Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][19]. Core Insights - The company reported a revenue of 16.831 billion yuan for 2024, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year. For Q1 2025, revenue was 3.922 billion yuan, reflecting a 3.14% year-on-year growth, with a net profit of 975 million yuan, up 4.91% year-on-year [1][3]. Financial Performance Summary - **2024 Financials**: Total revenue reached 16.831 billion yuan, with a net profit of 4.272 billion yuan. The gross margin was stable at 43.2% [3][8]. - **2025 Projections**: Expected revenue growth of 7.5% to 18.089 billion yuan and net profit growth of 7.0% to 4.569 billion yuan [3]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 3.54 yuan, increasing to 4.09 yuan by 2027 [3][8]. - **Valuation Metrics**: The company is expected to trade at a price-to-earnings (P/E) ratio of 20 in 2025, decreasing to 18 by 2027 [3][8]. Business Segment Performance - **Core Business Growth**: The main business segments, electrical connections and smart electrical lighting, achieved revenues of 7.68 billion yuan and 8.33 billion yuan respectively in 2024, with year-on-year growth of 4% and 5% [8]. - **Emerging Business Growth**: The renewable energy segment saw significant growth, with revenues of 777 million yuan in 2024, a remarkable increase of 104.75% year-on-year [8]. Strategic Initiatives - The company is committed to three strategic areas: smart ecosystems, renewable energy, and internationalization. It aims to enhance its market presence in Southeast Asia and Europe [8]. - A talent stock ownership and stock incentive plan has been introduced, with performance targets aligned with revenue and net profit growth [8]. Dividend Policy - The company plans to distribute a cash dividend of 2.4 yuan per share and a capital reserve conversion of 0.4 shares per share, totaling 31 billion yuan, which represents 72.6% of the net profit for 2024 [8].

证 券 研 究 报 告 【策略快评】 金融口发布会引领走出黄金坑 ——一揽子金融政策点评 1、针对实体经济的支持：包括总量和结构两方面：①总量方面，降准 50BP， 降息 10BP。降息幅度较去年 10 月 25BP 更小，后续货币政策更多或呈现"小 步快跑"模式，随中美贸易形势变化和经济数据做出更高频的相机抉择。②结 构方面，中国央行在资金投向方面拥有更大的灵活性和指引性，当前更多倾向 于科技创新和扩内需，具体工具包括再贷款、科技创新债券风险分担工具等。 2、针对资本市场的支持：央行强调坚定支持汇金公司在必要时加大力度增持 股票市场指数基金，并向其提供充足的再贷款支持。中长线资金主要集中在保 险（扩大长期投资试点范围、调降股票投资风险因子）和公募资金（强化与投 资者利益绑定、明确长期考核权重），侧重于从结构上加强市场中长期稳定性。 大势观点：金融口发布会引领走出黄金坑。明确乐观，本次新闻发布会对市场 的定价将衔接第一步到第二步的切换，第一步国家队的流动性支持速度快体量 大，第二步转向更多针对实体经济的政策支持和经济基本面的修复。后续各部 委或密集召开新闻发布会，可能形成类似去年四季度 "一揽子"政策的加速 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price adjusted to 34.9 CNY [2][8]. Core Insights - The company's performance has been under pressure in recent quarters, but the overall growth logic remains intact. The revenue for 2024 is reported at 2.78 billion CNY, a year-on-year increase of 19%, while the net profit attributable to the parent company is 235 million CNY, up 48% year-on-year. For Q1 2025, revenue is 640 million CNY, a 6% year-on-year increase, but net profit has decreased by 53% to 27 million CNY [2][9]. Financial Performance Summary - The company achieved a revenue of 782 million CNY in Q4 2024, with a year-on-year increase of 7%. However, net profit decreased by 12% quarter-on-quarter and 42% year-on-year to 46 million CNY. In Q1 2025, revenue was 636 million CNY, with a 6% quarter-on-quarter increase but a 19% decrease compared to the previous quarter. The net profit for Q1 2025 was 27 million CNY, down 53% quarter-on-quarter and 40% year-on-year [2][9]. - The gross margin for Q4 2024 was 22.1%, down 5.7 percentage points year-on-year, while Q1 2025 saw a gross margin of 20.6%, down 4 percentage points year-on-year. The company faced high depreciation and labor costs due to the ramp-up of its Hefei factory, which reported a revenue of 22 million CNY and a loss of 24 million CNY for the year [2][9]. - The report projects the company's net profit for 2025 and 2026 to be adjusted to 284 million CNY and 355 million CNY, respectively, with expected growth rates of 20.7% and 25% [2][9]. Market Position and Growth Potential - The company has captured over 15% of the global market share in automotive speakers, leading the domestic market. Future sales are expected to increase from 90 million units to over 100 million units [2][9]. - The company is positioned as a pioneer in domestic substitution for high-end acoustic systems, covering most leading clients in the new energy vehicle sector, with potential for further client and project expansion [2][9]. - The business model is evolving from single component manufacturing to system component manufacturing and human services, which is expected to enhance barriers to entry and return on equity (ROE) [2][9].

证 券 研 究 报 告 商贸零售行业跟踪报告 五一文旅消费量价齐升，需求稳步修复 行业研究 商贸零售 2025 年 05 月 07 日 $$\frac{1}{4}\hat{\mathbb{E}}\hat{\mathbb{T}}\;(\;\hat{\mathbb{H}}\hat{\mathbb{H}}\;)$$ 华创证券研究所 证券分析师：杨澜 邮箱：yanglan@hcyjs.com 执业编号：S0360524070008 证券分析师：姚婧 邮箱：yaojing@hcyjs.com 执业编号：S0360522090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 105 | 0.01 | | 总市值(亿元) | 8,824.38 | 0.90 | | 流通市值(亿元) | 8,075.16 | 1.04 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 2.4% | 6.0% | 15.1% | | 相对表现 | 3.8% | 11.4% | 11.0% | -20% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 52.2 yuan [2][9]. Core Insights - The company reported a steady growth in performance, with Q1 2025 revenue reaching 443 million yuan, a year-on-year increase of 15.30%. The net profit attributable to shareholders was 112 million yuan, up 45.94% year-on-year, and the net profit excluding non-recurring items was 109 million yuan, reflecting a 49.37% increase [2][9]. - The company's diversified layout effectively mitigates risks, with its platform covering over 220 countries and regions globally. The traffic from U.S. buyers accounts for less than 10%, which helps avoid risks from single market fluctuations. In Q1 2025, traffic from emerging markets such as the Middle East, South America, Europe, and Southeast Asia saw significant growth, exceeding 50% year-on-year [9]. - The introduction of the AI assistant "AI Mai Ke" has accelerated the company's growth trajectory. The AI division was established in 2024 to integrate resources and innovate in AI technology. By March 31, 2025, the number of members purchasing AI Mai Ke exceeded 11,000, showing rapid growth [9]. - The company is expected to continue its upward trajectory in profitability, with revenue projections for 2025-2027 set at 1.92 billion, 2.17 billion, and 2.43 billion yuan, respectively. Net profits are forecasted at 552 million, 645 million, and 747 million yuan for the same period [9]. Financial Summary - Key financial indicators for the company include total revenue of 1.67 billion yuan in 2024, with a projected growth rate of 9.3% for that year. The net profit attributable to shareholders is expected to reach 451 million yuan, reflecting a growth rate of 19.1% [4][10]. - The earnings per share (EPS) is projected to increase from 1.42 yuan in 2024 to 2.35 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30 in 2024 to 18 in 2027 [4][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price adjusted to 34.9 CNY [2][8]. Core Insights - The company's performance has been under pressure in recent quarters, but the overall growth logic remains intact. The revenue for 2024 is reported at 2.78 billion CNY, a year-on-year increase of 19%, while the net profit attributable to the parent company is 235 million CNY, up 48% year-on-year. For Q1 2025, revenue is 640 million CNY, a 6% year-on-year increase, but net profit has decreased by 53% to 27 million CNY [2][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 782 million CNY, with a year-on-year increase of 7%. However, net profit decreased by 12% to 46 million CNY. The gross margin for Q4 2024 was 22.1%, down 5.7 percentage points year-on-year [2][9]. - The company has seen a decline in profitability due to increased costs from new capacity ramp-up and depreciation, particularly from its Hefei and Czech factories, which reported significant losses [2][9]. - The report projects the company's net profit for 2025 and 2026 to be adjusted to 284 million CNY and 355 million CNY, respectively, with expected growth rates of 20.7% and 25% [2][9]. Market Position and Growth Drivers - The company has captured over 15% of the global market share in automotive speakers, leading the domestic market. Future sales are expected to increase from 90 million units to over 100 million units [2][9]. - The company is positioned as a pioneer in domestic substitution for high-end acoustic systems, with a growing client base among leading new energy vehicle manufacturers [2][9]. - The business model is evolving from single component manufacturing to system component manufacturing and human services, which is expected to enhance barriers to entry and return on equity (ROE) [2][9].

宏观研究 证 券 研 究 报 告 供需有待 【宏观快评】 物价或率先反应外需变化 ——4 月经济数据前瞻 主要观点 宏观快评 2025 年 05 月 07 日 华创证券研究所 1、出口：从高频数据来看，一是截至 4 月 27 日，中国监测港口集装箱吞吐量 四周累计同比 7.3%，3 月的四周累计同比为 8.9%。二是从中国发往美国的集 装箱船运力来看，4 月运力平均同比约为 5%，3 月为 19.1%。两个高频结合来 看，或反映 4 月中国对美直接出口出现一定下行压力，但中国整体出口货量 尚未出现明显下滑。三是从美国进口来看，4 月或不降反升。根据美国水运进 口提单数据，截至 4 月 24 日，美国整体进口金额四周累计同比 5.3%，3 月末 为 0.1%；美国整体进口集装箱量四周累计同比为 21.9%，3 月末为 9%。四是 越南 4 月上半月主要产品进口同比升至 16.1%，3 月上半月为 14%左右；环比 5.7%，高于 2013-24 年同期均值 2.1%，或部分反映"抢进口"效应。预计 4 月 美元计价出口同比 6.0%左右，进口-4.0%左右。 2、社零："以旧换新"支撑下，有望维持高增。预计 4 ...

Group 1 - The report highlights a significant shift in the US-China trade dynamics since the implementation of Trump's tariffs, with the share of US imports from China dropping from 21.6% in 2017 to 13.4% in 2024, indicating a rapid "de-China-ization" trend [11][13][31] - Conversely, China's exports to the US have increased by 22% from 2017 to 2024, with the export value rising from 429.8 billion USD to 524.7 billion USD, showcasing a contrasting trend in trade statistics [11][12][31] - The report notes that the indirect value added from China in US imports has grown significantly, from 75.3 billion USD in 2017 to 148.9 billion USD in 2024, a 97.7% increase, indicating resilience in the value chain despite direct trade reductions [26][27][31] Group 2 - The analysis indicates that the US's attempts to decouple from China have not significantly reduced the overall trade linkages, with the indirect trade connections through value chains largely compensating for the decline in direct trade [4][31][32] - The report discusses the impact of Trump's tariffs on global supply chains, particularly highlighting that labor-intensive products, which are most affected by tariffs, are the least likely to return to the US [5][37][41] - It emphasizes that the diversification of supply chains is becoming essential for US importers to mitigate tariff risks, particularly in labor-intensive industries, which are expected to accelerate their dispersal [5][48][50]

Investment Rating - The report maintains a "Strong Buy" rating for BYD, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - April sales for BYD were robust, with a total of 380,000 vehicles sold, representing a year-on-year increase of 21% and a month-on-month increase of 1%. Cumulative sales from January to April reached 1.38 million units, up 47% year-on-year [6][6]. - The company is focusing on stabilizing its domestic market while expanding its overseas sales, with a target of 800,000 units for 2025, primarily in Southeast Asia, Central and South America, and Europe [6][6]. - The report highlights the strong performance of BYD's battery electric vehicles (BEVs), which sold 196,000 units in April, a year-on-year increase of 46% and a month-on-month increase of 18% [6][6]. Financial Summary - Total revenue is projected to grow from 777.1 billion CNY in 2024 to 1,527.3 billion CNY by 2027, with a compound annual growth rate (CAGR) of 29.0% [2][7]. - Net profit attributable to shareholders is expected to increase from 40.3 billion CNY in 2024 to 81.4 billion CNY in 2027, reflecting a CAGR of 34.0% [2][7]. - Earnings per share (EPS) is forecasted to rise from 13.25 CNY in 2024 to 26.78 CNY in 2027, indicating strong profitability growth [2][7]. Market Performance - BYD's stock price closed at 359.96 CNY on May 6, 2025, with a target price set at 477.0 CNY, suggesting significant upside potential [2][6]. - The company has a total market capitalization of approximately 1,093.9 billion CNY, with a circulating market value of about 418.4 billion CNY [3][6]. Strategic Initiatives - BYD is enhancing its product offerings with a focus on smart technology and fast charging capabilities, which are expected to drive sales growth in the electric vehicle segment [6][6]. - The company is implementing promotional activities to stabilize its market share, including trade-in incentives and financing options to attract customers [6][6].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 63 CNY, while the current price is 56.21 CNY [6][10]. Core Views - The company reported a steady revenue growth of 7.59% year-on-year, achieving a total revenue of 5.786 billion CNY in Q1 2025. The net profit attributable to shareholders was 497 million CNY, reflecting a year-on-year increase of 5.82% [2][10]. - The company is positioned as a leading player in the small home appliance sector, with significant improvements in channel transformation and continuous product innovation to meet diverse consumer needs. Despite short-term challenges from weak domestic demand and tariff disruptions, the long-term growth potential remains strong [10][11]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: - 2024: 22.427 billion CNY (growth of 5.3%) - 2025: 24.236 billion CNY (growth of 8.1%) - 2026: 25.884 billion CNY (growth of 6.8%) - 2027: 27.453 billion CNY (growth of 6.1%) [5][11] - Net profit forecasts are: - 2024: 2.244 billion CNY (growth of 3.0%) - 2025: 2.446 billion CNY (growth of 9.0%) - 2026: 2.613 billion CNY (growth of 6.8%) - 2027: 2.786 billion CNY (growth of 6.6%) [5][11] - Earnings per share (EPS) are projected to increase from 2.80 CNY in 2024 to 3.48 CNY in 2027 [5][11]. Market and Operational Insights - The company benefits from a strong domestic market presence, bolstered by government subsidies and ongoing product innovation. The market share in core categories remains leading [10][11]. - The external sales growth in Q1 2025 exceeded expectations due to the impact of tariffs, leading to some orders being exported ahead of schedule. The collaboration with SEB Group continues to provide stable support for the company's external sales [10][11]. - The company has received multiple design awards for its innovative products, indicating a strong commitment to product development and market responsiveness [10][11].