Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company has shown steady expansion in its store network and the effectiveness of its explosive product strategy is becoming evident [1][7]. - In 2024, the company achieved a revenue of 6.47 billion yuan, reflecting a year-on-year increase of 6%, while the net profit attributable to shareholders was 231 million yuan, a decrease of 4% [5][8]. - The company plans to continue focusing on explosive product combinations and enhancing its supply chain efficiency to improve profitability [6][7]. Summary by Sections Basic Data - Current stock price is HKD 2.01, with a total market capitalization of HKD 55.2 billion and total shares outstanding of 2,747.4 million [2]. Financial Performance - In the second half of 2024, the company reported revenue of 3.80 billion yuan, a 14% increase year-on-year, and a net profit of 145 million yuan, a 10% increase [5][8]. - The gross profit margin for 2024 decreased by 0.3 percentage points to 21.90%, primarily due to the increased volume of low-margin products [6]. Market Strategy - As of the end of 2024, the company had 10,150 stores, with a net increase of 287 stores in rural areas [7]. - The pre-paid card amount increased by 37% in 2024, indicating a successful membership strategy [7]. Profit Forecast - The company expects earnings per share (EPS) of 0.09, 0.10, and 0.12 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 20, 18, and 16 [8][11].

--鑫融讯 2025 年 04 月 01 日 双融日报 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：29 分（较冷） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 29 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：算力、家电、深海经济 1、算力主题：据媒体报道，我国全面启动"东数西算" 工程已满 3 年，三大运营商、数据中心服务商以及相关产业 链企业积极跟进，多领域发力，各地新型数字基础设施加速 建设，全国一体化算力体系加快形成。据 2024 中国算力大会 数据，我国在用算力中心机架总规模超 830 万标准机架，算 力总规模达 246EFLOPS，位居全球第二。据统计，2024 年我 国数字经济增加值占 GDP 比重已超过 45%，其中算力相关产 业 贡 献 了 约 三 分 之 一 的 增 量 。 相 关 标 的 ： 众 合 科 技 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][8]. Core Views - The company has shown steady expansion in its store network and the effectiveness of its explosive product strategy is becoming evident [1][7]. - In 2024, the company achieved a revenue of 6.47 billion yuan, a year-on-year increase of 6%, while the net profit attributable to the parent company was 231 million yuan, a decrease of 4% [5][8]. - The company plans to continue focusing on explosive product combinations and enhancing its supply chain efficiency to improve profitability [6][7]. Summary by Sections Basic Data - Current stock price is HKD 2.01 with a total market capitalization of HKD 55.2 billion and total shares outstanding of 2,747.4 million [2]. Financial Performance - In 2024, the company reported a revenue of 6.47 billion yuan and a net profit of 231 million yuan, with a dividend payout ratio of 89% [5][8]. - The gross margin decreased by 0.3 percentage points to 21.9% due to the increased volume of low-margin products [6]. Investment Highlights - The company is enhancing its supply chain efficiency and increasing investment in brand promotion, leading to a rise in sales expenses by 1 percentage point to 10.27% [6]. - The number of stores reached 10,150 by the end of 2024, with a net increase of 287 stores in rural areas [7]. - The prepayment card amount increased by 37%, indicating a growing membership base and improved customer retention [7]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.09, 0.10, and 0.12 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 20, 18, and 16 times [8][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is transitioning from a cable leader to a comprehensive service provider in smart energy and smart cities, with a focus on intelligent cable networks, smart batteries, and smart airport services [3][4] - Revenue has grown from 17.155 billion yuan in 2019 to 24.465 billion yuan in 2023, with a CAGR of 9.27%. However, net profit has fluctuated, with a forecasted net loss of 1.5 to 3 billion yuan for 2024, indicating a wait for performance inflection points [3][4] Summary by Sections 1. Transition to Smart Energy and Smart City Services - The company aims to become a global leader in smart energy and smart city services, having established a dual-wing business model focusing on intelligent cable networks and smart batteries [8][11] 2. Intelligent Cable Networks - The company is the largest cable manufacturer in China, with a market share of approximately 48% in the wind power sector and 60% in nuclear power cables. Future growth is expected from stabilized copper prices and the production of submarine cables [4][31][44] - Revenue from intelligent cable networks increased from 17.211 billion yuan in 2020 to 22.598 billion yuan in 2023, although net profit has been affected by fluctuating copper prices [49][50] 3. Smart Batteries - The smart battery segment has faced continuous losses, with a forecasted net loss of 5.05 billion yuan in Q3 2024. However, the company has secured significant orders, indicating potential for recovery [64][88][92] - The company has established a full industry chain layout from cell to system, with a current battery capacity of 7 GWh and plans for expansion [78][83] 4. Smart Airport Services - The smart airport business is expected to grow steadily, benefiting from increasing demand for civil aviation and supportive government policies for low-altitude economy development [98][106] - The subsidiary, Beijing Jinghang An, holds top qualifications in airport engineering and has a strong market presence in navigation lighting [107] 5. Emerging Business Opportunities - The company is leveraging its technological expertise in traditional businesses to enter new markets such as robotics cables and AI-related products, enhancing its valuation [3][4] 6. Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to -218 million, 666 million, and 1.03 billion yuan respectively, with corresponding EPS of -0.1, 0.3, and 0.46 yuan. The current stock price corresponds to PE ratios of -50, 16, and 11 times [5][4]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company has demonstrated stable revenue growth, achieving an operating income of 6.951 billion yuan in 2024, a year-on-year increase of 20.86%, and a net profit attributable to shareholders of 716 million yuan, up 14.09% year-on-year [4][5] - The company has a strong commitment to high dividend payouts, with a proposed cash dividend of 600 million yuan for 2024, representing approximately 83.86% of the net profit attributable to shareholders [5] - The company is actively expanding its international market presence, particularly in Southeast Asia and Africa, while also exploring opportunities in Europe and the United States [6][7] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 69.51 billion yuan, with a breakdown showing 33.09 billion yuan from grid automation (up 13.18%) and 31.22 billion yuan from non-grid automation (up 25.35%) [5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 84.15 billion yuan, 101.81 billion yuan, and 122.69 billion yuan respectively [8][10] Business Segments - The grid automation business remains robust, with the company holding a leading market share in relay protection products [6] - The non-grid business is also growing rapidly, particularly in the renewable energy sector, with revenues from this segment reaching 20.3 billion yuan, a 28% increase [5] International Expansion - The company is focusing on international market development, with plans to increase resource allocation for overseas operations in 2025 [6][7] - The company has obtained international certifications for several products, enhancing its competitiveness in global markets [7] Earnings Forecast - The earnings per share (EPS) are projected to be 1.01 yuan in 2025, 1.19 yuan in 2026, and 1.37 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 16.8, 14.3, and 12.4 [8][10]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company's Q4 2024 performance showed significant improvement, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. Net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [5]. - The company's overseas revenue grew substantially, reaching 259 million yuan, a year-on-year increase of 122.74%, driven by breakthroughs in the wind power business in international markets [6]. - The data center power business is expected to open new growth opportunities, with ongoing innovations in high-voltage AC, high-voltage DC, and pulse power systems [7]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.733 billion yuan, a slight decline of 0.50% year-on-year. The net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4]. - The company's revenue from the new energy control business was 2.86 billion yuan, accounting for 76.6% of total revenue, despite a year-on-year decline of 4.79% [5]. Revenue Forecast - The company is projected to generate revenues of 4.597 billion yuan, 5.564 billion yuan, and 6.632 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.4, 1.61, and 1.91 yuan [9][11]. Profitability Metrics - The report anticipates a net profit growth rate of 43.8% in 2025, followed by 14.7% in 2026 and 18.4% in 2027 [11]. - The company's return on equity (ROE) is expected to improve from 10.0% in 2024 to 14.1% by 2027 [11]. Market Position - The company is well-positioned in the new energy control sector, with a stable revenue base and significant growth potential in overseas markets and data center power solutions [5][6][7].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company has solidified its advantages in relays and is experiencing strong growth in multiple new product categories [4]. - The company reported a revenue of 14.102 billion yuan for 2024, reflecting a year-on-year growth of 9.07%, with a net profit of 1.631 billion yuan, up 17.09% year-on-year [3][8]. Summary by Sections Relay Product Performance - In 2024, the company's relay products generated revenue of 12.701 billion yuan, a year-on-year increase of 8.95%, with a gross margin of 37.99%, slightly down by 0.64 percentage points. The overall market share increased by 1.7 percentage points, maintaining the leading position globally [4]. - The company holds a 40% market share in high-voltage direct current relays, leading the market and gaining recognition from major global automotive clients [4]. - The market share for automotive relays has increased by 3.1 percentage points to 23.1%, driven by the demand from the new energy vehicle sector [4]. New Product Development - The company is expanding its "5+" product layout, with significant growth in various new product categories: 1. Low-voltage electrical appliances have seen integration with relay solutions, with successful qualifications from major clients [5]. 2. Connector shipments increased by 28%, expanding into communication and data center sectors [5]. 3. Capacitor shipments grew by 14%, with successful audits from major new energy clients [5]. 4. The company has developed over 30 new fuse products, achieving mass production and validation in various projects [5]. 5. Current sensor shipments exceeded 100 million yuan, marking an 81% year-on-year increase [5]. Financial Forecast - The company is projected to achieve revenues of 16.296 billion yuan, 18.843 billion yuan, and 21.805 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.76 yuan, 2.07 yuan, and 2.43 yuan [6][8]. - The current stock price corresponds to a PE ratio of 20.9, 17.8, and 15.2 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation as the company benefits from increasing downstream demand and ongoing new product development [6].

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the aluminum price is expected to remain strong due to inventory depletion and favorable downstream demand [1]. - The gold market is anticipated to benefit from the Federal Reserve's ongoing rate cuts, supporting a bullish outlook for gold prices [11]. - Copper prices are expected to experience short-term adjustments, but the downside is limited [11]. - Tin prices are projected to trend upwards due to supply disruptions [11]. - Antimony prices are expected to continue rising due to tight raw material supplies [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) showed a monthly increase of 8.7%, a quarterly increase of 13.0%, and a yearly increase of 7.4% [2]. Market Data - As of March 27, 2025, domestic electrolytic copper social inventory was 334,500 tons, down 11,900 tons from March 13, 2025 [6]. - The LME aluminum inventory was reported at 466,050 tons, a decrease of 17,875 tons from March 21, 2025 [8]. Key Recommendations - For the gold industry, recommended stocks include Zhongjin Gold, Shandong Gold, Chifeng Gold, and Shanjin International [12]. - For the copper industry, recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, HeSteel Resources, and Cangge Mining [12]. - For the aluminum industry, recommended stocks include Shenhuo Co., Yun Aluminum, and Tianshan Aluminum [12]. - For the tin industry, recommended stocks include Xiyang Co., Huaxi Nonferrous, and Xingye Silver Tin [12]. - For the antimony industry, recommended stocks include Hunan Gold and Huaxi Nonferrous [12].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company has successfully completed the acquisition of Wuxi Kezhixin, achieving self-control over internal thread grinding machines, which enhances its competitive edge in the industry [4][5] - The company has established a full industry chain capability, leading to a technological breakthrough in domestic screw manufacturing [5][7] - The launch of the first domestically produced "reverse planetary roller screw" marks a significant milestone, with performance metrics surpassing traditional products [7] Summary by Sections Acquisition and Technology - The acquisition of Wuxi Kezhixin allows the company to control the upstream supply chain, reducing the cost of internal thread grinding machines from hundreds of millions to around 30 million yuan, while also shortening delivery times by 75% [4] - Wuxi Kezhixin has over 30 proprietary patents and has achieved international leading precision levels in CNC thread grinding machines [4] Product Development - The company has efficiently completed the R&D verification of two core products: automotive EHB ball screws and robotic planetary roller screws within two years [5] - The new product's transmission error is controlled within ±0.003mm, with a load capacity increase of 300% and a lifespan extension of three times compared to traditional ball screws [7] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 48.3 billion, 55.8 billion, and 62.2 billion yuan respectively, with net profits of 4.8 billion, 5.0 billion, and 6.0 billion yuan [8][11] - The earnings per share (EPS) are forecasted to be 1.2, 1.3, and 1.5 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 50.7, 48.4, and 40.5 [8][11]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the aluminum price is expected to remain strong due to inventory depletion and favorable downstream demand [1]. - The gold market is anticipated to benefit from the Federal Reserve's ongoing rate cut cycle, supporting a bullish outlook for gold prices [11]. - Copper prices are expected to experience short-term adjustments, but the downside is limited [11]. - Tin prices are projected to trend upward due to supply disruptions [11]. - Antimony prices are expected to continue rising due to tight raw material supplies [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) showed a monthly increase of 8.7%, a quarterly increase of 13.0%, and a yearly increase of 7.4% [2]. Market Data - As of March 27, 2025, domestic electrolytic copper social inventory was 334,500 tons, down 11,900 tons from March 13, 2025 [6]. - The LME aluminum inventory was reported at 466,050 tons, a decrease of 17,875 tons from March 21, 2025 [8]. Key Recommendations - For the gold industry, recommended stocks include Zhongjin Gold, Shandong Gold, Chifeng Gold, and Shanjin International [12]. - For the copper industry, recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, HeSteel Resources, and Cangge Mining [12]. - For the aluminum industry, recommended stocks include Shenhuo Co., Yun Aluminum, and Tianshan Aluminum [12]. - For the tin industry, recommended stocks include Tin Industry Co., Huaxi Nonferrous, and Xingye Silver Tin [12]. - For the antimony industry, recommended stocks include Hunan Gold and Huaxi Nonferrous [12].