Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer goods sector, including Moutai, Wuliangye, and others, while Budweiser APAC and Gujing Gongjiu are rated as "Neutral" [1]. Core Insights - The wholesale prices of baijiu have generally declined, with Moutai experiencing a significant drop compared to last year, while some products like Wuliangye have seen slight increases [4][30]. - Discounts on most consumer goods have increased, particularly in categories such as liquid milk, soft drinks, convenience foods, and condiments, indicating a shift in pricing strategies [6][18]. Summary by Sections Baijiu Pricing Trends - Moutai's wholesale prices for Feitian (case and single bottle) are 2,140 and 2,110 yuan, respectively, down by 70 yuan from last month and down 670 yuan year-on-year [4][30]. - Wuliangye's eighth-generation price is 950 yuan, up by 5 yuan from last month and up 20 yuan year-on-year [4][30]. - Luzhou Laojiao's Guojiao 1573 remains stable at 865 yuan, with a slight increase of 5 yuan since the beginning of the year [4][30]. Consumer Goods Discount Trends - Discounts for infant formula have increased, with average and median discount rates rising from 89.4%/90.6% to 91.3%/91.8% [17][20]. - Discounts for liquid milk have decreased from 77.6%/80.7% to 71.9%/72.2%, indicating a potential price stabilization in this category [18][20]. - The average discount for soft drinks has decreased from 96.5%/100% to 94.1%/100%, while convenience foods have seen a drop from 98.1%/100% to 96.1%/98.5% [18][20].

Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The market prices of the company's main products in the nutrition sector have recovered, leading to an upward revision of EPS forecasts for 2025 and 2026 to RMB 2.19 and RMB 2.44 respectively, with a new estimate for 2027 at RMB 2.63. A target price of RMB 30.66 is set based on a 14x PE for 2025 [4][7]. - The company is expected to achieve a revenue of RMB 21.61 billion in 2024, representing a year-on-year increase of 42.95%, and a net profit attributable to shareholders of RMB 5.87 billion, up 117.01% year-on-year [4][7]. - The first quarter of 2025 is projected to show significant growth, with net profit expected to be between RMB 1.8 billion and RMB 1.9 billion, reflecting a year-on-year increase of 107%-118% [4][7]. Financial Performance Summary - **Revenue Forecasts**: - 2023A: RMB 15,117 million - 2024A: RMB 21,610 million (up 43.0%) - 2025E: RMB 24,323 million (up 12.6%) - 2026E: RMB 27,763 million (up 14.1%) - 2027E: RMB 29,875 million (up 7.6%) [3][6]. - **Net Profit (Attributable to Shareholders)**: - 2023A: RMB 2,704 million - 2024A: RMB 5,869 million (up 117.0%) - 2025E: RMB 6,719 million (up 14.5%) - 2026E: RMB 7,502 million (up 11.7%) - 2027E: RMB 8,087 million (up 7.8%) [3][6]. - **Earnings Per Share (EPS)**: - 2023A: RMB 0.88 - 2024A: RMB 1.91 - 2025E: RMB 2.19 - 2026E: RMB 2.44 - 2027E: RMB 2.63 [3][6]. - **Return on Equity (ROE)**: - 2023A: 10.9% - 2024A: 20.0% - 2025E: 20.0% - 2026E: 19.6% - 2027E: 18.6% [3][6]. Sector Performance - The nutrition sector is expected to see revenue growth of 52.58%, while fragrances, new materials, and other products are projected to grow by 19.62%, 39.51%, and 24.33% respectively in 2024 [4][7]. - The gross profit margin changes for these sectors are +13.27 percentage points for nutrition, +1.33 percentage points for fragrances, -5.84 percentage points for new materials, and +7.49 percentage points for other products [4][7]. New Projects and Products - The nutrition sector has seen the release of methionine project capacity at 300,000 tons/year, with a joint venture for a liquid methionine project nearing completion. The company is also advancing in the fragrances and new materials sectors with various projects [8].

Investment Rating - The report does not explicitly state an investment rating for XPeng [1]. Core Views - XPeng has launched the "Intelligent Driving Insurance" priced at RMB 239 per year, offering a maximum coverage of RMB 1 million, which covers incidents occurring within five seconds after exiting smart driving mode [10][11]. - This insurance is a supplementary protection for intelligent driving features, not a replacement for mandatory or commercial auto insurance, and it reflects XPeng's confidence in its technology and commitment to user safety [12][13]. - The introduction of this insurance product is seen as a significant enhancement to current L2+ products, aimed at boosting consumer confidence and supporting sales conversion amid growing market demand for advanced assisted driving technologies [13]. Summary by Sections Event - On April 28, 2025, XPeng officially launched the "Intelligent Driving Insurance," which is available for all XPeng vehicle owners and covers both new and existing customers [10]. Commentary - The insurance service is jointly offered with five insurers, including PICC, and is available exclusively through XPeng's official partner channels [11]. - The coverage period for driving functions extends from activation until five seconds after deactivation, while for parking functions, it ends immediately upon deactivation [11]. Positioning - The insurance is positioned as a supplement to traditional auto insurance, specifically designed to cover scenarios that occur within five seconds after the system exits, marking an industry innovation [12]. - This initiative is expected to create a competitive advantage for XPeng in the intelligent driving market, similar to extended warranties for battery packs [13].

Investment Rating - The report maintains an "Outperform" rating for the company [1][6]. Core Views - The company has significant resource and cost advantages, with ongoing projects such as the joint mining development and the scandium-vanadium new materials park [1][15]. - The earnings forecasts for 2025-2026 have been lowered due to pressure on titanium dioxide prices, with EPS estimates for 2025, 2026, and 2027 at 1.20, 1.59, and 1.93 RMB respectively [6][13]. - The target price is set at 22.22 RMB, based on a PE ratio of 18.48 for 2025 [6][13]. Financial Summary - The company reported total revenue of 27.54 billion RMB in 2024, a year-on-year increase of 2.78%, with a net profit attributable to shareholders of 2.17 billion RMB, down 32.79% year-on-year [6][14]. - For Q1 2025, the company achieved revenue of 7.06 billion RMB, a decrease of 3.21% year-on-year, but a turnaround in net profit to 686 million RMB [6][14]. - The company’s titanium dioxide capacity stands at 1.51 million tons/year, and sponge titanium capacity at 80,000 tons/year, both leading globally [6][15]. Project Developments - Numerous projects are underway, including the joint mining projects and the planned scandium-vanadium new materials park, which will include various production capacities for vanadium and aluminum products [6][15]. - The company is also making progress in overseas exploration and base construction [6][16].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of Rmb38.50, representing a 29% upside from the current price of Rmb32.23 [2][8]. Core Insights - The company achieved a full-year revenue of Rmb8.781 billion in 2024, reflecting a year-on-year growth of 8.76%. The core business revenue reached Rmb8.08 billion, up 18.46% year-on-year, while net profit attributable to shareholders grew by 25.42% to Rmb1.024 billion [3][13]. - The passenger vehicle gear segment accounted for 61% of total revenue in 2024, with new energy vehicle gear revenue reaching Rmb3.37 billion, a 51% increase year-on-year, contributing to 38% of total revenue [4][14]. - The smart actuator business saw a significant revenue increase of 70% year-on-year, reaching Rmb642 million, becoming the second-largest growth driver after NEV gears [5][15]. - The overall gross margin for the company improved to 25.0%, marking an increase of 2.8 percentage points year-on-year, with all major business segments contributing to this improvement [16]. Financial Projections - The company forecasts net profits of Rmb1.25 billion, Rmb1.48 billion, and Rmb1.71 billion for 2025, 2026, and 2027 respectively, with a P/E ratio of 22x applied to the 2026 earnings estimate [8][17]. - Revenue projections for the upcoming years are as follows: Rmb9.745 billion in 2025, Rmb10.943 billion in 2026, and Rmb12.043 billion in 2027, with respective growth rates of 11%, 12%, and 10% [10][12].

Group 1 - The current market requires patience for the progress of Sino-US negotiations and the implementation of domestic stimulus policies, with weakening momentum in consumption and foreign trade expected to shift funds back to the technology sector once trade tensions ease [1][4][8] - The Hang Seng Index rose by 2.7% and the Nasdaq index increased by 6.7% due to Trump's remarks about adjusting tariffs, while trading volumes in both Hong Kong and A-shares remained low, indicating continued investor caution [1][2][8] - In Hong Kong, the healthcare and information technology sectors led the gains, while in A-shares, consumer staples, utilities, and technology sectors saw increases [1][8] Group 2 - The Politburo meeting maintained a stable policy stance, failing to boost risk appetite in A-shares, with uncertainties in Sino-US trade relations persisting despite signals of easing tensions from Trump [3][10] - The market exhibited a weak speculative trend, with gains in speculative and small-cap stocks, as well as a rebound in previously oversold technology stocks, driven by funds seeking refuge in sectors with larger corrections [10][11] - The report suggests that the global risk appetite will only improve once substantial negotiations in the trade war begin, and advises investors to wait for a second dip buying opportunity, particularly in the Hong Kong internet sector [4][11] Group 3 - The report emphasizes the high interdependence between the US and Chinese economies, predicting that the window for negotiations will not be too long, and suggests focusing on technology stocks that have undergone significant corrections [4][11] - The artificial intelligence industry may receive further policy encouragement in China, and foreign trade and cross-border payments are expected to continue receiving significant policy support [4][11]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].

Investment Rating - The report suggests a focus on Japanese consumer companies with optimistic profit growth prospects, including Asics, Pan Pacific International Holdings, Fast Retailing, and Asahi Group [6]. Core Insights - The Japanese consumer confidence index fell for the fourth consecutive month to 34.1 in March, the lowest since March 2023, indicating a decline in consumer sentiment amid rising inflation [2][8]. - Essential consumer goods saw a surge in stockpiling due to anticipated price hikes in April, leading to a significant increase in sales, particularly in beer, which saw a year-on-year increase of over 30% [3][14]. - Discretionary consumption faced a slowdown, with mixed performance among companies; brands like Salia, Uniqlo, and Muji managed to attract consumers despite the overall decline in demand [3][5]. Macro Overview - Inflation in Japan is rising, with the Consumer Price Index (CPI) increasing by 3.6% year-on-year in March, while core CPI (excluding fresh food) rose by 3.2% [2][10]. - Real wages fell by 1.5% year-on-year in February, reflecting that wage growth is not keeping pace with inflation [2][8]. - The Producer Price Index (PPI) rose by 4.2% year-on-year in March, marking the highest level since 1980 [12]. Essential Consumption - Retail sales for essential goods increased primarily due to higher average transaction values, with notable growth in companies like PPIH (+5.9%), 7-Eleven (+1.0%), and Aeon (+2.9%) [4][16]. - The stockpiling trend was driven by consumers preparing for upcoming price increases, significantly boosting sales in food and daily necessities [3][14]. Discretionary Consumption - Discretionary spending showed varied performance, with restaurants like Salia and McDonald's increasing prices due to rising raw material costs, leading to year-on-year sales growth of 13.9% and 11.0%, respectively [5][26]. - Department store sales declined for the second consecutive month, with a year-on-year drop of 2.8% in March, influenced by a strong previous year's performance [33][37]. - The duty-free sales sector experienced its first negative growth in 36 months, reflecting a broader trend of reduced spending on high-priced items due to the appreciating yen and economic uncertainties [5][37]. Company Performance - Asahi and Kirin reported significant revenue increases in March, with Asahi's beer sales up 37% and Kirin's up 30%, driven by stockpiling ahead of price hikes [20][23]. - Uniqlo's same-store sales rose by 11.5% in March, benefiting from strong demand for seasonal products and effective marketing strategies [30][35]. - The performance of specialty stores like Muji and Nitori varied, with Muji seeing a 20.5% increase in same-store sales while Nitori experienced an 8.6% decline [35].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights a successful co-branding event by GOODME, which led to a temporary crash of its official app due to high traffic [2]. - Luckin Coffee has upgraded its lemon tea series by incorporating fresh fruit ingredients [2]. - POP MART reported a significant revenue increase of 165%-170% year-on-year for Q1, with a 95%-100% growth in China and a staggering 475%-480% growth overseas [2]. - Green Tea has passed the HKEX listing hearing and plans to open 150, 200, and 213 new stores in 2025, 2026, and 2027 respectively [2]. - The CPC Politburo emphasized the need to increase incomes for middle- and low-income groups and to vigorously develop service consumption [2]. Weekly Performance Summary - In the F&B sector, top performers included GOODME (+22.0%), SuperHi International (+7.3%), and Xiabuxiabu (+4.5%), while underperformers included ChaPanda (-4.9%) and Tongqinglou (-3.5%) [3][8]. - In the designer toys sector, MINISO (+10.1%), BLOKEES (+8.2%), and POP MART (+4.7%) showed strong performance [3][8].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected performance above the market average [1][10]. Core Insights - The company is projected to benefit from the improving market conditions in the sucralose industry, with a significant year-on-year increase in Q1 2025 earnings forecasted [1][10]. - The revenue for 2024 is expected to be RMB 5.30 billion, showing a slight decline of 0.15% year-on-year, while net profit attributable to shareholders is projected at RMB 557 million, down 20.94% year-on-year [10]. - The company is expanding its product categories and production capacity in new energy and semiconductor materials, aiming to create an integrated industrial ecosystem [10]. Financial Summary - **2024 Financials**: Revenue of RMB 5.30 billion, net profit of RMB 557 million, and a decrease in gross profit margins across various segments [4][10]. - **2025 Projections**: Expected revenue of RMB 6.23 billion, net profit of RMB 1.27 billion, and an EPS of RMB 2.23 [4][10]. - **2026-2027 Forecasts**: Continued growth with projected revenues of RMB 6.77 billion and RMB 7.03 billion, and net profits of RMB 1.51 billion and RMB 1.63 billion respectively [4][10]. Performance Metrics - The company’s gross profit margins for food additives, bulk chemical raw materials, and functional chemical intermediates were reported at 27.15%, 7.11%, and 0.65% respectively, with year-on-year changes of -5.61 percentage points, -3.10 percentage points, and +14.99 percentage points [3][10]. - The expected EPS for 2025 is RMB 2.23, with a target price set at RMB 33.35 based on a PE ratio of 14.99 [10]. Market Position - The company is positioned to leverage the recovery in the food additives market, particularly in sucralose and acesulfame, which are expected to see improved market conditions [10]. - The stock has shown a 15% increase over the past 12 months, outperforming the benchmark index [5].