Investment Rating - The report assigns a "Buy" rating to the company with a current price of 51.51 CNY and a fair value of 70.84 CNY [4]. Core Insights - The company is positioned as a leading connector manufacturer in the automotive and consumer electronics sectors, benefiting from the growing trend of automotive intelligence and the expansion of high-frequency and high-speed connectors [8][14]. - The automotive connector market is expected to grow rapidly as intelligent driving configurations penetrate mid- to low-end models, enhancing overall market demand [41][48]. - The company has established strong partnerships with major domestic automotive manufacturers, ensuring a stable supply chain and robust order backlog, which supports its growth trajectory [8][28]. Financial Summary - The company's revenue is projected to grow from 31.29 billion CNY in 2023 to 76.06 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.8% [2]. - The net profit attributable to the parent company is expected to increase from 3.56 billion CNY in 2023 to 10.91 billion CNY in 2026, indicating strong profitability growth [2]. - The company's earnings per share (EPS) is forecasted to rise from 0.84 CNY in 2023 to 2.57 CNY in 2026, showcasing significant earnings potential [2]. Market Trends - The global connector market is projected to grow at a compound annual growth rate (CAGR) of 5.8% over the next four to five years, driven by increasing demand across various sectors, including automotive and consumer electronics [41][42]. - The automotive connector market is particularly promising, with the global market size estimated at approximately 14.15 billion USD in 2020, expected to expand further due to the rise of electric vehicles and smart driving technologies [47][48]. Product and Capacity Expansion - The company is continuously expanding its product offerings in high-frequency and high-speed connectors, which are essential for advanced automotive applications, including autonomous driving systems [8][41]. - The company has made significant investments in capacity expansion, enhancing its delivery capabilities and solidifying its position within the supply chains of leading automotive manufacturers [8][28].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The global recorded music market is projected to reach $29.6 billion in 2024, with a year-on-year growth of 5%. Streaming services are the main growth driver, accounting for 68% of the market, with revenues of $20.4 billion in 2024, reflecting a 7% increase [6][20]. - The Chinese music consumption market shows long-term growth potential, with a market size of $1.6 billion in 2024, growing by 9.6% year-on-year, and accounting for 5% of the global market share [6][31]. - The music industry value chain indicates that record companies hold significant power through their artist discovery and development systems, while streaming platforms are diversifying content to reduce reliance on core copyright resources [6][42]. Summary by Sections 1. Music Industry Demand Stability - The global recorded music industry is experiencing stable growth driven by streaming services, with the market size reaching $29.6 billion in 2024, a 5% increase year-on-year. Streaming services contribute significantly, accounting for 68% of the market [20][25]. - The U.S. remains the largest market with a size of $11.3 billion in 2024, while China ranks fifth with a market size of $1.6 billion, showing a 9.6% growth [31][33]. 2. Record Companies: Core Artist Catalogs Maintain Premium - Major record companies like Universal Music Group (UMG), Sony Music, and Warner Music Group (WMG) dominate the market, with UMG holding a 32% share of the digital music market in 2023 [52][56]. - The record companies maintain a strong position through their extensive artist catalogs and global operations, while also facing competition from streaming platforms that are developing personalized content [42][74]. 3. Streaming: Differentiated Content and Pricing Power - Streaming platforms are increasingly diversifying their content offerings, which helps them reduce dependence on traditional copyright resources. For instance, Spotify's market share is 32%, while Tencent Music Entertainment (TME) holds 15% in the global streaming market [56][63]. - The ability to increase prices is a key growth driver for streaming services, with successful price hikes observed in the U.S. market [6][56]. 4. Conclusion and Investment Recommendations - The report suggests focusing on Tencent Music (TME US) and NetEase Cloud Music (09899.HK) due to their strong growth potential driven by both volume and pricing strategies, as well as the increasing share of self-produced content [6][74].

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Views - The report highlights a recovery in net interest margin and a significant increase in dividend payout ratio [1] - The company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for 2024 are projected to grow by 8.2%, 13.9%, and 6.2% year-on-year, respectively [6][11] - The report emphasizes the stability of asset quality, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 389% [6][8] Summary by Sections Financial Performance - The company's total revenue growth for 2024 is 8.2%, with a PPOP growth of 13.9% and a net profit growth of 6.2% compared to the previous year [6][11] - The growth rates for revenue, PPOP, and net profit for the first three quarters of 2024 show slight improvements compared to the first quarter [11][19] Asset Quality - The NPL ratio remains stable at 0.76%, with a provision coverage ratio of 389%, indicating a strong buffer against potential loan losses [6][8] - The report notes a decrease in the attention loan ratio to 1.03%, suggesting improved asset quality management [6] Capital and Dividends - The core Tier 1 capital adequacy ratio increased to 9.84%, reflecting a solid capital position [6][8] - The dividend payout ratio reached 21.91%, exceeding 20% for the first time, which enhances the company's attractiveness to investors [6][8] Growth Drivers - The report identifies strong growth in loan and deposit volumes, with loans and deposits increasing by 17.8% and 17.2% year-on-year, respectively [6][8] - The net interest margin is reported at 1.86%, showing a slight recovery due to improved funding costs [6][8] Valuation - The report estimates a reasonable value of 34.71 CNY per share based on a 1.1 times price-to-book (PB) ratio for 2024 [6][8]

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 扩内需政策或持续加码，2025 年是盈利修复年 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 吴红艳 SAC 执证号：S0260525020003 无 -24% -14% -5% 5% 14% 24% 04/24 06/24 08/24 11/24 01/25 04/25 建筑材料 沪深300 wuhongyan@gf.com.cn 请注意，张乾,吴红艳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_ 相关研究： DocReport] | 建筑材料行业:水泥纳入碳市 | 2025-03-30 | | ...

[Table_Page] 深度分析|证券Ⅱ 证券研究报告 [Table_Title] 23 家上市券商 2024 年报总结 投资再现胜负手，投行触底迎新机 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-06 | [相对市场表现 Table_PicQuote] [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-88286912 yanyilan@gf.com.cn -14% 1% 16% 30% 45% 60% 04/24 06/24 08/24 11/24 01/25 03/25 证券Ⅱ 沪深300 请注意，严漪澜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。 | DocReport] [Table_ 相关研究： | | | --- ...

[Table_Page] 公司深度研究|汽车零部件 证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 36.00 元 | | 合理价值 | 39.35 元 | | 报告日期 | 2025-04-03 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） 331.32/162.16 | | --- | | 11928/5838 总市值/流通市值（百万元） | | 一年内最高/最低（元） 40.30/7.14 | | 30 日日均成交量/成交额（百万） 34/1136 | | 近 3 个月/6 个月涨跌幅（%） 106.00/220.73 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 汪家豪 ...

Investment Rating - The report maintains an "Accumulate-A/Buy-H" rating for the company, with a current price of 43.32 RMB/38.40 HKD and a fair value of 48.04 RMB/46.46 HKD [4][44]. Core Views - The company achieved a revenue of 284.42 billion RMB in 2024, representing a year-on-year growth of 10.07%, and a net profit of 10.17 billion RMB, up 23.51% year-on-year [9][12]. - The report emphasizes the synergy between capacity and management cycles, indicating a continuous improvement in profitability [9][10]. - The company is expected to benefit from the recovery of the economic cycle, with projections for EPS of 2.40, 2.80, and 3.34 RMB per share for 2025-2027 [9][44]. Summary by Sections Financial Performance - In 2024, the company reported a total business volume of 13.26 billion parcels, a growth of 11.5% year-on-year, with an average revenue per parcel of 15.52 RMB, down 3.4% [9][12]. - The EBITDA for 2024 was 29.05 billion RMB, with a projected EBITDA of 32.45 billion RMB in 2025 [2]. Revenue Breakdown - The revenue from the express delivery segment was 122.21 billion RMB, growing by 5.85% year-on-year, while the economic express segment generated 27.25 billion RMB, up 8.78% [19][22]. - The freight segment achieved a revenue of 37.64 billion RMB, reflecting a growth of 13.8% [26]. - The same-city delivery segment saw a revenue increase of 24.29%, reaching 90.11 billion RMB [31]. - The supply chain and international segment reported a revenue of 740 billion RMB, up 23.38% [32]. Profitability and Efficiency - The gross margin for 2024 was 13.93%, an increase of 1.11 percentage points year-on-year, attributed to network optimization and cost reduction measures [9][10]. - The report highlights the company's focus on high-quality service and operational efficiency, which has led to improved profitability across various segments [16][19]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 315.85 billion RMB, 351.43 billion RMB, and 392.36 billion RMB for 2025-2027, reflecting growth rates of 11% [40]. - The report anticipates that the company will maintain a stable growth rate in its core segments, driven by economic recovery and strategic investments [40][44].

[Table_Page] 公告点评|公用事业 证券研究报告 [Table_Title] 【 广 发 环 保 & 海 外 】 光 大 环 境 （00257.HK） 三表质量持续改善，分红超预期提升 [Table_Summary] 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 32,495 | 30,258 | 29,718 | 29,617 | 29,704 | | 增长率 （ % ） | -13.9% | -6.9% | -1.8% | -0.3% | 0.3% | | EBITDA（百万港元） | 13,163 | 8,708 | 11,477 | 11,666 | 12,026 | | 归母净利润（百万港元） | 4,429 | 3,377 | 3,502 | 3,641 | 3,906 | | 增长率 （ % ） | -3.8% | -23.8% | 3.7% | 3.9% | 7.3% | | EPS（港元/股） ...

[Table_Page] 深度分析|通用设备 证券研究报告 | [Table_Title] 人形机器人系列十九 | | --- | | 灵巧手：百家争鸣，进化不息 | [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-02 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 -24% -12% -1% 11% 22% 34% 04/24 06/ ...