Investment Rating - The investment rating for Horizon Robotics (9660.HK) is "Buy" [3]. Core Insights - Horizon Robotics is positioned as a leader in the new generation of automotive intelligent chips and a world-class AI algorithm company, focusing on software-defined principles and exploring new boundaries in intelligent driving [5][14]. - The market for intelligent driving is expected to grow significantly, with the AD (Autonomous Driving) market projected to have a compound annual growth rate (CAGR) of 144.2% from 2019 to 2023, and the overall AD+ADAS market expected to grow at a CAGR of 57.8% during the same period [5][12][37]. - Horizon Robotics has achieved a market share of 28.65% in the full-stage intelligent driving computing solutions market as of the first half of 2024, and is expected to further increase its share in the OEM ADAS and AD markets [5][57]. Summary by Sections Company Overview - Horizon Robotics focuses on intelligent driving chip platforms, full-scene intelligent driving solutions, and supporting toolchains, establishing itself as a comprehensive supplier in the industry [5][14]. - The company has launched several intelligent driving chips, including J2, J3, J5, and J6, and has developed a self-adaptive BPU computing unit that maximizes computational efficiency [14]. Market Growth - The AD+ADAS market is projected to reach a scale of 407 billion yuan by 2030, with a CAGR of 48.8% from 2025 to 2030 [12][37]. - The domestic OEM market share has increased from 19.8% in 2019 to 39.8% in 2023, with expectations to exceed 60% by 2029 [61]. Competitive Position - Horizon Robotics has established a strong customer base, providing stable and reliable intelligent driving solutions to 27 OEMs, covering 42 brands [57][69]. - The company is recognized for its competitive advantages in cost-effectiveness, software capabilities, and customization, which have solidified its position in the industry [11][21]. Financial Projections - Revenue projections for Horizon Robotics are estimated at 36.10 billion yuan in 2025, 56.97 billion yuan in 2026, and 80.53 billion yuan in 2027, with corresponding growth rates of 51%, 58%, and 41% respectively [6]. - The net profit is expected to turn positive by 2027, with a forecasted profit of 668 million yuan [6].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's strategic moves into the trendy toy market [1]. Core Insights - The company, Quantum Song (QSG), has announced a merger and investment cooperation with Shenzhen Yiqi Culture Co., Ltd. (Letsvan), marking its entry into the trendy toy market and broader consumer sectors [1]. - Letsvan focuses on IP incubation, operation, and commercialization, with popular IPs like "WAKUKU" and "ZIYULI" forming the core of its product matrix [1]. - The company plans to launch a new product, "WAKUKU Fox and Rabbit CP," on May 17, 2025, which is expected to enhance its IP business growth [1]. Summary by Sections Company Overview - Quantum Song has made a strategic shift towards the trendy toy industry, with Letsvan becoming a subsidiary post-merger [1]. - The company has a strong product lineup, with the "WAKUKU" series gaining market recognition and achieving rapid sales [3]. Financial Performance - For the second quarter of fiscal year 2025, the company reported revenue of 727 million yuan, a year-on-year decrease of 25.9% and a quarter-on-quarter decrease of 10.3% [3]. - Net profit reached 127 million yuan, up 17.8% year-on-year and 57.1% quarter-on-quarter, with adjusted net profit at 132 million yuan [3]. - The company has a cash reserve of 1.213 billion yuan and a registered user base of 139.6 million [3]. Product Development - The "WAKUKU" series has seen successful product launches, with the latest "WAKUKU Panda" selling out within two hours of its offline release [3]. - The new product line includes various themed fox and rabbit figures, aimed at deepening consumer engagement and brand recognition [3].

超配价值和低位成长 ——行业配置主线探讨 [Table_ReportDate] 2025 年 5 月 15 日 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 策略研究 [策略专题报告（深度 Table_ReportType] ） | ] [Table_A 樊继拓 uthor策略首席 分析师 | | --- | | 执业编号：S1500521060001 | | 联系电话：+86 13585643916 | | 邮 箱： fanjituo@cindasc.com | | 李畅 策略分析师 | 执业编号：S1500523070001 联系电话：+86 18817552575 邮 箱： lichang@cindasc.com [超配价值和低位成长 Table_Title] [Table_ReportDate] 2025 年 5 月 15 日 核心结论： ➢ 5 月之后，随着年报、一季报披露窗口期已过，中美关税谈判取得一定实 质性进展，市场风险偏好可能会有所回升，经验上部分投资者会重新关 注成长。部分国际科技巨头发布的一季度数据均显示资本开支显著增 加、鸿蒙 P ...

Investment Rating - The investment rating for the company is "Buy" [2][58] Core Viewpoints - The company has completed its restructuring and is transitioning to non-subject education services, focusing on enhancing literary quality through innovative AI courses [7][13][58] - The company has launched its self-developed AI education model, "Dou Shen Ci Yuan," and is expected to see rapid growth in both live and AI courses [7][58] - The financial outlook shows a significant recovery with projected net profits increasing substantially over the next few years [5][53][55] Summary by Sections 1. Restructuring and Business Transition - The company completed its restructuring in December 2023, with a new shareholding structure where Dou Xin holds 18.3% of shares, becoming the controlling shareholder [14][15] - The business model has shifted from traditional exam-oriented tutoring to quality education services, including arts education and live e-commerce sales [13][14] 2. Business Analysis: Recorded and Live Courses - The recorded courses are primarily based on the "New L" series, focusing on cultural and literary education [16] - Live courses include the "Wang Zhe" class, which has been running since 2017, and new offerings like "Xiao Wang Zhe" and "Dou Shen Gui Lai" launched in 2024 [18][21][22] 3. Financial Analysis - The company experienced a decline in revenue from 2020 to 2023 due to the pandemic and regulatory policies, but signs of recovery are evident with a slight revenue drop of only 0.6% in Q1 2025 [49][52] - The gross margin has improved significantly, reaching 62.3% in Q1 2025, surpassing pre-pandemic levels [46][49] 4. Potential Growth Drivers - Growth is expected from existing literary courses, expansion into other subjects, and the promotion of AI live courses [56] 5. Profit Forecast and Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 2.1 billion, 3.1 billion, and 4.0 billion respectively, with significant year-on-year growth rates [5][55] - The company is recommended for investment based on its strong market position and innovative educational offerings [58]

重整旗鼓展新颜，AI 课程具巧思 [Table_BaseData] 公司主要数据 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 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12 ...

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's confidence in its IDE business through a stock incentive plan, granting 4 million restricted shares, representing 3.30% of the total share capital [1] - High performance targets for the IDE business from 2025 to 2027 indicate the company's long-term confidence in this sector, with revenue targets set at no less than 1.45/2.8/5 billion yuan and profit targets at no less than 0.65/1.4/3 billion yuan [2] - The company has completed the acquisition of the remaining 48% stake in Aipuyang and launched the low-code IDE product SnapDevelop, which has over 5,000 stable trial users [2] - The collaboration with DCloud, a leading domestic front-end developer platform, is expected to enhance product promotion, given DCloud's user base of over 9 million front-end developers [2] - The dual focus on "AI+IDE" is anticipated to open long-term growth opportunities, with plans to support new programming languages and develop a fully AI-driven software development platform [2] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a compound annual growth rate (CAGR) of 42.6% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 305 million yuan in 2027, reflecting a significant growth trajectory [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 55.1% in 2027, indicating enhanced profitability [3] - Earnings per share (EPS) are projected to rise from 0.46 yuan in 2023 to 2.51 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 101.32 to 18.68 [3] Investment Recommendations - The report maintains a "Buy" rating based on the company's strong product advantages and extensive collaboration with DCloud for large-scale promotion [2][3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's confidence in its IDE business through a stock incentive plan, granting 4 million restricted shares, representing 3.30% of the total share capital [1] - High performance targets for the IDE business from 2025 to 2027 indicate the company's long-term confidence in this sector, with revenue targets set at no less than 1.45/2.8/5 billion yuan and profit targets at no less than 0.65/1.4/3 billion yuan [2] - The company has completed the acquisition of the remaining 48% stake in Aipuyang and launched the low-code IDE product SnapDevelop, which has over 5,000 stable trial users [2] - The "AI+IDE" dual layout is expected to open up long-term growth opportunities, with plans to support new programming languages and develop a fully AI-driven software development platform [2] - The company is projected to have significant revenue growth, with estimated EPS of 0.56/1.16/2.51 yuan for 2025-2027, corresponding to P/E ratios of 83.50/40.35/18.68 [2] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a CAGR of 42.6% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 305 million yuan in 2027, reflecting a significant growth rate of 116.0% in 2027 [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 55.1% in 2027 [3] - Return on equity (ROE) is anticipated to rise from 5.4% in 2023 to 25.7% in 2027 [3] - The company’s financial metrics indicate a strong upward trend in profitability and efficiency over the forecast period [3][4]

Investment Rating - The investment rating for the banking industry is "Positive" [2] Core Insights - The report highlights a recent increase in the closed-end wealth management product achievement rate, which reached 83.17% by the end of April 2025, while the open-end product achievement rate decreased to 54.80% [15][16] - The overall market's wealth management product net loss rate was recorded at 2.23%, showing a slight decrease of 0.27 percentage points compared to the previous month [12] - The number of net value-type wealth management products has decreased to 18,600, reflecting a month-on-month decline of 1.85% [22] - The issuance of wealth management products in April 2025 saw a significant year-on-year increase of approximately 44.83%, totaling 5,990 products [39][42] Summary by Sections 1. Wealth Management Market Overview - The broken net rate as of the end of April was 2.23%, indicating a stable trend after a peak in December 2022 [12] - The achievement rate for closed-end products increased to 83.17%, while open-end products saw a decline to 54.80% [15][16] 2. Net Value-Type Wealth Management Products - The total number of net value-type products decreased to 18,600, down 1.85% from the previous month [22] - The proportion of net value-type products with a risk level of R2 is the highest at 77.58% [25] 3. Issuance Market Situation - The issuance of wealth management products in April 2025 increased significantly, with 5,990 products issued, marking a 44.83% year-on-year growth [39] - Non-principal guaranteed products have surged, while principal guaranteed products have nearly disappeared from the market [42] - The largest share of newly issued products in April was for the 12-24 month term, accounting for 25.03% of total issuances [45] 4. Wealth Management Returns - As of April 6, 2025, the expected annualized returns for various term wealth management products were 2.36% for 3 months, 2.54% for 6 months, and 2.50% for 1 year [4] 5. Wealth Management Company Products - In April 2025, 32 wealth management companies issued a total of 5,077 products, with a slight increase from the previous month [5] - The leading company in terms of the number of existing products is Xingyin Wealth Management, holding a market share of 9.59% [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The easing of trade tensions between China and the United States is expected to positively impact the company's North American business, with ongoing measures to build overseas capacity and increase terminal prices [1][2] - The company has a significant exposure to the U.S. market, with an estimated risk exposure of approximately $1 billion, and is actively working on capacity transfer and global layout to mitigate tariff impacts [3] - The company is recognized as a leading exporter of tools from China, focusing on product innovation and global operations, which positions it well for long-term market share growth [4] Summary by Sections Trade Relations and Tariff Changes - The recent U.S.-China trade talks resulted in a substantial reduction of tariffs from 125% to 34%, with a temporary pause on some tariffs, which is expected to benefit the company's tool segment [2] - The effective tax rate for exports to the U.S. has decreased significantly, allowing for potential price adjustments in the North American market [2] Capacity Expansion and Pricing Strategy - The company has accelerated the establishment of overseas production capacity, particularly in Southeast Asia, to counteract tariff pressures, with 23 production bases globally as of 2024 [3] - The company has begun to implement price increases to pass on tariff costs to downstream customers, starting in Q2 2025 [3] Market Position and Financial Projections - The company is projected to achieve a net profit of 2.635 billion yuan in 2025, with a corresponding PE ratio of 11.91x, indicating strong growth potential [4][6] - The global market share for hand tools is expected to reach 6.1% in 2024, with a long-term outlook for further increases as global supply chains are restructured [4]