证券研究报告 | 行业定期报告 2025 年 06 月 15 日 豆包大模型 1.6 性价比大幅提升，稳定币持续催化 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.5 | | 总市值（十亿元） | 3341.7 | 3.9 | | 流通市值（十亿元） | 2940.9 | 3.7 | 行业指数 % 1m 6m 12m 绝对表现 -2.9 -5.5 51.4 相对表现 -2.1 -3.7 41.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Jun/24 Oct/24 Jan/25 May/25 (%) 计算机 沪深300 相关报告 1、《海外 AI 推理需求大幅提升，稳 定币迎来快速发展——计算机周观察 20250608》2025-06-08 计算机周观察 20250615 TMT 及中小盘/计算机 火山引擎 Force 原动力大会在北京召开，豆包大模型 1.6 正式发布，新一代模 型性能大幅提升，价格仅为原来三分之一，关注 AI Agent 产业链。香港《稳定 币条例》将于 8 月 1 日正式生效，蚂蚁国际计划 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Ousheng Electric, is a leading player in the air power equipment sector, focusing on air compressors and expanding into pneumatic tools and cleaning devices. The company has established a strong presence in the U.S. market over the past 15 years and is transitioning from an OEM to a solution provider [4][14]. - Revenue growth is expected to rebound significantly in 2024, with a projected increase of 45%, reaching 1.8 billion RMB, driven by new product categories and a recovery in inventory levels in the U.S. tool industry [4][27]. - The company has a robust competitive edge through established relationships with major retailers like Walmart and Lowe's, and it is enhancing its product offerings with high-margin products [4][51]. Summary by Sections Company Overview - Ousheng Electric specializes in air power equipment, including air compressors and wet/dry vacuum cleaners, and is also venturing into smart care robots. The company has developed core technologies since its establishment in 2009 and has seen significant growth in sales to major U.S. retailers since 2015 [4][14][19]. Revenue Performance - The company experienced a doubling of revenue before 2021, reaching 1.3 billion RMB. However, revenue stagnated in 2022-2023 due to high inventory levels in the U.S. tool industry. A recovery is anticipated in 2024, with revenue expected to grow by 45% [4][27]. Profitability Analysis - The gross margin is projected to recover from 2022 to 2024, primarily due to a shift towards higher-margin products and a decrease in raw material costs. The gross margins for vacuum cleaners and air compressors are approximately 40% and 25%, respectively, with net profit margins expected to rise from 8.8% in 2021 to 14% in 2024 [4][30]. Market Position and Competitive Advantage - Ousheng Electric is a leader in the North American air compressor market, with a strong focus on pneumatic tools. The company benefits from established relationships with major retailers and a commitment to R&D, with a research expense ratio of around 5% [4][51]. Product Categories and Growth Potential - The company has seen rapid growth in its wet/dry vacuum cleaner segment, with a significant portion of sales coming from brand authorization agreements. The revenue from this segment is expected to exceed 900 million RMB in 2024, accounting for over half of total revenue [4][27]. - The service robot segment is also poised for growth, with the market for elderly care robots in China projected to grow at a CAGR of around 15% over the next five years [4][30]. Future Outlook - The company anticipates continued revenue growth of 41%, 27%, and 27% for the years 2025 to 2027, respectively, with net profits expected to reach 346 million RMB in 2025 [4][5].

Investment Rating - The report maintains a "Strong Buy" rating for Chow Tai Fook [4][8] Core Views - Chow Tai Fook's FY25 revenue was HKD 89.66 billion, down 17.5% year-on-year, with a net profit of HKD 5.92 billion, down 9.0% year-on-year. The company plans to pay a dividend of HKD 0.52 per share, with a payout ratio of 87.8% [2][8] - The company is expected to see net profit growth of 20%, 15%, and 12% for FY2026, FY2027, and FY2028, respectively, with projected net profits of HKD 7.09 billion, HKD 8.17 billion, and HKD 9.15 billion [8] Summary by Sections Financial Performance - Chow Tai Fook's FY25 revenue breakdown shows mainland China revenue at HKD 74.56 billion, down 16.9%, while Hong Kong and Macau revenue was HKD 15.10 billion, down 20.6%. Same-store sales in mainland China decreased by 19.4% [2][3] - The company's gross margin improved to 29.5%, up 5.5 percentage points year-on-year, benefiting from rising gold prices and an increase in the proportion of fixed-price gold products [8][12] Store Operations - As of the end of FY25, Chow Tai Fook had a total of 6,423 stores, with a net closure of 892 stores during the year. The company continues to focus on improving operational quality by closing underperforming stores [3][8] Market Outlook - The report indicates that retail sales and same-store sales have shown signs of improvement in April and May 2025, with overall retail value down 1.7% and same-store sales in mainland China down 2.7% [8][12] - The company is expected to continue its strategy of opening new flagship stores in key markets like Hong Kong and Shenzhen to enhance brand influence [3][8]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company is undergoing a sales transformation focused on academic marketing, which, despite short-term performance pressures, is expected to enhance the overall marketing system [7]. - The value of the company's R&D pipeline is becoming evident, with multiple products in traditional Chinese medicine, chemical drugs, and biological drugs entering clinical trials or receiving approvals [7]. - The acquisition of China New Medicine in 2024 enhances the company's R&D capabilities in the biopharmaceutical sector, particularly in metabolic and neurological diseases [7]. Financial Data and Valuation - Total revenue for 2023 is reported at 4,868 million, with a projected decline to 3,898 million in 2024, followed by a recovery to 4,314 million in 2025 [2][10]. - The net profit attributable to the parent company is expected to decline from 537 million in 2023 to 392 million in 2024, before rebounding to 443 million in 2025 [8][10]. - The company’s R&D expenditure is projected to be 6.38 billion in 2024, representing a 16.4% R&D expense ratio, which is among the highest in the traditional Chinese medicine industry [7]. Sales and Marketing Strategy - The company has initiated an academic marketing model transformation, which includes the "Doctor Pan Project" aimed at enhancing compliance in sales operations [7]. - A refined sales strategy is being implemented, focusing on product characteristics and therapeutic areas, with a notable reduction in sales expenses by 20.7% in 2024 [7]. R&D Pipeline - As of Q1 2025, the company has several products in various stages of development, including 4 innovative traditional Chinese medicine drugs and 4 chemical drugs in clinical trials [7]. - The company has received clinical approval for two of its self-developed biological drugs in 2024, targeting multiple myeloma and psoriasis [7]. Future Projections - The company is expected to achieve net profits of 4.4 billion, 5.3 billion, and 6.3 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.0%, 20.2%, and 18.4% [7][8].

证券研究报告 | 公司深度报告 2025 年 06 月 10 日 影石创新（688775.SH）新股分析 产品创新、技术引领，打造世界一流智能影像品牌 TMT 及中小盘/电子 影石创新（688775.SH）是全球全景相机龙头，产品线逐步向运动相机、云台、 穿戴相机等领域延拓，且具备飞行控制技术储备，同时刚开始推出软件业务。 我们看好公司在智能影像设备领域的核心卡位、产品创新、技术引领和长线空 间。随着募投项目进一步扩充产能，将打开公司未来成长空间，考虑到公司智 能影像设备品牌的稀缺性和业务成长性，建议上市后重点关注。 发行数据 | 发行前总股本（百万） | 360 | | --- | --- | | 新发行股数（百万） | 41 | | 老股配售（百万） | - | | 发行后总股本（百万） | 401 | | 发行价（元） | 47.27 | | 发行市盈率（倍） | 20 | | 发行日期 | 2025-05-30 | | 上市日期 | 2025-06-11 | 主要股东 | | 持股比例 | | --- | --- | | 北京岚锋创视网络科技有限公 | 26.88% | | 司 | | | EARN ...

证券研究报告 | 行业定期报告 2025 年 06 月 10 日 游戏板块估值有望修复，心动公司新游《伊瑟》已上线 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业上涨了 2.52%，在所有行业中排名第 7 位，传媒板块 年初到现在上涨了 7.98%，排名所有板块第 5 名。近期，我们继续坚定看好 传媒和游戏板块，我们的推荐逻辑如下：1 游戏和传媒就是最好的新兴消费 板块之一。相对于传统消费，新兴消费我们认为要更加符合：让用户产生快 乐和热爱，且不打价格战。比如苏超，周杰伦，LADY GAGA 演唱会，黑悟空 游戏，泡泡玛特拉布布，哪吒衍生品，王者荣耀的皮肤，迪士尼琳娜贝儿等 等，游戏和传媒很多公司正在承载着新兴消费的大部分需求，游戏和传媒的 估值在新兴消费里仍然是估值洼地，近期港股传媒公司乐华，巨星，阿里影 业，猫眼，云音乐等纷纷大涨，我们认为是传媒游戏估值修复的开始；2 海 外 ...

证券研究报告 | 债券定期报告 2025 年 06 月 10 日 关注科技板块转债机会 可转债策略周报（0603-0606） 成交久期缩短，收益率回落 一、一周行情回顾：转债市场随权益市场上涨 截至上周五，万得全 A 指数收于 5,156.21 点，一周上涨 1.61%；上证指数收于 3,385.36 点，一周上涨 1.13%；中证转债收于 433.92 点，一周上涨 1.08%；可 转债正股指数收于 1,855.59 点，一周上涨 2.39%。 权益市场方面，上证指数放量上涨。上周主要股指均上涨，其中创业板指领涨。 节奏上，周二到周四各指数持续上涨，周五小幅回调。分行业看，通信、有色 金属、电子、综合和计算机行业表现较好，家用电器、食品饮料、交通运输、 煤炭和钢铁行业跌幅领先。 转债行情方面，上周中证转债指数上涨，成交量转为增长。上周 AA-及以下级 别转债、小盘转债、高价转债表现相对占优。分行业看，轻工制造、有色金属、 计算机、家用电器和电子行业转债表现相对较好，银行、钢铁、商业贸易、建 筑材料和国防军工行业转债涨幅落后。个券层面，金陵转债（轻工制造）、亿 田转债（家用电器）、京源转债（公用事业）、华体转 ...

证券研究报告 | 行业联合报告 2025 年 06 月 09 日 深蓝之钥：解锁海洋未来，布局深海科技核心资产 ——深海科技专题报告（一） 2025 年《政府工作报告》首次将"深海科技"列为战略性新兴产业重点领域， 明确提出推动其安全健康发展，培育海洋新质生产力，成为对标"商业航天"、 "低空经济"的重要新域新质方向。目前全球深海科技领域正处于高速发展阶 段，根据测算，全球深海科技市场规模将于 2025 年突破 5000 亿美元，年均增 长率达到 15%以上。 ❑ 产业链及代表企业标的： ❑ 风险提示：政策落地不及预期、主观预测存在偏差、产业发展不及预期。 行业联合报告 | 张夏 | S1090513080006 | | --- | --- | | zhangxia1@cmschina.com.cn | | | 王超 | S1090514080007 | | wangchao18@cmschina.com.cn | | | 李昊阳 | S1090524120005 | | lihaoyang1@cmschina.com.cn | | | 吴洋 | S1090523080001 | | wuyang2@cmsc ...

证券研究报告 | 策略定期报告 2025 年 06 月 9 日 火山引擎力推 AI 云原生变革，苹果 WWDC 开启系统新生态 ——全球产业趋势跟踪周报（0609） 本周产业趋势集中在国内外的科技巨头的产品大会。国内方面，火山引擎原动 力大会将于本月 11 日-12 日在北京举行，核心聚焦大模型与 AI 云原生等尖端 领域。国外方面，苹果 WWDC 全球开发者大会将于 6 月 10 日举行，苹果或将 打破沿用多年的数字序列命名传统，全面转向更具时代感的年份后缀体系，新 一代苹果系统也将从感官体验、产品融合、人工智能创新等角度来综合提高用 户的操作效率和使用体验。政策端方面，上周围绕整治汽车行业"内卷式"竞 争密集发布政策信号，商务部与全国工商联相继表态，提出以高质量发展为导 向，抵制价格战乱象，加强汽车消费市场政策引导，促进行业健康发展 ❑ 风险提示：经济数据不及预期，政策理解不全面，海外政策超预期收紧。 定期报告 相关报告 1.《 国产创新药企业迎来 Lisence out 新 机 会 、 Computex 2025 关注六大亮 点和四大方向，谷歌 AI 生态 全面升级——全球产业趋势 跟踪周报（0526） ...

证券研究报告 | 行业定期报告 2025 年 06 月 09 日 印度钾肥大合同落地，建议关注化工新材料及涨价题材 招商化工行业周报 2025 年 6 月第 2 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 6 月第 2 周化工板块（申万）上涨 2.61%，上证 A 指上涨 1.14%，板块领先 大盘 1.47 个百分点。涨幅排名前 5 的个股分别为：联化科技（+53.11%）， 领湃科技（+34.39%），科恒股份（+31.13%），利民股份（+20.7%），奥 克股份（ +20.48% ）；跌幅排名前 5 的个股分别为：同大股份（ - 13.64%），恒天海龙（-11.44%），渝三峡 A（-9.02%），红宝丽（- 8.5%），安纳达（-7.95%）。此外，本周化工板块（申万）动态 PE 为 24.58 倍，低于 2015 年来的平均 PE 9.86%。 细分子行业走势 6 月第 2 周化工行业 18 个子行业上涨，12 个子行业下跌。上涨子行业前五 是：农药（ +7.51% ），民爆用品（ +4.4% ），氟化工及制冷剂 （+3.99 ...