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]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - In the future week, tax payments will disrupt the liquidity, and the net payment scale of government bonds will decline slightly. After the progress in Sino - US negotiations, the central bank's attitude can be observed through its operations during the tax period, and the liquidity is expected to operate in a balanced manner [1]. - In the future week, the maturity scale of certificates of deposit (CDs) is nearly 750 billion yuan, the supply - side pressure will rise slightly, the pressure on banks' liability side is controllable, and the benefits of the double - cut have been fully priced in. CD yields are expected to fluctuate following the changes in the liquidity [1]. - Recently, funds have significantly disrupted the short - end. Next week, the combination of the tax period and the possible implementation of repurchase agreements may lead to large fluctuations in funds, and the short - end may also be affected. Since late March, bond funds' net buying of general credit bonds has increased significantly and the buying volume has been basically stable. Opportunities brought by the sinking of medium - and short - term credit bonds with appropriate coupons can continue to be monitored [1]. 3. Summary by Relevant Catalogs 3.1 Weekly Liquidity Tracking 3.1.1 Fund Review - In the statistical period (May 12 - 16, 2025), the 7 - day reverse repurchase funds matured at 836.1 billion yuan, the central bank injected 486 billion yuan of 7 - day funds, and the MLF matured at 125 billion yuan. The total net withdrawal of funds for the week was 475.1 billion yuan, and the 7 - day OMO stock decreased to 486 billion yuan [10]. - During the statistical period, the RMB appreciated by 4 basis points against the US dollar, and the amplitude of the counter - cyclical factor application decreased significantly [10]. - In terms of government bond progress, in the past week, the net financing of national bonds was 501.16 billion yuan, significantly increasing, and the net financing since the beginning of the year was 2.40052 trillion yuan, completing 36% of the annual plan. The issuance of new local bonds was 97.02 billion yuan, and the issuance since the beginning of the year was 1.6899 trillion yuan, completing 32.5% of the annual plan. As of May 18, the issuance of special refinancing bonds to replace hidden debts was 1.6 trillion yuan, completing 79.9% of the annual plan [12]. - In terms of fund structure, from Monday to Thursday, the liquidity was "high in quantity and stable in price", feeling relatively loose, and the lending scale of large - scale banks increased significantly to over 4 trillion yuan. However, on Friday, the liquidity tightened significantly, and the overnight and 7 - day interest rates rose above 1.6% [2][17]. 3.1.2 CD Review - In the primary market, the net financing scale of inter - bank CDs was - 6.853 billion yuan, the total issuance amount was 51.399 billion yuan, and the maturity amount was 58.252 billion yuan. The average issuance interest rate was 1.6448% (previous value: 1.7094%) [21]. - In the secondary market, the core buyers such as money market funds, wealth management products, and large - scale banks continued to increase their holdings, while rural commercial banks turned to significant selling. The secondary - market yields of CDs were stable first and then increased slightly during the week, and the yield curve steepened. The yields of 1M/3M/6M/9M/1Y CDs changed by + 5.25BP/+3.12BP/+1.56BP/+3.5BP/+2.14BP respectively [26]. 3.1.3 Next Week's Focus - In terms of liquidity, tax payments will disrupt the liquidity, the net payment scale of government bonds will decline slightly, and the central bank's operations during the tax period should be monitored. The liquidity is expected to operate in a balanced manner [30]. - In terms of CDs, the maturity scale of CDs is nearly 750 billion yuan, the supply - side pressure will rise slightly, the pressure on banks' liability side is controllable, and CD yields are expected to fluctuate following the changes in the liquidity [31]. 3.2 Weekly Review of Institutional Behavior and Micro - structure 3.2.1 Institutional Behavior Review - In the secondary trading, the sentiment of funds towards interest - rate bonds declined significantly, the sentiment towards general credit bonds and Tier 2 capital bonds was relatively stable, but the duration converged, and a sinking strategy was further adopted for medium - and short - term credit bonds. Wealth management products significantly increased their allocation of CDs, and the demand for credit bonds was still weak compared with the same period in previous years. Rural commercial banks' sentiment of increasing their allocation of interest - rate bonds became stronger, and they significantly net - bought 3 - 10 - year interest - rate bonds and ultra - long - term national bonds over 10 years in the secondary market [3]. - In the future week, recent funds have significantly disrupted the short - end. Next week, the combination of the tax period and the possible implementation of repurchase agreements may lead to large fluctuations in funds, and the short - end may also be affected. Since late March, bond funds' net buying of general credit bonds has increased significantly and the buying volume has been basically stable. Opportunities brought by the sinking of medium - and short - term credit bonds with appropriate coupons can continue to be monitored [1][33]. 3.2.2 Micro - structure Tracking - In terms of institutional duration, on May 16, the median of the 10 - day rolling average duration of medium - and long - term bond funds was 3.17 years, and the duration level was basically flat compared with the previous period. The 5 - day moving average long - bond duration index of funds on May 16 was 0.44, decreasing by 0.1 in the past week; the 5 - day moving average long - bond duration index of rural commercial banks was 0.63, increasing by 0.11 in the past week [38][40]. - In terms of institutional leverage, the bond - market leverage ratio in the past week was 107.12%, slightly increasing compared with the previous period. The net financing demand of funds and other products among non - bank institutions increased, while that of securities firms decreased. The net lending demand of money market funds, wealth management products, and other institutions among lenders decreased. The net lending scale of large - scale banks and joint - stock banks among the banking system increased slightly, the net lending scale of city commercial banks decreased, and the net financing scale of rural commercial banks increased [43]. - In terms of key spreads, on May 16, the 10Y China Development Bank - 10Y national bond term spread was 3.40bp, fluctuating; the 1Y China Development Bank - R001 spread was - 7.77BP, and the inversion pattern between short - term bonds and fund prices converged [49].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in net profit for 2024, with a year-on-year growth of approximately 78%, and a staggering 349% growth in Q1 2025 [1] - The growth in revenue and profit is attributed to the rising global shipbuilding market and strong performance in the diesel engine segment, with new orders remaining high [1][4] - The company is well-positioned to benefit from the upturn in the shipbuilding cycle and the increasing demand for marine engines [4][10] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit of 1.391 billion yuan, up 78.43% [1] - For Q1 2025, the company reported an operating revenue of 12.311 billion yuan, a 7.98% increase year-on-year, and a net profit of 396 million yuan, reflecting a 348.96% growth [3] - The gross profit margin for 2024 increased by 1.53 percentage points, while Q1 2025 saw a 5.53 percentage point increase in gross profit margin [3] Business Segments - The shipbuilding industry segment generated revenue of 23.147 billion yuan in 2024, with a completion rate of 127.1% for annual plans [2] - The application industry achieved revenue of 22.060 billion yuan, with new contracts totaling 21.755 billion yuan [2] - The emerging industry segment, particularly in energy-saving and emission-reduction equipment, saw a 60.92% increase in new orders for wind power operations [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for marine engines expected to rise due to supply constraints and increasing ship prices [4][9] - The company is enhancing its after-sales service capabilities for diesel engines, with a projected revenue of nearly 1.5 billion yuan from after-sales services in 2024, marking a 25% increase [9][10] - The development of AIDC is anticipated to drive demand for gas turbines, with the company being one of the few domestic manufacturers in this sector [10] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are approximately 60 billion, 68 billion, and 75.7 billion yuan, with year-on-year growth rates of 16%, 13%, and 11% respectively [11] - The forecasted net profit for the same period is expected to be 2.135 billion, 3.007 billion, and 3.772 billion yuan, with growth rates of 54%, 41%, and 25% respectively [11] - The company is valued at a PE ratio of approximately 23, 16, and 13 for the years 2025, 2026, and 2027 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in net profit for 2024, with a year-on-year growth of approximately 78%, and a staggering 349% growth in Q1 2025 [1] - The growth in revenue and profit is attributed to the continued improvement in the global shipbuilding market and high production and sales in the diesel engine segment [1][3] - The company is expected to benefit from the rising demand in the shipbuilding cycle and the expansion of its after-market services for diesel engines [4][10] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 1.391 billion yuan, up 78.43% [1] - For Q1 2025, the company reported an operating revenue of 12.311 billion yuan, a 7.98% increase year-on-year, and a net profit of 396 million yuan, reflecting a 348.96% growth [3] - The gross profit margin for 2024 increased by 1.53 percentage points, while Q1 2025 saw a 5.53 percentage point increase in gross profit margin [3] Business Segments - The shipbuilding industry segment generated revenue of 23.147 billion yuan in 2024, with a completion rate of 127.1% for annual plans [2] - The application industry achieved revenue of 22.060 billion yuan, with new contracts signed amounting to 21.755 billion yuan [2] - The emerging industry segment, particularly in energy-saving and emission-reduction equipment, saw a 60.92% increase in new orders for wind power operation and maintenance [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for ship engines expected to rise due to supply constraints and increasing ship prices [4] - The company is positioned as a leading manufacturer of marine engines, likely to benefit from the favorable supply-demand dynamics in the industry [4] - The after-market service for diesel engines is projected to grow significantly, with a revenue increase of nearly 25% expected in 2024 [4][10] Forecast and Valuation - Revenue projections for 2025-2027 are approximately 60.037 billion yuan, 68.109 billion yuan, and 75.742 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 11% [11] - The net profit attributable to shareholders is forecasted to be 2.135 billion yuan, 3.007 billion yuan, and 3.772 billion yuan for the same period, with growth rates of 54%, 41%, and 25% [11]

证券研究报告 | 行业专题 | 社会服务 2024 年价格端有所提升，分业态有所分化。2024 年 CPI 整体有所恢复，利好零 售同店端，但客流受线上化影响仍有分化。2024 年累计分零售业态增长：专业店 （yoy+4.2%）、专卖店（yoy-0.4%）、超市（yoy+2.7%）、百货（yoy-2.4%）、便利 店（+4.7%）。其中超市受益调改+供应链变革提升前端客流吸引力，百货受到空 置率等因素影响仍有下滑。 社会服务 报告日期：2025 年 05 月 17 日 分化加剧，寻求需求侧景气度或供给侧的成本费用改善 ——社服行业 2024 年年报&2025Q1 业绩综述 投资要点 2024 年旅游高增长，25Q1 景气延续。根据文旅部数据，2024 年全年旅游收入增 长 17%，旅游人次增长 15%，客单价超越 19 年。2025 年春节国内旅游收入增长 7%，旅游人次增长 6%。低线城市、县域和农村居民的需求升级推动了旅游市场 下沉增量。银发游崛起，2024 年，45 岁以上的中老年旅游者合计出游 11.94 亿人 次，占据国内旅游客源市场的 36.81%。 OTA 充分享受大盘增长，格局稳固。下游供给加 ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [5] Core Views - The report highlights three new consumer investment opportunities in the food and beverage sector: "category dividends in the food sector," "new channel drivers such as snack companies and membership supermarkets," and "new hotspots in health products" [1][20] - It emphasizes the importance of focusing on leading companies in the industry during this phase, particularly in the liquor sector, which may experience a transition year in 2025 [1][13] - The report suggests that the white liquor sector is currently at a low point, with the first quarter potentially being the lowest for the year, and recommends focusing on brands with strong momentum and reasonable growth targets [2][13] Summary by Sections Food and Beverage Sector - The report identifies investment opportunities driven by category dividends, new channels, and health products, recommending leading stocks such as Jin Zai Food, Xianle Health, and Salted Fish [1][21] - It notes that the food and beverage sector is expected to benefit from retail transformation and cost cycle opportunities throughout the year [20][21] Liquor Sector - The white liquor sector is currently viewed as undervalued, with potential for a structural bull market driven by policy stabilization and real estate recovery [2][13] - The report recommends high-end liquor brands like Kweichow Moutai and Wuliangye, as well as regional brands like Gujing Gongjiu and Shanxi Fenjiu, focusing on both momentum continuation and low base recovery strategies [2][13] Market Performance - From May 12 to May 16, the Shanghai Composite Index rose by 1.12%, with the liquor sector showing a modest increase of 0.64% [3][4] - The report highlights that the sales of Moutai liquor through mainstream e-commerce channels grew by over 30% year-on-year in the first four months of the year [6][59] Health Products - The health product sector is experiencing significant growth, driven by the popularity of ergothioneine, with recommendations for companies like H&H International Holdings and Jindawei [15][16]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that inventory continues to decrease, with signs of a turning point in molten iron production [1] - The total social inventory of five major steel products is 9.93 million tons, showing a weekly decrease of 3.8% and a year-to-date increase of 31.0% [5] - The total inventory of steel mills for the five major products is 4.37 million tons, reflecting a weekly increase of 1.4% and a year-to-date increase of 24.8% [5] - The port inventory of iron ore stands at 141.63 million tons, with a weekly decrease of 0.5% and a year-to-date increase of 4.7% [5] Price Data Summary - The SW Steel Index is at 2,159, with a weekly decrease of 0.4% and a year-to-date increase of 2.7% [3] - The price of rebar (HRB400 20mm) is 3,200 CNY/ton, with a weekly increase of 1.6% and a year-to-date decrease of 6.2% [3] - The price of hot-rolled steel is 3,270 CNY/ton, with a weekly increase of 2.2% and a year-to-date decrease of 4.4% [3] - The iron ore Platts index is at 102 USD/ton, reflecting a weekly increase of 3.7% and a year-to-date increase of 2.2% [3] Supply and Demand - The weekly output of five major steel products is projected to be stable, with daily molten iron production expected to maintain a steady trend [8][10] - The report highlights the overall demand for rebar, indicating a positive outlook for the market [14]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates a continued reduction in inventory levels, with signs of a turning point in molten iron production [1] - The total social inventory of five major steel products is 9.93 million tons, showing a year-to-date decrease of 31% [5] - The total inventory at steel mills for the same products is 4.37 million tons, reflecting a year-to-date decrease of 24.8% [5] - Port inventory of iron ore stands at 14.16 million tons, with a year-to-date decrease of 4.7% [5] Price Data Summary - The SW Steel Index is at 2,159, with a weekly decline of 0.4% and a year-to-date increase of 2.7% [3] - Rebar (HRB400 20mm) price is 3,200 CNY/ton, with a weekly increase of 1.6% [3] - Hot-rolled coil price is 3,270 CNY/ton, with a weekly increase of 2.2% [3] - Iron ore price (Platts Index) is at 102 USD/ton, reflecting a weekly increase of 3.7% [3] Supply and Demand Summary - The weekly output of five major steel products is projected to be stable, with daily molten iron production averaging around 230,000 tons [8] - The report highlights a potential recovery in downstream demand, which could positively impact the steel industry [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of HKD 16.903 billion for the fiscal year 24/25, a decrease of 8.2% year-on-year, with a net profit attributable to shareholders of HKD 2.063 billion, down 10.41% year-on-year. However, excluding certain impairments, the adjusted net profit was HKD 2.35 billion, reflecting a growth of 1.3% due to effective cost control measures [1][11] Summary by Sections Domestic Sales - Revenue from the Chinese market was HKD 10.236 billion, a decline of 16.94% year-on-year, with a gross margin of 40.4%. The decline was attributed to construction pressures and weak terminal demand. Offline store revenue decreased by 16.56% to HKD 6.799 billion, while online sales fell by 16.33% to HKD 2.193 billion, although the latter showed signs of recovery in the second half of the fiscal year [2] International Sales - North American revenue increased by 3.17% to HKD 4.420 billion, with a gross margin improvement of 4.4 percentage points to 41.5%. European and other overseas markets saw a revenue increase of 22.90% to HKD 1.469 billion, driven by enhanced market promotion and expanded sales channels [3] Product Categories - Sofa and related products generated HKD 11.743 billion in revenue, down 7.24% year-on-year, with total sales volume of 1.885 million sets. Domestic sofa revenue decreased by 15.4%, while export sales volume increased by 13.04%, particularly in North America and Europe [4] Financial Metrics - The gross margin improved to 40.5%, up 1.1 percentage points year-on-year, primarily due to a decrease in raw material costs. The company effectively reduced its expense ratio to 23.51%, with a notable decrease in management expenses [5][10] Earnings Forecast and Valuation - The company is expected to achieve revenues of HKD 17.886 billion, HKD 19.168 billion, and HKD 20.570 billion over the next three fiscal years, with corresponding net profits of HKD 2.273 billion, HKD 2.492 billion, and HKD 2.720 billion. The current market valuation corresponds to a PE ratio of 7.24X, 6.60X, and 6.05X for the next three years [11][12]