Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 757 million yuan in 2024, a decrease of 66% year-on-year; the net profit excluding non-recurring items was 603 million yuan, down 72% year-on-year [2][4]. - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a decline of 47% year-on-year and 36% quarter-on-quarter; the net profit excluding non-recurring items was 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The lithium segment's revenue for the year was 3.129 billion yuan, down 26% year-on-year, accounting for 58% of total revenue; gross profit was 583 million yuan, representing 33% of total gross profit, with a gross margin of 18.62%, down 39.15 percentage points year-on-year [10]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, up 24% year-on-year, accounting for 26% of total revenue; gross profit was 1.092 billion yuan, representing 62% of total gross profit, with a gross margin of 78.29%, up 13.91 percentage points year-on-year [10]. - The company’s lithium salt production reached 43,700 tons, an increase of 138% year-on-year, while sales volume was 42,600 tons, up 145% year-on-year [10]. Business Outlook - The company is focusing on expanding its lithium, copper, and cesium/rubidium business segments while exploring opportunities in gallium and germanium [10]. - The company is advancing capacity expansion in the lithium segment and actively pursuing a 30,000-ton lithium salt production line in Africa [10]. - In the copper segment, the Kitumba project has potential for continuous resource increase, with plans for 3.5 million tons of raw ore production and 60,000 tons of copper smelting capacity [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][6]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][6]. - The company’s potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [12]. Summary by Sections Financial Performance - The company achieved total revenue of 15.134 billion yuan in 2024, with a gross profit of 7.848 billion yuan, representing a gross margin of 52% [15]. - The potassium fertilizer segment accounted for 77% of total revenue, while lithium accounted for 20% [12]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [12]. Market Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production with a 40,000-ton lithium salt project expected to commence in 2025 [12]. - The entry of a state-owned enterprise, WISCO, is anticipated to enhance the company's long-term development potential through system upgrades and resource integration [12]. Shareholder Returns - The company has a robust cash position and stable earnings from its potassium fertilizer business, leading to expectations for future dividends [12].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 建行采购国产服务器，金融行业信创有望加速 报告要点 [Table_Summary] 2025 年 5 月 26 日，中国建设银行股份有限公司发布《服务器采购项目》中标公示，中标结果 涉及到鲲鹏芯片服务器、海光芯片服务器两大类，总金额超 44 亿元。2025 年至 2027 年被视 为信创升级的关键窗口期，此次建行的大额招标，或为金融行业树立关键标杆。随着信创政策 的进一步推进，预计未来将有更多的金融机构进行国产化替代。建议关注 1）国产芯片服务器 厂商，重点推荐华为服务器产业链龙头；2）国产 CPU 芯片厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025 年 5 月 26 日，中国建设银行股份有限公司发布《服务器采购项目》中标公示，中标结果 涉及到鲲鹏芯片服务器、海光芯片服务器两大类，总金额超 44 亿元。 事件评论 丨证券研究报告丨 2025-05-27 行 ...

行业研究丨深度报告丨环保 [Table_Title] 垃圾焚烧企业拓展供热成效显著，潜在利润增量 几何？ [Table_Summary] 为应对国补退坡，规避垃圾处理费调整不及时造成业绩压力的风险，较多垃圾焚烧公司自主增 加供热业务，在发电基础上，利用余热蒸汽向周边工业园区或企业供热。测算基准情形下，用 于供热的垃圾单吨利润增加 75 元，单吨供热利润增加 38 元。若供热比达到 30%（供热比=供 热量/垃圾量），绿色动力/永兴股份/三峰环境/旺能环境/伟明环保/瀚蓝环境利润增量相较于 2024 年弹性有望达到 22.7%/11.3%/10.9%/ 9.7%/ 5.1%/ 5.0%。关注垃圾焚烧板块性配置机 会。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SFC：BUV415 SFC：BUZ393 李博文 盛意 SAC：S0490524080004 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 为应对国补退坡，规避垃圾处理费 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [12]. Core Insights - In the first quarter, insurance funds increased allocations to stocks and bonds while reducing allocations to funds, driven by the industry's own allocation needs, policy guidance, and changes in accounting standards [3]. - The insurance fund scale continues to grow rapidly, reaching 34.9 trillion yuan by the first quarter of 2025, a year-on-year increase of 16.7%, although this is a decrease from the 18.1% growth seen in 2024 [8]. - The allocation of insurance funds is shifting towards long-term investments, with policies encouraging a more sustainable investment approach [11]. Summary by Sections Insurance Fund Allocation Characteristics - In the first quarter, the proportion of bonds increased from 50.3% to 51.2%, while stocks rose from 7.6% to 8.4%. Long-term equity investments also saw an increase from 7.8% to 8.3% [9]. - The allocation to funds decreased from 4.9% to 4.7%, likely due to new financial instrument regulations [9]. Sector Preferences - Insurance funds are heavily invested in the banking sector, which remains the largest sector allocation, increasing by 0.4 percentage points. Transportation and telecommunications sectors also saw increases in allocations [10]. - Conversely, allocations to food and beverage, public utilities, and energy sectors were reduced [10]. Future Outlook - The decline in liability costs is expected to favor the allocation of insurance funds to equity assets, as the requirement for returns on risk assets will decrease [11]. - Recent policies have aimed to optimize the asset allocation structure of insurance funds, enhancing their long-term investment capabilities [11].

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

Investment Rating - The report maintains a "Positive" investment rating for the aquaculture feed industry [9]. Core Viewpoints - The current aquaculture prices are experiencing high prosperity due to alleviated supply-side pressures, leading to a year-on-year increase in the stocking volume of major species. The demand for aquaculture feed in the second and third quarters is expected to be strong. Additionally, the prices of feed raw materials have been fluctuating upwards this year, which historically suggests an acceleration in industry concentration, making the leading company, Haida Group, a favorable investment opportunity [2][4][14]. Summary by Sections Aquaculture Price Trends - After two years of inventory digestion in 2023 and 2024, the prices of major aquaculture species have rebounded to historically high levels. For instance, the price of grass carp reached 14 CNY/kg, a 25% increase from the beginning of the year. Other species like California bass and yellow catfish have also seen significant price increases, with California bass priced at 22.1 CNY/lb and yellow catfish at 15.8 CNY/lb as of May 9, 2023, both surpassing the highest prices since 2021. The overall high price environment is expected to boost feed demand [5][29]. Raw Material Price Fluctuations - The prices of aquaculture feed raw materials have shown an upward trend this year, with significant reliance on imports for key ingredients like soybean meal (83% of consumption), fish meal (81%), and rapeseed meal (16%). Historical data indicates that during years of heightened price volatility, Haida Group's market share in domestic aquaculture feed has increased. This is attributed to their superior pricing research, procurement capabilities, and financial strength to stockpile raw materials when prices are low [6][47][54]. Investment Recommendations - The report strongly recommends investing in Haida Group, highlighting several factors: the current high prices in aquaculture, a rebound in stocking volumes, and expected growth in feed demand, particularly for high-protein feeds. The company has a robust inventory of raw materials and strong pricing capabilities. Furthermore, Haida Group's overseas sales have shown a remarkable growth of 40% year-on-year in the first quarter, contributing significantly to profits. Projections for the company's main business performance are 3.9 billion CNY and 4.6 billion CNY for 2025 and 2026, respectively, with a valuation of 10 billion CNY for the breeding segment [7][55][57].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2024, the company's operating revenue is projected to reach 9 billion yuan, representing a year-on-year growth of 38%, while the net profit attributable to the parent company is expected to be 170 million yuan, a decline of 49% year-on-year [2][4] - For Q4 2024, the company anticipates operating revenue of 2.91 billion yuan, a year-on-year increase of 64%, but a net loss attributable to the parent company of 19.12 million yuan, a decline of 158% year-on-year [2][4] - In Q1 2025, the company expects operating revenue of 2.292 billion yuan, a year-on-year growth of 35%, with a net loss attributable to the parent company of 15 million yuan, a decline of 118% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a significant revenue increase due to successful new channel expansions, with a notable contribution from the acquisition of Tongtuo Technology, which added 1.31 billion yuan to revenue [11] - The net profit decline is attributed to inventory impairment and increased investments in new channels, with the net profit from Yibai Network decreasing by 28% year-on-year [11] - Q4 2024 saw a net loss due to high inventory levels and increased sales expenses, with a gross margin decline of 3.5 percentage points [11] - Q1 2025 continues to face pressure on profits, but inventory levels are decreasing, indicating potential for improved profitability in the future [11] Future Outlook - The company is expected to alleviate inventory pressure in Q1 2025, which may lead to improved profitability moving forward [11] - The management is implementing more refined strategies for new channel investments, which could gradually reduce expense ratios as scale effects materialize [11] - Forecasted net profits for the company are projected to be 320 million yuan, 380 million yuan, and 490 million yuan for 2025, 2026, and 2027 respectively [11]

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 9 之 VF FY2025Q4 经营跟踪：整体 表现承压，Q1 收入预期下滑 报告要点 [Table_Summary] FY2025（2024/3/31-2025/3/29）VF 实现营收 95.0 亿美元，固定汇率下同比-4%，基本符合预 期（彭博一致预期 95.6 亿美元），毛利率同比+1.9pct 至 53.5%。其中 Q4 实现营收 21.4 亿美 元，固定汇率下同比-3%，符合下滑 2%-4%的指引预期，毛利率同比+5.5pct 至 53.3%主因材 料成本下降、折扣减少及库存质量提升。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]9 之 VF FY2025Q4 经营跟踪：整 体表现承压，Q1 收入预期下滑 [ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][4]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][4]. - The company's potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [10]. Summary by Sections Financial Performance - For 2024, the total revenue was 15.134 billion yuan, with a gross profit of 7.848 billion yuan, resulting in a gross margin of 52% [15]. - The company achieved a potassium chloride production of 4.96 million tons, a year-on-year increase of 1%, while sales volume decreased by 17% to 4.6728 million tons [10]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [10]. Q4 Performance - In Q4 2024, the company produced 1.46 million tons of potassium chloride, a quarter-on-quarter increase of 17%, and sold 1.5072 million tons, a quarter-on-quarter increase of 62% [10]. - The gross margin for Q4 was 46.05%, with a net margin of 32.37% [10]. Future Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production in 2025 with the launch of a 40,000-ton lithium salt project [10]. - The entry of a state-owned enterprise as a major shareholder is anticipated to enhance the company's long-term growth potential through structural upgrades and resource integration [10].