Investment Rating - The investment rating for the company is "Buy" with a current price of 28.05 CNY and a fair value of 34.67 CNY [3]. Core Insights - The company plans to issue H shares to accelerate overseas expansion and enhance R&D investments, aiming to establish a global smart manufacturing base and develop high and low voltage direct current power supply equipment for data centers [6]. - The company focuses on smart box-type power equipment and electric vehicle charging networks, with significant market presence in public charging facilities, holding an 18.88% market share [6]. - The company has been actively winning overseas projects, including a 700 million CNY high-voltage mobile substation for Saudi Arabia's national grid, which supports long-term performance [6]. - The company has accumulated SST technology, expected to provide integrated solutions for data centers, with plans to launch a 1.0 product by 2027 [6]. - Earnings per share (EPS) is projected to be 1.13 CNY in 2025, 1.39 CNY in 2026, and 1.84 CNY in 2027, with a reference P/E ratio of 25x for 2026, leading to a fair value of 34.67 CNY per share [6]. Financial Summary - Revenue is forecasted to grow from 14,602 million CNY in 2023 to 25,094 million CNY in 2027, with a growth rate of 25.6% in 2023 and 24.1% in 2027 [2][9]. - EBITDA is expected to increase from 2,047 million CNY in 2023 to 3,809 million CNY in 2027 [2]. - Net profit attributable to shareholders is projected to rise from 491 million CNY in 2023 to 1,942 million CNY in 2027, reflecting a growth rate of 80.4% in 2023 and 32.6% in 2027 [2][9]. - The company’s return on equity (ROE) is expected to improve from 7.3% in 2023 to 17.1% in 2027 [2][9]. - The company's total assets are projected to grow from 23,877 million CNY in 2023 to 34,241 million CNY in 2027 [7][9].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The hard discount market in China is entering a golden development period with significant growth potential, as the penetration rate is only about 8%, compared to 42% in Germany and 31% in Japan. The expected compound annual growth rate (CAGR) for the next decade is 5.6%, significantly higher than traditional retail formats like hypermarkets [6][35]. - The essence of hard discounting lies in the deep restructuring of the supply chain, focusing on a limited number of SKUs (1500-2000 core items) and a high proportion of private label products (up to 90%) to achieve structural cost reductions [6]. - The domestic operational model is evolving from the "631" model, which emphasizes fresh produce, to the "523" model, which balances product effectiveness and consumer scenarios, optimizing profitability by increasing the share of ready-to-eat (3R) foods [6]. - Local players are leveraging digital empowerment and scalable replication, with companies like Super Box NB utilizing Alibaba's ecosystem to achieve structural cost reductions and increase private label share to over 60% [6]. - Global giants like Aldi are adapting their strategies to the Chinese market, maintaining high private label ratios and efficient management, achieving a gross margin of around 20% and daily sales per store of 105,000 to 110,000 yuan [6]. - Investment recommendations focus on retail companies that return to the essence of retail, emphasizing supply chain sovereignty, operational efficiency, and consumer trust. Key recommendations include Yonghui Supermarket, Huijia Times, and Chongqing Department Store, with a watch on Bubu Gao and Jiajiayue [6]. Summary by Sections Industry Background - Discount retail is not merely a price war; it aims to provide quality products at lower prices by stripping away brand premiums and reducing unnecessary costs in traditional retail channels [15]. - Hard discounting is characterized by a systematic restructuring of the traditional retail value chain, focusing on high cost-performance ratios [19]. Development History of Hard Discount Supermarkets - The hard discount model originated in post-war Germany, with Aldi establishing the low-price principle in 1948, leading to the emergence of a dual oligopoly in the German market [22]. - The U.S. market saw the rise of membership warehouse stores like Costco, which integrated low-price strategies with membership fees [23]. Market Landscape - Hard discounting has become a significant force in global retail, with a projected 12.6% share in the top 50 global retailers by 2025, indicating its growth momentum [31]. - In China, the hard discount market is expected to exceed 200 billion yuan by 2024, with a penetration rate of only 8%, highlighting substantial growth potential compared to mature markets [35]. Competitive Landscape - Local players like Super Box NB and Happy Monkey are emerging as strong competitors, leveraging supply chain efficiencies and digital tools to enhance their market positions [44]. - Global benchmarks like Aldi and Sam's Club are adapting their models to the Chinese market, focusing on high private label ratios and efficient operations [6][43].

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company is positioned as a leader in the functional sugar segment, with significant growth potential anticipated [1] - The company has achieved a high revenue growth rate, with a projected increase in revenue from 1.38 billion RMB in 2025 to 2.22 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of 28.1% [6][44] - The company is expected to maintain a strong profit margin, with net profit projected to grow from 365 million RMB in 2025 to 611 million RMB in 2027, representing a CAGR of 30.9% [6][46] Summary by Sections 1. Market Growth Potential - The dietary fiber market shows a significant gap in global intake, indicating a strong demand for products in this category [13] - The global dietary fiber market is expected to grow at a CAGR of 10.03% from 2023 to 2030, with production projected to reach 427,000 tons and sales of 1 billion USD by 2030 [15][19] 2. Company Overview - The company has optimized its product structure, leading to improved profitability, with a notable increase in the sales proportion of high-margin resistant dextrin [7][32] - The company is the first in China to obtain production licenses for resistant dextrin and industrial-scale production of allulose, establishing a competitive edge [32][37] - The company has expanded its production capacity, with new facilities in Thailand expected to enhance its international competitiveness and revenue [40][41] 3. Profit Forecast and Investment Recommendations - Revenue forecasts for 2025-2027 are 1.38 billion RMB, 1.73 billion RMB, and 2.22 billion RMB, respectively, with corresponding growth rates of 19.7%, 25.8%, and 28.1% [44] - The company is expected to achieve net profits of 3.66 billion RMB in 2025, with a projected increase to 6.11 billion RMB by 2027, reflecting strong growth in profitability [6][46] - The report suggests a target price of 30.02 RMB per share based on a 27x PE ratio for 2026, indicating a favorable valuation compared to historical averages [46][47]

据万得数据（下同），2025 年规上工业企业营业收入同比增长 1.1%，较前值回落 0.5 个点。 2022-2025 年营业收入年度同比分别为 5.9%、1.1%、2.1%、1.1%。 [Table_Page] 宏观经济研究报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 广发宏观 同比转正，新旧分化：2025 年工业企业利润数据点评 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹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] 报告摘要： ⚫ 2025 年规上工业企业营业收入同比增长 1.1%，略低于 2024 年的 2.1%，持平于 2023 年，营收同比连续 3 年 在 1%-3%的低位区间内徘徊。边际变化看，12 月单月营收同比下降 3.2%，连续 3 个月同比 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.64 CNY and a fair value of 8.97 CNY [3]. Core Views - The company is expected to see a significant increase in net profit for 2025, projected between 570 million CNY and 630 million CNY, representing a year-on-year growth of 38.92% to 53.54%. This growth is primarily attributed to gains from the sale of financial assets and fair value changes of held financial assets, contributing approximately 170 million CNY to net profit [6]. - The fabric business is anticipated to face challenges, while the clothing business is expected to grow rapidly. In the first half of 2025, fabric revenue is projected to decline by 7.85% to 1.851 billion CNY, while shirt revenue is expected to increase by 24.82% to 772 million CNY. The capacity utilization rate for fabric is forecasted at 72%, down 4 percentage points year-on-year, while clothing capacity utilization is expected to rise to 95%, up 13 percentage points [6]. - The outlook for 2026 is optimistic, with expectations of improved overseas customer orders as U.S. tariff policies clarify. The company’s fabric business is set to benefit from the rapid release of capacity from its Vietnam project, and the clothing business is expected to perform better due to zero tariffs on exports to Europe from Vietnam [6]. Financial Forecast - Revenue projections for the company are as follows: - 2023: 5,961 million CNY - 2024: 6,091 million CNY - 2025: 6,298 million CNY - 2026: 6,727 million CNY - 2027: 7,322 million CNY - The expected growth rates are -14.1% for 2023, 2.2% for 2024, 3.4% for 2025, 6.8% for 2026, and 8.9% for 2027 [2]. - The projected earnings per share (EPS) are: - 2023: 0.47 CNY - 2024: 0.50 CNY - 2025: 0.73 CNY - 2026: 0.64 CNY - 2027: 0.77 CNY [2].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The poultry industry is expected to see an improvement in the supply chain in 2026, driven by a rebound in prices and a gradual recovery in profitability for the breeding sector [5][91] - The integration trend within the industry is becoming more pronounced, with leading companies benefiting from their downstream channel advantages and collaborative efforts across the supply chain [5][24] - The domestic poultry sector is experiencing a shift towards self-breeding and the replacement of imported breeds due to disruptions caused by avian influenza outbreaks abroad [5][39] Summary by Sections 1. 2025 Poultry Industry Maintains Marginal Profitability, Clear Integration Trend - The poultry industry maintained marginal profitability in 2025, with upstream breeding segments performing better than downstream farming and processing sectors [5][14] - The average price of parent stock chicks in 2025 was 44.75 CNY/set, a slight decrease of 0.7% year-on-year, while the average price of commercial chicks was 2.51 CNY each, down 13% year-on-year [5][17] - The total slaughter volume of the top 10 companies reached 4.274 billion birds, accounting for 45.99% of the market, indicating a trend towards consolidation [5][24] 2. Avian Influenza Disrupts Imports, Accelerates Domestic Breed Replacement - In 2025, the cumulative update of grandparent stock chickens was 1.574 million sets, a year-on-year increase of 4.9%, with domestic breeds accounting for approximately 60% of the updates [5][39] - The outbreak of avian influenza in France in December 2025 led to a halt in overseas imports, increasing the uncertainty of supply from abroad [5][46] - Domestic breeds are showing improved performance, with the replacement rate of domestic breeds rising to 34% in 2025 [5][57] 3. 2026 Supply Chain Expected to Improve, Capacity Elasticity Remains a Concern - The inventory of grandparent stock chickens is expected to decline in early 2026, with estimates showing a year-on-year decrease of approximately 3.3% and 12% in March and April, respectively [5][69] - The overall supply of the poultry industry is anticipated to gradually improve in 2026, with profitability expected to return to the breeding sector [5][87] - The report emphasizes the importance of monitoring parent stock chick sales as a key indicator of supply trends [5][76] 4. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng, Minhe, Xiantan, and Hefeng, which are well-positioned to benefit from the ongoing integration and recovery in the poultry industry [5][91]

Investment Rating - The report maintains a "Buy" rating for the commercial aerospace sector, emphasizing the long-term investment value in this area [4]. Core Insights - The report highlights that SpaceX's Starship aims to reduce the cost of space access by 100 times, with a target of producing 10,000 Starships annually, which could redefine global logistics [3][12]. - The learning curve in aerospace manufacturing suggests that as production scales, costs will decrease significantly, potentially lowering the cost per kilogram to around $15.6 [3][49]. - The report discusses the diminishing marginal returns of rocket reusability, indicating that future cost reductions will rely more on mass production rather than just reusability [3][14]. Summary by Sections Introduction - The report introduces the concept of drastically reducing space access costs and the ambitious production goals of SpaceX's Starship, which could transform the space economy [3][12]. Cost Reduction Analysis - Current rocket reusability has led to significant cost reductions, but the report notes that the benefits may diminish over time [14]. - The learning curve in aerospace indicates that cumulative production will lead to lower unit costs, with typical learning rates between 85% and 90% [32][39]. - If SpaceX achieves its goal of producing over 10,000 Starships annually, the cost per kilogram could drop to approximately $15.6, driven by both reusability and mass production [49][50]. Business Model Revolution - The report draws parallels between the standardization of shipping containers and the modular approach of SpaceX's rockets, which allows for diverse customer needs while reducing costs [57]. - A launch cost of around $15 per kilogram could revolutionize logistics networks, making space transportation more accessible and efficient [57]. Investment Recommendations - The report emphasizes the importance of technological upgrades and the need to capitalize on industry trends and commercialization rhythms, reiterating the long-term investment potential in the commercial aerospace sector [3].

[Table_Page] 深度分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 12 月投资端降幅扩大，2026 年有望开门红 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2026-01-27 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 972918116公共联系人2026-01-27 16:41:57 ⚫ 12 月地产/基建投资降幅环比扩大，2026 年有望开门红。12 月固定资 产投资当月同比-15.1%，前值-12.0%；其中制造业/地产/狭义基建/广 义基建投资单月同比分别为-10.5%/-35.8%/-12.2%/-15.9%，增速环比 分别-6.1/-5.5/-2.5/-4.0pct，可能和"推动投资止跌回稳"政策方向既定 的情况下，地方政府会更倾向于把投资节奏集中于 2026 年初有关。 2025 年 1-12 月房地产开发投资/新开工面积/销售面积/竣工面积分别同 比-17.2%/-20.4%/-8.7%/-18.1%，12 月地产相关指标继续低位徘徊， 2026 开年之后二手房成交回暖 ...

[Table_Page] 投资策略|点评报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（1 月第 6 期） [Table_Summary] 报告摘要： | [分析师： Table_Author]郑恺 | | | --- | --- | | SAC 执证号：S0260515090004 | | | SFC CE No. BUU989 | | | 021-38003559 | | | zhengkai@gf.com.cn | | | 分析师： | 张力月 | | SAC 执证号：S0260524040004 | | | 021-38003727 | | | zhangliyue@gf.com.cn | | | 请注意，张力月并非香港证券及期货事务监察委员会的注 | | [联系人： Table_Contacts] 戴亚敏 daiyamin@gf.com.cn 联系人： 毕露露 bilulu@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 3 册持牌人，不可在香港从事受监管活动。 ⚫ 计算机：国产 AI 大模型性能的提升有望推动 AI ...

[Table_Page] 投资策略|点评报告 2026 年 1 月 27 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（1 月第 6 期） [Table_Summary] 报告摘要： | [分析师： Table_Author]郑恺 | | --- | | SAC 执证号：S0260515090004 | | SFC CE No. BUU989 | | 021-38003559 | | zhengkai@gf.com.cn | | 分析师： 张力月 | | SAC 执证号：S0260524040004 | | 021-38003727 | | zhangliyue@gf.com.cn | | 请注意，张力月并非香港证券及期货事务监察委员会的注 | [联系人： Table_Contacts] 戴亚敏 daiyamin@gf.com.cn 联系人： 毕露露 bilulu@gf.com.cn 972918116公共联系人2026-01-27 09:07:40 识别风险，发现价值 请务必阅读末页的免责声明 1 / 3 册持牌人，不可在香港从事受监管活动。 ⚫ 计算机：国产 AI 大模型性能的提 ...