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]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][6][7] Core Views - The company has experienced explosive revenue growth following a channel model adjustment, with significant increases in R&D investment and new product launches, leading to a strategic focus on market share expansion both domestically and internationally [1][6] - The company achieved a total revenue of 11.945 billion yuan in 2024, representing a year-on-year increase of 38.03%, while the net profit attributable to shareholders was 1.977 billion yuan, down 3.64% year-on-year [6] - The company plans to distribute a cash dividend of 1.07 yuan per share and increase its capital reserve by 4 shares for every 10 shares held, while also significantly increasing R&D spending to 971 million yuan, up 56.93% year-on-year [6] Revenue Growth - The company’s sales volume grew by 33% in 2024, with an average price increase of 1% [6] - The company became the global leader in both sales volume and revenue for robotic vacuum cleaners in 2024, with revenue from robotic vacuum cleaners reaching 10.8 billion yuan, up 34% [6] - The company’s online retail market share for robotic vacuum cleaners increased by 3.55 percentage points to 25% in Q1 2025 [6] Market Expansion - The company is expanding its online and offline channels, with significant growth in both domestic and international markets [6] - In the domestic market, the company has introduced new products and benefited from government subsidies, leading to continued growth [6] - In the European market, the company has successfully adjusted its sales structure and returned to rapid growth after a brief decline [6] - In North America, the company has entered new retail channels, which are expected to contribute to continued growth [6] Profitability and Costs - The company’s gross margin was 44.9% in Q4 2024 and 45.5% in Q1 2025, reflecting a year-on-year decline due to warranty fee adjustments and tariff impacts [6] - The net profit margin for Q4 2024 and Q1 2025 was 10.2% and 7.8%, respectively, down 13.1 and 13.9 percentage points year-on-year [6] Product Innovation - The company has launched several new products, including the G30 Space robotic vacuum cleaner and the A30 Pro Steam floor washer, which have driven market share growth [6] - The integration of AI technology into the company’s app has enhanced its product offerings and competitive positioning [6] Financial Projections - The company is projected to achieve net profits of 2 billion yuan in 2025, 2.5 billion yuan in 2026, and 3 billion yuan in 2027, with corresponding PE ratios of 20, 16, and 13 [6][7]

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 ...

证券研究报告 | 宏观定期报告 2025 年 05 月 12 日 中美阶段性互降关税有何影响 显微镜下的中国经济（2025 年第 17 期） 频率：每周 中美阶段性互降关税将缓解短期内国内经济和政策压力并提升市场风险偏好水 平。 风险提示：地缘政治风险、国内政策落地不及预期、全球衰退及主要经济体货 币政策超预期。 定期报告 相关报告 1、《谈判的底气——宏观与大 类资产周报》2025-05-11 2、《票据融资或创新高——4 月金融数据预测》2025-05-09 3、《央国企动态系列报告之 38 ——央企盈利略有放缓，价值 创造能力保持领先优势》2025- 05-07 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 中美经贸磋商为何能达成超预期的成果？正如我们此前的报告和路演中所提 到了，中美贸易摩擦对两国的冲击是有所区别的。对美国而言，将中国排除 其供应链体系，美国供给将出现较大缺口。按照美方数据，去年自中国进口 金额占比达到 13%。而供给 ...

Investment Rating - The industry investment rating is "Recommended" indicating a positive outlook for the industry fundamentals and expected outperformance of the industry index compared to the benchmark index [3][9]. Core Insights - The US-China trade friction is expected to significantly ease, which may lead to a valuation recovery for leading OEMs in the manufacturing sector [1][7]. - Strong order stability is noted among leading manufacturers, with a focus on those with robust cross-regional capacity layout, high profit margins, quality customer structures, and strong order certainty [1][7]. Industry Overview - The industry comprises 295 listed companies with a total market capitalization of 1784.7 billion and a circulating market capitalization of 1558.7 billion [3]. - Recent performance metrics show an absolute performance of 13.1% over one month, 4.3% over six months, and 7.3% over twelve months, with relative performance of 8.8%, 10.6%, and 2.3% respectively [5]. Key Companies and Projections - **Jiuxing Holdings**: A leading manufacturer of sports fashion footwear with strong design and production efficiency, expected net profits of 190 million, 211 million, and 232 million USD for 2025-2027, corresponding to a PE of 9.5X for 2025 [7]. - **Jingyuan International**: A global leader in garment manufacturing, projected net profits of 234 million, 274 million, and 317 million USD for 2025-2027, with a current market cap corresponding to a PE of 8X for 2025 [7]. - **Shenzhou International**: A leading garment OEM with improving capacity utilization and efficiency, expected net profits of 6.61 billion, 7.25 billion, and 7.98 billion CNY for 2025-2027, corresponding to a PE of 12.5X for 2025 [7]. - **Huali Group**: A leading manufacturer of sports and leisure footwear, with projected net profits of 4.13 billion, 4.72 billion, and 5.39 billion CNY for 2025-2027, corresponding to a PE of 16X for 2025 [7]. - **Weixing Co.**: A company pursuing internationalization, benefiting from its Vietnam factory, with a current market cap corresponding to a PE of 18X for 2025 [7].

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a strong performance in Q1 2025, with revenue of 4.81 billion yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 1.4 billion yuan, up 6.5% year-on-year [1][7] - The growth in container throughput exceeded expectations, with a total cargo throughput of 177.06 million tons in Q1 2025, representing a 2.9% year-on-year increase, and container throughput of 8.22 million TEUs, up 7.2% year-on-year [7] - The company benefits from a strong regional advantage and a high proportion of profitable segments, particularly in container and liquid bulk cargo [7] Financial Data and Valuation - Total revenue projections for the company are as follows: 18.173 billion yuan in 2023, 18.941 billion yuan in 2024, and 19.6 billion yuan in 2025E, with a growth rate of -6%, 4%, and 3% respectively [2][14] - The projected net profit attributable to shareholders is 4.923 billion yuan in 2023, 5.235 billion yuan in 2024, and 5.513 billion yuan in 2025E, with growth rates of 9%, 6%, and 5% respectively [2][14] - The company’s PE ratio is projected to decrease from 11.9 in 2023 to 10.6 in 2025E, indicating a potential for valuation re-rating [2][14] Performance Metrics - The company achieved a gross profit margin of 38.6% in Q1 2025, an increase of 0.4 percentage points year-on-year [7] - The return on equity (ROE) is reported at 12.1%, which is among the highest in the industry [3][7] - The company maintains a low debt ratio of 26.0%, indicating strong financial health [3] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected to reach 5.513 billion yuan in 2025, 5.745 billion yuan in 2026, and 5.975 billion yuan in 2027 [7] - The dividend payout ratio is expected to be 40%, with corresponding dividend yields of 3.8% for A-shares and 6.1% for H-shares in 2025 [7]