年上半年新能源市场化销售比例约为 67%，市场化销售价格约为 0.28 元/千瓦时，同比略微下降 0.01 元/千 瓦时。 中国核电预计明年江苏省市场电价不会大幅下降，长期来看市场电比例 可能逐渐升高。铀燃料成本方面，由于供应稳定且签订中长协合同，价 格预计稳定在 60~80 美元之间， ...

中控技术 20250902 摘要 中控技术正进行战略转型，从传统 DCS 供应商向自动化产品解决方案供 应商转变，并重点布局工业 AI 业务，TPT 业务上半年收入已过亿，订单 量显著增长，但尚未形成规模效应。 尽管流程工业整体增长趋缓，中控技术仍获得中石油抚顺石化、中石化 乙烯项目等重要订单，并参与国家智慧管网建设，同时在煤化工领域承 担国家能源集团和中煤集团多个战略项目。 海外市场拓展取得显著进展，包括承接印尼 Smart 的智能工厂项目和阿 尔及利亚国家石油公司管网控制项目，推动公司业务可持续发展，为未 来业绩增长提供支撑。 公司成立工业数据联盟，投资赛博因赛，合作进行工业全域数据治理， 规范化和标签化，加强与生态系统合作，为工业 AI 发展奠定数据基础， 提升 AI 模型训练效果。 TPT2 大模型采用线上化、平台化部署，旨在解决质量、安全、效益、 成本低碳等问题，通过数据分析和智能体生成，为企业提供价值创造平 台，提高生产效率。 Q&A 2025 年上半年中控技术的经营情况如何？ 2025 年上半年，中控技术的营收有所下降，降低了 9 个百分点，归母净利润 也因此有所下滑。这一业绩下滑并非由于公司出 ...

圣邦股份 20250902 海尔公司的产品主要分布在消费类电子和泛工业领域。消费类电子中，手机在 2022 年底之前占整体营收的 15%至 20%之间，但由于经济下行阶段手机率先 回暖，因此去年（2024 年）手机的占比相对高一些，大约在 20%至 25%之间。 尽管经济环境仍处于温和复苏状态，公司通过产品和客户拓展保持了稳定性， 目前手机业务基本保持在 20%左右。非手机领域基本保持平稳。在工业领域， 公司从去年（2024 年）初开始感受到行业逐渐回暖的迹象，这种趋势持续到 现在。因此泛工业领域处于持续温和增长状态。预计下半年，由于三季度是传 统消费类电子采购旺季，应会有所提升，但四季度通常会稍弱一些。今年 （2025 年）预计将与往年的正常规律相吻合。 摘要 2025 年一季度营收增长 30.35%，上半年毛利率 50.16%，同比下降 2.17%，但二季度单季毛利率环比增长 1.94%至 51%。研发投入持续 增加，上半年达 5.08 亿元，同比增长 21.54%，占营收 21%，二季度 研发费用同比增长 24.87%。 上半年归母净利润 2.01 亿元，同比增长 12.42%，二季度单季归母净 利润环 ...

山东路桥 20250902 摘要 山东路桥作为山东省地方龙头建筑公司，在行业整体下滑趋势中，营收 和利润逆势增长，显示出其稳固的区域地位。 公司估值处于历史低位，市盈率仅 4 倍多，远低于建筑央企和多数地方 国企，股息率约为 3.5%，未来提升空间大。 在国内订单承压背景下，山东路桥海外新签订单高速增长，2025 年上 半年已超 2024 年全年同期水平，受益于"一带一路"战略。 公司转债规模约 40 亿元，有强烈的促转股意愿。经营现金流改善后， 分红能力有望提升，目前分红率远低于同类企业，提升空间显著。 2016 年至 2024 年，公司营收和归母净利润年化复合增速分别达到 31.2%和 23.5%，2025 年上半年业绩表现优于行业整体水平。 截至 2025 年中期，公司在手订单约 1,082 亿元，是 2024 年收入的 1.5 倍，为未来业绩增长提供保障。山东省未来高速公路发展空间仍然 很大。 公司主要业主为政府机构、城投平台及地方国企，占比超 90%。受益于 化债政策，现金流有望持续改善，利润空间有望提升。 Q&A 山东路桥作为重点推荐标的，主要有哪些优势？ 山东路桥具备以下四个方面的优势： 1. ...