Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - As of April 21, 2025, private real - estate bonds issued by private enterprises had higher valuation yields and spreads compared to other types of bonds. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, with the 1 - 2 - year private public non - perpetual bonds having a yield increase of over 15BP, and the 2 - 5 - year state - owned private perpetual bonds having an adjustment of over 5BP. For real - estate bonds, short - term interest rates declined, while the yield increase of bonds over 1 - year was generally within 5BP. In the financial bond sector, bonds with high valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. The yields of financial bonds mainly increased, with the 2 - 3 - year perpetual leasing bonds having a yield increase of over 5BP [3][8]. - For urban investment bonds, in public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang were below 2.6%. Bonds with yields over 4.5% were in prefecture - level and district - level areas of Guizhou. Areas like Guangxi, Yunnan, and Qinghai also had high spreads. Compared to the previous week, the yields of public urban investment bonds within 1 - year mostly declined, while those over 1 - year adjusted. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 3.1%. Bonds with yields higher than 4.5% were in prefecture - level cities of Guizhou, Yunnan, and Liaoning. The yield increase of private urban investment bonds also mostly occurred in bonds over 1 - year [2][15][24]. Group 3: Summary by Relevant Catalogs Catalog 1: Overall Situation of Stock Credit Bonds - The valuation yields and spreads of private real - estate bonds issued by private enterprises were generally higher than other types of bonds. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, and the short - term interest rates of real - estate bonds declined while long - term yields increased slightly. The yields of financial bonds mainly increased [3][8]. Catalog 2: Urban Investment Bonds Public Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang were below 2.6%. Bonds with yields over 4.5% were in Guizhou's prefecture - level and district - level areas. Areas like Guangxi, Yunnan, and Qinghai had high spreads. The yields of bonds within 1 - year mostly declined, while those over 1 - year adjusted, with significant increases in some bonds such as 1 - 2 - year Hunan provincial perpetual bonds [2][15]. Private Urban Investment Bonds - The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 3.1%. Bonds with yields higher than 4.5% were in prefecture - level cities of Guizhou, Yunnan, and Liaoning. The yield increase mostly occurred in bonds over 1 - year, with significant increases in 1 - 2 - year Ningxia prefecture - level non - perpetual bonds, etc. [24]. Catalog 3: Industrial Bonds - The valuation yields and spreads of private real - estate bonds issued by private enterprises were higher. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, with significant increases in 1 - 2 - year private public non - perpetual bonds and 2 - 5 - year state - owned private perpetual bonds. For real - estate bonds, short - term interest rates declined, and long - term yields increased slightly [3][8]. Catalog 4: Financial Bonds - Bonds with high valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. The yields of financial bonds mainly increased, with significant increases in 2 - 3 - year perpetual leasing bonds [4][8].

Report Industry Investment Rating No relevant content provided. Core Views - The company's convertible bond, Dinglong Convertible Bond, has a fundraising of 910 million yuan. After deducting issuance fees, it will be used for the industrialization project of 300 tons of KrF/ArF photoresist per year, the project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials, and the replenishment of working capital. It is expected to be listed on April 23, 2025, with a listing price above 130 yuan [1]. - The company has successfully expanded from printing and copying consumables to semiconductor materials. With high R & D intensity, the company's semiconductor business has a gross profit margin above 60% and is rising steadily, and the comprehensive gross profit margin has rapidly increased to over 45%. As revenue grows, profitability has also improved rapidly [2]. - The company is accelerating R & D to achieve a platform - based layout of semiconductor materials. In the future, the localization rate of semiconductor materials in China will increase. According to Wind's consensus forecast, the company's expected归母 net profits in 2024 and 2025 are 507 million yuan and 690 million yuan respectively, corresponding to PEs of 55.33X and 40.67X [3]. - The company's valuation is at a medium level in the past 5 years, with good stock price elasticity and high institutional attention. The convertible bond has a general parity and good bond - bottom protection [4]. Summary by Directory I. Convertible Bond Clause Analysis - The issuance scale of the convertible bond is 910 million yuan, with a term of 6 years. The initial conversion price is 28.68 yuan. The dilution rate of full conversion to the company's A - share total share capital is 3.38%, and to the non - restricted tradable shares is 4.36%. The conversion period starts from October 9, 2025, to the maturity date (April 1, 2031). The original shareholder placement ratio is 71.10% [10]. - The 6 - year coupon rates of the convertible bond are 0.20%, 0.40%, 0.80%, 1.50%, 1.80%, and 2.00% respectively, which are comparable to the average level of recently issued convertible bonds. The redemption price at maturity is 110 yuan. The bond has an AA rating for both the issuer and the bond itself, and there is no guarantee. The additional terms are standard. As of April 21, 2025, the conversion parity is 104.32 yuan, and the pure - bond YTM is 2.44%, indicating good bond - bottom protection [11][12]. II. Underlying Stock Fundamentals - The company is a privately - owned enterprise with a general equity concentration. As of September 30, 2024, Zhu Shuangquan and Zhu Shunquan are the controlling shareholders and actual controllers, holding a total of 29.71% of the company's shares [13]. - The company has transformed from printing and copying consumables to semiconductor materials. In the first three quarters of 2024, the company achieved sales revenue of 2.425 billion yuan, a year - on - year increase of 29.54%. The revenue of optoelectronic semiconductor materials and chips reached 1.086 billion yuan, accounting for 45%, while the revenue of printing and copying general consumables was 1.322 billion yuan, with a relatively stable scale but a decreasing proportion [13][14]. - Benefiting from the increasing proportion of semiconductor materials, the company's gross profit margin has been rising year by year. The gross profit margin of printing and copying general materials fluctuates between 25% - 30%, while that of semiconductor materials has been above 60% and reached nearly 70% in Q3 2024. The current comprehensive gross profit margin is above 45% [17]. - The company's R & D investment is high, with the R & D expense ratio increasing from 10% to 12% in the past three years. It has broken foreign monopolies in multiple semiconductor material fields and formed a rich product matrix [18]. - The global semiconductor material market is expected to reach over $87 billion by 2027, and the domestic market is growing faster. However, many key semiconductor materials are still dominated by foreign companies, and the localization rate of semiconductor materials in China will increase in the future [25]. - The company has become a leading domestic CMP polishing pad manufacturer. It has also achieved mass production of CMP polishing fluid and is accelerating capacity construction. In the display material field, it has broken the monopoly of Japanese and Korean enterprises and achieved domestic leading supply. High - end semiconductor photoresist and advanced packaging materials are under R & D, and the mass - production plan of semiconductor photoresist is in progress [27]. - The company's printing and copying consumables business is developing steadily. In 2024, the company's profitability increased rapidly, with the expected归母 net profit ranging from 490 million yuan to 530 million yuan, a year - on - year increase of 120.71% - 138.73% [28]. III. Analysis of Convertible Bond Fund - Raising Projects - The company's convertible bond fundraising of 910 million yuan will be used for the industrialization project of 300 tons of KrF/ArF photoresist per year (with an investment of 804 million yuan and a planned use of 480 million yuan of the raised funds), the project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials (with an investment of 235 million yuan and a planned use of 170 million yuan of the raised funds), and the replenishment of 260 million yuan of working capital [35][36]. - The 300 - ton KrF/ArF photoresist industrialization project is to build a production line in Qianjiang Jianghan Salt Chemical Industrial Park, mainly for 12 - inch wafer manufacturing in advanced processes, with a planned construction period of three years. The project of a domestic industrial base for key upstream raw materials of optoelectronic semiconductor materials is to research and produce key upstream raw materials for semiconductor process materials and semiconductor display materials, with a planned construction period of two years [35].

- The report discusses the overall performance of the four major stock index futures contracts, with the CSI 500 futures contract experiencing the largest decline of -3.05%, and the SSE 50 futures contract seeing the largest increase of 1.46% [3][12] - The main contracts of IF and IH saw a slight narrowing of the discount, while the main contracts of IC and IM saw a deepening of the discount [3][12] - The average trading volume of the four major stock index futures contracts decreased compared to the previous week, with IH experiencing the largest decline of -53.65% and IC the smallest decline of -36.59% [3][12] - The combined open interest of the four major stock index futures contracts decreased, with IC experiencing the smallest decline of -8.49% and IH the largest decline of -19.27% [3][12] - As of last Friday's close, the annualized basis rates for the current season contracts of IF, IC, IM, and IH were -10.38%, -17.76%, -19.99%, and -5.61%, respectively, with the discount deepening compared to the previous week's last trading day [3][12] - The cross-period spread rates for the current month contracts of IF, IC, IM, and IH were at the 92.50%, 92.80%, 77.70%, and 97.70% percentiles since 2019 [4][13] - The report estimates the dividend points for the main contracts of the CSI 300 Index, CSI 500 Index, SSE 50 Index, and CSI 1000 Index to be 27.16, 47.10, 17.36, and 40.50, respectively [4][13] - The basis changes are influenced by dividends and investor trading sentiment, with the domestic GDP growing by 5.4% year-on-year in the first quarter, indicating a mild economic recovery [5][14] - The report highlights the positive arbitrage opportunities for the IF main contract based on the closing prices [4][13] - The report summarizes the market and industry investment consensus and differences among nearly 20 sell-side strategy teams, with a focus on A-shares, technology, dividend assets, and domestic consumption sectors [6][37][38] - The report provides detailed calculations for stock index futures arbitrage, including formulas for positive and reverse arbitrage returns [43] - The report outlines the dividend estimation method, emphasizing the high correlation between listed company dividend plans and historical dividend plans [45][48] - The report includes the predicted dividend points for each contract period based on the dividend estimation method [49]

业绩简评 2025 年 4 月 21 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 91.98 亿元，同比+45.94%；实现归母净利 润 12.73 亿元，同比+1.36%；2025 年一季度实现营业收入 15.34 亿元，同比-21.90%，实现归母净利润 1.41 亿元，同比-57.56%， 业绩略低于预期 经营分析 行业阶段性供需失衡局面下盈利短期承压，多方面布局助力穿越 周期：截至 2024 年 12 月 31 日，公司在手订单 118.31 亿元（含 税），同比-10.4%；新签订单 101.49 亿元（含税），同比-22.5%； 25Q1 在手订单 112.71 亿元，同比-21.5%，主要系行业大面积亏损 导致下游客户扩产放缓。公司 2024 年减值共计 6.2 亿元，其中资 产减值 4.2 亿元，大部分来源于存货减值，公司出于审慎的原则， 对合同履约成本减值损失计提。同样由于行业景气度低迷，光伏各 产品毛利率均有小幅下降。然而从年报披露中，我们可以看到公司 多方面布局，充分做好穿越行业周期的准备：研发方面，公司 2024 年研发费用率 4.3 亿元，同 ...

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, focusing on sectors that may benefit from policy changes and deep value stocks that have been negatively impacted by market rumors [2][12]. Core Insights - The report emphasizes the importance of patience in waiting for market changes while actively seeking investment opportunities, particularly in sectors like cross-border e-commerce, domestic consumption-related internet assets, and undervalued stocks [3][12]. - It highlights the potential for recovery in the education sector due to government support for service consumption, as well as the luxury goods sector facing challenges from macroeconomic fluctuations [5][23]. - The report also notes the growth in the coffee and tea beverage sector, driven by increased delivery services and consumer demand, alongside a positive outlook for the OTA (Online Travel Agency) segment as travel demand rises [5][28]. Summary by Sections 1. Education - The Chinese education index increased by 2.28% during the week of April 14-18, 2025, underperforming against the Hang Seng Index but outperforming other major indices [14]. - Notable stock performances included a significant rise in stocks like Zhuoyue Education Group (+18.18%) and NetEase Youdao (+13.84%) [14][19]. 2. Luxury Goods - The luxury goods sector saw a decline, with LVMH's sales falling short of expectations, reporting a 3% decrease in Q1 2025 sales [23][29]. - The report suggests focusing on high-end brands with strong management capabilities and product innovation, as they are less affected by economic cycles [5][23]. 3. Coffee and Beverage & OTA - The coffee and beverage sector experienced notable stock increases, with Tims China (+18.29%) and Luckin Coffee (+8.45%) leading the gains [28]. - The OTA sector is expected to benefit from rising travel demand, with predictions indicating a significant increase in travel bookings during the upcoming holiday [5][28]. 4. E-commerce and Internet - The internet technology sector index rose by 0.37%, with key stocks like Beike (+7.67%) and Alibaba (+5.53%) showing strong performance [36][37]. - The report highlights the importance of monitoring the impact of tariff changes on cross-border e-commerce platforms and the overall market dynamics [12][36]. 5. Media - The media sector is encouraged to focus on stocks with strong fundamentals and dividend value, particularly in light of recent policy support for cultural industries [5][12]. - The report notes the potential for growth in AI applications within the media sector, emphasizing the importance of tracking developments in this area [5][12]. 6. Virtual Assets & Brokerage - The report indicates a slight improvement in sentiment towards virtual asset trading, with expectations for strong Q1 performance from brokerage firms like Futu Holdings and Tiger Brokers [5][12]. 7. Real Estate Transactions - The report suggests a positive outlook for the real estate market, with government emphasis on market potential and the construction of quality housing [5][12]. 8. Automotive Services - The report mentions potential developments in ride-hailing services in Macau, indicating a growing interest in the automotive service sector [5][12]. 9. Media and M&A - The report highlights ongoing trends in mergers and acquisitions within the media sector, suggesting a focus on companies that are well-positioned for growth through strategic partnerships [5][12].

Investment Rating - The report upgrades the company to a "Buy" rating, reflecting a positive outlook for the next 6-12 months with expected price increases [3]. Core Insights - The company reported a revenue of 1.56 billion RMB for 2024, representing a year-on-year growth of 13.4%, and a net profit of 161 million RMB, up 14.07% year-on-year [2]. - The growth is driven by the successful launch of high-demand products, particularly in the sensitive teeth segment, and effective marketing strategies leveraging platforms like Douyin [3][2]. - The company is positioned as a leader in the sensitive oral care niche, with a significant market share in various product categories [3]. Performance Analysis - For 2024, the revenue breakdown by product includes adult toothpaste (1.247 billion RMB), adult toothbrushes (161 million RMB), children's toothpaste (72 million RMB), and electric toothbrushes (10 million RMB), with notable growth in sensitive care products [2]. - The revenue from different channels shows a significant increase in e-commerce sales by 51.99%, while direct supply and distribution channels experienced declines [2]. - The gross margin for 2024 is reported at 49.37%, an increase of 5.27 percentage points year-on-year, driven by the introduction of high-end products [3]. Financial Projections - The company is projected to achieve net profits of 200 million RMB, 258 million RMB, and 332 million RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.48, 29.78, and 23.17 [3][7]. - The expected revenue growth rates for the upcoming years are 27.91% for 2025, 20.88% for 2026, and 18.20% for 2027, indicating a strong growth trajectory [7]. Market Position - The company ranks third in retail sales market share for toothpaste in offline channels, and its children's toothpaste and toothbrushes are positioned third and first in their respective categories [2]. - The report highlights the company's ability to leverage social media marketing to enhance brand visibility and drive sales growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported Q1 2025 revenue of 1.73 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was 148 million RMB, showing a significant year-on-year increase of 205%, although it decreased by 25% compared to the previous quarter [2]. - The gross margin for Q1 2025 was 20.4%, up 6.1 percentage points year-on-year, while the net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company is expected to see increased battery sales in Q2 2025, with an annual shipment forecast of over 600 million units [3]. - The company is projected to achieve net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20% [4]. Summary by Relevant Sections Performance Review - Q1 2025 revenue was 1.73 billion RMB, with a year-on-year growth of 21% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was 148 million RMB, reflecting a year-on-year increase of 205% but a quarter-on-quarter decrease of 25% [2]. Operational Analysis - The gross margin for Q1 2025 was 20.4%, which is a 6.1 percentage point increase year-on-year. The net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company anticipates a strong Q2 2025 with increased battery sales and a forecast of over 600 million units shipped for the year [3]. Profit Forecast, Valuation, and Rating - The company is expected to see net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20%. The report maintains a "Buy" rating with a projected PE ratio of 21, 18, and 15 for the respective years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 9.198 billion RMB for 2024, a year-on-year increase of 45.94%, and a net profit of 1.273 billion RMB, up 1.36% year-on-year. However, the first quarter of 2025 saw a revenue decline of 21.90% and a net profit drop of 57.56%, slightly below expectations [2]. - The company is facing short-term profit pressure due to an industry-wide supply-demand imbalance, but it is strategically positioned to navigate through the cycle with various initiatives, including increased R&D investment and international market expansion [2]. - The company plans to distribute a cash dividend of 16.00 RMB per 10 shares, totaling 504 million RMB, which represents 39.6% of the annual profit for 2024, reflecting a commitment to shareholder returns even during industry downturns [3]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 9.198 billion RMB, a 45.94% increase from the previous year, and a net profit of 1.273 billion RMB, which is a 1.36% increase year-on-year. The first quarter of 2025 showed a revenue of 1.534 billion RMB, down 21.90%, and a net profit of 141 million RMB, down 57.56% [2]. Operational Analysis - As of December 31, 2024, the company had an order backlog of 11.831 billion RMB, a decrease of 10.4% year-on-year. New orders signed in 2024 totaled 10.149 billion RMB, down 22.5% year-on-year. The decline in orders is attributed to industry losses leading to slower expansion among downstream customers [2]. - The company recorded a total impairment of 620 million RMB in 2024, primarily from inventory write-downs, reflecting a cautious approach to contract performance cost provisions [2]. - The company increased its R&D expenditure to 4.3 billion RMB in 2024, a 31.5% increase year-on-year, and expanded its R&D workforce by 21.7% to 1,065 employees, focusing on advanced technologies in photovoltaic, lithium battery, and semiconductor sectors [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 788 million RMB and 691 million RMB, respectively, with a new forecast for 2027 at 713 million RMB. The corresponding EPS for these years are projected at 2.500, 2.192, and 2.265 RMB, with current P/E ratios of 14.5, 16.5, and 16.0 times [4].

Investment Rating - The report upgrades the company to a "Buy" rating, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 1.56 billion RMB for 2024, a year-on-year increase of 13.4%, and a net profit of 161 million RMB, up 14.07% year-on-year, with a net profit margin of 10.33% [2]. - The growth is driven by the popularity of Douyin and the rapid expansion of key products, enhancing brand strength [2][3]. - The company is positioned as a leader in the sensitive oral care segment, leveraging product upgrades to increase customer spending and attract new customers [3]. Performance Analysis - For 2024, revenue from adult toothpaste, adult toothbrushes, children's toothpaste, children's toothbrushes, electric toothbrushes, and oral medical and beauty care products is reported as 1.247 billion, 161 million, 72 million, 30 million, 10 million, and 38 million RMB respectively, with growth rates of 16.09%, 3.30%, -0.48%, -5.09%, -14.33%, and +35.45% [2]. - The company achieved a gross margin of 49.37% in 2024, an increase of 5.27 percentage points year-on-year, driven by high-end product series [3]. - The sales expense ratio for 2024 is 31.96%, up 3.88 percentage points, primarily due to marketing efforts on platforms like Douyin [3]. Revenue and Profit Forecast - The company is expected to achieve net profits of 200 million, 258 million, and 332 million RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.48, 29.78, and 23.17 [3][7]. - The projected revenue growth rates for the next few years are 27.91% for 2025, 20.88% for 2026, and 18.20% for 2027 [7]. Market Position - The company ranks third in retail market share for toothpaste products in offline sales channels, and its children's toothpaste and toothbrushes rank third and first in their respective categories [2]. - The company holds a 64.72% market share in the sensitive segment of offline retail [2]. Channel Performance - Revenue from distribution, direct supply, and e-commerce for 2024 is reported as 1.032 billion, 41 million, and 481 million RMB respectively, with year-on-year growth rates of 3.69%, -24.01%, and +51.99% [2]. - The introduction of the medical research 7-day repair series is expected to continue driving the trend of popular products across various channels [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue grew by 19.1% to 1.675 billion RMB [2][3]. - The company has successfully launched new product lines, such as the BARF series and the "fresh meat precise nutrition" cat food series, which contributed to significant sales growth during promotional events [2][3]. Business Analysis - Revenue from the main food, snacks, and health products for 2024 reached 2.690 billion RMB, 2.484 billion RMB, and 46 million RMB respectively, with year-on-year growth rates of 28.9%, 14.7%, and a decline of 18.9% [3]. - The gross margin for 2024 improved to 42.27%, an increase of 5.4 percentage points, primarily driven by the company's high-end branding strategy [3]. - The company is recognized as a leading domestic pet food brand with a clear growth trajectory, leveraging strong consumer insights for product innovation and effective online operations [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 800 million RMB, 1.026 billion RMB, and 1.333 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 29%, 28%, and 29% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 50x for 2025, 40x for 2026, and 31x for 2027, indicating a favorable valuation outlook [4].