Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to see upward trends in Q2 driven by strong order demand, structural optimization, and price increases in line with industry trends [6]. - The company’s S8/S9 materials are gaining market share among overseas clients, enhancing the revenue contribution from high-speed materials [6]. - The outlook for the next few years is positive, with expectations of continued growth driven by AI computing needs and high-end material demand [6]. Summary by Sections Current Stock Price and Market Data - Current stock price is 26.2 CNY - Total shares outstanding: 2,429 million - Total market capitalization: 63.6 billion CNY - Circulating market capitalization: 62.1 billion CNY - Net asset value per share: 6.4 CNY - Return on equity (ROE): 12.2% - Debt-to-asset ratio: 39.2% [2]. Financial Performance and Projections - Revenue projections for 2025 are set at 250.6 billion CNY, with a year-on-year growth of 23% - Net profit for 2025 is projected to be 27.0 billion CNY, also reflecting a 55% increase from the previous year - The company’s PE ratios are forecasted to be 23.6, 18.3, and 15.0 for 2025, 2026, and 2027 respectively [7][10]. Market Trends and Competitive Position - The report highlights that the demand for high-speed CCL (Copper Clad Laminate) is expected to remain strong due to AI computing infrastructure developments - The company is positioned to benefit from a tight supply-demand balance in high-end CCL, with expectations of increased market share among key clients [6]. - The company’s ability to manage supply chain challenges, particularly in raw materials like glass cloth, is noted as a competitive advantage [6].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company plans to acquire 100% of the French GMD Group, which is expected to accelerate its global capacity and automotive electronics business layout [6]. - The acquisition is valued at approximately €100 million and will involve a diversified debt restructuring plan [6]. - GMD Group is a leading automotive electronics manufacturer in France, with revenues exceeding €1 billion and a focus on parts for passenger and commercial vehicles [6]. - The acquisition is anticipated to enhance the company's market share in the automotive parts sector and establish a presence in Europe, leveraging GMD's influence to expand its global automotive client base [6]. - The company expects significant profit elasticity from the acquisition due to debt restructuring benefits and improving operational trends in GMD's business [6]. - The report highlights potential growth driven by AI-related upgrades in products for key clients and a recovery in demand for new energy vehicles [6]. Financial Data and Projections - The company forecasts revenue growth from ¥336.51 billion in 2023 to ¥498.31 billion in 2027, with a compound annual growth rate (CAGR) of approximately 10% [7][15]. - The projected net profit is expected to increase from ¥19.65 billion in 2023 to ¥43.81 billion in 2027, reflecting a significant recovery after a dip in 2024 [7][15]. - Earnings per share (EPS) are projected to rise from ¥1.15 in 2023 to ¥2.57 in 2027, indicating a strong growth trajectory [7][15]. - The report anticipates a decrease in the company's debt-to-asset ratio from 59% in 2023 to 45.6% in 2027, suggesting improved financial stability [15]. Market Performance - The company's stock has shown a 20% increase over the past month, while it has experienced a 4% decline over the past six months, and an 84% increase over the past year [4]. - The current stock price is ¥28.49, with a market capitalization of ¥48.6 billion [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Insights - In 2024, the company achieved a revenue of 1.391 billion yuan, a year-on-year increase of 15.22%, and a net profit attributable to shareholders of 66.114 million yuan, up 19.38% year-on-year [1][4] - The company's non-recurring net profit saw a significant increase of 51.21% year-on-year, reaching 44.381 million yuan [1] - The first quarter of 2025 showed a revenue of 344 million yuan, reflecting an 8.67% year-on-year growth, with a net profit of 28.539 million yuan, up 3.20% year-on-year [1] Financial Performance - The company reported a gross margin of 15.88% in 2024, an increase of 0.51 percentage points year-on-year, and a net margin of 4.75%, up 0.17 percentage points year-on-year [4] - The revenue from high-temperature alloys reached 897 million yuan, a year-on-year increase of 23.96%, with a production volume of 4,013.71 tons, up 28.28% year-on-year [4] - The aerospace sector generated 435 million yuan in revenue, a 46.64% increase year-on-year, while the gas turbine sector saw a revenue increase of 67.34% to 267 million yuan [4] International Expansion - The company is actively expanding its international presence, with overseas revenue reaching 262 million yuan, a remarkable year-on-year increase of 167.84% [4] - The establishment of production bases in Singapore and Malaysia is underway, with land transaction contracts signed for the Malaysian facility [5] Future Projections - The company forecasts net profits of 99 million yuan, 129 million yuan, and 162 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 31, and 25 [5][6] - Revenue is expected to grow to 1.75 billion yuan in 2025, reflecting a 26% year-on-year increase [6]

Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company is actively expanding its energy business, with continuous growth in power transmission and transformation equipment [7][18] - The impact of silicon material business is gradually weakening, while multiple business segments show positive developments [26] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenues of 97.87 billion yuan, with a net profit attributable to shareholders of 4.14 billion yuan, reflecting a year-on-year decline of 0.35% and 61.37% respectively [11][40] - The first quarter of 2025 showed revenues of 23.38 billion yuan, with a net profit of 1.60 billion yuan, indicating a year-on-year decline of 0.77% and 19.74% respectively [11] - The overall gross margin decreased by 9.4 percentage points to 18.2% in 2024, with a slight increase in expense ratio [7][11] Energy Business Expansion - The coal business is operating steadily, with a total approved production capacity of 74 million tons, achieving full production and sales in 2024, generating revenues of 19.26 billion yuan, a year-on-year increase of 5.7% [18] - The company's power generation capacity reached 8.78 GW by the end of Q1 2024, with significant contributions from thermal and renewable energy projects [18] Power Transmission and Transformation Equipment - The revenue from transformers and electrical equipment reached 22.36 billion yuan in 2024, a year-on-year increase of 20.98%, while cable revenue was 15.69 billion yuan, up 15.81% [24] - The domestic market for the power transmission industry signed contracts worth 49.1 billion yuan, reflecting a year-on-year growth of 21.4% [24] Silicon Material Business - The company produced 198,800 tons of high-purity polysilicon in 2024, with sales of 199,200 tons, but faced significant losses due to price declines [26] - The company has adjusted its production lines to operate at lower levels, expecting the impact of the silicon material business to gradually diminish [26] Future Outlook - The company is projected to achieve a net profit attributable to shareholders of 5.6 billion yuan in 2025, maintaining the "Buy" rating based on its long-term energy advantages [7][8]

证券研究报告 | 策略专题报告 2025 年 05 月 13 日 中美经贸会谈联合声明解读 ❑ 风险提示：美国关税政策存在反复、海外地缘政治风险超预期。 点评报告 相关报告 ——招商研究联合点评 5 月 12 日，中美日内瓦经贸会谈联合声明发布，双方承诺将于 2025 年 5 月 14 日前修改初始加征的从价关税，其中，24%的关税在初始的 90 天内暂停实施， 同时保留按该行政令的规定对这些商品加征剩余 10%的关税，暂停或取消后续 的加征关税或非关税反制措施。此次关税谈判取得的乐观成果大超市场预期。 ❑ 金属观点：铜：是当下基本面最强的工业金属；铝：4 月 8 日之后，铝价和 相关股票普遍基本无反弹，随着美国关税的逐步缓和，消费的忧虑缓和，市 场将逐步重视供应的刚性问题。钨：4 月钨配额减量发布后，钨价持续上涨， 不受关税政策影响。金：避险情绪降温，金价短期承压，若有效跌破 3200 美 元支撑位，3000 美元附近或为金价较坚实底部。美元看涨核心逻辑去美元化 逻辑未变，中长线持续看涨黄金价格。 | 张夏 | S1090513080006 | | --- | --- | | zhangxia1@cmsch ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target valuation of 24 times earnings for 2025, reflecting a positive outlook for recovery in performance [1][6]. Core Insights - The company is expected to see a turnaround in its performance, with projected net profit of 700 million yuan in 2025, following a stabilization in revenue in Q1 2025 after a challenging 2024 [1][6]. - The dual-brand strategy is showing early signs of effectiveness, particularly with the increase in the mid-to-high-end segment of electric shavers and the iterative upgrades in high-speed hair dryers [1][6]. Financial Performance Summary - In 2024, the company reported total revenue of 4.147 billion yuan, a decrease of 18.03% year-on-year, and a net profit of 458 million yuan, down 55.10% year-on-year [5][6]. - The Q4 2024 results showed a revenue of 826 million yuan, a decline of 22.47% year-on-year, marking the first quarterly loss in net profit at -6.736 million yuan [5][6]. - For Q1 2025, revenue showed a slight decline of 1.5% year-on-year, with a marginal increase in net profit of 0.5% [5][6]. Product and Brand Strategy - The main brand, Feike, saw a revenue decline of 22% in 2024, while the sub-brand, Borui, experienced a revenue growth of 1.55% [5][6]. - The company is focusing on product innovation to drive premiumization, with mid-to-high-end products accounting for 60.78% of sales, an increase of 9.83 percentage points year-on-year [5][6]. - The introduction of differentiated products, such as the "dual electric drive" portable shaver, aims to enhance the brand's image in the high-end market [5][6]. Financial Projections - The company is projected to achieve net profits of 660 million yuan in 2025, 839 million yuan in 2026, and 997 million yuan in 2027, with corresponding PE ratios of 24, 19, and 16 respectively [6][14]. - Revenue is expected to recover to 5.002 billion yuan in 2025, with a growth rate of 21% compared to 2024 [6][14].

Investment Rating - The report initiates coverage with a "Strong Buy" investment rating for the company [1][8][67] Core Insights - The company is undergoing a transformation focused on brand upgrading, product refinement, and category expansion, which is expected to yield significant results by 2025, with a projected 48% increase in net profit to 430 million yuan [1][8][67] - The company has successfully navigated economic cycles and is positioned to benefit from new consumption trends and improved profit margins due to policy support and platform adjustments [1][8][67] Financial Data and Valuation - The current stock price is 46.56 yuan, with a total market capitalization of 7.3 billion yuan and a PE ratio of 17 [4][67] - Projected revenues for 2025 are expected to reach 5.475 billion yuan, with a net profit of 430 million yuan, reflecting a 48% year-on-year growth [9][64][67] Brand and Product Strategy - The company has shifted its brand positioning to appeal to younger consumers, focusing on creative small appliances that meet the needs of the Z generation [13][16] - The product strategy emphasizes premiumization and essentiality, with a reduction in SKU count by 35% from 2022 to 2024, leading to improved average selling prices [19][21][22] Channel Strategy - The company is enhancing its omnichannel approach, with significant growth in social e-commerce and a focus on expanding its offline presence [48][53] - The acquisition of Roman Smart is expected to bolster the company's global presence and product offerings in the personal care segment [54][59] Profitability Forecast - The company anticipates a recovery in profitability, with net profit margins expected to improve from 5.7% in 2024 to 8.1% in 2025 [64][67] - The forecasted net profits for 2025, 2026, and 2027 are 430 million yuan, 500 million yuan, and 570 million yuan, respectively, indicating a strong growth trajectory [64][67]

证券研究报告 | 公司点评报告 2025 年 05 月 13 日 石头科技（688169.SH） 模式变革加快，市占规模优先 消费品/家电 石头经历渠道模式调整后，24Q4-25Q1 收入进入爆发式增长，研发投入加大， 推动新品持续放量，同时国内外市场齐头并进，线上线下渠道扩张推动市占领 先战略落地。当前估值 20 倍，维持"强烈推荐"评级。 强烈推荐（维持） 股价表现 % 1m 6m 12m 绝对表现 10 -8 -35 相对表现 6 -1 -40 资料来源：公司数据、招商证券 -60 -40 -20 0 20 May/24 Aug/24 Dec/24 Apr/25 (%) 石头科技 沪深300 相关报告 1、《石头科技（688169）—业绩快报 收入大超预期，AI+机械手重构清洁想 象》2025-03-04 2、《石头科技（688169）—更积极的 投入，更强的决心，盈利暂有承压》 2024-11-02 3、《石头科技（688169）—业绩增长 符 合 预 期 ， 海 外 持 续 扩 张 》 2024-09-03 | 史晋星 S1090522010003 | | --- | | shijinxing@cm ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The weekly economic index declined, with the China Weekly Economic Index (WEI) at 5.2%, down 0.2 percentage points from the previous value. The production sub - index decreased while the demand sub - index increased, and the supply - demand gap widened [1]. - Production showed a downward trend, with a decline in the 4 - week moving average year - on - year of rebar production and a significant drop in the automobile semi - steel tire operating rate [1]. - Infrastructure high - frequency indicators remained flat, with a slight decline in cement shipping and grinding rates and a slight increase in the petroleum asphalt plant operating rate [1]. - The growth rate of commercial housing sales slowed down, and the floor area of land transactions in 100 large and medium - sized cities decreased significantly [2]. - Consumption increased, with improvements in movie box office and domestic flight execution numbers, but a slight decline in the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [2]. - Exports decreased, as indicated by the sharp decline in South Korea's export year - on - year in early May and the drop in shipping freight rate indices [2]. - The price of pork increased, while the overall agricultural product wholesale price index decreased slightly. Industrial product prices generally declined [3]. 3. Summary by Directory 3.1 Weekly Economic Index - The WEI was 5.2%, down 0.2 percentage points from the previous value. The production sub - index was 5.0%, down 0.6 percentage points, and the demand sub - index was 5.8%, up 0.3 percentage points. The supply - demand gap was 0.8%, up 0.9 percentage points [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was 2.4%, down 3.4 percentage points. The blast furnace operating rate was 84.6%, up 0.2 percentage points. The automobile semi - steel tire operating rate was 58.4%, down 14.0 percentage points. The 4 - week moving average year - on - year of the average daily coal consumption of coastal power plants was 1.1%, down 0.9 percentage points [1]. 3.3 Infrastructure - The cement shipping rate was 39.3%, down 1.2 percentage points. The cement mill operating rate was 41.7%, down 1.8 percentage points. The petroleum asphalt plant operating rate was 28.8%, up 0.5 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities was - 8.1%, up 4.3 percentage points. The 4 - week moving average year - on - year of the floor area of land transactions in 100 large and medium - sized cities was - 17.4%, down 15.8 percentage points [2]. 3.5 Consumption - The 4 - week moving average year - on - year of movie box office was - 43.0%, up 0.8 percentage points. The 4 - week moving average year - on - year of domestic flight execution numbers was 4.2%, up 1.0 percentage points. The 4 - week moving average year - on - year of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 2.6%, down 0.2 percentage points [2]. 3.6 Exports - South Korea's export year - on - year in early May was - 23.8%, down 43.1 percentage points from late April. The 4 - week moving average year - on - year of the Shanghai Export Containerized Freight Index (SCFI) was - 33.6%, down 5.5 percentage points. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 28.9%, down 4.6 percentage points [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index was - 2.6%, down 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of pork was 1.5%, up 0.3 percentage points. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 5.9%, down 2.3 percentage points [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 9.4%, down 0.3 percentage points. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 24.8%, up 1.1 percentage points. The 4 - week moving average year - on - year of the rebar price was - 12.7%, down 0.9 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 21.3%, down 2.0 percentage points. The 4 - week moving average year - on - year of the cement price index was 15.8%, down 1.9 percentage points [3].

证券研究报告 | 行业深度报告 2025 年 05 月 13 日 猪价淡季不淡，上市猪企实现扭亏 生猪养殖行业 2024 年报以及 25Q1 一季报总结 消费品/农林牧渔 25Q1，猪价整体淡季不淡、饲料价格下降、仔猪占比提升共同推动上市猪企 实现扭亏，而行业商品猪养殖成本方差仍大，优质猪企 25 年仍有望凭借低成 本优势获取可观利润、持续修复资产负债表。重点推荐牧原股份、温氏股份， 建议关注神农集团、东瑞股份等。 ❑ 风险提示：畜禽及粮食价格波动超预期，突发大规模不可控疾病，极端天 气，重大食品安全事件，上市公司销量/成本不达预期等。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 牧原股份 | 002714.SZ | 214.4 | 3.27 | 3.86 | 10.2 | 2.8 | 强烈推荐 | | 温氏股份 | 300498.SZ | 110.7 | 1.39 | 1.38 | 12.1 | 2.6 | 强烈推荐 ...