Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading designer brand in the fashion industry, characterized by high ROE and high dividend payouts, with a robust brand matrix that caters to various consumer demographics [8]. - The rise of "interest consumption" among younger consumers highlights the resilience of designer brands, as they are willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix for comprehensive market coverage, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a CAGR of approximately 9.3% [2]. - EBITDA is expected to increase from RMB 1,202 million in 2023 to RMB 1,491 million in 2027 [2]. - The net profit attributable to shareholders is forecasted to rise from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The EPS is projected to grow from RMB 1.20 in 2023 to RMB 1.94 in 2027, with a corresponding P/E ratio decreasing from 6.5 to 7.1 [2]. Company Overview - The company operates multiple brands, including the mature brand JNBY and several growth brands, providing a diverse product offering that appeals to various age groups [17]. - The company has a stable shareholding structure, with the founders holding a significant portion of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, with younger consumers prioritizing quality and social attributes in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay more for products that reflect their personal style and social identity [41].

[Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 | 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] 用不及预期；只是根据公开渠道的统计，未必能体现行业和公司订单全貌，存在趋势不一致的可能。 ⚫ 我们选 ...

[Table_Page] 深度分析|煤炭开采 证券研究报告 进口煤经济性减弱，减量因素增多，淡季有望支撑沿海市场 [Table_Summary] 核心观点： | [Table_Grade]行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-11 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author] 宋炜 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 煤炭开采 沪深300 | | SAC 执证号：S0260518050002 | | --- | --- | | | SFC CE No. BMV636 | | | 021-38003691 | | | songwei@gf.com.cn | | 分析师： | 沈涛 | | | SAC 执证号：S0260523030001 | | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf.com.cn | | 分析师： | 安鹏 | | | ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

[Table_Page] 行业专题研究|传媒 2025 年 3 月 11 日 证券研究报告 [Table_Title] AI 应用系列报告 | | | Meta：从社媒龙头看 | AI | 赋能广告量价齐升，大模型及产品表现可期 | | --- | --- | --- | --- | --- | | [Tabl 分析师： | 旷实 | 分析师： | 叶敏婷 | 分析师： 罗悦纯 | | e_Author] | SAC 执证号：S0260517030002 | | SAC 执证号：S0260519110001 | SAC 执证号：S0260524120001 | | | SFC CE.no: BNV294 | | | | | | 010-59136610 | | 021-38003665 | | | | kuangshi@gf.com.cn | | yeminting@gf.com.cn | luoyuechun@gf.com.cn | | | | 请注意，叶敏婷,罗悦纯并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [ ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

| 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： [Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] ⚫ 我们选取了 11 家 A 股上市医疗信息化公司，从中国招标网（www.bidchance.com ...

（说明：数据来源于 wind，如无特别说明，数据截至 2025.3.7。） ⚫ 股市流动性跟踪 一级市场：上周 IPO 规模为 17 亿元，前一周 IPO 规模为 0 亿元。 [Table_Page] 投资策略|定期报告 2025 年 3 月 10 日 证券研究报告 [Table_Title] 两融规模创新高、南下流入缩量 ——广发流动性跟踪周报（3 月第 1 期） [Table_Summary] 报告摘要： 二级市场：上周两融规模创新高，日度换手率先下后上，A 股二级市 场总体呈现资金净流出。各流动性分项：国内基金（股票+混合）新发 行 77 亿元，重要股东净减持 98 亿元，两融融资增加 121 亿元，南下 资金净流入 332 亿元，交易费用 173 亿元。 2025 年 3 月（截至 3 月 7 日），南下资金净流入 332.29 亿元。3 月累 计净买入个股前五为腾讯控股、中国移动、招商银行、中国银行、比 亚迪股份。 行业结构上来看，恒生一级行业净买入前五名为金融业、资讯科技业、 非必需性消费、电讯业、公用事业；恒生二级行业净买入前五名为银 行、软件服务、汽车、电讯、保险。 投资者情绪：上周融资交易占 ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a leading player in high-density lithium iron phosphate (LiFePO4) batteries and is actively expanding into the robotics sector, which is expected to contribute to new revenue streams [7]. - The company has established a strong position in the automotive parts industry and is advancing in the lithium iron phosphate market, with a focus on enhancing its robotics business [12]. - The company has signed long-term supply agreements with leading firms, including CATL, ensuring a stable demand for its products [7]. Financial Summary - Revenue for 2022 was 73.47 billion yuan, with a year-on-year growth of 176.6%. However, in 2023, revenue decreased to 57.61 billion yuan, reflecting a decline of 21.6% [2]. - The company is projected to achieve a net profit of 3.7 to 4.5 billion yuan in 2024, with a significant recovery expected in subsequent years [12]. - The earnings per share (EPS) is forecasted to be 0.33 yuan in 2024, increasing to 1.26 yuan by 2026 [2]. Business Segments - The lithium battery segment accounts for 54.21% of the company's revenue, while traditional automotive parts contribute 45.09% [13]. - The company has a robust product lineup in traditional automotive parts and is rapidly developing components for new energy vehicles, including electronic water/oil pumps and intelligent thermal management systems [7][12]. - The robotics segment is in its early stages, with a focus on supplying electric joint modules for robots, indicating potential for future growth [7][12]. Market Position - The company has established partnerships with major players in the industry, such as CATL, to enhance its supply chain and production capabilities [7]. - The company is expected to increase its production capacity significantly, with plans to reach nearly 500,000 tons of lithium iron phosphate by 2025 [7]. - The stock is currently trading at 22.88 yuan, with a target price of 23.63 yuan, indicating potential upside [3].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 35.64 CNY and a fair value of 46.87 CNY [3]. Core Views - The domestic supply-demand landscape is improving, and the company is expected to benefit from stable volume and price growth in its products by 2025 [8][55]. - The company has accelerated its overseas expansion, with a projected compound annual growth rate (CAGR) of 23.9% in overseas revenue from 2021 to 2024, and continued growth expected in 2025 [8][55]. - The company has completed a capital expenditure cycle, with limited domestic yeast capacity expansion in the short term, while focusing on overseas projects [8][55]. Summary by Sections Domestic Market - The yeast demand structure is primarily driven by baked goods and alcoholic beverages, with traditional yeast demand recovering and contributions from yeast extract (YE) expected to increase [14][21]. - The supply side shows limited capacity expansion in the short term, with the company positioned as a leader in the domestic market, holding a 55% market share by 2024 [31][34]. - The company is expected to achieve stable volume growth and price stability in its products due to improved supply-demand dynamics and limited competition from new entrants [55]. Overseas Market - The company has been rapidly expanding its overseas business, with significant growth in revenue expected to continue [8][55]. - Key advantages in overseas markets include high cost-performance of products, strong local channel networks, and leading technology in dry yeast and YE [8][55]. - The profitability of overseas operations is anticipated to improve due to an increase in YE's share and ramp-up of overseas production capacity [8][55]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 152.48 billion CNY, 175.56 billion CNY, and 199.70 billion CNY, with year-on-year growth rates of 12.3%, 15.1%, and 13.7% respectively [2][8]. - The net profit attributable to the parent company is expected to be 13.69 billion CNY, 16.29 billion CNY, and 18.83 billion CNY for the same period, with growth rates of 7.8%, 19.0%, and 15.6% respectively [2][8]. - The report maintains a "Buy" rating based on a target price of 46.87 CNY per share, corresponding to a price-to-earnings (P/E) ratio of 25 times for 2025 [8][55].