Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights that BYD is expanding its overseas market through new share placements, while continuing to advance in high-end and intelligent vehicle segments [3] Financial Metrics Summary - Revenue projections are as follows: - 2023A: 602.32 billion - 2024E: 797.59 billion - 2025E: 968.40 billion - 2026E: 1,120.26 billion - The revenue growth rates are projected at: - 2024E: 32.4% - 2025E: 21.4% - 2026E: 15.7% [4][7] - Net profit estimates are: - 2023A: 30.04 billion - 2024E: 39.83 billion - 2025E: 54.43 billion - 2026E: 64.99 billion - The net profit growth rates are projected at: - 2024E: 32.6% - 2025E: 36.7% - 2026E: 19.4% [4][7] - Return on Equity (ROE) is expected to be: - 2023A: 21.6% - 2024E: 23.9% - 2025E: 26.7% - 2026E: 26.1% [4][7] - Earnings per Share (EPS) projections are: - 2023A: 10.33 - 2024E: 13.69 - 2025E: 18.71 - 2026E: 22.34 [4][7]

行业周报 | 计算机 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 【兴证计算机】一文看懂 DS 带动下推理 算力市场空间及投资机会-2025.02.23 【兴证计算机】云计算：全面解析 DeepSeek 影响下的投资机会- 2025.02.16 相关研究 【兴证计算机】从 DeepSeek 崛起看国 产 AI 生态投资机会-2025.02.09 分析师：蒋佳霖 S0190515050002 jiangjialin@xyzq.com.cn 分析师：孙乾 S0190518110001 sunqian@xyzq.com.cn 分析师：陈鑫 S0190522030001 chenxin21@xyzq.com.cn 分析师：杨本鸿 S0190522080001 yangbenhong@xyzq.com.cn 分析师：张旭光 S0190523090002 zhangxuguang@xyzq.com.cn 分析师：杨海盟 S0190523070001 yanghaimeng@xyzq.com.cn 分析师：桂杨 S0190524040005 guiyang@xyzq.com.cn De ...

Investment Rating - The investment rating for Rocket Lab USA, Inc. is "Buy" (首次增持) [1] Core Views - Rocket Lab USA, Inc. is positioned as the third-largest space exploration company globally, focusing on providing launch services and space systems solutions, primarily through its Electron rocket designed for small payloads [3][4] - The company has launched 60 Electron rockets to date, with plans to enhance launch frequency and develop the Neutron rocket, aiming for its first flight in the second half of 2025 [3][4] - Revenue projections for Rocket Lab indicate significant growth, with expected revenues of $555 million in 2025, $894 million in 2026, and $1.207 billion in 2027, alongside a path to profitability by 2027 [3][4] Financial Summary - **Revenue Growth**: Projected total revenue for 2024 is $436 million, with a year-on-year growth of 78%. For 2025, the revenue is expected to reach $555 million, reflecting a 27% increase [3][10] - **Net Profit**: The company is expected to report a net loss of $190 million in 2024, narrowing to a loss of $157 million in 2025, and achieving a profit of $68 million by 2027 [3][10] - **Gross Margin**: The gross margin is projected to improve from 27% in 2024 to 40% by 2027, indicating enhanced operational efficiency [3][10] - **Earnings Per Share (EPS)**: EPS is expected to improve from -$0.38 in 2024 to $0.14 in 2027, signaling a potential turnaround in profitability [3][10] Business Model and Competitive Advantage - Rocket Lab's competitive edge lies in its end-to-end service model, offering both rocket launch and satellite design services, which appeals to clients seeking comprehensive solutions [3][4] - The company operates two launch sites in New Zealand and the USA, providing flexibility in launch windows and minimizing the impact on ground personnel [3][4] - The introduction of the Neutron rocket, capable of carrying payloads of up to 13,000 kg, marks a strategic shift from small payloads to a broader range of space transportation services [3][4]

行业点评报告 | 煤炭 证券研究报告 | | | 报告日期 2025 年 03 月 05 日 相关研究 【兴证煤炭】煤炭行业周报（2025.2.23- 2025.3.1）——煤价压力逐步释放，聚焦 红利煤炭龙头-2025.03.02 【兴证煤炭】煤炭行业周报（2025.2.16- 2025.2.22）——动煤价格加速触底，焦 煤将迎补库行情-2025.02.23 【兴证煤炭】煤炭行业周报（2025.2.9- 2025.2.15）——煤价弱势下行，静待需 求回暖-2025.02.16 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 政策护航转型，煤业焕新动能 ——2025 政府工作报告点评 投资要点： 2025 年 3 月 5 日，国务院总理李强在第十四届全国人大三次会议上作政府工作报告，对此 我们点评如下： 宏观政策定调积极，红利龙头受益显著： 能源行业结构转型，"一体化+"迎价值重估： 请阅读最后评级说明和重要声明 1/2 ⚫ 经济增长与能耗约束双重作用：报告明确"国内生产总值增长 5%左右"的增速目标，为 煤炭需求提供基础支撑。但"单位国内生产总值能耗降低 3%左右 ...

海外公司点评报告 | 美股 证券研究报告 | | | 基础数据 | 3 月 | 4 | 日收盘价（美元） | 115.99 | | --- | --- | --- | --- | | 总市值（亿美元） | | | 30,380 | | 总股本（亿股） | | | 244 | 来源：聚源，兴业证券经济与金融研究院整理 【兴证海外 TMT】英伟达（NVIDIA） FY25Q3 业绩点评：Blackwell 指引上修， FY26H2 毛利率有望提升-2024.11.26 【兴证海外 TMT】英伟达（NVIDIA） FY25Q2 业绩点评：收入指引环比增速持 平，Blackwell 出货延至 FY25Q4-2024.08.30 S0190519080002 BPL829 hongjiajun@xyzq.com.cn xufenglong@xyzq.com.cn 英伟达(NVDA.O) 报告日期 2025 年 03 月 05 日 业绩稳健增长，b200 出货超指引 投资要点： 主要财务指标 | 会计年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- ...

Investment Rating - The report initiates an "Outperform" rating for Lowe's [1][5][81] Core Insights - Lowe's is the world's second-largest home improvement retailer, with over 1,900 stores in the U.S. and Canada, offering a wide range of products to meet DIY and professional customer needs [6][13] - The U.S. home improvement market reached $1 trillion in 2022, with long-term growth potential driven by factors such as housing prices, housing age, and per capita disposable income [23][27] - The company has a strong competitive position in home appliances and outdoor categories, supported by a differentiated brand strategy and a robust supply chain [11][38][65] Financial Summary - Revenue projections for 2024-2026 are $83.3 billion, $84.3 billion, and $87.4 billion, with year-on-year changes of -3.5%, 1.2%, and 3.6% respectively [3][81] - Net income estimates for the same period are $6.8 billion, $6.9 billion, and $7.5 billion, with year-on-year changes of -11.4%, 1.0%, and 8.0% respectively [3][81] - The gross margin is expected to remain stable around 33.4% over the forecast period [9][82] Market Position and Strategy - Lowe's has a significant opportunity for store expansion, particularly in regions where it has fewer locations compared to competitors like Home Depot [54][59] - The company employs a long-tail strategy with a large number of SKUs, enhancing customer acquisition and sales per store [59][65] - Lowe's aims to increase its PRO customer segment, which currently represents a smaller portion of its revenue compared to competitors [41][47] Competitive Landscape - The home improvement market is highly fragmented, with significant growth potential for Lowe's as it enhances its online presence and installation services [27][34] - Lowe's has established a unique supply chain strategy that allows for rapid delivery of large appliances, setting it apart from competitors [65][66] Historical Performance - From 2019 to 2023, Lowe's revenue grew from $71.3 billion to $97 billion, with a CAGR of 3.90% [70] - The company has maintained a stable gross margin, with net profit increasing significantly during the same period [70][71]

行业跟踪报告 | 房地产 证券研究报告 行业评级 中性（维持） 报告日期 2025 年 03 月 05 日 相关研究 【兴证地产】新房二手房周报：政治局 会议再提稳住楼市股市-2025.03.02 【兴证地产】新房二手房周报：统筹做 好房企融资支持和债券违约风险防控- 2025.02.23 【兴证地产】新房二手房周报：广东省 多地落地专项债收储，1 月居民中长期贷 款新增 4935 亿元-2025.02.16 分析师：靳璐瑜 S0190520080003 jinluyu@xyzq.com.cn 分析师：王沁雯 S0190523040001 wangqinwen@xyzq.com.cn 专项债收购存量闲置土地进展跟踪 投资要点： ⚫ 风险提示：专项债收储不及预期、政策落地不及预期、基本面恢复不及预期 请阅读最后评级说明和重要声明 1/13 ⚫ 2024 年 10 月，财政部新闻发布会，支持地方政府使用专项债券回收符合条件的闲置存 量土地。25 年以来，专项债收储进入加速落地阶段。 ⚫ 广东：拟发行 307.2 亿元土储专项债用于存量闲置土地收购。广东省财政厅 2 月 23 日 披露拟发行专项债券总额 307.2 ...

行业投资月度报告 | 医药生物 证券研究报告 分析师：孙媛媛 S0190515090001 sunyuanyuan@xyzq.com.cn 分析师：黄翰漾 S0190519020002 huanghanyang@xyzq.com.cn 医药板块景气度回升，看好创新药、创新药产 业链、AI 医疗三大方向——兴证医药 2025 年 3 月投资月报 投资要点： | 报告日期 | 2025 年 03 月 04 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 【兴证医药】政策持续支持创新药发 展，看好创新药、创新药产业链、AI 医 疗三大方向——医药行业周报 （2025.2.17-2025.2.21）-2025.02.24 【兴证医药】从 TEMPUS 出发，看 AI 赋能基因检测领域——医药行业周报 （2025.2.10-2025.2.14）-2025.02.17 【兴证医药】AI 有望赋能医疗领域，继 续看好创新药+创新药产业链——医药行 业周报（2025.2.3-2025.2.7）- 2025.02.11 ⚫ 风险提示：行业政策超预期变化，板块比较优势弱化。 请阅读最后评级说明和 ...

证券研究报告 固定收益 防御优先，择机而动 ——3月信用债投资策略与展望 分析师：左大勇（S0190516070005） 研究助理：徐曦 报告日期：2025年3月3日 肖 雨（S0190524120003） 罗 婷（S0190515110001） 投资要点 KEY POINTS 关注攻守兼备的短久期信用债 02 2月市场流动性依然紧平衡，资金价格持续攀升加大了负Carry的问题，债市调整幅度加大。资金偏紧的主要原因是银行间流动性水 位偏低以及央行流动性投放不足。市场已开始关注资金逻辑持续演绎后，是否会再次出现信用"赎回潮"的问题，并影响到下一阶 段的信用债投资逻辑。对此，建议信用债投资者短期仍为震荡局势做好准备，资金紧平衡状态下控制好仓位，把握好流动性和票 息,阶段性继续以偏防御性策略为主。 交易思路下,本轮市场调整中,不同期限和等级的信用利差已有不小的差异化表现。行情演绎到当前阶段，攻守兼备的投资标的是 更好的信用债选择。选择过程中，交易盘需要同时考虑到持有的Carry、可能的资本利得空间以及个券的流动性。抓住机会的同时也 防范因个券流动性偏弱而产生的超调风险。 推荐关注:短期限普信债、二永债>长期限普信债 ...

行业周报 | 房地产 证券研究报告 | 行业评级 | 中性(维持) | | --- | --- | | | 2025 年 03 月 02 日 | 相关研究 【兴证地产】新房二手房周报：统筹做好 房企融资支持和债券违约风险防控 -2025.02.23 【兴证地产】新房二手房周报：广东省多 地落地专项债收储，1 月居民中长期贷款 新增 4935 亿元-2025.02.16 【兴证地产】2025 年 1 月房地产行业回 顾：回稳与分化-2025.02.10 分析师：靳璐瑜 S0190520080003 jinluyu@xyzq.com.cn 分析师：洪波 S0190523040002 hongbo@xyzq.com.cn | 一、 本周市场重要信息及数据概览 . | | --- | | ニ、 附录 … | | （一） 长三角地区 . | | （二） 珠三角地区 . | | （三） 环渤海地区 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 11 | | ( 四 ) 海西 ...