Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the company's profitability is beginning to recover, with expectations for production capacity to ramp up and new process trial lines to be established [6][8] - The company is positioned as a leader in carbonyl iron powder in China, with its fundraising projects expected to contribute to performance growth and cost-reduction new processes opening up growth opportunities [8] Financial Performance - In 2024, the company achieved revenue of 418 million RMB, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 70 million RMB, a year-on-year decrease of 12% [8] - The first quarter of 2025 saw revenue of 96 million RMB, a year-on-year increase of 9.2%, and a net profit of 17 million RMB, a year-on-year increase of 0.3% [8] - The company expects net profits for 2025-2027 to be 99 million RMB, 140 million RMB, and 169 million RMB respectively, with year-on-year growth rates of 40.5%, 42.1%, and 20.5% [8] Revenue and Profitability Forecast - Revenue projections for 2025 are estimated at 553 million RMB, with a year-on-year growth rate of 32.29% [7] - The report anticipates a gross margin of 36.23% in 2025, with a net margin of 17.90% [9] - The company's return on equity (ROE) is expected to improve to 12.80% in 2025 [7] Market Position and Growth Drivers - The company is actively working on new product development, including carbonyl iron powder for magnetorheological dampers, which has already been supplied to overseas customers [8] - The carbonyl iron powder fundraising project has been put into production, with a new cost-reduction process being actively tested [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of AA+ steel industry credit bonds significantly contracted, while those of AA+ electrical equipment industry credit bonds significantly widened. The credit spreads of other industries fluctuated within 5BP or less [2][22][41]. - For urban investment bonds, the short - end credit spreads slightly widened, and the long - end slightly contracted. Maintaining the short - end sinking coupon strategy still has a relative advantage [2][26][41]. - For industrial bonds, the credit spreads showed an overall compression trend this week. However, in a low - interest - rate environment, the duration strategy has limited cost - effectiveness. It is recommended to focus on the coupon income of high - grade short - duration industrial bonds [2][30][41]. - For bank capital bonds, the credit spreads compressed overall this week. It is recommended to continue to focus on short - duration and highly liquid varieties for defense [2][34][41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) this week was 14.1 billion yuan, a decrease of 54.3 billion yuan compared with last week. The total issuance was 217.1 billion yuan, a decrease of 104.1 billion yuan, and the total repayment was 203 billion yuan, a decrease of 49.8 billion yuan. The net financing of asset - backed securities was 10.3 billion yuan, an increase of 23.7 billion yuan [6]. - By product type, the net financing of urban investment bonds was 5.3 billion yuan, an increase of 50.1 billion yuan; that of industrial bonds was 52.6 billion yuan, an increase of 29.7 billion yuan; and that of financial bonds was - 43.8 billion yuan, a decrease of 134.1 billion yuan [6]. - In terms of the number of issuances and redemptions, the number of urban investment bond issuances increased by 1, and redemptions decreased by 34; the number of industrial bond issuances increased by 36, and redemptions increased by 4; the number of financial bond issuances decreased by 16, and redemptions decreased by 4 [7]. 3.1.2 Issuance Cost - The issuance rates of AA and AA+ urban investment bonds and AAA industrial bonds increased significantly this week, while those of other bond types and ratings decreased significantly. Specifically, the issuance rate of AA urban investment bonds increased by 21BP, mainly due to high - interest bonds like "25 Jinghe 01" and "25 Liaocheng 04"; the issuance rate of AA+ urban investment bonds increased by 14BP due to large - scale high - interest issuances; the issuance rate of AA industrial bonds decreased the most, mainly due to low - cost bonds like "25 Fengnong 01" and "25 Zumiao 01" [14]. 3.2 Secondary Market 3.2.1 Transaction Volume - The trading volume of credit bonds (excluding asset - backed securities) increased by 175.8 billion yuan compared with last week. Specifically, the trading volume of urban investment bonds was 197.4 billion yuan, an increase of 35 billion yuan; that of industrial bonds was 269.6 billion yuan, an increase of 55.6 billion yuan; and that of financial bonds was 379 billion yuan, an increase of 85.2 billion yuan. The trading volume of asset - backed securities was 5.9 billion yuan, a decrease of 7.4 billion yuan [15]. 3.2.2 Turnover Rate - The turnover rate of traditional credit bonds increased overall this week, while that of asset - backed securities decreased. Specifically, the turnover rate of urban investment bonds was 1.26%, an increase of 0.22pct; that of industrial bonds was 1.61%, an increase of 0.33pct; that of financial bonds was 2.7%, an increase of 0.62pct; and that of asset - backed securities was 0.18%, a decrease of 0.2pct [16]. 3.2.3 Yield - The yields of credit bonds with different maturities and ratings decreased to varying degrees this week. The yield of AA credit bonds with a maturity of over 10 years decreased the most, by 13BP. The yields of credit bonds with a maturity of less than 1 year all decreased by 7BP or more. The yields of 1 - 3Y credit bonds decreased by 5 - 8BP, and the yield of 5 - 7Y AA credit bonds decreased by 6BP. The yields of other credit bonds decreased by less than 5BP [20]. - Taking AA+ grade 5Y bonds of each variety as an example, the yields of different varieties decreased to varying degrees this week. The yields of privately - issued industrial bonds and perpetual industrial bonds decreased by 4BP and 2BP respectively; the yield of AA+ grade 5Y urban investment bonds decreased by 3BP; the yields of commercial bank ordinary bonds and secondary capital bonds decreased by 4BP and 4BP respectively; and the yield of AA+ grade 5Y asset - backed securities decreased by 4BP [22]. 3.2.4 Credit Spreads - Overall, the credit spreads of AA+ steel industry credit bonds significantly contracted, while those of AA+ electrical equipment industry credit bonds significantly widened. The credit spreads of other industries fluctuated within 5BP or less [2][22][41]. - **Urban Investment Bonds**: By maturity, the short - end credit spreads slightly widened, and the long - end slightly contracted. The 0.5 - 1Y urban investment credit spread was 47BP, a 3BP widening from last week; the 1 - 3Y spread was 54BP, compressing by less than 1BP; the 3 - 5Y spread was 80BP, compressing by less than 1BP; the 5 - 10Y spread was 71BP, compressing by 2BP; and the spread for over 10Y was 52BP, compressing by 2BP. By region, the credit spreads of urban investment bonds in most regions slightly widened, and those in a few regions narrowed. The AA - grade urban investment credit spread in Shanghai compressed by 7BP, and the fluctuations of urban investment credit spreads of different ratings in other regions were within 4BP [26][27]. - **Industrial Bonds**: The credit spreads of industrial bonds showed an overall compression trend this week, with a slight widening of 5Y AA industrial bonds. The credit spreads of private - placement industrial bonds and perpetual industrial bonds with a 5Y AA rating widened by 1BP compared with last week. The credit spreads of industrial bonds with other maturities and ratings compressed slightly within 5BP. In a low - interest - rate environment, the duration strategy has limited cost - effectiveness, and it is recommended to focus on the coupon income of high - grade short - duration industrial bonds [30]. - **Bank Capital Bonds**: The credit spreads of bank capital bonds with different ratings and maturities compressed to varying degrees this week. For secondary capital bonds, the 3Y AA+ credit spread compressed by 6BP; for bank perpetual bonds, the 3Y AAA -, 3Y AA+, 10Y AA+, and 10Y AA credit spreads compressed by 8BP, 6BP, 6BP, and 6BP respectively. The compression of other bank Tier 2 and perpetual bonds was no more than 5BP. In the current low - interest - rate environment, the cost - effectiveness of extending the duration is not high, and it is recommended to continue to focus on short - duration and highly liquid bank Tier 2 and perpetual bonds for defense [34]. 3.3 This Week's Bond Market Sentiment - China Oceanwide Holdings Group Co., Ltd.'s "PR19 Fan 1A" and "19 Fan Hai 1B" as the original equity holders defaulted, and Shanghai Xiangyuan Investment Holding Co., Ltd.'s "Xiangyi You" defaulted. The reasons were the failure of investors to receive asset - backed securities income and the non - performance of payment obligations by relevant parties respectively [38][39][40]. - The China Overseas Chinese Town Group Co., Ltd.'s 24 debt issues and Shenzhen Overseas Chinese Town Co., Ltd.'s 4 debt issues had their ChinaBond implicit ratings lowered. The ChinaBond implicit ratings of "21 Xin Guang B" and "PR Xin Guang A" issued by Quzhou Xin'an Development Co., Ltd., and 3 debt issues issued by Yulin Transportation and Tourism Investment Group Co., Ltd. were also lowered. The "H20 Tianying 2" issued by Wuhan Tianying Investment Group Co., Ltd. was extended [2][39][40]. 3.4 Investment Recommendations - The central bank achieved a net withdrawal of 781.7 billion yuan this week. On May 7, 2025, the central bank announced a 0.5 - percentage - point reserve requirement ratio cut, releasing about 1 trillion yuan in long - term liquidity, and a 10BP OMO interest rate cut [2][41]. - For urban investment bonds, maintain the short - end sinking coupon strategy. For industrial bonds, focus on the coupon income of high - grade short - duration industrial bonds. For bank capital bonds, focus on short - duration and highly liquid varieties for defense [2][30][41].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The logistics sector shows stable growth, with national logistics operations running smoothly during the monitoring period. The total cargo transported by national railways reached 77.88 million tons, a 3% increase month-on-month. The total number of trucks on highways was 56.75 million, up 2.25% month-on-month. The total express delivery volume was approximately 4.075 billion pieces, reflecting a month-on-month increase of 3.16% [4][5] - The "May Day" holiday saw a record high in express delivery volume, with over 4.8 billion packages delivered, marking a year-on-year growth of over 20%. This indicates a robust development trend in China's consumer market [5] - The transportation of people during the "May Day" holiday also showed stable growth, with a total of 1.466 billion person-times, a year-on-year increase of 7.9% [5] Summary by Sections Air Transportation - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for upward movement. Current booking data suggests a short-term rebound, presenting investment value [11] - The aircraft supply chain faces challenges with OEM and MRO capacity, leading to a shortage of second-hand aircraft. The interest rate spread for aircraft leasing is expected to widen in the context of U.S. debt interest rate cuts [11] - Key companies to watch include China National Aviation, Southern Airlines, and HNA Group [11][12] Express Delivery - The demand for express delivery remains resilient, with terminal prices at historical low levels, limiting downward space. Leading companies in the sector are seen as having sufficient safety margins in valuation [11] - Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, with significant performance elasticity [12] Shipping and Vessels - The oil tanker market is expected to see sustained improvement in the next three years due to limited new orders and an aging fleet, alongside increased oil trade sanctions from the U.S. [11] - The dry bulk shipping market is anticipated to recover, driven by environmental regulations and upcoming production from major iron ore mines [11] - Companies to focus on include China Merchants Energy Shipping and China Shipbuilding Industry Corporation [11]

有色金属 证券研究报告 供给端存收紧预期，氧化铝价格底部反弹 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 行业定期报告 hyzqdatemark 2025 年 05 月 11 日 陈轩 chenxuan01@huayuanstock.com 板块表现： 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/5-2025/5/9） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价窄幅震荡，等待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 +0.80%/+0.30%/-0.93%，沪铜在 7.7-7.8 万之间窄幅震荡，正如我们前期所判断的 美国关税造成的流动性冲击缓解后铜价迎来反弹修复，铜价波动率逐步下降 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 05 月 11 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所即将迎来 2025 年第四家公司上市，10 余家公司已过会待发行 ——北交所周观察第二十五期（20250511） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 图表目录 | 图表 | 1： | 战略配售发行数量为 | 万股 | 1,800.00 | 4 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图表 | 2： | 部分使用了钛合金的消费电子产品 4 | | | | | | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing rapid growth in Continuous Glucose Monitoring (CGM) despite short-term pressure on overseas subsidiary performance due to high base effects [4][5] - The traditional business remains stable, while CGM revenue growth exceeds 50%, indicating strong market demand [5] - The company is making steady progress in overseas commercialization, particularly in Europe and the Middle East, with expectations for continued growth starting in 2025 [5] Financial Summary - Revenue projections for the company are as follows: - 2023: 4,059 million RMB - 2024: 4,443 million RMB (growth of 9.47%) - 2025E: 4,927 million RMB (growth of 10.89%) - 2026E: 5,478 million RMB (growth of 11.19%) - 2027E: 6,102 million RMB (growth of 11.38%) [4][6] - Net profit forecasts are: - 2023: 284 million RMB - 2024: 326 million RMB (growth of 14.73%) - 2025E: 416 million RMB (growth of 27.55%) - 2026E: 499 million RMB (growth of 19.98%) - 2027E: 625 million RMB (growth of 25.09%) [4][6] - Earnings per share (EPS) estimates are: - 2023: 0.50 RMB - 2024: 0.58 RMB - 2025E: 0.74 RMB - 2026E: 0.88 RMB - 2027E: 1.11 RMB [4][6] Market Performance - The company's stock closed at 21.54 RMB, with a market capitalization of approximately 12,154.28 million RMB and a circulating market value of 9,807.14 million RMB [2][5] - The company has a debt-to-asset ratio of 35.76% and a net asset value per share of 5.86 RMB [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - Overall consumer demand remains stable in Q1 2025, with a recommendation to pay attention to subsequent national consumption stimulus policies [4] - The beauty and personal care sector showed a mixed performance, with the personal care segment performing the best [9][10] - The textile and apparel sector maintained stable growth, with outdoor brands performing well [18][21] Summary by Relevant Sections Beauty and Personal Care Sector - In Q1 2025, the retail sales of cosmetics in China grew by 3.2% year-on-year, lower than the overall consumer goods retail sales growth of 4.6% [5][6] - The beauty sector's revenue and net profit reached 13.5 billion and 1.89 billion respectively, with year-on-year changes of +0.2% and -12.3% [9][10] - The cosmetics segment saw a revenue of 9.62 billion, down 3% year-on-year, and a net profit of 1.06 billion, down 20.7% [10] - The medical beauty segment's revenue was 2.43 billion, down 0.2%, with a net profit of 0.71 billion, down 0.5% [10] - The personal care segment achieved a revenue of 1.45 billion, up 29.4%, and a net profit of 0.13 billion, up 12.6% [10] Textile and Apparel Sector - The retail sales of clothing, shoes, hats, and textiles grew by 3.4% year-on-year in Q1 2025, below the overall consumer goods retail sales growth of 4.6% [13][18] - The textile and apparel sector's revenue and net profit saw year-on-year changes of +1.66% and -10.72% respectively [18] - The OEM segment's revenue grew by 13.02% year-on-year, while the brand segment's revenue decreased by 3.90% [19][21] - The home textile segment's revenue decreased by 3.98% year-on-year, with a net profit decline of 12.35% [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that revenue has slightly decreased due to the impact of the Spring Festival, and it anticipates a trend towards the industrialization of amorphous motors [5] - The company is expected to benefit from the ongoing demand for amorphous materials overseas, with a significant customer base in India and South Korea, and it has become the largest supplier of amorphous alloy strips in the industry with an annual design capacity of 105,000 tons [7] - The demand for nanocrystalline materials and soft magnetic powder cores is expected to grow, driven by the upgrading of magnetic material performance requirements and the resonance with emerging industries such as new energy vehicles [7] Financial Performance and Forecast - In Q1 2025, the company achieved revenue of 421 million yuan, a year-on-year decrease of 4.9% and a quarter-on-quarter decrease of 17.8%. The net profit attributable to the parent company was 79 million yuan, a year-on-year increase of 4.3% [7] - The report projects the company's net profit attributable to the parent company for 2025-2027 to be 410 million, 475 million, and 555 million yuan respectively, with year-on-year growth rates of 13.4%, 16.0%, and 16.9% [7][8] - The company's earnings per share (EPS) are forecasted to be 3.41 yuan in 2025, 3.96 yuan in 2026, and 4.63 yuan in 2027 [6][8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 29, 25, and 21 for the years 2025, 2026, and 2027 respectively [7][9] - The report indicates that the company is expected to maintain a gross margin of approximately 30.7% in 2025, with a net margin of around 19.26% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown significant quarterly profit growth year-on-year, with the MIM business accelerating profit release [6] - The first quarter of 2025 saw revenue of 1.459 billion yuan, a year-on-year increase of 32.4% [8] - The company is adjusting its acquisition plan to enhance long-term growth potential [8] Financial Performance - Revenue projections for 2023 to 2027 are as follows: 3,861 million yuan in 2023, 5,143 million yuan in 2024, 6,115 million yuan in 2025, 7,046 million yuan in 2026, and 8,162 million yuan in 2027, with growth rates of 3.62%, 33.20%, 18.91%, 15.22%, and 15.84% respectively [7] - The net profit attributable to the parent company is projected to grow from 198 million yuan in 2023 to 799 million yuan in 2027, with growth rates of 27.08%, 100.59%, 39.21%, 20.83%, and 19.59% respectively [7] - The earnings per share (EPS) is expected to increase from 0.32 yuan in 2023 to 1.30 yuan in 2027 [7] Business Segments - The MIM business achieved revenue of 630 million yuan in Q1 2025, a year-on-year increase of 65.9%, driven by the folding screen hinge market [8] - The company is deepening its involvement in the robotics sector by developing axial motors and harmonic reducers [8] Market Outlook - The company is expected to benefit from the booming demand in the folding screen hinge market, enhancing its MIM business [8] - The projected net profit for 2025-2027 is 553 million yuan, 668 million yuan, and 799 million yuan respectively, with corresponding growth rates of 39.2%, 20.8%, and 19.6% [8]