Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Views - The company has shown stable growth in performance, with a recovery in agricultural chemical industry sentiment [3]. - The company reported a decrease in revenue for 2024, with total revenue of 104.35 billion yuan, down 9.09% year-on-year, and a net profit attributable to the parent company of 12.02 billion yuan, down 23.19% year-on-year [6]. - The company is expected to benefit from the agricultural industry's replenishment cycle, with projected net profits for 2025-2027 being 13.28 billion yuan, 15.76 billion yuan, and 17.74 billion yuan, respectively [6]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 104 billion yuan, 119 billion yuan, 135 billion yuan, and 145 billion yuan, with growth rates of -9.09%, 13.79%, 13.85%, and 7.53% respectively [4][7]. - The EBITDA for the same years is projected to be 21.03 billion yuan, 24.75 billion yuan, 27.74 billion yuan, and 30.13 billion yuan [4]. - The earnings per share (EPS) are expected to be 2.96 yuan, 3.27 yuan, 3.88 yuan, and 4.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 20.30 in 2024A to 13.76 in 2027E [4][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Views - The company has shown stable growth in performance, with a recovery in agricultural chemical industry sentiment [3]. - The company reported a revenue of 104.35 billion yuan for 2024, a decrease of 9.09% year-on-year, and a net profit attributable to the parent company of 12.02 billion yuan, down 23.19% year-on-year [6]. - The company is expected to benefit from the agricultural industry's replenishment cycle, with projected net profits for 2025-2027 being 13.28 billion yuan, 15.76 billion yuan, and 17.74 billion yuan respectively [6]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 104 billion yuan, 119 billion yuan, 135 billion yuan, and 145 billion yuan respectively, with growth rates of -9.09%, 13.79%, 13.85%, and 7.53% [4][7]. - The EBITDA for the same years is projected to be 21.03 billion yuan, 24.75 billion yuan, 27.74 billion yuan, and 30.13 billion yuan [4]. - The earnings per share (EPS) are expected to be 2.96 yuan, 3.27 yuan, 3.88 yuan, and 4.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][7]. - The price-to-earnings (P/E) ratios for the projected years are 20.30, 18.38, 15.48, and 13.76 [4][7].

Investment Rating - The report gives a "Buy" rating for the company [8]. Core Insights - The company, Xianheng International, is a leading MRO centralized supplier in China, showing a significant turning point in net profit in 2024 with a revenue of 3.606 billion yuan, a year-on-year increase of 23.15%, and a net profit of 223 million yuan, up 130.67% year-on-year [5][19]. - The MRO procurement service market in China is projected to reach 3.7 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 6.1% from 2019 to 2024, indicating a vast market potential [6][30]. - The company is expanding its services into five new strategic industries, aiming to replicate its success in the power sector [7][40]. Summary by Sections Company Overview - Xianheng International, established in 2008, is a leading MRO centralized supplier in China, primarily serving the power industry and expanding into railways and urban rail transit [17]. - The company offers over one million SKUs across 12 categories of tools and instruments, along with technical services [5][17]. MRO Market Potential - The MRO procurement market in China is still in the early stages of penetration, with a low centralized procurement rate compared to traditional methods, which presents significant growth opportunities for leading suppliers [6][26]. - The market is expected to grow to 4.5 trillion yuan by 2029, with a CAGR of 4.2% from 2024 to 2029 [6][30]. Strategic Expansion - The company is implementing five new strategic plans to enhance its service capabilities and increase the proportion of non-standard products and technical services [7][40]. - The new strategic sectors have shown rapid growth, with sales in these areas reaching approximately 1.091 billion yuan in 2024, a year-on-year increase of about 70.97% [43]. Financial Forecast - The company is projected to achieve revenues of 4.456 billion yuan, 5.204 billion yuan, and 5.957 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 23.6%, 16.8%, and 14.5% [8][10].

Investment Rating - The report gives a "Buy" rating for the company, Xiangheng International, based on its growth potential in the MRO market and improving profitability metrics [8]. Core Insights - Xiangheng International is a leading player in the domestic MRO centralized supply market, showing a significant turning point in profitability with a revenue of 3.606 billion yuan in 2024, a year-on-year increase of 23.15%, and a net profit of 223 million yuan, up 130.67% year-on-year [5][19]. - The MRO procurement service market in China is projected to reach 3.7 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 6.1% from 2019 to 2024, indicating a vast market opportunity [6][30]. - The company is expanding its service capabilities into five new strategic industries, aiming to replicate its success in the power sector across oil and gas, government emergency services, transportation, nuclear industry, and power generation sectors [7][40]. Summary by Sections Company Overview - Xiangheng International, established in 2008, is a leading MRO centralized supplier in China, primarily serving the power industry and expanding into other sectors [17]. - The company offers over one million SKUs across 12 categories of tools and instruments, along with technical services [5][17]. Market Potential - The MRO procurement market in China is still in the early stages of penetration, with significant room for growth as centralized procurement becomes more prevalent [6][26]. - The market is expected to grow to 4.5 trillion yuan by 2029, with a CAGR of 4.2% from 2024 to 2029 [6][30]. Competitive Landscape - The MRO market in China is characterized by low concentration and intense competition, with major competitors including Wuhan Jujing, Lide Electric, and Zhenkunxing [7][54]. - Xiangheng International's business model focuses on deepening service capabilities and understanding customer needs, particularly in large state-owned enterprises [36][51]. Financial Projections - Revenue projections for Xiangheng International are 4.456 billion yuan in 2025, 5.204 billion yuan in 2026, and 5.957 billion yuan in 2027, with corresponding growth rates of 23.6%, 16.8%, and 14.5% respectively [8][10]. - The company is expected to maintain a strong net profit growth trajectory, with net profits projected at 261 million yuan in 2025, 309 million yuan in 2026, and 367 million yuan in 2027 [8][10]. Strategic Initiatives - The company is implementing five new strategic initiatives to enhance its service offerings and increase the proportion of non-standard products and technical services [40][43]. - Xiangheng International aims to leverage its experience in the power sector to expand into new industries, enhancing customer stickiness and competitive advantage [7][40].

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The establishment of innovation centers in Hubei and Beijing aims to enhance the development and application of humanoid robots, with significant funding and support from local governments [33][34] Summary by Sections Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable weekly performance compared to major indices [5][13] Industry Developments - Galaxy General launched the TrackVLA model, which enhances autonomous navigation capabilities [20] - Pepsi introduced its first humanoid robot, showcasing advancements in robotics [21] - TSMC reported strong orders for humanoid robot applications, indicating market demand [22] - The total order scale for Songyan Power's humanoid robots has surpassed 2,000 units, reflecting robust market interest [23] Policy News - The Hubei humanoid robot innovation center was inaugurated, marking a significant step in the industry [33] - Beijing's humanoid robot innovation center increased its registered capital, enhancing its operational capacity [34] - The establishment of the Guangdong AI and Robotics Industry Alliance aims to foster collaboration and innovation in the sector [36] Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory to promote innovation in sensing technologies [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, expanding its capabilities in tactile sensing [39]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The report highlights the establishment of major innovation centers in Hubei and Beijing, aimed at advancing humanoid robot technology and collaboration within the industry [33][34] Summary by Sections 1. Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable performance compared to other indices [5][13] - The index ranks 15th among 31 first-level sub-industry indices, with significant stock movements including Superjet Co. (+28.42%) and Xusheng Group (+13.75%) [6][14] 2. Important Industry Developments 2.1 Industry Development - The TrackVLA model by Galaxy General enables autonomous navigation and obstacle avoidance without pre-mapping, enhancing commercial viability [20] - Pepsi's humanoid robot "Pepsi Blue Treasure" was unveiled, showcasing the brand's innovative spirit [21] - TSMC has begun receiving strong orders for advanced chips used in humanoid robots, contributing to revenue [22] 2.2 Policy News - The Hubei humanoid robot innovation center, the largest in the country, was inaugurated to support various applications [33] - The Beijing humanoid robot innovation center increased its registered capital to 460 million RMB, enhancing its technological collaboration [34] - The Guangdong AI and Robotics Industry Alliance was officially established to promote industry development [36] 2.3 Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory for intelligent sensing [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, focusing on multi-dimensional tactile sensing technology [39]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1]. Core Views - The company is entering a fast development phase, being the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant revenue growth following acquisitions [2]. - The company benefits from strong internal demand for nuclear power and has a cost advantage due to its mining operations, with projected sales volumes increasing significantly in the coming years [2]. - The uranium market is expected to remain tight due to geopolitical conflicts and recovering nuclear power demand, with a forecasted supply growth of approximately 8.51% in 2024 and 6.03% in 2025 [2]. - Revenue projections for 2025, 2026, and 2027 are estimated at 84.46 billion, 96.48 billion, and 99.72 billion HKD respectively, with corresponding net profits of 6.20 billion, 9.22 billion, and 10.53 billion HKD [2]. Summary by Sections Section 1: Company Overview - The company was established in 2001 and is the sole platform for overseas uranium resource development under China General Nuclear Power Group, with significant acquisitions enhancing its market position [6]. - The company is controlled by the State-owned Assets Supervision and Administration Commission, with a majority stake held by China General Nuclear Power Group [11]. Section 2: Uranium Industry - The uranium industry is characterized by a tight supply-demand balance, with long-term demand expected to outstrip supply due to increasing nuclear power installations and geopolitical factors [33][47]. - The company is well-positioned to benefit from the expected recovery in nuclear power demand, with significant growth in uranium prices anticipated [40][44]. Section 3: Profit Forecast - The company is projected to achieve substantial revenue and profit growth over the next three years, with a corresponding increase in earnings per share [49]. - The forecasted earnings reflect a strong recovery in uranium prices and increased production volumes from the company's mining operations [49].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is entering a fast development phase, being the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant revenue growth following acquisitions [2][7] - The company benefits from rich resources and significant cost advantages due to strong internal nuclear power demand and flexible pricing under new agreements [2][18] - The uranium market is expected to remain tight due to nuclear power recovery and geopolitical conflicts, with supply growth projected at 8.51% in 2024 and 6.03% in 2025 [2][40] - Revenue projections for 2025, 2026, and 2027 are HKD 84.46 billion, HKD 96.48 billion, and HKD 99.72 billion respectively, with net profits expected to grow significantly [2][49] Summary by Sections Company Overview - The company was established in 2001 and is the only platform for overseas uranium resource development under China General Nuclear Power Group, with significant acquisitions enhancing its operational capacity [7][12] - The company is controlled by the State-owned Assets Supervision and Administration Commission, with a majority stake held by China General Nuclear Power Group [12] Uranium Industry - The uranium industry is characterized by a tight supply-demand balance, with long-term demand expected to outstrip supply due to increasing nuclear power installations and geopolitical factors [34][47] - The recovery of uranium prices is anticipated as long-term contracts stabilize and demand from nuclear power generation increases [40][47] Financial Projections - The company is projected to achieve revenues of HKD 84.46 billion, HKD 96.48 billion, and HKD 99.72 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 6.20 billion, HKD 9.22 billion, and HKD 10.53 billion [2][49] - The earnings per share (EPS) are expected to be HKD 0.08, HKD 0.12, and HKD 0.14 for the same years [49]

Economic Indicators - In May, the U.S. non-farm payrolls increased by 139,000, exceeding the market expectation of 130,000[10] - The unemployment rate remained stable at 4.2%, while the labor force participation rate decreased by 0.2% to 62.4%[10] - Average hourly earnings rose by 0.4% month-on-month, surpassing the expected 0.3%[10] Labor Market Trends - The downward revision of non-farm payrolls for the previous two months totaled a decrease of 95,000[10] - The number of voluntary job leavers has significantly decreased, indicating potential labor market weakness[10] - Initial jobless claims in recent weeks suggest a possible rebound in the unemployment rate, although this is not reflected in the current non-farm report due to the declining labor participation rate[10] Macro Economic Outlook - The U.S. economy is showing signs of moderate weakening, with the possibility of a global economic slowdown increasing[3] - The U.S. dollar is currently positioned in the middle of the "smile curve," typically strengthening during periods of strong economic performance or severe recession, and weakening during moderate economic slowdowns[3] - A significant risk is posed by potential severe recession or strong economic growth, which could cause the dollar to move towards the extremes of the smile curve[4] Federal Reserve Insights - The Federal Reserve is expected to maintain a cautious stance in upcoming meetings, with market pricing indicating two potential rate cuts within the year[28] - Fed Chair Powell emphasized the need for data-driven adjustments to monetary policy, maintaining a focus on achieving full employment and price stability[24] - Concerns about trade barriers potentially increasing inflation risks were raised by Chicago Fed President Goolsbee[26]

周五公布的美国非农就业数据印证了美国经济仍处于温和走弱 的趋势中。虽然 5 月新增就业人数高于预期，失业率维持稳定，缓解 了此前 ADP 就业数据引发的衰退担忧。但这份就业报告也释放出一些 边际走软的信号：前两个月的非农就业人数再次出现下修；在失业人 口中，主动离职者的数量明显下降；同时近几周初请失业金人数也反 映了未来可能出现的失业率反弹，只是由于劳动参与率下降的关系， 并没有反映在本次非农报告上。 证券研究报告：宏观报告 发布时间：2025-06-10 研究所 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 《美关税不确定下，日元资产的演化路 径》 - 2025.06.09 宏观观点 海外宏观周报：美元处于"微笑曲线"中间 ⚫ 核心观点： 关税虽然从此前极高的水平有所下降，但谈判过程仍然冗长且进 展缓慢，而对经济造成的负面影响已难以避免。美国乃至全球经济温 和走弱的可能性正在上升，美元目前正处于"微笑曲线"的中间 ...