Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 7.925 billion yuan in Q1 2025, representing a year-on-year increase of 16% and a quarter-on-quarter increase of 9%. The gross margin was 20%, while the net profit attributable to shareholders was 1.058 billion yuan, up 47% year-on-year but down 23% quarter-on-quarter, with a net profit margin of 13% [1] - The company plans to accelerate the construction of an integrated aluminum industry park in Indonesia, aiming to enhance its resource, cost, technology, and management advantages in the global aluminum market [2] - The company has completed an equity acquisition of a local mining company in Guinea, securing exclusive purchasing rights for bauxite, with an annual production capacity planned at 5-6 million tons [3] - The company is expected to achieve net profits of 4.8 billion, 5.5 billion, and 6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 7.3, 6.3, and 5.8 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.925 billion yuan, with a gross margin of 20% and a net profit of 1.058 billion yuan [1] - The company’s revenue for 2025 is projected to be 31.264 billion yuan, with a year-on-year growth rate of 11.3% [5] - The net profit for 2025 is estimated at 4.791 billion yuan, reflecting a year-on-year growth of 7.5% [5] Strategic Initiatives - The company is constructing an integrated aluminum industry chain in Indonesia, which includes bauxite, alumina, electrolytic aluminum, and deep processing [2] - The company has secured three bauxite mining rights in Indonesia, with plans to start mining in 2025 [2] - The company aims to achieve a 100% self-sufficiency rate for bauxite through acquisitions and exploration efforts [3] Market Outlook - The company has adjusted its aluminum price assumptions for 2025-2027 to 20,000, 20,500, and 21,000 yuan per ton, respectively, due to the impact of U.S. tariffs [4] - The company’s competitive edge is expected to strengthen through its integrated layout and cost advantages, positioning it for significant growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 3.63 billion yuan in Q1 2025 [2] - The company has a robust pipeline of new games and a solid overseas business development strategy, with a rich reserve of products [3][4] Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1] - The net profit attributable to the parent company was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1] - The company expects revenues of 3.918 billion, 4.349 billion, and 4.660 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.002 billion, 1.168 billion, and 1.260 billion yuan [4][5] Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2] - Existing games have shown mixed performance, with "Wen Gui" PC game revenue at 321 million yuan in Q1 2025, down 16.26% year-over-year but up 34.87% quarter-over-quarter [2] Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3] - The company has a strong pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 24 年 月 日 朝闻国盛 一季度基金调仓五大看点——2025Q1 基金仓位解析 今日概览 ◼ 重磅研报 【策略研究】一季度基金调仓五大看点——2025Q1 基金仓位解析—— 20250423 【金融工程】主动权益基金 2025Q1 季报全方位分析——20250423 【纺织服饰】掘金户外赛道，品牌腾飞，推荐优质标的——20250423 【电子】鹏鼎控股（002938.SZ）-AI 振鹏翼腾飞，车和服务器启新程— —20250423 ◼ 研究视点 作者 【机械设备】江苏雷利（300660.SZ）-2024 年营收增速 14%+，多领域 新产品齐头并进——20250423 【农林牧渔】海大集团（002311.SZ）-业绩表现亮眼，海外饲料保持高 增长——20250423 【农林牧渔】乖宝宠物（301498.SZ）-国内自主品牌持续亮眼，品牌高 端化成效显著——20250423 【传媒】泡泡玛特（09992.HK）-一季度境外业务全面高增，境内线上线 下齐发力 ——20250423 【通信】新易盛（300502.SZ）-Q1 再超预期，800G ...

公司主营产品价格环比双减影响 Q1 利润水平。1）量，2025 年公司全年 主要生产经营目标为原铝产量 116 万吨、发电量 130 亿度、氧化铝产量 240 万吨、预焙阳极产量 55 万吨、铝土矿产量 300 万吨、高纯铝产量 2 万吨、铝箔及铝箔坯料产量 15 万吨。2）价，据 SMM，25Q1 电解铝价格 为 2.04 万元/吨，同比增长 7.3%，环比减少 0.5%；25Q1 氧化铝价格为 3833 元/吨，同比增长 15.2%，环比减少 28.1%。 复制国内成功经验，加快建设海外一体化铝产业园。公司计划在印尼建设 铝一体化产业链，打造铝土矿、氧化铝、电解铝、深加工和配套产业链的 大型一体化铝工业园，形成资源优势、成本优势、技术优势和管理优势协 同并进，面向全球铝市场，不断提高公司在铝行业中的规模和竞争力。公 司已在当地拥有三个铝土矿权，2025 年将进入开采阶段，下一步将在印 尼投资兴建 200 万吨氧化铝项目，目前该项目已被列入印尼国家战略项目 清单，已完成可研报告和环评审批，进入项目设计、土建场平阶段。 以资源保障为重点，拓展资源获取能力和上游产业的布局，使公司铝土矿 自给率达到 100%。公 ...

证券研究报告 | 金融工程 gszqdatemark 2025 04 23 年 月 日 量化分析报告 主动权益基金 2025Q1 季报全方位分析 业绩与规模： 基金管理人： 1、词云分析：政策、经济、风险、消费、关税等关键词是主动权益基金 经理在最新季报最为关注的话题。词频排位明显上升的关键词包括：生产 力、外部、新质、出口、不确定性、机器人、美国等。 2、基金经理观点：成长风格基金边际最加仓了医药、有色金属、汽车等 行业，价值风格基金边际最加仓了食品饮料、机械、银行等行业，质量风 格基金边际最加仓了汽车、食品饮料、房地产等行业。 3、基金公司维度：规模头部的主动权益基金管理公司的行业超低配有所 不同。易方达基金显著超配食品饮料和电子，低配机械、医药，而其他公 司有所不同，例如广发基金显著低配电子，汇添富基金显著超配家电，交 银施罗德基金显著超配食品饮料。平安基金是 2025 年一季度主动权益产 品平均业绩表现最好的基金公司，旗下产品 Q1 平均收益率 7.22%。业绩 较好的基金公司还包括朱雀基金、长城基金、中庚基金等。 风险提示：本报告基于历史公开信息对基金产品进行客观分析，当市场环 境或者基金投资策略发 ...

Investment Rating - The report maintains a rating of "Buy" for key companies in the outdoor sports industry, including Anta Sports, Li Ning, and Bosideng, with a recommendation to increase holdings in Tabo [5][8]. Core Insights - The outdoor sports market in China is expected to maintain double-digit growth driven by policy support, social media influence, and increasing health awareness among residents. The market size for outdoor equipment is projected to reach USD 4.45 billion in 2024 and USD 9.18 billion by 2030, with a CAGR of 13% [1][34]. - The competitive landscape is characterized by a clear segmentation of brands into three categories: professional outdoor brands, comprehensive sports brands, and functional brands, each with distinct competitive focuses [2][37]. Summary by Sections Industry Analysis - The outdoor sports sector is currently in a rapid development phase, with increasing participation in activities like skiing and camping. The market is transitioning from niche to mainstream, with a significant rise in consumer interest [13][19]. - The market size for outdoor apparel and footwear reached CNY 45 billion in 2023, with a compound annual growth rate of nearly 20% over the past three years [21][25]. Competitive Landscape - The report identifies three main categories of market participants: 1. Professional outdoor brands (e.g., Arc'teryx, The North Face) focusing on high-performance products [2][37]. 2. Comprehensive sports brands (e.g., Anta, Li Ning) targeting mass-market consumers with technology-driven innovations [3][37]. 3. Functional brands (e.g., Bosideng) that cater to specific consumer needs in outdoor settings [3][37]. Key Company Analysis - Anta Sports is highlighted for its stable growth and multi-brand strategy, with a projected PE ratio of 17x for 2025 [3][8]. - Amer Sports is expected to see a revenue increase of 53.7% in 2024, indicating strong market performance [2][25]. - Bosideng, a leader in down jackets, is also recommended for its strategic expansion into outdoor categories, with a projected PE of 12x for FY2025 [3][8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 204 million yuan, growing 37.68% year-on-year [1] - The company continues to enhance its domestic self-owned brand strategy, with self-owned brand revenue increasing by 29% year-on-year, and direct sales revenue rising by 59% year-on-year [2] - The company's gross margin and net margin for 2024 were 42.3% and 11.96%, respectively, reflecting an increase of 5.4 percentage points and 2 percentage points year-on-year [2] - The company is focusing on high-end brand strategies, with significant growth in high-end product sales, including a 150% increase in sales for the brand during the Double 11 shopping festival [3] Financial Summary - The company’s revenue is projected to grow from 6.386 billion yuan in 2025 to 8.911 billion yuan in 2027, with corresponding net profits expected to rise from 761 million yuan to 1.280 billion yuan [5] - The projected P/E ratios for 2025, 2026, and 2027 are 54.7, 43.2, and 32.5, respectively [5] - The company’s return on equity (ROE) is expected to improve from 16.4% in 2025 to 20.7% in 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant growth in both domestic and international markets, with Q1 2025 revenue expected to increase by 165%-170% year-on-year, driven by a 95%-100% increase in domestic revenue and a 475%-480% increase in international revenue [1][2] - The company is expanding its online and offline channels in the domestic market, achieving an 85%-90% increase in offline revenue and a 140%-145% increase in online revenue in Q1 2025 [1] - The international business has seen remarkable growth across regions, with Asia-Pacific revenue increasing by 345%-350%, Americas by 895%-900%, and Europe by 600%-605% in Q1 2025 [2] - The company is enhancing its brand value through effective IP management and collaborations with anime, gaming, and other copyright entities, which is expected to solidify its leading position in the collectible toy market [3] Summary by Sections Domestic Channels - The company is innovating in scene-based and entertainment-driven strategies to enhance product operation capabilities, effectively linking online and offline traffic through holiday marketing [1] - The launch of the global flagship store for Hirono in Shanghai marks a significant step in brand-oriented operations, focusing on emotional engagement with consumers [1] International Channels - The company is implementing differentiated operational strategies tailored to various international markets, leveraging platforms like Shopee, Lazada, and Amazon to enhance brand exposure and sales [2] - Creative live-streaming activities on platforms like TikTok are attracting younger audiences and driving sales through engaging content [2] Product Strategy - The company is extending its existing IP expressions and collaborating with various media to create unique collectible experiences, thereby deepening the cultural value of its IP [3] - The forecast for revenue growth is optimistic, with projected revenues of 238.00 billion, 308.00 billion, and 361.00 billion for 2025, 2026, and 2027 respectively, alongside net profits of 55.38 billion, 71.72 billion, and 85.95 billion [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported strong performance in 2024 with a revenue of 114.6 billion yuan, a slight decrease of 1.3% year-on-year, and a net profit attributable to shareholders of 4.5 billion yuan, an increase of 64.3% year-on-year [1] - In Q1 2025, the company achieved a revenue of 25.63 billion yuan, up 10.6% year-on-year, and a net profit of 1.28 billion yuan, up 49.0% year-on-year [1] - The feed market share continues to increase, with total feed sales reaching 26.52 million tons in 2024, a growth of approximately 9% year-on-year [1] - The company expects to exceed 3 million tons in feed sales growth in 2025 due to strategic adjustments and resource investments [1] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 114.6 billion yuan and a net profit of 4.5 billion yuan, with a projected revenue of 130.34 billion yuan for 2025, reflecting a growth rate of 13.7% [3][8] - The earnings per share (EPS) for 2025 is estimated at 3.05 yuan, with a net profit margin of 3.9% [3][8] Market Position - The company has a strong presence in the overseas feed market, with overseas feed sales reaching 2.36 million tons in 2024, a growth of approximately 40% year-on-year [2] - The company has established competitive advantages in shrimp and tilapia farming in South America, contributing to the growth in overseas sales [2] Business Strategy - The company is focusing on a light-asset model for pig farming, which has led to a decrease in breeding costs and improved profitability [2] - The operational model includes purchasing piglets and collaborating with family farms to mitigate risks and secure profits [2]

Investment Rating - The report maintains a rating of "Buy" for key companies in the outdoor sports industry, including Anta Sports, Li Ning, and Bosideng, with a recommendation to increase holdings in Tabo [5][8]. Core Viewpoints - The outdoor sports market in China is expected to maintain double-digit growth driven by policy support, social media influence, and increasing health awareness among residents [1][28]. - The market size for outdoor equipment in China is projected to reach USD 4.45 billion in 2024, with a forecasted CAGR of 13% to reach USD 9.18 billion by 2030 [1][34]. Summary by Sections Industry Analysis - The outdoor sports sector is currently in a rapid development phase, with increased participation in activities like skiing and camping [13][19]. - The market is experiencing a shift towards outdoor activities as a lifestyle choice, particularly among younger demographics [19][32]. Competitive Landscape - The competitive landscape is characterized by three main categories of participants: professional outdoor brands, comprehensive sports brands, and functional brands [37][44]. - Professional outdoor brands like Arc'teryx and The North Face focus on high-performance products and have seen significant revenue growth, with Amer Sports projected to reach USD 1.3 billion in 2024 [2][37]. Key Company Analysis - Anta Sports is highlighted for its stable growth and multi-brand strategy, with a projected PE ratio of 17x for 2025 [3][8]. - Amer Sports is expected to continue outperforming the market, with a strong capital structure supporting long-term growth [3][8]. - Bosideng, a leader in down jackets, is expanding into outdoor categories, with a projected PE of 12x for FY2025 [3][8].