Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [3][5] Core Views - The company plans to accelerate its internationalization strategy by issuing shares overseas and listing on the Singapore Exchange, aiming to enhance its core competitiveness and brand influence [1] - Singapore is recognized as a leading hub for AI infrastructure, scoring 8.91, which is higher than South Korea's 7.71 and the UK's 6.93, making it an ideal location for the company's overseas expansion [1] - The company is expected to achieve net profits of 848 million, 1.202 billion, and 1.523 billion yuan for the years 2025 to 2027, respectively, indicating a strong growth trajectory [3][4] Financial Projections - Revenue is projected to grow from 4.444 billion yuan in 2023 to 9.690 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18.68% [4][8] - The net profit is expected to fluctuate, with a decrease in 2024 to 605 million yuan, followed by a recovery to 848 million yuan in 2025 [4][8] - The earnings per share (EPS) is forecasted to increase from 0.41 yuan in 2023 to 0.77 yuan in 2027 [4][10] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 in 2027, indicating a potentially undervalued stock as earnings grow [4][11] - The price-to-book (P/B) ratio is expected to decline from 3.6 in 2023 to 2.1 in 2027, suggesting improving valuation attractiveness [4][11] Market Context - Singapore is noted for its favorable regulatory environment for cryptocurrencies, ranking fourth globally in terms of regulatory friendliness, which may benefit the company's strategic initiatives in the digital asset space [2]

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [3][5] Core Views - The company plans to accelerate its internationalization strategy by issuing shares overseas and listing on the Singapore Exchange, enhancing its core competitiveness and brand influence [1] - Singapore is recognized as a leading hub for AI infrastructure, which supports the company's strategy to establish overseas intelligent computing centers in Southeast Asia [1] - The company is expected to extend its upstream channels, ensuring smooth procurement of computing power equipment and reducing costs [3] Financial Projections - Revenue is projected to grow from 4,444 million yuan in 2023 to 9,690 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.6% [4][8] - Net profit is forecasted to increase from 801 million yuan in 2023 to 1,523 million yuan in 2027, with significant growth in 2025 and 2026 [4][8] - Earnings per share (EPS) is expected to rise from 0.41 yuan in 2023 to 0.77 yuan in 2027 [4][10] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 in 2027, indicating potential undervaluation as earnings grow [4][11] - The price-to-book (P/B) ratio is expected to decline from 3.6 in 2023 to 2.1 in 2027, suggesting improving shareholder value [4][11] Market Context - Singapore ranks fourth globally in terms of cryptocurrency regulatory friendliness, with a high adoption rate among residents [2] - The country has a robust AI talent pool and research output, which aligns with the company's strategic goals [1][2]

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 增持 ...

2025 年 6 月 5 日 公司研究 1Q25 基本面承压，多维度寻求边际改善 ——蔚来（NIO.N）2025 年一季度业绩点评 要点 1Q25 基本面环比承压：1Q25 蔚来总收入同比+21.5%/环比-38.9%至 120.4 亿 元，毛利率同比+2.7pcts/环比-4.1pcts 至 7.6%，Non-GAAP 归母净亏损同比扩 大 28.2%/环比收窄 4.2%至 62.8 亿元。 2Q25E 毛利率有望修复,多维度降本有望逐步体现：1）1Q25 交付量同比+40.1%/ 环比-42.1%至 4.2 万辆，汽车业务收入同比+18.6%/环比-43.1%至 99.4 亿元 （ASP 同比-15.3%/环比-1.8%至 23.6 万元），汽车业务毛利率同比+1.0pcts/ 环比-2.9pcts 至 10.2%。2）1Q25 Non-gaap 研发费用率同比-2.6pcts/环比 +7.5pcts 至 24.2%，Non-GAAP SG&A 费用率同比+5.4pcts/环比+10.9pcts 至 35.0%（主要由于乐道品牌渠道+充换电网络建设）。3）1Q25 Non-GAAP 单车 亏损环比扩大至 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company's revenue for Q1 2025 showed a year-on-year increase of 21.5% but a quarter-on-quarter decrease of 38.9%, totaling 12.04 billion RMB. The gross margin decreased by 4.1 percentage points quarter-on-quarter to 7.6% [1]. - The management expects Q2 2025 delivery volumes to be around 72,000 to 75,000 units, with potential recovery in gross margins starting from June 2025 as new models are delivered [2]. - The company is focusing on multiple strategies to improve its fundamentals, including cost reduction, enhancing sales channels, and launching new models equipped with self-developed chips [3]. Summary by Sections Financial Performance - Q1 2025 total revenue was 12.04 billion RMB, with a gross margin of 7.6%. Non-GAAP net loss was 6.28 billion RMB, which is a year-on-year increase of 28.2% [1]. - The automotive business revenue for Q1 2025 was 9.94 billion RMB, with a gross margin of 10.2% [2]. Cost Management - R&D expense ratio decreased by 2.6 percentage points year-on-year to 24.2%, while SG&A expenses increased by 5.4 percentage points year-on-year to 35.0% [2]. - The company is implementing various cost-cutting measures, which are expected to gradually reflect in financial results [3]. Future Outlook - The management anticipates a recovery in gross margins starting from June 2025, driven by the delivery of new models [2]. - The company aims to achieve a monthly sales volume of 25,000 units for both NIO and the new brand by Q4 2025 [3]. Valuation and Estimates - The report adjusts the Non-GAAP net loss estimates for 2025 to 17.2 billion RMB, down from a previous estimate of 17.8 billion RMB [4]. - Revenue projections for 2025 are set at 84.64 billion RMB, with a growth rate of 28.8% [5].

Group 1: Company Analysis - Gu Ming (1364.HK) is a leading brand in affordable freshly made tea drinks, benefiting from a strong cold chain supply chain advantage and a steady expansion strategy through regional penetration [1] - The company has significant room for store expansion and plans to introduce coffee products to further drive same-store sales growth [1] - Projected net profits for Gu Ming from 2025 to 2027 are estimated at 1.961 billion, 2.356 billion, and 2.761 billion yuan respectively, translating to EPS of 0.82, 0.99, and 1.16 yuan, with corresponding PE ratios of 31X, 25X, and 22X [1] Group 2: Industry Insights - The coal, float glass, and fuel refining industries are expected to experience negative year-on-year growth, while the cement industry is projected to see positive profit growth [2] - The pork price is anticipated to remain low and fluctuate, as the number of breeding sows has stabilized, indicating a balanced supply and demand by Q4 2025 [2] - Economic data shows signs of stabilization, leading to a reduction in infrastructure support expectations, which has adjusted the building decoration industry to a neutral signal [2] Group 3: Market Trends - In May 2025, the number of new stock listings decreased, with a total of 6 new stocks raising 3.456 billion yuan, a 58.20% decrease from the previous month [3] - The average first-day increase for new stocks on the main board was 110.58%, while the double innovation board saw an average increase of 140.15% [3] - The monthly return rate for publicly offered REITs was 3.71%, with the weighted REITs index closing at 139.99 on May 31, 2025 [4]

2025 年 6 月 4 日 公司研究 全品类货架型品牌，"结硬寨"践行长期主义 ——古茗（1364.HK）投资价值分析报告 要点 平价现制茶饮龙头，多重优势领跑行业。古茗深耕现制茶饮十余年，从浙江走 向全国。截至 24 年底，公司在全国 17 个省份覆盖超过 200 个城市，共有 9914 家门店，主要分布于二线、三线及更低线城市。古茗是中国最大的大众现制茶饮 店品牌，亦是全价格带下中国第二大现制茶饮店品牌。2023 年古茗平均季度复 购率高达 53%，门店经营利润率约 20%，均领先行业。 行业下沉市场空间大，供应链打造核心竞争力。根据灼识咨询数据，按 GMV 统 计，2024 年中国现制饮品行业拥有超过 6000 亿元的市场规模，其中现制茶饮 行业规模最大（超过 3000 亿元），现制咖啡行业增速较快（24-28 年 CAGR 预 计为 18.5%）。按城市线级划分来看，低线市场具有更大的增长潜力，预计三 线及以下城市 24-28 年 CAGR 均超过 20%。按价格带划分来看，大众价格带产 品增长势头最好，预计 24-28 年 CAGR 为 20.8%。从企业各项能力看，供应链 为最核心的竞争力。 供 ...

Investment Rating - The report gives a "Buy" rating for the company, Guming (1364.HK) [5][13]. Core Viewpoints - Guming is a leading affordable fresh tea beverage brand with multiple advantages, having expanded from Zhejiang to nationwide coverage with over 9,914 stores across 200 cities by the end of 2024 [1][25]. - The company has a strong supply chain and unique channel strategies that support rapid growth, particularly in lower-tier cities, where the market potential is significant [2][11]. - Guming's average quarterly repurchase rate reached 53% in 2023, significantly higher than the industry average of less than 30% [25][60]. Summary by Relevant Sections Company Overview - Guming has been deeply involved in the fresh tea beverage market for over a decade, establishing a strong presence in lower-tier cities and towns, which are expected to see a CAGR of over 20% from 2024 to 2028 [1][2]. - The company operates a franchise model that has attracted many franchisees due to high single-store profitability, facilitating rapid store expansion [2][11]. Market Potential - The fresh beverage market in China is projected to exceed 600 billion yuan in 2024, with the fresh tea beverage segment being the largest, estimated at over 300 billion yuan [1][52]. - The report highlights that the affordable price segment is expected to grow at a CAGR of 20.8% from 2024 to 2028, indicating strong demand for Guming's offerings [1][55]. Financial Projections - The company is expected to achieve net profits of 1.96 billion yuan, 2.36 billion yuan, and 2.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.82, 0.99, and 1.16 yuan [3][4]. - Guming's revenue is projected to grow from 7.68 billion yuan in 2023 to 15.26 billion yuan by 2027, reflecting a robust growth trajectory [4][8]. Competitive Advantages - Guming's supply chain is identified as a core competitive advantage, enabling the company to offer high-quality products at competitive prices while quickly responding to market demands [2][11]. - The company has implemented a regional density strategy that enhances brand recognition and customer loyalty, further driving sales growth [25][60]. Expansion Plans - Guming plans to increase its store count by 2,000 in 2025, focusing on regions such as Anhui, Hubei, Hunan, Guangdong, and Guangxi, with a long-term goal of reaching 20,000 stores [2][11]. - The introduction of coffee products is expected to contribute positively to store revenues, with sales growth of approximately 10% per store [2][11].