Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next 6 months [18][23]. Core Insights - In 2024, the company achieved total revenue of 237 million yuan, a year-on-year increase of 39.45%, and a net profit attributable to shareholders of 11.34 million yuan, marking a significant turnaround with a growth of 137.31% [2][8]. - The company’s data labeling business continues to make breakthroughs, particularly in autonomous driving and multimodal applications, with a notable increase in revenue from overseas markets [2][8]. - The company’s gross margin reached 66.46% in 2024, up 10.45 percentage points year-on-year, driven by a higher proportion of high-margin data collection products [8]. Financial Summary - **2024 Financial Performance**: Total revenue of 237 million yuan, net profit of 11 million yuan, and a gross margin of 66.46% [4][8]. - **2025-2027 Projections**: Expected revenues of 300 million yuan in 2025, 381 million yuan in 2026, and 466 million yuan in 2027, with corresponding growth rates of 26.6%, 27%, and 22% [4][8]. - **Net Profit Forecast**: Projected net profits of 26 million yuan in 2025, 30 million yuan in 2026, and 33 million yuan in 2027, with growth rates of 130.8%, 14.3%, and 10.7% respectively [4][8]. Market Position and Strategy - The company has deepened its global layout, with overseas revenue reaching 114 million yuan in 2024, a year-on-year increase of 89.53%, accounting for 48.1% of total revenue [8]. - The company is focusing on enhancing its core technology capabilities, particularly in autonomous driving data platforms, which have received industry recognition [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 5% or more in the next 3-6 months [2][18]. Core Insights - In 2024, the company achieved total revenue of 237 million yuan, a year-on-year increase of 39.45%, and a net profit attributable to shareholders of 11.34 million yuan, marking a significant turnaround with a growth of 137.31% [2][8]. - The company’s data labeling business continues to show strong growth, particularly in the fields of autonomous driving and multimodal applications, with a notable increase in revenue from overseas markets [2][8]. - The company is expected to benefit from the AI wave, with projected revenues for 2025-2027 of 300 million, 381 million, and 466 million yuan, respectively, corresponding to growth rates of 26.6%, 27%, and 22% [2][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 237 million yuan - Year-on-year growth: 39.5% - Net profit: 11 million yuan - Year-on-year growth: 137.3% - Gross margin: 66.46%, up 10.45 percentage points [4][8]. - **2025 Financial Projections**: - Expected total revenue: 300 million yuan - Expected net profit: 26 million yuan - Expected EPS: 0.43 yuan [4][8]. - **2026 and 2027 Projections**: - 2026 expected revenue: 381 million yuan, net profit: 30 million yuan - 2027 expected revenue: 466 million yuan, net profit: 33 million yuan [4][8]. Market Position and Strategy - The company has deepened its global layout, with overseas revenue reaching 114 million yuan in 2024, a year-on-year increase of 89.53%, accounting for 48.1% of total revenue [2][8]. - The company has made significant advancements in its core technology areas, particularly with its self-developed "DOTS-AD" autonomous driving data platform, enhancing its competitiveness in the smart driving market [2][8].

证 券 研 究 报 告 宠物行业 2024 年报及 2025 年一季报综述 2）成长动能：乖宝高端化势能释放，中宠品牌进阶开启新阶段。乖宝 宠物高端化成效显著，推动品牌矩阵结构优化，24 年主粮毛利率达 44.70%。中宠股份品牌运营进入质变期，公司国内品牌矩阵规模于 24 年突破十亿大关后，已经实现盈利，预计有望随着规模效应与品牌力 提升，盈利能力逐年增强。 中宠股份于 2024 年品牌步入 10 亿大关且已经实现盈利，25 年品牌收入 增速有望进一步提升，代表着公司踏入乖宝所在的第一梯队行列。一季报 公布以来，强劲的股价体现其成长确定性的提高，在市场从对其业绩释放 的分歧走向弥合的过程中，带动公司估值进入提升加速期。 乖宝宠物一方面在 24 年以近 30%的自有品牌增速领先行业，市占率有望 进一步提升；根据炼丹炉统计的淘系数据，25Q1 其高端品牌弗列加特仍 保持 100%+高增，后续有望受益于对美进口高端品牌加征关税，实现价格 天花板与收入增速的进一步上探。另一方面，公司主粮占比进一步提升至 51.30%，协同提高直营渠道占比优化渠道结构，公司整体 24 年净利率由 23 年的 9.95%提升 2.01 ...

证 券 研 究 报 告 晶科能源（688223）2024 年报及 2025 年一季报点评 推荐（维持） 组件出货量领跑行业，技术升级增强竞争优势 事项： 公司研究 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 92,471 | 87,212 | 106,664 | 79,211 | | 同比增速(%) | -22.1% | -5.7% | 22.3% | -25.7% | | 归母净利润(百万) | 99 | 420 | 1,778 | 3,890 | | 同比增速(%) | -98.7% | 324.6% | 323.2% | 118.8% | | 每股盈利(元) | 0.01 | 0.04 | 0.18 | 0.39 | | 市盈率(倍) | 583 | 137 | 32 | 15 | | 市净率(倍) | 1.8 | 1.8 | 1.7 | 1.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 ...

Investment Rating - The report upgrades the investment rating of Nongfu Spring (09633.HK) to "Strong Buy" due to sufficient potential and acceleration catalysts [1][6]. Core Views - Nongfu Spring is positioned as a leading player in the beverage industry, with a strong brand and solid channel foundation. The company is expected to achieve steady growth in the long term, particularly in the packaging water and sugar-free tea segments [6][3]. - The report anticipates that the company's market share in packaging water will steadily increase, driven by the high-frequency demand for drinking water and the rising packaging rate in China [6][3]. - The sugar-free tea segment, represented by the "Oriental Leaf" brand, is expected to benefit from the health trend and has significant growth potential, with the company maintaining a stable market share of over 70% [6][3]. - The report highlights the company's proactive marketing strategies and product matrix expansion, which are expected to enhance sales performance during the peak season [6][3]. Financial Summary - The main financial indicators forecast a revenue increase from 42,896 million in 2024 to 60,933 million in 2027, with a compound annual growth rate (CAGR) of approximately 10.4% [2][13]. - The net profit attributable to the parent company is projected to grow from 12,123 million in 2024 to 17,932 million in 2027, reflecting a CAGR of about 11.3% [2][13]. - Earnings per share (EPS) are expected to rise from 1.08 in 2024 to 1.59 in 2027, indicating a positive trend in profitability [2][13]. - The report sets a target price of 48 HKD, with the current price at 38.9 HKD, suggesting a potential upside [3][6]. Market Positioning - Nongfu Spring is strategically positioned in high-growth segments such as packaging water and sugar-free tea, which are expected to drive long-term growth [6][3]. - The company is focusing on enhancing its product offerings and marketing strategies to capture market share and respond to consumer trends effectively [6][3]. Conclusion - The report concludes that Nongfu Spring has strong long-term growth potential, with the upcoming peak season likely to catalyze accelerated performance, justifying the upgrade to a "Strong Buy" rating [6][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 7.11 CNY based on a projected PE of 40x for 2026 [4][8]. Core Views - The company leads the industry in module shipments, with a cumulative global shipment of over 300GW by the end of 2024, and a projected shipment of 20-25GW in Q2 2025 [8]. - The company is experiencing pressure on profitability due to low-price orders and the ramp-up of new production capacity, which has affected gross margins [8]. - The company is focusing on technology upgrades, with significant advancements in battery efficiency and the introduction of innovative solar module technologies [8]. Financial Summary - Total revenue for 2024 is projected at 92,471 million CNY, a decrease of 22.1% year-on-year, with a net profit of 99 million CNY, down 98.7% year-on-year [4][8]. - The gross margin for 2024 is expected to be 7.34%, a decline of 6.7 percentage points compared to the previous year [8]. - The company anticipates a recovery in net profit, projecting 420 million CNY for 2025, with significant growth expected in subsequent years [4][8]. Market Position - The company has maintained its position as the global leader in solar module shipments, with a strong focus on expanding its energy storage business, targeting a shipment of 6GWh in 2025 [8]. - The company’s technological advancements include achieving an average efficiency of over 26.7% for battery production and introducing high-efficiency solar modules with power ratings exceeding 650W [8].

公司研究 证 券 研 究 报 告 神州泰岳（300002）2024 年报及 2025 年一季报点评 推荐（维持） Q4 符合、Q1 有所承压，期待新产品提供流 水增量 事项： ❖ 公司发布 24Q4&25Q1 财报：Q4 符合，Q1 有所承压。其中 4Q24 业绩落于前 期预告区间中枢附近，单季度实现收入 19.4 亿元，YOY+1.5%，QOQ+33%； 实现归母净利润 3.3 亿元，YOY+3%，QOQ-28%；实现扣非归母净利润 3.1 亿 元，YOY+7%，QOQ+46%。1Q25 业绩有所承压，单季度实现收入 13.2 亿元， YOY-11%，QOQ-32%；实现归母净利润 2.4 亿元，YOY-20%，QOQ-29%；实 现扣非归母净利润 2.3 亿元，YOY-21%，QOQ-28%。24 年年末现金分红 1.96 亿元，分红率 14%，YOY 基本稳定。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,452 ...

债券研究 证 券 研 究 报 告 【债券日报】 非银回流银行，M2 增速回升 ——4 月金融数据解读 2025 年 4 月新增人民币贷款 2800 亿元，同比少增 4500 亿元，信贷余额增速 由 7.4%回落至 7.2%；新增社会融资规模 1.16 万亿，同比多增 1.22 万亿元， 社融存量增速由 8.4%回升至 8.7%；M2 同比增速从 7%修复至 8%，新口径的 M1 增速由 1.6%小幅下降至 1.5%。整体来看，季末信贷冲刺形成较为明显的 透支效应，4 月信贷增长大幅偏弱于预期，其中企业部门是明显拖累，但由于 央行"前置降息"，数据发布后市场反应钝化。在政府债券前置发行的支持下， 社融增速继续回升。存款方面，M1 表现不弱，去年手工补息禁止之后，存款 大幅外流形成低基数，非银存款回流支撑本月 M2 增速明显修复。 一、积极信号之中的季节性因素 二季度融出定价相对偏低的情况下，理财等广义基金增配存款带动 M2 增速 明显修复。（1）4 月 M2 减少 8815 亿元，较去年同期少减 2.7 万亿，带动 M2 增速向上回升接近 1 个百分点，其中非银定期存款为主要支撑，当月同比多增 1.9 万亿，与 ...

宏观研究 ❖ CPI 环比低于预期的结构分析 CPI 环比回升，主要是低基数影响下，能源、核心商品、超级核心服务价格由 跌转涨。涨幅偏弱的背后，一是禽流感消退对食品价格的拖累，二是在抢进口 和库存缓冲影响下，关税的价格影响似乎暂未体现，比如对外依赖度较高的服 装、家具家居品、娱乐用品等价格依然温和，核心商品涨价范围也并未明显扩 大。三是超级核心服务回升也较为温和，环比弱于去年同期和全年平均水平。 证 券 研 究 报 告 【宏观快评】美国 4 月 CPI 数据点评 通胀支持美联储继续"等等再看" 主要观点 ❖ 美国 4 月份 CPI 再度小幅低于预期 美国 CPI 连续两个月小幅低于市场预期。4 月 CPI 同比从 2.4%降至 2.3%，彭 博预期 2.4%；核心 CPI 同比持平于 2.8%，彭博预期 2.8%。CPI 和核心 CPI 同 比均降至 2021 年 2 季度以来的最低水平。CPI 环比 0.2%，彭博预期 0.3%，前 值-0.1%；核心 CPI 环比 0.2%，彭博预期 0.3%，前值 0.1%。CPI 通胀宽度回 落，涨价范围收窄，但仍小幅高于 2010-2019 年的波动中枢。 1、食品 ...

证 券 研 究 报 告 万华化学（600309）2024 年报及 2025 年一季报点评 强推（维持） 盈利底部静待复苏，长期看好 MDI 竞争优势 提供超额利润 事件： | 目标价：69.3 | 元 | | --- | --- | | 当前价：58.29 | 元 | ❖ 公司发布 2024 年报暨 2025 年一季报：1）2024FY 实现营收 1820.69 亿元，同 比+3.83%；实现归母净利润 130.33 亿元，同比-22.49%；实现扣非归母净利润 133.59 亿元，同比-18.74%。其中单 2024 年 Q4 实现收入 344.65 亿元，同比/ 环比分别-19.49%/-31.80%；实现归母净利润 19.40 亿元，同比/环比分别- 52.83%/-33.55%；实现扣非归母净利润 24.31 亿元，同比/环比分别-39.39%/- 14.07%；2）2025 年 Q1 实现收入 430.68 亿元，同比/环比分别-6.70%/+24.96%； 实现归母净利润 30.82 亿元，同比/环比分别-25.87%/+58.89%；实现扣非归母 净利润 30.40 亿元，同比/环比分别-26. ...