Investment Rating - The report assigns a "Buy" rating for the company for the first time [6]. Core Insights - The company is transitioning from a property management model to an international trade comprehensive service provider, focusing on the Yiwu small commodity market with four main business segments: commodity sales, market operations, supporting services, and trade services [3][15][26]. Summary by Sections Company Overview - The company is evolving from traditional property management to innovative platform services, with a primary focus on the Yiwu small commodity market [26]. - The business model primarily relies on rental income from offline shops and office buildings, while also expanding into digital trade services [3][15]. Main Business Segments - **Commodity Sales**: Revenue has rapidly increased from 0.69 billion in 2019 to 67.92 billion in 2023, with a CAGR of 214.98% [50]. - **Market Operations**: The market operation business is the core profit contributor, with a stable income model based on rental fees from a vast market area of approximately 6.4 million square meters [55]. - **Supporting Services**: This includes hotel services and exhibition advertising, which support the core business development [15]. - **Trade Services**: The company is enhancing its capabilities in logistics, payment, and trade fulfillment, with significant growth potential in this segment [15][18]. Financial Performance - The company expects revenue growth from 145.38 billion in 2024 to 236.83 billion in 2026, with corresponding net profit growth from 29.82 billion to 57.02 billion [12][19]. - The EBITDA is projected to increase from 4.68 billion in 2024 to 7.98 billion in 2026, indicating strong operational performance [13]. Industry Analysis - The company benefits from supportive policies such as the 1039 model and the Belt and Road Initiative, which enhance its export capabilities and trade facilitation [11][19]. - The Yiwu international trade reform plan is expected to boost the company's import business, presenting new growth opportunities [11][19].

Investment Rating - The report assigns an initial "Buy" rating for the company [7]. Core Views - The company is recognized as a leader in cobalt lithium materials, with future growth driven by its leading market share in cobalt lithium shipments, advancements in nickel-rich ternary materials, and a strong position in solid-state electrolyte technology [4][16]. - The company is expected to see steady revenue growth, with projected revenues of 133.0 billion, 155.9 billion, and 205.6 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -23.2%, +17.2%, and +31.9% [12][18]. Summary by Sections 1. Cobalt Lithium Leadership and Profitability Recovery - The company has been a pioneer in cobalt lithium production since 2004 and has expanded into ternary materials since 2012, establishing a strong foothold in both consumer electronics and power battery applications [25]. - The company has a significant market share in cobalt lithium, with a projected global market share of 44% by 2024, driven by increasing demand from the 3C electronics sector [11][16]. 2. Ternary Material Technology Advantages - The company’s nickel-rich high-voltage products are technologically advanced and have achieved mass production, with a focus on meeting the growing demand in the electric vehicle sector [11][12]. - The company is developing ultra-high nickel products and has a comprehensive product range covering all nickel series and voltage platforms, enhancing its competitive edge [16]. 3. Solid-State Electrolyte and NL Electrode Advancements - The NL electrode material shows significant advantages in energy density, cycle life, and cost-effectiveness compared to traditional materials, with plans for application in various sectors by 2025 [12][34]. - The company is strategically positioned in the solid-state electrolyte market, with promising results from pilot tests indicating substantial cost reduction potential [12][34]. 4. Financial Forecast and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.18, 1.85, and 2.37 yuan respectively, with a compound annual growth rate (CAGR) of 23.64% over three years [12][18]. - The report estimates a fair value of 65.80 yuan per share based on discounted cash flow (DCF) analysis, with a target price of 66.6 yuan considering the company's leadership in cobalt lithium and ongoing product innovations [12][18].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - Indonesia's aquaculture and poultry farming are expanding, with aquaculture production reaching 14.63 million tons and poultry meat production at 4.16 million tons in 2022, reflecting compound annual growth rates (CAGR) of 13.63% and 6.85% respectively from 2002 to 2022 [3][10] - The continuous growth of Indonesia's GDP is driving meat consumption upgrades, leading to an expansion in the aquaculture and feed demand, indicating a promising outlook for the feed market [3][12] - Leading feed producers like CPIN and Japfa are experiencing sales growth and increasing market share due to their integrated supply chain advantages [3][13] - Haida Group is actively expanding its overseas market, projecting a 40% year-on-year increase in overseas feed sales, reaching 2.4 million tons by 2024, highlighting significant growth potential [3][14] Summary by Sections 1. Rapid Development of Aquaculture and Poultry Farming - Indonesia's aquaculture industry is growing rapidly, with a CAGR of 13.63% from 2002 to 2022, while capture fisheries lag behind with a CAGR of only 2.63% [10][21] - The main aquaculture species include catfish, tilapia, and shrimp, which together account for nearly 70% of total production [10][25] - Poultry farming is also expanding, with poultry meat production increasing from 1.10 million tons in 2002 to 4.16 million tons in 2022, reflecting a CAGR of 6.85% [11][38] 2. Continued Expansion of Farming Scale and Promising Feed Market - Indonesia's GDP has increased over fivefold from 2002 to 2023, with a CAGR of 8.49%, driving an increase in meat consumption [12][47] - Per capita consumption of aquatic products and poultry has significantly increased, indicating a growing demand for animal protein [12][52] - The feed industry in Indonesia is highly concentrated, with poultry feed accounting for nearly 90% of total feed production [12][58] 3. Integrated Supply Chain Advantages of Leading Enterprises - CPIN, Japfa, and Malindo are the leading companies in Indonesia's feed production and poultry farming, with market shares of 35%, 21%, and 8% respectively [13][65] - CPIN's sales in the poultry feed segment reached 16.52 trillion IDR in 2023, reflecting a year-on-year growth of 21.27% [13][67] - Japfa's poultry feed sales volume was 500.8 thousand tons in 2023, showcasing its significant market presence [13][72] 4. Investment Recommendations - The report suggests focusing on Haida Group's overseas development, as its international business is expected to open new growth opportunities [15]

双碳支撑新能源高景气，高性能锂电趋 势利好龙头 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月07日 证券研究报告 |报告要点 证券研究报告 行业研究|行业点评研究|电力设备 2025 年 3 月 5 日，十四届全国人大三次会议开幕，李强总理作 2025 年《政府工作报告》，提 到"积极稳妥推进碳达峰碳中和"、"加快建设'沙戈荒'新能源基地，发展海上风电，统筹就 地消纳和外送通道建设"。我们预计，在新能源发电经济性突出、"双碳"指引明确的背景下， 2025 年风电光伏装机需求有望保持高景气度，海风有望迎接加速建设期，前两年特高压开工 线路有望迎来集中交付期，提振相关公司业绩。两会明确将智能网联新能源车作为"新质生产 力"的代表，低碳、高性能、全球化有望成为锂电发展趋势。 |分析师及联系人 SAC：S0590524110005 SAC：S0590524120001 SAC：S0590524080006 SAC：S0590523040002 瞿学迁 请务必阅读报告末页的重要声明 1 / 4 张磊 李灵雪 陈子锐 梁丰铄 行业研究|行业点评研究 glzqdatemark2 2025年03 ...

证券研究报告 |分析师及联系人 刘雨辰 朱丽芳 耿张逸 陈昌涛 SAC：S0590522100001 SAC：S0590524080001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 16 行业研究|行业专题研究|非银金融 机构加速部署 DeepSeek,AI 赋能落地可 期 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月04日 证券研究报告 |报告要点 当前金融科技已经在金融行业的各个领域得到了广泛的应用，尤其是银行、证券、保险等规模 较大、发展较早的行业。后续随着我国经济持续向好、金融机构国产化替代需求加大的背景 下，金融科技对于金融机构提高经营效率、降低经营成本、优化服务能力和质量将起到更大的 推动作用，建议关注各类金融 IT 公司，如指南针、同花顺、东方财富、众安在线等。 扫码查看更多 ➢ 金融科技飞速发展，当前参与者众多 随着国家对自主可控和国产替代的重视程度、扶持力度不断加大，金融机构纷纷 推动以信息技术创新发展为代表的科技与业务深度融合，金融机构的科技投入呈 现增长态势。2018-2022 年，银行、证券、保险行业的科技投入合计由 18 ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD announced a placement agreement to issue nearly 130 million new H shares, expected to raise approximately HKD 43.5 billion, which will be used for R&D, overseas business development, working capital, and general corporate purposes [4][14] - The placement attracted significant interest from global long-term investors, indicating strong confidence in BYD's growth prospects [4][14] - The funds raised will support BYD's accelerated globalization efforts, enhancing its international presence in the electric vehicle market [15][16] Summary by Sections Financial Data and Valuation - BYD's projected revenues for 2024-2026 are estimated at CNY 813.06 billion, CNY 952.98 billion, and CNY 1,162.64 billion, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [17] - The net profit attributable to shareholders is expected to reach CNY 40.51 billion, CNY 51.38 billion, and CNY 63.92 billion for the same period, with growth rates of 34.8%, 26.8%, and 24.4% respectively [17] - Earnings per share (EPS) are projected to be CNY 13.92, CNY 17.66, and CNY 21.97 for 2024-2026 [17] Business Strategy - BYD's "Smart Driving for All" strategy aims to enhance its technological capabilities and product offerings, catering to diverse consumer needs [16] - The company is focusing on international expansion, with its electric vehicles already present in over 100 countries and regions [15][16] - The recent financing is expected to significantly strengthen BYD's capital position, enhancing operational stability [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant revenue increase, with Q4 2024 revenue growing by 66% year-on-year, marking the fastest quarterly growth since Q2 2021, driven by subsidies and new product launches [3][12] - The company is strategically increasing marketing expenditures to enhance competitive advantages, despite a rise in competition intensity [3][12] - The company is focusing on both expanding its product range and refining existing products to achieve new scale heights [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 11.927 billion yuan, a year-on-year increase of 37.82%, and a net profit attributable to shareholders of 1.981 billion yuan, a decrease of 3.42% [12] - Q4 2024 saw operating revenue of 4.920 billion yuan, up 65.94% year-on-year, with a net profit of 509 million yuan, down 26.34% year-on-year [12] Market Position and Strategy - The company’s market share for domestic online retail in Q4 2024 was 13% for floor cleaning machines and 9% for washing machines, with significant growth in both categories [3][12] - The company is actively promoting new products and increasing brand investment, particularly in the domestic market and during major sales events like Black Friday [12] Future Projections - Revenue projections for 2025 and 2026 are 15.216 billion yuan and 19.316 billion yuan, respectively, representing year-on-year growth rates of 27.58% and 26.95% [12] - The expected earnings per share (EPS) for 2025 and 2026 are 10.85 yuan and 12.89 yuan, with corresponding price-to-earnings (P/E) ratios of 23.4 and 19.7 [12]

Investment Rating - The investment rating for the company is "Buy" [7][4] Core Insights - The company is expected to maintain steady growth due to its strong export capabilities and recent management changes, which may revitalize governance [4][14] - Revenue projections for 2025 and 2026 are estimated at 18.28 billion and 19.93 billion yuan, representing year-on-year growth of 8.7% and 9.0% respectively [4][14] - Net profit forecasts for the same years are 1.20 billion and 1.37 billion yuan, with year-on-year increases of 13.8% and 14.5% [4][14] Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion yuan, a year-on-year increase of 14.84% [13] - Operating profit for 2024 was 1.33 billion yuan, up 1.39% year-on-year, while net profit attributable to the parent company was 1.05 billion yuan, reflecting a 7.47% increase [13] - The fourth quarter of 2024 saw revenue of 4.13 billion yuan, a 6.15% increase year-on-year, but operating profit decreased by 11.01% [13] Export and Domestic Sales Analysis - Export sales showed strong growth throughout 2024, with year-on-year increases of 31%, 24%, 20%, and 14% in each quarter respectively [13] - Domestic sales faced challenges, with year-on-year declines of 15% and 11% in Q3 and Q4 [13][14] Management Changes - The company underwent significant management changes in January 2024, marking the first presidential change in 13 years, which is expected to usher in a new phase for the company [14] Valuation Metrics - The current valuation multiples for 2025 and 2026 are projected at 10.8 and 9.4 times earnings respectively [4][14]

Investment Rating - The report provides a positive investment rating for various companies, indicating a "Buy" or "Hold" recommendation based on their expected performance relative to market indices [33]. Core Insights - The market is expected to experience a rally from February to April, driven by themes, policies, and fundamentals. Historically, the period from the Spring Festival to the Two Sessions shows strong market continuity, while post-Two Sessions, market performance may diverge based on policy strength and liquidity [5][8]. - Companies with strong cyclical assets may perform better if policies are robust, while weaker policies could lead to reduced market elasticity [5][8]. - The report emphasizes the importance of monitoring policy developments and macroeconomic trading as key factors influencing market dynamics [5][8]. Summary by Relevant Sections Non-Banking Financials: GF Securities (000776.SZ) - The company has significant advantages in large asset management, with its public fund subsidiaries contributing nearly 20% to net profit in the first half of 2024. The business is expected to benefit from increased trading activity in the markets [16]. - The investment banking risks are largely mitigated, and the company is poised for steady recovery in its underwriting business [16]. Home Appliances: Hisense Visual (600060.SH) - The company is expected to see accelerated revenue growth in Q4, with domestic sales outpacing international sales. It is leveraging high-end product lines to capture the growing MiniLED market [17]. Food and Beverage: Modern Dairy (1117.HK) - The company anticipates stabilization in raw milk prices in the second half of 2025 due to ongoing herd reduction [18]. Agriculture, Forestry, Animal Husbandry, and Fishery: Haida Group (002311.SZ) - The company is expected to maintain high growth in overseas markets, with its feed business poised for volume and profit increases [19]. Automotive: BYD (002594.SZ) - BYD is leading the industry with its smart driving initiatives and has launched multiple new models, enhancing its competitive edge [20]. Machinery: Hengli Hydraulic (601100.SH) - The company is well-positioned to enter the Tesla robotics supply chain and has strong prospects in domestic high-end machine tool components [23]. Non-Ferrous Metals: Zijin Mining (601899.SH) - The company is expected to benefit from rising gold prices and tightening supply, which will support copper prices [24]. Real Estate: Greentown China (3900.HK) - As a quality benchmark among top-tier real estate firms, the company is expected to see sales growth driven by improving demand in the new housing market [26]. Electronics: SMIC (688981.SH) - The company is the leading semiconductor foundry in China, with increasing demand for advanced processes amid ongoing trade tensions [27]. Computers: Zhongke Shuguang (603019.SH) - The company is expected to benefit from the growing demand for domestic AI servers and is focusing on cost control to enhance profitability [29].

证券研究报告 策略研究|点评报告 两会前后的市场展望 请务必阅读报告末页的重要声明 glzqdatemark1 2025年02月26日 证券研究报告 |报告要点 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 27 包承超 邓宇林 肖遥志 SAC：S0590523100005 SAC：S0590523100008 SAC：S0590523110008 1） 春节到两会期间，行情的延续性往往较高，小盘明显强于大盘，胜率也普遍较高；但是两 会后，各年之间有比较大的分化。 2） 从以往市场成交热度来到高位后，各行业的表现看，短期内动量效应往往较强。复盘历次 TMT 大行情的回调，一般会发生在两种情形下：（1）有其他行业成为新的市场主线，取代 TMT 行业的热度；（2）市场整体快速回调，带动市场回落。 3） 当前货币和社融已经逐步企稳，如想看见趋势性行情，仍需等待盈利周期的上行。 策略研究|点评报告 glzqdatemark2 2025年02月26日 策略周报 两会前后的市场展望 相关报告 1 、《 特 朗 普 " 对 等 关 税 " 三 问 三 答 》 2025.02.18 2、《特朗普关税 2.0，从"工 ...