Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company demonstrates strong operational stability and cost advantages, showcasing significant profit resilience during cyclical pressures. In Q1 2025, the company achieved a gross margin of 16.84%, with a net profit margin of 10.93% [5][4]. - The company's revenue for Q1 2025 was 1.789 billion, a year-on-year decrease of 22.24% and a quarter-on-quarter decrease of 2.95%. The net profit attributable to the parent company was 191 million, reflecting a year-on-year decline of 59.12% but a quarter-on-quarter increase of 163.79% [2][4]. - The company has a healthy balance sheet with cash and cash equivalents of 5.458 billion as of the end of Q1 2025, and it has almost no long-term debt, which contributed to financial income of 32.91 million in Q1 2025 [10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.789 billion, a decrease of 22.24% year-on-year and a decrease of 2.95% quarter-on-quarter. The net profit attributable to the parent company was 191 million, down 59.12% year-on-year but up 163.79% quarter-on-quarter. The net profit excluding non-recurring items was 182 million, down 41.02% year-on-year and up 50.77% quarter-on-quarter [2][4][5]. Market Conditions - The lithium price saw a quarter-on-quarter decline in Q1 2025, with the average price of battery-grade lithium carbonate at 75,800 per ton (including tax), down 0.5% [5]. - The company faced a slight decrease in lithium salt sales due to the suspension of a production line for technical upgrades at the beginning of the year [5]. Strategic Positioning - The company is positioned on the left side of the cost curve in the lithium industry and continues to pursue cost reduction and efficiency improvements. The expansion of production capacity and the implementation of the technical upgrade project for battery-grade lithium carbonate are expected to enhance profitability [10]. - The overall supply-demand dynamics in the lithium industry are improving, with the excess supply starting to narrow, which may stabilize lithium prices [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 757 million yuan in 2024, a decrease of 66% year-on-year; the net profit excluding non-recurring items was 603 million yuan, down 72% year-on-year [2][4]. - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a decline of 47% year-on-year and 36% quarter-on-quarter; the net profit excluding non-recurring items was 43 million yuan, down 81% year-on-year and 77% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The lithium segment's revenue for the year was 3.129 billion yuan, down 26% year-on-year, accounting for 58% of total revenue; gross profit was 583 million yuan, representing 33% of total gross profit, with a gross margin of 18.62%, down 39.15 percentage points year-on-year [10]. - The cesium and rubidium segment achieved revenue of 1.395 billion yuan, up 24% year-on-year, accounting for 26% of total revenue; gross profit was 1.092 billion yuan, representing 62% of total gross profit, with a gross margin of 78.29%, up 13.91 percentage points year-on-year [10]. - The company’s lithium salt production reached 43,700 tons, an increase of 138% year-on-year, while sales volume was 42,600 tons, up 145% year-on-year [10]. Business Outlook - The company is focusing on expanding its lithium, copper, and cesium/rubidium business segments while exploring opportunities in gallium and germanium [10]. - The company is advancing capacity expansion in the lithium segment and actively pursuing a 30,000-ton lithium salt production line in Africa [10]. - In the copper segment, the Kitumba project has potential for continuous resource increase, with plans for 3.5 million tons of raw ore production and 60,000 tons of copper smelting capacity [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, a year-on-year decrease of 41%. The net profit excluding non-recurring items was 4.401 billion yuan, down 50% year-on-year [2][6]. - In Q4 2024, the net profit attributable to shareholders was 1.522 billion yuan, a decrease of 34% year-on-year but an increase of 64% quarter-on-quarter. The net profit excluding non-recurring items was 1.33 billion yuan, down 59% year-on-year but up 46% quarter-on-quarter [2][6]. - The company’s potassium fertilizer business generated 11.713 billion yuan in revenue, a decrease of 20% year-on-year, while lithium carbonate revenue was 3.075 billion yuan, down 52% year-on-year [12]. Summary by Sections Financial Performance - The company achieved total revenue of 15.134 billion yuan in 2024, with a gross profit of 7.848 billion yuan, representing a gross margin of 52% [15]. - The potassium fertilizer segment accounted for 77% of total revenue, while lithium accounted for 20% [12]. - The average selling price for potassium chloride was approximately 2,507 yuan per ton, down 4% year-on-year, while the average selling price for lithium carbonate was about 74,000 yuan per ton, down 56% year-on-year [12]. Market Outlook - The potassium fertilizer business is expected to maintain strong profitability, providing stable cash flow. The lithium business is projected to ramp up production with a 40,000-ton lithium salt project expected to commence in 2025 [12]. - The entry of a state-owned enterprise, WISCO, is anticipated to enhance the company's long-term development potential through system upgrades and resource integration [12]. Shareholder Returns - The company has a robust cash position and stable earnings from its potassium fertilizer business, leading to expectations for future dividends [12].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 建行采购国产服务器，金融行业信创有望加速 报告要点 [Table_Summary] 2025 年 5 月 26 日，中国建设银行股份有限公司发布《服务器采购项目》中标公示，中标结果 涉及到鲲鹏芯片服务器、海光芯片服务器两大类，总金额超 44 亿元。2025 年至 2027 年被视 为信创升级的关键窗口期，此次建行的大额招标，或为金融行业树立关键标杆。随着信创政策 的进一步推进，预计未来将有更多的金融机构进行国产化替代。建议关注 1）国产芯片服务器 厂商，重点推荐华为服务器产业链龙头；2）国产 CPU 芯片厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025 年 5 月 26 日，中国建设银行股份有限公司发布《服务器采购项目》中标公示，中标结果 涉及到鲲鹏芯片服务器、海光芯片服务器两大类，总金额超 44 亿元。 事件评论 丨证券研究报告丨 2025-05-27 行 ...

行业研究丨深度报告丨环保 [Table_Title] 垃圾焚烧企业拓展供热成效显著，潜在利润增量 几何？ [Table_Summary] 为应对国补退坡，规避垃圾处理费调整不及时造成业绩压力的风险，较多垃圾焚烧公司自主增 加供热业务，在发电基础上，利用余热蒸汽向周边工业园区或企业供热。测算基准情形下，用 于供热的垃圾单吨利润增加 75 元，单吨供热利润增加 38 元。若供热比达到 30%（供热比=供 热量/垃圾量），绿色动力/永兴股份/三峰环境/旺能环境/伟明环保/瀚蓝环境利润增量相较于 2024 年弹性有望达到 22.7%/11.3%/10.9%/ 9.7%/ 5.1%/ 5.0%。关注垃圾焚烧板块性配置机 会。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SFC：BUV415 SFC：BUZ393 李博文 盛意 SAC：S0490524080004 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 为应对国补退坡，规避垃圾处理费 ...

丨证券研究报告丨 行业研究丨专题报告丨保险Ⅱ [Table_Title] 保险资金当前配置有何特征？ ——保险基本面梳理 106 报告要点 [Table_Summary] 一季度，保险资金增配股票、债券，减配基金，预计主要由行业自身配置需求、政策引导以及 会计准则变动驱动。展望未来，密集的政策已经明确阐述险资考核及激励制度将向长期化发展， 同时也将逐渐调整改善较为紧张的偿付能力，保险资金配置权益的能力将进一步提升。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 保险资金当前配置有何特征？ 2] ——保险基本面梳理 106 [Table_Summary2] 保险资金规模维持高速增长 2025 年一季度，保险资金规模保持高速增长。截至 2025 年一季度，保险资金累计规模 34.9 万亿元，同比增长 16.7%，相较 2024 年全年的 18.1%有所下降。其中，财险保险资金规模 ...

行业研究丨深度报告丨家用电器 [Table_Title] 如何看电动两轮车产业趋势？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中国电动两轮车行业步入"存量替换主导、结构性增量支撑"的成熟发展期。国内市场，保有 量高位下，新国标深化落地加速行业出清，成本端与供给端双重压力挤压尾部品牌，行业格局 有望加速集中。增量动能聚焦 B 端商用场景（即时配送/共享出行）与 C 端智能化升级，2025 年以旧换新补贴扩容，有望拉动更新需求。海外市场，欧美市场以电助力自行车（E-bike）为 核心，受益环保政策与消费者价格敏感度低，技术壁垒集中于核心零部件环节，分散化格局为 新品牌提供突破口；东南亚市场受政策推动释放电动摩托车长期潜力，但产品性能短板与基建 配套不足制约短期替代进程，燃油车仍占主导地位。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 家用电器 cjzqd ...

Investment Rating - The report maintains a "Positive" investment rating for the aquaculture feed industry [9]. Core Viewpoints - The current aquaculture prices are experiencing high prosperity due to alleviated supply-side pressures, leading to a year-on-year increase in the stocking volume of major species. The demand for aquaculture feed in the second and third quarters is expected to be strong. Additionally, the prices of feed raw materials have been fluctuating upwards this year, which historically suggests an acceleration in industry concentration, making the leading company, Haida Group, a favorable investment opportunity [2][4][14]. Summary by Sections Aquaculture Price Trends - After two years of inventory digestion in 2023 and 2024, the prices of major aquaculture species have rebounded to historically high levels. For instance, the price of grass carp reached 14 CNY/kg, a 25% increase from the beginning of the year. Other species like California bass and yellow catfish have also seen significant price increases, with California bass priced at 22.1 CNY/lb and yellow catfish at 15.8 CNY/lb as of May 9, 2023, both surpassing the highest prices since 2021. The overall high price environment is expected to boost feed demand [5][29]. Raw Material Price Fluctuations - The prices of aquaculture feed raw materials have shown an upward trend this year, with significant reliance on imports for key ingredients like soybean meal (83% of consumption), fish meal (81%), and rapeseed meal (16%). Historical data indicates that during years of heightened price volatility, Haida Group's market share in domestic aquaculture feed has increased. This is attributed to their superior pricing research, procurement capabilities, and financial strength to stockpile raw materials when prices are low [6][47][54]. Investment Recommendations - The report strongly recommends investing in Haida Group, highlighting several factors: the current high prices in aquaculture, a rebound in stocking volumes, and expected growth in feed demand, particularly for high-protein feeds. The company has a robust inventory of raw materials and strong pricing capabilities. Furthermore, Haida Group's overseas sales have shown a remarkable growth of 40% year-on-year in the first quarter, contributing significantly to profits. Projections for the company's main business performance are 3.9 billion CNY and 4.6 billion CNY for 2025 and 2026, respectively, with a valuation of 10 billion CNY for the breeding segment [7][55][57].

丨证券研究报告丨 公司研究丨点评报告丨华凯易佰（300592.SZ） [Table_Title] 华凯易佰 2024 年及 2025Q1 点评：盈利能力阶 段承压，存货管控轻装上阵 报告要点 [Table_Summary] 2024 年公司营业收入达到 90 亿元，同比增长 38%，归母净利润达到 1.7 亿元，同比下降 49%； 2024Q4 公司营业收入达到 29.1 亿元，同比增长 64%，归母净亏损 1912 万元，同比下降 158%。 2025Q1 公司营业收入达到 22.92 亿元，同比增长 35%，归母净亏损达到 0.15 亿元，同比下 降 118%。 分析师及联系人 research.95579.com 1 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% 华凯易佰（300592.SZ） cjzqdt11111 [Table_Title 华凯易佰 2024 2] 年及 2025Q1 点评：盈利能力阶 段承压 ...

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 9 之 VF FY2025Q4 经营跟踪：整体 表现承压，Q1 收入预期下滑 报告要点 [Table_Summary] FY2025（2024/3/31-2025/3/29）VF 实现营收 95.0 亿美元，固定汇率下同比-4%，基本符合预 期（彭博一致预期 95.6 亿美元），毛利率同比+1.9pct 至 53.5%。其中 Q4 实现营收 21.4 亿美 元，固定汇率下同比-3%，符合下滑 2%-4%的指引预期，毛利率同比+5.5pct 至 53.3%主因材 料成本下降、折扣减少及库存质量提升。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]9 之 VF FY2025Q4 经营跟踪：整 体表现承压，Q1 收入预期下滑 [ ...