Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [10][16]. Core Insights - The company demonstrated resilience in its financial performance, with Q1 2025 revenue reaching $2.981 billion, a year-on-year increase of 0.78%, and net profit of $292 million, up 1.74% year-on-year [4][10]. - The company is focusing on store expansion and innovation, aiming to add 1,600 to 1,800 new stores in 2025, with a long-term goal of reaching 20,000 stores by 2026 [9][10]. - The report highlights the continuous improvement in same-store sales and a significant contribution from the delivery segment, which has seen a 13% year-on-year growth [6][10]. Company Overview - The latest closing price is HKD 348.00, with a total market capitalization of HKD 1,299.10 billion [3]. - The company has a total of 16,642 stores, with 247 new stores added in Q1 2025, of which 62 are franchise stores [5][9]. - The first major shareholder is JP Morgan Chase & Co. [3]. Financial Performance - In Q1 2025, the company achieved a restaurant profit margin of 18.6%, an increase of 100 basis points year-on-year, driven by lower raw material costs and improved operational efficiency [6][10]. - The company expects revenue growth rates of 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively, with net profit growth rates of 2.2%, 11.0%, and 12.4% [10][12]. - The earnings per share (EPS) are projected to be $2.49, $2.77, and $3.11 for the years 2025, 2026, and 2027, respectively [10][12]. Strategic Initiatives - The company is implementing innovative measures, including menu updates and new business models, to expand its target market and increase market share [9][10]. - The report indicates a strong focus on shareholder returns, with $262 million returned to shareholders in Q1 2025, including $172 million in stock buybacks and $90 million in cash dividends [9][10].

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1484.75 | | 52 | 周最高 | 1712.48 | 52 周最低 1113.62 行业相对指数表现 -16% -11% -6% -1% 4% 9% 14% 19% 24% 29% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 5 月第 2 周：中国装备 在印巴冲突中表现突出，主机厂比上游 企业更受益于军贸增长》- 2025.05.13 国防军工行业报告 我国首部国家安全白皮书发布 ⚫ 投资要点 国务院新闻办公室 5 月 12 日发布《新时代的中国国家安全》白 皮书，旨在全面阐释新 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - In 2024, the company achieved a revenue of 2.932 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 581 million yuan, up 1% year-on-year [4][5]. - For Q1 2025, the company reported a revenue of 653 million yuan, a decrease of 4% year-on-year, and a net profit of 135 million yuan, down 9% year-on-year [4]. - The company has seen significant growth in sales to major clients, with revenue from the aviation industry increasing by 9% to 1.155 billion yuan, and sales to the China Aviation Development system rising by 16% to 976 million yuan [5]. - The gross margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year, attributed to changes in product mix [6]. - The company plans to expand its international market presence, having signed a long-term framework contract with a foreign client worth approximately 2.1 billion yuan [6]. - The 2025 financial forecast estimates revenue between 2.99 billion and 3.22 billion yuan, representing a growth of 2% to 10%, with net profit expected to be between 590 million and 640 million yuan, also reflecting a growth of 2% to 10% [7]. Financial Summary - The company’s projected revenue and net profit for 2025 are 3.165 billion yuan and 638 million yuan, respectively, with corresponding growth rates of 7.93% and 9.89% [11]. - The earnings per share (EPS) for 2025 is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 38.06 [11][14]. - The company’s asset-liability ratio stands at 11.7%, indicating a strong financial position [3][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next 6 to 10 months [7][15]. Core Insights - In 2024, the company achieved a revenue of 2.932 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 581 million yuan, up 1% year-on-year [4][5]. - For Q1 2025, the company reported a revenue of 653 million yuan, a decrease of 4% year-on-year, and a net profit of 135 million yuan, down 9% year-on-year [4]. - The company has seen significant growth in sales to major clients, with revenue from the aviation industry increasing by 9% to 1.155 billion yuan, and sales to the China Aviation Development system rising by 16% to 976 million yuan [5]. - The gross profit margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year, attributed to changes in product mix [6]. - The company is expanding its international market presence, having signed a long-term framework contract with a foreign client worth approximately 2.1 billion yuan [6]. - The company aims for steady growth in 2025, projecting revenue between 2.99 billion and 3.22 billion yuan, representing a year-on-year growth of 2% to 10% [7]. Financial Summary - The company forecasts net profits for 2025 to be between 590 million and 640 million yuan, also reflecting a growth of 2% to 10% [7]. - The projected revenue for 2025 is estimated at 3.165 billion yuan, with a growth rate of 7.93% [11]. - The expected net profit for 2026 is 739 million yuan, with a growth rate of 15.79% [11]. - The company's price-to-earnings ratio (P/E) is projected to decrease from 41.82 in 2024 to 28.02 by 2027 [11].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Insights - The recent phase of easing tariffs between China and the U.S. is expected to alleviate the pressure on export-oriented companies, enhancing the investment value of high-growth sectors. Companies such as Zhongchong Co., Xianle Health, and Angel Yeast are highlighted as favorable investments, while companies like Guibao Pet and Petty Co. are under observation [3][11] - The snack sector continues to show potential, with Youyou Foods maintaining momentum in new channels. The company plans to stabilize its traditional offline channels while increasing investments in store displays and adjusting distributor structures to capture evolving channel opportunities [4][12] - The food and beverage sector's performance has been moderate, with the Shenwan Food and Beverage Industry Index showing a weekly increase of 0.48%, ranking 17th among 30 Shenwan primary industries, and underperforming the CSI 300 Index by 0.64 percentage points [5][14] Summary by Sections 1. Sector Update - The easing of tariffs has catalyzed the export chain, with the U.S. reducing tariffs on Chinese goods from 145% to 30%, while China has lowered tariffs on U.S. goods from 125% to 10% for a trial period of 90 days. This marks a significant shift towards de-escalation in trade tensions [11] - The snack segment is expected to grow rapidly, with Youyou Foods seeing increased visibility and penetration in snack wholesale channels, alongside a strong performance in e-commerce [4][12] 2. Industry Performance - The food and beverage sector's dynamic PE ratio stands at 22.74, indicating an upward trend. The highest performing sub-sectors last week were health products (+8.54%) and baked goods (+2.36%) [5][14] - Among individual stocks, ST Jiaogang saw a significant increase of 35.59%, followed by Xianle Health (+19.57%) and Youyou Foods (+14.95%) [5][14] 3. Key Company Announcements - Nanchao Foods reported a revenue of RMB 273.9 million for April 2025, a slight decrease of 0.98% year-on-year [21] - Guizhou Moutai has been actively repurchasing shares, with a total of 624,646 shares repurchased from May 1 to May 16, 2025, representing 0.0497% of its total share capital [22] 4. Industry News - Moutai Group reported a stable growth in sales, with a year-on-year increase of over 30% in mainstream e-commerce channels [24] - Qingdao Beer is progressing with its new intelligent production project, expected to be operational by November 2025 [24] 5. Industry Chain Data Tracking - As of May 10, 2025, wheat prices are at RMB 2,424.1 per ton, down 6.32% year-on-year, while pork prices are at RMB 20.94 per kilogram, up 2.6% year-on-year [26][27]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Insights - The company reported impressive performance with a revenue of RMB 2.241 billion in 2024, representing a year-on-year increase of 155.6%, while the net profit attributable to the parent company was a loss of RMB 401 million, but this still marked a 94.59% improvement year-on-year [5][12]. - The company is focusing on building a "product ecosystem" and aims for global development over the next decade, with a strong emphasis on user needs and product innovation [10][12]. Company Overview - The latest closing price is HKD 145.00, with a total market capitalization of HKD 36.141 billion. The company has a total share capital of 249 million shares and an asset-liability ratio of 199.66% [4][5]. - The company has established partnerships with 50 globally recognized IPs and has a diverse product portfolio with over 600 SKUs [6][7]. Financial Performance - In 2024, the company achieved a revenue of RMB 2.241 billion, with a significant focus on character-building toys, which generated RMB 2.201 billion, accounting for 98.2% of total revenue [7][9]. - The company’s four major IPs, including Ultraman and Transformers, contributed significantly to revenue, with Ultraman alone generating RMB 1.096 billion, representing 48.9% of total revenue [7][9]. Sales Channels and Market Expansion - The majority of revenue growth came from offline distributors, which accounted for RMB 2.063 billion in sales, a year-on-year increase of 181.54% [9][11]. - The company is experiencing rapid growth in overseas markets, with a revenue increase of 518.16% year-on-year, indicating substantial growth potential [9][11]. Future Growth Prospects - The company plans to expand its product offerings to cater to adult consumers and women, aiming to capture a broader market segment [11]. - The company is also focusing on deepening its market penetration in lower-tier cities and enhancing its overseas operations, with expectations of significant growth in international markets [11][12]. - Revenue projections for 2025-2027 are estimated at RMB 4 billion, RMB 6 billion, and RMB 7.765 billion, with corresponding net profits of RMB 946 million, RMB 1.551 billion, and RMB 2.180 billion [12][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with a total of 201,100 excavators sold in 2024, marking a 3.13% increase, and domestic sales rising by 11.7% [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a breakdown of product revenues as follows: hydraulic cylinders (4.76 billion yuan), hydraulic pumps and motors (3.58 billion yuan), hydraulic systems (296 million yuan), and parts and castings (684 million yuan) [5]. - The gross profit margin for 2024 was 42.47%, a decrease of 0.89 percentage points year-on-year, while the expense ratio increased by 4.77 percentage points to 14.96% [5]. - The company forecasts revenues of 10.44 billion yuan, 11.63 billion yuan, and 12.96 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.76 billion yuan, 3.13 billion yuan, and 3.56 billion yuan [7][9]. Market Trends - The excavator market is expected to continue its upward trend, with sales in the first four months of 2025 reaching 83,500 units, a 21.4% increase year-on-year [6]. - The company is actively pursuing its electrification strategy, with significant investments in the linear actuator project, which is anticipated to enhance its competitive position in the market [6].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Insights - The recent easing of tariffs between China and the U.S. is expected to alleviate pressure on export-oriented companies, enhancing the investment value of high-growth sectors. Companies such as Zhongchong Co., Xianle Health, and Angel Yeast are highlighted as potential beneficiaries [3][11] - The snack sector continues to show growth potential, with new channel dynamics for Youyou Foods expected to persist into Q2. Traditional offline channels faced slight pressure due to the timing of the Spring Festival, but investments in store displays and adjustments in distributor structures are anticipated to stabilize performance [4][12] - The food and beverage sector index showed a modest increase of +0.48% last week, ranking 17th among 30 sectors, underperforming the CSI 300 index by 0.64 percentage points. The current dynamic PE ratio for the industry is 22.74, indicating a trend of gradual upward movement [5][14] Summary by Sections 1. Sector Update - The easing of tariffs has catalyzed the export chain, with significant adjustments in tariff rates for both Chinese and American goods. This marks a phase of reduced trade tensions, benefiting export-oriented companies [11] - Companies like Zhongchong Co. and Xianle Health are positioned well due to their strategic adjustments in production and sales channels, mitigating tariff impacts [11] 2. Industry Performance - The food and beverage sector index experienced a weekly increase of +0.48%, with the highest performing sub-sectors being health products (+8.54%) and baked goods (+2.36%). A total of 41 stocks in the sector saw gains, with ST Jiaogang leading at +35.59% [5][14] 3. Key Company Announcements - Nanchao Foods reported a revenue of RMB 273.9 million for April 2025, reflecting a slight decrease of 0.98% year-on-year [21] - Guizhou Moutai has been actively repurchasing shares, with a total of 624,646 shares bought back, representing 0.0497% of its total share capital [22] 4. Important Industry News - Moutai's sales through mainstream e-commerce channels have shown over 30% year-on-year growth in the first four months of the year, indicating strong market performance [24] - The restaurant industry is experiencing a rise in chain operations, with the chain rate expected to exceed 24% in 2025 [24] 5. Industry Chain Data Tracking - Recent data shows fluctuations in agricultural product prices, with wheat priced at RMB 2,424.1 per ton, down 6.32% year-on-year, and pork at RMB 20.94 per kilogram, up 2.6% year-on-year [26][27]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with domestic sales increasing by 31.9% in the first quarter of 2025, indicating a positive trend for the company's core business [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a gross margin of 42.47%, slightly down by 0.89 percentage points year-on-year [5]. - The company’s net profit for 2025 is projected to be 2.76 billion yuan, reflecting a growth rate of 10.01% [11][12]. - The company’s earnings per share (EPS) is expected to grow from 1.87 yuan in 2024 to 2.65 yuan by 2027 [11][12]. Business Segments - The hydraulic pumps and motors segment showed robust growth, with revenues of 3.58 billion yuan in 2024, marking a year-on-year increase of 9.63% [5]. - Domestic sales accounted for 72.51 billion yuan in 2024, up 3.61% year-on-year, while international sales reached 2.07 billion yuan, an increase of 7.61% [5]. Market Outlook - The excavator sales in China reached 100,500 units in 2024, a 11.7% increase, signaling a recovery in the market after three years of decline [6]. - The company expects revenue growth rates of 11.19%, 11.43%, and 11.40% for the years 2025, 2026, and 2027, respectively [7][11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within six months [9][15]. Core Insights - The company reported a revenue of 1.79 billion yuan for 2024, representing a year-on-year growth of 42.30%, and a net profit attributable to shareholders of 414 million yuan, up 27.40% [3][9]. - The digital printing equipment segment saw a revenue growth of 47.84%, indicating a rapid penetration of digital printing technology [4]. - The company is progressing with key projects, including a factory for industrial digital printing equipment, which is expected to significantly enhance production capacity [5][6]. Financial Performance - For 2025, the company is projected to achieve revenues of 2.32 billion yuan, with a year-on-year growth of 29.73%, and a net profit of 532 million yuan, reflecting a growth of 28.47% [9][11]. - The gross margin for 2024 was reported at 44.95%, a decrease of 1.59 percentage points compared to the previous year [4]. - The company’s earnings per share (EPS) for 2024 is estimated at 2.31 yuan, with projections of 2.97 yuan, 3.79 yuan, and 4.78 yuan for the years 2025, 2026, and 2027 respectively [11][14]. Market Position and Growth Potential - The company is actively exploring applications of its core digital printing technology in various fields, including book printing and decorative materials, which could further drive revenue growth [6]. - The projected revenue growth rates for 2025 to 2027 are 29.73%, 28.80%, and 26.44% respectively, indicating a strong growth trajectory [9][11].