Investment Rating - The report does not provide a specific investment rating for the company Zhejiang Natural (605080) [1] Core Views - The company reported a revenue of 1.002 billion yuan in 2024, representing a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 185 million yuan, up 41.7% year-on-year [1] - The company is expected to optimize its product structure and increase market share, leading to steady revenue growth, while overseas bases are accelerating their development [1][2] - The company’s overseas bases are entering a harvest period, with limited impact from tariffs, and profitability is expected to recover in 2025 [3] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 357 million yuan, a year-on-year increase of 30.4%, and a net profit of 96 million yuan, up 148.3% year-on-year [1] - The company’s gross margin in Q1 2025 was 38.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 26.9%, up 12.8 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was 13 million yuan, a decrease of 21 million yuan year-on-year [4] Product Structure and Market Development - The revenue from air beds, bags, pillows, and other businesses in 2024 was 586 million, 204 million, 70 million, and 134 million yuan respectively, with year-on-year growth rates of 13.9%, 30.9%, 15.7%, and 48.0% [2] - The company is expanding its overseas bases, particularly in Vietnam and Cambodia, which are expected to enhance production efficiency and profitability [3][2] Profitability Forecast - The company’s net profit attributable to shareholders is projected to be 290 million, 380 million, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.8X, 9.6X, and 7.5X [4]

证券研究报告 公司研究 报告内容摘要: [Table_S 事件：公司发布 ummary]2025 一季报。25Q1 收入实现 7.20 亿元（同比+66.5%），归 母净利润实现 1.52 亿元（同比+41.3%），扣非归母净利润实现 1.46 亿元（同 比+34.2%）。我们预计核心客户非美地区扩张&新客户加速放量共驱收入高增； 表观利润增速较弱主要系股份支付&可转债费用增加、海外产能爬坡导致短期固 定费用摊销不足。 客户结构优化，新客户加速放量。我们预计 25Q1 公司核心客户依托资金&渠道 &营销等优势加速向全球扩张，其余保温杯老客户亦在 Q1 呈现稳健增长态势。 新客户 Q1 产能加速爬坡，出货金额环比有望稳健增长。展望未来，海外保温杯 赛道高景气延续，且公司凭借海外产能持续抢占份额、优化客户结构，我们预 计 Q2 订单延续高增（出货节奏或略受扰动），盈利能力受关税影响环比预计保 持稳定。 全球布局深化，产能高速扩张。2016-2023 年美国保温杯进口中，我国占比均 达 96%+，美国产业链高度依赖中国，且保温杯产业加价倍率高，若加征关税， 上游供应商传导能力较强；此外，嘉益供应链效率明显领先同行， ...

高炉吨钢利润稳中向好，低库存背景下普钢公司业绩有望进一步修复 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 5 日 本期内容提要： 上周市场表现：上周钢铁板块下跌 0.52%，表现劣于大盘；其中，特 钢板块下跌 2.29%，长材板块上涨 0.77%，板材板块上涨 0.42%；铁 矿石板块下跌 1.00%，钢铁耗材板块下跌 3.90%，贸易流通板块上涨 0.88% ➢ 。 铁水产量环比增加。截至 5 月 2 日，样本钢企高炉产能利用率 92. 0%，周环比增加 0.40 百分点。截至 5 月 2 日，样本钢企电炉产能利 用率 55.5%，周环比下降 1.20 百分点。截至 5 月 2 日，五大钢材品种 产量 773.4 万吨，周环比增加 6.91 万吨，周环比增加 0.90%。截至 5 月 2 日，日均铁水产量为 245.42 万吨，周环比增加 1.07 万吨，同比 增加 16.70 ➢ 万吨。 五大材消费量环比下降。截至 5 月 2 日，五大钢材品种消费量 970.9 万吨，周环比增加 44.61 万吨，周环比增加 4.82%。截至 5 月 2 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The penetration of pure electric vehicles in the U.S. is accelerating, with the market share of pure electric light vehicles rising to 7.2% as of February, up from 6.1% a year ago [3][4] - President Trump signed an executive order to alleviate the impact of automotive tariffs, allowing car manufacturers to apply for a tariff deduction of up to 3.75% on vehicle value for parts imported, which will decrease to 2.5% after one year and be eliminated the following year [3][7] - The first national standard for vehicle-mounted lidar has been released, with the market size expected to surge to 6.263 billion yuan [11][12] - In the first three months of 2025, Chinese automotive sales in Europe increased by 78% year-on-year, reaching 148,096 units, with market share rising from 2.5% to 4.5% [10] Summary by Sections Industry News - The U.S. electric vehicle market is seeing a significant increase in registrations, with a 14% year-on-year growth in February [3] - Huawei launched a smart driving safety initiative supported by executives from 11 automotive brands [3][7] - Leap Motor is providing an electric vehicle platform to Hongqi, with production expected to start in the second half of 2026 [3][8] - BYD's "Shenzhen" ship set sail for Brazil carrying over 7,000 electric vehicles [9] - Xiaomi's YU7 model has introduced a new version with a range of 835 kilometers [9] Market Performance - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.67% [13] - The passenger vehicle sector saw significant gains, with companies like Leap Motor and Xiaomi leading the charge [15] - The commercial vehicle sector also showed positive performance, with notable increases in stocks like Noli and Foton [19] - The automotive parts sector experienced a rise, with Jin Qilin and Redick leading the gains [20] Financial Highlights - Seres Group submitted an IPO application in Hong Kong, reporting a revenue of 145.176 billion yuan in 2024, a 305.04% increase year-on-year, and a net profit of 5.946 billion yuan [10] - The gross margin for new energy vehicles reached 26.21%, with R&D investment increasing by 58.9% to 7.053 billion yuan in 2024 [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit significantly from the AI wave, with multiple growth engines contributing to its expansion [1][3] - In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit of 23.216 billion yuan, up 10.34% year-on-year [1] - The first quarter of 2025 saw a revenue of 160.415 billion yuan, representing a year-on-year growth of 35.16%, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 7.28% and a net margin of 3.82%, with slight declines of 0.78 percentage points and 0.59 percentage points year-on-year respectively [1] - The company's cloud computing business revenue reached 319.377 billion yuan in 2024, growing by 64.37% year-on-year, marking its first time exceeding 50% of total revenue [3] - AI server revenue saw a year-on-year increase of over 150%, accounting for more than 40% of cloud computing revenue [3] Business Segments - The telecommunications and mobile network equipment segment achieved stable growth, with revenue of 287.898 billion yuan in 2024 [3] - The company is positioned to benefit from the ongoing evolution of AI terminals and the high-end trend in related products [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 802.738 billion yuan, 935.562 billion yuan, and 1,035.357 billion yuan respectively, with year-on-year growth rates of 32%, 17%, and 11% [3] - Net profit forecasts for the same years are 28.638 billion yuan, 34.491 billion yuan, and 36.494 billion yuan, with growth rates of 23%, 20%, and 6% respectively [3]

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The penetration of pure electric vehicles in the U.S. is accelerating, with the market share of pure electric vehicles in light-duty vehicles rising to 7.2% [3][4] - The U.S. President signed an executive order to alleviate the impact of automotive tariffs, allowing for a tax deduction of up to 3.75% on vehicle value for companies producing and selling vehicles in the U.S. [3][7] - The first national standard for automotive laser radar has been released, with the market size expected to surge to 6.263 billion [11][12] - The sales of Chinese automotive brands in Europe increased by 78% in the first three months of 2025, reaching 148,096 units [10] Summary by Sections Industry Key News - The U.S. light vehicle market saw a 14% year-on-year increase in pure electric vehicle registrations, totaling 89,728 units in February [3] - Huawei launched a smart driving safety initiative supported by executives from 11 automotive brands [3][7] - Leap Motor is providing an electric vehicle platform to Hongqi, with production expected to start in the second half of 2026 [3][8] - BYD's "Shenzhen" ship set sail for Brazil carrying over 7,000 new energy vehicles [9] - Xiaomi's YU7 model now includes a version with a range of 835 kilometers [9] Market Performance - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.67% [13] - The passenger vehicle sector saw significant gains, with companies like Leap Motor and Xiaomi leading the charge [15] - The commercial vehicle sector also showed resilience, with notable performances from companies like Noli and Foton [19] - The automotive parts sector experienced a rise, with Jin Qilin and Redick leading the gains [20] Upstream Data Tracking - Steel and aluminum prices have slightly decreased, while natural rubber prices remained stable [25][26] - The price of lithium carbonate has stabilized after a decline since March 2024 [29]

Investment Rating - The report maintains a "Positive" investment rating for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The steel industry is expected to see performance recovery for general steel companies due to low inventory levels and stable profits from blast furnace steel production [2][3]. - Despite facing supply-demand imbalances and overall profit declines, the steel demand is anticipated to stabilize or slightly increase, supported by government policies aimed at economic growth, particularly in real estate and infrastructure sectors [3][5]. - The report highlights structural investment opportunities in the steel sector, particularly for companies with high gross margins and strong cost control capabilities [3][5]. Supply - As of May 2, 2025, the average daily pig iron production was 2.4542 million tons, a week-on-week increase of 1.07 tons, and a year-on-year increase of 16.7 tons [25]. - The capacity utilization rate for blast furnaces was 92.0%, up 0.40 percentage points week-on-week [25]. - The total production of five major steel products reached 7.734 million tons, a week-on-week increase of 0.90% [25]. Demand - The consumption of five major steel products was 9.709 million tons as of May 2, 2025, with a week-on-week increase of 4.82% [30]. - The transaction volume of construction steel by mainstream traders was 112,000 tons, a week-on-week decrease of 7.37% [35]. - The transaction area of commercial housing in 30 major cities increased to 1.934 million square meters, a week-on-week increase of 44.0% [35]. Inventory - The social inventory of five major steel products was 10.237 million tons as of May 2, 2025, a week-on-week decrease of 5.51% [43]. - The factory inventory of five major steel products was 4.234 million tons, a week-on-week decrease of 6.08% [43]. Prices & Profits - The comprehensive index for general steel was 3,483.3 yuan/ton as of April 30, 2025, with a week-on-week increase of 0.14% [50]. - The profit for rebar produced in blast furnaces was 120 yuan/ton, a week-on-week increase of 48.15% [60]. - The average cost of pig iron was 2,303 yuan/ton as of April 30, 2025, with a week-on-week decrease of 5.0 yuan [60].

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The demand for respiratory testing reagents has surged, leading to a 63% year-on-year increase in testing reagent revenue. In 2024, the company achieved a revenue of 1.458 billion yuan, representing a year-on-year growth of 44.78%. The rapid growth in reagent business is primarily driven by the increase in respiratory testing reagents [2][3] - The company is actively pursuing a dual strategy of "internal research" and "external expansion" to enrich its product matrix and create a closed-loop diagnosis and treatment system. This includes launching innovative products and making strategic investments in various fields [2][3] - The company is expected to achieve revenues of 2.025 billion yuan, 2.467 billion yuan, and 2.971 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 21.8%, and 20.4% [3][4] Financial Summary - In 2024, the company reported a total revenue of 1.458 billion yuan, with a net profit attributable to the parent company of 276 million yuan, reflecting a year-on-year decrease of 24.23%. However, the net profit excluding non-recurring items increased by 182.25% to 202 million yuan [1][2] - The gross profit margin improved to 77.91% in 2024, up by 6.37 percentage points year-on-year, indicating enhanced profitability due to the higher proportion of high-margin reagent revenue [2][4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.86 yuan, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 23, and 18 [3][4]

Investment Rating - The investment rating for the coal industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [11][12] - The trend of coal prices establishing a bottom and moving to a new platform is expected to continue, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is considered undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] Summary by Sections Coal Price Trends - As of May 4, the market price for Qinhuangdao port thermal coal (Q5500) is 652 CNY/ton, down 3 CNY/ton week-on-week [3][30] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1400 CNY/ton [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.9%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 89.74%, up 1.36 percentage points [4][47] - Daily coal consumption in inland provinces decreased by 18.40 thousand tons/day (-6.21%), while consumption in coastal provinces increased by 9.30 thousand tons/day (+5.27%) [4][48] Inventory and Transportation - As of April 29, coal inventory in inland provinces increased by 2.59% week-on-week, while coastal provinces saw a 0.77% increase [48] - The daily coal consumption in coastal provinces is showing an upward trend, indicating a potential increase in demand as the summer peak approaches [4][48] Investment Recommendations - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with high elasticity like Yanzhou Coal and China Power Investment [12]

Investment Rating - The investment rating for the coal industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [11] - The trend of coal prices establishing a bottom and moving to a new platform is expected to continue, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is considered undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] Summary by Sections Coal Price Trends - As of May 4, the market price for Qinhuangdao port thermal coal (Q5500) is 652 CNY/ton, down 3 CNY/ton week-on-week [3][30] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1400 CNY/ton [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.9%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 89.74%, up 1.36 percentage points [4][47] - Daily coal consumption in inland provinces decreased by 18.40 thousand tons/day (-6.21%), while consumption in coastal provinces increased by 9.30 thousand tons/day (+5.27%) [4][48] Inventory and Transportation - As of April 29, coal inventory in inland provinces increased by 2.59% week-on-week, while coastal provinces saw a 0.77% increase [48] - The daily coal consumption in coastal provinces is showing an upward trend, indicating a potential increase in demand as the summer peak approaches [4][48] Investment Recommendations - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with high elasticity like Yanzhou Coal and China Power Investment [12]