Investment Rating - The investment rating for the company is "Accumulate" [1][11]. Core Views - The report highlights that Broadcom has launched the TH6 switch chip, entering a new phase with a bandwidth of 102.4Tbps, which is expected to significantly benefit the company's PCB business [3][11]. - The company is projected to achieve substantial revenue growth, with expected revenues of CNY 27.57 billion by 2027, and an increase in earnings per share (EPS) to CNY 2.70 [5][11]. - The report emphasizes the increasing demand for high-speed network infrastructure driven by AI, which presents growth opportunities for the company [11]. Financial Summary - Revenue projections are as follows: - 2023: CNY 8.94 billion - 2024: CNY 13.34 billion (growth of 49.3%) - 2025: CNY 17.81 billion (growth of 33.5%) - 2026: CNY 22.61 billion (growth of 26.9%) - 2027: CNY 27.57 billion (growth of 21.9%) [5][12]. - Net profit (attributable to the parent company) is expected to grow from CNY 1.51 billion in 2023 to CNY 5.20 billion in 2027, with a notable increase of 71.1% in 2024 [5][12]. - The projected EPS is expected to rise from CNY 0.79 in 2023 to CNY 2.70 in 2027 [5][12]. Market Data - The current stock price is CNY 36.41, with a target price set at CNY 52.50 [2][11]. - The company has a total market capitalization of CNY 70.03 billion [6]. - The stock has traded within a range of CNY 24.94 to CNY 45.58 over the past 52 weeks [6]. Investment Thesis - The report suggests that the increase in switch bandwidth will enhance the value of PCB products, with the company expected to benefit significantly from this trend [11]. - The company is focusing on capital expenditures to improve production capacity, particularly in response to the growing demand for AI-driven products [11].

股票研究 /[Table_Date] 2025.06.09 6 月开始逐步迎来低基数期 [Table_Industry] 建材 [Table_Invest] 评级： 增持 [table_Authors] 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) | 021-38676666 | 021-38676666 | 021-38676666 | | --- | --- | --- | | 登记编号 S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读： 水泥行业价格调整后开始出现企稳信号，消费建材改善竞争环境和盈利还在继续。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 [Table_Summary] 水泥：本周(0531-0606)全国水泥市场价格环比回落 1.2%。价格回落 区域主要是山西、上海、江苏、安徽、湖北、湖南和广东等地，幅 度 10-20 元/吨；价格推涨地区有江苏、上海、浙江和广西地区，幅 度 20-30 元/吨。六月初，受高考、农忙和高温等多重不利因素影响， 国内 ...

Investment Rating - The report does not explicitly provide an investment rating for the new materials industry Core Insights - The new materials industry is witnessing significant advancements, with companies like Guoneng New Materials successfully testing their controllable cross-linked polyethylene project, marking a step towards industrial production [1] - The industry is also seeing substantial investment activity, as evidenced by Xinchuan New Materials completing a multi-hundred million yuan Series B financing round, indicating strong investor confidence in innovative materials [1][2] Summary by Sections Industry Development Dynamics - Guoneng New Materials has successfully completed the trial run of its controllable cross-linked polyethylene project, which has an annual production capacity of 11,000 tons, signaling the project's readiness for production [1] - China Chemical Western's 50,000-ton ultra-high molecular weight polyethylene resin project has completed its mid-term acceptance and is set to enter production soon, with a total investment of 830 million yuan [1] Investment and Financing Dynamics - Xinchuan New Materials has raised several hundred million yuan in its Series B financing round, led by Quzhou Industrial Investment, with participation from existing shareholders and other investors [1] - Dehu Coating has completed a multi-million yuan financing round aimed at advancing research and production of perovskite materials, which are critical for the semiconductor and flat panel display sectors [2] Secondary Market Dynamics - The Wande New Materials Index rose by 1.98% during the week of June 3 to June 6, 2025, outperforming the Shanghai and Shenzhen 300 Index, which increased by 0.88% [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The company is solidifying its position as a leading state-owned film and television enterprise while actively developing a multi-product cultural platform centered around "IP+" [2][11]. - The company is transitioning into a diversified, light-asset, platform-oriented cultural enterprise, expanding into various sectors including short dramas, interactive dramas, animation, gaming, cultural tourism, and performance economy [11]. Financial Summary - The projected revenue for 2023 is 461 million, with a decrease of 1.1% from the previous year. Revenue is expected to decline to 366 million in 2024, followed by a significant increase to 481 million in 2025, and further growth to 509 million in 2026 and 564 million in 2027 [4][12]. - Net profit attributable to the parent company is forecasted to be 28 million in 2023, with a substantial drop of 43.9%. It is expected to rise to 30 million in 2024, 56 million in 2025, 63 million in 2026, and 72 million in 2027 [4][12]. - The earnings per share (EPS) is projected to be 0.06 yuan in 2023, remaining the same in 2024, and increasing to 0.12 yuan in 2025, 0.13 yuan in 2026, and 0.15 yuan in 2027 [4][12]. Business Segments - The film and television segment is expected to generate 35.29 million in revenue in 2024, accounting for 96.4% of total revenue, with a gross margin of 18.9% [11][13]. - The concert business is anticipated to bring in 1.21 billion in 2024, representing 3.3% of total revenue, with a year-on-year growth of 147.2% [11][13]. - The company has strategic partnerships to explore new business opportunities in the performance and cultural tourism sectors, including VR technology projects [11]. Valuation - The report applies a price-to-book (PB) valuation method, estimating a target price of 8.88 yuan per share based on a 4x PB for 2025, compared to an average PB of 5.71x for comparable companies [11][14].

Investment Rating - The report does not explicitly provide an investment rating for the new materials industry Core Insights - The new materials industry is witnessing significant advancements, with companies like Guoneng New Materials successfully testing their controllable cross-linked polyethylene project, marking a step towards industrial production [1] - The industry is also seeing substantial financing activities, such as Xinchuan New Materials completing a multi-hundred million yuan Series B financing round, indicating strong investor interest and confidence in innovative material technologies [1][2] Industry Development Dynamics - Guoneng New Materials has completed the trial run of a new functional materials production facility with an annual capacity of 11,000 tons, indicating progress in the commercialization of new materials [1] - China National Chemical's Western New Materials has successfully completed the mid-term acceptance of a 50,000-ton ultra-high molecular weight polyethylene resin project, which is set to become the first large-scale production base in Northwest China [1] - The project has a total investment of 830 million yuan and is expected to commence production by August 2025 [1] Investment and Financing Dynamics - Xinchuan New Materials has raised several hundred million yuan in Series B financing, led by Quzhou Industrial Investment, with participation from existing shareholders and other investors [1] - The company is focused on the research and industrialization of new polyolefin elastomers, with plans to construct a 30,000-ton production facility in Zhejiang [1] - Dehu Coating has also completed a multi-million yuan financing round to enhance its research and development in perovskite materials, aiming to accelerate the commercialization of high-efficiency perovskite batteries [2] Secondary Market Dynamics - The Wande New Materials Index increased by 1.98% during the week of June 3 to June 6, 2025, outperforming the CSI 300 Index, which rose by 0.88% [4]

Investment Rating - The report assigns an "Accumulate" rating for the company [5][19]. Core Views - The company is solidifying its position as a leading state-owned film and television enterprise while actively developing a multi-product cultural platform centered around "IP+" [2]. - The company is transitioning into a diversified, light-asset, platform-oriented cultural enterprise, expanding into various sectors including short dramas, interactive dramas, animation, gaming, cultural tourism, and performance economy [11]. Financial Summary - The projected revenue for 2023 is 461 million, with a decrease of 1.1% from the previous year. Revenue is expected to decline to 366 million in 2024, followed by a significant increase of 31.5% to 481 million in 2025 [4][12]. - Net profit attributable to the parent company is forecasted to be 28 million in 2023, with a substantial increase to 56 million by 2025, reflecting an 84.2% growth [4][12]. - The earnings per share (EPS) is expected to rise from 0.06 in 2023 to 0.12 in 2025 [4][12]. Business Segments - The film and television segment is projected to generate 35.29 million in revenue in 2024, accounting for 96.4% of total revenue, with a gross margin of 18.9% [11][13]. - The concert business is expected to contribute 1.21 billion in revenue in 2024, marking a 147.2% year-on-year increase [13]. - The company has strategic partnerships to explore new business opportunities in the performance and cultural tourism sectors [11]. Valuation - The report uses a price-to-book (PB) valuation method, applying a 4x PB multiple for 2025, leading to a target price of 8.88 per share [11][14]. - The average PB for comparable companies in 2025 is estimated at 5.71 [14]. Market Data - The current stock price is 7.62, with a market capitalization of 3.619 billion [6][12]. - The stock has shown a 39% increase over the past 12 months [10]. Financial Ratios - The return on equity (ROE) is projected to improve from 2.9% in 2023 to 6.1% by 2027 [4][12]. - The net profit margin is expected to rise from 5.9% in 2023 to 14.0% in 2027 [12]. Strategic Initiatives - The company is actively pursuing strategic collaborations and has over 10 S-level film projects in the pipeline [11]. - It is also investing in technology partnerships to integrate AI and XR into its content creation processes [11].

Semiconductor Sector - Cambricon's private placement application for 4.98 billion yuan has been accepted by the Shanghai Stock Exchange[5] - Broadcom launched the Tomahawk 6, the world's first 102.4 Tbps switch chip, doubling the bandwidth of existing Ethernet switches[7] - GlobalFoundries announced a $16 billion investment in the U.S. to expand semiconductor manufacturing and advanced packaging capabilities[11] Automotive Electronics Sector - Xpeng Motors partnered with Huawei to launch the "Chasing Light Panorama" AR-HUD, enhancing navigation capabilities[13] - NIO delivered 23,231 new vehicles in May, a year-on-year increase of 13.1%[16] - Li Auto's supercharging stations surpassed 2,400, with over 13,200 charging piles deployed across 31 provinces[18] AI Sector - Princeton University's AI Lab introduced the general-purpose agent Alita, achieving a 75.15% pass rate in GAIA validation tests[19] - A new Token budget-aware LLM reasoning framework, TALE, was proposed, reducing inference costs by over 60% while maintaining accuracy[21][23] - The first fully asynchronous reinforcement learning training system, AReaL-boba², achieved a training speed increase of 2.77 times compared to its predecessor[24] Metaverse Sector - JBD's ARTCs image quality engine has been commercialized, significantly improving the visual experience of AR glasses[27][28]

Investment Rating - The report maintains an "Overweight" rating for the education sector and highlights potential opportunities in the new consumption market [1]. Core Insights - The report emphasizes the importance of high school education reform and recommends specific companies such as Tianli International Holdings and Xueda Education, while also suggesting attention to Kevin Education [5]. - It identifies key trends in AI and consumption, recommending companies like Connet Optical, Small Commodity City, and Core International [5]. - The report notes a strong performance in the retail sector during the 618 sales event, with significant growth in categories like apparel and beauty products [5]. - The report highlights the increasing trend of family-oriented travel during the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly [5][6]. Industry Updates - The social service industry saw a 2.5% year-on-year increase in cross-regional personnel flow during the Dragon Boat Festival, with a total of 65.37 million people traveling [5]. - E-commerce platforms like Alibaba and JD.com reported over 30% growth in apparel and beauty categories during the 618 sales event [5]. - The report mentions the opening of the 100th store under the "Fat Donglai" model by Yonghui Supermarket, indicating a significant expansion in the retail sector [5]. Company Announcements - Three Gorges Tourism Group appointed a new general manager on June 3, 2025 [5]. - Guangzhou Restaurant announced a share buyback of 500,000 shares, representing 0.088% of its total share capital [5]. - China Youth Travel Service transferred 17.37% of its shares to its parent company, Everbright Group, without compensation [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 19.50 CNY, while the current price is 14.86 CNY [2][11]. Core Views - The company plans to acquire 65% of Siyi Industrial to enhance its service ecosystem and become the preferred service provider for parent-child families [3][11]. - The acquisition is expected to create synergies in member operations, market layout, channel sharing, and business expansion, further driving the company's growth [11]. Financial Summary - Revenue projections are as follows: - 2023A: 8,753 million CNY - 2024A: 9,337 million CNY (up 6.7%) - 2025E: 11,329 million CNY (up 21.3%) - 2026E: 13,296 million CNY (up 17.4%) - 2027E: 15,507 million CNY (up 16.6%) [5] - Net profit (attributable to the parent) is projected to grow significantly: - 2023A: 105 million CNY - 2024A: 181 million CNY (up 72.4%) - 2025E: 380 million CNY (up 109.5%) - 2026E: 518 million CNY (up 36.4%) - 2027E: 667 million CNY (up 28.8%) [5] - Earnings per share (EPS) forecast: - 2023A: 0.08 CNY - 2024A: 0.14 CNY - 2025E: 0.30 CNY - 2026E: 0.41 CNY - 2027E: 0.53 CNY [5] Market Data - The company's market capitalization is 18,750 million CNY, with a total share capital of 1,262 million shares [6]. - The stock has traded within a range of 4.91 to 16.36 CNY over the past 52 weeks [6]. Strategic Acquisition - The acquisition of Siyi Industrial, a leading enterprise in hair care services, is expected to enhance the company's market position and service offerings [11]. - Siyi Industrial has a strong brand presence with over 2,503 stores and more than 200,000 members, projecting a revenue of 7.23 billion CNY in 2024 [11]. Industry Outlook - The hair care market in China is projected to grow from 570.9 billion CNY in 2023 to 812.5 billion CNY by 2028, with a CAGR of 7.3% [11]. - The company aims to lead the market with its "Technology Hair Care 3.0" strategy, focusing on integrating new technologies and business models [11].

亏损金额同比收窄，海外储备订单回暖 曲美家居(603818) 林纸产品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 ——曲美家居跟踪报告 | [table_Authors] 刘佳昆(分析师) | 吕科佳(分析师) | [Table_Target] 目标价格： | 4.99 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880524040004 | S0880525040069 | | | 本报告导读： 2024 年公司亏损金额同比收窄，同时现金储备及债务水平优化。从经营上来看，海 外订单企稳回升，国内产品竞争力提升&发力新媒体平台内容资产。 投资要点： | | | | 52 周内股价区间（元） | 2.07-3.92 | | --- | --- | | 总市值（百万元） | 2,645 | | 总股本/流通A股（百万股） | 689/687 | | 流通 B 股/H 股（百万股） | 0/0 | [Table_Balance] 资产负债表摘要(LF) -33% -21 ...