Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 8.2 billion yuan, with a year-on-year growth rate of 6.1% [4]. - The net profit attributable to shareholders for 2024 was 670 million yuan, reflecting an 18.5% increase compared to the previous year [4]. - The projected revenues for 2025, 2026, and 2027 are 8.5 billion yuan, 10.0 billion yuan, and 11.2 billion yuan, respectively, with corresponding net profits of 630 million yuan, 770 million yuan, and 870 million yuan [3][4]. Market Position and Strategy - The company is positioned as a leading player in the module industry, with a comprehensive layout across various downstream sectors, which is expected to yield benefits as 5G technology proliferates [1][2]. - The establishment of a robotics product line in 2023 aims to leverage the growing demand in the robotics industry, with the launch of an automatic lawn mowing robot solution in June 2024 [2]. Future Outlook - The company is expected to see revenue growth driven by the AIoT market and robotics applications, with anticipated revenues of 8.5 billion yuan in 2025 and a net profit of 630 million yuan [3]. - The report suggests that the company’s strong management efficiency and market leadership will contribute to gradual improvement in its operational performance [3].

Investment Rating - The investment rating for Changsha Bank is "Buy" [5] Core Views - In 2024, Changsha Bank achieved a revenue of 25.9 billion yuan, a year-on-year increase of 4.57%, and a net profit attributable to shareholders of 7.8 billion yuan, up 4.87% year-on-year. For Q1 2025, the bank reported a revenue of 6.8 billion yuan, a 3.78% increase year-on-year, and a net profit of 2.2 billion yuan, up 3.81% year-on-year [1][2] - The bank's non-performing loan ratio at the end of Q1 2025 was 1.18%, with a provision coverage ratio of 309.82%, showing slight improvements in asset quality [1][4] - The bank's dividend payout ratio for 2024 reached 22.49%, an increase from 21.39% in 2023, with a cash dividend of 4.20 yuan per 10 shares [1] Performance Summary - Revenue and net profit growth rates for Q1 2025 were 3.78% and 3.81%, respectively, reflecting a slight decline compared to 2024 [2] - Net interest income increased by 1.81% year-on-year, while the net interest margin for 2024 was 2.11%, showing a decrease of 20 basis points compared to 2023 [2] - Fee and commission income saw a significant increase of 53.08% year-on-year, attributed to a low base effect from the previous year [3] Asset Quality - The non-performing loan ratio for Q1 2025 was 1.18%, with a slight increase from the previous quarter, primarily due to fluctuations in retail loan asset quality [4] - The provision coverage ratio decreased by 3 percentage points to 309.82% [4] Asset and Liability Management - As of Q1 2025, total assets and loans amounted to 1.21 trillion yuan and 587.9 billion yuan, respectively, representing year-on-year growth of 14.13% and 12.56% [9] - Total deposits reached 750.7 billion yuan, a year-on-year increase of 10.98% [9] Investment Outlook - Changsha Bank, as the largest city commercial bank in Hunan Province, is expected to continue benefiting from local economic growth, with projected net profits of 8.216 billion yuan, 8.695 billion yuan, and 9.460 billion yuan for 2025, 2026, and 2027, respectively [9]

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [3][4]. Core Viewpoints - The report highlights a significant decline in Russian coal exports, with a year-on-year decrease of 2.9% in Q1 2025, and notes that the proportion of loss-making coal companies in the Kuzbass region has risen to 57% [2][3]. - Global energy prices have shown a downward trend, with Brent crude oil prices at $66.87 per barrel, down 1.60% from the previous week, and coal prices at European ARA ports dropping to $92.3 per ton, a decrease of 7.6% [1][3]. - The report emphasizes potential investment opportunities in companies such as China Shenhua, Shaanxi Coal, and others, particularly those involved in share buybacks, which are seen as a positive signal for the industry [3][6]. Summary by Sections Coal Mining - Russian coal exports via sea decreased by 2.9% in Q1 2025, with exports to China down by 21.5%, accounting for 30% of total sea exports [5][6]. - The Kuzbass region's coal mining output fell to 51 million tons in Q1 2025, a 3.6% decline year-on-year [5][6]. - The report predicts that the total losses in the Russian coal industry could exceed $3.1 billion in 2025, doubling from $1.4 billion in 2024 [5][6]. Investment Opportunities - Recommended stocks for investment include: - Shaanxi Coal (601225.SH) - Buy rating, EPS forecast for 2024A at 2.31 [6]. - China Shenhua (601088.SH) - Buy rating, EPS forecast for 2024A at 2.95 [6]. - Other notable mentions include Huaiyin Mining, Jinneng Holding, and Yanzhou Coal Mining [3][6]. Price Trends - Coal prices have shown a consistent decline, with Newcastle coal at $93.8 per ton, down 1.4% from the previous week, and South African Richards Bay coal at $88.1 per ton, down 0.9% [1][3][6].

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 纺织服饰 周专题：adidas 发布 2025Q1 业绩预告，经营表现超预期 【本周专题】 adidas 披露 2025Q1 业绩预告，营收同比增长 13%。根据公司披露 2025Q1 公司预计实现营收 61.53 亿欧元，货币中性基础上同比增长 13%，剔除 Yeezy 业务影响后公司预计 adidas 品牌营收同比增长 17%， 整体表现优异，超公司预期，分地区看公司预计各消费市场均有双位数 的增长表现。从利润率层面来看，公司 2025Q1 毛利率同比提升 0.9pcts 至 52.1%，其中 adidas 品牌毛利率提升 1.6pcts，经营利润率同比提升 3.7pcts 至 9.9%，经营利润大幅增长至 6.1 亿欧元。 此前公司发布 2024 年报时，曾预计 2025 年公司营收增长高单位数。 公司此前预计 2025 年营收同比增长高单位数，其中 adidas 品牌营收同 比增长双位数，分地区看预计 2025 年 adidas 品牌在北美/大中华区/新兴 市场/拉丁美洲营收同比增长双位数，欧洲/日韩营收增长高单位 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 通信 市场部分担心关税可能导致 AI 算力需求可能停滞不前甚至衰退，但从需 求侧看下游厂商的收入仍受益于 AI 而保持较高增速，同时 Capex 依旧 保持超预期状态。本周周四谷歌公布 25Q1 财报，财报显示公司 2025Q1 营收达 902 亿美元，同比增长 12%；净利润 345.4 亿美元，同比大增 46%，超出市场预期。其中云计算业务和广告业务均保持高增速，且 公司明确表示，受益于 AI 对营销的驱动广告转化率显著提升。且公司 表示仍维持此前年报给出的 2025 全年 750 亿美元的 Capex 指引，且 25Q1 公司 Capex 为 172 亿美元，同比增长 43%，Capex 主要用于服 务器、数据中心等领域。 我们认为，尽管市场对算力需求仍持观望态度，但从本次财报季已经发布 的财报来看，AI 需求并未放缓。无论是上周台积电给出的业绩增速指引， 还是本周新易盛等国内光模块厂商给出的优异业绩以及谷歌等下游厂商 的业绩以及 Capex 指引，均证明 AI 叙事逻辑本身并未发生改变，在应 用创新进入爆发期的现状 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1][2] - The decline in net interest margin has narrowed, primarily due to improvements in the cost of interest-bearing liabilities [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 174.44% [3] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, showing a narrowing decline compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline was less severe than in 2024, attributed to improved costs of interest-bearing liabilities [2] - Fee and commission income grew by 3.27% year-on-year, with a significant increase in growth rate compared to 2024 [2] - Other non-interest income increased by 1.52% year-on-year, with a notable rise in investment net income by 302.96% [2] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3] - The credit cost for Q1 2025 was 0.86%, down by 21 basis points year-on-year [3] Asset and Liability Management - Total assets and loans at the end of Q1 2025 were 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4] - The bank's focus on technology finance, manufacturing finance, green finance, and inclusive finance led to significant increases in loans to these sectors [4] - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4] Investment Recommendation - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining the previous "Buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Viewpoints - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development to address external uncertainties [2][4]. - The report highlights an increase in daily molten iron production, with a rise of 4.4 thousand tons to 244.4 thousand tons, indicating a positive trend in production capacity utilization [12][18]. - Inventory levels are decreasing, with total steel inventory down 3.2% week-on-week, suggesting a tightening supply situation [24][25]. - Apparent consumption of steel has slightly declined, with rebar consumption showing a decrease of 5.1% week-on-week [39][47]. - Steel prices are showing signs of strength, with the Myspic comprehensive steel price index increasing by 0.7% week-on-week, indicating improved profit margins for steel producers [66][67]. Summary by Sections Supply - Daily molten iron production has increased, with a capacity utilization rate of 91.6% for blast furnaces, up 1.5 percentage points week-on-week [18][24]. - The report anticipates a reduction in crude steel production as part of ongoing supply-side reforms [4][13]. Inventory - Total steel inventory has decreased by 3.2% week-on-week, with significant reductions in both social and factory inventories [24][25]. Demand - Apparent consumption of the five major steel products has decreased by 2.4% week-on-week, with rebar consumption down 5.1% [39][47]. Raw Materials - Iron ore prices have slightly decreased, with the Platts 62% iron ore price index at $99.2 per ton, down 0.7% week-on-week [55][67]. Prices and Profits - Steel prices have strengthened, with the report indicating improved profit margins for steel producers due to rising prices and reduced costs [66][67].

Investment Rating - The report maintains an "Accumulate" rating for the C-REITs sector [6] Core Views - The C-REITs market is expected to present investment opportunities in a low interest rate environment by 2025, with macroeconomic conditions gradually improving. However, timing is crucial for secondary market investments as the sector has already undergone valuation recovery in 2024 [5] - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a need to select individual securities based on asset resilience, secondary market prices, and P/NAV ratios [5] - Strong-cycle sectors should focus on policy themes and project management capabilities, particularly in high-energy cities where consumption, logistics, industrial parks, and highways show signs of recovery [5] REITs Index Performance - The CSI REITs total return index decreased by 1.43% this week, closing at 1058.9 points, while the CSI REITs index fell by 1.83%, closing at 847 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 9.41%, ranking second among various indices, while the CSI REITs index has risen by 7.27% [2][11] REITs Secondary Market Performance - The C-REITs secondary market experienced an overall pullback this week, with only the consumption infrastructure sector performing relatively well. The energy infrastructure and industrial park sectors saw significant declines [3][13] - As of April 25, the total market capitalization of listed REITs is approximately 189.51 billion, with an average market cap of about 2.9 billion per REIT. Out of the listed REITs, 19 increased in value while 46 decreased, resulting in an average weekly decline of 0.98% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows continued differentiation, with the top three being Huaxia China Communications REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and CICC Anhui Transportation Control REIT (8.9%) [5] - The P/NAV ratio for REITs ranges from 0.7 to 1.8, with the highest being Jiashi China Power Construction Clean Energy REIT (1.8), Huaxia Beijing Affordable Housing REIT (1.7), and Huaxia Shouchuang Outlets REIT (1.7) [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a decline in net profit in Q1 2025, with a net profit of 1.04 billion yuan, down 15.41% year-on-year and 53.19% quarter-on-quarter. However, the overall sales and production volumes are expected to grow in 2025 [1][2]. - The company is expanding its production capacity and transitioning towards deeper processing, with several projects underway, including new production lines for stainless steel and titanium materials [3]. - The company is projected to achieve significant revenue growth in the coming years, with expected revenues of 450 to 500 billion yuan in 2025, representing a year-on-year growth of approximately 9.10% to 20.40% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 93.89 billion yuan, a year-on-year increase of 0.89%. The net profit attributable to shareholders was 1.04 billion yuan, a decrease of 15.41% year-on-year [1]. - The company’s cold-rolled stainless steel production in Q1 2025 was 763,000 tons, a decline of 1.5% year-on-year, while sales volume was 726,000 tons, an increase of 3.7% year-on-year [2]. Production and Capacity Expansion - The company has several projects in progress, including a 400,000-ton stainless steel plate production line and a titanium alloy production line, which are expected to enhance production capacity significantly [3]. - The company plans to produce 3.8 million tons of cold-rolled stainless steel in 2025, with a projected revenue of 450 to 500 billion yuan [2]. Future Outlook - The company is expected to achieve net profits of 8.6 billion yuan, 9.6 billion yuan, and 10.9 billion yuan from 2025 to 2027, with corresponding P/E ratios of 7.7, 6.9, and 6.0 [4][5].

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [4][6]. Core Views - Chongqing Bank's net interest income increased significantly by 28.08% year-on-year in Q1 2025, driven by active scale expansion and a notable narrowing of interest margin [2][4]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.21%, down 4 basis points from the previous year-end [3][4]. - The bank is expected to benefit from the development opportunities brought by the Chengdu-Chongqing economic circle, with projected net profit growth rates of 3.96%, 4.03%, and 4.18% for 2025-2027 [4]. Financial Performance - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 1.6 billion yuan, also up 5.33% year-on-year [1][2]. - The bank's total assets and loans reached 931.7 billion yuan and 471.2 billion yuan, respectively, with year-on-year growth rates of 19.33% and 16.43% [4]. - The bank's deposit total was 509.8 billion yuan, reflecting an 18.60% year-on-year increase [4]. Asset Quality - The non-performing loan ratio improved to 1.21%, with a provision coverage ratio of 247.59%, indicating a strengthening of asset quality [3][4]. - The credit cost for Q1 2025 was 0.71%, down 5 basis points year-on-year [3]. Balance Sheet - The bank's general loans saw a significant increase, with a net increase of 330 million yuan in Q1 2025, and a net increase of 432 million yuan in general loans after excluding the impact of bill discounting [4]. - The bank's total deposits increased by 489 million yuan in Q1 2025, primarily driven by time deposits [4].