Group 1 - Investment Rating: Positive [2] - Core Viewpoint: The company is a global leader in smart imaging technology, with significant growth driven by product innovation and a strong brand presence [3][7] - Revenue Growth: From 2019 to 2024, the company's revenue CAGR is approximately 56.8%, and net profit CAGR is about 77.6% [7][8] Group 2 - Market Expansion: The smart imaging device market is expanding due to technological advancements and the integration of various applications, with a global market size of 36.47 billion yuan in 2023 and a CAGR of 14.3% [27][29] - Competitive Landscape: The company holds a leading market share in the global consumer-grade panoramic camera segment at approximately 67.2% in 2023, significantly outperforming competitors [37][38] Group 3 - Technological Leadership: The company emphasizes innovation and has a robust R&D framework, with an average R&D expense ratio of about 12.4% from 2020 to 2024 [41][42] - Global Market Strategy: The company has established a comprehensive sales network, with online and offline revenue split at 48% and 52% respectively, focusing on overseas markets [47][48] Group 4 - Fundraising Projects: The company plans to issue up to 41 million shares to raise 464 million yuan for projects including a new production base in Zhuhai and a R&D center in Shenzhen [57][59]

影石创新招股书梳理：智能影像技术先驱，产品创新驱动成长 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@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] 影石创新招股书梳理：智能影像技术先驱，产 品创新驱动成长 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: 请阅读最后一页免责声明及信 ...

Investment Rating - The investment rating for ZTO Express (2057.HK) is "Buy" [1] Core Views - The report highlights that ZTO Express achieved an adjusted net profit of 2.259 billion yuan in Q1 2025, representing a year-on-year increase of 1.6%. The operating cash flow net amount was 2.363 billion yuan, up 16.3% year-on-year [2][3] - The company reported a revenue of 10.892 billion yuan in Q1 2025, which is a 9.4% increase compared to the same period last year. The express service revenue was 10.122 billion yuan, reflecting a 9.5% year-on-year growth [3][4] - ZTO Express handled 8.539 billion parcels in Q1 2025, marking a 19.1% year-on-year increase, maintaining a market share of approximately 18.9%, which is the highest in the industry [3][4] Financial Performance - In Q1 2025, the adjusted net profit was 2.259 billion yuan, with a year-on-year growth of 1.6%. The adjusted net profit attributable to the parent company was 2.213 billion yuan, up 0.5% year-on-year [3] - The single ticket express revenue decreased by 8.0% year-on-year to 1.19 yuan, attributed to intensified industry competition and changes in cargo structure [4] - The single ticket express cost was approximately 0.68 yuan, down 12.0% year-on-year, benefiting from improved economies of scale and route optimization [4] Growth Outlook - ZTO Express aims for a package volume guidance of 40.8 billion to 42.2 billion parcels in 2025, representing a year-on-year growth of 20% to 24%, which is expected to further consolidate its leading market position [5] - The report suggests that the express delivery industry still has significant growth potential, driven by the expansion of e-commerce and the rise of live-streaming commerce [6][7] - The company is expected to maintain a strong cash flow and profitability, with adjusted net profit forecasts for 2025-2027 at 10.324 billion, 11.655 billion, and 13.388 billion yuan, respectively [8]

Investment Rating - The investment rating for ZTO Express (2057.HK) is "Buy" [1] Core Views - The report highlights that ZTO Express achieved an adjusted net profit of 2.259 billion yuan in Q1 2025, representing a year-on-year increase of 1.6%. The operating cash flow net amount was 2.363 billion yuan, up 16.3% year-on-year [2][3] - The company reported a total revenue of 10.892 billion yuan in Q1 2025, which is a 9.4% increase compared to the same period last year. The express service revenue was 10.122 billion yuan, reflecting a 9.5% year-on-year growth [3][4] - ZTO Express handled 8.539 billion parcels in Q1 2025, marking a 19.1% increase year-on-year, maintaining a market share of approximately 18.9%, which is the highest in the industry [3][4] Financial Performance - In Q1 2025, the adjusted net profit was 2.259 billion yuan, with a year-on-year growth of 1.6%. The adjusted net profit attributable to the parent company was 2.213 billion yuan, up 0.5% year-on-year [3] - The single ticket express revenue was 1.19 yuan, down 8.0% year-on-year, attributed to intensified industry competition and changes in cargo structure [4] - The single ticket express cost was approximately 0.68 yuan, down 12.0% year-on-year, benefiting from improved economies of scale and optimized route planning [4] Market Position and Growth Outlook - ZTO Express aims for high-quality volume growth, targeting a parcel volume of 40.8 billion to 42.2 billion in 2025, which represents a year-on-year increase of 20% to 24% [5] - The report indicates that the express delivery industry still has significant growth potential, driven by the expansion of e-commerce and the rise of live-streaming commerce [6] - The company is expected to maintain its leading market position and achieve steady growth in both volume and profit due to its scale and management advantages [8] Profit Forecast and Valuation - The forecast for adjusted net profit attributable to the parent company for 2025-2027 is 10.324 billion yuan, 11.655 billion yuan, and 13.388 billion yuan, with year-on-year growth rates of 2.42%, 12.89%, and 14.87% respectively [8] - The report emphasizes that ZTO Express's current valuation is at a historically low level, suggesting potential for significant upside [7][8]

[Table_Author] 范欣悦 教育人服行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 控股权变更，国资入主 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 科德教育(300192) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_ReportDate] 2025 年 05 月 22 日 [Table_S 事件：公司ummar控股股东、实际控制人吴贤良先生与十堰中经和道企业管理合伙 y] 企业（有限合伙）签署了《股份转让协议》。吴贤良先生拟将其持有的无限 售条件流通股 7758 万股股份以 14.72 元/股的价格协议转让给中经和道。 点评： | 相关研究 | | --- | [Table_OtherReport] 24&25Q1 点评：24 年教育业务小幅增 长 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：1000 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is undergoing a change in control, with state-owned assets taking over, which may lead to a focus on its education business while potentially divesting its ink business [6] - The company is expected to benefit from the resource integration and capital operation capabilities of the Shiyan State-owned Assets Supervision and Administration Commission [6] - Profit forecasts for 2025, 2026, and 2027 are projected at 1.61 billion, 1.85 billion, and 2.10 billion CNY respectively, maintaining a "Buy" rating [6] Financial Performance Summary - Total revenue is projected to grow from 771 million CNY in 2023 to 999 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 9.5% [5] - Net profit attributable to the parent company is expected to increase from 139 million CNY in 2023 to 210 million CNY in 2027, reflecting a CAGR of about 13.5% [5] - The gross margin is forecasted to improve slightly from 33.3% in 2023 to 34.8% in 2027 [5] - The return on equity (ROE) is anticipated to rise from 15.6% in 2023 to 17.3% in 2027 [5] - Earnings per share (EPS) is projected to grow from 0.42 CNY in 2023 to 0.64 CNY in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 38.40 in 2023 to 25.30 in 2027, indicating a more attractive valuation over time [5]

1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Viewpoints of the Report - In April 2025, the total bond custody scale increased by 160.77 billion yuan month - on - month, a significant decrease of 104.79 billion yuan compared to March, mainly due to the sharp contraction of net financing of various interest - rate bonds and inter - bank certificates of deposit (NCDs). The custody stocks of credit bonds and commercial bank bonds turned upward month - on - month [3][6]. - In April, under the influence of the continued escalation of Sino - US trade frictions in the first half of the month, the bond market strengthened significantly. After the middle of the month, as the trade war tension eased, the bond market returned to a volatile state. Overall, the yield curve showed a bull - flattening trend. Institutional behavior still featured strong demand from trading desks and weak demand from allocation desks, but there were differences compared to March [3][8]. - In April, the repurchase balance continued to rise, and the bond market leverage ratio increased by 0.2 percentage points to 107.1% month - on - month, but it was still significantly lower than the level before January this year. The leverage ratio of commercial banks decreased, while that of non - bank institutions increased but remained at a historically low level [3][43]. 3. Summary by Relevant Catalogs 3.1同业存单与利率债净融资明显下滑 4 月债券托管增量大幅收缩 - In April, the net financing of NCDs and interest - rate bonds declined significantly, leading to a sharp contraction in the bond custody increment. The custody increments of various interest - rate bonds and NCDs decreased month - on - month. The custody stocks of credit bonds and commercial bank bonds turned upward month - on - month [6]. - Specifically, for interest - rate bonds, the custody increment of treasury bonds decreased to 26.6 billion yuan, local government bonds to 70.69 billion yuan, and policy - bank bonds to 1.32 billion yuan. For credit bonds, the custody increment of medium - term notes (MTNs) increased to 11 billion yuan, and short - term commercial papers (CPs) increased from a decrease of 2.78 billion yuan in March to an increase of 3.36 billion yuan. The custody scales of enterprise bonds and private placement notes (PPNs) continued to decline. The custody increment of NCDs decreased significantly to 37.79 billion yuan, while that of commercial bank bonds turned from a decrease of 0.53 billion yuan to an increase of 18.89 billion yuan [6]. 3.2 4 月交易盘继续增持利率债 保险公司减持金融债券 - In April, influenced by the significant decline in NCD rates, the allocation demand for NCDs from broad - based funds, securities companies, and other institutions decreased, while the trading desks' willingness to increase holdings of interest - rate bonds continued to strengthen. The insurance institutions' willingness to increase holdings weakened, especially the significant increase in the reduction of holdings of financial bonds on the Shanghai Clearing House, possibly due to some institutions realizing floating profits in anticipation of subsequent accounting standard adjustments [3][8]. - **Broad - based funds**: The custody increment decreased significantly to 115.56 billion yuan, mainly due to the sharp decline in the increase of NCD holdings. The increase in holdings of local government bonds, policy - bank bonds decreased, while that of financial bonds on the Shanghai Clearing House, treasury bonds, and CPs increased. The reduction of holdings of commercial bank bonds decreased [14]. - **Securities companies**: The bond custody increment increased slightly to 11.24 billion yuan, remaining at a historically high level. They turned to reduce holdings of NCDs and MTNs, but the increase in holdings of treasury bonds reached a record high, and the increase in holdings of policy - bank bonds and financial bonds on the Shanghai Clearing House also rose [20]. - **Insurance companies**: The bond custody increment decreased significantly to 0.99 billion yuan. They turned to reduce holdings of financial bonds on the Shanghai Clearing House, treasury bonds, NCDs, and policy - bank bonds, and the increase in holdings of local government bonds decreased [23]. - **Overseas institutions**: The bond custody increment decreased to 9.54 billion yuan. The increase in holdings of NCDs dropped significantly from a historical high, but they turned to increase holdings of policy - bank bonds and financial bonds on the Shanghai Clearing House, and the increase in holdings of treasury bonds increased slightly [28]. - **Other institutions**: The bond custody volume decreased by 74.29 billion yuan month - on - month, reaching a historical high. This was mainly affected by the central bank's shift from a net investment of 10 billion yuan in repurchase in March to a net withdrawal of 50 billion yuan in April. They turned to reduce holdings of local government bonds and increased the reduction of holdings of treasury bonds, but turned to increase holdings of NCDs and MTNs [31]. - **Commercial banks**: The bond custody increment increased to 77.06 billion yuan, affected by the return of some repurchase underlying assets to commercial banks after the net withdrawal of repurchase in April. If the impact of repurchase is excluded, the scale of bond - buying decreased. The reduction of holdings of policy - bank bonds and NCDs increased, and the increase in holdings of treasury bonds decreased [35]. - **Credit unions**: The bond custody volume turned from a decrease of 1.9 billion yuan in March to an increase of 0.05 billion yuan in April, mainly due to the shift to increase holdings of NCDs, but they turned to reduce holdings of treasury bonds and policy - bank bonds [39]. 3.3 4 月非银杠杆率继续回升 但仍处于历史低位附近 - In April, the repurchase balance continued to rise, and the bond market leverage ratio increased by 0.2 percentage points to 107.1% month - on - month, still significantly lower than the level before January this year. The leverage ratio of commercial banks decreased by 0.2 percentage points to 103.1%, reaching a historically second - lowest level. The leverage ratio of non - bank institutions increased by 0.9 percentage points to 116.8%, remaining near the low point since 2022 [43]. - Among non - bank institutions, the leverage ratio of securities companies increased significantly by 13.4 percentage points to 214.1%, returning to a neutral level. The leverage ratio of insurance and non - legal person products increased by 0.6 percentage points to 113.4%, remaining near a recent low. In broad - based funds, the repurchase balances of money market funds and non - money products of fund companies increased significantly, but their absolute values were still low. The repurchase balances of insurance companies and other products increased, approaching the historical high in December last year, while that of wealth management products slightly declined, remaining near a historical low [43].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on recent developments in the smart driving camera system sector [2][3]. Core Insights - The company, Haoen Qidian, has received product confirmation from strategic partners for its smart driving camera system, indicating strong recognition of its R&D, manufacturing, and quality management capabilities [2][3]. - The projected total revenue from the confirmed projects is approximately 430 million yuan, with production expected to start in October 2025 and June 2027 [2]. - This marks the second product confirmation announcement in 2025, with a combined value of approximately 838 million yuan, reflecting the company's competitive position in the ADAS camera sector [3]. Summary by Sections Company Overview - Haoen Qidian has been deeply involved in the automotive intelligent driving perception system field for many years, showcasing its comprehensive strength through recent product confirmations [3]. Recent Developments - The company announced the receipt of product confirmation for its smart driving camera system from a joint venture automotive brand and an overseas automotive brand, which are significant strategic partners [2][3]. Financial Projections - The lifecycle of the confirmed projects is estimated at 3 and 6 years, with a total expected revenue of approximately 430 million yuan [2].

Investment Rating - The investment rating for King Long Automobile (600686) is not explicitly stated in the provided documents, but the report indicates a focus on the company's performance and market position [2]. Core Insights - In April 2025, King Long Automobile sold a total of 3,611 buses, reflecting a year-on-year decrease of 3.91%. However, the sales of light buses increased significantly by 24.76%, with 1,592 units sold [2]. - The company is leading in bus exports, with King Long and Xiamen Jinlv showing substantial growth in export volumes. In April 2025, King Long exported 917 buses, a year-on-year increase of 38.73%, capturing a market share of 15.99% [2]. - The demand for buses in major export markets, particularly in Asia and Africa, has increased significantly due to the Belt and Road Initiative, with notable growth in countries like Saudi Arabia and Vietnam [2]. Summary by Sections Sales Performance - In April 2025, King Long's sales included 1,592 light buses (up 24.76%), 598 medium buses (down 17.17%), and 1,421 large buses (down 19.26%) [2]. Export Performance - The total bus exports from China in April 2025 reached 5,736 units, a 26.71% increase from the previous year. King Long's cumulative exports for the first four months of 2025 were 3,573 units, marking a 76.79% increase [2]. Market Trends - The report highlights that the demand for buses in key export regions has risen significantly, particularly in Asia and Africa, driven by the Belt and Road Initiative [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on recent developments in the smart driving camera system sector [2][3]. Core Insights - The company, Haoen Qidian, has received product designation letters for its smart driving camera systems from strategic partners, indicating strong recognition of its R&D, manufacturing, and quality management capabilities [2][3]. - The projected total revenue from the designated projects is approximately 430 million yuan over their respective lifecycles of 3 and 6 years, with production expected to start in October 2025 and June 2027 [2]. - This marks the second product designation announcement in 2025, with a combined value of approximately 838 million yuan, reflecting the company's competitive edge in the ADAS camera sector [3]. Summary by Sections Company Overview - Haoen Qidian has been deeply involved in the automotive intelligent driving perception system field for many years, showcasing its comprehensive strength through recent product designations [3]. Recent Developments - The company has received product designation letters from both a joint venture automotive brand and an overseas automotive brand, which are significant strategic partners [2]. - The recognition from these partners is expected to enhance the company's market share and brand awareness in the automotive intelligent driving market [3]. Financial Projections - The total estimated revenue from the designated projects is around 430 million yuan, with production timelines set for 2025 and 2027 [2]. - The cumulative value of the two product designations in 2025 is approximately 838 million yuan, indicating potential for revenue growth in the future [3].