Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is under pressure due to declining product prices, but it is focusing on capacity expansion and product diversification to strengthen its market position while awaiting improvements in the industry landscape [10][11] - The company has seen a recovery in demand from downstream sectors, but increased competition in key products like trifluorine nitrogen has led to price pressures, impacting profitability [10][11] - The company is investing in new production capabilities and product lines to support domestic substitution and enhance growth potential [10][11] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,616 million in 2023 to 2,757 million by 2026, with a compound annual growth rate (CAGR) of approximately 18.9% [8] - The net profit attributable to the parent company is expected to decline from 335 million in 2023 to 304 million in 2024, before recovering to 384 million by 2026 [8] - The company's gross margin is forecasted to decrease from 36.8% in 2023 to around 29.4% by 2026, reflecting ongoing pricing pressures [8]

Investment Rating - The report indicates a cautious outlook for the beauty and cosmetics industry, with a focus on the performance of international brands in China and the competitive landscape against domestic brands [4][6][29]. Core Insights - The global beauty market is projected to grow at a rate of 4.5% in 2024, down from 8% in 2023, with significant regional disparities in performance [4][15]. - The North Asia market, particularly China, is experiencing a decline, with a 2% drop in year-on-year growth, marking it as the weakest major beauty market globally [4][15]. - Domestic brands in China are gaining market share, leading to a challenging environment for international brands, which are now facing significant competition [6][29]. - Major international companies like L'Oréal and Estée Lauder are adapting their strategies to cope with the changing market dynamics, including investments in local brands and product innovation [29][30]. Summary by Sections Global Market Overview - The global beauty market is expected to grow by 4.5% in 2024, with Europe and North America outperforming the global average at 7.5% and 5% respectively, while North Asia is declining [4][15]. - The mass market segment is growing at 6%, indicating a trend towards value-driven consumption [4][15]. Company Performance - L'Oréal's revenue is projected to increase by 5.6% in 2024, with a focus on high-end and mass-market products, despite facing challenges in the Chinese market [20][33]. - Estée Lauder is undergoing a strategic overhaul due to declining profits and sales, particularly in the Asia-Pacific region, and is expected to implement cost-cutting measures [29][50]. - Shiseido is experiencing a recovery in its domestic market but is still facing significant profit declines due to high marketing costs [29][50]. Competitive Landscape - Domestic brands are increasingly capturing market share in China, with a notable rise in consumer preference for local products since 2020 [6][29]. - International brands are responding by enhancing their product offerings and investing in local partnerships to strengthen their market position [28][29]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and those benefiting from the rise of domestic brands, such as Proya and Marubi [5][20]. - In the medical beauty sector, companies with robust R&D capabilities and strong profit margins are highlighted as potential investment opportunities [5][20].

Investment Rating - The report maintains a "Buy" rating for Amer Sports, indicating a positive outlook for the company's future performance [3][4][6]. Core Insights - Amer Sports reported strong financial performance for FY2024, with revenue reaching $5.183 billion, a year-on-year increase of 18%, and a net profit of $73 million, marking a return to profitability [3][4][6]. - The company expects double-digit revenue growth for FY2025, projecting a revenue increase of 13-15% despite adverse currency impacts [3][4][6]. - The report highlights significant growth in the Direct-to-Consumer (DTC) segment, which is a key driver of revenue, with DTC revenue growing by 42.7% in FY2024 [3][4][6]. Financial Data and Earnings Forecast - Revenue Forecast: - FY2023: $4.368 billion - FY2024: $5.183 billion (18% YoY growth) - FY2025E: $5.958 billion (15% YoY growth) - FY2026E: $6.774 billion - FY2027E: $7.587 billion [3][13] - Net Profit Forecast: - FY2023: -$209 million - FY2024: $73 million - FY2025E: $345 million - FY2026E: $452 million - FY2027E: $679 million [3][13] - Gross Margin: - FY2024: 55.4%, up 3 percentage points YoY - FY2025E: 56.5-57.0% [3][8][13] - Operating Profit Margin: - FY2024: 9.1%, up 2.2 percentage points YoY - FY2025E: 11.5-12.0% [3][10][13] - The report indicates that all three major business segments (Technology Apparel, Outdoor, and Ball Sports) showed positive momentum, with Technology Apparel leading growth with a 36% increase in revenue for FY2024 [3][4][6].

证券分析师 行 业 研 究 / 行 业 点 评 相关研究 《小米集团-W（01810）深度：高端化突 破，背后的商业模式与管理进阶（智联汽 车系列深度之 37 暨 AIPC 系列 9）》 2024/11/19 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 2025 年 03 月 02 日 小米 SU7 Ultra 定价策略超预期； 英伟达 Blackwell 开始出货 看好 ——电子行业周报 20250224-0302 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行业点评 1. 一周行情回顾 一周板块回顾：1）2025 年 2 月 24 日至 2 月 28 日，全球科技股指有所调整。上证 ...

Investment Rating - The report maintains a positive outlook on the human resources service industry, particularly emphasizing the integration of AI technologies [2]. Core Insights - The integration of AI into the human resources sector is rapidly evolving, with significant recognition from management levels regarding its value. AI is being utilized for employee performance evaluation and recruitment process optimization, aligning with policy directives at various governmental levels [2][5]. - The report highlights a projected talent gap of over 4 million in AI-related fields by 2030 in China, indicating a critical need for AI agents to alleviate this shortage [5][6]. - Companies like Beijing International Human Resources and Core International are leveraging AI to enhance recruitment efficiency and reduce costs, showcasing the transformative potential of AI in the industry [2][25]. Summary by Sections AI Integration in Human Resources - AI is being deeply integrated into human resources, with over 70% of surveyed companies already applying AI technologies in their HR management processes. The primary goals include optimizing employee experience and enhancing recruitment efficiency [6][19]. - The report notes that AI applications in HR can reduce work time by up to 30%, significantly lowering operational costs [19]. Company Highlights - **Beijing International Human Resources**: Utilizes AI for precise talent matching and recruitment efficiency, achieving over 400 million platform visits and significant cost savings for enterprises [21][23]. - **Core International**: Actively integrates AI large models into mid-to-high-end recruitment, enhancing efficiency and reducing costs. The company has invested significantly in technology development [25][27]. - **BOSS Zhipin**: Implements AI for intelligent matching and communication, improving recruitment efficiency and user experience. Their proprietary large model has received high ratings for its performance [31][33]. - **Tongdao Recruitment**: Employs AI for comprehensive talent evaluation and management, significantly reducing selection costs and enhancing service offerings [35][38]. Market Performance - The report indicates stable performance in the social service sector, with specific companies showing notable stock performance during the review period [39][41].

证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 2025 年 03 月 02 日 小米把'马力廉价'具象化，豪华 不只是'贵' 看好 ——2025/2/21-2025/2/28 汽车周报 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 汽车 ⚫ 观点：短期市场虽然经历调整，但我们仍然相信智能化/Ai/机器人是今年汽车板块的重 要主线，而需求复苏将成为一条重要的支撑岸线贯穿全年行情。我们相信上半年随着政 策效果快速落地，情绪面依然乐观。而小米 Su7 Ultra 的发布成功，让我们坚信新势力 对传统汽车行业的冲击是巨大且确定的。我们认为后续机会在：1、汽车智能化和机器 人由 0 到 10 的估值弹性，建议关注优势企业小鹏、比亚迪、吉利、小米、理想、拓 普、三花、敏实等；2、市场逐步关注内需复苏，建议关注两 ...

Investment Rating - The report gives a positive outlook on the coal industry, rating it as "Overweight" [1]. Core Views - The report indicates that the decline in coal prices is expected to slow down due to supply contraction and improvement in non-electric demand. The current price of thermal coal at Qinhuangdao port is reported at 690 RMB/ton, down 29 RMB/ton week-on-week and 232 RMB/ton year-on-year. The supply side shows a recovery in Shanxi's production, with port inflows returning to the levels of the same period in 2023 [1]. - The report highlights that while coal prices are under pressure due to high inventory levels, the decline in imported coal's cost-effectiveness and the recovery in non-electric demand are expected to stabilize prices. Coking coal prices are also noted to be at a bottom, with potential for recovery as the peak season approaches [1]. Summary by Sections Recent Industry Policies and Dynamics - The National Energy Administration has released guidelines for 2025 focusing on energy security and high-quality development, emphasizing coal production stability and the promotion of non-fossil energy [8]. - A joint initiative from coal industry associations stresses the importance of adhering to long-term contracts for electricity coal and maintaining production balance [8]. Price Trends - Thermal coal prices have decreased, with specific prices reported for various regions, such as 520 RMB/ton in Datong and 395 RMB/ton in Inner Mongolia [9]. - The report notes a steady decline in international coking coal prices, with Australian coking coal at 1410 RMB/ton [11]. Inventory and Demand - The report states that coal inventory at the four ports in the Bohai Rim has decreased, with average daily outflows increasing significantly [19]. - Non-electric demand is recovering, with power plants showing good inventory reduction and increased demand ahead of important meetings [1]. Shipping Costs - Domestic coastal shipping costs have risen, with average freight rates increasing by 12.43% to 28.22 RMB/ton [23]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share projections [27].

轻工制造 行 业 研 究 / 行 业 点 相关研究 《家居行业 2025 年度策略：家居板块政 策受益，Beta 和 Alpha 共振》 2024/12/18 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 丁智艳 (8621)23297818× dingzy@swsresearch.com 2025 年 03 月 02 日 顺周期布局家居、消费及造纸；出 口链再起扰动；关注太阳、玖龙、 九号业绩点评及新股恒鑫生活 看好 ——造纸轻工周报 2025/2/24-2025/2/28 本期投资提示： ⚫ 风险提示：消费修复不及预期；地产改善不及预期 ...

轻工制造 业 研 究 / 行 业 《嘉益股份（301004）点评： 2024 年业 绩预告点评：业绩表现符合预期，加大产 能建设，新老客户共同驱动增长 》 2025/01/23 《嘉益股份（301004）点评： Stanley 即 将全球发售梅西联名款，加大全球化布局 力度，下游景气度高位，关税风险可控》 2024/12/01 证券分析师 2025 年 03 月 02 日 美国保温杯头部 YETI 增长稳健， 全球化、产品线延伸空间广阔 看好 ——保温杯行业点评 YETI 发布 FY2024 财报，收入表现符合预期，业绩略超预期 保温杯企业全球化布局、品类延伸空间广阔，贡献持续中长期增长动力 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 行 业 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 联系人 黄莎 (8621)23297818× huangsha@swsresearch.com 行 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简 ...

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the report indicates a positive outlook on AI applications and cloud computing opportunities, particularly for Tencent Holdings and other major players in the sector [7][11]. Core Insights - The report emphasizes that AI applications are reaching a critical point of explosion, particularly through the combination of open-source models and private data, with Tencent and Xiaomi being highlighted as key players [5]. - Tencent's diverse application scenarios in social media, entertainment, finance, and enterprise services provide it with a significant competitive advantage in the AI landscape [8][11]. - The report predicts that AI will enhance existing business efficiencies, particularly in advertising and gaming, while also driving growth in cloud computing revenues [12]. Summary by Sections AI Applications - The most certain AI applications are seen as super entry points with rich scenarios and data, particularly for Tencent and Xiaomi [5]. - AI gaming is highlighted as a low PE sector with potential for innovation, with specific recommendations for companies like Giant Network and ST Huatuo [5]. - AI community platforms such as Kuaishou and Bilibili are also noted for their potential growth [6]. Cloud Computing - The report suggests that improvements in computing efficiency will stimulate demand for cloud computing, with companies like Alibaba and Tencent expected to benefit significantly [7]. - Tencent's cloud computing revenue is projected to grow, with AI contributing over 10% to its IaaS revenue [12]. Investment Opportunities - The report recommends focusing on companies with stable core businesses that can leverage private data and unique user scenarios for AI applications [5]. - Tencent's investments in various internet companies and its strong user base position it well for future growth in the AI sector [11][13]. Market Trends - The report notes that the upcoming market focus will be on domestic demand and the IP derivative industry chain, with companies like Fengjun Media and Alibaba Pictures expected to perform well [6]. - The report also highlights the importance of adapting to the AI era, as companies that fail to do so may find themselves at a competitive disadvantage [12].