行业周报 | 汽车 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 28 日 相关研究 S0190524070005 liuxinyao@xyzq.com.cn 研究助理：刘思仪 liusiyi23@xyzq.com.cn 【兴证汽车】周动态：汽车以旧换新政 策延续，特斯拉新款 Model Y 正式发布- 2025.01.12 【兴证汽车】2025 汽车以旧换新政策点 评：补贴范围扩大、金额持平，整体符 合预期-2025.01.08 【兴证汽车】供需两端改善明显，智驾 爆发拐点将至-2025.01.06 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 S0190524030006 yupengliang@xyzq.com.cn 分析师：刘馨遥 周动态：赛力斯 2024 年首次实现扭亏为 盈；工信部倡导积极扩大新能源汽车消费 投资要点： 表1、重点指数周表现（2025.01.20-2025.01.24） | 指数 | 周涨跌幅 | 周成交 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Insights - The company is a leading third-party data center service provider in China, focusing on the construction and operation of data centers, with a strong emphasis on AI-driven demand and infrastructure [7][32] - The company has established seven AIDC intelligent computing infrastructure clusters across six major regions in China, with over 76,000 cabinets in operation and a mature data center utilization rate exceeding 90% [4][7] - The AI sector is significantly driving the demand for data center construction, with rental prices expected to rebound as high-quality facilities become scarce [4][25] Financial Performance - The company has shown impressive revenue growth, with total revenue projected to reach 43.51 billion yuan in 2023, growing by 60.3% year-on-year, and expected to continue growing to 112.91 billion yuan by 2026 [4] - Net profit attributable to shareholders is forecasted to increase from 17.62 billion yuan in 2023 to 40.45 billion yuan in 2026, reflecting a compound annual growth rate of 26.2% [4] - The company's gross margin is projected to stabilize around 50% for its IDC business, with a notable increase in profitability driven by AI-related services [4][17] Industry Dynamics - The data center industry is experiencing a rapid expansion, with the total supply of data centers in China expected to double in the next five years, driven by AI and cloud computing demands [36][39] - Major internet companies are significantly increasing their capital expenditures to enhance AI infrastructure, with ByteDance emerging as a key client for the company [47][49] - The competitive landscape is shifting, with third-party operators like the company gaining market share from traditional telecom operators, whose market share has declined from 60.2% to 56.9% [30][31]

Investment Rating - The investment rating for Haier Smart Home is "Buy" [26] Core Views - The company is benefiting from domestic sales recovery driven by national subsidies, with a significant improvement in high-end brand demand, particularly for the Casarte brand. The global brand business shows resilience, and the company is expected to continue optimizing efficiency and profitability [3][26]. Summary by Sections Domestic Sales - In the short term, the company is benefiting from national subsidies, leading to a recovery in domestic sales, particularly in the refrigerator and washing machine categories. Online and offline sales for refrigerators are expected to grow significantly, with online sales increasing by 10% and offline sales by 66% in Q4 2024. The Casarte brand is seeing a notable recovery, with online sales for refrigerators increasing by 59% and washing machines by 42% [10][11]. - In the long term, the air conditioning business is expected to grow, supported by digital transformation initiatives and the integration of logistics services through the acquisition of a supply chain service provider. A new air conditioning production project is being established to enhance production capacity [12]. International Sales - In the short term, the company maintains a leading position in major markets due to its global layout and localized supply chain advantages. The North American market is expected to see improved demand due to anticipated interest rate cuts and real estate recovery. The company is also expanding its presence in emerging markets [23]. - In the long term, the company is diversifying its product offerings through acquisitions, such as the purchase of Electrolux's South African water heater business, which is expected to broaden growth opportunities [23]. Earnings Forecast and Rating - The earnings per share (EPS) for 2024-2026 are adjusted to 2.03, 2.32, and 2.61 yuan, respectively. The corresponding dynamic price-to-earnings ratios are 13.5x, 11.9x, and 10.5x. The company is positioned as a leader in the home appliance export market, with domestic sales growth driven by national policies and a resilient international brand business [26].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the company's Q4 2024 performance exceeded expectations, driven by a significant increase in export sales and improvements in product mix [3][4] - The company is expected to benefit from the continuation of domestic policies supporting vehicle replacement and an increase in global market share, particularly in Western Europe [4][5] Financial Summary - Total revenue for 2023 is reported at 27,042 million, with projections of 35,980 million for 2024, 38,540 million for 2025, and 45,199 million for 2026, reflecting a year-on-year growth of 24.1% in 2023 and 33.1% in 2024 [4] - The net profit attributable to the parent company is forecasted to rise from 1,817 million in 2023 to 4,072 million in 2024, 4,547 million in 2025, and 5,500 million in 2026, indicating a substantial growth of 139.4% in 2023 and 124.1% in 2024 [4] - The gross margin is expected to be 25.6% in 2023, decreasing to 20.9% in 2024, before recovering to 22.2% in 2025 and 22.6% in 2026 [4] Sales and Market Performance - In Q4 2024, the company achieved sales of 15,600 units, a year-on-year increase of 52.0%, with export sales reaching 4,910 units, up 64.3% year-on-year [4][5] - The share of new energy vehicles in total sales increased to 51.4% in Q4 2024, driven by domestic policies and strong demand in Europe [4][5] Investment Recommendations - The report maintains an "Accumulate" rating, citing the company's strong global brand presence, improving sales structure, and high dividend yield as key factors for future growth [4][5] - Adjusted net profit forecasts for 2024-2026 are set at 40.72 billion, 45.47 billion, and 55.00 billion respectively, reflecting confidence in the company's competitive position [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire 100% equity of Zhuhai Shengsheng Microelectronics for a cash consideration not exceeding RMB 160 million, which is expected to enhance its mixed-signal capabilities and long-term competitiveness [3] - The acquisition will help the company diversify its product lines and optimize its revenue structure, particularly in the automotive electronics sector, which is projected to grow rapidly [3] - The company emphasizes an "integration + differentiation" strategy, aiming to create unique power management solutions by integrating power management and MCU technologies [3] - The current phase is characterized by continuous investment in product expansion and customer development, laying a solid foundation for future growth [3] - Revenue forecasts for 2024, 2025, and 2026 are RMB 25.20 billion, RMB 31.12 billion, and RMB 40.04 billion, respectively, with corresponding net profits of RMB 3.25 billion, RMB 4.11 billion, and RMB 6.50 billion [3] Financial Summary - Total revenue for 2023 is projected at RMB 1.78 billion, with a year-on-year growth of 36.9% [3] - The net profit attributable to the parent company for 2023 is expected to be RMB 261 million, reflecting a year-on-year increase of 6.2% [3] - The gross margin is forecasted to be 42.3% in 2023, gradually decreasing to 40.0% by 2026 [3] - The return on equity (ROE) is expected to rise from 7.1% in 2023 to 13.3% in 2026 [3] - Earnings per share (EPS) are projected to increase from RMB 0.61 in 2023 to RMB 1.53 in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 164 million, 198 million, and 228 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16.0%, 20.6%, and 15.3% [3][18]. Core Insights - The company is a leader in the sensitive toothpaste market, leveraging its flagship brand "Cold Acid Spirit" to expand its product offerings and enhance consumer engagement. The company has a strong market presence with over 60% market share in the sensitive toothpaste segment [15][29]. - The oral care industry shows strong growth resilience, with a compound annual growth rate (CAGR) of 2.8% from 2018 to 2023. The market is characterized by high concentration, with domestic brands gaining market share at the expense of foreign brands [3][18]. - The company is actively expanding its online sales channels, which accounted for 22.92% of revenue in the first half of 2024, indicating a significant shift towards e-commerce in the oral care sector [3][18]. Summary by Sections Company Overview - The company focuses on oral health and beauty solutions, with a comprehensive product range including toothpaste, toothbrushes, mouthwash, and emerging categories like electric toothbrushes and oral disinfectants. The brand "Cold Acid Spirit" has maintained a leading position in the sensitive toothpaste market with a retail market share of 62.92% in the first half of 2024 [15][29]. Industry Analysis - The oral care market is driven by essential consumer needs, showing resilience even during economic downturns. The market size for oral care products reached 49.15 billion yuan in 2023, with a steady growth trajectory expected as consumer awareness of oral health increases [3][18]. Growth Strategy - The company is enhancing its product matrix by expanding categories and optimizing product structures. The adult oral care segment remains the primary revenue driver, while children's oral care and electric products are rapidly growing segments [3][18]. Financial Performance - The company has demonstrated strong financial growth, with revenues increasing from 944 million yuan in 2019 to 1.376 billion yuan in 2023, representing a CAGR of 9.88%. The net profit has also shown significant growth, with a CAGR of 22.30% during the same period [3][18].

行业深度报告 | 交通运输 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 01 月 23 日 | 相关研究 【兴证交运】2024 年 12 月快递月报： 2024 年快递需求表现较好，旺季量价平 稳-2025.01.20 【兴证海外交运】海外快递物流行业 2025 年度策略：转向精细化运营释放利 润，股东回报决胜负-2025.01.20 【兴证交运】交通运输行业周报 （2025.01.12-2025.01.18）——美国制 裁见效，油轮板块迎接供需双端利好- 2025.01.19 分析师：张晓云 S0190514070002 zhangxiaoyun@xyzq.com.cn 分析师：王凯 S0190521090002 wangkai21@xyzq.com.cn 油轮板块深度报告—— 再论供给：油轮出清在即，看好长期布局机会 投资要点： 请阅读最后评级说明和重要声明 1/25 ⚫ 油轮船队现状：老龄化显著，黑白灰并存 当前油轮船队虽运力规模达到 20 年来的最 高水平，但老龄化程度亦达到峰值，平均船龄接近 12 年，15 年以上老船占比达到 42% ...

海外行业跟踪报告 | 综合企业 证券研究报告 行业评级 推荐（首次） 报告日期 2025 年 01 月 22 日 相关研究 S0190520050002 BQI321 songjingru@xyzq.com.cn S0190522120001 BUA484 lijingyun@xyzq.com.cn 分析师：陈雅雯 S0190524010001 请注意: 陈雅雯并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 chenyawen@xyzq.com.cn 风险提示：1）制裁政策变动风险。2）油轮事故。3）OPEC 减产超预期。 请阅读最后评级说明和重要声明 1/7 分析师：宋婧茹 分析师：李静云 短期供给弹性不足，驱动原油地缘溢价上行：1 月 10 日，美国财政部对俄罗斯石油生 产与出口实施新一轮制裁，主要针对两家俄罗斯石油生产商 Gazprom Neft 和 Surgutneftegaz 以及 180 余艘油气运输船只，根据 Kpler 数据，受制裁船只 2024 年原 油运输量平均在 145 万桶/日，约占俄罗斯海运出口量的 42%。美国 1 月初原油产量平 均为 1,348 ...

| 行业评级 | | 推荐（维持） | | --- | --- | --- | | 报告日期 | 2025 | 01 23 | 相关研究 行业点评报告 | 非银金融 证券研究报告 -2025.01.22 -2025.01.21 250113- 250117 IPO -2025.01.19 分析师：徐一洲 S0190521060001 xuyizhou@xyzq.com.cn 研究助理：李思倩 lisiqian@xyzq.com.cn 2024Q4 公募基金持仓点评：非银持仓环比回 落，聚焦高股息及政策利好标的 投资要点： 2024 ⚫ 2024Q4 179.41 -38.7% 1.09% -0.50pct 87.10 81.83 10.48 -47.5% -29.9% +5.7% 48.5% 45.6% 5.84% ⚫ 请阅读最后评级说明和重要声明 1/4 ⚫ 24Q4 2024Q4 -47.5% 87.10 - 0.37pct 0.53% 300 1.12pct -48.8% -39.0% 0.79 0.96 -52.8% -46.8% 41.69 32.78 ⚫ 2024Q4 -26.9% 3.91 -2 ...

行业跟踪报告 | 家用电器 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 01 月 21 日 相关研究 【兴证家电】24M12 家电社零提速增 长，继续看好家电板块配置价值- 2025.01.19 【兴证家电】2024 年 12 月家电内销提 速增长，继续看好 2025 年国补拉动弹性 -2025.01.13 【兴证家电】中央加力支持家电以旧换 新，关注家电政策催化-2025.01.08 分析师：苏子杰 S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S0190523070007 wangyuqing@xyzq.com.cn 分析师：颜晓晴 S0190521020002 yanxiaoqing@xyzq.com.cn 研究助理：周庆 zhouqing@xyzq.com.cn 一文读懂奥克斯招股书 投资要点： ⚫ 奥克斯：深耕行业三十余年，全球第五大空调提供商。公司成立于 1994 年，主营家用 空调及中央空调的制造与销售，2023 年占全球空调销量份额 6.2%，位列全球第五。空 调销量规模持续扩张带动公司营收延续快增，2023、2024Q1-Q3 公司营 ...