Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to see a sales increase in 2024 due to the integration of DeepSeek-R1 into its mobile devices [1] - The company has adjusted its profit forecast upwards, maintaining the "Buy" rating, with 2024 net profit projected to rise from 54 billion to 56 billion [9] - The company has achieved significant growth in smartphone shipments, ranking fifth globally with a market share of 8.1% in 2023 [9] Financial Data and Profit Forecast - Total revenue for 2023 was 62,295 million, with a projected increase to 68,743 million in 2024 and 73,043 million in 2025, reflecting a growth rate of 10.4% for 2024 [8] - The net profit for 2023 was 5,537 million, with a slight increase to 5,590 million expected in 2024, and further growth to 6,217 million in 2025 [8] - The earnings per share (EPS) for 2023 was 6.88, projected to decrease to 4.90 in 2024 before rising to 5.45 in 2025 [8] Market Position and Strategy - The company maintains over 40% market share in Africa and is expanding into Southeast Asia and Latin America, with a global smartphone market share of 14.4% in the first half of 2024 [9] - The company has introduced innovative AI features and technologies, enhancing user experience and operational efficiency [9] - The business model integrates mobile internet services with home appliances and digital accessories, creating a closed-loop ecosystem [9]

上 市 公 司 机械设备 2025 年 02 月 26 日 凯尔达 (688255) ——主业工业焊接表现稳健，加速具身智能方向拓展 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 26 日 | | --- | --- | | 收盘价（元） | 46.00 | | 一年内最高/最低（元） | 51.12/16.36 | | 市净率 | 4.9 | | 股息率%（分红/股价） | 0.33 | | 流通 A 股市值（百万元） | 3,225 | | 上证指数/深证成指 | 3,380.21/10,955.65 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 9.44 | | 资产负债率% | | 15.22 | | 总股本/流通 A 股（百万） | | 110/70 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 02-26 03-26 04-26 05-26 06-26 07-26 08-26 ...

Investment Rating - The report maintains an "Outperform" rating for Budweiser APAC [2] Core Insights - Budweiser APAC reported a revenue of USD 6.246 billion for 2024, a year-on-year decline of 7%. The net profit attributable to shareholders was USD 726 million, down 14.8% year-on-year. The company proposed a dividend increase from 5.29 cents per share in 2023 to 5.66 cents in 2024, totaling USD 750 million, with a payout ratio of 103.25% [7] - The report anticipates a recovery in demand in 2025, contingent on improved conditions in the restaurant and nightlife sectors, which could lead to a rebound in beer sales [7] - The company is focusing on expanding its high-end product offerings and increasing its distribution channels, with the number of cities served growing to 235 by the end of 2024 [7] Financial Data and Profit Forecast - Revenue projections for Budweiser APAC are as follows: - 2023: USD 6.856 billion - 2024: USD 6.246 billion - 2025E: USD 6.665 billion - 2026E: USD 6.971 billion - 2027E: USD 7.191 billion - Net profit forecasts are: - 2023: USD 852 million - 2024: USD 726 million - 2025E: USD 788 million - 2026E: USD 838 million - 2027E: USD 881 million - The report indicates a projected PE ratio of 19 for 2025, 18 for 2026, and 17 for 2027 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Insights - The company reported significantly better-than-expected performance for 2024, achieving revenue of 4.187 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 1.823 billion yuan, up 30% year-on-year [6]. - The recovery in the securities market positively impacted the company's advertising and internet promotion services, which generated 2.025 billion yuan in revenue, a 49% increase year-on-year [6][7]. - The company is expected to benefit from the ongoing evolution of large model capabilities, enhancing the usability of its intelligent products and opening up growth opportunities [13][14]. Financial Data and Profit Forecast - Revenue and profit forecasts for the company have been revised upwards for 2025 and 2026, with expected revenues of 5.078 billion yuan and 5.879 billion yuan, respectively, and net profits of 2.286 billion yuan and 2.749 billion yuan [6][13]. - The company's gross margin remains strong, with advertising and internet promotion services achieving a gross margin of 94.57% [8][10]. - The company’s R&D expenses are projected to stabilize at around 1.2 billion yuan per year, focusing on AI and related technologies [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a revenue of 1.457 billion yuan in 2024, representing a year-on-year growth of 18.87%, and a net profit attributable to shareholders of 138 million yuan, reflecting a growth of 28.85% [5][8] - The company's performance aligns with expectations, driven by strong growth in the optical inspection business and cost reduction strategies [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 1.226 billion yuan, with a year-on-year growth rate of 4.5%. For 2024, the revenue is expected to reach 1.454 billion yuan, with a growth rate of 18.7% [7] - The net profit attributable to shareholders is forecasted to be 138 million yuan in 2024, with a growth rate of 28.5% [7] - The company maintains a gross profit margin of approximately 39.8% for 2024, with a projected return on equity (ROE) of 6.6% [7] - The earnings per share (EPS) is expected to be 1.45 yuan in 2024, increasing to 2.63 yuan by 2026 [7] Business Growth Drivers - The company has focused on the demand for laser precision processing in the consumer electronics sector, leading to significant revenue growth from laser and optical solutions [8] - The optical inspection business is progressing well, with multiple projects expected to contribute to revenue growth in the coming years [8] - The company is expanding into various industries, including photovoltaics and lithium batteries, which broadens its future growth potential [8]

Investment Rating - The report maintains a positive outlook on the cobalt industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][11]. Core Insights - The Democratic Republic of the Congo (DRC) has temporarily suspended cobalt exports for four months due to oversupply, which is expected to lead to a rebound in cobalt prices [2][4]. - The DRC is the largest supplier of cobalt globally, accounting for approximately 76% of the world's cobalt supply. The export restrictions could impact the global supply by approximately 68,000 tons [4][5]. - Demand for cobalt is projected to grow steadily, with an expected increase of 4.3% in 2025, reaching 214,000 tons, driven by applications in power batteries and emerging sectors like drones and robotics [4][5]. - Cobalt prices have significantly decreased from a peak of 580,000 CNY/ton in 2022 to around 159,000 CNY/ton, but have recently started to recover, reaching 177,000 CNY/ton [4][5]. Summary by Sections Supply and Demand Dynamics - The DRC's export restrictions are anticipated to alleviate the oversupply situation in the cobalt market, which has seen prices decline over the past few years [4][5]. - The global refined cobalt supply is projected to reach 305,900 tons by 2025, with a supply-demand balance indicating a surplus of 91,800 tons after accounting for the DRC's export restrictions [6]. Company Valuations - Key companies in the cobalt sector, such as Huayou Cobalt, Luoyang Molybdenum, and others, are highlighted for their profit elasticity in response to the expected price recovery [4][7]. - The report provides a valuation table for major cobalt companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for the upcoming years [7].

Investment Rating - The report rates the smart driving industry as "Overweight" [32] Core Viewpoints - Tesla's Full Self-Driving (FSD) has made progress in entering the Chinese market, with short-term performance classified as Level 2 [1][3] - The FSDv13 iteration introduces significant enhancements, including a restructured code architecture and improved functionality, which are expected to lead to exponential performance growth [9][10] - The FSD's entry into China is seen as a "catfish effect," prompting local manufacturers to optimize their algorithms and accelerate the development of end-to-end models [24] Summary by Sections FSD Updates and Performance - Tesla announced the deployment of the FSD suite to customers, with a phased rollout expected to expand gradually [1][3] - FSDv13 will be widely pushed to AI4 users by December 2024, featuring a restructured codebase and enhanced performance capabilities [9][10] - The performance of FSD is projected to exceed human drivers by Q2 2025, with a focus on scaling laws and continuous improvement [13][17] Challenges in the Chinese Market - FSD's entry faces challenges such as data localization requirements and restrictions on high-end computing chip exports from the U.S. to China [22][23] - The initial performance level of FSD in China is expected to start at Level 2 due to these constraints, potentially slowing growth compared to local competitors [22] Competitive Landscape - The introduction of FSD is expected to increase the penetration of advanced driving technologies in the domestic market, benefiting Tesla's supply chain and overall sales [24] - Local manufacturers are under pressure to enhance their offerings, with companies like BYD pushing for competitive pricing and technology advancements [24] Related Companies and Investment Targets - Key players in the Tesla supply chain include Top Group and Xusheng Group, while notable automakers include XPeng Motors, Li Auto, and NIO [25] - The report highlights various companies involved in autonomous driving chips and components, indicating a broad investment landscape within the industry [25][27]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][6] Core Insights - The company has announced that its enterprise-level storage products have passed validation from multiple clients and achieved small-scale sales. The revenue forecast for 2024 is projected to be between 45-50 billion yuan, representing a year-on-year growth of 153%-182%. The net profit attributable to shareholders is expected to be between 3.4-4.0 billion yuan, a year-on-year increase of 1260%-1500% [4][6] - The company has completed the layout of four major product lines in 2024, including mobile storage, solid-state drives (SSDs), embedded storage, and memory modules, leading to a significant increase in revenue [6] - The company has developed nine self-researched main control chips covering mobile storage and SATA SSDs, with ongoing research for PCIe and embedded control chips [6] Financial Data and Profit Forecast - The total revenue for 2024 is expected to be 48.6 billion yuan, with a year-on-year growth rate of 173.7%. The net profit attributable to shareholders is forecasted to be 3.97 billion yuan for 2024, with a significant increase in R&D expenses impacting profit margins [5][6] - The company’s revenue is projected to reach 9.05 billion yuan in 2025 and 12.15 billion yuan in 2026, with corresponding net profits of 769 million yuan and 1.03 billion yuan respectively [5][6] - The report adjusts the profit forecast for 2024-2026, with net profit estimates revised to 3.97 billion yuan for 2024, 7.69 billion yuan for 2025, and 10.31 billion yuan for 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has announced a valuation enhancement plan aimed at improving quality and efficiency to drive high-quality development and ensure shareholder returns. The plan includes nine key initiatives such as enhancing operational efficiency, diversifying capital market financing, and maintaining stable dividends [6][7] - The company achieved a sales amount of 323.03 billion yuan in 2024, maintaining its position as the industry leader despite a year-on-year decline of 23.50%. The focus remains on acquiring land in core first and second-tier cities, with 74% of the land acquisition amount concentrated in these areas [6][7] - The company is in a strong financial position, with key metrics such as a debt-to-asset ratio of 65.5% and a net debt ratio of 66.0%, both of which are within the green zone according to the "three red lines" policy. The company plans to issue up to 9.5 billion yuan in convertible bonds, which has been approved by the exchange [6][7] Financial Data and Profit Forecast - The total revenue for 2023 is projected at 346.894 billion yuan, with a forecasted decline to 312.808 billion yuan in 2024, followed by a slight recovery in 2025 to 281.527 billion yuan [6][7] - The net profit attributable to the parent company is expected to decrease significantly from 12.067 billion yuan in 2023 to 5.016 billion yuan in 2024, with a gradual increase to 6.003 billion yuan by 2026 [6][7] - The company's price-to-earnings ratio is projected to be 20 for 2024 and 19 for 2025, indicating that the current valuation remains attractive [6][7]

2025 年 02 月 26 日 淮北矿业 (600985) ——24 年产销量下滑但业绩稳健，看好公司成长性 报告原因：有信息公布需要点评 买入（维持） 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com | 市场数据： | 2025 年 02 月 25 日 | | | --- | --- | --- | | 收盘价（元） | | 13.29 | | 一年内最高/最低（元） | 20.50/12.92 | | | 市净率 | | 0.9 | | 股息率%（分红/股价） | | 7.52 | | 流通 A 股市值（百万元） | | 35,793 | | 上证指数/深证成指 | 3,346.04/10,854.50 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.52 | | 资产负债率% ...