Investment Rating - The report assigns an "Overweight" rating to the wholesale and retail industry [2]. Core Insights - In May, export growth slowed down but remained resilient, influenced by tariffs and a high base from the previous year. The ongoing US-China trade negotiations are expected to benefit companies with high exposure to the US market, leading to potential valuation recovery [3][4]. - The report highlights that despite a decrease in working days in May, exports still showed positive growth, indicating the resilience of foreign trade. This is attributed to favorable policies following US-China talks, an expanding trade partner network, and improved adaptability of foreign trade companies to tariff barriers [4]. - The report anticipates that Q2 sales data for cross-border e-commerce companies will show significant differentiation, with some companies benefiting from reduced tariffs and others facing challenges due to price increases and rising shipping costs [4]. Summary by Sections Export Data Analysis - In May, the total export growth rate was 4.8%, with imports declining by 3.4%. The report notes that the export growth rate decreased by 3.3 percentage points compared to the previous month [4]. - Exports to the US and EU saw significant declines of 35% and 12%, respectively, while exports to Africa, ASEAN, and Latin America increased by 33%, 15%, and 2% [4]. Trade Negotiations - A new round of US-China trade talks took place in London, with expectations for progress on reducing tariffs and technical restrictions. The report emphasizes the importance of these negotiations for future trade dynamics [4]. Company Recommendations - The report recommends companies with strong brand potential and expected marginal improvements in performance, including Anker Innovations, Ugreen Technology, and others in the cross-border e-commerce sector. For the B2B segment, it suggests companies like Xiaogong Commodity City and Focus Technology [4][5].

Investment Rating - The report assigns an "Accumulate" rating for Amer Sports [1] Core Views - The company is positioned in the high-end multi-brand outdoor sports segment, with strong growth potential driven by its core brands and strategic expansion in the Greater China region [3][6] - The financial outlook is positive, with projected net profits for 2025 and 2026 expected to reach $447 million and $566 million, respectively, reflecting significant growth [6] Financial Summary - Revenue is projected to grow from $3,549 million in 2022 to $8,228 million by 2027, with a compound annual growth rate (CAGR) of 17.4% [5] - Gross profit is expected to increase from $1,764 million in 2022 to $4,740 million in 2027, indicating a strong upward trend in profitability [5] - The company is forecasted to achieve a net profit of $73 million in 2024, transitioning from losses in previous years [5] Market and Brand Positioning - Amer Sports has streamlined its brand matrix post-acquisition, focusing on high-potential brands like Arc'teryx, Salomon, and Wilson, which are expected to drive revenue growth [10][12] - The company has seen a significant increase in market share in China, with revenue from the Greater China region increasing sixfold from 2020 to 2024 [6][16] - Direct-to-consumer (DTC) sales have risen significantly, with DTC revenue expected to grow at an annual rate of 43.8% from 2019 to 2024 [31] Growth Drivers - The outdoor sports market is experiencing robust growth, with the Asia-Pacific region projected to lead the market, driven by increasing consumer interest in outdoor activities [6][18] - The company is expanding its store footprint, particularly in China, where it plans to increase the number of Salomon stores significantly [43][64] - Arc'teryx is expected to double its revenue, supported by a strong product lineup and effective marketing strategies [42][50] Brand Performance - Arc'teryx is leading in the functional apparel category, with a projected revenue of $2,019 million in 2024, reflecting a CAGR of 38% since 2019 [45] - Salomon's footwear segment is expected to see double-digit growth, with a focus on expanding its market presence in key cities [60] - Wilson is recovering from previous inventory challenges and is expected to return to double-digit growth in the near future [64]

Investment Rating - The report assigns an "Overweight" rating for the automotive industry [1][11]. Core Insights - In May, domestic wholesale sales of passenger vehicles showed a month-on-month increase, with inventory decreasing by 110,000 units. The report suggests focusing on companies that are in a new vehicle cycle and leading in smart technology [3][5]. - The report highlights that the penetration rate of new energy vehicles reached 52.6% in May, with wholesale sales of new energy passenger vehicles amounting to 1.216 million units, representing a year-on-year growth of 33.0% [5]. - The report recommends specific stocks including XPeng Motors, Leap Motor, Li Auto, BYD, Geely, Great Wall Motors, and Changan Automobile [5]. Summary by Sections Sales Performance - In May, wholesale sales of passenger vehicles reached 2.31 million units, a year-on-year increase of 12.8% and a month-on-month increase of 5.5%. Cumulative wholesale sales from January to May totaled 10.784 million units, up 11.5% year-on-year [5]. - The overall inventory of passenger vehicle manufacturers decreased by 110,000 units in May, contrasting with a decrease of 90,000 units in the same month last year [5]. New Energy Vehicle Insights - The penetration rate of new energy vehicles was 52.6% in May, up 8.0 percentage points year-on-year and 0.9 percentage points month-on-month. The report notes that electric vehicle (EV) sales grew by 37.7% year-on-year [5]. - Cumulative sales of EVs from January to May increased by 41.0% year-on-year, while plug-in hybrid electric vehicles (PHEVs) saw a cumulative increase of 42.1% [5]. Export Performance - Passenger vehicle exports in May reached 448,000 units, a year-on-year increase of 13.5%. Notably, new energy vehicle exports surged by 80.9% year-on-year, accounting for 44.6% of total passenger vehicle exports [5]. - BYD led the new energy vehicle export market with 84,000 units sold in May, marking a 124% year-on-year increase [5]. Company Financial Projections - The report provides financial estimates for several companies, indicating that BYD is expected to have an EPS of 18.56 yuan per share in 2025, with a PE ratio of 19 [6]. - Other companies such as Geely, Changan, Great Wall, Li Auto, XPeng, and Leap Motor are also projected to have positive EPS growth, with all receiving an "Overweight" rating [6].

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 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 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 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]