Investment Rating - The report rates Nike as "Outperform" with a target price of $100.20 and Lululemon as "Neutral" with a target price of $370.20 [1]. Core Insights - U.S. consumption is expected to remain under pressure in March following continued weakness in February, with a notable decline in consumer confidence and nonfarm payrolls [56]. - February retail sales data showed a month-over-month increase of 0.2%, rebounding from a revised decline of 1.2% in January, but still below the expected 0.6% [56]. - The U.S. CPI rose 2.8% year-over-year in February, better than market expectations, marking the first decline after four consecutive months of increases [56]. - The unemployment rate in the U.S. rose to 4.1% in February, weaker than market expectations, with a significant increase in youth unemployment [56]. Summary by Sections Retail Sales Performance - February retail and food service sales (excluding motor vehicles and parts stores) increased by 0.5% month-over-month, improving from January's decline of 0.8% [56]. - Durable goods, including motor vehicle and parts dealers, saw a decline of 0.4%, while apparel and sporting goods also faced downward pressure [56]. Consumer Confidence - The preliminary University of Michigan U.S. Consumer Sentiment Index for March was 57.9, significantly below expectations and marking a decline for the third consecutive month [56][14]. - All demographic groups reported a deterioration in expectations regarding personal finances, the labor market, inflation, and the business environment [14]. Economic Indicators - The U.S. 10-year Treasury yield fell to a near three-month low of 4.24%, reflecting concerns over economic growth and inflation expectations [20][56]. - Global gold prices reached a record high of $2,978.05 per ounce, driven by increased demand for safe-haven assets amid economic uncertainty [24][56]. Airline Industry Outlook - Major U.S. airlines, including American and Delta, have lowered their earnings guidance for the next quarter due to weak demand, particularly in domestic routes and non-premium cabins [58]. - The airline industry has cut June capacity by approximately 65 basis points in response to changing demand conditions [58].

Investment Rating - The report maintains an "OUTPERFORM" rating for Meihua Holdings Group with a target price of Rmb12.20, representing a potential upside of 5.54% from the current price of Rmb10.16 [2][11]. Core Insights - In 2024, the company experienced a recurring net profit decrease of 12.55% year-on-year, with operating income of Rmb25.069 billion, a decline of 9.69% year-on-year, and a net profit of Rmb2.740 billion, down 13.85% year-on-year [7][11]. - In Q4 2024, the recurring net profit surged by 98.95% quarter-on-quarter, driven by the leading market share of core products like lysine and threonine, despite a year-on-year revenue decline of 11.69% [8][10]. - The company plans to distribute cash dividends of Rmb4.206 per 10 shares, totaling approximately Rmb2.27 billion, which accounts for 82.84% of the net profit attributable to the parent company [8][11]. Financial Performance Summary - For 2024, the company reported a revenue of Rmb25.069 billion, a net profit of Rmb2.740 billion, and a recurring net profit of Rmb2.697 billion, with significant non-operating expenses due to settlement fees [7][9]. - The animal nutrition segment showed mixed results, with a 6.51% increase in amino acids output but a decline in revenue from food taste optimization products [9][10]. - The company is expanding its production capacity and implementing digital transformation strategies to enhance operational efficiency and maintain its industry leadership [10][11]. Earnings Forecast - The projected net profit for 2025 is Rmb3.200 billion, a decrease of 7.41%, followed by Rmb3.456 billion in 2026 and Rmb3.728 billion in 2027 [11]. - The estimated P/E ratio for 2025 is 10.89, which aligns with the valuation of comparable companies in the industry [11].

[Table_Title] 研究报告 Research Report 17 Mar 2025 塔吉特 Target (TGT US) 全球大消费 Alpha 透镜，塔吉特(Target)独家交流：25 年同店持平已考虑多重下行风 险，线上业务和产品耗损减少带来利润率边际增量 Global Consumption Evolving Alpha, Target Exclusive NDR: Flat SSG of Year 25 has Taken Into Account Multiple Downside Risks 寇媛媛 Yuanyuan Kou 陈昊飞 Haofei Chen, PhD yy.kou@htisec.com haofei.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：我们和塔吉特(Target)做了线上交流，公司 2025 年同店指引为持平，主要靠客流量带动，已考虑了 多重下行风险。公司表示 2025 年全年持 ...

Investment Rating - The report maintains an OUTPERFORM rating for the company [2][5] Core Insights - The company has shown significant profit improvement, with a net profit increase of 200% year-on-year in 2024, reaching US$366 million [3][14] - The production of copper and zinc has steadily increased, with copper production at 400,000 tons in 2024, up 15% year-on-year, and zinc production at 220,000 tons, up 8% year-on-year [3][14] - The company is advancing major projects, including the successful development of Chalcobamba and the expansion of Kinsevere, which is expected to ramp up production in 2025 [15][17] - The company plans to acquire Brazilian Nickel for up to US$500 million, which is expected to enhance its nickel production capacity significantly by 2030 [17] Financial Performance - Revenue for 2024 was US$4.479 billion, a 3% increase year-on-year, with EBITDA rising by 40% to US$2.049 billion [3][14] - The company expects EPS for 2025-2027 to be US$0.04, US$0.05, and US$0.05 respectively, translating to HK$0.31, HK$0.39, and HK$0.39 based on the current exchange rate [5][18] - The target price is set at HK$4.65, reflecting a 15x PE valuation based on the 2025 EPS [5][18] Production Guidance - For 2025, the company anticipates copper production of 470,000 to 520,000 tons, with specific contributions from Las Bambas, Khoemacau, and Kinsevere [9][16] - Zinc production is expected to be between 310,000 and 340,000 tons [9][16] Capital Expenditure - The company projects capital expenditures of US$1.2 billion to US$1.3 billion for 2025, with significant allocations for Las Bambas, Khoemacau, and Kinsevere [16][17]

4[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 零跑汽车（9863）公司公告点评 2025 年 03 月 14 日 首次覆盖：24Q4 净利润提前转正，毛利 率创历史新高 主要财务数据及预测 | [Table_FinanceInfo] | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16747 | 32164 | 55318 | 86536 | 100033 | | （+/-）YoY（%） | 35% | 92% | 72% | 56% | 16% | | 净利润（百万元） | -4216 | -2821 | 368 | 1667 | 4358 | | （+/-）YoY（%） | 17% | 33% | 113% | 353% | 161% | | 全面摊薄 EPS（元） | -3.62 | -2.11 | 0.28 | 1.48 | 3.61 | | 毛利率（%） | 0.5% | 8.4% | 11.3% | 13.3% | 15.1% | ...

Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - The company is a leading player in the specialty vinyl chloride copolymer industry and is one of the few globally that can waterborne special vinyl chloride copolymers and promote their application [2][3]. - The company focuses on the R&D, production, and sales of vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion, with a strong emphasis on water-based emulsion products as a key direction for future development [4][5]. - The specialty vinyl chloride copolymer industry is rapidly developing, with products being sold directly to developed countries such as Europe and the United States [4]. - The company has successfully entered the procurement systems of major global manufacturers in the ink and coating sectors, including DIC, SUNCHEMICAL, and AKZO NOBEL [4][5]. Summary by Sections Company Overview - The company is engaged in the R&D, production, and sales of various copolymer products, including vinyl chloride-vinyl acetate copolymerization resin and vinyl chloride copolymer emulsion [2][3]. - It has developed a range of products that are essential for various applications, including inks, coatings, and adhesives [2]. Industry Development - The specialty vinyl chloride copolymer industry is experiencing rapid growth, driven by the development of various downstream industries such as food, medicine, and construction [4]. - The increasing awareness and acceptance of the performance of specialty vinyl chloride products are contributing to the industry's expansion [4]. Future Focus - The company aims to focus on water-based emulsion (resin) products, which are expected to see broader application in the future, particularly in the context of environmental protection and health [5]. - According to the company's 2023 annual report, the design capacity for water-based emulsion (resin) is 60,000 tons per year, indicating significant growth potential in this area [5].

[Table_Title] 研究报告 Research Report 14 Mar 2025 厦门象屿 Xiamen Xiangyu (600057 CH) 骆雅丽 Yali Luo 虞楠 Nan Yu yl.luo@htisec.com nan.yu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 厦门象屿拟提升 24 年度分红率。公司发布公告，公司拟将 2024 年度现金分红金额占 2024 年度归属于上市公司股东 的净利润（扣除永续债利息）的比例提升至不低于 65%。公司施行积极且稳定的现金分红政策，近五年的现金分红金 额占当年度归属于上市公司股东的净利润（扣除永续债利息）的比例维持均在 50%以上，其中 2023 年度公司现金分 红率（归母净利润扣除永续债利息）比例为 50%，此次分红率较前一年度提升至少 15%。 点评 重视股东回报，高分红率进一步提升。现金分红方面，公司在 2011 年重组上市以来累计分红金额超 51 亿元，且 2 ...

[Table_Title] 研究报告 Research Report 14 Mar 2025 全球 AI 工业+能源 Global AI Industrials & Energy 国际 AI 工业+能源周报(03/10-03/16) ：美国拟携多国投资 440 亿美元建 800 英里 阿拉斯加天然气管道，欧洲拟寻求约 8000 亿欧元国防投资 Global Al industrials + Energy Updates: U.S. and Allies to Invest $44B in 800-Mile Alaska Gas Pipeline; Europe Seeks €800B Investment 随着航空航天行业的稳健复苏和国防支出增加，建议关注高性能结构部件制造商 Howmet Aerospace，其先进材料技 术和航空发动机零部件业务有望受益于长期行业增长；随着航空制造业需求回暖和国防预算增长，建议关注航空航 天零部件专业制造商 Loar Holdings，其在高精密机械部件和系统方面的专业能力，以及与主要航空制造商的深度合 作关系，有望带来持续增长；随着全球地缘政治局势紧张和军事现代化需求上升 ...

研究报告 Research Report 14 Mar 2025 金斯瑞生物科技 Genscript Biotech (1548 HK) 24 年报点评：细胞治疗业务解除并表，各持续经营业务版块 25 年趋势向好， 利润端有望持续为正 FY24 Review: Legend Biotech deconsolidated; positive trend for continuing business segment in 2025; profits to remain positive [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$12.44 目标价 HK$22.78 HTI ESG 5.0-3.8-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$26.71bn / US$3.44bn 日交易额 (3 个月均值) US$22.66mn 发行股票数目 2,147mn ...

[Table_MainInfo] 公司研究/食品 证券研究报告 [Table_AuthorInfo] 东鹏特饮（605499）公司年报点评 2025 年 03 月 11 日 "特饮"&"补水啦"双引擎快速成长，盈利 能力继续显著提升 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11263 | 15839 | 20650 | 25813 | 31469 | | (+/-)YoY(%) | 32.4% | 40.6% | 30.4% | 25.0% | 21.9% | | 净利润(百万元) | 2040 | 3327 | 4594 | 6076 | 7604 | | (+/-)YoY(%) | 41.6% | 63.1% | 38.1% | 32.3% | 25.1% | | 全面摊薄 EPS(元) | 3.92 | 6.40 | 8.83 | 11.69 | 14.6 ...