豪能股份（603809.SH） 前瞻布局机器人减速器，驱动未来高成长 深耕传动系统零部件领域，前瞻布局机器人领域。公司成立于 2006 年， 目前主要产品包括同步器、差速器总成及航空精密结构件，并于 2024 年 投建智能制造核心零部件项目，布局机器人减速器产品领域。公司通过多 家子公司切入汽车、航空航天、机器人领域，其中同步器方面，持股泸州 长江机械 100%，覆盖采埃孚、东风等；差速器方面，持股泸州豪能 100%， 具备差速器全产业链能力，覆盖比亚迪、赛力斯、理想、汇川等；航空航 天方面，公司持股成都昊轶强 100%，主要产品为无人机零部件及航空精 密制造件，间接持股成都恒翼升 100%，主要拓展航空航天高端装备制造 业务，持股豪能空天比例 80%，聚焦商业航天领域。 顺利开拓差速器领域，打造重卡同步器增长点。1）差速器：差速器总成 产品 190-300 元。随着新能源车销量增长，车用差速器市场规模不断增 长。根据《2025-2030 年中国差速器总成产业发展动态及未来投资趋势研 究报告》预计，2021 年中国差速器总成市场规模约 700 亿元，预计 2025 年突破 1000 亿元，2030 年有望超 ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is expected to continue its strong growth trajectory, particularly with its U8 product series, which has gained significant consumer recognition and is projected to maintain high growth rates in 2025 [1][4]. - The company is focusing on cost control and enhancing operational efficiency through a "multi-dimensional cost reduction and efficiency enhancement" model, leveraging supply chain collaboration and digital tools [2]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic initiatives [3]. Financial Projections - The company anticipates a significant increase in net profit, with projections of 1.434 billion, 1.753 billion, and 2.054 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 35.9%, 22.2%, and 17.2% [4][6]. - Revenue is expected to grow from 14.213 billion yuan in 2023 to 15.653 billion yuan in 2025, with a compound annual growth rate of approximately 6.7% [6][4]. - The report highlights an improvement in profitability metrics, with the net profit margin projected to increase from 4.5% in 2023 to 11.8% in 2027 [6].

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [4][7]. Core Viewpoints - Yanjing Beer is focusing on the U8 series, which continues to show strong momentum and is expected to maintain high growth in 2025. The company has established a product matrix that includes high-end products like U8 and V10, as well as mid-range and regional specialty products [1][4]. - The company is implementing a comprehensive cost control strategy, leveraging supply chain collaboration and digital tools to optimize raw material procurement costs. Additionally, it aims to enhance operational efficiency through a talent management system [2][4]. - Yanjing Beer plans to deepen its management system, strengthen market development, accelerate supply chain transformation, and push for digitalization as part of its strategic goals for the 14th and 15th Five-Year Plans [3][4]. Financial Summary - The company forecasts a significant increase in net profit, with expected growth rates of 35.9% in 2025, 22.2% in 2026, and 17.2% in 2027, reaching net profits of 1.434 billion, 1.753 billion, and 2.054 billion yuan respectively [4][6]. - Revenue is projected to grow from 14.213 billion yuan in 2023 to 17.343 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.7% [6][11]. - The report highlights an improvement in profitability metrics, with the net profit margin expected to rise from 4.5% in 2023 to 11.8% in 2027 [11].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 06 年 月 日 深耕传动系统零部件领域，前瞻布局机器人领域。公司成立于 2006 年， 目前主要产品包括同步器、差速器总成及航空精密结构件，并于 2024 年 投建智能制造核心零部件项目，布局机器人减速器产品领域。公司通过多 家子公司切入汽车、航空航天、机器人领域，其中同步器方面，持股泸州 长江机械 100%，覆盖采埃孚、东风等；差速器方面，持股泸州豪能 100%， 具备差速器全产业链能力，覆盖比亚迪、赛力斯、理想、汇川等；航空航 天方面，公司持股成都昊轶强 100%，主要产品为无人机零部件及航空精 密制造件，间接持股成都恒翼升 100%，主要拓展航空航天高端装备制造 业务，持股豪能空天比例 80%，聚焦商业航天领域。 顺利开拓差速器领域，打造重卡同步器增长点。1）差速器：差速器总成 产品 190-300 元。随着新能源车销量增长，车用差速器市场规模不断增 长。根据《2025-2030 年中国差速器总成产业发展动态及未来投资趋势研 究报告》预计，2021 年中国差速器总成市场规模约 700 亿元，预计 2025 年突破 1000 亿元 ...

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and the integration of digital currency into its operations [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates, indicating strong operational efficiency and market share growth [3]. Summary by Sections Investment Outlook - The company is projected to achieve net profits of 850 million, 1.12 billion, and 1.36 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. - Earnings per share (EPS) are expected to be 0.43, 0.56, and 0.68 yuan per share for the same years, with corresponding price-to-earnings (P/E) ratios of 24, 18, and 15 times [4]. Financial Performance - The company's revenue is forecasted to grow from 4.44 billion yuan in 2023 to 9.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5]. - The gross profit margin is expected to remain stable, with projections of 46.5% in 2023 and gradually increasing to 47.1% by 2027 [10]. Business Development - The company is actively expanding its high-altitude work platform business, achieving a rental rate of over 88% by the end of April 2025, with a market share exceeding 30% in domestic sales [3]. - The company is also diversifying its service offerings, including the development of heavy-duty drones and forklifts, which are expected to contribute to new growth drivers [3].

Investment Rating - The report maintains a "Buy" rating for Hainan Huatie [4][6]. Core Views - The company plans to issue shares overseas and list on the Singapore Exchange, which is expected to enhance its overseas funding capabilities and accelerate its business expansion in Southeast Asia [1]. - The company has initiated preliminary exploration in the Real World Assets (RWA) sector, focusing on the tokenization of high-value assets and digital currency applications [2]. - The high-altitude work platform business is progressing steadily, with a stable market landscape and increasing rental rates [3]. Summary by Sections Investment Rating - The report predicts net profits for 2025-2027 to be 8.5 billion, 11.2 billion, and 13.6 billion respectively, with year-on-year growth rates of 40%, 32%, and 21% [4]. Business Expansion - The company aims to accelerate its computing power business overseas, establishing a strategic base in Hainan and expanding into Southeast Asia and the Middle East by 2025 [1]. - The overseas financing will help meet the foreign currency needs for establishing intelligent computing centers in Southeast Asia [1]. RWA Exploration - The company has partnered with Ant Chain since 2022 to digitize high-altitude work platform assets, facilitating the conversion of real assets into digital assets [2]. - In 2023, the company collaborated with MyBank and Ant Chain to launch a digital RMB-based industrial digital collaboration case, automating revenue distribution through smart contracts [2]. High-altitude Work Platform Business - The domestic market for high-altitude work platforms is seeing steady growth, with a rental rate of 70.89% in Q1 2025, up 4.18 percentage points year-on-year [3]. - The company is expanding its product offerings, including forklifts and drones, with significant growth in rental rates and contract values [3]. Financial Projections - The report provides financial forecasts, including operating revenues of 4.444 billion, 5.171 billion, and 6.554 billion for 2023, 2024, and 2025 respectively, with growth rates of 35.5%, 16.4%, and 26.7% [5]. - The projected earnings per share (EPS) for 2025 is 0.43 yuan, with a corresponding price-to-earnings (P/E) ratio of 24 [4][5].

房地产开发 证券研究报告 | 行业月报 gszqdatemark 2025 06 04 年 月 日 2025 年 1-4 月统计局数据点评: 住宅销售金额-1.9%，投资同比-10.3%，跌幅均有所扩大 投资：1-4 月份，全国房地产开发投资额为 27730 亿元，同比减少 10.3%，较 前值降低 0.4pct；1-4 月份住宅、办公楼和商业营业用房累计开发投资额分别 为 21179、1108 和 1982 亿元，同比分别为-9.6%、-16.7%和-8.3%。 新开工：1-4 月份，全国累计新开工面积为 17836 万方，同比减少 23.8%，较 前值提高 0.6pct；1-4 月份住宅、办公楼和商业营业用房累计新开工面积分别 为 13164、483 和 1118 万方，同比分别为-22.3%、-30.6%和-22.2%。 竣工：1-4 月份，全国累计竣工面积为 15648 万方，同比减少 16.9%，较前值 降低 2.6pct；1-4 月份住宅、办公楼和商业营业用房累计竣工面积分别为 11424、471 和 1120 万方，同比分别为-16.8%、-9.5%和-18.4%。 施工：1-4 月份，全国累计 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 | 行业点评 gszqdatemark 2025 06 04 年 月 日 社会服务 端午出游热度持续，民俗非遗、亲子出游热度高 端午出游热度持续。1）出游数据：据文化和旅游部数据中心测算，端午假 期 3 天，全国国内出游 1.19 亿人次，同比+5.7%，按可比口径较 2019 年 同期+26.7%；国内游客出游总花费 427.30 亿元，同比+5.9%，按可比口 径较 2019 年同期+8.6%。2）从出行方式来看：据交通运输部，端午假 期，预计全社会跨区域人员流动量为 6.57 亿人次，日均 2.19 亿人次，同 比+3.0%。其中，公路/铁路/水路/民航客运量预计分别为 6.0 亿/4710.8 万/288.1 万/560.1 万人次，同比+3.14%/+2.3%/-1.65%/+1.22%。 受天气影响，端午各地客流增速有所分化，多元业态高星酒店受追捧。1） 旅游：端午假期，据吉林日报，长白山景区接待游客与去年同期持平，旅 游收入同比+23.94%。据杭州文广旅游发布，大数据监测显示受连续雨天 影响，假期杭州接待外地游客 348 万人次，同比基本持平。据新华社，假 期北京共接待游客 82 ...