Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's Q1 2025 performance exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 1006% to 1.201 billion [1] - The significant growth in Q1 2025 is attributed to improved production efficiency and revenue from shipbuilding products, as well as better performance from joint ventures [1] - The shipbuilding industry is experiencing an upward cycle due to factors such as ship replacement cycles, environmental policies, and tight capacity, leading to improved profitability for shipyards [2][3] Summary by Sections Performance Overview - In Q1 2025, the company expects a net profit attributable to shareholders between 1.7 billion and 2 billion, representing a year-on-year growth of approximately 1005.77% to 1200.91% [1] - The non-recurring net profit is projected to be between 1.65 billion and 1.95 billion, with a year-on-year increase of 554.01% to 672.92% [1] Industry Trends - The shipbuilding industry is seeing a mixed demand with a 61% year-on-year decline in new orders from January to March 2025, while container ship orders increased by 238% [2] - The new ship price index has shown a slight decrease of 0.05% week-on-week but a year-on-year increase of 2.04%, indicating a historical peak since 2021 [2] - Supply constraints and inflationary pressures are expected to drive ship prices higher [2] Profit Forecast and Valuation - The forecasted net profits for 2025 to 2027 are approximately 850 million, 1.616 billion, and 2.410 billion respectively, with year-on-year growth rates of 125%, 90%, and 49% [4] - The corresponding P/E ratios are projected to be 35, 19, and 12, while the P/B ratios are expected to be 1.6, 1.5, and 1.3 [4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is focusing on store type adjustments and product structure optimization, leading to stabilization in same-store sales. In 2024, the comparable store sales are expected to decline by 0.68%, with regional performances varying: East China +0.1%, South China +11.7%, and Central China -0.6% [2] - The collaboration with Bandai is expected to enhance profit margins, with the first Gundam base opening in December 2024 and additional model stores expected to follow, contributing positively to revenue [2] - The company is projected to see revenue growth from 2025 to 2027, with expected revenues of 3.7 billion, 3.9 billion, and 4.2 billion yuan respectively, reflecting growth rates of 6%, 6%, and 8%. Net profit is expected to grow significantly, with projections of 137 million, 168 million, and 199 million yuan, indicating growth rates of 29%, 23%, and 18% respectively [2] Financial Summary - The company's revenue for 2024 is forecasted at 3.47 billion yuan, with a year-on-year growth of 4.06%. The net profit is expected to be 106.41 million yuan, reflecting a growth of 1.61% [4] - The projected earnings per share (EPS) for 2025 is 0.99 yuan, with a price-to-earnings (P/E) ratio of 19.83 [4] - The company aims to improve store efficiency through targeted adjustments, with a total of 475 stores by the end of 2024, including 62 new openings [8]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is expected to achieve a significant year-on-year growth in net profit for Q1 2025, with estimates ranging from 1 billion to 1.2 billion yuan, reflecting a growth of approximately 149% to 199% [2] - The shipbuilding industry is experiencing an upward cycle due to factors such as replacement cycles, environmental policies, and tight capacity, which are collectively enhancing industry profitability [3][4] - The company has a strong order backlog, with 333 vessels and a total weight of 25.63 million deadweight tons, valued at 225 billion yuan, indicating a robust market position [2] Financial Summary - The projected net profit for the company from 2024 to 2026 is estimated to be 3.82 billion, 7.60 billion, and 10.61 billion yuan respectively, with year-on-year growth rates of 29%, 99%, and 40% [5] - The company's revenue is expected to grow from 74.84 billion yuan in 2023 to 105.06 billion yuan in 2026, reflecting a compound annual growth rate [6] - The price-to-earnings (P/E) ratio is projected to decrease from 43 in 2023 to 12 in 2026, indicating an improving valuation over time [6] Industry Insights - The shipbuilding industry is witnessing a mixed demand scenario, with container ship orders increasing by 238% year-on-year, while orders for other types of vessels have seen significant declines [3] - The new ship price index has shown a historical peak, with a 2.04% year-on-year increase, suggesting a favorable pricing environment for shipbuilders [3][4] - The consolidation of shipbuilding assets within the group is expected to enhance operational efficiency and improve competitive dynamics in the industry [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to achieve a significant year-on-year growth in net profit for Q1 2025, estimated between 1 billion to 1.2 billion yuan, representing a growth of approximately 149% to 199% [2] - The shipbuilding industry is experiencing an upward cycle due to factors such as replacement cycles, environmental policies, and tight capacity, which are collectively enhancing industry profitability [3][4] - The company has a strong order backlog with 333 vessels totaling 2,250 billion yuan, indicating a robust demand for various types of ships [2] Financial Summary - The projected net profit for the company from 2024 to 2026 is approximately 3.8 billion, 7.6 billion, and 10.6 billion yuan, reflecting growth rates of 29%, 99%, and 40% respectively [6] - The company's revenue is expected to grow from 74.839 billion yuan in 2023 to 105.063 billion yuan in 2026, with a compound annual growth rate of 10% [6] - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 2.37 yuan in 2026 [6] Industry Insights - The shipbuilding industry is witnessing a mixed demand scenario, with new orders for container ships increasing by 238% year-on-year, while orders for other types of vessels have seen significant declines [3] - The new ship price index has shown a historical peak, indicating potential for continued price increases driven by supply-demand dynamics [3][4] - The consolidation of shipbuilding assets within the group is expected to enhance operational efficiency and improve competitive positioning in the market [4]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 09 日 浙商早知道 2025 年 04 月 09 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 市场总览 重要推荐 【浙商化工 李佳骏】呈和科技（688625）公司更新：关税政策下受益标的，国产成核剂龙头乘势而上——20250407 重要观点 【浙商固收 覃汉/郑莎】债券市场专题研究：国债期货连续跳空缺口是否会回补？——20250407 2.1 【浙商化工 李佳骏】呈和科技（688625）公司更新：关税政策下受益标的，国产成核剂龙头乘 势而上——20250407 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周二上证指数上涨 1.6%，沪深 300 上涨 1.7%，科创 50 上涨 1.7%，中证 1000 上涨 0.6%，创业板指上涨 1.8%， 恒生指数上涨 1.5%。 行业：周二表现最好的行业分别是农林牧渔（+7.8%)、商贸零售（+3.4%)、食品饮料（+3.4%)、煤炭（+3.3%)、 美 ...

Group 1: Foreign Exchange Reserves - In March, China's official foreign exchange reserves reached $32,406.65 billion, an increase of $13.441 billion month-on-month, primarily driven by exchange rate factors[1] - The positive contribution from exchange rates was significant, with the dollar index declining by 3.13% from the end of February, impacting reserves positively by approximately $60.625 billion[2] - The valuation effect negatively impacted reserves by about $4.73 billion due to falling European bond prices, leading to a net effect of approximately $55.901 billion on reserves[2] Group 2: Trade Environment and Currency Fluctuations - The short-term trade environment is identified as a core factor influencing exchange rates, with expectations of increased two-way volatility[3] - If trade tensions escalate with other major countries, they may devalue their currencies against the dollar, which could lead to a passive appreciation of the RMB[3] - Conversely, if major countries make concessions in trade negotiations, external pressures on China may increase, expanding the depreciation space for the RMB[3] Group 3: Gold Reserves - As of the end of March, gold reserves stood at 7.37 million ounces, marking the fifth consecutive month of increases[4] - Gold reserves now account for 6.4% of total foreign exchange reserves, with expectations for further increases in this ratio[4] - Short-term outlook suggests a potential slight decline in gold prices due to unmet U.S. gold tariff expectations, but a long-term forecast predicts new highs by 2025 driven by central bank purchases[4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has announced a share buyback plan of RMB 1.8-3.6 billion, reflecting confidence in its development and recognition of its own value [2] - The construction machinery industry is showing signs of recovery, with leading companies expected to benefit [3][4] - The company is positioned to become a global leader in the engineering machinery sector, currently ranked fourth globally and first in China [4] - The company's asset quality has improved, and its profitability is notable, with a projected return on equity (ROE) of 9% for Q3 2024 [5] - Revenue and net profit forecasts for 2024-2026 indicate growth, with a compound annual growth rate (CAGR) of 22% for net profit from 2023 to 2026 [6] Summary by Sections Share Buyback and Confidence - The company plans to repurchase shares at a price not exceeding RMB 13 per share, totaling between RMB 1.8 billion and RMB 3.6 billion, which will account for approximately 1.17%-2.34% of its total share capital [2] Industry Recovery - Domestic excavator sales in March reached 19,517 units, a year-on-year increase of 29%, while total sales for the first quarter were 36,562 units, up 38% year-on-year [3] - The average working hours for major construction machinery products in March increased by 7% year-on-year, indicating a recovery in the domestic market [4] Company Positioning and Product Range - The company maintains a comprehensive product range and is expected to gradually enter the global top three in the engineering machinery sector [4] - The company leads in various categories, including cranes and concrete machinery, and ranks sixth globally in excavators [4] Financial Performance and Projections - The company’s financing lease obligations decreased by 18% year-on-year, and its net profit margin has shown consistent improvement [5] - Revenue projections for 2024-2026 are RMB 909 billion, RMB 1,047 billion, and RMB 1,279 billion, with net profits expected to be RMB 62 billion, RMB 78 billion, and RMB 97 billion respectively [6]

Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 08 日 浙商早知道 2025 年 04 月 08 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 【浙商策略 廖静池/王大霁/李沛/赵闻恺】策略专题研究："对等关税"落地后的应对策略——20250406 大势：4 月 7 日中上证指数下跌 7.34%，沪深 300 下跌 7.05%，科创 50 下跌 9.22%，中证 1000 下跌 11.39%，创业 板指下跌 12.5%，恒生指数下跌 13.22%。 行业：4 月 7 日表现最好的行业分别是农林牧渔（-2.14%)、食品饮料（-4.48%)、银行（-4.67%)、公用事业（-5.38%)、 交通运输（-7.16%)，表现最差的行业分别是计算机（-12.55%)、机械设备（-12.19%)、传媒（-12.12%)、电力设备 （-12.12%)、通信（-11.72%)。 资金：4 月 7 日全 A 总成交额为 16180 亿元，南下资金净流入 153.73 亿港元。 1 市场总览 1、大势 4 月 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a profit of 1.47 billion yuan in 2024, representing a year-on-year growth of 254%, with a dividend payout ratio of 73% [1] - Revenue for 2024 reached 8.5 billion yuan, an increase of 167.5% year-on-year, aligning with the upper end of the profit forecast [1] - The company's same-store sales growth exceeded 120%, ranking first in revenue and sales efficiency among jewelry brands in mainland China [2] - The gross margin remained stable at 41.2%, while the net profit margin increased significantly to 17.3% [3] - The company is expanding its brand influence and optimizing its product offerings, with plans to open 7 new stores and upgrade 4 existing ones in 2024 [4] Financial Summary - The company forecasts revenues of 17.85 billion yuan in 2025, 24.92 billion yuan in 2026, and 31.12 billion yuan in 2027, with respective year-on-year growth rates of 110%, 40%, and 25% [5] - The projected net profit for 2025 is 3.58 billion yuan, with a year-on-year growth of 143% [5] - The earnings per share (EPS) are expected to be 9.47 yuan in 2024, increasing to 38.63 yuan by 2027 [6]