【兴证食饮】周专题：白酒验证动销反 馈，零食关注渠道变革-2025.01.12 行业跟踪报告 | 食品饮料 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 14 日 | 相关研究 【兴证食饮】动销企稳棋眼已现，四大 压制逐渐减弱-2025.02.14 【兴证食饮】白酒青竹任风雪，食品枯 木恰逢春-2025.02.05 分析师：沈昊 S0190525010006 shenhao@xyzq.com.cn 分析师：林佳雯 S0190522070009 linjiawen95@xyzq.com.cn 调味品专题：价格探底，价值重估 投资要点： 请阅读最后评级说明和重要声明 1/11 调味品竞争换挡至存量，短期核心矛盾由餐饮攻守切换至"质价比"比拼。 调味品底层逻辑是渠道的生意，味蕾的竞争。此前板块性行情多由通胀背景下价 格空间的抬升（产品结构升级、成本驱动下的提价等）及成本周期的共振协同触 发，高于收入增速较多的利润增长支撑较高的估值。而调味品行业本身增长稳健， 竞争格局维持一超多强，市场关注点多集中于餐饮的持续渗透是否能给企业带来 弯道超车的机 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company is a leading domestic player in the RF power amplifier module market, focusing on the research, design, and sales of RF front-end chips, with products widely used in smartphones, tablets, and other wireless communication devices [3][5][7] - The RF front-end market is expected to grow steadily, with the market size projected to increase from over $19.2 billion in 2022 to $26.9 billion by 2028, representing a CAGR of 5.8% [4][20] - The company is well-positioned to benefit from the growing demand for high-end RF modules and Wi-Fi FEM products, particularly in AI applications [4][42] Financial Summary - The company is projected to achieve total revenue of 2,103 million yuan in 2024, a decrease of 29.5% year-on-year, followed by a recovery to 2,530 million yuan in 2025 and 2,932 million yuan in 2026, with respective growth rates of 20.3% and 15.9% [4][52] - The net profit attributable to the parent company is expected to be -24 million yuan in 2024, with a significant recovery to 54 million yuan in 2025 and 88 million yuan in 2026, reflecting year-on-year growth rates of 121.1% and 62.2% [4][52] - The company's gross margin is projected to improve from 24.8% in 2023 to 26.3% in 2026, driven by the increasing share of high-end products [4][52] Business Outlook - The company has established long-term relationships with major clients such as Xiaomi, OPPO, and vivo, which strengthens its competitive advantage [7][9] - The introduction of new products, such as the L-PAMiF and L-PAMiD modules, is expected to enhance market share and revenue growth [4][41] - The company is actively expanding its Wi-Fi FEM product line, which is anticipated to benefit from the explosive growth in AI terminal products [42][49]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the positive signals for peace negotiations in the Russia-Ukraine conflict, suggesting an imminent end to hostilities, which could lead to significant reconstruction needs in Ukraine [2][3] - The estimated total cost for reconstruction and recovery in Ukraine over the next decade is projected to be $523.6 billion, with substantial demand in housing, transportation, and energy sectors [2][5] - Chinese construction companies are expected to leverage their competitive advantages in technology and cost to participate in Ukraine's reconstruction, particularly in housing, transportation, and energy sectors [2][3][9] - The improvement in Russia's economic conditions and the easing of sanctions are anticipated to accelerate project progress, benefiting Chinese enterprises that have established a strong presence in the Russian market [9][10] - The report suggests that the end of the Russia-Ukraine conflict will create a dual incremental market for reconstruction in Ukraine and recovery in Russia, presenting significant opportunities for Chinese construction firms [13][15] Summary by Sections Section 1: Positive Signals from Russia-Ukraine Conflict - In 2025, there are optimistic signals regarding peace talks, with discussions between Russian and U.S. leaders aimed at resolving the Ukraine situation [2][3] - Various international efforts are underway to establish a framework for peace and initial ceasefire arrangements [2][3] Section 2: Reconstruction Demand in Ukraine - The reconstruction needs in Ukraine are vast, with housing needs estimated at $83.7 billion, transportation at $77.5 billion, and energy at $67.8 billion [5][9] - The report emphasizes that the reconstruction demand will significantly boost the construction industry [9][10] Section 3: Opportunities in the Russian Market - The report notes that the improving economic situation in Russia, coupled with closer Sino-Russian relations, will facilitate project advancements [9][10] - Chinese companies have a history of successful projects in Russia, which positions them well to capitalize on new opportunities as the market recovers [10][12] Section 4: Investment Strategy - The report recommends focusing on Chinese international engineering construction companies that are well-positioned to benefit from the reconstruction in Ukraine and project advancements in Russia [17] - Specific companies highlighted for their competitive edge include China Steel International, China International, and Northern International, among others [17]

| 报告日期 | 2025 年 03 月 04 日 | | --- | --- | | 行业评级 | 推荐（维持） | 行业投资月度报告 | 医药生物 证券研究报告 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 分析师：孙媛媛 S0190515090001 sunyuanyuan@xyzq.com.cn 分析师：黄翰漾 投资要点： 请阅读最后评级说明和重要声明 1/20 ⚫ 2025 年 2 月 5 日至 2025 年 2 月 28 日，医药生物板块跑赢沪深 300 指数，医药生物 板块上涨 4.96%，沪深 300 指数上涨 1.91%。 ⚫ 相较于 2024 年，2025 年以来医药板块 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Insights - The launch of the Xiangjie S9 extended range version is imminent, and profitability improvements are expected [3]. - The company is positioned as a leading player in the new energy vehicle sector, leveraging its first-mover advantage and long-term accumulation to build core competitiveness [10]. - The market for mid-to-high-end passenger vehicles is expanding, with increasing market share for domestic brands [21][26]. Financial Overview - The company's total revenue is projected to grow significantly from 14,319 million yuan in 2023 to 77,788 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 82.6% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 5,400 million yuan in 2023 to a profit of 1,370 million yuan in 2026 [4]. - The gross margin is anticipated to turn positive by 2025, reaching 10.0% [4]. Brand Performance - The BEIJING brand shows stable sales, while the ARCFOX brand is expected to improve its profitability as sales increase [3][4]. - The Xiangjie brand, in collaboration with Huawei, is set to enhance its market presence with the upcoming S9 model, which is expected to address range anxiety and offer competitive pricing [3][4]. Market Dynamics - The retail price range for passenger vehicles is on the rise, with the market for vehicles priced above 300,000 yuan expanding [21]. - The share of domestic brands in the 300,000 to 500,000 yuan price segment has increased to 47% in 2024, driven by successful models from companies like Li Auto and AITO [26]. Sales Projections - The Xiangjie S9 extended range version is projected to sell 48,000 units in 2025 and 120,000 units in 2026 [3]. - The company anticipates that the introduction of new models in collaboration with Huawei will contribute to sales growth in the latter half of 2025 and into 2026 [3].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Insights - The launch of the Xiangjie S9 extended range version is imminent, and profitability improvements are expected [3]. - The company is positioned as a leading player in the new energy vehicle sector, leveraging its first-mover advantage and long-term accumulation to build core competitiveness [10]. - The market for mid-to-high-end passenger vehicles is expanding, with increasing market share for domestic brands [21][26]. Financial Overview - The company's total revenue is projected to grow significantly from 14,319 million yuan in 2023 to 77,788 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 82.6% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 6,738 million yuan in 2024 to a profit of 1,370 million yuan in 2026 [4]. - The gross margin is anticipated to turn positive by 2025, reaching 10.0% [4]. Brand Performance - The BEIJING brand shows stable sales, while the ARCFOX brand is expected to improve its profitability as sales increase [3][9]. - The Xiangjie brand, in collaboration with Huawei, is set to enhance its market presence with the upcoming S9 model, which is expected to address range anxiety and offer competitive pricing [3][4]. Market Dynamics - The retail price range for passenger vehicles is on the rise, with the market for vehicles priced above 300,000 yuan expanding [21]. - The market share of domestic brands in the 300,000 to 500,000 yuan price range has increased to 47% in 2024, driven by successful models from companies like Li Auto and AITO [26]. Sales Projections - The Xiangjie S9 extended range version is projected to sell 48,000 units in 2025 and 120,000 units in 2026, contributing significantly to revenue growth [3][4]. - The company anticipates that the introduction of multiple new models in collaboration with Huawei will further boost sales in the coming years [3].

行业投资月度报告 | 房地产 证券研究报告 | 报告日期 | 2025 年 03 月 12 日 | | --- | --- | | 行业评级 | 中性（维持） | 相关研究 【兴证地产】新房二手房周报：政府工 作报告三处提及稳住楼市相关表述- 2025.03.09 【兴证地产】专项债收购存量闲置土地 进展跟踪-2025.03.05 【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 分析师：靳璐瑜 S0190520080003 jinluyu@xyzq.com.cn 分析师：宋词 S0190523120004 songci@xyzq.com.cn 2025 年 2 月房地产行业回顾：小阳春如期而 至 投资要点： 累计数据来看，1-2 月 20 城中介实时成交口径二手房成交套数累计同比+37.0%；16 城房管局网签二手房成交套数累计同比+34.3%；47 城房管局网签新房成交套数累计同 比+2.5%；15 城房管局网签新房+二手房累计成交套数同比+21.2%。 地方政策侧重于盘活存量土地、购房补贴、税收减免优惠、调整公积金政策、推动小白 名单如扩围增效、持续推进保障房筹集和建设、推 ...

Investment Rating - The report maintains a positive outlook on the company, suggesting active monitoring of its performance as it emerges from a low point in its financial cycle [4]. Core Insights - Harmonic Drive Systems Inc. (HDSI) is a leading company in the field of motion control, specializing in harmonic drive gear systems known for their lightweight, compact size, and high torque capacity. The company has a long history dating back to the 1950s and continues to innovate with new products aimed at various applications, including humanoid robots and aerospace [4]. - The company's revenue for the fiscal year ending March 31, 2024, is projected to be 55.8 billion JPY, with approximately 70% coming from gear sales. Despite facing a significant asset impairment loss of 28.4 billion JPY, the company aims for a target of 90 billion JPY in revenue by fiscal year 2026, with an operating profit margin of 15% [4]. - The robotics segment is the largest contributor to the company's revenue, with expectations of a stable growth rate of 4% CAGR in the industrial robot sector. The Chinese robotics market is experiencing rapid growth, with sales increasing from 140,000 units in 2019 to 277,000 units in 2023. The company has significantly increased its supply of gear systems to the local robotics market in China [4]. Summary by Sections Company Overview - Harmonic Drive Systems Inc. is recognized as a global leader in the gear sector, with a diverse product range and a strong market presence in Japan, North America, and Europe [4]. Financial Performance - The company reported a revenue of 55.8 billion JPY for the fiscal year 2024, with a gross margin of approximately 28%. The company is recovering from a low point, with a positive trend in order data indicating a gradual increase in revenue [4]. Market Dynamics - The company’s revenue composition for fiscal year 2024 includes 31% from robotics, 23% from automotive, and 15% from semiconductors. The Chinese market is expected to see a substantial increase in demand for the company's products, with a 129.4% year-on-year growth in orders from China for the first three quarters of fiscal year 2025 [4][11].

分析师：季贤东 S0190522100003 jixiandong@xyzq.com.cn 请阅读最后评级说明和重要声明 1/25 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ | | 4 | | 4 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 5 | | 6 | | | | | 2025 | | 7 | 250210-250214 | | 9 | | | | 10 | 250210-250214 | | 10 | | | | + | 250210-250214 | | 12 | 250210-250214 | | 15 | | 250210-250214 | | 17 | | 21 | | | | | 24 | | | | | | 行业周报 | 建筑材料 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2025 | 02 | 24 | 相关研究 -2024.12.29 -2024.12.24 -2024.12.15 | 1 | | 9 | | --- | --- | --- ...

行业周报 | 家用电器 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 09 日 相关研究 【兴证家电】终端动销回暖，底部布局 白电黑电年报一季报行情-2025.03.02 【兴证家电】1 月产业在线空调数据点 评：春节扰动内销出货，外销延续较快 增长-2025.02.23 【兴证家电】石头机械手新品 G30 SPACE 国内预售开启，关注后续扫地机 终端动销-2025.02.16 分析师：颜晓晴 S0190521020002 yanxiaoqing@xyzq.com.cn 分析师：苏子杰 S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S0190523070007 wangyuqing@xyzq.com.cn 研究助理：周庆 zhouqing@xyzq.com.cn 静待白马年报一季报行情 投资要点： 1）继续首推黑电板块，推荐 24Q4 经营&业绩拐点确立的黑电龙头海信视像，关注内需 受以旧换新拉动弹性大+出口中长期海外份额提升的 TCL 电子； 2）推荐内外销共振基本面扎实+优质红利资产属性的白电龙头海尔智家、格力电器、海 信家电、美的集团； ...