Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 28.00 [8] Core Views - The company has shown resilience in cargo volume within the Asian region despite fluctuating tariff policies since April. The cargo volume is expected to remain stable and improve in April and May [1] - The easing of tariffs between China and the US in mid-May led to a surge in shipping rates for routes to the US due to a mismatch in supply and demand as shippers concentrated their shipments [3] - The company is optimistic about the long-term growth potential driven by regional industrial restructuring, which will enhance the circulation of raw materials, semi-finished products, and finished goods [1][5] Summary by Sections Market Performance - The Southeast Asian market has benefited from the easing of tariffs, with container freight rates showing a month-on-month increase of 6.9% in April and a year-on-year increase of 60.1% [2] - The average container freight rate index for the Asian region increased by 2.3% month-on-month and 24.0% year-on-year in April [2] Shipping Rates and Volume - In May, the Shanghai Export Container Freight Index (SCFI) saw a significant month-on-month increase of 18.4%, although it was down 38.7% year-on-year due to a high base from the previous year [3] - Specific routes such as China to the US West Coast and East Coast experienced substantial increases in freight rates, with month-on-month rises of 47.6% and 30.1% respectively [3] Fleet and Capacity - There is a tightening of capacity for small and medium-sized container ships, leading to an increase in charter rates, with a year-on-year rise of 78.9% for 1,000 TEU vessels from January to April 2025 [4] - As of May, new orders for container ships represented only 29.4% of existing capacity, indicating a low order book for smaller vessels [4] Future Outlook - The company anticipates continued high demand and rising freight rates in June due to seasonal peaks in Europe and the US, alongside the benefits from tariff reductions [5] - Long-term, the company is expected to maintain resilience in cargo volume and growth potential, supported by its focus on the Asian market and flexible operations with smaller vessels [5] - Profit forecasts for the company are set at USD 1.09 billion for 2025, with a target price based on a PE ratio of 8.9x for 2025 [5]

证券研究报告 牧原股份 (002714 CH) 2025 年中期策略会速递— 增出栏+降成本+国际化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 农林牧渔 | 6 月 4 日牧原股份出席了我们组织的 2025 年中期策略会，会上公司沟通了 1~4 月生猪出栏量持续同比高增，养殖完全成本亦延续明显改善、4 月已降 至 12.4 元/公斤，同时单头增益战略亦已有一定成效。公司已递交 H 股发行 申请书，项目正在推进中，在国际资本市场的亮相或有助于公司后续逐步拓 展全球商业版图。我们认为，今年以来猪价虽处于下行周期中，但下跌偏缓、 养殖行业仍处于盈利空间，看好公司养殖成本领先+单头增益空间逐步提升 优势下的盈利兑现能力。维持"买入"评级。 月度出栏持续同比高增，单头生猪价值提升路径清晰 生猪出栏方面，今年以来公司出栏量延续同比高增，4 月公司出栏生猪 811 万头、同比+49%，1~4 月累计出栏生猪 3077 万头、同比+43%；1~4 月累 计实现生猪销售收入约 485 亿元、同比+39%。育肥完全 ...

证券研究报告 牧原股份 (002714 CH) 2025 年中期策略会速递— 增出栏+降成本+国际化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 农林牧渔 | 6 月 4 日牧原股份出席了我们组织的 2025 年中期策略会，会上公司沟通了 1~4 月生猪出栏量持续同比高增，养殖完全成本亦延续明显改善、4 月已降 至 12.4 元/公斤，同时单头增益战略亦已有一定成效。公司已递交 H 股发行 申请书，项目正在推进中，在国际资本市场的亮相或有助于公司后续逐步拓 展全球商业版图。我们认为，今年以来猪价虽处于下行周期中，但下跌偏缓、 养殖行业仍处于盈利空间，看好公司养殖成本领先+单头增益空间逐步提升 优势下的盈利兑现能力。维持"买入"评级。 月度出栏持续同比高增，单头生猪价值提升路径清晰 生猪出栏方面，今年以来公司出栏量延续同比高增，4 月公司出栏生猪 811 万头、同比+49%，1~4 月累计出栏生猪 3077 万头、同比+43%；1~4 月累 计实现生猪销售收入约 485 亿元、同比+39%。育肥完全 ...

证券研究报告 工业/基础材料 华泰研究 2025 年 6 月 04 日│中国内地 中期策略 板块基本面震荡修复中，配置转型跨界与细分景气 回顾今年前五个月，建筑/建材指数均呈现 W 型震荡走势，建材相对跑赢（沪 深 300）系 25Q1 基本面有所改善。展望 25H2，我们认为：1）需求端受内 需投资政策和地产止跌回稳拐点影响，重视国内三个焕新需求（存量翻新、 城市更新及新产业服务）、海外出海等；2）供给侧企业转型跨界明显增加， 水泥/玻璃行业自律行为有所反复，化债修复有望从中小民企向央国企延伸。 在政策及基本面短期无明显催化的背景下，我们建议沿着跨界转型和细分区 域、产业景气主线进行配置，重点推荐中国建筑、中材国际、中国化学、中 国核建、中国建筑国际、华新水泥、中材科技、三棵树、兔宝宝、中国联塑。 焕新提速，供给转型 建筑工程：出海及产业服务高景气，转型跨界中或有弹性 自 2024 年 11 月"6+4+2"万亿元化债方案实施以来，建筑板块资产负债表 仍然承压，现金流整体有所改善，但结构上中小民企或更受益，25H2 建筑 央国企 ROE 和估值修复的核心仍在应收账款周转率的改善。行业景气方面， 我们认为核电 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The newly signed three-year uranium sales agreement for 2026-28 has exceeded market expectations in terms of volume, price, and annual increment rate, indicating a positive outlook for the company's profitability and valuation [1][2] - The agreement's benchmark prices for 2026, 2027, and 2028 are set at 94.22, 98.08, and 102.1 USD per pound U3O8, respectively, which are significantly higher than previous agreements [2][9] - The increase in the proportion of spot prices in the pricing formula from 60% to 70% is expected to enhance the company's profit elasticity, aligning sales prices more closely with market trends [9] Financial Forecasts and Valuation - The company’s projected net profit for 2026 and 2027 has been raised by 15% and 10% to 1.028 billion and 1.135 billion HKD, respectively, with corresponding EPS of 0.14 and 0.15 HKD [2][11] - The target price has been adjusted to 2.43 HKD, reflecting a clearer expectation for sales volume and price for 2026 [2][5] - Revenue forecasts for the years 2023 to 2027 are as follows: 7,363 million, 8,624 million, 7,838 million, 8,724 million, and 9,701 million HKD, with corresponding growth rates [4][12] Key Metrics - The company's projected EPS for 2026 is 0.14 HKD, with a PE ratio of 12.28 [4][12] - The projected ROE for 2026 is 20.97%, indicating strong profitability [4][12] - The company’s market capitalization is approximately 12,617 million HKD, with a closing price of 1.66 HKD as of June 3 [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 328 million RMB in Q1 2025, a year-on-year decline of 9.2%, primarily due to reduced orders from new energy vehicle clients [1] - The company achieved a record high gross margin of 23.5% in Q1, the highest in three years [1] - A significant order was signed with Kuka Technology for the delivery of 1.2 million laser radars from 2025 to 2027, which is expected to boost the robotics business [1] - The company is expected to benefit from increasing demand for laser radars in intelligent driving and robotics, with revenue growth anticipated to accelerate starting in Q2 [1] Summary by Sections Laser Radar Business - In Q1 2025, the company shipped 96,700 ADAS laser radars, down from 116,000 in the same period last year, mainly due to order declines from major clients [2] - The company has secured contracts with 30 OEMs and over 100 vehicle models, with the EM4/EMX platforms launched in early 2025 gaining traction [2] - The improvement in semiconductor processes is expected to enhance ADAS gross margins [2] Robotics Business - The company shipped 11,900 units of robotic laser radars in Q1 2025, a significant increase from 4,000 units in the same period last year, driven by price reductions and broader applications [3] - Key clients in the Robotaxi sector include six major companies, and exclusive orders have been signed with leading clients in the lawnmower sector [3] - The company is focusing on humanoid robots and aims to enter mass production soon [3] Profit Forecast and Valuation - The revenue forecast for 2025, 2026, and 2027 is adjusted to 2.5 billion, 3.7 billion, and 4.9 billion RMB respectively, reflecting slight downward revisions of 4%, 5%, and 5% [4] - The target price is set at 47.58 HKD, based on a comparable company average of 8.5X PS for 2025 [4] - The company is expected to see continuous improvement in gross margins due to the increasing share of higher-margin robotics business [4]

Investment Rating - The report maintains a "Buy" rating for CGN Mining (1164 HK) with a target price of HKD 2.43 [5][6] Core Views - The newly signed three-year uranium sales agreement for 2026-28 has exceeded market expectations in terms of volume, price, and annual increment rate, indicating a positive outlook for the company's profitability and valuation [1][2] - The agreement's benchmark prices for 2026, 2027, and 2028 are set at USD 94.22, 98.08, and 102.1 per pound of U3O8, respectively, which are significantly higher than previous agreements [2][9] - The increase in the proportion of spot prices in the pricing formula from 60% to 70% enhances the company's profit elasticity, allowing it to benefit more from potential increases in spot market prices [9] Financial Forecasts and Valuation - The report projects the company's revenue and net profit for 2026 and 2027 to be HKD 10.28 billion and HKD 11.35 billion, respectively, reflecting an increase of 15% and 10% from previous estimates [2][11] - The earnings per share (EPS) for 2026 and 2027 are forecasted to be HKD 0.14 and HKD 0.15, respectively [2][11] - The report adjusts the target price to HKD 2.43 based on the improved clarity in sales volume and price expectations for 2026, switching the valuation year from 2025 to 2026 [2][11] Revenue and Profitability Metrics - The projected revenue for the fiscal years 2023 to 2027 is as follows: HKD 7,363 million, HKD 8,624 million, HKD 7,838 million, HKD 8,724 million, and HKD 9,701 million, respectively [4][12] - The projected net profit attributable to the parent company for the same period is HKD 497.10 million, HKD 341.98 million, HKD 638.11 million, HKD 1,028 million, and HKD 1,135 million, respectively [4][12] - The report indicates a significant increase in profitability metrics, with a projected return on equity (ROE) of 20.97% in 2026 [4][12]

端午节后猪价小幅微跌，短期关注升温后的出栏体重变化 证券研究报告 农林牧渔 端午后猪价微跌,白鸡、水产价格略强 华泰研究 2025 年 6 月 04 日│中国内地 动态点评 端午节后猪价微跌，白鸡、水产价格略强 端午节后猪价惯性回落、但仅下跌了 0.02 元/公斤，未出现明显下跌趋势， 白羽鸡、水产品价格走势略强，玉米/豆粕则分别依季节性规律表现为窄幅 上涨/下跌。展望后市，1）生猪：短期关注气温升高后可能出现的养殖端降 重出栏，9 月左右起持续关注猪肉季节性消费旺季带动的供需格局变化；2） 白羽鸡：当前行业供应或仍较充足，关注养殖端持续亏损可能带动的产能去 化；3）水产品：投苗量连续两年下降或支撑涨价；4）玉米：2024 年国内 玉米减产+全球玉米库销比或连续两年下降，价格有望持续回升；5）豆粕： 南美大豆丰产或利空国内豆价。当前生猪价格周期虽处下行阶段，但仍处于 养殖行业盈利区间、5 月行业单头盈利超 50 元，同时养殖存栏持续恢复， 有望持续带动养殖后周期板块盈利增长，建议关注后周期投资机会。持续推 荐饲料出海高增可期+国内主业亦有望修复的海大集团、传统动保业绩有望 高增+宠物医疗稀缺标的瑞普生物，建议 ...

美股：盈利或下修，"Fed Put"效果不如以往，关注金融流动性压力 证券研究报告 策略 海外市场 2H25 展望：再平衡进行时 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 下半年海外市场展望：波动延续，浪里寻"珠" 上半年海外市场经历了 AI 产业趋势和关税扰动两大主线，一是 DeepSeek 横空出世助力中国资产重估，并压制美国科技例外论表现；二是关税政策反 复无常，市场波动率大幅走高。展望下半年，中美市场宏观主线或均从预期 到现实过渡，关税扰动逐渐脱敏，经济基本面重要性上升。资本市场或延续 高波动状态，宏观环境提供的上行空间有限，产业趋势和结构性行情是主 要抓手，四季度环境可能更加适宜。 美国关税政策依然充满变数，市场或维持高波动状态。关税影响尚未反映至 经济硬数据，也未完全反映在美股盈利预期。我们结合宏观预测数据测算， 2025 年美股 EPS 仍有 3%~4%下修空间，减税政策对盈利改善帮助不大。 美股估值进一步提升空间有限，风险溢价已经在历史低位，美债利率易上难 下。在失去隔夜逆回购缓冲垫下，债限解决后的发债量增加可能造成金融流 动性压力，需要密切关注。三季度美股可能经历增长下行 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has entered into a global exclusive licensing agreement with Regeneron for HS-20094, receiving an upfront payment of $80 million and potential milestone payments of up to $1.93 billion, along with a future sales revenue share [1][2] - The company is focused on innovation and business development (BD) to drive stable growth, with a strong pipeline of over 40 new molecular entities in development [3][4] - The expected sales for HS-20094 and other key products are projected to significantly contribute to the company's revenue growth in the coming years [5] Summary by Sections Licensing and Collaboration - The company has secured a licensing deal for HS-20094, which is expected to enhance its product portfolio and revenue potential [1][2] Product Pipeline and Clinical Trials - HS-20094 has shown promising results in clinical trials, with significant reductions in HbA1c and weight observed [2] - The company is advancing multiple products through various stages of clinical trials, including HS-20093 and HS-20089, which are expected to enter critical phases soon [4] Financial Projections - The company forecasts net profits of RMB 47.18 billion, RMB 42.03 billion, and RMB 47.43 billion for 2025-2027, with corresponding EPS of RMB 0.79, RMB 0.71, and RMB 0.80 [5][7] - The target price for the company's stock is set at HKD 28.95, reflecting an increase from the previous target of HKD 23.82 [5][9]