July 24, 2026 02:38 PM GMT Eoptolink Technology Inc Ltd | Asia Pacific M Update Risk Reward Update What's Changed | Eoptolink Technology Inc Ltd (300502.SZ) | From | To | | --- | --- | --- | | Bull Case | NA | Rmb642.86 | | Base Case | NA | Rmb500.00 | | Bear Case | NA | Rmb321.43 | | Updated Components | | | | EPS | | | Bull Base Bear Scenarios Risk Reward for Eoptolink Technology Inc Ltd (300502.SZ) has been updated Reason for change We adjust our EPS estimates and scenario values based on the company's s ...

24 July 2026 | 1:54PM CST Equity Research Zhejiang Supor Co. (002032.SZ): 2Q26 Prelim results: Export pressure weighed on earnings Supor reported below-expectation 2Q26 prelim results. Total revenue/net profit in 1H26 was Rmb11,410mn/Rmb868mn, down by 0.6%/7.7% yoy, implying a qoq moderation to 3%/18% yoy decline in 2Q26 (vs +2%/+2% yoy growth in 1Q26). Domestic growth moderated to flattish yoy in 2Q26 per parent company SEB's disclosure (vs +2% yoy in 1Q26). This implies greater pressure from export that m ...

快评 abc 2026 年 07 月 24 日 Global Research 苏试试验 二季度业绩略低于预期，主要受到设备板块的 拖累 问：相对于预期，业绩表现如何？ 答：公司H126收入和扣非净利润分别同比增9%和增11%，分别占我们此前 全年预测的43%/44%。其中Q226收入和扣非净利润同比增9%和增15%。 收入/利润均略低于我们和市场的一致预期。我们预计2026年公司收入和净 利润将分别同比增长13%和20%（与市场预期一致）。我们认为业绩小幅 低于预期主要与试验设备业务收入确认节奏偏慢有关，或受到项目验收及交 付周期影响。从业务结构看，公司新兴领域客户需求仍保持较好增长，但部 分传统行业景气度偏弱，对收入增长形成一定拖累。Q226扣非净利率 为13.6%、同比提升0.7ppt，环比亦提升4.7ppt。Q226经营性现金流净流 入2.34亿元，去年同期则为净流入1.99亿元。 问：业绩中最值得关注的是什么？ 答：H126，分产品看，公司收入增长主要由环境可靠性试验服务和集成电 路验证与分析服务拉动，其中环境可靠性试验服务收入同比增长16%，仍是 收入规模最大的业务板块，但毛利率同比下降3.3pp ...

abc 24 July 2026 Global Research First Read Suzhou Sushi Testing Q226 results slightly missed, mainly on equipment drag Q: How did the results compare vs expectations? A: In H126, by segment, Sushi's revenue growth was chiefly driven by the environmental and reliability testing (ERT) services and IC verification and analysis (ICVA) services segments. In particular, the ERT services saw a 16% YoY revenue rise in H126, remaining as Sushi's largest source of revenue, though segmental GPM shrank 3.3ppts YoY to ...

July 24, 2026 04:05 PM GMT Bluestar Adisseo Co | Asia Pacific M Update Discontinuation of Coverage Effective immediately, we are discontinuing coverage of Bluestar Adisseo (600299.SS) because of a reallocation of resources. We do not have a final price target or rating for the stock. All prior research on Bluestar Adisseo (600299.SS) should no longer be relied upon. Morgan Stanley Asia Limited+ Jack Lu Equity Analyst Jack.Lu@morganstanley.com +852 2848-5044 Kaylee Xu Equity Analyst Kaylee.Xu@morganstanley.c ...

Flash | 24 Jul 2026 12:44:31 ET │ 14 pages CATL (300750.SZ) 1H26 NP +42% YoY, Share Buyback Plan a Positive Surprise; Maintain Top Pick CITI'S TAKE CATL reported in-line results with 1H26 net profit at Rmb43.3bn, +42% YoY, and core net profit at Rmb39bn, +43.4% YoY. 1H26 net profit represents 42%/45% of Citi/Bloomberg full-year estimates. 2Q26 bottom line came in at Rmb22.5bn (+36.5% YoY, +8.7% QoQ) and core net profit at Rmb20.9bn (+36.1% YoY, +15.6% QoQ). 2Q26 GP margin was 22.7% vs 24.3% in 1Q26 and 27.5 ...

abc 2026 年 07 月 23 日 Global Research 快评 纽威股份 净债务/息税折旧摊销前利润(12/26E) NM 每股收益（UBS 稀释后） (Rmb) CEO电话会纪要：订单展望不改；LNG、FPSO 和执行器有望推动高毛利增长 对新增订单（正面）和毛利率前景（正面/负面）审慎乐观 在发布业绩前瞻后，我们今日邀请公司CEO及董秘参加经营情况更新电话 会。纽威维持全年订单增长20%的目标，隐含新增订单金额超过100亿元， 其中上半年已完成约48%。尽管上半年订单在高基数下同比下降，但国内订 单同比增长超过40%，主要由造船和煤化工推动，利润率稳定。尽管中东冲 突持续，该地区H126订单占比仍未约30%，基本持平。管理层目前指引全 年收入增长约15%，从此前20%下调，主要考虑物流扰动仍将持续。 中东订单不受影响；尽管面临逆风，2026年毛利率或持平 造船、LNG和执行器集成推动产品结构升级 管理层目标是将中高端产品占比提升至约60%，其中严苛工况手动阀和执行 器阀门大致各占一半。前者针对高腐蚀性/低温环境，两者均有望增厚利润 率。在其国内/出口执行器阀门中，90%/40%能在纽威内部 ...

abc 23 July 2026 First Read Neway Valve (Suzhou) CEO call takeaway: order outlook intact; LNG, FPSO, actuator to drive margin-accretive growth Cautiously positive tones on new orders (+) and GPM outlook (+/-) Post our preview, we hosted the CEO and board secretary for an operations update call today. Neway maintained its 20% full-year order growth target, implying >Rmb10bn of new orders, with c48% completed in H1. Although H1 orders declined YoY on a high base, domestic orders grew over 40% YoY, led by ship ...

We expect Q226 results to remain modest, as meaningful contributions from overseas projects are likely to materialize only in H226, while existing businesses continued to face headwinds in H126. Domestic data center demand has been constrained by high- end GPU shortages, limiting the pace of new build-outs, while global energy storage demand has also seen some pressure from higher lithium prices. That said, we view these challenges as largely temporary. The underlying demand environment remains healthy, and ...

ab 23 July 2026 Global Research First Read Shanghai Milkground Food Tech Key takeaways of operational update call: clearer growth roadmap Transition into Mengniu's core dairy deep-processing platform We hosted Milkground's operational upgrade call yesterday. Management highlighted the successful transition from founder-led management to Mengniu-led governance, resulting in a more institutionalized operating structure. Management also introduced its "13434" cheese ecosystem strategy, spanning three core cate ...