Investment Rating - The investment rating for BYD is "Buy" (maintained) [7] Core Views - BYD announced a placement agreement to issue nearly 130 million new H shares, expected to raise approximately HKD 43.5 billion, which will be used for R&D, overseas business development, working capital, and general corporate purposes [4][14] - The placement attracted significant interest from global long-term investors, indicating strong confidence in BYD's growth prospects [4][14] - The funds raised will support BYD's accelerated globalization efforts, enhancing its international presence in the electric vehicle market [15][16] Summary by Sections Financial Data and Valuation - BYD's projected revenues for 2024-2026 are estimated at CNY 813.06 billion, CNY 952.98 billion, and CNY 1,162.64 billion, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [17] - The net profit attributable to shareholders is expected to reach CNY 40.51 billion, CNY 51.38 billion, and CNY 63.92 billion for the same period, with growth rates of 34.8%, 26.8%, and 24.4% respectively [17] - Earnings per share (EPS) are projected to be CNY 13.92, CNY 17.66, and CNY 21.97 for 2024-2026 [17] Business Strategy - BYD's "Smart Driving for All" strategy aims to enhance its technological capabilities and product offerings, catering to diverse consumer needs [16] - The company is focusing on international expansion, with its electric vehicles already present in over 100 countries and regions [15][16] - The recent financing is expected to significantly strengthen BYD's capital position, enhancing operational stability [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant revenue increase, with Q4 2024 revenue growing by 66% year-on-year, marking the fastest quarterly growth since Q2 2021, driven by subsidies and new product launches [3][12] - The company is strategically increasing marketing expenditures to enhance competitive advantages, despite a rise in competition intensity [3][12] - The company is focusing on both expanding its product range and refining existing products to achieve new scale heights [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 11.927 billion yuan, a year-on-year increase of 37.82%, and a net profit attributable to shareholders of 1.981 billion yuan, a decrease of 3.42% [12] - Q4 2024 saw operating revenue of 4.920 billion yuan, up 65.94% year-on-year, with a net profit of 509 million yuan, down 26.34% year-on-year [12] Market Position and Strategy - The company’s market share for domestic online retail in Q4 2024 was 13% for floor cleaning machines and 9% for washing machines, with significant growth in both categories [3][12] - The company is actively promoting new products and increasing brand investment, particularly in the domestic market and during major sales events like Black Friday [12] Future Projections - Revenue projections for 2025 and 2026 are 15.216 billion yuan and 19.316 billion yuan, respectively, representing year-on-year growth rates of 27.58% and 26.95% [12] - The expected earnings per share (EPS) for 2025 and 2026 are 10.85 yuan and 12.89 yuan, with corresponding price-to-earnings (P/E) ratios of 23.4 and 19.7 [12]

Investment Rating - The investment rating for the company is "Buy" [7][4] Core Insights - The company is expected to maintain steady growth due to its strong export capabilities and recent management changes, which may revitalize governance [4][14] - Revenue projections for 2025 and 2026 are estimated at 18.28 billion and 19.93 billion yuan, representing year-on-year growth of 8.7% and 9.0% respectively [4][14] - Net profit forecasts for the same years are 1.20 billion and 1.37 billion yuan, with year-on-year increases of 13.8% and 14.5% [4][14] Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion yuan, a year-on-year increase of 14.84% [13] - Operating profit for 2024 was 1.33 billion yuan, up 1.39% year-on-year, while net profit attributable to the parent company was 1.05 billion yuan, reflecting a 7.47% increase [13] - The fourth quarter of 2024 saw revenue of 4.13 billion yuan, a 6.15% increase year-on-year, but operating profit decreased by 11.01% [13] Export and Domestic Sales Analysis - Export sales showed strong growth throughout 2024, with year-on-year increases of 31%, 24%, 20%, and 14% in each quarter respectively [13] - Domestic sales faced challenges, with year-on-year declines of 15% and 11% in Q3 and Q4 [13][14] Management Changes - The company underwent significant management changes in January 2024, marking the first presidential change in 13 years, which is expected to usher in a new phase for the company [14] Valuation Metrics - The current valuation multiples for 2025 and 2026 are projected at 10.8 and 9.4 times earnings respectively [4][14]

Investment Rating - The report provides a positive investment rating for various companies, indicating a "Buy" or "Hold" recommendation based on their expected performance relative to market indices [33]. Core Insights - The market is expected to experience a rally from February to April, driven by themes, policies, and fundamentals. Historically, the period from the Spring Festival to the Two Sessions shows strong market continuity, while post-Two Sessions, market performance may diverge based on policy strength and liquidity [5][8]. - Companies with strong cyclical assets may perform better if policies are robust, while weaker policies could lead to reduced market elasticity [5][8]. - The report emphasizes the importance of monitoring policy developments and macroeconomic trading as key factors influencing market dynamics [5][8]. Summary by Relevant Sections Non-Banking Financials: GF Securities (000776.SZ) - The company has significant advantages in large asset management, with its public fund subsidiaries contributing nearly 20% to net profit in the first half of 2024. The business is expected to benefit from increased trading activity in the markets [16]. - The investment banking risks are largely mitigated, and the company is poised for steady recovery in its underwriting business [16]. Home Appliances: Hisense Visual (600060.SH) - The company is expected to see accelerated revenue growth in Q4, with domestic sales outpacing international sales. It is leveraging high-end product lines to capture the growing MiniLED market [17]. Food and Beverage: Modern Dairy (1117.HK) - The company anticipates stabilization in raw milk prices in the second half of 2025 due to ongoing herd reduction [18]. Agriculture, Forestry, Animal Husbandry, and Fishery: Haida Group (002311.SZ) - The company is expected to maintain high growth in overseas markets, with its feed business poised for volume and profit increases [19]. Automotive: BYD (002594.SZ) - BYD is leading the industry with its smart driving initiatives and has launched multiple new models, enhancing its competitive edge [20]. Machinery: Hengli Hydraulic (601100.SH) - The company is well-positioned to enter the Tesla robotics supply chain and has strong prospects in domestic high-end machine tool components [23]. Non-Ferrous Metals: Zijin Mining (601899.SH) - The company is expected to benefit from rising gold prices and tightening supply, which will support copper prices [24]. Real Estate: Greentown China (3900.HK) - As a quality benchmark among top-tier real estate firms, the company is expected to see sales growth driven by improving demand in the new housing market [26]. Electronics: SMIC (688981.SH) - The company is the leading semiconductor foundry in China, with increasing demand for advanced processes amid ongoing trade tensions [27]. Computers: Zhongke Shuguang (603019.SH) - The company is expected to benefit from the growing demand for domestic AI servers and is focusing on cost control to enhance profitability [29].

证券研究报告 策略研究|点评报告 两会前后的市场展望 请务必阅读报告末页的重要声明 glzqdatemark1 2025年02月26日 证券研究报告 |报告要点 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 27 包承超 邓宇林 肖遥志 SAC：S0590523100005 SAC：S0590523100008 SAC：S0590523110008 1） 春节到两会期间，行情的延续性往往较高，小盘明显强于大盘，胜率也普遍较高；但是两 会后，各年之间有比较大的分化。 2） 从以往市场成交热度来到高位后，各行业的表现看，短期内动量效应往往较强。复盘历次 TMT 大行情的回调，一般会发生在两种情形下：（1）有其他行业成为新的市场主线，取代 TMT 行业的热度；（2）市场整体快速回调，带动市场回落。 3） 当前货币和社融已经逐步企稳，如想看见趋势性行情，仍需等待盈利周期的上行。 策略研究|点评报告 glzqdatemark2 2025年02月26日 策略周报 两会前后的市场展望 相关报告 1 、《 特 朗 普 " 对 等 关 税 " 三 问 三 答 》 2025.02.18 2、《特朗普关税 2.0，从"工 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Insights - Yuyue Medical, as a leading domestic home medical device platform company, has shown steady growth in performance due to its focus on respiratory oxygen, blood glucose, disinfection control, and home electronic testing. The aging population in China presents a significant market opportunity for home medical devices, and the company is expected to leverage its brand and channel advantages to increase market share domestically and expand its overseas business [4][13][20]. Summary by Sections 1. Company Overview - Yuyue Medical was established in 1998 and has developed a strong brand in home medical devices, including wheelchairs, oxygen machines, and blood pressure monitors. The company has expanded its business through acquisitions and has focused on three core growth areas: respiratory, blood glucose, and home POCT [26][27]. - The management team has extensive experience in the home medical device industry, with a stable shareholding structure [27][30]. 2. Market Growth Drivers - The aging population in China is increasing, with projections indicating that by around 2032, the elderly population will exceed 20% of the total population. This demographic shift is expected to drive demand for home medical devices [14][40]. - The domestic market for home medical devices is projected to reach approximately 2,343 billion yuan in 2023, maintaining a double-digit growth rate [14][42]. 3. Business Segments - The respiratory oxygen segment is expected to see continued growth, with the global home respiratory device market projected to reach $5.58 billion by 2025, driven by an increasing prevalence of chronic respiratory diseases [15][46]. - The blood glucose management segment is also growing rapidly, with the number of diabetes patients in China expected to rise, creating a significant market for related medical devices [62]. 4. Financial Projections - Revenue projections for Yuyue Medical from 2024 to 2026 are estimated at 81.59 billion yuan, 93.69 billion yuan, and 106.83 billion yuan, with year-on-year growth rates of 2.36%, 14.82%, and 14.03% respectively. Net profit is projected to be 20.20 billion yuan, 23.09 billion yuan, and 26.54 billion yuan for the same period [16][19]. - The estimated reasonable stock price based on absolute valuation methods is 46.99 yuan, and the target price is set at 46.07 yuan based on a 20x PE ratio for 2025 [16][19].

4 国联民生证券 证券研究报告 策略研究 专题报告 特朗普关税2.0,从"工具性"与"回 合制"开始 al a long the stimation of the comments of t 1 1 7 3 11:15 1 1 200 AVAR Farmis 124 ama CHOOL HEAT 17 FIGHT 10:00 1983 NEW an 日 app 请务必阅读报告末页的重要声明 2025年02月12日 联居士师 证券研究报告 |报告要点 "特朗普关税2.0"在政策摇摆中正式开启。尽管本轮美国方面政策的呼声高、速度快,但从 特朗普的表态看,其谈判筹码属性较强,中国的反制也较为克制。往后市看,10%的额外税率或 不是终点,但"边打边谈"预期下,暂缓与豁免也可能反复出现。整体而言,关税冲击对权益 市场的影响在逐渐弱化,叠加我们对今年中国出口仍有韧性的判断,我们维持前期观点,即今 年的出口仍有明显的结构性机会,具体的思路与线索详见正文。 |分析师及联系人 杨灵修 包承超 邓宇林 万清昱 SAC: S0590523010002 SAC: S0590523100005 SAC: S0590523100008 ...