Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leading brand in the snack food sector, with a clear growth path for its major products. Fish products provide a stable foundation, while quail eggs are expected to create a second growth curve. Potential categories like tofu and konjac have significant growth opportunities, and the expansion into new channels in 2025 is anticipated to drive revenue and profit beyond expectations [1][2][4] Summary by Sections Major Product Growth - The company's major product, deep-sea fish, has shown double-digit growth in Q1 2025 despite a high base from the previous year. The company expects rapid growth in fish products due to channel deepening and breakthroughs in new high-potential channels [2] - Quail eggs are positioned as the second growth curve, with ongoing product upgrades such as selenium-enriched and soft-boiled quail eggs. The company aims to enhance profitability and gross margin through differentiated products and brand innovation [2] - Potential products like tofu and konjac are in a rapid cultivation phase, with innovative offerings like short-shelf-life tofu and new flavors of konjac sauce expected to drive significant growth [2] New Channel Expansion - The company has a clear omnichannel strategy, with successful offline channel expansion and stable growth in distribution channels. High-potential channels like membership-based supermarkets are progressing well, and the snack wholesale channel is expected to maintain rapid growth in 2025 [3] - Although online channels saw a decline in Q1 2025, they are entering a recovery phase, with expectations for future growth. The entry into new high-potential channels is expected to further enhance profitability [3] Revenue and Profit Forecast - The market anticipates the company will achieve mid-double-digit revenue growth in 2025, with profit growth lagging behind revenue due to adjustments in online channels and competition in the quail egg sector. However, the company is expected to exceed market expectations for revenue and slightly improve net profit margins [4] - The revenue projections for 2025-2027 are estimated at 28.9 billion, 34.34 billion, and 41.04 billion yuan, with year-on-year growth rates of 19.82%, 18.83%, and 19.51% respectively. Net profit is projected to be 3.43 billion, 4.18 billion, and 5.15 billion yuan, with growth rates of 17.85%, 21.82%, and 23.18% respectively [11]

拐点已现，积极配置 ——CXO 2024&2025Q1业绩综述 行业评级：看好 2025年05月14日 | 分析师 | 郭双喜 | 王帅 | | --- | --- | --- | | 邮箱 | guoshuangxi@stocke.com.cn | wangshuai@stocke.com.cn | | 电话 | 19801116960 | 13548094491 | | 证书编号 | S1230521110002 | S1230523060003 | 1 1、股价复盘： 2、财务分析： ➢ 本土：业绩、订单&AI是主线。 2024.12.31至2025.04.30，医疗研发外包指数上涨0.82%，跑赢医药生物（申 万）指数0.64pct，其中药明生物（+31.55%） 、药明合联（+23.65%） 、泓博医药（+16.11%） 、凯莱英 （+7.77%）、药明康德（+7.50%）表现较好。 95% ➢ 海外：业绩分化，CDMO更强劲。2024.12.31至2025.04.30，Lonza及LABCORP领涨。从指引看跨国CXO公 司只有Lonza对CDMO业务（胶囊与健康原料CHI以外业务）2025年指引 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights strong growth in the number of coffee and Western fast-food outlets, while the tea beverage segment is experiencing increasing differentiation [2] - The net opening numbers for various brands indicate a competitive landscape, with some brands expanding rapidly while others are contracting [3][4] Summary by Sections Net Opening Trends - In the first four months of 2025, the net opening numbers show significant growth for brands like KFC (+777), McDonald's (+52), and Luckin Coffee (+1474), while brands like Huaiyang and others are seeing declines [6][10] - The tea beverage segment shows mixed results, with brands like Mixue Ice Cream and Tea (+3123) expanding, while others like Heytea and Nayuki are facing contractions [8] Average Transaction Price Trends - The average transaction prices for major fast-food brands have shown a downward trend, with KFC and McDonald's experiencing declines of -3.9% and -2.1% respectively in recent months [7] - In the tea beverage sector, brands like Mixue and Heytea are also facing pressure on average transaction prices, with some brands showing significant declines [14] Coffee and Hot Pot Segment - The coffee segment is witnessing strong growth, with brands like Luckin Coffee and Manner showing net opening increases of 7% and 9% respectively [10] - The hot pot segment, however, is facing challenges, with brands like Haidilao and others showing minimal growth or declines in net openings [11] Other Food Categories - The report indicates a noticeable contraction in the number of outlets for categories like pickled fish and snacks, with brands like Tai Er and Yu Ni Zai Yi Qi showing negative net openings [13] - Average transaction prices in these categories are also under pressure, reflecting broader challenges in consumer spending [14]

——餐饮月度专题 西式快餐与咖啡拓店强劲，茶饮分化加剧 行业评级：看好 2025年5月19日 证券研究报告 | 分析师 | 钟烨晨 | | --- | --- | | 联系方式 | zhongyechen@stocke.com.cn | | 证书编号 | S1230523060004 | 总览 咖啡/西式快餐门店增长强劲，茶饮分化加剧 2 5年1-4月累计 净开店数量 2 5年1-4月累计 净开店增幅 2 5年1-4月累计 净开店数量 2 5年1-4月累计 净开店增幅 茶 饮 西式快餐 咖 啡 火 锅 酸菜鱼 卤 味 小酒馆 蜜雪冰城 肯德基 书亦烧仙草 麦当劳 古 茗 华莱士 茶百道 必胜客 都 可 达美乐 益禾堂 尊宝披萨 沪上阿姨 塔斯汀 甜啦啦 萨莉亚 一点点 分 甜 瑞幸咖啡 黑泷堂 星巴克 奈雪的茶 幸运咖 喜 茶 库迪咖啡 茶颜悦色 乐乐茶 霸王茶姬 海底捞 太 二 九毛九 鱼你在一起 怂 小鱼号 呷哺呷哺 江渔儿 凑 凑 董小姐 人 份 巴奴火锅 紫燕百味鸡 海伦司 绝味鸭脖 胡桃里 周黑鸭 贰麻酒馆 2945 9 % 585 5 % -359 -7 % 228 3 % 184 2 % -24 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company experienced stable revenue in Q1 2025, achieving 560 million yuan (up 2.1% year-on-year), but faced a decline in net profit to 60 million yuan (down 26.9% year-on-year) due to high base effects [1][2] - The decline in profit margins is attributed to several one-time factors, including increased management expenses and reduced government subsidies, which are expected to recover quickly [2] - The company's production capacity in Vietnam is expanding, and the impact of U.S. tariffs on orders is limited, with stable orders expected in Q2 and Q3 [3] - A new round of share buybacks is underway, with a plan to repurchase 50-100 million yuan worth of shares, enhancing long-term shareholder returns [4] Financial Summary - Revenue projections for 2025-2027 are 2.882 billion, 3.259 billion, and 3.678 billion yuan, respectively, with year-on-year growth rates of 12%, 13%, and 12.9% [6] - Expected net profits for the same period are 350.7 million, 405.3 million, and 466.4 million yuan, with growth rates of 7.9%, 15.6%, and 15.1% [6] - The company maintains a stable dividend payout ratio of over 50%, indicating strong shareholder returns [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The launch of Hengnao 3.0 marks a new era in AI security, addressing the dual mission of responding to security risks posed by rapidly evolving AI technologies and reconstructing security defense systems to tackle increasingly complex cyber threats [1][2] - The continuous evolution of Hengnao models from 1.0 to 3.0 reflects the company's progression from exploration to leadership in the AI security field [2] - AI is fundamentally transforming the cybersecurity industry, shifting it from a labor-intensive to a technology-intensive model, with the global AI market in cybersecurity projected to reach $25.89 billion in 2024, growing at a CAGR of 16.2% from 2024 to 2029 [3] - The company is building competitive advantages through three dimensions: - Technological integration, enhancing core scenarios such as data classification and leakage prevention, achieving efficiency improvements of 30 times and 50 times respectively [3] - Ecosystem development, actively participating in national data infrastructure construction and initiating strategic partnerships [3] - Strategic collaboration with various technology vendors, resulting in 182 new compatible products in 2024 [3] - The company is expected to establish a differentiated advantage in the AI security sector through the continuous iteration of Hengnao models, maintaining a leading market position amid the wave of intelligent transformation [4] Financial Forecast and Valuation - The company’s revenue projections for 2025-2027 are estimated at 21.46 billion, 22.71 billion, and 24.21 billion yuan, with net profits of 0.47 billion, 1.26 billion, and 1.72 billion yuan respectively [10] - The earnings per share (EPS) is projected to be 0.60 yuan in 2025, 1.59 yuan in 2026, and 2.17 yuan in 2027, with a price-to-earnings (P/E) ratio of 78.67 in 2025, decreasing to 21.67 by 2027 [12]

Group 1: Bond Market Insights - The core viewpoint indicates that under the context of the US-China competition, the probability of continued tightening in monetary policy is low, suggesting significant downward elasticity for short-term interest rates and structural opportunities in bonds with maturities of 7 years or less [2] - The market's perception shows that the strategy of "duration hugging" has led to rapid fluctuations in long-term bond yields, which are now stabilizing [2] - Since mid-March, there has been a notable decline in credit spreads for various short-term bonds, indicating a shift in institutional buying behavior towards short-term credit bonds for yield opportunities [2][3] Group 2: A-Share Market Strategy - The core viewpoint suggests that after the release of the US-China Geneva communiqué, the market continues to experience upward momentum, primarily characterized by strong fluctuations [4] - The market has surpassed the levels seen before the comprehensive tariff war on April 3, indicating pressure from both dense trading zones above and profit-taking from short-term investors [4] - The report anticipates that the market will undergo a period of consolidation to alleviate the pressure from dense trading zones and short-term profit-taking [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is showing signs of recovery in North America, with a notable improvement in profitability [1][2] - The company is actively upgrading its store formats and expanding its product categories [3] - The company is implementing cost reduction and efficiency improvement measures, which are yielding positive results [5] - The revenue forecast for 2025-2027 indicates a steady growth trajectory, with expected revenues of 96.71 billion, 111.70 billion, and 129.03 billion respectively [6][11] Revenue Overview - In 2024, the company achieved a revenue of 84.49 billion (up 5.94%), with a net profit attributable to shareholders of -1.51 billion (down 242.04%) [1] - For Q4 2024, the company reported a revenue of 23.24 billion (up 2.80%) and a net profit of 0.02 billion (up 124.68%) [1] - In Q1 2025, the company achieved a revenue of 20.43 billion (up 12.31%) and a net profit of 0.59 billion (up 196.22%) [1] Regional Performance - In 2024, North America generated a revenue of 43.34 billion (down 1.1%), while Europe saw a revenue increase of 20.35% to 19.55 billion [2] - In Q1 2025, North America reported a revenue of 10.19 billion (up 10.04%), and Europe reported 5.13 billion (up 17.36%) [2] Product and Channel Breakdown - In 2024, the company’s mattress segment generated 44.15 billion (up 10.95%), while the pillow segment saw a slight decline of 0.25% [3] - The company’s online sales increased significantly by 37.61% in 2024, reaching 17.97 billion [4] Cost Management - The gross margin for 2024 was 36.85% (down 1.5 percentage points), but improved to 39.37% in Q1 2025 (up 0.84 percentage points) [5] - The company’s management and R&D expense ratio decreased to 7.56% in Q1 2025 [5] Profitability Forecast - The company is expected to turn profitable in 2025 with a net profit of 3.01 billion, followed by 3.73 billion in 2026 and 4.79 billion in 2027 [6][11]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 05 月 18 日 税期扰动资金面，观察央行操作 ——流动性与机构行为跟踪 核心观点 资金面部分，未来一周，税期扰动资金面，政府债净缴款规模小幅下降，中美谈判取 得进展后，通过央行在税期期间的操作观察期态度，资金面预计均衡运行。 存单部分，未来一周，存单到期规模近 7500 亿，供给端压力小幅上升，银行负债端压 力可控，双降利好已经完全定价，存单收益率预计跟随资金面变化保持震荡走势。 机构行为部分，1）近期资金对于短端构成明显扰动，下周税期叠加买断式逆回购可能 落地，资金波动或依然较大，短端亦可能随之扰动；2）3 月下旬以来，债基对于普信 债的净买盘增量显著且买盘基本稳定，可继续关注票息合适的中短端信用债下沉带来 的机会。 ❑ 流动性：税期扰动资金面，观察央行操作 1、资金面部分：（1）在 5 月 15 日降准落地前，央行连续净回笼，政府债净融资 规模明显放量，5 月 16 日周五资金面边际收敛，当天央行转为净投放，尾盘资金 面回归均衡偏松，但资金利率明显抬升。中美关税谈判取得进展后，投资者对稳 增长政策的加码预期有所 ...

1. Report Industry Investment Rating - The document does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - After the joint statement of China, the US, and Japan, the convertible bond and equity markets showed a relatively strong oscillation throughout the week. The core logic lies in the rapid reversal of market sentiment. In the next stage, the market's perception of the marginal changes in tariff games may shift from pessimism to neutrality. Considering the potential risk - release pressure in the current convertible bond market, the dumbbell allocation strategy that combines stability and growth may continue to be dominant. Specifically, attention should be paid to sectors benefiting from domestic demand stimulation and new - quality productivity [1]. - In the past week (from May 12th to May 16th), most convertible bond indices rose. The price median of the convertible bond market slightly increased to 121.97 yuan, at the 87.38% level since 2017. The market style is likely to favor fundamentals rather than growth. In the short - term, the risk of a significant decline in the equity market is limited, and the trend of continuous upward repair may continue. It is recommended that investors focus on high - grade, fundamentally stable convertible bonds. Convertible bonds related to consumer electronics, home appliances, and home furnishings that benefit from consumption subsidies can also be appropriately considered. For new - quality productivity - related convertible bonds, high - priced targets can be appropriately taken profit [2]. 3. Summary According to the Directory 1.1 Convertible Bond Market Trends - The document does not provide specific content for this part other than indicating the data source and the cut - off date [8][9]. 1.2 Convertible Bond Individual Securities - The document presents figures on the top five and bottom five gainers and losers of individual convertible bonds and their underlying stocks in the past week, but no specific data is given [13][21]. 1.3 Convertible Bond Valuation - The document shows figures on the valuation trends of bond - type, balanced, and equity - type convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with different parities, but no specific data is given [17][22][24]. 1.4 Convertible Bond Prices - The document shows figures on the proportion trends of high - priced and low - priced bonds, the proportion trend of individual bonds falling below the bond floor, and the price median trend of the convertible bond market, but no specific data is given [29][33].