行 华福证券 机械设备 2025 年 01 月 05 日 业 研 究 机械设备 三星收购机器人企业，速腾聚创入局人形机器人赛道 投资要点： 三星收购韩国上市人形机器人企业股份，持股比例增至 35% 行 业 定 期 报 告 在 2024 年的最后一天，韩国科技巨头三星宣布，以 2670 亿韩元 （约合 13.29 亿元人民币）的价格收购韩国上市人形机器人企业 Rainbow Robotics 的股份，将其持股比例从 14.7%增至 35%，预计该交 易将于 2025 年 2 月完成，届时，三星将成为 Rainbow Robotics 的最大 股东，并将后者纳入三星的合并财务报表，成为三星子公司。他们明 确表示，这次收购是为了加强三星的机器人部门并加快人形机器人的 开发，通过将三星电子的人工智能和软件技术与 Rainbow Robotics 的 机器人技术相结合，他们希望这次合作能够让三星的人形机器人研发 进度跻身行业前列。三星亲自下场，或许意味着韩国也将加入中美在 人形机器人行业的"大博弈"。 速腾聚创入局人形机器人，第二代灵巧手 Papert 2.0 正式发布 RoboSense 速腾聚创近日召开"Hello ...

行 华福证券 轻工制造 2025 年 01 月 05 日 业 研 究 轻工制造 把握顺周期回调布局机会 投资要点： 行 业 定 期 报 告 【周观点】近期市场情绪回落带动轻纺板块整体回调，建议把握顺周期子 板块回调布局机会，看好 25 年内需顺周期复苏以及外销阿尔法标的；本周 浙江自然发布高增长目标股权激励，彰显发展信心，公司销售对欧为主、 经营拐点向上。 【周研究】本周发布报告《太阳纸业（002078.SZ）：林浆纸一体化龙头， 盈利改善在即》，1 月 3 日股价对应 25 年公司 PE 对应 12X，低于可比公 司平均 17X PE。公司作为行业龙头，且管理优势显著，随着林浆纸一体化 的稳步推进，公司业绩有望稳定增长。首次覆盖，给予"买入"评级。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 李宏鹏(S0210524050017) lhp30568@hfzq.com.cn 分析师： 汪浚哲(S0210524050024) wjz30579@hfzq.com.cn 分析师： 李含稚(S0210524060005) lhz30597@hfzq.com.cn 相关报告 1、轻工纺服行业周报： ...

行 业 机械设备 2025 年 01 月 05 日 研 究 湖南对核电小堆产业发展进行专题研究，超导磁体动态 测试设施在合肥建成 投资要点： 湖南对核电小堆进行专题研究，内陆核电建设有望适时提上议程 行 业 定 期 报 告 近期，湖南省新能源及电工装备产业工作小组对湖南省核电小堆 产业发展情况进行了专题研究。2022 年以来，我国每年均核准 10 个左 右的核电项目，持续刷新核电项目核准记录。据预测，到 2035 年左右， 中国核电发展规模约 2 亿千瓦左右，这相当于我国沿海核电备选厂址 极限总规模，预计内陆核电建设将适时提上议程。研究结果显示，核 电小堆是未来能源发展的大趋势，围绕加快布局核电小堆产业，抢占 未来能源产业发展新赛道，工作小组提出"五个一批"工作建议：谋 划一批示范项目、创新一批应用场景、打造一批研究平台、扶持一批 重点企业、强化一批保障措施。 国际最大，超导磁体动态测试设施在合肥建成 近日，由中国科学院合肥物质院等离子体所建设运行的国家重大 科技基础设施"聚变堆主机关键系统"子系统"聚变工程堆中心螺管 系统"完成首轮测试实验，最大测试电流达到稳态 48kA。实验结果表 明该设施达到总储能 4 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company has over 40 years of experience in the paper industry and has become a leading integrated player in the pulp and paper sector in China. It has a total production capacity exceeding 12 million tons as of the end of 2023, with three major bases entering a new phase of coordinated development [3][15]. - The company is expected to see revenue growth of 2.8%, 6.6%, and 6.2% for 2024-2026, with net profit growth of -0.5%, 6.8%, and 17.4% respectively, indicating a stable growth outlook [5][39]. Summary by Sections Company Overview - The company primarily engages in the production and sale of mechanical paper, paper products, wood pulp, and paperboard. It has established itself as a significant player in the integrated pulp and paper industry in China [3][15]. - As of the end of 2023, the company has a total production capacity of over 12 million tons, with three major bases fully collaborating in development [3][15]. Financial Performance - In 2023, the company achieved a revenue of 39.54 billion yuan, a slight decrease of 0.6% year-on-year, while net profit increased by 9.9% to 3.086 billion yuan. For the first three quarters of 2024, revenue reached 30.975 billion yuan, up 6.07% year-on-year, and net profit was 2.459 billion yuan, up 15.08% year-on-year [20][39]. - The company’s average ROE from 2019 to 2023 was 14.3%, significantly higher than the industry average [4][31]. Cost Structure and Efficiency - The company has maintained a stable cash flow and has reduced its debt ratio to below 50% in 2023, effectively lowering its financial burden [4][31]. - The average net profit margin from 2019 to 2023 was 8.6%, also above the industry average [4][31]. Market Outlook - The report anticipates a short-term improvement in supply and demand dynamics for cultural paper, with price increases expected following a production halt by a competitor [5][39]. - The company is expected to benefit from the gradual release of cost pressures due to lower pulp prices, leading to improved profitability in the coming quarters [5][39]. Production Capacity and Expansion - The company has established three major production bases in Shandong, Guangxi, and Laos, with ongoing projects to expand production capacity, including a new phase in Nanning [4][35][37]. - Future projects include the construction of a 400,000-ton specialty paper production line and a 350,000-ton bleached chemical wood pulp production line, with a total investment of up to 7 billion yuan [5][37].

Investment Rating - The report initiates coverage of Yonghui Supermarket with a "Buy" rating [6]. Core Views - Yonghui Supermarket is a leading fresh food supermarket in China, gradually achieving an online and offline integrated channel layout [3][14]. - The company is undergoing strategic transformation and has made significant progress in store adjustments and supply chain optimization to enhance operational efficiency and product offerings [4][5][62]. - The partnership with Miniso, which plans to acquire a 29.4% stake in Yonghui for 6.27 billion yuan, is expected to improve management efficiency and operational performance [4][29]. Summary by Sections Company Overview - Yonghui Supermarket, established in 2001 and listed in 2010, focuses on selling fresh and processed food through both physical stores and online platforms [3][14]. - As of June 30, 2024, Yonghui has opened 943 stores across 29 provinces, with an additional 86 stores signed but not yet opened, covering a total area of 655,300 square meters [3][22]. Strategic Transformation - In 2024, Yonghui faced operational challenges but has implemented store adjustments inspired by the successful model of Pang Donglai, resulting in improved quality, sales, and customer traffic [4][28]. - The company has optimized its supply chain and product structure, introducing 20,276 new products while eliminating 22,480, achieving a new product introduction rate of 22.5% [5][62]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 68.887 billion, 76.860 billion, and 83.766 billion yuan, with growth rates of -12%, 12%, and 9% respectively. Net profit is forecasted at -247 million, 358 million, and 687 million yuan, with growth rates of 81%, 245%, and 92% [6][80]. - The report highlights that Yonghui's self-owned brand sales reached 1.28 billion yuan in the first half of 2024, accounting for 3.4% of total revenue [6][68]. Supply Chain and Product Strategy - Yonghui is enhancing its supply chain efficiency and product quality through direct sourcing and establishing a vertical supply relationship, which allows for better pricing competitiveness of its private label products [5][64][68]. - The company is also focusing on digital transformation through its YHDOS system, which integrates various operational modules to improve efficiency and support its omnichannel strategy [72][76]. Market Position and Competitiveness - Yonghui's business model emphasizes fresh food, which is crucial for attracting customers, as it has a strong draw for foot traffic in supermarkets [40][64]. - The company is leveraging its extensive store network and partnerships to enhance its competitive position in the retail market [4][29].

投资要点： 行 业 研 究 传媒 2025 年 01 月 03 日 "小米+金山云"AI 产业链 一、小米 AI 的变化：发力大模型 行 业 动 态 跟 踪 大模型训练基础：万卡集群。根据界面新闻，小米正在着手搭建 自己的 GPU 万卡集群，将对 AI 大模型大力投入。 据雷峰网报道，11 月，小米基础技术平台部成立 AI 平台部，张铎回归担任 AI 平台部负 责人。 大模型训练技术人才：据第一财经报道，12 月 20 日，DeepSeek 开源大模型 DeepSeek-V2 的关键开发者之一罗福莉将加入小米，或供 职于小米 AI 实验室，领导小米大模型团队。 二、小米 AI 算力的需求：AI 手机+AI IOT+智能驾驶 小米集团目前的战略为「人车家全生态」，通过小米澎湃 OS 操 作系统，全面打通人、车、家三大场景。截至 2024 年 11 月，小米澎 湃 OS 的跨端智联技术已经连接了全球超过 10 亿台设备。 未来通过 AI 对小米生态产业链的赋能，小米将打造出「AI 手机 +AI IOT+智能驾驶」全景图，为此需要更大的 AI 算力需求。 1、小米手机的 AI 化：据 IDC 报告，小米手机 202 ...

Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company is expected to achieve an operating revenue of approximately 173.8 billion yuan in 2024, representing a year-on-year growth of about 15.44%, and a net profit attributable to shareholders of approximately 85.7 billion yuan, with a year-on-year increase of about 14.67% [1][2]. - The company has successfully completed its operational targets for the year, demonstrating its strong market position even in a challenging environment [1]. - The product structure has been refined into three main series: aged, flying, and low-alcohol, with over 60 new products developed [1][2]. Financial Data and Valuation - The projected operating revenue for 2024 is 173.95 billion yuan, with a growth rate of 16% [2][8]. - The net profit for 2024 is estimated at 84.92 billion yuan, with a growth rate of 14% [2][8]. - Earnings per share (EPS) for 2024 is projected to be 67.60 yuan, with a price-to-earnings (P/E) ratio of 22.0 [2][8]. - The company’s market capitalization is approximately 1.87 trillion yuan [3].

华福证券 证券研究报告|行业专题报告 商贸零售行业 行业评级 强于大市（维持评级） 2025年1月2日 | --- | --- | |-------|------------------------------------------------------------------------------------| | | | | | | | | 【华福商社】布鲁可集团招股书剖析 | | | ——拼搭玩具市场的掘金者 | | | 证券分析师： 赵雅楠 执业证书编号：S0210524050007 高兴 执业证书编号：S0210522110002 | 请务必阅读报告末页的重要声明 华福证券 投资要点 Ø 布鲁可集团，中国最大的拼搭角色类玩具企业。同时也是全球范围内的行业领导者和全球增长速度最快的规模化玩具公司 之一。根据布鲁可公司招股说明书，布鲁可集团在2023年的GMV达到了约18亿元人民币，同比增长率超过了170%。公 司不仅拥有超过500项专利布局，还具备强大的原创IP开发能力，并与约50个知名IP建立了合作关系。截至2024年6月30 日，布鲁可集团共有431款SKU在售，其产品线覆盖了各个年龄段，致 ...

Group 1 - Industry Investment Rating: Outperform the market (maintained rating) [8] - Core Viewpoint: The report analyzes the consumer goods sector for 2024, indicating a market shift towards short-term logic and certainty in high-prospect sectors, with a focus on performance realization [4][10] - The report suggests that with policy measures restoring confidence in domestic demand, undervalued sectors are expected to see gradual valuation recovery, particularly in dairy and beer segments [4][6] Group 2 - Key Investment Lines: The report identifies five main investment lines, including recommendations for liquor, catering, dairy, and beer sectors, emphasizing the potential for recovery in these areas [6][18] - Specific Recommendations: For liquor, it recommends Guizhou Moutai, Guxi Gongjiu, and Shede Liquor; for catering, it suggests Yum China and Tongqinglou, with a focus on Haidilao [6][10] - The report highlights the importance of performance verification in sectors like beverages, condiments, and snacks, which are entering a phase of logical realization [18][19] Group 3 - Economic Context: The report notes that the food and beverage sector is closely tied to macroeconomic conditions, with significant valuation adjustments observed in the liquor and catering sectors due to weakened market confidence [10][18] - Consumer Data Analysis: It presents data showing that from January to October 2024, the retail sales of consumer goods reached 398,960 billion yuan, with a year-on-year growth of 3.5% [33][34] - Policy Outlook: The report anticipates that the implementation of more proactive fiscal policies and moderately loose monetary policies will support economic stability and consumer confidence in 2025 [35][40]

Investment Rating - The industry investment rating is "Outperform the Market" [61]. Core Viewpoints - The report highlights that the current industry is characterized by a "declining profit center, increased short-term cyclical volatility, and a stabilizing competitive landscape" [2][63]. - The report suggests three categories of investment opportunities in the pig farming sector: 1. Leading companies with low costs that can enjoy excess returns, such as Muyuan Foods and Wens Foodstuff Group. 2. Companies with restructuring expectations and improving operational conditions, such as Zhengbang Technology [3][63]. - In the broiler chicken sector, the report indicates that import restrictions due to avian influenza are expected to prolong the upstream economic cycle [6][63]. Summary by Sections Pig Farming Industry - The report emphasizes the importance of focusing on three investment lines: leading low-cost companies, high-growth companies with low costs, and companies undergoing restructuring [63]. - It notes that the industry is experiencing a shift in the profit center and that the supply-demand dynamics are expected to stabilize in the long term [63]. Broiler Chicken Industry - The report discusses the impact of overseas avian influenza on the supply chain, leading to a significant decline in the number of breeding stock updates, which is expected to affect prices and production capacity [7][12][63]. - It highlights that the supply of parent stock is tight, driving up prices, and that the demand for commodity chicks is expected to rise due to seasonal replenishment needs [35][63]. Yellow Chicken Industry - The report indicates that the industry is at a low production capacity and emphasizes the need to monitor improvements in demand [63]. Feed Industry - The report anticipates a recovery in feed demand due to the increase in pig stocks and a rebound in aquaculture markets, supported by favorable policies and consumer demand recovery [63]. Pet Food Industry - The report notes that the pet food sector is experiencing robust growth, with domestic consumption expected to exceed 300 billion yuan in 2024, driven by the growth of leading companies' proprietary brands [44][63].