Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].

Core Viewpoint - Beiqi Blue Valley is expected to narrow its net loss in 2025, projecting a loss of 4.35 billion to 4.65 billion yuan, despite having reported losses for five consecutive years [2] Group 1: Financial Performance - The company anticipates a significant increase in sales, reaching 209,600 units in 2025, representing a year-on-year growth of 84.06% [2] - In the first three quarters of 2025, Beiqi Blue Valley's R&D expenses amounted to 1.573 billion yuan, up 43.26% from 1.098 billion yuan in the same period last year, while sales expenses rose to 1.552 billion yuan, a 22.11% increase from 1.271 billion yuan [4] - As of September 30, 2025, the total assets of Beiqi Blue Valley were 33.844 billion yuan, a decrease of 18.29% from the end of the previous year, and the equity attributable to shareholders was 2.087 billion yuan, down 62.13% [5] Group 2: Product Development and Market Strategy - Beiqi Blue Valley is in a strategic investment phase, with new product launches expected to enhance sales and improve profitability [2][3] - The company plans to launch multiple new models in the second half of 2025, including the Extreme Fox T1 and the Xiangjie S9T, which are anticipated to drive sales growth [3] - The Xiangjie brand achieved a record monthly sales of over 10,000 units in December, becoming the sales champion in the luxury new energy vehicle segment priced above 300,000 yuan [3] Group 3: Funding and Future Outlook - Beiqi Blue Valley continues to receive financial support from its controlling shareholder, Beiqi Group, which plans to invest 100 billion yuan in the development of its autonomous passenger vehicle business by 2030, focusing on new energy and intelligent technology [6] - The company has received approval for a private placement to raise up to 6 billion yuan, with 5 billion yuan allocated for new energy vehicle development and 1 billion yuan for AI and intelligent driving systems [6] - The fundraising is expected to improve the company's financial condition and enhance its profitability and competitive strength, reducing the risk of delisting [6]

Core Viewpoint - Beiqi Blue Valley (600733) is expected to narrow its net loss in 2025, projecting a loss of 4.35 billion to 4.65 billion yuan, despite having reported losses for five consecutive years [1] Sales Performance - Beiqi Blue Valley's sales are projected to increase significantly, reaching 209,600 units in 2025, representing a year-on-year growth of 84.06% [1] - The company plans to launch multiple new models in the second half of 2025, including the Extreme Fox T1 and the Xiangjie S9T, which are expected to drive sales growth [2] - The Xiangjie brand achieved a historic monthly sales record of over 10,000 units in December, becoming the sales champion in the luxury new energy vehicle segment priced above 300,000 yuan [2] Financial Expenditure - In the first three quarters of 2025, Beiqi Blue Valley's R&D expenses amounted to 1.573 billion yuan, a 43.26% increase from the previous year, while sales expenses reached 1.552 billion yuan, up 22.11% year-on-year [3] Asset and Equity Status - As of September 30, 2025, Beiqi Blue Valley's total assets were 33.844 billion yuan, a decrease of 18.29% from the previous year, and the equity attributable to shareholders was 2.087 billion yuan, down 62.13% [4] - The company is primarily supported by its controlling shareholder, Beiqi Group, which holds a 23.14% stake, with additional stakes held by related parties [4] Capital Injection - Beiqi Blue Valley has received approval for a private placement to raise up to 6 billion yuan, with 5 billion yuan allocated for new energy vehicle development and 1 billion yuan for AI and intelligent driving systems [5] - The capital injection is expected to improve the company's financial condition and enhance its profitability and competitive strength, reducing the risk of delisting despite ongoing losses [5]

● 本报记者 张妍頔 龚梦泽 近日，北汽蓝谷发布了2025年业绩预告，公司预计2025年归属于上市公司股东的净亏损为43.5亿元-46.5 亿元，归属于上市公司股东的扣除非经常性损益后的净亏损为46.5亿元-49.5亿元。此前北汽蓝谷已经连 续五年呈现亏损状态，但从2025年的业绩预告来看，公司的亏损额将收窄。 2025年，北汽蓝谷的销量大增，达到20.96万辆，同比增长了84.06%。北汽蓝谷在公告中表示，由于规 模效益尚未充分体现，公司整体仍处于战略投入期的亏损阶段。随着新产品矩阵按规划投放市场及降本 增效措施进一步落实，公司盈利能力有望进一步改善，但能否持续仍有待观察。 销售数据向好 作为新能源车企，北汽蓝谷亟待规模效应释放转化为盈利能力的时刻。目前，北汽蓝谷旗下拥有三大品 牌享界、极狐和BEIJING，其中，享界品牌是公司旗下全新品牌，该品牌下首款合作车型全景智慧旗舰 轿车享界S9由北汽新能源与华为联合打造。 全年销量破20万辆的北汽蓝谷，在2025年下半年密集推出多款新车型：9月11日，极狐T1正式上市；9 月16日，享界S9T正式上市；10月28日，全新阿尔法T5（包含极狐汽车首款增程版本）正式上 ...

Market Trends - AI hardware penetration is increasing, leading to a rise in the semiconductor industry, with PCB and memory prices continuing to rise[4] - Lithium carbonate prices have surged by 12.7% due to supply constraints and improving downstream demand[6] - The pork price has improved by 2.4% month-on-month, supported by consumption policies and seasonal demand[5] Consumer Insights - In the real estate sector, the transaction area of commercial housing in 30 major cities has decreased by 30.5% year-on-year, with first-tier cities down by 35.4%[5] - Retail sales of passenger cars have dropped significantly, with a 32% year-on-year decline in daily sales, particularly in the new energy vehicle segment, which saw a 38% drop[5] Industry Developments - The domestic company Tiangong International is focusing on powder metallurgy technology for nuclear fusion materials, with a target of 25% revenue growth over the next three years[8] - The cement production in Uganda has increased from 370,000 tons in 2000 to 5.1 million tons in 2023, driven by rapid urbanization and economic growth[12] Company Performance - Hikvision's net profit for 2025 is projected to be 141.88 billion yuan, reflecting an 18.46% year-on-year increase, driven by high-quality growth strategies[40] - Netflix's revenue for FY26 is expected to reach $511 billion, with a net profit of $135 billion, indicating a 22.5% year-on-year growth[48]

南方财经全媒体集团投资快报记者 黄敏 1月19日晚间，北汽蓝谷（600733）发布公告称，2025年归母净利润预计亏损43.5亿元至46.5亿元，与 2024年归属于上市公司股东的净利润-694,801.06万元相比，减亏幅度在33.09%-37.41%区间。不过，加 上2025年的预计亏损，北汽蓝谷在近6年累计亏损，已超338亿元。 为什么还在继续亏损？到底何时能扭亏为盈？1月22日，公司方面回应投资快报记者表示，过去一年， 北汽蓝谷出现的阶段性亏损，本质上是公司在新能源行业关键窗口期所做的战略性、前瞻性投入的直观 体现。去年三季度公司毛利率已实现转正，达1.8%，目前北汽蓝谷已进入"规模扩张与经营质量跃升"双 向驱动的新阶段，实现全面盈利将是一个水到渠成的过程。公司对未来实现可持续的规模与利润双增长 充满信心。 去年销量近21万辆大涨84.06%，却不见利润 公司回应：阶段性亏损，长期主义的主动选择 1月19日晚间，北汽蓝谷发布《2025年年度业绩预亏公告》。公告显示，经公司财务部门初步测算，北 汽蓝谷2025年归母净利润预计亏损43.5亿元至46.5亿元，同期扣非归母净利润预计亏损46.5亿元至49.5 ...

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]

Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 11.49 CNY [5][11]. Core Views - The company is positioned as a pioneer in China's new energy vehicle industry, with dual-brand synergy driving positive transformation. The leading layout in autonomous driving and a diversified product matrix are expected to support revenue growth [2][19]. - The company anticipates significant revenue growth, with projected revenues of 29 billion CNY in 2025, 58 billion CNY in 2026, and 89 billion CNY in 2027, reflecting year-on-year growth rates of 100%, 101%, and 53% respectively [13][19]. - The dual-brand strategy, focusing on the premium and luxury segments, is expected to enhance revenue and performance recovery, with the company aiming for over 200,000 vehicle sales in 2025, a year-on-year increase of 84.06% [11][19]. Financial Summary - Total revenue is projected to reach 14,319 million CNY in 2023, with a significant increase to 88,885 million CNY by 2027, representing a compound annual growth rate of 52.6% [4][12]. - The net profit attributable to the parent company is expected to improve from a loss of 5,400 million CNY in 2023 to a profit of 1,267 million CNY by 2027 [4][12]. - The gross margin is anticipated to turn positive in the third quarter of 2025, with a projected gross profit of 1 billion CNY in 2025 and 107 billion CNY in 2027 [11][19]. Business Segment Forecast - Vehicle sales are expected to generate revenues of 272.45 billion CNY in 2025, 564.67 billion CNY in 2026, and 870.48 billion CNY in 2027, with corresponding gross profits turning from a loss to a profit by 2026 [13][16]. - The vehicle operation revenue is projected to grow steadily, reaching 2.36 billion CNY in 2025, with consistent growth of 10% year-on-year [14]. - Material sales and leasing revenues are expected to remain stable, with minor growth anticipated in leasing income [14][15]. Valuation - The company is valued using a price-to-sales (P/S) ratio, with a target P/S of 1.1 times for 2026, leading to a target price of 11.49 CNY [19][20].

Core Viewpoint - The stock of Beiqi Blue Valley has experienced a decline in recent trading sessions, with a notable drop of 2.04% on January 22, 2025, reflecting a challenging market environment for the company [1]. Group 1: Stock Performance - As of January 22, 2025, Beiqi Blue Valley's stock price was reported at 8.15 yuan per share, with a total market capitalization of 454.24 billion yuan [1]. - The stock has seen a year-to-date increase of 1.49%, but has declined by 2.86% over the last five trading days, 0.49% over the last twenty days, and 0.73% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Beiqi Blue Valley achieved a revenue of 153.84 billion yuan, representing a year-on-year growth of 56.69% [2]. - The company reported a net profit attributable to shareholders of -34.26 billion yuan, which is an increase in loss of 23.73% compared to the previous period [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Beiqi Blue Valley was 240,100, a decrease of 11.53% from the previous period [2]. - The average number of circulating shares per shareholder increased by 13.04% to 20,346 shares [2]. - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 114 million shares, an increase of 46.59 million shares from the previous period [2].

股 票 研 究 双品牌驱动营收增长，积极布局自动驾驶 北汽蓝谷(600733) 北汽蓝谷首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 首次覆盖给予"增持"评级。享界、极狐双品牌驱动营收增长。新车型蓄势待发， 多元化产品矩阵持续扩容。公司积极布局自动驾驶，L2 至 L4 全面覆盖。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...