Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [20]. Core Views - The company achieved a record revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-on-year [4][9]. - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth sectors such as communications, consumer electronics, computing, and automotive electronics [9][10]. - The company has significantly increased its R&D investment, reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year, and has applied for 587 new patents, totaling 3,030 patents by the end of 2024 [9][10]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 13.06%, a slight decrease of 0.59% year-on-year, while the net margin was 4.48%, down 0.48% year-on-year. The fourth quarter of 2024 saw a revenue of 10.984 billion yuan, with a net profit of 533 million yuan [4][9]. - The company expects revenues of 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]. Business Strategy - The company is enhancing its presence in the automotive electronics sector, with a 20.5% year-on-year revenue growth, significantly above the industry average. It is also establishing strategic partnerships with leading international firms [9][10]. - The company is advancing its Shanghai automotive electronics packaging production base, expected to commence operations in the second half of 2025, gradually increasing production capacity [9][10]. Technological Innovation - The company is recognized for its leading semiconductor advanced packaging technologies, including SiP, WL-CSP, FC, eWLB, PiP, PoP, and XDFOI® series, providing tailored solutions for high-performance computing, AI, 5G, and automotive electronics [9][10]. - The company has successfully launched its encapsulated power modules for the new energy sector, addressing industry challenges such as heat dissipation and warping, thereby enhancing product performance [10].

Investment Rating - The report assigns an "Accumulate" rating to the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Views - The company achieved a revenue of 3.476 billion yuan in 2024, representing a year-on-year growth of 10.41%, with a notable increase in net profit attributable to the parent company of 40% [7]. - The growth in revenue is attributed to a balanced focus on both C-end and B-end markets, with a significant increase in cash received from sales in the fourth quarter, which rose by 63.13% year-on-year [7]. - The rapid growth of Chinese-style compound seasonings has become the main driver of revenue growth, with this segment generating 1.771 billion yuan, up 16.56% year-on-year, and accounting for 50.94% of total revenue [7]. - The company's gross profit margin improved to 39.8%, an increase of 1.95 percentage points from the previous year, driven by a decrease in raw material costs and increased production efficiency [7][8]. - The report forecasts earnings per share of 0.66 yuan, 0.74 yuan, and 0.84 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 21.36, 18.91, and 16.70 based on the closing price of 14.01 yuan on April 22 [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 34.76 billion yuan, a 10.41% increase year-on-year, with a net profit of 5.66 billion yuan, reflecting a 40% increase [7]. - The gross profit margin for the main business reached 39.8%, up 1.95 percentage points, with the hot pot base material margin at 37.53% and the Chinese-style compound seasoning margin at 41.30% [7][8]. Revenue Breakdown - The revenue from Chinese-style compound seasonings increased significantly, while the revenue from hot pot base materials saw a slight increase of 3.53% [7]. - Online sales grew by 51.7%, contributing 17.15% to total revenue [7]. Cost and Profitability - The decrease in costs contributed to enhanced profitability, with a net profit margin increase of 3.77 percentage points to 18.55% [10]. - The report highlights a reduction in sales, management, and R&D expense ratios, which further improved the company's profitability metrics [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year increase of 21.24%, and a net profit of 1.610 billion yuan, up 9.44% year-on-year [4][9] - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth product areas such as communications, consumer electronics, computing, and automotive electronics [9][10] - The company has maintained stable profitability with a gross margin of 13.06% in 2024, despite a slight year-on-year decline [9][10] Summary by Relevant Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72% [4] - The company’s R&D investment reached 1.72 billion yuan in 2024, a year-on-year increase of 19.3%, with 587 new patents filed [9][10] Business Strategy - The company is deepening its focus on four core application areas: communications (44.8% revenue share), consumer electronics (24.1%), computing (16.2%), and automotive electronics (7.9%) [9][10] - The company is expanding its market share in the storage and computing electronics sectors through strategic acquisitions, including an 80% stake in Shengdie Semiconductor [9][10] Technology and Innovation - The company is committed to advanced packaging technology innovation, with industry-leading solutions such as SiP, WL-CSP, and XDFOI® [9][10] - The XDFOI® technology has been successfully mass-produced and is applied in high-performance computing, AI, 5G, and automotive electronics [10] Future Outlook - Revenue projections for 2025-2027 are 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan, respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [7][18]. Core Views - The company's performance continues to meet expectations with rapid growth, reporting a total revenue of 5.245 billion yuan in 2024, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [7]. - The market size for pet food is expanding, with a notable increase in domestic brand penetration, as evidenced by the growth in the pet food market to 300.2 billion yuan, a 7.5% year-on-year increase [7]. - The company's proprietary brands are performing exceptionally well, with significant revenue contributions from both snacks and staple foods, and a strong presence in direct sales channels [7]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.245 billion yuan, with a net profit of 625 million yuan, reflecting a 45.68% increase year-on-year. The operating cash flow was 720 million yuan, up 16.60% [7]. - For Q1 2025, the company reported a revenue of 1.48 billion yuan, a 34.82% increase year-on-year, and a net profit of 204 million yuan, up 37.68% [7]. Market Trends - The pet food industry in China is experiencing a growth trend, with a reported production of 1.599 million tons in 2024, a 9.3% increase year-on-year, despite a general decline in the industry [7]. - The penetration rates for professional dog and cat food have increased, with 25% and 43% respectively, indicating a growing market for high-quality pet food [7]. Brand Performance - The company's own brands generated 3.545 billion yuan in revenue, a 29.14% increase, with direct sales channels seeing a 59.33% increase in revenue [7]. - The flagship brand, Maifudi, continues to lead the market, achieving the highest brand index in the "Top Ten Pet Food Brands in China" [7].

Key Insights - The report highlights the ongoing growth in the automotive industry, particularly in the electric vehicle (EV) sector, with production and sales figures showing significant year-on-year increases [13][15] - The software and internet sectors are leading the market, with a focus on investment opportunities in software development and internet services [9][12] - The food and beverage sector is experiencing a recovery, with specific attention on the performance of alcoholic beverages and dairy products [36][38] Domestic Market Performance - The automotive industry saw production and sales reach 300.58 million and 291.55 million units respectively in March 2025, marking year-on-year increases of 11.86% and 8.2% [13] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are at 13.98 and 34.48 respectively, indicating a favorable environment for medium to long-term investments [8][9] - The food and beverage sector's valuation is at 19.92 times earnings, which is considered low historically, suggesting potential for growth [36][37] International Market Performance - The report notes a decline in the semiconductor sector due to the implementation of "reciprocal tariffs" by the US, which may impact domestic manufacturers [7][16] - The communication industry is under pressure, with a 3.51% decline in the index, but there is optimism regarding the growth of 5G and AI applications [30][34] Industry Trends - The report emphasizes the importance of AI in driving the development of data centers and the light communication industry, with significant technological advancements expected [30][33] - The gaming and advertising sectors are highlighted as areas of potential growth, supported by government policies aimed at boosting consumption [19][21] Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the automotive sector, particularly focusing on the smart driving technology advancements [15][24] - It recommends monitoring the software and internet sectors for investment opportunities, given their current performance and growth potential [9][12] - The food and beverage sector is advised for investment, particularly in white spirits and dairy products, due to their stable demand and recovery trends [38][39]

Market Overview - On April 22, the A-share market opened lower but experienced a slight upward trend, with the Shanghai Composite Index closing at 3,299.76 points, up 0.25%[3] - The Shenzhen Component Index closed at 9,870.05 points, down 0.36%, indicating a weaker performance compared to the main board[9] - Total trading volume for both markets reached 11,214 billion yuan, above the median of the past three years[4] Sector Performance - The logistics, automotive, financial, and electronic chemicals sectors performed well, while power equipment, tourism, general equipment, and engineering machinery sectors lagged[4] - Over 50% of stocks in the two markets rose, with logistics, agricultural chemicals, packaging materials, and automotive services leading the gains[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.98 times and 34.48 times, respectively, aligning with the median levels of the past three years[4] - The market is deemed suitable for medium to long-term investments based on current valuation levels[4] Future Outlook - The fiscal policy for 2025 is expected to be more proactive, with potential interest rate cuts to maintain liquidity and support economic recovery[4] - The market is anticipated to exhibit a structure characterized by technology leadership, defensive dividends, consumption recovery, and domestic demand-driven growth[4] Investment Recommendations - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in logistics, automotive, financial, and electronic chemicals sectors[4] - Continuous monitoring of policy changes, capital flows, and international market conditions is essential for investment decisions[4]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28][41]. - The penetration rate of new energy vehicles (NEVs) is increasing, with March 2025 NEV production and sales at 1.277 million and 1.237 million units, showing year-on-year growth of 47.93% and 40.11% [64]. - The report emphasizes the importance of the ongoing smart driving technology upgrades among various automakers, which is expected to drive investment opportunities in the industry [4][8]. Summary by Sections 1. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12][18]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12][18]. - The industry valuation levels have declined, with the PE (TTM) at 28.56 times, ranking 13th among 30 CITIC primary industries [22][23]. 2. Key Industry Data Tracking 2.1 Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers was 1.56, indicating a slight decrease from the previous month [28]. 2.2 Passenger Vehicles - March 2025 saw passenger vehicle production and sales of 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brands in passenger vehicle sales reached 66% in March 2025, with a year-on-year increase of 6.7 percentage points [48]. 2.3 Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year declines of 1.37% and 2.38% [56]. - The heavy truck market is experiencing a significant increase in new energy heavy trucks, with sales up 183% year-on-year [59]. 2.4 New Energy Vehicles - The NEV market is rapidly growing, with a penetration rate of 42.43% in March 2025, up 0.54 percentage points from the previous month [64]. - Cumulative NEV production and sales from January to March 2025 reached 3.182 million and 3.075 million units, respectively, with year-on-year increases of 50.43% and 47.11% [64]. 3. Important Industry Company News - The report highlights various new vehicle launches and the ongoing development of smart driving technologies among major automotive manufacturers [85][86]. - The report also notes the significant growth in the number of charging stations across China, which has reached over 13 million, reflecting a 47.6% year-on-year increase [90].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28]. - The penetration rate of new energy vehicles (NEVs) has increased, with March 2025 NEV production and sales reaching 1.277 million and 1.237 million units, respectively, showing year-on-year growth of 47.93% and 40.11% [64]. - The report highlights the ongoing shift towards intelligent driving technologies, with several automakers accelerating the development of L3 level autonomous driving systems [4]. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12]. - The automotive industry is ranked 27th among 30 CITIC primary industries [12]. Key Data Tracking Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers in March 2025 was 1.56, indicating a slight decrease from the previous month [28]. Passenger Vehicles - In March 2025, passenger vehicle production and sales reached 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brand passenger vehicles reached 66% in March 2025, with sales of 1.629 million units, reflecting a year-on-year increase of 22.85% [48]. Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year decreases of 1.37% and 2.38% [56]. - The report notes a recovery trend in commercial vehicles, particularly in the truck segment, which saw production and sales of 381,100 and 394,200 units, respectively [59]. New Energy Vehicles - The report indicates that NEV production and sales in March 2025 reached 1.277 million and 1.237 million units, with a penetration rate of 42.43% [64]. - NEV exports in March 2025 totaled 158,000 units, reflecting a year-on-year increase of 26.8% [36]. Investment Recommendations - The report suggests maintaining the "Outperform the Market" rating and emphasizes the importance of monitoring the progress of intelligent upgrades in the automotive sector [4].

Core Insights - The report highlights a stable growth trend in new business establishments in China, with 6.063 million new entities registered in Q1 2025, including 2.1 million new enterprises and 3.949 million individual businesses [5][9] - The People's Bank of China and other departments have issued a plan to enhance cross-border financial services, aiming to improve digital service coverage for enterprises going global [6][9] - The semiconductor industry is experiencing significant developments, particularly in domestic AI chip production, with a focus on the upcoming launch of Harmony OS PCs in May 2025 [6][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,291.43, with a slight increase of 0.45%, while the Shenzhen Component Index rose by 1.27% to 9,905.53 [4] - The A-share market showed a mixed performance, with software and semiconductor sectors leading the gains, while sectors like chemicals and real estate lagged [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [5] Industry Analysis - The software and semiconductor sectors are highlighted as leading industries in the A-share market, with a focus on the growth of AI applications and digital services [6][12] - The food and beverage sector showed signs of recovery, with a 2.34% increase in March 2025, driven by rising prices in beer and liquor [31][32] - The agricultural sector is expected to benefit from the "Accelerating the Construction of an Agricultural Power" plan, with a rebound in chicken prices noted [21] Investment Recommendations - The report suggests a focus on sectors such as software development, internet services, and food and beverage for potential investment opportunities, while also highlighting the importance of monitoring policy changes and market dynamics [11][12][18] - In the semiconductor industry, the report recommends attention to domestic manufacturers benefiting from the U.S. tariff policies and the push for self-sufficiency in the supply chain [34][36]

合规 诚信 专业 稳健 分 析 师 ：邓淑斌 SAC登记编码：S0730518030001 分 析 师 ： 郑 婷 SAC登记编码：S0730524110001 研究助理 ： 徐 至 SAC登记编码：S0730812110006 发布日期：2025年4月21日 01 布雷顿森林体系的演变 02 目 录 Contents 全球资产价格走势 03 中美贸易摩擦及影响 04 美国"对等关税"事件及影响 05 启示与建议 内部资料 严禁外传 电子邮箱：zyzqyjs@ccnew.com 电话：021-50586973 前言 n构建于1944年的布雷顿森林体系是以美元为中心的国际货币体系，一度为推动二战后国际贸易、国际投 资和国际货币金融秩序稳定发挥了积极作用，但由于其自身存在的制度缺陷和经济环境发生变化，最终在 上世纪70年代逐步瓦解，逐步被"牙买加体系"（也称之为"后布雷顿森林体系"、"无体系的体系"） 所替代，全球货币循环方式和资产定价逻辑也由此发生变化。 n近期美国宣布所谓的"对等关税"政策，不仅引发国际社会强烈反对和全球金融市场大幅震荡，也让中 美贸易摩擦争端再度升级，尽管与之相关的反制与磋商谈判仍在持续，但 ...