Investment Rating - The investment rating for Mingyue Lens is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The company reported a steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a 2.9% increase year-on-year, and a net profit of 177 million yuan, which is a 12.2% increase [1]. - The focus on upgrading the defocus lens products and increasing the proportion of single products is evident, with a 5% year-on-year increase in lens business revenue in Q1 2025 [2]. - The brand's high-end positioning is being reinforced through exclusive partnerships, such as the collaboration with Leica, and the expansion into high-end independent stores [2]. - The smart glasses business is accelerating, with a comprehensive service solution being offered to address market needs [3]. - The company's gross profit margin is improving, with Q1 2025 gross margin at 58.4%, and net profit margin at 23.9% [3]. Financial Summary - The total revenue for 2023 was 749 million yuan, with a projected increase to 841 million yuan in 2025, representing a growth rate of 9.2% [5]. - The net profit for 2023 was 158 million yuan, expected to rise to 204 million yuan in 2025, indicating a year-on-year growth of 15.2% [5]. - The gross margin is expected to improve from 58.6% in 2024 to 60.6% in 2025 [5]. - The projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 46.34 [5].

Investment Rating - The investment rating for Mingyue Lens is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - Mingyue Lens has shown steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a year-on-year increase of 2.9%. The net profit attributable to the parent company is expected to reach 177 million yuan, up 12.2% [1]. - The company is experiencing rapid growth in its defocus lens segment, with significant sales increases in its "Easy Control" product line, which saw a 22.1% year-on-year increase in sales in Q1 2025 [2]. - The brand is focusing on high-end market expansion, including a partnership with Leica for exclusive lens products and the introduction of high-end independent stores [2]. - The smart glasses business is expanding, with the company providing comprehensive solutions to address market needs, particularly in the personalized eyewear segment [3]. - Profitability is improving, with gross margins of 56.3% in Q4 2024 and 58.4% in Q1 2025, alongside a net profit margin increase to 23.9% in Q1 2025 [3]. Financial Summary - The total revenue for Mingyue Lens is projected to grow from 770 million yuan in 2024 to 1.149 billion yuan by 2027, with a compound annual growth rate (CAGR) of 23.0% [5]. - The net profit attributable to the parent company is expected to increase from 177 million yuan in 2024 to 296 million yuan in 2027, reflecting a CAGR of 27.7% [5]. - The gross margin is anticipated to improve from 58.6% in 2024 to 62.2% in 2027, indicating enhanced operational efficiency [5]. - The earnings per share (EPS) is projected to rise from 0.88 yuan in 2024 to 1.47 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 53.38 to 31.88 [5].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The express delivery industry experienced a significant growth in business volume, with a year-on-year increase of 21.6% in Q1 2025, driven by a 5.7% growth in online retail sales [3][14] - SF Express led the growth in business volume in March 2025, achieving a growth rate of 25.4%, outperforming its competitors [4][32] - The average price per package in the industry faced downward pressure, with a year-on-year decline of 8.8% in Q1 2025 [5][22] Summary by Sections Industry Situation - In Q1 2025, the total express delivery volume reached 451.4 billion pieces, with March alone accounting for approximately 166.6 billion pieces, reflecting a 20.3% year-on-year increase [3][14] - The average price per package in the express delivery sector was 7.66 yuan, down 8.8% year-on-year [5][22] Company Performance - In March 2025, the express delivery volumes for major companies were as follows: YTO Express at 26.65 billion pieces, Yunda at 22.53 billion pieces, Shentong at 20.85 billion pieces, and SF Express at 12.95 billion pieces [4][32] - For Q1 2025, the cumulative express delivery volumes were: YTO Express at 67.79 billion pieces, Yunda at 60.76 billion pieces, Shentong at 58.07 billion pieces, and SF Express at 35.41 billion pieces [4][32] Market Share - In Q1 2025, the market share of express delivery companies was as follows: YTO Express at 15.0%, Yunda at 13.5%, Shentong at 12.9%, and SF Express at 7.8% [4][32] Price Trends - The average price per package for SF Express in March was 13.82 yuan, down 11.7% year-on-year, while YTO Express, Yunda, and Shentong had average prices of 2.18 yuan, 1.96 yuan, and 2.01 yuan respectively [5][33] Future Outlook - The express delivery industry is expected to maintain growth, with a projected increase in business volume of 10-15% for 2025, driven by the expansion of e-commerce and changing consumer behaviors [6][46] - The competitive landscape may see a resurgence in price competition as leading companies focus on market share and service quality [7][46] Investment Recommendations - For franchise-based companies, it is suggested to focus on YTO Express, Yunda, and YTO Express, while keeping an eye on Shentong [8][47] - For direct-operated companies, SF Express is recommended due to its potential for operational and cash flow improvements [8][47]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q1 performance exceeded expectations, driven by increased sales from core clients such as Xiaopeng and Leap Motor, with Xiaopeng Mona selling 47,000 units and Leap Motor delivering 91,000 units, a year-on-year increase of 170.4% [2] - The company is expected to continue benefiting from scale effects, with Q4 2024 gross margin at approximately 30.22%, a year-on-year increase of about 2.08 percentage points, and net margin at approximately 17.98%, a year-on-year increase of about 3.88 percentage points [2] - The company possesses comprehensive technical reserves, sufficient capacity layout, and significant cost advantages, indicating strong long-term growth potential [2] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 1.3-1.6 billion yuan for Q1 2025, representing a year-on-year growth of 30%-60% [1] - Revenue projections for 2025-2027 are 5.76 billion yuan, 7.95 billion yuan, and 9.94 billion yuan, respectively, with corresponding net profits of 830 million yuan, 1.09 billion yuan, and 1.41 billion yuan [3] - The expected EPS for 2025-2027 is 1.98 yuan, 2.60 yuan, and 3.35 yuan, with P/E ratios of 13 times, 10 times, and 7 times, respectively [2][3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 博俊科技（300926.SZ） 投资评级 买入 上次评级 买入 点评： [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852266 邮 箱：dinghongjing@cindas.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100053 [Table_Title] 博俊科技（300926.SZ）：25Q1 业绩超预期， 核心客户放量叠加规模效应凸显 [Table_ReportDate] 2025 年 4 月 19 日 [ ...

四部门发文明确金融"五篇大文章"统计标准，成都、深圳等一批领先城市 的气候行动正在提速 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 04 月 19 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 本期内容提要: [Table_S [➢Table_Summary 热点聚焦 ummary]：] 国内：四部门发文明确金融"五篇大文章"统计标准。近日，中国人民银行 会同金融监管总局、中国证监会、国家外汇局联合印发《金融"五篇大文 章"总体统计制度（试行）》（下称《制度》）。《制度》遵循"全面覆盖、综 合 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit bond yields increased slightly, and the credit spreads of medium - and short - term bonds declined slightly. The long - end of interest rates performed better than the short - end this week [2][5]. - Urban investment bond spreads generally continued to decline slightly, with the spreads of Guizhou's low - grade varieties slightly rising [2][9]. - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased [2][18]. - The yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly [2][28]. - The excess spreads of industrial perpetual bonds were basically flat, while those of urban investment perpetual bonds increased [2][31]. Summary by Directory 1. Credit bond yields increased slightly, and the 3Y spreads compressed most significantly - Interest rates fluctuated within a narrow range this week, with the long - end performing better than the short - end. The yields of 1Y, 3Y, and 5Y China Development Bank bonds increased by 2BP, 3BP, and 2BP respectively, while those of 7Y and 10Y decreased by 1BP and 2BP respectively [2][5]. - Credit bond yields increased slightly overall. The yields of 1Y AA - grade and above credit bonds increased by 1 - 2BP, and the AA - grade remained the same as last week; the yields of 3Y AA and AA + grade credit bonds increased by 2 - 4BP, and the AAA and AA - varieties remained flat; the yields of 5Y AA + and above grade varieties increased by 0 - 1BP, and the AA and AA - varieties increased by 2 - 4BP; the yields of 7Y all - grade credit bonds decreased by 0 - 1BP; the yields of 10Y all - grade varieties increased by 4BP [2][5]. - In terms of credit spreads, the medium - and short - term spreads declined slightly, while those of long - term varieties increased. The spreads of 1Y AA and above varieties remained the same as last week, and the AA - spread decreased by 1BP; the spreads of 3Y AA - grade varieties remained flat, and the other varieties decreased by 1 - 4BP; the spreads of 5Y AAA and AA + grades decreased by 1 - 2BP, the AA - grade increased by 3BP, and the AA - spread remained the same as last week; the spreads of 7Y all - grade increased by 0 - 1BP; the spreads of 10Y all - grade increased by 6BP [2][5]. 2. Urban investment bond spreads declined slightly, and some weakly - qualified regions rebounded and widened - This week, the spreads of urban investment bonds continued to decline slightly. The credit spreads of externally - rated AAA and AA - grade platforms decreased by 1BP, and the spreads of AA + - grade platforms remained the same as last week [2][9]. - Among provinces, the spreads of most AAA - grade platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP and Gansu increasing by 2BP; the spreads of most AA + - grade platforms decreased by 0 - 1BP, with Tibet and Shaanxi decreasing by 3BP and 4BP respectively, and Anhui, Beijing, and Heilongjiang increasing by 1 - 2BP; the spreads of most AA - grade platforms decreased by 0 - 2BP, with Shanxi decreasing by 5BP, Gansu decreasing by 15BP, and Guizhou increasing by 5BP [2][9]. - In terms of administrative levels, the credit spreads of provincial platforms decreased by 1BP, and the spreads of prefecture - level and district - county - level platforms remained the same as last week. The spreads of most provincial platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP; the spreads of most prefecture - level platforms in various regions decreased by 0 - 2BP, with Gansu decreasing by 15BP; the spreads of most district - county - level platforms remained flat or increased by 1BP, with Hebei and Liaoning decreasing by 3BP, Shaanxi decreasing by 4BP, and Guizhou increasing by 8BP [2][9][15]. 3. Industrial bond spreads declined overall, and the spreads of private real - estate bonds increased - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased. This week, the spreads of central - state - owned and local - state - owned real - estate bonds decreased by 0 - 1BP, and the spreads of mixed - ownership real - estate bonds decreased by 69BP. The spreads of private real - estate bonds increased by 14BP overall, with the spread of Longfor decreasing by 6BP, the spreads of Midea Real Estate and Huafa Co., Ltd. remaining flat, and the spread of CIFI increasing by 384BP [2][18]. - The spreads of all - grade coal bonds decreased by 0 - 1BP; the spreads of AAA - grade steel bonds remained flat; the spreads of AAA - grade chemical bonds increased by 1BP, and the AA + spreads decreased by 2BP. The spread of Shaanxi Coal Industry increased by 1BP; the spread of Jinkong Coal Industry decreased by 1BP; the spread of HBIS increased by 2BP [2][18]. 4. The yields of secondary and perpetual bonds showed a long - short differentiation, and most credit spreads declined - This week, the yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly. Specifically, the yields of 1Y commercial bank secondary capital bonds decreased by 0 - 3BP, the yields of perpetual bonds decreased by 2BP, and the spreads of 1Y secondary and perpetual bonds decreased by 2 - 4BP overall [2][28]. - The yields of 3Y AAA - and AA + - grade secondary capital bonds decreased by 0 - 2BP, the AA yield increased by 1BP, and the spreads of 3Y secondary bonds decreased by 2 - 5BP; the yields of 3Y AAA - and AA + - grade perpetual bonds increased by 1BP, the spreads decreased by 2BP, the AA - grade yield increased by 4BP, and the spread increased by 1BP; the yields of 5Y commercial bank secondary capital bonds increased by 0 - 2BP, the spreads decreased by 0 - 2BP, the yields of perpetual bonds increased by 2BP, and the spreads were basically flat [2][28]. 5. The excess spreads of industrial perpetual bonds were basically flat, and the excess spreads of urban investment perpetual bonds increased - This week, the excess spreads of industrial AAA3Y perpetual bonds decreased slightly by 0.01BP to 9.20BP, at the 8.80% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds remained flat at 8.72BP, at the 6.38% quantile; the excess spreads of urban investment AAA3Y perpetual bonds increased by 1.25BP to 8.24BP, at the 6.02% quantile; the excess spreads of urban investment AAA5Y perpetual bonds increased by 0.89BP to 9.73BP, at the 7.92% quantile [2][31]. 6. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and the credit spreads of urban investment/industrial perpetual bonds are calculated based on the data of ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds. The historical quantiles are since the beginning of 2015; the relevant credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by the R & D Center of Cinda Securities, and the historical quantiles are since the beginning of 2015 [38]. - The credit spreads of industrial and urban investment individual bonds = the individual bond's ChinaBond valuation (exercise) - the yield to maturity of the same - term China Development Bank bond (calculated by the linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic average method [38][39]. - The excess spreads of bank secondary capital bonds/perpetual bonds = the credit spreads of bank secondary capital bonds/perpetual bonds - the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds = the credit spreads of industrial/urban investment perpetual bonds - the credit spreads of medium - and short - term notes of the same grade and term [39]. - Sample selection criteria: Both industrial and urban investment bonds select samples of medium - term notes and public - offering corporate bonds, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are externally - rated by the issuer, while commercial banks use ChinaBond's implied bond ratings [40].

M1-M2 同比剪刀差维持上行趋势，红利相对成交额逐步走高 —— 红利风格投资价值跟踪（2025W16） [Table_ReportTime] 2025 年 4 月 19 日 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [TableReportType] 金工专题报告 [Table_A 于明明 uthor 金融工程与金融产品 ] 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品 分析师 执业编号：S1500523050003 联系电话：+ ...

Investment Rating - The investment rating for Zhejiang Xiantong (603239) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections [2]. Core Viewpoints - The company reported a revenue of 1.23 billion yuan in 2024, representing a year-on-year growth of 14.9%, and a net profit attributable to shareholders of 172 million yuan, up 13.7% year-on-year. In Q1 2025, revenue reached 340 million yuan, a 27.3% increase year-on-year, with a net profit of 67 million yuan, growing 28.4% year-on-year [2]. - The company is experiencing steady growth due to the continuous release of industry dividends from its core business, with 42 new vehicle models under development and a doubling of new project numbers compared to 2023 [2]. - The company has established itself as a leading domestic automotive sealing strip manufacturer, with a strong customer base including major automotive brands. It is actively expanding its production capacity and enhancing its manufacturing capabilities [2][3]. - A planned investment of approximately 1 billion yuan for land acquisition and the establishment of an intelligent manufacturing and R&D center is expected to significantly increase production capacity [2]. Financial Summary - The total revenue for 2023 was 1.066 billion yuan, with projections of 1.225 billion yuan for 2024, 1.473 billion yuan for 2025, and further growth to 2.2 billion yuan by 2027, reflecting a compound annual growth rate of approximately 22.1% [4]. - The net profit attributable to shareholders is projected to grow from 151 million yuan in 2023 to 345 million yuan by 2027, with corresponding EPS increasing from 0.56 yuan to 1.27 yuan [4]. - The gross margin is expected to improve gradually from 28.7% in 2023 to 30.5% in 2027, indicating enhanced profitability [4].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The express delivery industry experienced a significant growth in business volume, with a year-on-year increase of 21.6% in Q1 2025, driven by a 5.7% growth in online retail sales [3][14] - SF Express led the growth in business volume with a 25.4% increase in March 2025, outperforming its competitors [4][32] - The average price per package in the industry faced downward pressure, with a year-on-year decline of 8.8% in Q1 2025 [5][22] - The report anticipates a continued growth potential in the express delivery sector, projecting a 10-15% increase in business volume for 2025 [6][46] Summary by Sections Industry Situation - In Q1 2025, the total express delivery volume reached 451.4 billion pieces, with March alone accounting for approximately 166.6 billion pieces, reflecting a 20.3% year-on-year growth [3][14] - The online retail sales for physical goods amounted to 2.99 trillion yuan, marking a 5.7% increase compared to the previous year [14][15] Company Performance - In March 2025, the express delivery volumes for major companies were as follows: YTO Express at 26.65 billion pieces, Yunda at 22.53 billion pieces, Shentong at 20.85 billion pieces, and SF Express at 12.95 billion pieces [4][32] - Cumulatively in Q1 2025, the business volumes were: YTO Express at 67.79 billion pieces, Yunda at 60.76 billion pieces, Shentong at 58.07 billion pieces, and SF Express at 35.41 billion pieces [4][32] Price Situation - The average price per package in the express delivery industry was 7.66 yuan in Q1 2025, down 8.8% year-on-year [5][22] - In March 2025, the average prices for major companies were: SF Express at 13.82 yuan, YTO at 2.18 yuan, Yunda at 1.96 yuan, and Shentong at 2.01 yuan [5][33] Investment Recommendations - The report recommends focusing on companies such as ZTO Express, Yunda, and YTO Express in the franchise model, while suggesting SF Express as a strong candidate in the direct operation model due to its potential for operational and cash flow improvements [8][47]