Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [2][3]. Core Insights - The company has a stable market share in the regional market, with a high dividend yield that highlights a safety margin for investors [2][3]. - The company's revenue for 2024 is projected to be 4,278 million yuan, reflecting a year-on-year decline of 23%. However, a recovery in profitability is anticipated in subsequent years [2][3]. - The company is expected to maintain a strong position in a relatively closed market, supported by a reasonable capacity layout and resource endowment [3]. Financial Performance Summary - **Revenue and Profitability**: The company reported a revenue of 4,278 million yuan for 2024, down 22.7% year-on-year, with a net profit of 538 million yuan, a decrease of 27.5% [3]. - **Sales Volume**: In 2024, the company's cement sales volume was 15.859 million tons, down 10.1% year-on-year, but the market share remained stable [3]. - **Cement Price**: The average cement price for 2024 was 238 yuan per ton, a decrease of 45.8 yuan compared to the previous year, influenced by weak demand and external competition [3]. - **Cost and Margin**: The cement cost per ton was 189.0 yuan, down 19.5% year-on-year, while the gross profit per ton was 49.2 yuan, down 26.4% [3]. - **Dividends**: The company plans to distribute a total cash dividend of 5.9 billion yuan for 2024, resulting in a dividend yield of 6.2%, which supports stock price stability [3]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 613 million yuan, 667 million yuan, and 701 million yuan, respectively, with corresponding P/E ratios of 15.6, 14.3, and 13.6 [2][3].

Investment Rating - The report does not explicitly provide an investment rating for the industry but discusses various investment opportunities and risks associated with different sectors. Core Insights - The report highlights three major industry trends for the year: breakthroughs in private technology, defensive assets under stable policies, and safe-haven assets amid global geopolitical tensions [6][7][8]. Summary by Sections 1. Private Technology Breakthroughs - The report emphasizes investment opportunities in China's technology sector, particularly in internet leaders, computing power, and robotics. The low-cost AI wave brought by DeepSeek is expected to significantly reduce AI deployment costs, benefiting downstream industries such as internet, new energy vehicles, and robotics. However, the overall diffusion of these technologies is limited, and investors should avoid excessively high valuations in small-cap tech stocks [6][7]. 2. Defensive Assets - Under stable macroeconomic policies, defensive assets such as bonds and dividend-paying stocks (e.g., utilities) are highlighted. The report anticipates that the overall profitability of A-shares will face significant growth pressure in 2025 due to new capacity pressures in sectors like new energy vehicles and semiconductors, compounded by global trade risks. Dividend-paying assets are seen as stable with low valuations, providing strong safety margins [7][8]. 3. Safe-Haven Assets - The report discusses the potential rise in demand for safe-haven assets like gold, non-ferrous metals, and military-related industries due to increased geopolitical tensions and the "America First" policy under Trump 2.0. The weakening of the dollar and rising long-term inflation may enhance the appeal of gold as an anti-inflation asset. Additionally, the demand for construction machinery and equipment is expected to remain strong as countries expand their manufacturing capabilities [8].

美国降息预期抬升，金属价格整体上涨 有色金属 证券研究报告/行业定期报告 2025 年 03 月 18 日 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：任恒 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq07@zts.com.cn | 上市公司数 | 141 | | --- | --- | | 行业总市值(亿元) | 30,692.52 | | 行业流通市值(亿元) | 28,838.08 | 1、《Alphamin Resources 锡矿暂停 生产，供应进一步趋紧》2025-03-17 2、《【中泰金属观察-全球制造业 PMI 跟踪】全球制造业 PMI 跟踪：2 月延 续扩张，需关注抢出口后的持续性 20250312》2025-03-15 属价格整体上涨》2025-03-10 1）贵金属：美国 2 月 CPI 和 PPI 数据均低于预期，通胀增长相对温和，美联储降息 预期抬升，利多短期黄金价格。中长期看，美国 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading global garment manufacturer with a diversified product range, including casual wear, denim, intimate apparel, knitwear, sportswear, and outdoor clothing. It has established a strong customer base and is expanding into the sports sector, which is expected to enhance growth potential [3][5][36]. - The company has a stable revenue and profit trajectory, with a projected increase in net profit from 1.41 billion RMB in 2024 to 1.95 billion RMB in 2026, reflecting a compound annual growth rate (CAGR) of 19% [1][15]. - The global apparel market is expected to grow steadily, with the sportswear segment projected to reach a retail market size of $407.42 billion by 2024, growing at a CAGR of 6.2% from 2014 to 2024 [26][28]. Company Overview - The company was founded in 1970 and is headquartered in Hong Kong, operating approximately 20 factories across Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, with an annual production capacity exceeding 470 million pieces [5][6]. - The company has a concentrated ownership structure, with the founders holding 76.5% of the shares, ensuring stable control [12]. Financial Performance - In 2023, the company reported revenues of $2.177 billion, a decrease of 12.6% year-on-year, with a net profit of $164 million, down 5.3% year-on-year. However, the company is entering a recovery phase, with a projected revenue growth of 8.4% in the first half of 2024 [15][26]. - The company maintains a stable gross margin of around 19-20% since 2018, with net profit margins expected to improve due to operational efficiencies and cost control measures [16][20]. Industry Analysis - The global apparel industry is projected to reach a retail market size of $1.45 trillion by 2024, with a CAGR of 3.0% from 2014 to 2024. The sportswear segment is expected to grow significantly, indicating a favorable market environment for the company [26][28]. - The concentration of brands in the sportswear segment is significantly higher than in other categories, with the top 10 brands expected to account for 42.3% of the market by 2024 [28][31]. Strategic Focus - The company emphasizes a diversified product portfolio and a collaborative model with clients, enhancing customer loyalty and operational efficiency. It serves over 50 brands, including Uniqlo, H&M, and Gap, with a focus on expanding its sportswear client base [36][41]. - The company is actively pursuing vertical integration by acquiring upstream suppliers, which is expected to improve delivery capabilities and profitability [36][7].

｜ 证 券 研 究 报 告 ｜ 民营科技突破与特朗普2.0下 资本市场或如何演绎？ ——2025年春季策略 2 0 2 5 . 0 3 . 1 8 徐驰 S0740519080003 xuchi@zts.com.cn 王永健 S0740522050001 wangyj09@zts.com.cn 张文宇 S0740520120003 zhangwy01@zts.com.cn 目 录 C O N T E N T S DeepSeek等科技密集突破 1 或带来哪些影响？ 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 4 海外：特朗普2.0或带来哪些影响？ 5 投资建议 2 更加重视科技： 政策维度有何新变化？ 3 高质量发展路线下， 我国经济与企业盈利演绎 6 风险提示 核心结论："预期与现实"间的反差 CONTENTS 目录 NTS 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 1 DeepSeek等突破带来中国科技"价值重估" 图表：春节至2月27日阶段高点AH指数表现（%） 0 5 10 15 20 25 30 港股指数涨跌幅（%） A股指数涨跌幅（%） A股行业指数涨跌幅（%） | ...

Investment Rating - The investment rating for China Resources Sanjiu (华润三九) is "Buy" (maintained) [1][6] Core Views - The company reported a revenue of 27.617 billion yuan for 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [3] - The CHC (Consumer Health Care) business maintained its leading position with a revenue of 12.482 billion yuan in 2024, growing 14.13% year-on-year, while the prescription drug segment achieved a revenue of 6.006 billion yuan, up 15.04% year-on-year [3] - The company is expected to continue its steady growth, with projected revenues of 30.986 billion yuan, 34.549 billion yuan, and 38.004 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 12%, 12%, and 10% [1][3] Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 24.739 billion yuan and a net profit of 2.853 billion yuan, with respective growth rates of 37% and 17% [1] - The projected earnings per share (EPS) for 2025 is 2.98 yuan, with a net profit forecast of 3.821 billion yuan [1][4] Business Segments - The CHC business segment is focusing on enhancing its product mix, particularly in cold, skin, and gastrointestinal categories, while the prescription drug segment is seeing a recovery in its formula granule business [3] - The company is also advancing its merger with Kunming Pharmaceutical Group and the acquisition of Tianjin Tasly Pharmaceutical, which is expected to enhance its competitive edge in the traditional Chinese medicine sector [3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 19.0 in 2023 to 14.1 in 2025, indicating an improving valuation as earnings grow [1][4] - The price-to-book (P/B) ratio is expected to decline from 2.9 in 2023 to 2.3 in 2025, reflecting a strengthening financial position [1][4]

Investment Rating - The report maintains an "Accumulate" rating for Lijiang Co., indicating a forecasted relative performance increase of 5% to 15% over the next 6 to 12 months [2][8]. Core Views - The company is expected to achieve stable operations in 2024, with Q4 revenue performance showing double growth. The dividend proposal remains consistent with the previous year, yielding a dividend rate of 3.5% based on the closing price on March 18 [3][5]. - The company’s 2024 revenue is projected at 808 million yuan, reflecting a year-on-year growth of 1.2%, while the net profit attributable to shareholders is expected to be 211 million yuan, down 7.3% year-on-year due to fluctuations in gross margin and expense ratios [5][6]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 799 million yuan - 2024A: 808 million yuan - 2025E: 866 million yuan - 2026E: 936 million yuan - 2027E: 967 million yuan - Year-on-year growth rates: 152% (2023A), 1% (2024A), 7% (2025E), 8% (2026E), 3% (2027E) [2][5]. - **Net Profit Forecast**: - 2023A: 227 million yuan - 2024A: 211 million yuan - 2025E: 250 million yuan - 2026E: 283 million yuan - 2027E: 303 million yuan - Year-on-year growth rates: 6072% (2023A), -7% (2024A), 18% (2025E), 13% (2026E), 7% (2027E) [2][5]. - **Earnings Per Share (EPS)**: - 2023A: 0.41 yuan - 2024A: 0.38 yuan - 2025E: 0.45 yuan - 2026E: 0.52 yuan - 2027E: 0.55 yuan [2][5]. - **Valuation Ratios**: - P/E: 24.0 (2023A), 25.9 (2024A), 21.9 (2025E), 19.3 (2026E), 18.0 (2027E) - P/B: 2.2 (2023A), 2.2 (2024A), 2.0 (2025E), 1.9 (2026E), 1.8 (2027E) [2][5]. Business Segment Performance - The company’s core business segments, including cableway and performance services, continue to show growth. In 2024, the total number of visitors to the three cableways reached 6.6684 million, an increase of 8.9% year-on-year. The revenue from cableway services was 410 million yuan, up 7.0% year-on-year, while performance revenue was 140 million yuan, reflecting a 2.5% increase [5][6]. - The hotel business remains under pressure, with a revenue of 167 million yuan in 2024, down 11.1% year-on-year. The company continues to expand its hotel offerings, including the opening of a luxury hotel in July 2024 [5][6].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [4][5][6]. Core Insights - The upcoming GTC 2025 is expected to reveal significant advancements in the GB300 architecture, including a 1.5x performance increase in single-card FP4 performance, memory capacity enhancement to 288GB, and upgraded networking capabilities [4]. - The GB300 cooling system is anticipated to shift from a large-area cold plate to individual liquid cooling plates for each chip, improving efficiency in heat dissipation [5]. - The Quantum 3400 X800 CPO version is set to begin mass production in Q3 2025, marking a significant milestone for NVIDIA's CPO product line [6]. - The introduction of 800V HVDC power systems is expected, with a new design integrating BBU and supercapacitors, significantly reducing size and weight while improving charging speed [7]. Summary by Sections Section: GB300 Architecture - The GB300 is projected to enhance performance with a 1.5x increase in FP4 performance and a memory upgrade to 288GB, utilizing 12-layer stacked HBM3E memory [4]. - Power consumption is expected to rise to 1.4kW for GB300, compared to previous models [4]. Section: Cooling Solutions - The cooling structure for GB300 may transition to individual liquid cooling plates for each chip, increasing the number of quick-connect fittings from 126 to 270 per cabinet [5]. Section: CPO Development - The Quantum 3400 X800 CPO will be NVIDIA's first mass-produced CPO product, featuring advanced multi-plane technology and a total switching capacity of 115.2T [6]. Section: Power Supply Innovations - The new power supply design for GB300 is expected to integrate supercapacitors and BBU, reducing the size by 50-70% and weight by 50-60%, while enhancing charging speed by five times [7].

北交所板块涨幅领先，专题培训强化沟通机制 ——北交所半月报（3.01-3.15） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn | 北交所基本状况 | | | --- | --- | | 上市公司数 | 264 | | 行业总市值(亿元) | 7987.41 | 最近一年北证 50 VS 沪深 300 机械设备 证券研究报告/行业定期报告 2025 年 03 月 16 日 报告摘要 北交所行情概览： 1）整体行情：截至 2025 年 3 月 15 日，北证成份股 264 个，平均市值 30.26 亿元。 本区间（2025.3.01-2025.3.15，下同）北证 50 指数涨跌幅 7.86%，收盘 1409.76 点； 同期沪深 300、创业板指、科创 50 涨跌幅分别为+3%、+2.6%、+0.86%。 2）赛道行情：本区间 A 股涨幅前五的行业为有色金属、国防军工、休闲服务、传媒、 食品饮料，涨幅分别为 10.89%、9.71%、8.01%、7.04%、6.98%。 3）个股行情：本区间在北交所上市的 264 只个股中 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [16]. Core Insights - The semiconductor testing equipment industry is entering a recovery phase in 2024, with significant growth anticipated in 2025, projected to exceed $8 billion, representing a year-on-year increase of over 19% [5]. - The company is actively expanding its global presence, having established sales and service companies in Japan and the U.S., and a manufacturing facility in Malaysia, which is expected to enhance its market share and international competitiveness [8][7]. - The company plans to issue convertible bonds to raise up to 1 billion yuan for the development of self-researched ASIC testing systems and the construction of a high-end SoC testing system manufacturing center, aiming to reduce reliance on external suppliers and meet increasing market demand [10]. Financial Performance Summary - The company's revenue is projected to grow from 691 million yuan in 2023 to 1.828 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 27% [2]. - The net profit attributable to the parent company is expected to increase from 252 million yuan in 2023 to 707 million yuan in 2027, reflecting a CAGR of around 28% [2]. - The gross margin is forecasted to remain stable around 73%, while the net margin is expected to improve from 36.9% in 2024 to 38.7% in 2027 [3][11]. Market Opportunities - The global market for mixed-signal and digital testing machines is estimated at approximately $930 million, with significant room for growth as the company expands its product offerings [6]. - The company is enhancing its product line with the introduction of the 8600 testing machine, which offers more testing channels and higher frequencies, thereby broadening its testing capabilities and supporting long-term growth [6].