Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][9]. Core Views - The company is a domestic leader in aramid paper, focusing on new products such as RO membrane substrates and flash-spun non-woven fabrics to create a second growth curve [5][12]. - The company has successfully broken DuPont's global monopoly on aramid paper, achieving a market share of first in China and second globally, with a CAGR of 29% in revenue and 43% in net profit from 2020 to 2023 [8][11]. - The company benefits from stable upstream raw material supply from its parent company, Taihe New Materials, and has established strong demand from well-known clients such as ABB, Siemens, and China National Railway [6][11]. Summary by Sections 1. Aramid Paper as a National "Little Giant" - The company is the first domestic manufacturer of aramid paper, with a global market share ranking second, following DuPont [21]. - The company has achieved a CAGR of 43% in net profit from 2020 to 2023, with a revenue of 2.82 billion yuan in Q1-Q3 2024, reflecting a year-on-year growth of 9.10% [23][25]. - The company has a diverse product line of aramid paper, with thicknesses ranging from 0.025mm to 0.76mm, catering to various customer needs [27]. 2. Market Potential and Growth Drivers - The global aramid paper market is expected to grow, with projections indicating that the domestic market could reach 585 million USD by 2028 [29][30]. - The demand for aramid paper is driven by its applications in high-end structural components and insulation materials, particularly in the aerospace and rail transport sectors [11][29]. - The company is positioned to benefit from the increasing demand for aramid paper in the electric insulation and new energy vehicle markets [11][12]. 3. New Product Development and Innovation - The company is focusing on accelerating the development of new products such as RO membrane substrates and flash-spun non-woven fabrics, aiming to establish a second growth curve [12][34]. - The company has maintained a research and development expense ratio of around 6%, with significant investments in innovation to meet market demands [12][27]. - The company has participated in the formulation of 22 national standards and holds multiple patents, enhancing its competitive edge in the market [12][34]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 106 million, 130 million, and 157 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 33.6, 27.4, and 22.8 [6][9]. - Revenue forecasts for 2024-2026 indicate a steady growth trajectory, with expected revenues of 4.15 billion, 4.95 billion, and 5.91 billion yuan [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Views - The company is a leading player in the direct express logistics sector, with expected growth from network integration and market expansion [4][8] - The overall market for express logistics is projected to grow, driven by increasing penetration rates and the recovery of the macroeconomic environment [5][28] Summary by Relevant Sections Financial Performance - Revenue is forecasted to grow from 36,279 million RMB in 2023 to 48,399 million RMB in 2026, with a CAGR of approximately 10.39% [4] - Net profit attributable to shareholders is expected to increase from 746 million RMB in 2023 to 1,388 million RMB in 2026, reflecting a CAGR of 29.64% [4][6] - The company’s earnings per share (EPS) is projected to rise from 0.73 RMB in 2023 to 1.35 RMB in 2026 [4] Market Position and Strategy - The company has established a comprehensive logistics network, enhancing its service capabilities and competitive edge [49] - The direct operation model allows for better control over service quality and operational efficiency [52] - The acquisition by JD.com has led to a more stable competitive landscape, reducing the intensity of competition in the direct express logistics market [40][44] Industry Outlook - The express logistics market is expected to see a compound annual growth rate (CAGR) of approximately 9.0% from 2022 to 2027, with the market size projected to reach 1,798.1 billion RMB by 2027 [5][31] - The direct express logistics segment is anticipated to grow to 824 billion RMB by 2027, with a CAGR of about 7.4% from 2024 to 2027 [44] Operational Efficiency - The company has made significant improvements in operational efficiency, with a reduction in costs and an increase in service quality through technology and process optimization [61] - The logistics network includes 7,956 service points and 165 distribution centers, ensuring extensive coverage and efficient service delivery [49][50] Collaboration with JD.com - The partnership with JD.com is expected to yield significant synergies, with projected service revenue of 80.5 billion RMB by 2025 [64]

Group 1: Transportation Industry - The report highlights the significant impact of US sanctions on Russian oil exports, which have decreased from 5.14 million barrels per day on January 27, 2025, to 2.91 million barrels per day by February 3, 2025, representing a 43% week-on-week decline and a 36% decrease compared to the average in the second half of 2024 [2][9] - The sanctions have led to a reduction in the operational status of sanctioned oil tankers, with only half of the affected vessels remaining active, while the rest are anchored offshore [10] - The report notes an increase in the scrapping of older vessels and a tightening of the second-hand ship trading market due to the sanctions, with 8 oil tankers dismantled in January 2025, marking the largest scrapping activity since the onset of the Russia-Ukraine conflict [10] Group 2: Technology Sector - Weishi Jiajie - Weishi Jiajie has adapted its AI computing management and scheduling platform to integrate with the DeepSeek series of large models, allowing for easy access and deployment in various computing environments, which lowers the barrier for enterprise clients [12][14] - The platform supports the application of DeepSeek models across multiple business scenarios, potentially accelerating AI empowerment in sectors such as finance, healthcare, education, and manufacturing [14] - The company has revised its profit forecasts for 2024, 2025, and 2026, projecting net profits of HKD 9.94 billion, HKD 11.76 billion, and HKD 12.82 billion respectively, reflecting year-on-year growth rates of 7.8%, 18.4%, and 9.0% [14] Group 3: Consumer Sector - Hailan Home - Hailan Home operates as a multi-brand retail group with a focus on men's clothing, reporting a gross margin increase of 5.13 percentage points to 44.59% compared to 2019 [15][16] - The company has expanded its direct store count to 1,869, an increase of 1,210 stores since 2019, with direct channels achieving gross margins exceeding 60% [16] - The report anticipates that Hailan Home will achieve revenue and profit growth driven by increased online sales and direct channel contributions, with projected net profits of CNY 22.98 billion, CNY 26.90 billion, and CNY 29.98 billion for 2024 to 2026 [17]

Investment Rating - The investment rating for the company is "Buy" (initial coverage) [5][42] Core Views - The company's men's clothing business is stable, and its expansion into new sectors is expected to open up growth opportunities [5][42] - The company has a multi-brand operation model, which has shown stable profit growth, with an increasing gross margin trend in recent years [7][15] - The company is focusing on enhancing its online sales and direct sales channels, which are expected to drive revenue and profit growth [10][24] Summary by Relevant Sections Market Performance - As of February 12, 2025, the closing price is 7.94 yuan, with a market capitalization of 38,134 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 21,157 million yuan, 24,144 million yuan, and 26,331 million yuan, with year-on-year growth rates of -1.72%, 14.12%, and 9.06% respectively [6][40] - Net profit forecasts for the same period are 2,298 million yuan, 2,690 million yuan, and 2,998 million yuan, with year-on-year growth rates of -22.17%, 17.09%, and 11.45% respectively [6][40] - The company’s price-to-earnings ratio (P/E) is projected to be 12.92 for 2023, decreasing to 12.72 by 2026 [6][43] Investment Logic - The company has a solid foundation in the men's clothing sector, with expected revenue and profit growth driven by increased online and direct sales channel contributions [10][42] - The company is expanding its overseas market presence and entering the sports retail and outlet channels, which are anticipated to inject new growth into its revenue [10][42] Key Assumptions - Sales expense ratios are expected to improve as business stabilizes, with projections of 20.90%, 20.80%, and 20.45% for 2024-2026 [9][40] - Management expense ratios are anticipated to decline due to digital management initiatives, with estimates of 4.90%, 4.80%, and 4.70% for the same period [9][40]

行业评级：看好（维持） 证券研究报告|行业专题报告 贵金属 2025年2月12日 姓名：张明磊 资格编号：S1350525010001 邮箱：zhangminglei@huayuanstock.com 证券分析师 姓名：陈婉妤 资格编号：S1350524110006 邮箱：chenwanyu@huayuanstock.com 联系人 姓名：方皓 邮箱：fanghao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 1. 贵金属价格的分析框架 贵金属研究框架 4. 风险提示 证券分析师 2. 贵金属需求和供应的拆分 3. 贵金属股价的分析框架及主要标的 主要内容 1. 贵金属价格的分析框架 l 了解黄金：三属性，两情形，一逻辑 l 实际利率、美元与黄金 l 黄金的宏大叙事 l 黄金的中短期定价 l 沪金的中短期交易逻辑 l 宏观交易主导的黄金与白银 了解黄金：三属性，两情形， 一逻辑 图表：黄金投资逻辑梳理 图表：近年来亚盘增持了较多的黄金 资料来源：华源证券研究 资料来源：世界黄金协会、华源证券研究 4 n 黄金是与股票、债券截然不同的大类资产，因其不提供贴现价值，也不 ...

证券研究报告 晨会 hyzqdatemark 2025 年 02 月 12 日 投资要点： | 市场数据 | | | | | --- | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | 上证指数 | 3,346.39 | 0.85% | 2.57% | | 创业板指 | 2,191.76 | 1.81% | 6.37% | | 沪深 300 | 3,919.86 | 0.95% | 2.60% | | 中证 1000 | 6,284.61 | 1.53% | 8.41% | | 科创 50 | 1,041.14 | 1.63% | 8.98% | | 北证 50 | 1,265.07 | 1.17% | 24.04% | 资料来源：聚源，华源证券研究所，截至 2025 年 2 月 12 日 华源晨会精粹 机械/建材/建筑 重视建筑板块"春季躁动"行情——建筑装饰行业周报：春节作为 一季度的关键时间节点，对建筑板块的表现具有重要推动作用。基于 2015-2024 年 第一季度数据分析，申万建筑板块在春节节后 10 个交易日中共有 7 次实现正超额收 益，尤其在 2 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | | | | 基本数据 | 2025 | 年 | 02 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.15 | | | 一年内最高/最低（港 | | | | 5.63/3.96 | | | 元） | | | | | | | 总市值（百万港元） | | | | 7,370.55 | | | 流通市值（百万港元） | | | | 7,370.55 | | | 资产负债率（%） | | | | 76.77 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——拥抱 deepseek，深化算力调度与大模型应用落地 投资 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The report highlights the significant impact of US sanctions on Russian oil exports, which have led to a notable decrease in export volumes and a tightening of shipping capacity [2][3] - Following the sanctions, Russian oil exports dropped from 5.14 million barrels per day on January 27, 2025, to 2.91 million barrels per day on February 3, 2025, representing a 43% week-on-week decline and a 36% decrease compared to the average in the second half of 2024 [3] - The sanctions have resulted in nearly half of the sanctioned fleet anchoring outside ports, leading to increased scrapping of older vessels and a tightening of compliant shipping capacity [3] - The report suggests that the positive fundamentals in oil shipping are expected to continue, with an emphasis on the rising geopolitical risks in the Middle East [3] Summary by Sections Sanctions Impact - On January 10, 2025, the US imposed the most stringent sanctions on Russian oil exports, affecting 184 vessels and numerous companies, including 32 Chinese entities [3] - The sanctions provide a transition period for affected vessels to unload cargo by February 27, 2025, and for financial institutions involved in energy transactions to complete trades by March 12, 2025 [3] Market Dynamics - The report notes that the number of older vessels being scrapped has increased, with 8 oil tankers dismantled between December 2024 and January 2025, marking the largest scrapping activity since the onset of the Russia-Ukraine conflict [3] - As of February 6, 2025, 16 older vessels (14 years and older) were traded, indicating a higher transaction volume compared to December 2024 [3] Investment Recommendations - The report recommends focusing on companies such as COSCO Shipping Energy, China Merchants Energy Shipping, and China Shipbuilding Industry Corporation, as the shipping sector's positive outlook is expected to benefit the upstream shipbuilding industry [3]

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...

风险提示：各地电价政策不及预期，新能源建设不及预期，电网建设低于预期。 金属新材料 赤峰黄金(600988.SH)首次覆盖：高成长国际化黄金矿企，降本+增效下 高弹性业绩释放可期：赤峰黄金主营黄金、有色金属采选业务，资源涉及中国、东 南亚（老挝）和西非（加纳）三大区域 7 个矿业开发项目。公司产品秉承"以金为 主"战略，2018、2022 年先后收购海外金矿，产量进入快速爬坡期，至 2023 年黄 金产量达到 14.35 吨。"降息交易"+"特朗普 2.0"双主线持续催化，金价上行动 能充足。横向对比公司有三个主要优势：1）全球来看，公司盈利能力显著高于行业 平均水平：公司以美元计量的黄金全维持成本在全球行业处于第一四分位数。2）国 内来看，赤峰黄金的矿产金毛利占比（96.09%）显著高于其他公司。3）成本测算 下公司黄金业绩弹性居于国内第一梯队：金价（637.85 元/克，25 年 1 月 21 日）上 涨 1%将对应公司归母净利润增量 0.32 亿元（以 24H1 为基准），业绩弹性达到 4.57 倍。内生方面，公司预计 2024 年底五龙金矿年选矿产能提升至约 70 万吨；2025 年底吉隆金矿开采能力 ...