Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The new vehicle cycle is expected to significantly boost sales in 2024, with a projected total sales volume of 2.169 million units, representing a year-on-year growth of 27.4% [7] - The earnings per share (EPS) forecasts for 2024-2026 are adjusted to 1.43, 1.08, and 1.29 yuan respectively, with a target price set at 16.20 yuan (RMB) or 17.60 HKD [2][5] Financial Performance Summary - **Revenue Forecasts**: - 2022: 147,965 million yuan - 2023: 179,204 million yuan (21.1% YoY growth) - 2024: 224,632 million yuan (25.4% YoY growth) - 2025: 269,476 million yuan (20.0% YoY growth) - 2026: 316,008 million yuan (17.3% YoY growth) [4][10] - **Net Profit Forecasts**: - 2022: 5,260 million yuan - 2023: 5,308 million yuan (0.9% YoY growth) - 2024: 14,442 million yuan (172.1% YoY growth) - 2025: 10,884 million yuan (-24.6% YoY growth) - 2026: 12,948 million yuan (19.0% YoY growth) [4][10] - **Profitability Ratios**: - Gross Margin: - 2022: 14.1% - 2023: 15.3% - 2024: 15.6% - 2025: 15.6% - 2026: 15.6% [4][10] - Net Margin: - 2022: 3.6% - 2023: 3.0% - 2024: 6.4% - 2025: 4.0% - 2026: 4.1% [4][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: - 2022: 23.8 - 2023: 23.5 - 2024: 8.7 - 2025: 11.5 - 2026: 9.7 [4][10] Sales Performance Summary - In December 2024, the total sales volume reached 210,100 units, a year-on-year increase of 43.3% [7] - The company exceeded its annual sales target for 2024, achieving a cumulative sales volume of 1,669,000 units [7] - The sales of new energy vehicles in December 2024 reached 111,200 units, marking a year-on-year growth of 93.1% [7]

电力设备及新能源行业 行业研究 | 动态跟踪 阿里苹果大模型合作有望激活 AI 新机遇 核心观点 投资建议与投资标的 风险提示 数据中心投建不及预期、苹果阿里合作不及预期、数据中心供电技术路线发生巨大迭代 等。 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 02 月 12 日 看好（维持） | 卢日鑫 | 021-63325888*6118 | | --- | --- | | | lurixin@orientsec.com.cn | | | 执业证书编号：S0860515100003 | | 顾高臣 | 021-63325888*6119 | | | gugaochen@orientsec.com.cn | | | 执业证书编号：S0860520080004 | | 严东 | yandong@orientsec.com.cn | | | 执业证书编号：S0860523050001 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 事件：2 月 11 日，海外媒体 The Inform ...

宏观经济 | 动态跟踪 东方战略周观察：美国联邦政府重组尚未 进入深水区 研究结论 风险提示 ⚫ 特朗普的关税政策超预期偏离其团队成员的偏好，特朗普及其团队与政府职业官僚 冲突的风险。 报告发布日期 2025 年 02 月 12 日 | 孙金霞 | 021-63325888*7590 | | --- | --- | | | sunjinxia@orientsec.com.cn | | | 执业证书编号：S0860515070001 | | 曹靖楠 | 021-63325888*3046 | | | caojingnan@orientsec.com.cn | | | 执业证书编号：S0860520010001 | | 王仲尧 | 021-63325888*3267 | | | wangzhongyao1@orientsec.com.cn | | | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | 戴思崴 daisiwei@orientsec.com.cn | 东方战略周观察：鲁比奥首访拉美强调移 | 2025-02-05 | | --- | --- | | 民问题优先性 ...

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that the steady promotion of new energy entry into the market and the deepening reform of the electricity market will create new opportunities for the power equipment and new energy industry [2][3] - The report emphasizes the importance of market-oriented electricity trading, which is expected to accelerate investments in related power software and scheduling sectors [4] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies such as Guoneng Rixin (301162, Buy), Guowang Xintong (600131, Not Rated), and Dongfang Electronics (000682, Not Rated) due to the opportunities arising from market-oriented electricity trading [4] - It recommends paying attention to grid construction and optimization companies like Guodian Nanrui (600406, Not Rated), Jinpan Technology (688676, Buy), and Mingyang Electric (301291, Not Rated) as the investment in power equipment is expected to gain more attention [4] - The report also indicates that as the proportion of market-oriented electricity trading increases, the value of electricity over time will be recognized, benefiting the energy storage industry, with recommendations for companies like Deye Technology (605117, Buy) and Sungrow Power (300274, Not Rated) [4]

降脂：百亿市场，谁主沉浮？ ——降脂药行业深度报告 核心观点 医药生物行业 行业研究 | 深度报告 ⚫ 监管政策变动的风险、市场竞争加剧的风险、研发进度或临床试验结果不及预期的 风险。 国家/地区 中国 行业 医药生物行业 报告发布日期 2025 年 02 月 11 日 看好（维持） | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxiaoyi@orientsec.com.cn | | | 执业证书编号：S0860524080006 | | 创新涌现，聚焦刚需与出海：——医药生 | 2024-12-23 | | --- | --- | | 物行业 2025 年度投资策略 | | | 心衰：Pipeline 激烈竞争的潜在大市场： | 2024-12-04 | | ——医药行业周专题 | | | EGFR突变 NSCLC 一线治疗步入新时期： | 2024-10-14 | | ——医药行业周专题 | | ⚫ 全球心血管疾病发病率上升，推动降脂 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a strong performance in its 2024 earnings preview, achieving its employee stock ownership plan targets [4] - The company has adjusted its revenue forecasts downward for 2024 and 2025 due to weak downstream demand, but has raised its earnings per share (EPS) estimates for 2024-2026 due to declining costs [5][8] Financial Performance Summary - The company’s revenue for 2024 is projected to be 34.76 billion yuan, representing a year-on-year growth of 10.41%, with a net profit attributable to the parent company of 6.26 billion yuan, up 36.99% year-on-year [7] - The company’s EPS for 2024, 2025, and 2026 is forecasted to be 0.59 yuan, 0.68 yuan, and 0.78 yuan respectively, with previous estimates being 0.52 yuan and 0.64 yuan for 2024 and 2025 [5][8] - The company’s gross margin is expected to improve from 37.9% in 2023 to 41.8% in 2024, while the net margin is projected to increase from 14.5% in 2023 to 18.0% in 2024 [7][11] Strategic Developments - The company has acquired a 63.84% stake in "Jia Dian Zi Wei," enhancing its product line and distribution channels, particularly targeting the younger consumer market [7][8] - The establishment of a branch in Hangzhou aims to strengthen online sales and improve the marketing service network [7][8]

基础化工行业 行业研究 | 行业周报 东方证券化工周报-2025 年 2 月第 1 周 核心观点 原油相关信息： ⚫ 原油及相关库存： 2025 年 1 月 31 日美国原油商业库存 4.238 亿桶，周增加 870 万 桶；汽油库存 2.511 亿桶，周增加 220 万桶；馏分油库存 1.185 亿桶，周减少 550 万桶；丙烷库存 0.61429 亿桶，周减少 481.9 万桶。美国原油产量及钻机数：2025 年 1 月 31 日美国原油产量为 1347.8 万桶/天，周度增加 23.8 万桶/天，较一年前增 加 17.8 万桶/天。2025 年 2 月 7 日美国钻机数 586 台，周度增加 4 台，年减少 37 台；加拿大钻机数 249 台，周减少 9 台，年度增加 17 台。其中美国采油钻 480 台， 周度增加 1 台，年减少 19 台。 价格变化： 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 02 月 11 日 看好（维持） | 倪吉 | 021-63325 ...

春节旅游市场表现平稳 核心观点 投资建议与投资标的 根据 2025 年春节假期数据，旅游行业整体表现平稳，OTA 平台增速预计优于大盘，个别 景区表现突出，游客接待量和收入均有所增长。春季行情仍需等待宏观政策支持落地、 或春季出行旺季的启动。 餐饮旅游行业 行业研究 | 动态跟踪 国家/地区 中国 行业 餐饮旅游行业 报告发布日期 2025 年 02 月 11 日 看好（维持） 谢宁铃 xieningling@orientsec.com.cn 执业证书编号：S0860520070001 行业投资评级的量化标准： 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 25 年春节假期数据稳中有增，其中文旅部、交通部、商务部监测的数据都同比增长 个位数，出境旅游持续回暖，免税因高基数同比有缺口，整体符合节前预期。春季 行情或需等待宏观政策支持的落地、或春季出行旺季启动。 ⚫ 文旅部数据：春节假期 8 天，全国国内出游 5.01 亿人次，同比增长 5.9%；国内出 游总花费 6770.02 亿元，同比增长 7.0%。与 20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.45 CNY based on a 15x P/E ratio for comparable companies in 2025 [2][5]. Core Views - The supply landscape for sweeteners, particularly sucralose, is expected to continue improving, with significant price fluctuations anticipated in 2024 [1][7]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 618 million, 1.273 billion, and 1.494 billion CNY respectively, reflecting a recovery from previous declines [2][4]. Financial Summary - The company's revenue is projected to decline from 5.311 billion CNY in 2023 to 5.219 billion CNY in 2024, before increasing to 6.023 billion CNY in 2025 and 6.486 billion CNY in 2026, indicating a recovery trend [4][15]. - The gross margin is expected to improve from 23.5% in 2023 to 34.8% in 2026, while the net profit margin is projected to rise from 13.3% in 2023 to 23.0% in 2026 [4][15]. - The company's return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 15.1% in 2026, suggesting enhanced profitability and efficiency [4][15].

计算机行业 行业研究 | 动态跟踪 DeepSeek 持续火爆，中立云厂商及国产算 力有望受益 核心观点 投资建议与投资标的 我们认为，DeepSeek 的卓越的性能和超高性价比有望催化 AI 应用的百花齐放，在这个 过程中，推理算力需求有望持续上涨，而布局推理云的公司以及国产 AI 芯片厂商有望持 续受益。 ⚫ 推理云：建议关注优刻得、首都在线、深桑达、润建股份、青云科技、铜牛信息、 中科曙光、品高股份等 ⚫ 国产算力链：建议关注海光信息、华丰科技、寒武纪、云天励飞、浪潮信息、紫光 股份、拓维信息、四川长虹、神州数码、景嘉微、中国长城、安博通、恒为科技等 计算机行业动态跟踪 —— DeepSeek持续火爆，中立云厂商及国产算力有望受益 目 录 | 一、 DeepSeek 日活全球第二，推理算力需求有望持续上涨 4 | | --- | | 二、 多家云厂适配 DeepSeek，第三方云厂有望受益 5 | | 三、DeepSeek 将给国产算力带来新发展机遇 7 | | 3.1 国产 AI 芯片纷纷适配 DeepSeek 7 | | 3.2 国产算力有望受益于推理算力需求增长 8 | | 投资建议 10 | | ...