Investment Rating - The report maintains a "Positive" outlook for the transportation industry, indicating an expectation of performance exceeding the market benchmark by over 5% [5]. Core Insights - In March, the express delivery industry experienced a year-on-year volume growth of 20.3%, with a total of 16.656 billion packages delivered, slightly down from a cumulative growth of 22.4% in January and February [2][10]. - SF Express saw a significant volume growth of 25.4%, outperforming other companies in the Tongda system, and its market share increased by 0.3 percentage points year-on-year [2][17]. - The price competition remains intense within the industry, with year-on-year declines in average revenue per package for Tongda companies, including a 7.6% drop for YTO Express and an 11.7% drop for SF Express [3][27][29]. Summary by Sections 1. Industry Overview - The express delivery sector's volume growth remains robust, with March figures showing a 20.3% increase year-on-year, despite a slight slowdown from earlier months [2][12]. - The growth in same-city deliveries was 4.3%, while intercity deliveries grew by 21.9% [12][14]. 2. Business Volume - SF Express's business volume growth reached 25.4%, significantly higher than its competitors, with a market share increase of 0.3 percentage points [2][17]. - YTO Express, Shentong, and Yunda's growth rates were close to the industry average, with YTO showing a slight edge [2][17]. 3. Revenue per Package - The average revenue per package for Tongda companies saw declines, with Shentong, Yunda, and YTO experiencing year-on-year decreases of 4.3%, 5.8%, and 7.6% respectively [3][27]. - SF Express's average revenue per package fell by 11.7% year-on-year, attributed to an increased proportion of e-commerce packages [3][29]. 4. Structural Changes - The industry concentration ratio (CR8) was 86.9 in March, showing a year-on-year increase of 1.8 but a slight decrease of 0.2 from the previous month [33][35]. - The market share of the four publicly listed companies in the A-share market was 49.8%, a slight increase from 49.6% year-on-year, driven by YTO's market share ambitions and SF's strong growth [33][36]. 5. Investment Recommendations - The report suggests focusing on industry leaders with superior service quality, particularly Zhongtong and YTO, as the industry shifts towards prioritizing service over cost advantages [4][37].

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. 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 a revenue increase 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 [10]. 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 a revenue of 383 million yuan, a year-on-year increase of 14.40%, 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 a new factory planned to achieve an annual capacity of 6,000 tons [10]. R&D and Competitive Advantage - The company increased R&D expenses by 56% to 117 million yuan, representing 7.04% of revenue, focusing on enhancing core competitiveness through technology innovation [11]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and government support [12]. 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 512 million yuan, 628 million yuan, and 754 million yuan [12][13]. - The expected EPS for 2025-2027 is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [12].

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 significant drop in net profit to 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]. Revenue and Profitability - The revenue from distribution and other channels was 5.67 billion yuan, down 1.4% year-on-year, while direct sales (including bulk snacks, e-commerce, and key accounts) reached 1.46 billion yuan, up 38.3% year-on-year [4]. - The gross margin for 2024 and Q1 2025 was 28.8% and 19.5% respectively, with a year-on-year increase of 2.0 percentage points for 2024 but a decrease of 11.0 percentage points for Q1 2025 [5]. - The net profit margin for 2024 and Q1 2025 was 11.9% and 4.9% respectively, with a year-on-year increase of 0.1 percentage points for 2024 but a decrease of 8.3 percentage points for Q1 2025 [5]. Financial 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) for the same period are projected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 [6][7]. Company Overview - Qiaqia Foods Co., Ltd. primarily produces nut snacks and baked leisure foods, with key products including Qiaqia red bag melon seeds and various nut mixes [8]. - In 2023, the company was recognized as one of the "Top 500 Asian Brands" with a brand value of 46.868 billion yuan [8]. Market Position - The company has expanded its international market presence, exporting to nearly 70 countries and regions, and is actively developing the Southeast Asian market [4]. - The company’s sales in the Eastern region and e-commerce channels have shown higher growth rates compared to overall company performance, indicating a strong market position [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-over-year [1]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. Financial Performance Summary - In 2024, the company reported a gross margin of 28.19%, an increase of 1.88 percentage points from 2023, and a gross margin of 31.87% in Q1 2025, up 4.02 percentage points year-over-year [2]. - Domestic revenue reached 1.414 billion yuan in 2024, a 30.26% increase year-over-year, with pet staple food revenue soaring by 91.85% [2]. - The company focuses on three major proprietary brands, with significant marketing and channel development efforts leading to expected high revenue growth [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 453 million yuan, 561 million yuan, and 709 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.54, 1.91, and 2.41 yuan [3][4]. - The price-to-earnings (PE) ratio is expected to decrease from 35 in 2025 to 22 in 2027, indicating improving valuation metrics over time [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% [1][4]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. - The domestic market is focusing on three major proprietary brands, with the pet staple food category showing remarkable growth, particularly a 91.85% increase in revenue for pet staple food [2][3]. Financial Summary - The company’s revenue is projected to grow from 4.465 billion yuan in 2024 to 7.640 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [4]. - The net profit is expected to rise from 394 million yuan in 2024 to 709 million yuan in 2027, indicating a strong growth trajectory [4]. - The earnings per share (EPS) are forecasted to increase from 1.34 yuan in 2024 to 2.41 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 39.88 to 22.16 over the same period [4].

Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating it is expected to outperform the market benchmark by more than 5% [4]. Core Insights - In Q1 2025, the total market value of heavy holdings in real estate stocks increased by 6.93% compared to the previous quarter, reflecting a reduced underweight position by funds in this sector [1][3]. - The report emphasizes a clear policy direction aimed at mitigating industry risks, focusing on urban village renovations and high-quality housing development [3]. - Short-term investment opportunities are highlighted due to potential valuation recovery from policy implementation, while long-term focus should be on leading companies with quality product resources and real estate operational capabilities [3]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of fund heavy holdings reached 30,161.7 billion, with real estate stocks accounting for 289.2 billion, representing 1.0% of the total holdings [1][10]. - The real estate sector ranked 20th in terms of market value among 31 sectors, with a slight increase in holding percentage compared to the previous quarter [1][11]. Major Real Estate Stocks - The top three companies by heavy holding market value in real estate stocks are Poly Developments (62.5 billion), China Merchants Shekou (37.3 billion), and Binjiang Group (22.8 billion) [2][14]. - The largest increases in heavy holding market value were seen in Binjiang Group (10.7 billion), followed by Jindi Group (3.9 billion) and Hang Lung Properties (2.4 billion) [2][13]. Investment Recommendations - The report recommends focusing on Poly Developments and New City Holdings, with additional mentions of China Resources Land and Longfor Group as potential beneficiaries of the current market conditions [3].

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].

Weekly Insights - The central political bureau meeting on April 25 analyzed the current economic situation, emphasizing the need to maintain strategic focus amid increasing external uncertainties and internal growth transitions [4][6] - The meeting highlighted the importance of stabilizing employment, enterprises, markets, and expectations, with a particular focus on employment stability [4][6] - Monetary policy will continue to support the economy, with potential for timely reductions in reserve requirements and interest rates, alongside new structural monetary policy tools aimed at service consumption and the elderly care industry [4][6] A-Share Strategy - Recent A-share market trends indicate a return to normalcy, with the impact of trade tensions on indices diminishing, and a positive outlook for stable growth in the index [5][7] - High-quality development remains a key theme, with a focus on large technology sectors, while the ongoing US-China competition presents opportunities for strategic positioning [5][7] - Consumer policies are expected to be a focal point, with support for middle and low-income groups, and the gradual release of policy benefits for service consumption, particularly in areas like education and tourism [5][7] Market Data - The market experienced an overall rebound, with small-cap indices such as the CSI 1000 and ChiNext showing the largest gains [8] - The banking, real estate, and coal sectors performed well, reflecting a trend towards defensive industries [11] - Market turnover has decreased, indicating weaker trading activity [14] Valuation Insights - Current valuation levels, except for the Sci-Tech 50 index, are considered reasonable, with various sectors showing diverse price-to-earnings ratios [18][20] - The report provides detailed valuation distributions across sectors, highlighting significant variances in price-to-earnings and price-to-book ratios [20][21]