Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a year-on-year decrease of 12.42%, and a net profit attributable to shareholders of 184 million yuan, also down 12.35% year-on-year. The adjusted net profit decreased significantly by 62.69% to 79 million yuan. However, in the fourth quarter, the company achieved a revenue of 707 million yuan, a year-on-year increase of 2.35%, and a net profit of 17 million yuan, marking a turnaround from losses [5][14] Summary by Sections Business Performance - The company's raw material drug business saw a revenue of 1.255 billion yuan in 2024, down 25.17% year-on-year, primarily due to a decline in the sales price of heparin sodium. The demand for heparin raw materials is improving, although the export price has been affected by raw material costs. The nuclear medicine business remained stable, with revenues from 18F-FDG at 421 million yuan (up 0.25% year-on-year) and from cloud injection solutions at 231 million yuan (down 5.48% year-on-year) [15] Nuclear Medicine Development - The company has a leading position in nuclear medicine facilities and product layout. It has received approval for the launch of technetium-99m labeled drugs and has several products in the III phase of clinical trials. The company operates multiple nuclear medicine centers, covering 93.5% of the domestic population's nuclear medicine needs [16] Future Projections - The company is expected to see revenues of 3.098 billion yuan, 3.361 billion yuan, and 3.661 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.99%, 8.50%, and 8.93%. The net profit attributable to shareholders is projected to be 237 million yuan, 264 million yuan, and 297 million yuan for the same years, with growth rates of 28.97%, 11.54%, and 12.23% respectively. The earnings per share (EPS) are expected to be 0.29 yuan, 0.32 yuan, and 0.36 yuan [17]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [6] Core Views - BYD's passenger car sales in February 2025 reached 318,000 units, representing a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [4][12] - The cumulative sales for January and February 2025 amounted to 615,000 units, with a year-on-year growth of 90.4% [4][12] - The high growth rate is attributed to three main factors: the "全民智驾" (全民智驾) intelligent strategy enhancing competitiveness across all price ranges, accelerated clearance of older non-intelligent models with increased discounts, and a low sales base from the previous year due to the absence of a vehicle trade-in policy in February 2024 [4][12] Sales Performance - In February 2025, the sales breakdown by brand showed strong performance: Dynasty + Ocean Network sold 304,673 units, Tengshi 8,513 units, Fangchengbao 4,942 units, and Yangwang 105 units, with year-on-year growth rates of 167.1%, 85.1%, 113.9%, and -86.5% respectively [13] - The high-end brands, represented by Fangchengbao 8 and Tengshi N9, are expected to have strong growth potential due to the intelligent strategy and the "532" strategy [13] Overseas Sales - BYD's overseas sales in February 2025 reached 67,000 units, a year-on-year increase of 187.8% and a month-on-month increase of 1% [14] - Overseas sales accounted for 21.1% of total sales, with a year-on-year increase of 1.9 percentage points [14] Financial Projections - Revenue projections for BYD from 2024 to 2026 are as follows: 813.06 billion, 952.98 billion, and 1,162.64 billion yuan, with year-on-year growth rates of 35.0%, 17.2%, and 22.0% respectively [15][16] - Net profit projections for the same period are 40.51 billion, 51.38 billion, and 63.92 billion yuan, with year-on-year growth rates of 34.8%, 26.8%, and 24.4% respectively [15][16] - Earnings per share (EPS) are expected to be 13.92, 17.66, and 21.97 yuan, with a three-year compound annual growth rate (CAGR) of 28.6% [15][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported a revenue of 15.839 billion yuan in 2024, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders reached 3.327 billion yuan, up 63.09% year-on-year, and the net profit excluding non-recurring items was 3.262 billion yuan, growing by 74.48% year-on-year, closely aligning with previous performance forecasts [4][14] - The growth was driven by strong performance in the energy drink segment and the introduction of new products, with online sales and the North China region showing particularly strong results. The company is transitioning from a leader in energy drinks to a broader beverage platform while expanding into overseas markets, particularly Southeast Asia, which is expected to contribute additional growth [4][16] Financial Performance Summary - In 2024, the company achieved revenues of 15.839 billion yuan, with a breakdown of revenue from energy drinks at 13.304 billion yuan (up 28.49%), electrolyte drinks at 1.495 billion yuan (up 280.37%), and other beverages at 1.023 billion yuan (up 103.19%). Online sales and various regions, including North China, saw growth rates exceeding 50% [14][15] - The gross margin for 2024 was 44.81%, an increase of 1.74 percentage points year-on-year, primarily due to favorable raw material costs. The net profit margin for 2024 was 21.00%, up 2.89 percentage points year-on-year [15][16] - The company forecasts revenues of 20.613 billion yuan, 25.423 billion yuan, and 30.375 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.331 billion yuan, 5.487 billion yuan, and 6.698 billion yuan, indicating a compound annual growth rate (CAGR) of 26.27% [16][17]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [6]. Core Insights - The company is transitioning from a property management model to an international trade comprehensive service provider, focusing on the Yiwu small commodity market with four main business segments: commodity sales, market operations, supporting services, and trade services [3][15][26]. Summary by Sections Company Overview - The company is evolving from traditional property management to innovative platform services, with a primary focus on the Yiwu small commodity market [26]. - The business model primarily relies on rental income from offline shops and office buildings, while also expanding into digital trade services [3][15]. Main Business Segments - **Commodity Sales**: Revenue has rapidly increased from 0.69 billion in 2019 to 67.92 billion in 2023, with a CAGR of 214.98% [50]. - **Market Operations**: The market operation business is the core profit contributor, with a stable income model based on rental fees from a vast market area of approximately 6.4 million square meters [55]. - **Supporting Services**: This includes hotel services and exhibition advertising, which support the core business development [15]. - **Trade Services**: The company is enhancing its capabilities in logistics, payment, and trade fulfillment, with significant growth potential in this segment [15][18]. Financial Performance - The company expects revenue growth from 145.38 billion in 2024 to 236.83 billion in 2026, with corresponding net profit growth from 29.82 billion to 57.02 billion [12][19]. - The EBITDA is projected to increase from 4.68 billion in 2024 to 7.98 billion in 2026, indicating strong operational performance [13]. Industry Analysis - The company benefits from supportive policies such as the 1039 model and the Belt and Road Initiative, which enhance its export capabilities and trade facilitation [11][19]. - The Yiwu international trade reform plan is expected to boost the company's import business, presenting new growth opportunities [11][19].

Investment Rating - The report assigns an initial "Buy" rating for the company [7]. Core Views - The company is recognized as a leader in cobalt lithium materials, with future growth driven by its leading market share in cobalt lithium shipments, advancements in nickel-rich ternary materials, and a strong position in solid-state electrolyte technology [4][16]. - The company is expected to see steady revenue growth, with projected revenues of 133.0 billion, 155.9 billion, and 205.6 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -23.2%, +17.2%, and +31.9% [12][18]. Summary by Sections 1. Cobalt Lithium Leadership and Profitability Recovery - The company has been a pioneer in cobalt lithium production since 2004 and has expanded into ternary materials since 2012, establishing a strong foothold in both consumer electronics and power battery applications [25]. - The company has a significant market share in cobalt lithium, with a projected global market share of 44% by 2024, driven by increasing demand from the 3C electronics sector [11][16]. 2. Ternary Material Technology Advantages - The company’s nickel-rich high-voltage products are technologically advanced and have achieved mass production, with a focus on meeting the growing demand in the electric vehicle sector [11][12]. - The company is developing ultra-high nickel products and has a comprehensive product range covering all nickel series and voltage platforms, enhancing its competitive edge [16]. 3. Solid-State Electrolyte and NL Electrode Advancements - The NL electrode material shows significant advantages in energy density, cycle life, and cost-effectiveness compared to traditional materials, with plans for application in various sectors by 2025 [12][34]. - The company is strategically positioned in the solid-state electrolyte market, with promising results from pilot tests indicating substantial cost reduction potential [12][34]. 4. Financial Forecast and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.18, 1.85, and 2.37 yuan respectively, with a compound annual growth rate (CAGR) of 23.64% over three years [12][18]. - The report estimates a fair value of 65.80 yuan per share based on discounted cash flow (DCF) analysis, with a target price of 66.6 yuan considering the company's leadership in cobalt lithium and ongoing product innovations [12][18].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - Indonesia's aquaculture and poultry farming are expanding, with aquaculture production reaching 14.63 million tons and poultry meat production at 4.16 million tons in 2022, reflecting compound annual growth rates (CAGR) of 13.63% and 6.85% respectively from 2002 to 2022 [3][10] - The continuous growth of Indonesia's GDP is driving meat consumption upgrades, leading to an expansion in the aquaculture and feed demand, indicating a promising outlook for the feed market [3][12] - Leading feed producers like CPIN and Japfa are experiencing sales growth and increasing market share due to their integrated supply chain advantages [3][13] - Haida Group is actively expanding its overseas market, projecting a 40% year-on-year increase in overseas feed sales, reaching 2.4 million tons by 2024, highlighting significant growth potential [3][14] Summary by Sections 1. Rapid Development of Aquaculture and Poultry Farming - Indonesia's aquaculture industry is growing rapidly, with a CAGR of 13.63% from 2002 to 2022, while capture fisheries lag behind with a CAGR of only 2.63% [10][21] - The main aquaculture species include catfish, tilapia, and shrimp, which together account for nearly 70% of total production [10][25] - Poultry farming is also expanding, with poultry meat production increasing from 1.10 million tons in 2002 to 4.16 million tons in 2022, reflecting a CAGR of 6.85% [11][38] 2. Continued Expansion of Farming Scale and Promising Feed Market - Indonesia's GDP has increased over fivefold from 2002 to 2023, with a CAGR of 8.49%, driving an increase in meat consumption [12][47] - Per capita consumption of aquatic products and poultry has significantly increased, indicating a growing demand for animal protein [12][52] - The feed industry in Indonesia is highly concentrated, with poultry feed accounting for nearly 90% of total feed production [12][58] 3. Integrated Supply Chain Advantages of Leading Enterprises - CPIN, Japfa, and Malindo are the leading companies in Indonesia's feed production and poultry farming, with market shares of 35%, 21%, and 8% respectively [13][65] - CPIN's sales in the poultry feed segment reached 16.52 trillion IDR in 2023, reflecting a year-on-year growth of 21.27% [13][67] - Japfa's poultry feed sales volume was 500.8 thousand tons in 2023, showcasing its significant market presence [13][72] 4. Investment Recommendations - The report suggests focusing on Haida Group's overseas development, as its international business is expected to open new growth opportunities [15]

双碳支撑新能源高景气，高性能锂电趋 势利好龙头 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月07日 证券研究报告 |报告要点 证券研究报告 行业研究|行业点评研究|电力设备 2025 年 3 月 5 日，十四届全国人大三次会议开幕，李强总理作 2025 年《政府工作报告》，提 到"积极稳妥推进碳达峰碳中和"、"加快建设'沙戈荒'新能源基地，发展海上风电，统筹就 地消纳和外送通道建设"。我们预计，在新能源发电经济性突出、"双碳"指引明确的背景下， 2025 年风电光伏装机需求有望保持高景气度，海风有望迎接加速建设期，前两年特高压开工 线路有望迎来集中交付期，提振相关公司业绩。两会明确将智能网联新能源车作为"新质生产 力"的代表，低碳、高性能、全球化有望成为锂电发展趋势。 |分析师及联系人 SAC：S0590524110005 SAC：S0590524120001 SAC：S0590524080006 SAC：S0590523040002 瞿学迁 请务必阅读报告末页的重要声明 1 / 4 张磊 李灵雪 陈子锐 梁丰铄 行业研究|行业点评研究 glzqdatemark2 2025年03 ...

证券研究报告 |分析师及联系人 刘雨辰 朱丽芳 耿张逸 陈昌涛 SAC：S0590522100001 SAC：S0590524080001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 16 行业研究|行业专题研究|非银金融 机构加速部署 DeepSeek,AI 赋能落地可 期 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月04日 证券研究报告 |报告要点 当前金融科技已经在金融行业的各个领域得到了广泛的应用，尤其是银行、证券、保险等规模 较大、发展较早的行业。后续随着我国经济持续向好、金融机构国产化替代需求加大的背景 下，金融科技对于金融机构提高经营效率、降低经营成本、优化服务能力和质量将起到更大的 推动作用，建议关注各类金融 IT 公司，如指南针、同花顺、东方财富、众安在线等。 扫码查看更多 ➢ 金融科技飞速发展，当前参与者众多 随着国家对自主可控和国产替代的重视程度、扶持力度不断加大，金融机构纷纷 推动以信息技术创新发展为代表的科技与业务深度融合，金融机构的科技投入呈 现增长态势。2018-2022 年，银行、证券、保险行业的科技投入合计由 18 ...

证券研究报告 非金融公司|公司点评|比亚迪（002594） 435 亿港元 H 股闪电配售为海外扩张提 供充足保障 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月04日 证券研究报告 |报告要点 2025 年 3 月 4 日，比亚迪发布公告，宣布与配售代理签署配售协议，将配售发行近 1.3 亿股 新 H 股。假设所有配售股份全数配售，配售所得款项总额预计为 435.09 亿港元，扣除佣金和 估计费用后预计约为 433.83 亿港元。配售所得款拟作公司研发投入、海外业务发展、补充营 运资金以及一般企业用途。本次交易成功吸引了全球众多顶级长线、主权基金、中东战略投资 人在内的投资者参与，认购订单多倍覆盖，充分彰显了全球投资人对比亚迪发展前景的看好。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 高登 陈斯竹 黄程保 SAC：S0590523110004 SAC：S0590523100009 SAC：S0590523020001 比亚迪(002594) 435 亿港元 H 股闪电配售为海外扩张提供充 足保障 | 行 业： | 汽车/乘用车 | | --- | --- | | ...

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]