Investment Rating - The report assigns a "Buy" rating to the company with a target price of 86 HKD, based on absolute and relative valuation results [4][14][6]. Core Insights - The company, Shumei Co., Ltd. (2145.HK), is a multi-brand cosmetics group that has shown remarkable growth, particularly through its main brand, KANS, which has become the second-largest domestic beauty brand in terms of online GMV by 2024 [2][23]. - The company has capitalized on the growth of the Douyin platform, leading to a significant increase in revenue and net profit from 2022 to 2024, with projected compound annual growth rates of 59.3% and 130.5%, respectively [2][4]. - The cosmetics industry in China is experiencing both growth and competition, with opportunities in lower-tier markets and niche segments, particularly in color cosmetics and infant care [3][72]. Company Overview - Shumei Co., Ltd. was established in 2004 and went public in 2022, offering a wide range of products including skincare, maternal and infant care, personal care, and makeup [2][23]. - The main brand, KANS, has been a significant contributor to the company's revenue, accounting for 82.3% of total revenue in 2024, with a projected revenue of 55.91 billion CNY [25][23]. Financial Performance - The company achieved a revenue of 67.93 billion CNY in 2024, representing a year-on-year growth of 62.1%, and a net profit of 7.81 billion CNY, up 69.4% from the previous year [4][5]. - The report forecasts net profits for 2025, 2026, and 2027 to be 10.6 billion CNY, 13.8 billion CNY, and 17.4 billion CNY, respectively, with corresponding EPS of 2.65, 3.47, and 4.37 CNY [4][14]. Industry Analysis - The Chinese cosmetics industry is projected to reach a scale of 537.2 billion CNY in 2024, with a slight decline of 2.0% year-on-year, indicating a shift in consumer preference towards cost-effective products [3][72]. - The competitive landscape is characterized by domestic brands leveraging online channels, with Douyin emerging as a key platform for growth [3][72]. Growth Drivers - The main brand KANS is expected to continue its growth trajectory through product innovation and channel diversification, while the emerging brand Yipai is anticipated to achieve triple-digit growth in revenue for 2023 and 2024 [4][10]. - The company is also exploring new brands and product lines, such as the hair care brand Jifang and the makeup brand NAN beauty, to create multiple growth avenues [4][12].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 86 HKD, compared to the current price of 66.3 HKD [6][14]. Core Insights - The company, Up Beauty Co., Ltd. (2145.HK), is transforming from a single-brand platform to a multi-brand, omnichannel group, with significant growth driven by its main brand, KANS, which ranks second among domestic beauty brands in online GMV for 2024 [2][3]. - The company has experienced rapid revenue growth, with a projected revenue of 6.793 billion CNY in 2024, representing a year-on-year increase of 62.1%, and a net profit of 781 million CNY, up 69.4% [2][4]. Company Overview - Up Beauty Co., Ltd. was established in 2004 and went public in 2022. It operates multiple brands, including KANS, One Leaf, Red Elephant, and New Page, covering skincare, maternal and child care, personal care, and makeup products [2][23]. - KANS, the main brand, has become a leading player in the domestic beauty market, achieving significant online sales growth, particularly on platforms like Douyin [2][3][35]. Industry Analysis - The Chinese cosmetics industry has shown fluctuating growth since 2020, with a projected market size of 537.2 billion CNY in 2024, reflecting a 2.0% year-on-year decline. However, mass-market cosmetics are performing better than high-end products, indicating a shift in consumer preference towards cost-effectiveness [3][72]. - The report highlights that the segments of color cosmetics and infant care are performing relatively well compared to the overall market [3][72]. Growth Highlights - KANS is positioned as a mass-market brand focusing on scientific anti-aging, with plans for product innovation and channel diversification to enhance profitability [4][10]. - The New Page brand is capitalizing on the infant care market, with expected triple-digit growth in revenue for 2023 and 2024 [4][10]. - Other potential brands, such as Jifang and NAN beauty, are also being developed to create multiple growth avenues for the company [4][12]. Financial Projections - The company forecasts net profits of 1.057 billion CNY, 1.381 billion CNY, and 1.738 billion CNY for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.65, 3.47, and 4.37 CNY [4][14]. - Revenue is expected to grow at a compound annual growth rate (CAGR) of 23.6%, 20.9%, and 16.2% from 2025 to 2027 [4][11]. Competitive Positioning - The company has successfully leveraged online channels, particularly Douyin, to drive sales, with KANS achieving significant growth in this space [3][35]. - Compared to peers, Up Beauty Co., Ltd. ranks second in revenue and fourth in net profit among domestic cosmetics companies for 2024 [56][58].

2025 年 6 月 3 日 要点 市场情绪追踪：截至 2025 年 5 月 30 日，沪深 300 上涨家数占比指标最近一个 月环比上月上升，上涨家数占比指标高于 50%，市场情绪较高；从动量情绪指 标走势来看，近一月快线、慢线向下，快线处于慢线下方，预计在未来一段时间 内将维持谨慎观点；从均线情绪指标来看，短期内沪深 300 指数处于情绪非景 气区间。 基金分离度跟踪：截至 2025 年 5 月 30 日，基金抱团分离度小幅下行，基金抱 团程度加强。最近一月抱团股和抱团基金超额收益小幅下行。 PB-ROE-50 策略跟踪：2025 年 5 月，PB-ROE-50 策略在各股票池取得正超额 收益。基于中证 500 股票池获得超额收益 2.39%。基于中证 800 股票池获得超 额收益 1.30%。基于全市场股票池获得超额收益 1.33%。 机构调研策略跟踪：2025 年 5 月，私募调研跟踪策略获取正超额收益。公募调 研选股策略相对中证 800 获取超额收益-0.44%，私募调研跟踪策略相对中证 800 获取超额收益 2.57%。 总量研究 基金抱团加强，PB-ROE-50 组合超额收益显著 ——金融工程量 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns [6]. Core Insights - The BLDC motor drive control chip industry has significant market potential due to the increasing penetration of BLDC motors in various end-user sectors such as computing, communication, industrial, and automotive applications [2]. - The company focuses on the research and development of high-performance motor drive control chips, leveraging its proprietary processor architecture to gain a competitive edge in the market [2][4]. - The company is expanding into emerging fields, particularly in industrial servo applications, driven by the growing demand for data center cooling solutions [3]. Financial Performance - In 2024, the company achieved a revenue of 600 million yuan, representing a year-on-year growth of 45.94%, and a net profit of 222 million yuan, up 27.18% from the previous year [3][5]. - The revenue forecast for 2025 is set at 841 million yuan, with a growth rate of 40.02%, and the net profit is expected to reach 307 million yuan, reflecting a growth rate of 37.86% [5][9]. - The company's earnings per share (EPS) is projected to increase from 1.89 yuan in 2023 to 5.83 yuan by 2027 [5][12]. Profitability and Valuation - The company is expected to benefit from increasing demand in the industrial sector, with net profit forecasts for 2025 and 2026 adjusted upward by 20% and 25%, respectively [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 61, 46, and 34, respectively, indicating a favorable valuation trend [4][12]. - The company's gross margin is expected to remain stable around 53.5% in 2023, slightly decreasing to 52.5% by 2027 [11].

Investment Rating - The report maintains a "Buy" rating for the automotive and automotive parts industry [5][25]. Core Insights - The automotive market remained stable in May, with new energy vehicle manufacturers showing promising delivery growth, particularly Li Auto, which saw a year-on-year increase of 16.7% and a month-on-month increase of 20.4% to 40,856 units delivered [1] - Xpeng Motors experienced a significant year-on-year increase of 230.4% in deliveries, although it saw a month-on-month decline of 4.3% to 33,525 units [1] - NIO's deliveries increased by 13.1% year-on-year but decreased by 2.8% month-on-month to 23,231 units [1] - New models launched in May emphasize enhanced intelligence features, with Xpeng's Mona M03 and Li Auto's L series receiving notable upgrades [1][2] Summary by Sections Delivery Performance - Li Auto delivered 40,856 units in May, up 16.7% year-on-year and 20.4% month-on-month [1] - Xpeng delivered 33,525 units, marking a 230.4% year-on-year increase but a 4.3% month-on-month decrease [1] - NIO's deliveries totaled 23,231 units, reflecting a 13.1% year-on-year increase and a 2.8% month-on-month decrease [1] New Model Launches - Xpeng launched four new models of the Mona M03, with the Max version priced below 150,000 CNY, achieving over 10,000 pre-orders within an hour [1] - Li Auto's L series received an upgrade with new intelligent features while maintaining the same pricing [1] Market Dynamics - The report notes a potential for slight expansion in purchasing incentives for June, with Tesla and new energy vehicle manufacturers offering various financing options [2] - A short-term price war initiated by BYD is expected to impact market sentiment, but the long-term outlook remains positive due to the anticipated increase in domestic sales driven by trade-in programs [2] Investment Recommendations - The report recommends buying shares of Xpeng Motors and suggests paying attention to Tesla and Li Auto [3] - For automotive parts, it recommends buying shares of Fuyao Glass and suggests monitoring companies like Pony.ai, Nexperia, and Jifeng [3]

2025 年 6 月 3 日 公司研究 专注于电机驱动控制，成长空间广阔 ——峰岹科技（688279.SH）跟踪报告之二 要点 BLDC 电机驱动控制芯片行业市场空间广阔。BLDC 电机凭借高可靠性、低振动、 高效率、低噪音、节能降耗的性能优势以及半导体组件生产制造成本逐渐降低的 发展背景，BLDC 电机在计算机及通信设备、运动出行、电动工具、工业与汽车 等下游终端领域的渗透率不断提升。BLDC 电机下游应用呈现持续增长且渗透率 逐渐提高的特点，BLDC 驱动控制芯片行业市场空间持续增长。 公司专注于高性能电机驱动控制专用芯片的研发。国内集成电路产业起步较晚， 具体到电机驱动控制芯片领域，该细分领域长期由德州仪器（TI）、意法半导体 （ST）、英飞凌（Infineon）、赛普拉斯（Cypress）等国际大厂主导。公司专 注于高性能电机驱动控制专用芯片的研发，通过长期研发投入与技术积累，设计 出自主知识产权电机控制处理器内核架构，凭借技术性能优势及系统级服务优势 实现产品的广泛应用。 公司持续拓展新兴领域。2024 年，得益于数据中心算力需求带来服务器散热需 求的增加以及公司在工业领域持续的研发投入，公司产品在 ...

总量研究 小市值风格延续 ——金融工程市场跟踪周报 20250603 要点 上周市场核心观点： 上周（2025.05.26-2025.05.30，下同）A 股呈现窄幅震荡，小盘表现相对占优。 交易情绪方面，市场延续缩量背景下，主要宽基指数量能择时维持谨慎观点。资 金面方面，ETF 资金小幅净流入，大盘主题 ETF 为净流入主力。 结合近期市场风格表现来看，短线小盘或仍占优，且仍将延续热点快速轮动状态。 短期无明确驱动主线背景下，建议继续维持"红利+小盘"杠铃组合。 2025 年 6 月 3 日 上周市场各指数涨跌不一，上证综指下跌 0.03%，上证 50 下跌 1.22%，沪深 300 下跌 1.08%，中证 500 上涨 0.32%，中证 1000 上涨 0.62%，创业板指下 跌 1.40%，北证 50 指数上涨 2.82%。 截至 2025 年 5 月 30 日，宽基指数来看，上证指数、上证 50、沪深 300、中证 500、中证 1000 处于估值分位数"适中"等级，创业板指处于估值分位数"安 全"等级。 中信一级行业分类来看，有色金属、电力及公用事业、家电、食品饮料、农林牧 渔、非银行金融、交通运输 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report argues that there is no need to be overly worried about the liquidity situation at this stage. The probability of the monetary authorities actively tightening the liquidity is low, and factors such as CD maturities and deposit rate cuts are not the main factors affecting money market interest rates. There is a high probability of an expected difference in the liquidity situation, and the medium - and long - end of the yield curve may be repriced. However, the downward space of the yield curve this year is limited compared to the same period last year [2][4]. 3. Summary by Related Catalog Why Not Worry About the Liquidity? - **Low Probability of Monetary Authorities Tightening Liquidity**: In May 2025, the 10Y Treasury bond yield was 1.67%, up about 5bp from the end of April. The long - end of the yield curve rose due to investors' concerns about the liquidity. But the probability of the monetary authorities actively tightening the liquidity is low. The spread between the 10Y Treasury bond and 7D OMO has recovered, and the uncertainty of the external environment has increased, so the monetary authorities are more concerned about the liquidity. For example, the average and volatility of DR007 in Q1 were 2.11% and 0.44% respectively, and have dropped to 1.71% and 0.10% since Q2 (as of the end of May) [1][2]. - **CD Maturity and Interest Rate Relationship**: CD maturity and net issuance demand are different concepts, and CD interest rates are not sensitive to maturities. From early 2020 to May 2025, the Pearson correlation coefficient between CD maturities and the monthly average of CD interest rates was - 0.30, and - 0.34 between maturities and the end - of - month values. In months with significantly rising CD maturities in recent years, the 1Y AAA - rated CD interest rate did not necessarily increase [3]. - **Deposit Rate Cuts and CD Interest Rates**: Deposit rate cuts do not necessarily lead to a decline in CD interest rates. For example, when state - owned large - bank deposit rates were cut in October 2024, the 1Y AAA - rated CD interest rate decreased over the following months [3]. - **Expected Difference in Liquidity and Yield Curve**: The short - end of the yield curve is mainly affected by monetary policy. The monetary authorities' urgency to tighten the liquidity to guide up long - bond yields has decreased, and they will not allow CD interest rates to rise significantly. There is a high probability of an expected difference in the liquidity situation. The short - end, mid - end, and long - end of the yield curve all have downward space until the end of the year, but the downward space is limited compared to last year. For example, the average of DR007 may gradually fall from 1.63% in May to about 1.5% in the next two months, and trading days with rates below 1.4% are not common [4].

2025 年 6 月 3 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】"抢出口"带动制造业 PMI 回暖——2025 年 5 月 PMI 点评 5 月制造业 PMI 回暖，源于外需形势好转，企业加快"抢出口"，带动生产指数升至 荣枯线上方，采购量、从业人员、原材料库存指数相应回升。结构上，以装备/高技 术制造业为代表的经济新动能保持较快增长，高耗能行业景气度继续回落；服务业 PMI 小幅上行，源于"五一"节日效应下，居民旅游出行、餐饮住宿活动表现活跃； 受房建需求拖累，建筑业活动扩张放缓，但各地基建进度继续加快。 【策略】寻找震荡中的机会——2025 年 6 月策略观点 短期外部风险扰动最严重的时候或许已经过去，但仍需要对特朗普后续政策的反复保 持警惕。近期国内政策仍积极发力，预计后续政策仍将持续落地。随着中美两国为"对 等关税"按下 90 天"暂停键"，短期内出口或将保持高增，预计消费仍是经济修复 的重要动能之一。内外因素交织之下，预计指数 6 月整体保持震荡。 【债券】二级市场价格震荡波动，多只 REITs 产品等待上市——REITs 周度观察 （20250526-20250530） 2025 ...

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The macroeconomic outlook is improving, which is expected to support copper price increases. As of May 30, 2025, SHFE copper closed at 77,600 RMB/ton, down 0.2% from May 23, while LME copper closed at 9,497 USD/ton, also down 0.24% [1]. - Supply-side disruptions in copper mining are increasing, leading to overall supply tightness. Demand is expected to weaken as the inventory replenishment effect from tariffs diminishes and the domestic market enters a seasonal slowdown [1]. - The report anticipates that copper prices will stabilize in the short term but may rise gradually following domestic stimulus policies and potential interest rate cuts in the U.S. [1]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1% week-on-week, while LME copper inventory fell by 9% [2]. - As of May 30, 2025, domestic port copper concentrate inventory was 796,000 tons, up 2% from the previous week [2]. - Global electrolytic copper inventory totaled 436,000 tons as of May 23, 2025, down 3.5% week-on-week [2]. Supply - In April, imported scrap copper was 168,000 tons, up 7% month-on-month but down 7% year-on-year [2]. - In March 2025, China's copper concentrate production was 157,000 tons, up 25.4% month-on-month and 6.9% year-on-year [2]. - The price difference between electrolytic copper and scrap copper was 1,142 RMB/ton as of May 30, 2025, up 275 RMB/ton from May 23 [2]. Smelting - Domestic electrolytic copper production in May was 1.1383 million tons, up 1.1% month-on-month and 12.9% year-on-year [3]. - The spot price of TC was -43.45 USD/pound as of May 30, 2025, still at a low level since September 2007 [3]. - Net imports of electrolytic copper from January to April totaled 897,000 tons, down 17.7% year-on-year [3]. Demand - The cable industry's operating rate decreased by 3.7 percentage points week-on-week, while air conditioning production in August is expected to grow by 2.7% year-on-year [3]. - The cable sector accounts for approximately 31% of domestic copper demand, with the operating rate at 78.67% as of May 29, 2025 [3]. - Air conditioning production is projected to increase by 11.5%, 6.3%, and 2.7% in June, July, and August respectively [3]. Futures - SHFE copper active contract positions increased by 19% week-on-week, while COMEX non-commercial net long positions rose by 7% [4]. - As of May 30, 2025, SHFE copper active contract positions were 173,000 lots, up 19.4% from the previous week [4]. - The report suggests that copper prices are likely to rise in 2025 due to tightening supply and improving demand [4]. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Minmetals Resources [4].