Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][8]. Core Insights - The company is a leading brand in the fresh tea beverage sector, driven by product innovation and an efficient supply chain, which supports its high operational efficiency [5][8]. - The fresh beverage market in China is expected to grow significantly, with the market size projected to reach 1,163.4 billion yuan by 2028, increasing its share of the overall beverage market [7][24]. - The company holds a strong competitive position, ranking second in the fresh tea beverage market with a GMV of 19.2 billion yuan and a market share of 9.1% as of the end of 2023 [7][32]. Summary by Sections Market Performance - As of June 4, 2025, the closing price of the company's stock is 29.50 HKD, with a total market capitalization of approximately 70,156.48 million HKD [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023: 7,675.67 million yuan, 2024: 8,791.36 million yuan, 2025E: 10,967.55 million yuan, 2026E: 12,926.70 million yuan, 2027E: 14,761.33 million yuan, with respective growth rates of 38.07%, 14.54%, 24.75%, 17.86%, and 14.19% [6][56]. - The net profit attributable to the parent company is forecasted to be 1,079.63 million yuan in 2023, increasing to 2,635.01 million yuan by 2027, with growth rates of 194.48%, 36.95%, 30.19%, 18.87%, and 15.17% [6][56]. - The company is expected to maintain a high return on equity (ROE), projected at 185.19% in 2023, declining to 29.65% by 2027 [6][56]. Industry Trends - The fresh beverage market in China is experiencing rapid growth, with the current market size at 517.5 billion yuan, accounting for 36.3% of the beverage market, and expected to grow to 1,163.4 billion yuan by 2028 [7][24]. - The company has a robust product development capability, focusing on fruit tea, milk tea, and coffee, with continuous product innovation [10][47]. - The supply chain efficiency is enhanced by a network of 22 warehouses, with 76% of stores located within 150 kilometers of a warehouse, ensuring timely deliveries [51][53]. Competitive Position - The company is well-positioned in the competitive landscape of the fresh tea beverage market, with a solid ecological foundation and a significant number of stores [7][32]. - The report identifies comparable companies in the same sector, such as Mixue Group and Tehai International, to benchmark the company's valuation [8][56].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][66]. Core Views - The company is positioned as a leading player in the Asian intra-regional shipping market, showcasing a robust and resilient profitability across economic cycles. Its operational model emphasizes high-frequency logistics, which provides a competitive edge [10][66]. - The company has maintained a strong dividend policy, with a dividend payout ratio exceeding 70% over the past eight years, reaching 84.91% in 2024, amounting to a total cash dividend of 6.25 billion [10][46]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is HKD 25.25, with a one-year high of HKD 25.80 and a low of HKD 15.70. The total market capitalization stands at HKD 68,174.70 million, with a debt-to-asset ratio of 24.28% [4]. Financial Forecast and Valuation - Revenue projections for the company are as follows: USD 2,429 million in 2023, USD 3,058 million in 2024, and expected to reach USD 3,264 million in 2025, with a year-on-year growth rate of 6.72% [6][64]. - The net profit attributable to shareholders is forecasted to be USD 531 million in 2023, USD 1,028 million in 2024, and USD 1,025 million in 2025, reflecting a slight decline of 0.29% year-on-year [6][64]. - The price-to-earnings (P/E) ratios for the upcoming years are projected at 8.57 for 2025, 8.52 for 2026, and 8.20 for 2027 [6][66]. Business Model and Competitive Advantage - The company operates a comprehensive logistics network that integrates both maritime and land logistics, with a fleet of 114 vessels, including 100 owned ships, providing a total capacity of 180,255 TEU [7][15]. - The operational model focuses on point-to-point direct shipping services, enhancing flexibility and efficiency in logistics operations across 78 trade routes covering 81 major ports [7][20]. Dividend Policy and Shareholder Returns - The company has demonstrated a consistent dividend payout history since its listing in 2010, with a notable dividend yield of approximately 10% expected over the next three years [10][46]. Market Outlook - The intra-Asian shipping market is anticipated to remain resilient, driven by the ongoing recovery in the container shipping industry and stable trade volumes. The company is well-positioned to capitalize on these trends due to its strategic operational model and regional focus [51][56].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market opportunities may come from adjustments. If no unexpected events occur, the 10Y Treasury bond is expected to trade in a narrow range of 1.6% - 1.8% by the end of the year, and the bond market may lack trending opportunities [2]. - The current economic operation is in a neutral range. Exports are resilient, consumption has improved year - on - year, but investment remains sluggish. The marginal change in the economy compared to 2024 may lie in consumption. However, due to over - capacity, PPI is still under pressure, and combined with negative real estate investment and international energy prices, black - series prices are particularly low. The bond market is not likely to enter a major bear market in the short term [2]. 3. Summary According to the Directory 3.1 Macro News - The central bank did not conduct open - market Treasury bond trading operations in May. In May, it carried out 700 billion yuan of repurchase operations, but due to the maturity of 900 billion yuan of existing operations, it achieved a net liquidity withdrawal of 200 billion yuan [11]. - At the end of the first quarter of 2025, the balance of consumer loans was 21.02 trillion yuan, a year - on - year increase of 6.1%, and an increase of 32.1 billion yuan in the first quarter. The balance of RMB loans of financial institutions was 265.41 trillion yuan, a year - on - year increase of 7.4%, and RMB loans increased by 9.78 trillion yuan in the first quarter [12]. - From January to April this year, the profits of large - scale industrial enterprises increased by 1.4%, 0.6 percentage points faster than in the first quarter. The revenues of large - scale light - industry enterprises reached 7.35 trillion yuan, a year - on - year increase of 4.9%, and the profits were 419.06 billion yuan, a year - on - year increase of 3.8% [12][13]. - The US tariff policy is in a judicial tug - of - war. The Fed has maintained the federal funds rate at 4.25% - 4.5% for the third consecutive time, and may face "difficult trade - offs" in the future [17]. 3.2 Medium - term High - frequency Data: Strong Consumption, Stable Production, and Weak Prices 3.2.1 Consumption - As of May 25, the daily average retail volume of passenger cars was 60,800, a year - on - year increase of 26.4%, and the daily average wholesale volume was 75,900, a year - on - year increase of 14.4% [15]. - As of May 23, the weekly retail volumes of refrigerators/freezers, air conditioners, and washing machines were 741,400, 1.6127 million, and 655,700 units respectively, with month - on - month changes of - 8.1%, + 65.6%, and - 20.5%. The weekly retail revenues were 1.892 billion yuan, 3.901 billion yuan, and 1.246 billion yuan respectively, with month - on - month changes of + 2.6%, + 70.4%, and - 44.0% [23]. - As of June 1, the total movie box office in the past seven days was 480 million yuan, a month - on - month increase of 95.8% and a year - on - year increase of 17.5% [27]. 3.2.2 Transportation - As of May 25, the weekly container throughput of ports was 7 million TEUs, a month - on - month increase of 3.6%. The CCFI composite index on May 30 was 1118, a month - on - month increase of 0.9% [29]. - The Baltic Dry Index on May 30 was 1418, with a weekly average of 1342, a month - on - month decrease of 0.6%. The Baidu Migration Index on June 1 was 674, with a weekly average of 600, a year - on - year increase of 37.8% [33]. - As of May 25, the weekly number of civil aviation flights was 1.21 million, a month - on - month increase of 7.7%. The average subway passenger volume in first - tier cities on May 31 was 34.666 million person - times, and the weekly average was 39.258 million person - times, a year - on - year increase of 3.8% [37]. - As of May 25, the weekly postal express pick - up volume was 4.15 billion pieces, a month - on - month increase of 2.0%, and the delivery volume was 4.22 billion pieces, a month - on - month increase of 6.4%. As of June 1, the weekly railway freight volume was 78 million tons, a month - on - month decrease of 0.16%, and the highway truck traffic volume was 52.008 million vehicles, a month - on - month decrease of 6.14% [43][47]. 3.2.3 Operating Rates - As of May 28, the operating rate of blast furnaces of major steel enterprises was 77.8%, a month - on - month increase of 0.5%. As of May 29, the asphalt operating rate was 24.0%, a month - on - month increase of 4.3% [52]. - As of May 29, the soda ash operating rate was 79.13%, a month - on - month increase of 0.03%, the PVC operating rate was 72.2%, a month - on - month decrease of 0.6%. As of May 30, the average operating rates of PX and PTA were 82.1% and 74.2% respectively, with month - on - month increases of 6.2% and 1.1% [56]. 3.2.4 Real Estate - As of May 29, the transaction area of commercial housing in 30 large and medium - sized cities was 2.31 million square meters, with month - on - month increases of 8.9%, 18.3%, and 6.7% in first - tier, second - tier, and third - tier cities respectively. The number of transactions was 23,000 units, with month - on - month increases of 6.9%, 17.0%, and - 0.6% in first - tier, second - tier, and third - tier cities respectively [64]. - As of May 23, the transaction area of second - hand housing in 9 sample cities was 1.921 million square meters, a month - on - month increase of 4.0% and a year - on - year increase of 7.5% in May. As of May 25, the listing volume index of second - hand housing in the country was 16.0, a month - on - month decrease of 2.6% and a year - on - year decrease of 57.8% in May. The listing price index was 154.6, a month - on - month decrease of 0.1% and a year - on - year decrease of 8.1% in May [70]. - As of June 1, the number of land transactions in 100 large and medium - sized cities was 552, a month - on - month increase of 35.0%. The floor price per square meter was 49,504 yuan, a month - on - month decrease of 98.3%, and the land premium rate was 4.6%, a month - on - month decrease of 25.5% [74]. 3.2.5 Prices - As of May 30, the average wholesale price of pork was 20.7 yuan/kg, a month - on - month decrease of 0.3%. The average wholesale price of vegetables was 4.3 yuan/kg, a month - on - month increase of 1.3%. The average wholesale price of 6 key fruits was 7.8 yuan/kg, a month - on - month increase of 0.5% [75][80]. - The commodity price BPI on June 1 was 856, a decrease of 2.8% compared to the beginning of the year. The price of thermal coal at northern ports on May 30 was 615 yuan/ton, a decrease of 20.1% compared to the beginning of the year. The spot price of rebar on May 30 was 3077.1 yuan/ton, a month - on - month decrease of 2.4%. The spot price of iron ore was 756.5 yuan/ton, a month - on - month decrease of 3.0%. The spot price of glass was 14.4 yuan/square meter, a month - on - month decrease of 0.1% [80][83][84]. 3.3 Bond and Foreign Exchange Markets: Stable Capital Interest Rates - On May 30, overnight Shibor was 1.47%, down 3.50BP from May 26. R001 was 1.57%, up 1.78BP; R007 was 1.70%, up 0.12BP. DR001 was 1.48%, down 2.91BP; DR007 was 1.66%, up 1.00BP. IBO001 was 1.51%, down 3.57BP; IBO007 was 1.58%, up 12.78BP [88]. - Most Treasury bond yields declined. On May 30, the 1 - year/5 - year/10 - year/30 - year yields were 1.46%/1.56%/1.67%/1.89% respectively, up 1.1BP/down 0.2BP/down 5.0BP/up 0.3BP compared to May 23. The yields of 1 - year/5 - year/10 - year/30 - year state - owned development bonds were 1.54%/1.62%/1.70%/2.07% respectively, up 1.5BP/up 1.5BP/down 1.6BP/down 0.1BP compared to May 23 [98]. - On May 30, the yields of 1 - year/5 - year/10 - year local government bonds were 1.52%/1.66%/1.87% respectively, up 3.0BP/down 1.7BP/up 1.2BP compared to May 23. The yields of 1 - month/1 - year AAA and AA + inter - bank certificates of deposit were 1.56%/1.70%/1.59%/1.74% respectively, down 6.1BP/up 0.2BP/down 6.1BP/up 0.2BP compared to May 23 [102]. - The central parity rate and spot exchange rate of the US dollar against the RMB on May 30 were 7.18 and 7.20 respectively, down 71 pips and up 58 pips compared to May 23 [105]. 3.4 Institutional Behavior: Interest - rate Bond Funds Extend Duration, Credit - bond Funds Keep Duration Stable - As of May 25, the net - loss rate of public wealth management products of wealth management companies was about 1.08%, a decrease of 0.89BP from the beginning of the year, and it has dropped to the lowest level this year [107]. - Since the beginning of 2025, the duration of medium - and long - term pure interest - rate bond funds has shown a trend of first decreasing and then increasing. On May 29, 2025, the estimated median duration was about 4.1 years, and the estimated average duration was about 4.6 years, an increase of about 0.09 years compared to the previous week [110]. - Since the beginning of 2025, the duration of medium - and long - term pure credit - bond funds has shown a slight fluctuation trend. On May 29, 2025, the estimated median duration was about 2.0 years, and the estimated average duration was about 2.1 years, a decrease of about 0.05 years compared to the previous week [111]. 3.5 Investment Suggestions - The bond market opportunities may come from adjustments. When the 10Y Treasury bond yield reaches the upper limit of the range, extend the duration; when it approaches the lower limit, reduce the duration, and conduct 10BP - level band operations [2]. - In June, the bond market may face several challenges. It is recommended to wait until the second half of June for interest - rate bond band opportunities. The total maturity of inter - bank certificates of deposit in June will reach 4.17 trillion yuan, a record high in recent years. The scale of wealth management products may decline seasonally in the second half of June, and the scale may increase significantly in July due to the reduction of deposit interest rates [2]. - The yield curve of credit bonds within 5 years may flatten. It is recommended to focus on credit bonds with a yield of over 2%. It is also recommended to pay more attention to Hong Kong - listed financial stocks, fixed - income + Hong Kong - listed dividend stocks, and continue to be bullish on Hong Kong - listed banks [116].

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - Structural market conditions are emerging, leading to a reassessment of the investment value in the construction sector. Since 2025, the construction sector has been in a phase of weak recovery, with cautious market sentiment and low valuation and trading activity. However, with ongoing macro policies supporting the market, accelerated special fund disbursement, and increasing differentiation among enterprises, structural investment opportunities are gradually appearing within the sector. It is recommended to select quality stocks with policy advantages, profit recovery capabilities, or growth elasticity based on three main lines: "regional direction," "relative return configuration," and "industrial extension and upgrading" [5][11][20]. Summary by Sections Section 1: Market Performance - The construction sector is experiencing a weak recovery, with fixed asset investments in the western and central regions growing by 6.2% and 5.5% year-on-year, respectively, significantly above the national average of 4.2% [6][12]. - Water conservancy investments reached 294.36 billion yuan in the first four months of 2025, indicating steady progress in infrastructure construction [13]. - The "Belt and Road" initiative continues to see trade recovery, with a total trade volume of 2.14 trillion USD in 2024, up 5.16% year-on-year [15][16]. Section 2: Stock Selection Strategies - Three main lines for stock selection are proposed: 1. Focus on regions with clear policy support, particularly in the central and western regions and water conservancy projects [6][12]. 2. Central state-owned enterprises (SOEs) are characterized by stable dividends and low valuations, making them attractive for defensive investment [7][16]. 3. Companies exploring diversified transformation paths, such as "construction+" models, are expected to create new growth curves in emerging fields like smart manufacturing and digital economy [20]. Section 3: Market Review - The construction sector index rose by 1.12% during the week, while the Shanghai Composite Index fell by 0.03% [31]. - Among the stocks, Hopu Co. saw a significant increase of 44.63%, while the overall market had 127 stocks in the construction sector rise [31].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The demand for high-end electronic fabrics is accelerating, leading to a new round of competition among fiberglass companies. The shortage of low thermal expansion coefficient (Low CTE) glass fabric raw materials and the surge in order demand have resulted in significantly extended delivery times for BT materials, confirming the ongoing supply-demand imbalance in high-end electronic fabrics. The rapid development of the AI industry is driving hardware upgrades, increasing the demand for high-speed, high-frequency PCB boards, which in turn raises the performance requirements for upstream electronic fabrics [4] - The report suggests focusing on companies with existing or potential layouts in high-end electronic fabrics, such as Honghe Technology, Zhongcai Technology, and China Jushi [4] Summary by Sections 1. Sector Tracking - The construction materials index (Shenwan) rose by 0.2%, while the cement, glass fiber, and renovation materials indices fell by 0.2%, 0.2%, and rose by 0.6% respectively. The top five gainers included Zhongqi New Materials (+20.5%) and Honghe Technology (+17.1%) [9] 2. Industry Dynamics - In May, the average price of new homes in 100 major cities in China rose by 0.30% month-on-month to 16,815 RMB per square meter, while the average price of second-hand homes fell by 0.71% year-on-year [14] - The sales revenue of the top 100 real estate companies in the first five months of 2025 was 1,443.6 billion RMB, a year-on-year decrease of 10.8% [14] - The balance of real estate loans in RMB at the end of the first quarter of 2025 was 53.54 trillion RMB, with a year-on-year growth of 0.04% [14] 3. Data Tracking 3.1 Cement - The average price of 42.5 cement nationwide was 367.8 RMB per ton, down 3.0 RMB per ton month-on-month and down 6.3% year-on-year [15] - The cement inventory ratio was 65.7%, up 0.4 percentage points month-on-month [15] 3.2 Float Glass - The average price of 5mm float glass was 1,370.3 RMB per ton, down 24.6 RMB per ton month-on-month and down 409.5 RMB per ton year-on-year [32] 3.3 Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass was 13.6 RMB per square meter, down 0.1 RMB per square meter month-on-month [37] 3.4 Glass Fiber - The average price of alkali-free glass fiber yarn was 4,705.0 RMB per ton, unchanged month-on-month and up 40.0 RMB per ton year-on-year [43] 3.5 Carbon Fiber - The average price of large tow carbon fiber was 72.5 RMB per kilogram, unchanged month-on-month and down 5.0 RMB per kilogram year-on-year [46]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is positioned to benefit from the trend of "Replacing Steel with Plastic" in the automotive industry, with a projected revenue of 755 million yuan in 2024, reflecting an 8.08% year-over-year growth [5]. - The company has established strong relationships with major clients, including global automotive manufacturers and leading companies in the electric vehicle sector, which enhances its market position [5]. - The company has a robust patent portfolio with 77 patents, including 22 invention patents, showcasing its technological capabilities in producing advanced plastic components [5]. - The global demand for lightweight automotive parts is increasing, driven by environmental concerns and the shift towards electric vehicles, which is expected to further boost the company's revenue from plastic components [5][6]. Summary by Sections Market Performance - The company's closing price is 37.98 yuan, with a total market capitalization of approximately 4.97 billion yuan and a circulating market value of about 1.83 billion yuan [3]. Financial Performance - The company achieved a revenue of 755 million yuan in 2024, with a net profit of approximately 51.16 million yuan, resulting in a gross margin of 22.7% and a net margin of 6.2% [5][7]. - The forecasted revenues for 2025, 2026, and 2027 are 843 million yuan, 1.02 billion yuan, and 1.25 billion yuan, respectively, indicating a consistent growth trajectory [7]. Business Strategy - The company is expanding its operations in the North American market, with a subsidiary expected to break even by Q4 2025, enhancing its global footprint and customer service capabilities [6]. - The establishment of a subsidiary in Singapore aims to optimize the company's overseas operations and improve cross-border procurement efficiency [6]. Industry Trends - The global market for new energy vehicles is projected to grow significantly, with sales expected to exceed 18 million units in 2024, representing a 24.4% year-over-year increase [5]. - The company is actively pursuing opportunities in the energy storage and power battery sectors, which are anticipated to see a surge in demand for precision plastic components [5].

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 06 月 04 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 板块表现： 生猪板块情绪回暖，建议关注低成本 高成长龙头 ——农林牧渔行业周报（20250526-20250530） 证券分析师 投资要点： 生猪：生猪板块情绪回暖，4 月行业中大猪存栏环比微增。 涌益数据最新猪价降至 14.42 元/kg，出栏均重略降至 129.18kg，15Kg 仔猪报价降 至 607 元/头左右。行业监管要求仍依赖于落地执行效果，但政策引导思路体现对猪 价的关注，伴随今年生猪企业持续降本增效，成本优势企业最新完全成本已降至 12 元/kg 左右，企业盈利或维持较好水平，估值有望修复。 联系人 摒弃周期思维、回归财务表现本身。从行业 ...

Group 1: Pet Economy - The pet economy in China has been growing steadily, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][6] - The pet food sector remains the primary market, with online market concentration (CR10) at only 33.7% in 2024, indicating a fragmented competitive landscape where domestic brands are gaining traction [2][6] - Companies like Lusi Co. and Haineng Technology are highlighted as key players in the pet industry chain, with Lusi focusing on meat snacks and expanding its overseas production capacity [2][6] Group 2: Autonomous Driving - The autonomous driving market in China is expected to reach nearly 450 billion RMB by 2025, with companies like Xiaoma Zhixing collaborating with public transport groups to commercialize self-driving technology [2][17] - The transition to L3+ level intelligent driving is underway, with significant investments in autonomous vehicle trials and applications across various sectors, including logistics and public transport [17][18] - The market for unmanned vehicles is expanding, with 11 companies identified in the North Exchange's autonomous vehicle industry chain, indicating a robust growth trajectory [17][19] Group 3: Media and Digital Assets - Hong Kong's introduction of the Stablecoin Bill is a significant step towards establishing itself as a digital finance hub, which may enhance the internationalization of the RMB and support offshore financial activities [10][11] - The upcoming summer film season is anticipated to boost box office performance, with several key films scheduled for release, highlighting the importance of quality content in driving industry growth [10][12] Group 4: Green Energy - The introduction of green electricity direct supply policies is expected to lower electricity costs for businesses and enhance carbon emission recognition, particularly benefiting export-oriented enterprises [23][24] - The policy allows for a more flexible supply model, which could accelerate the development of offshore wind energy projects in coastal regions [24][26] - Companies in the green energy sector, such as Shaoneng Co. and Yinxing Energy, are recommended for their potential to benefit from stable electricity demand through long-term contracts [27][28] Group 5: Pharmaceutical Industry - The Chinese innovative drug sector is experiencing significant growth, with a record high of 519 billion USD in license-out transactions in 2024, indicating increasing global recognition of domestic pharmaceutical companies [29][31] - The number of original research drugs entering clinical trials in China has surpassed that in the US, with 704 drugs reported in 2024, showcasing the country's growing capabilities in drug development [31][32] - Companies like Hengrui Medicine and Warner Pharmaceuticals are highlighted as key players in the innovative drug space, with strong potential for future growth [29][34] Group 6: Transportation and Logistics - The logistics industry is undergoing rapid transformation with the integration of artificial intelligence, as evidenced by the National Postal Administration's push for AI applications in postal services [36] - The introduction of new unmanned logistics vehicles, such as the E6 model by Jiushi Intelligent, is expected to lower operational costs and enhance delivery efficiency [36]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Meideng Technology, is positioned as a leading provider of e-commerce SaaS software, focusing on differentiated products that enhance brand advantage and accelerate the commercialization of AI technology [5][6]. - The domestic SaaS market is expected to grow significantly, with projections indicating a market size exceeding 100 billion yuan in 2023, driven by increasing demand for operational efficiency among e-commerce merchants [7][10]. - The company has successfully integrated AI technology into its product offerings, enhancing user experience and operational capabilities, particularly in live-streaming e-commerce [8][10]. Summary by Sections Market Performance - As of May 30, 2025, the closing price of the stock is 58.93 yuan, with a market capitalization of approximately 2,294.82 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 148 million yuan, representing a year-on-year growth of 29.23%, with a net profit of 41.78 million yuan [7][9]. - The company’s revenue is projected to reach 204 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.35% from 2025 to 2027 [9]. Product and Service Development - The company’s main products, "Meizhe" and "Woda," are designed to meet the marketing and order management needs of e-commerce merchants, with a strong user base and positive market reception [6][7]. - The integration of AI into the company's offerings, such as the "Light Circle Smart Broadcasting" product, has been well-received, enhancing its competitive position in the market [8][10]. Market Trends - The e-commerce SaaS market is characterized by rapid growth and a fragmented competitive landscape, with increasing diversification in e-commerce types and merchant needs [7][10]. - The company is expanding its product matrix to include new scenarios such as live-streaming e-commerce and supply chain management, which are essential for meeting the evolving demands of merchants [6][8].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "little giant" in the wire and cable industry, with a projected revenue growth of 20.19% year-on-year in 2024. The main products include power cables below 500kV, which are widely used in various sectors such as power, energy, transportation, and construction [5][6] - The company is expected to achieve a revenue of 3.585 billion yuan in 2024, with a net profit of 132.92 million yuan, reflecting a year-on-year increase of 8.43% [5][6] - The demand for cables is driven by equipment renewal policies and new infrastructure plans, with the power cable business projected to grow by 22% in 2024 [5][6] Financial Summary - The company’s total market capitalization is approximately 3.297 billion yuan, with a circulating market value of about 1.913 billion yuan [3] - The company’s earnings per share (EPS) for 2025 is projected to be 0.45 yuan, with corresponding price-to-earnings (P/E) ratios of 22.4, 19.3, and 16.1 for 2025, 2026, and 2027 respectively [6][7] - The company is expected to maintain a gross margin of 10.86% and a net margin of 3.71% in 2024 [5][7] Market Position and Strategy - The company aims to enhance its market position by focusing on high-voltage and special cables, while also expanding its presence in the new energy cable sector [5][6] - The company has established a strong customer base, with the State Grid Corporation and China Southern Power Grid being the largest clients, accounting for 63% of total sales [5][6] - The company plans to continue strengthening its market share in the local power sector and expand into large state-owned enterprises and foreign trade markets [6]