Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve a revenue of 6.015 billion yuan in 2024, representing a year-on-year growth of 0.89%, while the net profit attributable to the parent company is projected to be 1.655 billion yuan, down 3.83% year-on-year. In Q4 2024, revenue reached 1.653 billion yuan, up 9.02%, and net profit was 345 million yuan, down 7.55%. For Q1 2025, revenue is expected to be 1.810 billion yuan, up 2.42%, with a net profit of 610 million yuan, up 3.59% [1][3] - The company is focusing on enhancing its brand and product offerings, particularly in the mid-to-high-end market segments, with the aim of establishing its "Jian Series" as a strategic flagship product [1] - The company has increased its marketing expenditures to support distributors and leverage its brand advantages, which is anticipated to yield positive results over time [1] Financial Summary - In 2024, the revenue breakdown by product category shows high-end liquor generating 5.681 billion yuan (up 0.06%), mid-range liquor at 6.8 million yuan (down 10.35%), and low-end liquor at 12.6 million yuan (up 33.01%). For Q1 2025, high-end liquor revenue is 1.728 billion yuan (up 3.53%), mid-range liquor at 2.1 million yuan (down 12.50%), and low-end liquor at 3.9 million yuan (down 9.00%) [1] - The company has seen an increase in the number of distributors, with 502 in the province and 517 outside the province as of 2024, reflecting a strategic focus on both local and regional markets [1] - The gross margin for 2024 is projected to be 74.59%, with a slight decrease in net profit margin to 27.52% [8] Earnings Forecast and Valuation - The revenue growth forecast for 2025 and 2026 has been slightly adjusted to 1% and 4%, respectively, with net profit growth estimates revised to 2% and 6%. The forecast for 2027 anticipates revenue and net profit growth of 5% and 7%, respectively [3] - The price-to-earnings (P/E) ratio is projected to decrease from 13.27 in 2024 to 11.45 by 2027, indicating a potential increase in valuation attractiveness over time [9]

Investment Rating - The industry rating is maintained as "Positive" [7] Core Insights - In 2024, the company achieved significant growth in white goods, with smart home appliance revenue increasing by 56.4% year-on-year, and air conditioner shipments reaching 6.8 million units, up over 50% [12][13] - The company is focusing on upgrading its product structure, particularly in the Mini LED segment, while facing challenges in maintaining market share against competitors [4][12] - The company aims to balance profitability and market share, with a strategic focus on increasing its presence in higher price segments for air conditioners [3][29] Summary by Sections Air Conditioners - The core price range for air conditioners in Q1 2025 is between 2100 and 2700 yuan, with expected volume growth elasticity greater than price growth [16] - The company's strategy for 2025 includes targeting higher price segments and creating premium products to enhance average selling price (ASP) [29] - Challenges include balancing profitability and market share, with a projected net profit margin of around 2%, which is lower than competitors [40][45] Televisions - The company is emphasizing product upgrades, with a significant increase in the online retail average price of its televisions, which rose by 82% year-on-year in Q1 2025 [4][12] - The company faces obstacles in gaining market share through price competition, as its internet profit model has been hindered by regulatory changes [4][12] Investment Recommendations - For white goods, attention should be paid to the price competition of entry-level air conditioners and the responses from traditional market leaders [5] - For black goods, focus on the company's efforts to improve profitability while navigating the evolving competitive landscape [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a recovery in demand and significant profit growth in 2025 due to the resumption of hospital bidding and the introduction of high-end products [2][4] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.7% year-on-year, while the net profit attributable to the parent company is expected to be 1.262 billion yuan, down 36.1% year-on-year [1][5] - The company is expanding its overseas market presence, with overseas revenue reaching 2.22 billion yuan in 2024, a year-on-year increase of 33.81% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.346 billion yuan, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 106% [1] - For Q1 2025, revenue is expected to be 2.478 billion yuan, a year-on-year increase of 5.4%, with net profit attributable to the parent company at 370 million yuan, up 1.9% year-on-year [1][5] Growth Potential - The company’s market share in high-end products is expected to continue to rise, with a nearly 5 percentage point increase in 2024 [2] - The introduction of innovative products such as the uLinacHalosTx precision radiotherapy system and the uMRMax next-generation 3.0T MRI is anticipated to drive growth [2] Profitability Outlook - The gross profit margin for 2024 is projected to be 48.54%, with an expected increase to 49.94% in Q1 2025 [4] - The net profit margin for 2024 is expected to be 12.06%, with an anticipated increase in 2025 due to the recovery of hospital bidding and improved operational efficiency [4] Revenue Forecast - The company’s total revenue is forecasted to be 12.251 billion yuan in 2025, representing a year-on-year growth of 18.94% [5] - The net profit attributable to the parent company is expected to reach 1.799 billion yuan in 2025, a year-on-year increase of 42.59% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is a leading player in the high-pressure cleaning machine sector, experiencing accelerated growth, while its general machinery business shows steady growth [2] - The company's revenue and profit for 2024 and Q1 2025 exceeded expectations, driven by increased orders in general power machinery and high-pressure cleaning machines [5][6] - The company is expanding its production capacity and entering the energy storage sector, which is expected to become a new growth point [5][6] Financial Performance Summary 1) Revenue & Profit: - 2024 full year revenue reached 2.25 billion, a year-on-year increase of 38.3%, with net profit attributable to shareholders at 190 million, a year-on-year increase of 3.4% [5] - Q4 2024 revenue was 680 million, a year-on-year increase of 72.5%, with net profit of 50 million, a year-on-year increase of 55.9% [5] - Q1 2025 revenue was 640 million, a year-on-year increase of 50.1%, with net profit of 60 million, a year-on-year increase of 56.3% [5] 2) Profitability: - The gross margin for 2024 was 18.1%, down 4.0 percentage points year-on-year, while the net profit margin was 8.3%, down 2.8 percentage points [5] - In Q1 2025, the gross margin improved to 20.0%, up 0.9 percentage points year-on-year, with a net profit margin of 9.0%, up 0.4 percentage points [5] 3) Expense Structure: - The total expense ratio for 2024 was 7.4%, down 0.2 percentage points year-on-year, with R&D expenses increasing due to investments in energy storage product development [5] - In Q1 2025, the total expense ratio was 7.7%, up 0.9 percentage points, primarily due to an increase in financial expenses [5] Business Segmentation - High-pressure cleaning machine business generated 1.09 billion in revenue in 2024, a year-on-year increase of 70.1%, with a gross margin of 20.6% [5] - General machinery revenue was 1 billion in 2024, a year-on-year increase of 14.2%, with a gross margin of 13% [5] - The energy storage segment generated 10 million in revenue in 2024, with a gross margin of 19.2% [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 2.87 billion, 3.76 billion, and 4.96 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of 247 million, 331 million, and 455 million [6] - The current market valuation corresponds to a PE ratio of 12.4 for 2025, indicating that the company is undervalued compared to industry averages [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in 2024 was under pressure due to declining profitability in the organic solvent segment, but there is optimism for future growth in the fragrance and lithium resource businesses [3][4] - The company achieved a revenue of 2.966 billion yuan in 2024, a year-on-year increase of 14.22%, while the net profit attributable to shareholders was 227 million yuan, a decrease of 10.18% [2][3] - The company has established a strong position in the synthetic fragrance market and is expanding its production capacity in both Ningxia and Jiangsu, which is expected to enhance its competitive edge [4][5] Financial Summary - In 2024, the company reported a revenue of 29.66 billion yuan, with a net profit of 2.27 billion yuan, and a return on equity of 10.19% [2][3] - For Q1 2025, the company achieved a revenue of 7.65 billion yuan, a year-on-year increase of 2.81%, and a net profit of 0.72 billion yuan, a decrease of 5.98% [2][3] - The projected net profits for 2025, 2026, and 2027 are 3.07 billion yuan, 3.75 billion yuan, and 4.52 billion yuan respectively, with corresponding EPS of 1.59, 1.94, and 2.35 yuan [10][12]

Investment Rating - The industry investment rating is "Positive (Maintained)" [6] Core Insights - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, with the effective tariff rate dropping from 125% to 34%, alleviating negative pressures on the supply chain [2] - Apple's price reduction on the iPhone 16 models aims to boost sales volume in the second quarter, which is typically a season for inventory clearance, thus positively impacting the supply chain [3] - The introduction of AI smartphones and foldable screens is expected to drive a new replacement cycle for iPhones, enhancing the average selling price (ASP) of core components in the supply chain [3] - The market sentiment around emerging terminal technologies, such as humanoid robots and AI glasses, has led to an increase in the price-to-earnings (PE) ratios of core suppliers, indicating potential for valuation recovery in the supply chain [4] - Recommended core supply chain stocks include Lens Technology, Linyang Technology, Xinwanda, and Pengding Holdings [5] Summary by Sections Section 1: Tariff Changes - The US has announced a temporary suspension of 24% tariffs on Chinese goods for 90 days, with only 10% remaining, effectively neutralizing the short-term impact of the tariff war on the supply chain [2] Section 2: iPhone Pricing Strategy - Apple's recent price cuts on the iPhone 16 Pro Max and Pro models, with reductions of $160 and $176 respectively, are aimed at increasing sales volume and supporting supply chain growth [1][3] Section 3: Future Innovations - The anticipated launch of AI smartphones and foldable devices is expected to create a new wave of demand, leading to a rise in ASP for core suppliers over the next two years [3] Section 4: Market Sentiment and Valuation - Despite the positive developments, the market has not fully recovered to pre-tariff levels, but the recent price cuts and tariff negotiations suggest a potential for valuation recovery in the supply chain [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, with the effective tariff rate dropping from 125% to 34%, alleviating negative pressures on the supply chain [2] - Apple's price reduction on the iPhone 16 models aims to boost sales volume in the second quarter, which is typically a season for inventory clearance, thus positively impacting the supply chain [3] - The introduction of AI smartphones and foldable screens is expected to drive a new replacement cycle for iPhones, enhancing the average selling price (ASP) of core components in the supply chain [3] - The market sentiment around emerging terminals like humanoid robots and AI glasses has led to a recovery in the valuation of core suppliers in the supply chain, with expectations for further valuation recovery due to the recent tariff negotiations [4] Summary by Sections Tariff Impact - The US has suspended 24% of tariffs on Chinese goods for the first 90 days, with only 10% remaining, indicating that the negative impact of the tariff war on the supply chain is largely mitigated [2] iPhone Pricing Strategy - Apple's recent price cuts on the iPhone 16 Pro Max and Pro models, with reductions of $160 and $176 respectively, are intended to stimulate sales and support supply chain growth [1][3] Future Innovations - The anticipated launch of AI smartphones and foldable iPhones is expected to create a new wave of demand, leading to an increase in both volume and price for core suppliers over the next two years [3] Valuation Recovery - Despite the initial negative impact of tariff policies, the market is gradually desensitizing to these changes, and core suppliers are expected to experience a clear valuation recovery due to Apple's unexpected global price cuts [4]

报告日期：2025 年 05 月 13 日 浙商早知道 2025 年 05 月 13 日 ：王禾 执业证书编号：S1230512110001 证券研究报告 | 浙商早知道 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商汽车 刘巍】翔楼新材（301160）公司深度：国内精密冲压材料龙头，大力推进谐波柔轮材料国产替代—— 20250511 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：5 月 12 日上证指数上涨 0.82%，沪深 300 上涨 1.16%，科创 50 上涨 0.49%，中证 1000 上涨 1.4%，创业板 指上涨 2.63%，恒生指数上涨 2.98%。 行业：5 月 12 日表现最好的行业分别是国防军工（+4.8%)、电力设备（+2.69%)、机械设备（+2.24%)、非银金融 （+2.08%)、汽车（+1.91%)，表现最差的行业分别是农林牧渔（-0.49%)、医药生物（-0.27%)、公用事业（-0.26%)、 美容护理（-0.04%)、煤炭（+0.05%)。 资金：5 月 12 日全 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is a leading player in the ODM refrigerator export market in China, and it is expected to benefit from the continued export boom in the refrigerator industry, which may drive its performance beyond expectations [1][2] Summary by Sections Performance Outlook - The market anticipates that the company will experience rapid growth in 2024 due to the refrigerator export wave, but growth may slow significantly in 2025 due to factors such as the completion of overseas inventory replenishment and tariff pressures in North America [2] - In Q1, China's refrigerator export volume increased by 11.8% year-on-year, and export value rose by 11.3% year-on-year, indicating strong overseas demand [3] Regional Market Insights - The company primarily exports to Europe and emerging markets, which are expected to continue benefiting from strong demand. Specifically, exports to Europe grew by 7% year-on-year in Q1, while exports to Latin America surged by 43% year-on-year [3] - The company's exposure to the U.S. market is minimal, accounting for less than 5% of total revenue, thus insulating it from North American tariff and demand fluctuations [3] Financial Projections - Revenue projections for 2025-2027 are as follows: 204.04 billion, 223.44 billion, and 241.08 billion CNY, representing year-on-year growth rates of 11.13%, 9.50%, and 7.90% respectively. Net profit forecasts for the same period are 11.47 billion, 12.73 billion, and 13.90 billion CNY, with corresponding growth rates of 12.56%, 10.96%, and 9.19% [4][5] - The expected earnings per share (EPS) for 2025-2027 are 1.06, 1.17, and 1.28 CNY, with price-to-earnings (P/E) ratios of 10X, 9X, and 8X, indicating that the company is undervalued as a leading refrigerator exporter [4][5]

Core Insights - The logic behind the steepening of the government bond yield curve may change following the recent Sino-US Geneva joint statement, suggesting that short-term adjustments could further open up long-term bond betting opportunities. Investors are advised to remain patient and focus on mid-to-short duration bonds during this phase [1][2][17]. Understanding the Sino-US Joint Statement - On May 12, the Ministry of Commerce released the Sino-US Geneva Economic and Trade Talks Joint Statement, which indicates a significant reduction in tariffs beyond market expectations. The US will split its 34% reciprocal tariff into two parts, maintaining a 10% baseline tariff while suspending the remaining 24% for 90 days. This results in a substantial decrease from the peak tariff rate of 145% during previous negotiations [1][9][10]. - The establishment of a bilateral consultation mechanism is aimed at facilitating ongoing discussions regarding economic and trade relations, which could help manage trade friction and pave the way for further tariff reductions [10][11]. Changes in Bond Yield Curve Logic - The overall direction of the steepening of the bond yield curve remains unchanged, but the internal logic may experience some shifts. Following the central bank's "double reduction" policy, short-term interest rates have significantly decreased, positively impacting the short-term bond market [2][15][17]. - For long-term bonds, the easing of trade tensions may shift market sentiment from profit-taking to increased risk appetite, as evidenced by a 6.25 basis point rise in the 30-year bond yield to 1.905% on May 12 [2][16][17]. Investment Strategy Recommendations - Investors are encouraged to maintain a concentrated position in mid-to-short duration bonds during this adjustment period, utilizing a "reverse triangle" strategy for building positions [2][17].