Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [5]. Core Insights - The company reported a revenue of 3.04 billion RMB for 2024, a year-on-year increase of 14.5%, and a net profit attributable to shareholders of 430 million RMB, up 6.5% year-on-year [2]. - The industrial power supply segment showed steady growth, with revenues reaching 600 million RMB in 2024, a 13.1% increase year-on-year, driven by the rising demand from data centers [3]. - The charging pile business experienced rapid growth, generating 1.22 billion RMB in revenue, a 43% increase year-on-year, despite a slight decline in gross margin [3]. - The energy storage business faced challenges, with revenues declining by 5.8% to 857 million RMB in 2024, primarily due to project delays in the U.S. caused by high interest rates [4]. - The company is actively exploring new markets in Myanmar, Indonesia, and Africa to mitigate risks associated with over-reliance on a single market [4]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 940 million RMB, reflecting a 2.5% year-on-year growth, and a net profit of 158 million RMB, which is a 21.5% increase year-on-year [2]. Business Analysis - The industrial power supply business is positioned for high growth due to its early entry into low-voltage power quality products and strong technical capabilities [3]. - The charging pile segment is expected to maintain high demand due to new product launches that meet market needs for safety and efficiency [3]. - The energy storage segment is anticipated to improve as U.S. interest rates decline, potentially releasing pent-up project demand [4]. Profit Forecast and Valuation - The projected net profits for 2025-2027 are 565 million RMB, 753 million RMB, and 968 million RMB, respectively, with corresponding PE ratios of 20, 15, and 12 [5].

Core Insights - The implementation of "reciprocal tariffs" is significantly stronger than market expectations, with a baseline tariff of 10% and additional tariffs based on the perceived tariff levels of trading partners, leading to potential increases in average import tariffs in the U.S. by approximately 17 percentage points to around 22% [2][4] - The tariffs are particularly high for countries with significant trade surpluses with the U.S., such as China (34%), Vietnam (46%), and Japan (24%), indicating a strategic aim to reduce trade deficits and promote domestic manufacturing [3][4] - The unexpected introduction of these tariffs may serve as a starting point for new trade negotiations, with a more lenient approach towards Canada and Mexico, suggesting that countries willing to negotiate may avoid the highest tariffs [3] Industry Implications - The new tariff measures are likely to accelerate the risk of "stagflation" in the U.S., with inflationary pressures and economic growth risks expected to be more pronounced than during previous trade disputes [4] - The broader scope and magnitude of the tariffs could lead to retaliatory measures from trade partners, further exacerbating negative economic impacts on the U.S. economy [4] - The U.S. stock market is anticipated to enter a comprehensive downward trend, influenced by the global trade disruptions and the potential for an economic recession [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a total revenue of 174.14 billion RMB for 2024, a year-on-year increase of 15.7%, with a net profit attributable to shareholders of 86.23 billion RMB, also up by 15.4% [2]. - For Q4 2024, the company achieved a revenue of 51.02 billion RMB, reflecting a 12.8% year-on-year growth, and a net profit of 25.40 billion RMB, which is a 16.2% increase compared to the same quarter last year [2]. - The company aims for a revenue growth target of approximately 9% for 2025, aligning with market expectations, and plans to distribute a total dividend of 75% [4]. Revenue Analysis - In terms of product segments, the revenue from Moutai liquor and series liquor for 2024 was 145.9 billion RMB and 24.7 billion RMB, respectively, with year-on-year growth rates of 15.3% and 19.7% [2]. - The sales volume for Moutai liquor and series liquor reached 46,000 tons and 37,000 tons, marking increases of 10.2% and 18.5% year-on-year [2]. - The average price per ton for Moutai liquor increased by 4.6%, while series liquor saw a 1.0% rise [2]. Channel Performance - Revenue from direct sales and wholesale agents for 2024 was 74.8 billion RMB and 95.8 billion RMB, with year-on-year growth of 11.3% and 19.7%, respectively [3]. - The i Moutai channel reported a revenue decline of 10.5% for 2024, with Q4 showing a significant drop of 29.9% [3]. - Excluding the i Moutai channel, direct sales revenue in Q4 2024 increased by 30% year-on-year [3]. Profitability Metrics - The net profit margin for 2024 slightly decreased by 0.1 percentage points to 49.5%, while the gross margin remained stable [3]. - The company’s earnings per share (EPS) for 2025 is projected to be 75.14 RMB, with a price-to-earnings (P/E) ratio of 20.6 [5][10]. Future Projections - Revenue growth rates are expected to be 9.1%, 8.2%, and 8.0% for 2025, 2026, and 2027, respectively, with net profit growth rates of 9.5%, 8.6%, and 8.1% [5][10]. - The company plans to repurchase shares worth 3 to 6 billion RMB, having already repurchased 1.6 billion RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance met expectations, with a revenue of 13.571 billion RMB, up 17.68% year-on-year, and a net profit attributable to shareholders of 2.983 billion RMB, down 3.76% year-on-year [1] - The company is increasing its downstream layout and maintaining high investment in R&D, with significant growth in production of molybdenum products [2] - The company plans to distribute a cash dividend of 4 RMB per 10 shares, maintaining a high dividend payout ratio of 43% [3] - The outlook for molybdenum prices is optimistic, with expectations of significant earnings elasticity for the company as it benefits from stable mining operations [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.473 billion RMB, a decrease of 0.89% quarter-on-quarter but an increase of 29.68% year-on-year [1] - The gross profit margin fluctuated due to changes in the proportion of self-produced ore, with Q4 gross profit increasing by 8.57% quarter-on-quarter [2] - The company’s revenue for 2025-2027 is projected to be 14.3 billion, 15.6 billion, and 18.3 billion RMB respectively, with net profits of 3.2 billion, 3.5 billion, and 3.8 billion RMB [4] R&D and Operational Strategy - The company is focusing on expanding its downstream processing capabilities, with production of molybdenum powder and molybdenum plate increasing by 12% and 44% respectively [2] - R&D expenses rose significantly, reflecting the company's commitment to innovation and market expansion [2] Dividend Policy - The company plans to maintain its dividend distribution despite a slight decline in net profit, indicating a strong commitment to returning value to shareholders [3] Market Outlook - The report anticipates a recovery in molybdenum prices, driven by industry supply optimization and cost reductions, which could enhance the company's earnings potential [3]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 14.98 RMB based on a 17x valuation for 2025 [5]. Core Views - The company is a global leader in fiberglass, emerging from a cyclical bottom with a recovering gross margin [5]. - There is a structural recovery in fiberglass demand, with supply pressure testing nearing its end, indicating potential price increases [5]. - The company demonstrates exemplary cost control and a strong product structure, enhancing its core competitiveness [5]. Summary by Sections Company Overview - As of February 2025, the company has a total fiberglass production capacity of 2.89 million tons, with 2.59 million tons currently in operation and 270,000 tons of electronic yarn, holding a global market share of 25% and a domestic market share of 40% [15][16]. Demand Recovery - The demand for fiberglass is structurally recovering, particularly in wind power yarn, with a projected 164.1 GW of wind power equipment tendered in 2024, a 90% year-on-year increase [3][28]. - The company is expected to benefit from increased demand in electronic cloth and exports, particularly due to European infrastructure and renewable energy investments [3][41]. Supply Dynamics - The supply side is nearing the end of a pressure testing phase, with expectations of reduced new capacity in the second half of 2025, which may lead to upward price elasticity for mid-to-low-end fiberglass [3][45]. Cost Control and Competitive Advantage - The company maintains a leading gross margin due to advantages in cost structure, product mix, and strategic base layout [4][50]. - High-end products account for over 85% of the company's offerings, which helps mitigate the impact of price adjustments during downturns [4][53]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.53 billion, 4.21 billion, and 4.59 billion RMB for the years 2025, 2026, and 2027, respectively [5][62]. - The report anticipates a gradual increase in gross margins, with expected rates of 31.4%, 33.2%, and 33.7% for the same years [5][64].

业绩简评 2025 年 4 月 2 日公司发布 24 年年报，24 年实现营业收入 11.22 亿元，同比增长 19.62%，实现归母净利润 1.16 亿元，同比增长 45.46%，实现扣非归母净利润 1.1 亿元，同比增长 39.98%。 经营分析 公司核心耐磨备件业务稳健增长，新签大单后续有望继续保持较 好增速。公司24年耐磨备件实现收入7.57亿元，同比增长18.82%， 其中橡胶耐磨备件 6.11 亿元，同比增长 12.7%；金属耐磨备件 1.46 亿元，同比增长 53.7%。25 年 2 月 21 日公司公告分别与哈萨克斯 坦共和国某矿业公司旗下两处矿山项目签订了 5 年期《备件供货 合同》，合同金额折合人民币 1.62 亿元（不含税），为该客户提供 磨机进料端衬板、筛板、护板等选矿备件。公司目前在国内、海 外市场实现了较多大客户开拓，考虑当前铜、金价格均处高位， 矿山机械行业有望保持较高景气度，公司耐磨备件业务后续有望 继续保持较好增长。 深入推进国际化发展战略，24 年海外收入高增长。24 年公司实现 海外收入 7.58 亿元，同比增长 46.1%。新增客户 38 家，海外市场 订单不断取得突破 ...

Investment Rating - The report provides a positive investment rating for the telecommunications sector, highlighting growth potential driven by increased capital expenditure from operators [1]. Core Insights - The telecommunications sector is experiencing growth due to rising data traffic, which drives operators to procure communication terminal equipment, subsequently boosting upstream component purchases [23]. - The domestic large model industry chain is maturing, with expectations to replicate the capital expenditure-driven market seen in overseas cloud service providers (CSPs) [2][3]. - Operators are increasing capital expenditures, which is expected to lead to a decline in dividend yields, as seen with China Mobile [8]. Summary by Sections Operator Research Framework - The report outlines a research framework focusing on operators and their upstream communication equipment, emphasizing the impact of capital expenditure on market performance [2]. Investment Logic Driven by Internet Companies - The investment logic for individual stocks is driven by overseas internet companies, with a similar trend anticipated in the domestic market as the large model industry matures [3]. Communication Sector Investment Logic - The report discusses the investment logic in the communication sector driven by operators, highlighting the correlation between capital expenditure and stock performance [4]. Capital Expenditure Trends - Capital expenditure from the three major operators is projected to increase significantly, with a notable rise in the telecommunications index [24]. Stock Performance Correlation - The report indicates a correlation between stock prices and capital expenditure, with historical data showing that stock prices often lead performance improvements post-capital expenditure announcements [33][36].

投资逻辑 连锁咖啡 VS 茶饮：需求本源、市场成熟度、行业竞争格局等均有所不同。1）需求本源不同：咖啡主要是咖啡因的摄 入，办公室为第一大消费场景；茶饮更多是饮料获取与糖分摄入，更多满足休闲需求，消费的偶发性更强。2）市场需 求成熟度不同：茶饮消费市场更为成熟，十几元中价格带市场最大（2023 年中价格带占茶饮赛道市场的 46.2%），但 竞争更激烈；咖啡市场目前仍处于教育阶段，主流价格带仍聚焦在十几元价格及以上，低价格带门店体量小。3）行业 竞争格局差异：咖啡市场集中度相对茶饮更高，瑞幸及星巴克 Top2 优势突出（2023 年瑞幸市占率为 21.8%，星巴克 为 16.5%）；而茶饮市场蜜雪冰城位列市占率 Top1 达 20.2%(2023 年)，茶饮中端价格带包含古茗、霸王茶姬、茶百道 等品牌，竞争激烈。4）消费结构及频次不同：我们认为，咖啡和茶饮二者消费频次随年龄趋势而形成典型"V 字型"， 茶饮也推出更为健康的产品延长生命周期。5）门店爬坡模型差异：我们认为茶饮门店能够快速上量并形成赚钱效应； 而咖啡尽管单店层面需求难以像成熟的茶饮市场一样迅速达到峰值，但成熟后能够形成稳定的需求和复购。6）咖啡 茶 ...

消费中观策略 敬请参阅最后一页特别声明 1 内需：2 月制造业 PMI 指数 2 月录得 50.2%，制造业景气水平明显回升，服务业 PMI 录得 50%略有回落，消费 板块尚未完全触底复苏。24 年 9 月以来国补力度不断加大，刺激居民消费意愿的效果不断显现。且补贴按照省 份进行，后续存在政策加码的可能。社保注资、财政加码下居民可支配收入与消费意愿有望得到一定修复。建议 寻找母婴教育类等消耗性消费、Q1 业绩预期平稳的高股息防御性消费公司。 出口：美国 PCE 维持高位，降息预期继续推迟。美国 2 月核心 PCE 物价同比+2.8%，继续保持高位水平。尽管 国内通胀风险仍在，但美国仍存在向中国继续征收额外关税的可能，短期内对出口扰动的影响较大。建议寻找具 备新市场新消费拓展能力、有望构筑第二增长曲线能力的公司。 家用电器：①白电 4 月排产：4 月三大白电合计排产总量达 3959 万台，同比+4.3%。4 月空调内销/出口排产 1342/1058 万台，同比分别+9.1%/+7.5%；4 月冰箱内销/出口排产 323/486 万台，同比分别-12.6%/+5.3%；4 月洗衣机内销/出口排产 380/360 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company announced a strong performance for 2024, with revenue projected at 8.5 billion yuan, a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, reflecting a 254% increase [1][9]. - The company's brand influence is expanding, with same-store sales growth of 120.9% and leading average sales performance in shopping malls among all jewelry brands in China [9]. - The company is optimizing its product offerings and expanding its store network, with a total of 36 direct stores by the end of 2024 [9]. - The company has a strong focus on high-end positioning and brand strength, with plans for new store openings in Singapore and Japan [9]. Financial Performance - Revenue for 2023 was 3.18 billion yuan, with a growth rate of 145.67%. The projected revenue for 2024 is 8.506 billion yuan, with a growth rate of 167.51% [8]. - The net profit for 2023 was 416 million yuan, with a growth rate of 340.40%. The projected net profit for 2024 is 1.473 billion yuan, with a growth rate of 253.86% [8]. - The company plans to distribute a dividend of 6.35 yuan per share, with a payout ratio of approximately 73% [1]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is 3.152 billion yuan, 4.638 billion yuan, and 6.181 billion yuan, representing growth rates of 114%, 47%, and 33% respectively [3]. - The corresponding price-to-earnings (P/E) ratios for 2025-2027 are projected at 43, 29, and 22 times [3].