Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][9]. Core Insights - The company has achieved significant revenue growth, with total operating income reaching 69.897 billion yuan in 2024, a year-on-year increase of 28.27%, and a net profit of 3.624 billion yuan, up 19.94% [2]. - The company's vertical integration strategy in the supply chain is showing positive results, particularly in the assembly business, which is experiencing rapid growth [2]. - The company is well-positioned to benefit from the upcoming iPhone 17 series, especially with its lightweight materials solutions [3]. - The humanoid robot industry is expected to see explosive growth, and the company's proactive positioning may allow it to become a leading core manufacturing platform for embodied intelligence [4][7]. - The company is also preparing to enter the supply chain for Apple's first foldable phone, expected to launch in late 2026, leveraging its advanced UTG technology [8]. Financial Projections - Revenue forecasts for the company are projected at 90.789 billion yuan in 2025, 144.336 billion yuan in 2026, and 186.367 billion yuan in 2027, with corresponding EPS of 0.96, 1.52, and 1.99 yuan [9][11]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 29.9% in 2025 and 59.0% in 2026 [11][16]. - The net profit is anticipated to grow to 4.762 billion yuan in 2025 and 7.555 billion yuan in 2026, reflecting growth rates of 31.4% and 58.7% respectively [11][16].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9]. Core Insights - The company is focusing on humanoid robots and high-end AI sewing machines, aiming to create new growth opportunities in the intelligent sewing space [6]. - The sewing machinery industry is experiencing a recovery, with both domestic sales and exports showing steady growth, supported by demand from developed economies and emerging markets [5]. - The company's overseas business is transitioning towards high-end products, leading to an increase in gross margin, which is a key driver of growth [7]. Summary by Sections Market Performance - The sewing machinery industry saw a total domestic sales volume of 2.35 million units in 2024, a year-on-year increase of 27% [5]. - Export value reached 3.424 billion USD, reflecting an 18.39% year-on-year growth, indicating a recovery to 2022 levels [5]. Company Strategy - The company plans to launch a high-end AI intelligent sewing machine in the second half of 2025 and a humanoid robot for garment manufacturing in the second half of 2026 [6]. - The humanoid robot is expected to be a strategic product that integrates automation technology, providing solutions for customer scenarios [6]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 69.4 billion, 78.25 billion, and 87.32 billion CNY respectively, with corresponding EPS of 2.10, 2.56, and 2.99 CNY [9][11]. - The overseas gross margin improved by 3.88 percentage points to 37.27% in 2024, significantly higher than the domestic gross margin of 28.15% [7].

2025 年 06 月 18 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：60 分（较热） 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 1、《双融日报》2025-06-17 2、《双融日报》2025-06-16 3、《双融日报》2025-06-13 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 60 分，市场情绪处于"较热"。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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人 ...

2025 年 06 月 17 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：76 分（较热） 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：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting the potential of humanoid robots and the recent changes in the automotive supply chain [1][8][42]. Core Insights - The automotive industry is experiencing a shift towards value-driven competition, with a new 60-day payment term for suppliers aimed at alleviating financial pressure on small and medium-sized enterprises [6][7]. - The first humanoid robot 4S store is set to open in Beijing, providing a new platform for showcasing and selling various humanoid robots, with nearly 30 companies expected to participate [3]. - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs are launching pilot projects for smart elderly care robots, focusing on practical applications and product safety [4][5]. Market Performance - The automotive sector's performance has been mixed, with the CITIC Automotive Index declining by 0.7%, underperforming the broader market [16]. - The average PE ratio for the automotive industry stands at 35.9, indicating a relatively high valuation compared to historical levels [26]. Investment Recommendations - The report suggests focusing on companies involved in humanoid robots, particularly those producing lead screws and linear joint assemblies, with specific recommendations for companies like Shuanglin Co., Ltd. and Reddick [5][8][42]. - For automotive parts suppliers, the report recommends companies with strong bargaining power and close ties to major automakers, particularly in lightweight materials and interior/exterior components [7][43]. Company Announcements and Industry News - Reddick has announced the acquisition of a 51% stake in a precision technology company to enhance its humanoid robot strategy [47]. - The report notes significant developments in the automotive sector, including the upcoming launch of Tesla's Robotaxi service and ongoing trade negotiations between the U.S. and China [61][57].

2025 年 06 月 16 日 1、《食品饮料行业动态研究报告： 新消费景气度上行，供需两端看布 局机会》2025-06-10 2、《食品饮料行业周报：白酒底部 布局，关注传统消费新饮品》2025- 06-09 3、《食品饮料行业周报：白酒需求 磨底，新消费延续高景气》2025- 06-02 白酒板块情绪承压，持续关注新消费 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) -7.7 -10.4 -5.9 沪深 300 -0.4 -3.3 9.4 市场表现 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 -30 相关研究 ▌ 一周新闻速递 行业新闻：1）6 月上旬白酒环比价格总指数微跌；2）5 月酒 类价格同比下降 2%；3）七部门发文推动食品工业数字化转 型； 公司新闻：1）五粮液：将加快年轻化 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, as well as specific stocks like Xinyangfeng and Senqilin [10]. Core Views - The report highlights significant price increases in sulfuric acid and sulfur, suggesting a focus on import substitution, domestic demand, and high dividend opportunities [6][8]. - The report notes that international oil prices have sharply risen due to geopolitical tensions, particularly the conflict between Iran and Israel, which may impact oil production and exports [6][21]. - The overall chemical industry remains under pressure, with mixed performance across sub-sectors, influenced by past capacity expansions and weak demand [22]. Summary by Sections Chemical Industry Investment Suggestions - The report suggests monitoring the tire industry, which is expected to perform better due to global strategies and tariff experiences [8]. - It emphasizes the acceleration of import substitution in the chemical sector, particularly for lubricating oil additives and special coatings [8]. - The report also highlights the self-sufficiency of nitrogen, phosphorus, and compound fertilizers in China, which are less affected by tariffs [8]. Price Movements - Notable price increases this week include sulfuric acid (up 7.24%) and sulfur (up 7.24%), while significant declines were seen in ammonium chloride (down 10.53%) and urea (down 9.95%) [20][22]. - The report indicates that the chemical industry is experiencing a weak overall performance, with some sectors like tires and lubricants showing better-than-expected results [22]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, indicating a positive outlook for firms like Xinyangfeng and Senqilin, with expected EPS growth [10][11].

2025 年 06 月 16 日 地缘军事冲突引爆资金涌入，贵金属强势上行 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 有色金属(申万) 6.4 1.0 14.2 沪深 300 -0.6 -3.6 9.1 市场表现 1、《有色金属行业周报：美联储货 币政策纪要担忧通胀和经济不确定 性，短期金价震荡为主》2025-06- 02 2、《有色金属行业周报：特朗普再 次宣布将对欧盟征收关税，避险情 绪升温推升金价》2025-05-26 3、《有色金属行业周报：下游开工 向好以及库存去化，铜铝价格维持 较强走势》2025-04-28 ▌黄金：地缘军事冲突引爆资金涌入，贵金属强势 上行 -20 -10 0 10 20 30 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 相关研究 数据方面，美国 5 月核心 CPI 同比今值 2.8%，预期 2.9%， ...

--鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：39 分（较冷） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2025 年 06 月 16 日 双融日报 ▌ 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 39 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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与 ...

证 券 研 究 报 告 行业周报 重磅BD陆续落地，催化估值提升 医药行业周报 投资评级： 报告日期： 推荐 （维持） 2025年06月15日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 医 药 行 业 观 点 2. 关注ADA大会，从近期BD看MNC布局思路 美国糖尿病协会(American Diabetes Association, ADA)第85届科学年会将于6月20日至23日在美国芝加哥召开，已有众生 睿创，博瑞医药、歌礼制药等中国企业预告披露最新的研究成果。除了降糖和减重之外，增肌也是ADA大会上的重要关注 方向，Bimagrumab与司美格鲁肽组合将在会上发布最新研究数据。国内与Bimagrumab类似的增肌相关的研发产品包括来 凯医药的LAE102和歌礼制药的ASC47，目前处于临床的早期阶段。对于GLP-1，开发更快减重，更长效，小分子依然是重 要趋势。6月3日，礼来与瑞典Camurus达成一项总额高达8.7亿美元的合作协议，拟开发GLP-1的长效月制剂。5月14日诺 和诺德与Septerna宣布达 ...