Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company is a leading player in the domestic BIOS/BMC firmware market and offers a rare AI programming platform, indicating strong growth potential [5][9] - The company has a projected market size of nearly 800 billion RMB for its AI programming platform and approximately 65 billion RMB for the firmware industry [5][46] - The company is expected to benefit from the acceleration of domestic substitution trends in both its IDE and firmware businesses [5][30] Company Overview - The company, established in 2008, focuses on the "independent, secure, and controllable" cloud computing industry chain, providing integrated development tools (IDE) and firmware for computing devices [9][11] - The company has a strong foothold in the cloud computing firmware market, being one of the few firms capable of developing BIOS for multiple architectures including X86, ARM, and MIPS [11][49] Financial Analysis - The company reported total revenue of 320 million RMB in 2023, a year-on-year increase of 13.5%, with a compound annual growth rate of approximately 8.48% from 2019 to 2023 [13][14] - The projected earnings per share (EPS) for 2024-2026 are 0.38, 0.53, and 0.66 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 112.09, 81.82, and 65.23 [6] IDE Business - The company has acquired Aipuyang Technology to enhance its application development capabilities, focusing on integrated development tools (IDE) [20] - The SnapDevelop platform, launched in 2024, is a low-code IDE that significantly improves development efficiency by 2-3 times compared to traditional methods [22][30] Firmware Industry - The firmware market is characterized by high barriers to entry, with the company being the only major Intel-authorized supplier in mainland China [48][49] - The total market size for BIOS and BMC firmware is estimated at around 65 billion RMB globally, with the domestic market size approximately 21 billion RMB [46][41]

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company, Zhuoyi Information, is a leading player in the domestic BIOS/BMC firmware market and offers a rare AI programming platform, indicating strong growth potential driven by dual engines [5][9] - The company has a projected market size of nearly 80 billion RMB for its AI programming platform and approximately 6.5 billion RMB for the firmware industry, highlighting significant opportunities for expansion [5][46] - The newly launched low-code IDE platform, SnapDevelop, is expected to enhance development efficiency by 2-3 times compared to traditional methods, positioning the company favorably against international competitors [22][30] Company Overview - Zhuoyi Information was established in 2008 and focuses on the "independent, secure, and controllable" cloud computing industry chain, primarily providing integrated development tools (IDE) and firmware development for computing devices [9][11] - The company has a strong foothold in the cloud computing firmware market, being one of the few firms capable of developing BIOS technologies across multiple architectures, including X86, ARM, and MIPS [11][49] Financial Analysis - The company reported total revenue of 320 million RMB in 2023, a year-on-year increase of 13.5%, with a compound annual growth rate of approximately 8.48% from 2019 to 2023 [13][14] - The projected earnings per share (EPS) for 2024-2026 are 0.38, 0.53, and 0.66 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 112.09, 81.82, and 65.23 [6] IDE Business - The company has acquired Aipuyang Technology to enhance its application development capabilities, focusing on integrated development tools (IDE) [20] - SnapDevelop, the company's self-developed low-code IDE platform, is designed to facilitate rapid cloud-native application development and is expected to fill a gap in the domestic market for such tools [22][30] Firmware Industry - The firmware business is characterized by high barriers to entry, with a market size of approximately 6.5 billion RMB, driven by the increasing demand for BIOS and BMC firmware in PCs, servers, and IoT devices [5][46] - The company is the only major authorized supplier of Intel's X86 architecture BIOS in mainland China, which provides a competitive edge in the domestic market [49]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is facing increased competition in the exam training industry, leading to a decline in revenue and adjusted net profit for 2024. The estimated revenue for 2024 is at least 2.77 billion yuan, a year-on-year decrease of no more than 8.3%, while the adjusted net profit is expected to be at least 0.35 billion yuan, a year-on-year decrease of no more than 21.4% [2][6] - The company has launched AI products covering various exam preparation areas, which include features such as question answering, study planning, and intelligent supervision. Although the short-term contribution to performance is limited, these innovations are expected to significantly impact the industry ecosystem in the long run [6] - The financial forecasts for adjusted net profit for 2024 to 2026 are revised to 0.361 billion yuan, 0.372 billion yuan, and 0.412 billion yuan respectively. The current stock price corresponds to valuations of 18x, 17x, and 16x for these years, maintaining a "Buy" rating due to the market's focus on AI applications [6] Financial Summary - Total revenue for 2022 was 2.81 billion yuan, with a year-on-year growth rate of -18%. In 2023, revenue increased to 3.02 billion yuan, showing a growth rate of 7.5%. For 2024, revenue is projected to decrease to 2.79 billion yuan, reflecting a year-on-year decline of 7.7% [4][6] - The net profit attributable to the parent company was 0.19 billion yuan in 2022, increasing to 0.445 billion yuan in 2023, a growth rate of 134.1%. The forecast for 2024 is a net profit of 0.361 billion yuan, indicating a year-on-year decrease of 19% [4][6] - The gross margin is expected to remain stable at around 49% for 2024 to 2026, while the return on equity (ROE) is projected to be 22% in 2024, decreasing to 19% and 17% in the following years [4][6]

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [106]. Core Insights - The report highlights that the domestic key refining project price difference is 2575.86 CNY/ton, with a week-on-week change of -8.12 CNY/ton (-0.31%), while the foreign key refining project price difference is 1065.78 CNY/ton, with a week-on-week change of +48.78 CNY/ton (+4.80%) [2][12]. - Brent crude oil weekly average price is reported at 75.65 USD/barrel, with a week-on-week change of +0.36% [2]. - The report discusses the impact of U.S. sanctions on Iran and new tariff policies affecting global economic growth and energy demand, leading to fluctuations in international oil prices [12]. - The chemical sector shows a mixed performance with prices of various chemical products experiencing fluctuations, while the polyester sector sees an increase in upstream prices due to upcoming maintenance of PX facilities [12][64]. Summary by Sections Refining Sector - The report notes that international oil prices have been volatile, with Brent and WTI prices at 74.74 and 70.74 USD/barrel respectively as of February 14, 2025 [12]. - Domestic refined oil prices are reported to be weakening, while overseas refined oil prices have seen slight increases [12]. Chemical Sector - The chemical product prices are experiencing fluctuations, with polyethylene and polypropylene prices showing mixed trends [12][42]. - EVA market shows tight supply with prices slightly increasing due to downstream photovoltaic demand [42]. - Pure benzene prices have increased slightly due to maintenance in some refineries, while styrene prices remain stable [42]. Polyester Sector - PX prices have increased significantly due to upcoming maintenance of multiple PX facilities, with current PX CFR China main port weekly average price at 892.39 USD/ton [64]. - PTA prices have also seen an upward trend, with the current weekly average price at 5091.43 CNY/ton [73]. - The report indicates that the demand for polyester filament yarn is weak, despite an increase in production rates [75]. Stock Performance of Major Refining Companies - The report provides stock performance data for six major refining companies, indicating varied performance over the past week and month [90][91]. - Notable stock movements include Hengli Petrochemical (+3.94%) and Xin Fengming (+7.29%) over the past week [90]. Price Differences and Trends - The report tracks price differences between domestic and foreign refining projects, indicating a significant gap that may present investment opportunities [2][12]. - The overall trend in the refining and chemical sectors suggests a cautious outlook due to fluctuating prices and geopolitical factors affecting supply and demand dynamics [12][64].

Economic Targets - The GDP target for 2025 is set at around 5% or higher across various regions, with an average target of approximately 5.3%[3] - Most local governments have set their public budget revenue targets conservatively, generally between 2% and 4.5%, significantly lower than their GDP targets[4] - The national unemployment rate target for 2025 is expected to remain around 5.5%[7] - The Consumer Price Index (CPI) target is likely to decrease from around 3% in previous years to approximately 2%[9] New Productivity Policies - A shift in local government competition from GDP growth to the development of new productivity, focusing on industries like artificial intelligence, robotics, and biomanufacturing[12] - 29 regions have prioritized artificial intelligence, 14 regions have focused on robotics, and 30 regions have emphasized biomanufacturing in their development plans[12] Consumption Promotion Policies - Over 10 regions have proposed to improve the normal growth mechanism for workers' wages, indicating potential reforms aimed at increasing consumer spending[17] - The reform plan may include strategies to "raise the lower, expand the middle, and limit the high" income groups, which could enhance overall consumer spending[18] - There is a strong emphasis on service consumption, with all 31 regions planning to expand service consumption in areas like health, tourism, and digital services[19] Asset Allocation Recommendations - The stock market is expected to outperform the bond market, with high financing balances indicating positive investor sentiment[22] - Focus on consumer and biomanufacturing sectors is recommended, as reforms in wage mechanisms may trigger growth in the consumer sector[25] - The technology sector, particularly biomanufacturing, is anticipated to become a significant growth area following artificial intelligence and robotics[25] Risk Factors - Potential risks include uncertainties in overseas economic policies and domestic policy implementations falling short of expectations[26]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the construction of a smoke-free society, accelerating product innovation, and promoting competitive new tobacco products. Vuse maintains its global leadership position, and the global compliance process is accelerating. The launch of the new product Glo Hilo has received positive feedback [2][6] - The new tobacco sector is increasingly squeezing traditional cigarettes, indicating that the development of new tobacco products is urgent [3][6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of £25.87 billion, a year-on-year decrease of 5.2%. After adjusting for exchange rates and the impact of the suspension in Russia and Belarus, the organic year-on-year growth was 1.3%. Revenue from new tobacco products reached £3.43 billion, with a year-on-year increase of 2.5% and an adjusted organic year-on-year growth of 8.9% [3] - The number of users of new tobacco products reached 29.1 million, an increase of 3.6 million year-on-year, accounting for 13.3% of total revenue, up 1.0 percentage points year-on-year [3] - The adjusted organic gross profit margin for new tobacco products improved significantly, with a year-on-year increase of 19.8% [3] Market Segments Vapor Segment - The vapor segment generated £1.72 billion in revenue, a year-on-year decrease of 5.1%. The sales volume was 620 million units, down 5.9% year-on-year. The company maintains a market share of 40.0% in its core markets, despite a slight decline [3] - The report anticipates a recovery in the U.S. market in 2025, supported by enhanced FDA enforcement and the introduction of electronic cigarette directories in more states [3] Heated Tobacco Products (HNB) - The HNB segment reported revenue of £920 million, a year-on-year decrease of 7.6%, with sales volume of 20.9 billion sticks, down 11.6% year-on-year. However, after adjustments, the organic revenue and sales volume showed year-on-year growth of 5.8% and a slight decline of 0.3%, respectively [4] - The company launched the new Glo Hilo product, which has received positive feedback, and aims to reshape its market position in the high-end segment [4] Oral Tobacco - The modern oral tobacco segment achieved revenue of £790 million, a year-on-year increase of 46.6%, with sales volume of 8.3 billion units, up 55.0% year-on-year. The number of adult users increased by 54.2% to 7.4 million [5] - The market share for modern oral tobacco in the core market increased by 2 percentage points to 11.5% [5] Future Outlook - The company is optimistic about growth in 2025, driven by product innovation. It expects revenue growth of approximately 1% in 2025, with an adjusted organic growth rate of 1.5% to 2.5% [6] - The report highlights the potential of HNB products and the continuous push for product iteration and market expansion [6]

[Table_ReportDate] 2025 年 2 月 13 日 全球油散龙头，静待各板块共振 [Table_CoverStock] —招商轮船(601872)公司深度报告 [Table_CoverAuthor] 匡培钦 交运行业首席分析师 黄安 交运行业分析师 执业编号 S1500524070004 执业编号 S1500524110001 邮箱 kuangpeiqin@cindasc.com 邮箱 huangan@cindasc.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：100031 [Table_Title] 招商轮船（601872.SH）深度报告：全球油散 龙头，静待各板块共振 [Table_ReportDate] 2025 年 2 月 13 日 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 招商轮船(601872) 投资评级 增持 上次评级 [Table_BaseData] 公司主要数据 | 收盘价（元） | 6.88 | | --- ...

Group 1 - The report emphasizes that value themes may experience significant market movements driven by market capitalization management opportunities, particularly focusing on central state-owned enterprises and innovative companies [1][4]. - The report outlines that the merger and acquisition (M&A) activity is expected to increase, with a notable recovery in Q4 2024, indicating a potential rise in the number of M&A events based on historical trends from 2013 to 2016 [4][23]. - The new M&A policies are characterized by a focus on developing new productive forces and upgrading leading central state-owned enterprises, with an emphasis on capital market support for technological innovation and stricter regulations on asset quality [4][25]. Group 2 - The report identifies that the new market capitalization management regulations will assist undervalued stocks in returning to reasonable valuations, particularly for central state-owned enterprises with strong fundamentals [4][3]. - Investment opportunities are highlighted for long-term undervalued stocks, especially those with a price-to-book (PB) ratio below the industry average and significant dividend capabilities [4][3]. - The report suggests that share buybacks are a crucial tool for enhancing market capitalization management, with a focus on central state-owned enterprises that have experienced low price movements [4][4]. Group 3 - The report discusses the impact of debt reduction policies on value themes, noting that during periods of nominal GDP decline, such policies tend to lead to active market performance for value themes [4][5]. - It highlights that companies with a high proportion of accounts receivable in the context of debt reduction are likely to experience valuation recovery [4][5].