Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Views - The company demonstrated strong growth in 2024, achieving revenue of 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% [3]. - The chip inductor business has shown explosive growth, with a CAGR of 279% from 2020 to 2024, contributing 23.21% to total revenue in 2024 [4]. - The alloy soft magnetic powder core business remains a pillar, with revenue growth of 20.2% to 1.234 billion yuan in 2024 [5]. - The metal soft magnetic powder business is emerging as a third growth driver, with a significant revenue increase of 47.31% to 39.94 million yuan in 2024 [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan and a net profit of 376 million yuan, with basic earnings per share of 1.34 yuan [3]. - The first quarter of 2025 saw steady growth, with revenue of 383 million yuan, a 14.40% increase year-on-year, and a net profit of 74 million yuan, up 3.13% [3]. Business Segments - The chip inductor business is now a significant growth driver, with a revenue increase of 275.76% in 2024, and plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [4]. - The alloy soft magnetic powder core business reported a revenue of 1.234 billion yuan in 2024, with production and sales both increasing significantly [5]. - The metal soft magnetic powder business is expected to expand with the establishment of a new factory, aiming for an annual capacity of 6,000 tons [11]. R&D and Competitive Advantage - The company increased its R&D expenditure by 56% to 117 million yuan in 2024, representing 7.04% of revenue, focusing on enhancing its core competitiveness through technological innovation [12]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and strong brand influence [13]. Financial Projections - Revenue projections for 2025-2027 are 2.237 billion yuan, 2.575 billion yuan, and 3.057 billion yuan, respectively, with corresponding net profits of 511 million yuan, 628 million yuan, and 754 million yuan [14]. - The expected EPS for the same period is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [14].

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a net profit of 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. - The gross margin for 2024 is projected at 28.8%, with a significant drop to 19.5% in Q1 2025, influenced by rising raw material costs and competitive pressures in the nut market [5][6]. Revenue and Profit Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) are expected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan for the years 2025, 2026, and 2027 respectively [6][7]. Financial Performance - In 2024, the company’s revenue is projected to be 7.13 billion yuan, with a growth rate of 4.79% compared to the previous year [7]. - The net profit margin for 2024 is estimated at 11.9%, while for Q1 2025, it is expected to drop to 4.9% [5][6]. Market Position and Strategy - Qiaqia Foods has been expanding its international market presence, exporting to nearly 70 countries and regions, with a focus on Southeast Asia and entry into the Costco channel in Canada [4]. - The company is actively managing its sales and administrative expenses in response to the revenue pressures experienced in Q1 2025 [5].

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - More incremental hedging policies are expected to be introduced around the conclusion of the China - US tariff negotiations, on top of the existing policies. The current focus is on accelerating the implementation of existing policies and optimizing the economic structure [5]. - The window for monetary easing is approaching, and it may be more targeted at directly reaching the real economy. The timing of reserve requirement ratio (RRR) cuts and interest rate cuts will depend on subsequent economic and financing data, as well as the outcome of tariff negotiations [6]. - In the real estate sector, the focus is on risk prevention and optimization of the policy for purchasing existing commercial housing. The stabilization of housing prices after a series of real - estate optimization policies is an important indicator for the medium - term inflection point of interest rates [7]. - In the short term, the impact of the actual fundamentals depends on the outcome of trade negotiations and the effectiveness of policy hedging. In the medium term, bond yields are expected to decline in a volatile manner [8]. 3) Summary by Related Content Policy Outlook - The Politburo meeting on April 25th analyzed the current economic situation. More incremental hedging policies will be introduced around the conclusion of the China - US tariff negotiations. The existing policies focus on optimizing the economic structure, with production - side emphasis on new - quality productivity and helping struggling enterprises, and demand - side emphasis on increasing the income of low - and middle - income groups and promoting service consumption [4][5]. - The "timely RRR cuts and interest rate cuts" mentioned in the meeting may indicate that the window for monetary easing is approaching. The specific timing will depend on economic and financing data and tariff outcomes. The focus is on preventing capital idling and directing funds to areas such as technological innovation, consumption expansion, and foreign - trade stability [6]. - In real estate, the meeting emphasized urban renewal, shantytown and dilapidated building renovation, and optimizing the policy for purchasing existing commercial housing. The stabilization of housing prices is crucial for the medium - term inflection point of interest rates [7]. Investment Strategy - Since April 2nd, the core logic of bond - market trading has shifted. The short - term impact of fundamentals depends on trade negotiations and policy hedging. The current bond yields already imply some expectations of interest rate cuts, and an interest rate cut may lead to a rate correction [7][8]. - In the medium term, bond yields are expected to decline in a volatile manner due to structural problems, the central bank's supportive attitude, and improved institutional behavior. It is recommended to conduct band trading of 10Y Treasury bonds in the 1.60% - 1.75% range and choose 10Y active bonds with high liquidity [8].

A 股策略周报：认清形势 积极应对 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 P2 东兴证券策略报告 认清形势 积极应对 A 股策略: 从 A 股近期走势来看，市场基本消除贸易战对指数的影响，市场重新步入常态化走势，在业绩披露期即将结 束的阶段，市场阶段性业绩风险释放，展望政策未来指向更加清晰，对资本市场的稳定和活跃给予较高定位，我们倾向 于指数未来将会呈现出稳中有升的格局。高质量发展未来仍将是市场的主线，我们继续看好大科技的主线地位，中美博 弈仍是主旋律，自主可控受消息面影响出现调整可视为布局机会。从政策角度，消费是下一步关注重点，提高中低收入 者福利和生育养老等方面政策支持，服务消费为代表的政策红利将会逐步释放，重点关注生育、教育、文旅等政策扶持 方向。 投资建议：中美贸易领域继续博弈可能性大，政策做好充分应对，短期市场风险偏好稳步回升，业绩风险逐步兑现，可 逐步提升仓位比例。首选人工智能、机器人为代表的大科技板块，经历了业绩兑现期之后，市场关注度有望重回行业发 展层面，主题性投资热度有望恢复。其次关注消费，未来政策红利充足，重点关注 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][10]. Core Views - The company has shown continuous improvement in performance, with a focus on edge intelligence as a new growth driver [1][4]. - The automotive sector has become a stable revenue source, despite facing increased competition and longer acceptance cycles from manufacturers [2][3]. - The company's software capabilities and open ecosystem are expected to help mitigate risks and create differentiated competitive advantages [10]. Financial Performance Summary - In 2024, the company achieved revenue of 5.385 billion yuan (up 2.72% YoY), net profit attributable to shareholders of 407 million yuan (down 12.60% YoY), and net profit after deducting non-recurring gains and losses of 175 million yuan (down 48.49% YoY) [1][11]. - The fourth quarter saw significant improvements, with revenue of 1.690 billion yuan (up 23.76% YoY, up 30.67% QoQ) and net profit attributable to shareholders of 255 million yuan (up 282.76% YoY, up 436.76% QoQ) [1][2]. - The automotive, mobile, and IoT business lines generated revenues of 2.416 billion yuan (up 3.42% YoY), 1.423 billion yuan (up 0.49% YoY), and 1.545 billion yuan (up 3.73% YoY) respectively [2]. Business Segment Analysis - The company is focusing on the development of its "Drip OS" for vehicles, which integrates central computing architecture and AI applications, enhancing collaboration with industry partners [3][4]. - The edge intelligence sector is expanding into robotics, AI glasses, mixed reality, AI PCs, and innovative AI hardware, with products gradually being implemented in various industries [4][10]. - The company has established partnerships with major players like Qualcomm and Microsoft to enhance its AI ecosystem [4][10]. Profitability Forecast - The company is projected to achieve net profits of 444 million yuan, 553 million yuan, and 668 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 55, 44, and 36 [10][11].

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][5]. Core Views - Longbai Group's performance is under short-term pressure, but it continues to enhance its industrial chain layout [3][4]. - The company achieved a revenue of 27.539 billion yuan in 2024, a year-on-year increase of 2.78%, while the net profit attributable to shareholders decreased by 32.79% to 2.169 billion yuan [3]. - The core business of titanium dioxide remains strong, with revenue from this segment growing by 6.82% to 18.980 billion yuan in 2024, and sales volume increasing by 8.25% to 1.2545 million tons [3][4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 7.060 billion yuan, down 3.21% year-on-year, and a net profit of 686 million yuan, down 27.86% [3]. - The overall gross margin for 2024 decreased by 1.7 percentage points to 25.01% due to falling iron ore prices and underperformance in the new energy sector [3][5]. - The company forecasts net profits of 2.778 billion, 3.105 billion, and 3.639 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.30, and 1.53 yuan [5][6]. Industry Positioning - Longbai Group is a leading player in the titanium dioxide industry, with significant production capacities of 1.51 million tons for titanium dioxide and 80,000 tons for sponge titanium [4][7]. - The company is focusing on increasing the proportion of chlorinated titanium dioxide and upgrading its product offerings to higher-end markets [4]. - Longbai Group is actively developing upstream mineral resources to strengthen its supply chain and enhance resource utilization [4].

Core Insights - The report highlights the strong growth of the company, Salted Fish (002847.SZ), driven by its leading position in the konjac product segment, with a revenue increase of 28.89% year-on-year in 2024, reaching 5.304 billion yuan [2][18] - The company has focused on six core product categories, with significant growth in the spicy snacks and quail egg segments, indicating a successful brand strategy and market positioning [3][19] - The report anticipates continued high growth in the konjac and quail egg segments, with projected net profits for 2025-2027 expected to grow by 33%, 25%, and 16% respectively [7][22] Financial Performance - In 2024, the company achieved a net profit of 640 million yuan, a year-on-year increase of 26.53%, and a revenue of 15.37 billion yuan in Q1 2025, reflecting a 25.69% increase [2][18] - The gross margin for 2024 was 30.68%, slightly down from the previous year, attributed to a higher proportion of lower-margin products [5][21] - The company’s net profit margin decreased to 12.08% in 2024, indicating pressure on profitability despite revenue growth [5][21] Product and Market Strategy - The company has successfully launched new products, such as the sesame-flavored beef tripe, which saw a sales increase of 76.1% in 2024, becoming a top-selling item [3][19] - The overseas sales strategy has begun to show results, with international revenue increasing significantly, particularly in Southeast Asia [4][20] - The report emphasizes the importance of efficient distribution channels, with significant growth in e-commerce and community group buying channels [4][20] Future Outlook - The company is expected to benefit from a low base effect from the previous year and the explosive growth of the konjac product segment, with potential for doubling sales in the current year [3][19] - The report suggests that as the brand and product categories mature, there is potential for long-term improvement in profit margins [5][21] - The overall market environment is seen as favorable for the company, with a strong focus on expanding its product offerings and market reach [7][22]

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][5]. Core Views - Longbai Group's performance is under short-term pressure, but it continues to enhance its industrial chain layout [3][4]. - The company achieved a revenue of 27.539 billion yuan in 2024, a year-on-year increase of 2.78%, while the net profit attributable to shareholders decreased by 32.79% to 2.169 billion yuan [3]. - The core business of titanium dioxide remains strong, with revenue from this segment growing by 6.82% to 18.980 billion yuan in 2024, and sales volume increasing by 8.25% to 1.2545 million tons [3][4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 7.060 billion yuan, down 3.21% year-on-year, and a net profit of 686 million yuan, down 27.86% [3]. - The overall gross margin for 2024 decreased by 1.7 percentage points to 25.01% due to falling iron ore prices and underperformance in the new energy sector [3][5]. - The company forecasts net profits of 2.778 billion, 3.105 billion, and 3.639 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.30, and 1.53 yuan [5][6]. Industry Positioning - Longbai Group is a leading player in the titanium dioxide industry, with significant production capacities of 1.51 million tons for titanium dioxide and 80,000 tons for sponge titanium [4][7]. - The company is focusing on increasing the proportion of chlorinated titanium dioxide and upgrading its product offerings to higher-end markets [4]. - Longbai Group is actively developing upstream mineral resources to strengthen its supply chain and enhance resource utilization [4][5].

Investment Rating - The report maintains a "Strong Buy" rating for the company [10][3]. Core Views - The company has achieved rapid growth in performance, with a projected revenue of 1146.01 billion CNY for 2024, a slight decrease of 1.31% year-on-year, and a net profit of 45.04 billion CNY, reflecting a significant increase of 64.30% year-on-year [1][3]. - The feed business has seen both volume and profit growth, with a total feed sales volume of 26.5 million tons in 2024, up 9% year-on-year, and a notable 40% increase in overseas sales [2][3]. - The company is focusing on a light asset operation model in livestock farming, which enhances its risk resistance, and has successfully turned around its pig farming business to profitability [3][2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1146.01 billion CNY, with a net profit of 45.04 billion CNY, and for Q1 2025, revenue reached 256.29 billion CNY, up 10.60% year-on-year, with a net profit of 12.82 billion CNY, up 48.99% year-on-year [1][3]. - The forecast for net profit from 2025 to 2027 is 50.71 billion CNY, 57.87 billion CNY, and 65.84 billion CNY respectively, with EPS projected at 3.05 CNY, 3.48 CNY, and 3.96 CNY [3][4]. Business Segments - The feed segment is expected to see a rise in both volume and profit, with a target of over 3 million tons in external sales for 2025, driven by a strong domestic market and expanding overseas operations [2][3]. - The company has adopted a light asset operation model in pig farming, which has proven effective in mitigating risks and enhancing profitability [3][2]. Market Outlook - The company is well-positioned to capitalize on its core cost advantages amid expected fluctuations in feed raw material prices in 2025, with a continuous increase in market share anticipated [3][2]. - The overseas market is expected to replicate the success of domestic operations, contributing to additional growth [3][2].

Investment Rating - The report adjusts the investment rating to "Recommended" due to recent stock price increases and reasonable valuation levels [2][7]. Core Views - The company is positioned as a leader in the konjac product segment, benefiting from category advantages that drive high growth [4][7]. - The financial performance for 2024 and Q1 2025 meets expectations, with revenue growth of 28.89% and 25.69% respectively, indicating strong operational momentum [3][4]. Financial Performance Summary - In 2024, the company achieved revenue of CNY 5.30 billion, a year-on-year increase of 28.89%, and a net profit of CNY 640 million, up 26.53% [3][11]. - For Q1 2025, revenue reached CNY 1.54 billion, reflecting a 25.69% year-on-year growth, while net profit was CNY 178 million, an increase of 11.64% [3][11]. Product Category Performance - The company focuses on six core product categories, with significant revenue contributions from spicy snacks and konjac products, achieving revenue growth rates of 32.4% and 76.1% respectively [4][11]. - The launch of the sesame-flavored konjac product has become a standout item, with sales reaching CNY 838 million in 2024, marking a 76.1% increase [4][11]. Channel Performance - The company’s sales channels show strong growth, particularly in e-commerce and overseas markets, with overseas revenue increasing to CNY 62.73 million in 2024 [5][11]. - Direct sales through supermarkets and e-commerce channels have also seen significant growth, with e-commerce sales up 40% year-on-year [5][11]. Profitability and Margin Analysis - The gross margin for 2024 was 30.68%, slightly down from the previous year, attributed to a higher proportion of lower-margin products [6][11]. - Despite a decrease in net profit margin to 12.08%, the company anticipates long-term improvements in profitability as brand recognition and scale efficiencies grow [6][11]. Earnings Forecast - The company’s net profit is projected to grow to CNY 850 million in 2025, representing a 32.82% increase, with further growth expected in subsequent years [7][11].