Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [5] Core Views - The report highlights that supply-side factors are driving up prices for rare earths and tungsten, with a focus on tariff easing and opportunities in military new materials [4] - The report emphasizes the potential for price increases in rare earths due to export restrictions and the expected recovery of new materials companies as tariff concerns ease [7][11] - The military new materials sector is expected to see increased production in the second quarter due to heightened geopolitical tensions, particularly following recent conflicts between India and Pakistan [12] Summary by Sections Rare Earths - Recent price increases for rare earths include a 4.19% rise in praseodymium-neodymium oxide to 423,000 CNY/ton, a 2.17% increase in dysprosium oxide to 1,645,000 CNY/ton, and a 4.51% rise in terbium oxide to 7,075,000 CNY/ton [6][15] - The report notes that the export restrictions imposed by China on seven types of medium and heavy rare earth products have led to significant price increases in overseas markets, with dysprosium prices in Europe rising from 250-310 USD/kg to 700-1000 USD/kg (an increase of 204%) [6][10] - Recommendations for investment include companies such as Guangxi Rare Earth, China Rare Earth, and Northern Rare Earth [6] Molybdenum - Molybdenum prices have seen a 3.57% increase in molybdenum concentrate to 3,485 CNY/ton and a 2.26% rise in molybdenum iron (Mo60) to 226,000 CNY/ton [22] - The report indicates strong support from raw material costs and active bidding from steel mills, although the sustainability of demand needs further observation [22] Tungsten - Tungsten prices have increased recently, with black tungsten concentrate rising 3.40% to 152,000 CNY/ton and ammonium paratungstate increasing 3.24% to 223,000 CNY/ton [25] - The report notes a slight contraction in supply and stable demand, with new applications in photovoltaic cutting and robotics potentially expanding demand [25] Tin - Tin prices have shown weakness, with SHFE tin down 1.26% to 259,500 CNY/ton and LME tin down 1.11% to 31,700 USD/ton [36] - Supply issues due to low operating rates in refining enterprises and weak demand from the electronics sector are contributing to price fluctuations [36] Antimony - Antimony prices have remained stable, with antimony ingot prices down 1.05% to 235,000 CNY/ton and antimony concentrate prices stable at 202,500 CNY/ton [45] - The report highlights marginal improvements in supply but weak demand in certain sectors [45] New Materials - Expectations for tariff easing are rising, with a focus on new materials companies that have high export exposure, which may see recovery as tariff concerns diminish [11] - The military new materials sector is expected to benefit from increased production due to geopolitical tensions, with companies like Western Superconducting and Tunan Co. being highlighted for potential investment [12]

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]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 05 月 11 日 信用债短久期防御为主 ——信用分析周报（2025/5/6-2025/5/9） 投资要点： 本周（5/6-5/9）市场概览： 3）负面舆情：中国泛海控股集团有限公司作为原始权益人的"PR19 泛 1A"、"19 泛海 1B"，上海骧远投资控股有限公司作为原始权益人的"香溢优"发生实质违约；华 侨城集团有限公司所发行的 24 只债项、深圳华侨城股份有限公司所发行的 4 只债项 中债隐含评级调低；衢州信安发展股份有限公司所发行的"21 新广 B"、"PR 新广 A" 中债隐含评级调低；玉林交通旅游投资集团有限公司所发行的 3 只债项中债隐含评 级调低；武汉天盈投资集团有限公司所发行的"H20 天盈 2"展期。 本周市场分析：本周公开市场共有 16178 亿元逆回购到期，本周央行累计开展 8361 亿元逆回购操作，实现全周净回笼 7817 亿元。2025 年 5 月 7 日国新办发布会上， 中国人民银行行长潘功胜宣布，降准 0.5 个百分点向市场释放约 1 万亿元长期流动 性，且 OMO 降息 10BP，引导资金价格下行。 投资建 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 11 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 国内客货运平稳增长，油运受益地缘催化 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 5 日-2025 年 5 月 11 日） 投资要点： 一、行业动态跟踪 快递物流： 1）4 月 21 日-4 月 27 日全国物流保通保畅有序运行。根据国务院物流保通保畅工 作领导小组办公室监测汇总数据，4 月 21 日-4 月 27 日，全国货运物流有序运行， 其中：国家铁路累计运输货物 7787.8 万吨，环比增长 3%；全国高速公路累计货车 通行 5675.4 万辆，环比增长 2.25%；邮政快递累计揽收量约 40.75 ...

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]