Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's resilience in operations is evident, with 2024 Q3 performance surpassing industry standards [7] - The overall revenue for 2024 is projected to be 449.3 billion yuan, reflecting a year-on-year increase of 6.8% [7] - The company is expected to maintain long-term growth momentum due to policies favoring the replacement of old heavy trucks and trends towards high-end and refined logistics operations [7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023 revenue: 42.07 billion yuan, with a year-on-year growth of 46.0% - 2024 revenue: 44.93 billion yuan, with a year-on-year growth of 6.8% - 2025 revenue forecast: 48.98 billion yuan, with a year-on-year growth of 9.0% [6][7] - Net Profit: - 2023 net profit: 1.08 billion yuan, with a year-on-year growth of 405.5% - 2024 net profit: 1.48 billion yuan, with a year-on-year growth of 37.0% - 2025 net profit forecast: 1.76 billion yuan, with a year-on-year growth of 18.6% [6][7] - Earnings Per Share (EPS): - 2024 EPS: 1.26 yuan - 2025 EPS forecast: 1.49 yuan [6][7] Business Segment Performance - Complete Vehicle Business: - 2024 sales volume reached 133,000 units, a year-on-year increase of 4.3%, while the overall heavy truck market saw a decline of 1% [7] - Parts Business: - 2024 parts revenue: 8.91 billion yuan, a year-on-year increase of 11.2% [7] - Axle Business: - 2024 axle revenue: 7.2 billion yuan, with a net profit of 770 million yuan, maintaining a profit margin of 10.8% [7] Valuation - The report estimates a reasonable valuation range for the company at 23.90 to 26.89 yuan based on a price-to-earnings (PE) ratio of 16-18 times for 2025 [7]

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 第 13 周新房成交同比增速回落，供销比回落 市场表现 | [Table_ReportInfo] 《第 12 周新房成交同比增速回落，供销 | | --- | | 比回落》2025.03.24 | | 《多项指标降幅收窄，高线城市市场活 | | 跃》2025.03.18 | | 《第 11 周新房成交同比增速回落，供销 | | 比回升》2025.03.16 | 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 Email:xiey@haitong.com 证书:S0850511010019 [Table_QuoteInfo] -16.07% -5.94% 4.18% 14.31% 24.44% 34.57% 2024/4 2024/7 2024/10 2025/1 房地产 海通综指 资料来源：海通证券研 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong performance in Q1, driven by dual engines of computing power and data elements, positioning itself as a key player in Shanghai's computing power and big data services [3][6] - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, with a net profit of 202 million yuan, up 4.92% year-on-year [6] - The company is actively expanding its intelligent computing business and has initiated the second phase of the Songjiang Big Data Technology Center, which is a significant project for Shanghai's computing power infrastructure [6][7] Financial Data and Forecast - Key financial data and forecasts are as follows: - Revenue (million yuan): 2023: 5264, 2024: 5623, 2025E: 6417, 2026E: 7474, 2027E: 8858 - Year-on-year growth rates: 2024: 6.8%, 2025E: 14.1%, 2026E: 16.5%, 2027E: 18.5% [5][10] - Net profit (million yuan): 2023: 193, 2024: 202, 2025E: 243, 2026E: 297, 2027E: 371 - Year-on-year growth rates: 2024: 4.9%, 2025E: 20.0%, 2026E: 22.1%, 2027E: 25.2% [5][10] - Fully diluted EPS (yuan): 2024: 0.15, 2025E: 0.18, 2026E: 0.22, 2027E: 0.27 [5][10] Business Performance - The company's cloud computing and big data business generated revenue of 2.998 billion yuan in 2024, a year-on-year increase of 17.89%, while the intelligent products business saw a decline of 33.98% [6] - The company has become a major player in Shanghai's big data services, winning contracts for data operation services for the city’s big data center for six consecutive years [6][7] Strategic Initiatives - The company is focusing on enhancing its core business structure and optimizing its operations, including the transfer of equity in Shanghai Broadcasting Communication Technology Co., Ltd. [6] - The company is actively participating in the development of AI applications, particularly in government vertical models, and has been recognized as a leading unit in the Shanghai Computing Power Network Association [7] Valuation and Investment Recommendations - The company is expected to achieve steady revenue growth in 2024, with significant improvements in non-recurring profits, indicating enhanced operational efficiency [7] - Revenue projections for 2025, 2026, and 2027 are 6.417 billion yuan, 7.474 billion yuan, and 8.858 billion yuan respectively, with net profits of 243 million yuan, 297 million yuan, and 371 million yuan [7][10] - The report suggests a reasonable valuation range of 26.64 to 32.84 yuan based on PE and PS methods, maintaining the "Outperform the Market" rating [7][10]

、[Table_MainInfo] 基金研究 证券研究报告 基金周报 2025 年 3 月 30 日 风险提示：本报告业绩回顾部分是基于基金历史表现进行的客观分析点评， 涉及的基金不构成投资建议；投资建议部分，需要警惕货币政策、证券市场 相关政策的不确定性以及人民币汇率波动影响。 高级分析师:谭实宏 Tel:(021)23185671 Email:tsh12355@haitong.com 证书:S0850521110001 联系人:舒子宸 Tel:(021)23185679 Email:szc14816@haitong.com 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 上周市场回顾：A 股调整，医药生物、农林牧渔和食品饮料等行业表现较优。 上周（20250324-20250328），A 股震荡回调。全周申万一级行业分类下仅 有 4 个行业上涨，表现居前的行业为医药生物、农林牧渔和食品饮料。债市 方面，上周，1-2 月工业企业利润增速较去年 12 月回落，虽然有去年同期高 基数的影响，但核心问题还在于量和利润率的下滑，债市上涨。海外市场中， 上周，关税政策加大市场对美国持续通 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue growth has recovered to double digits, with profits exceeding expectations [7]. - The company achieved a total revenue of 3.476 billion yuan in 2024, representing a year-on-year increase of 10.4%, and a net profit of 625 million yuan, up 36.8% year-on-year [7]. - The report emphasizes strong performance in Q4, with revenue reaching 1.112 billion yuan, a 21.6% increase year-on-year, and a net profit of 192 million yuan, up 41.0% year-on-year [7]. Financial Data and Forecast - Revenue projections for the company are as follows: 3.476 billion yuan in 2024, 4.002 billion yuan in 2025, 4.473 billion yuan in 2026, and 4.980 billion yuan in 2027, with year-on-year growth rates of 10.4%, 15.1%, 11.8%, and 11.3% respectively [6]. - Net profit forecasts are 625 million yuan for 2024, 709 million yuan for 2025, 811 million yuan for 2026, and 932 million yuan for 2027, with year-on-year growth rates of 36.8%, 13.5%, 14.5%, and 14.8% respectively [6]. - The report indicates an increase in gross margin to 39.8% in 2024 and 40.1% in 2025, reflecting a positive trend in profitability [6]. Product Performance - The report notes that the revenue from the Chinese cuisine seasoning business grew by 16.6% year-on-year in 2024, driven by product upgrades and strong performance in food extract products [7]. - The hot pot seasoning revenue increased by 3.5% year-on-year, with Q4 showing a significant increase of 25.3% [7]. - The food extract segment continued to show high growth, with a 40.8% year-on-year increase in 2024 [7]. Channel and Regional Performance - Offline and online revenue growth for 2024 was 4.4% and 51.7% year-on-year respectively, with Q4 online revenue increasing by 26.5% [7]. - The southern region showed rapid revenue growth, with a year-on-year increase of 18.2% in 2024 [7]. Strategic Developments - The company completed the acquisition of a 63.84% stake in a brand to enhance its online channel network and product matrix [7]. - The acquired brand focuses on younger consumers and has successfully entered various online platforms, achieving significant sales milestones [7].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has experienced significant growth in its optical communication and emerging business sectors, with a projected revenue increase of 31% year-on-year for 2024 [8] - The company has raised its share repurchase price limit to 65.00 CNY per share, reflecting confidence in its long-term development [8] - The acquisition of XunT Technology is progressing smoothly, which is expected to enhance the company's product offerings in the optical module market [8] Financial Data and Forecasts - Revenue for 2023 is reported at 340 million CNY, with projections of 445 million CNY for 2024, 580 million CNY for 2025, 735 million CNY for 2026, and 897 million CNY for 2027, indicating a compound annual growth rate (CAGR) of approximately 30% [7][8] - Net profit is expected to rise from 42 million CNY in 2023 to 69 million CNY in 2024, reaching 96 million CNY in 2025, 132 million CNY in 2026, and 167 million CNY in 2027, reflecting a strong growth trajectory [7][8] - The report anticipates an increase in the company's earnings per share (EPS) from 0.32 CNY in 2023 to 0.54 CNY in 2024, and further to 0.74 CNY in 2025 [7][8] Business Segmentation and Growth - The precision optical components segment is projected to generate revenue of 3.55 billion CNY in 2024, with a year-on-year growth of 25.45% [9] - The fiber optic devices segment is expected to reach 760.6 million CNY in revenue for 2024, growing by 34.61% year-on-year [9] - The optical testing instruments segment is anticipated to generate 130.7 million CNY in revenue, with a gross margin of 25.21% [9] Market Performance - The company's stock closed at 38.79 CNY, with a 52-week price range of 20.33 CNY to 52.13 CNY [2] - The report indicates a relative performance comparison against the CSI 300 index, showing a decline of 20.7% over the past month [4]

[Table_ReportInfo] 《财政周期：序幕开启——财政部新闻发 布会解读》2024.10.12 《假期经济：恢复如何？——国内高频指 标跟踪（2024 年第 38 期）》2024.10.7 《"可感可及"的宏观转向周——国内高 频指标跟踪（2024年第 37期）》2024.9.29 [Table_MainInfo] 宏观研究 证券研究报告 宏观周报 2025 年 3 月 30 日 相关研究 生产修复，需求偏弱 ——国内高频指标跟踪（2025 年第 13 期） [Table_Summary] 投资要点： 生产修复，需求平淡，下游需求仍需政策提振。消费方面，整体表现平淡且 结构分化，纺服需求有所回升，但汽车、服务消费表现一般。投资方面，基 建资金到位较快，但落地情况有待观察，新房销售同比增速连续两周回落。 进出口方面，外需短期面临震荡，港口数据整体一般，不过上海、宁波区域 局部有韧性。生产方面，钢铁、石化等传统行业生产边际改善，但光伏、汽 车等生产指标未有明显提振。库存方面，建材、石化等行业库存底部震荡。 物价方面，分化趋势延续，工业品中，原油、钢铁价格小幅反弹。流动性方 面，月末资金面收紧，资金利率 ...

Investment Rating - The investment rating for the automotive industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The automotive industry is experiencing varied performance across different segments, with the new energy vehicle index showing resilience while traditional automotive parts are facing declines [7][9] - The retail sales of passenger vehicles in China have shown significant growth, with a year-on-year increase of 18% in March 2025 [14] - The EPS (Electric Power Steering) business of China Automotive Systems is growing rapidly, with a 29.9% increase in revenue, indicating a trend towards more intelligent driving components [15] Summary by Sections Automotive Industry Market Performance - In the past week, the automotive index fell by 1%, while the new energy vehicle index rose by 1% [8] - Over the past month, the automotive index decreased by 2%, and the new energy vehicle index fell by 1% [9] - Year-to-date, the automotive index has increased by 12%, with the new energy vehicle index up by 1% [9] Key Stocks in the Automotive Sector - Notable gainers in the past month include Meili Technology (up 90%), Xuelong Group (up 67%), and Xiangyang Bearing (up 57%) [11] - Significant decliners include Beite Technology (down 25%) and Xusheng Group (down 23%) [12] Sales Data - From March 1 to 23, 2025, retail sales of passenger vehicles reached 1.154 million units, a 18% increase year-on-year [14] - New energy vehicle retail sales during the same period reached 622,000 units, marking a 30% year-on-year growth [14] Strategic Developments - Zhiyuan Robotics held its first supplier conference, focusing on collaborative innovation in robotics [16] - BMW and Alibaba announced a strategic partnership to enhance AI capabilities in vehicles, with new models expected to feature this technology by 2026 [18] - NIO signed a strategic cooperation agreement to build 100 battery swap stations in Beijing [19] Investment Strategies - The report recommends investing in companies with strong capabilities in autonomous driving and domestic replacement components, such as XPeng Motors and Nastec [20] - Companies like BYD and Li Auto are highlighted as having potential for growth despite increasing barriers to overseas markets [20]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report indicates a high growth rate in pig iron production, with a week-on-week increase of 0.43% and a year-on-year increase of 7.22% [6][58]. - Social steel inventory has decreased by 3.04% week-on-week, with significant year-on-year declines of approximately 28% [6][61]. - The report highlights that the manufacturing steel demand remains strong, while the construction steel demand is impacted by a significant drop in new real estate projects [73]. Summary by Sections Market Performance - The Wind Steel Index fell by 3.01% last week, while individual stocks like Hangang Co. dropped by about 10% [10][12]. - Year-to-date performance shows a 6.10% increase for the steel sector [10]. Steel Prices - The Myspic steel price index increased by 0.52% last week, with rebar futures rising by 1.30% and hot-rolled futures by 0.69% [15][24]. Costs - The Platts index for iron ore rose by 2.75%, with iron ore futures increasing by 3.70% [33][34]. - Coke prices remained stable, while coke futures increased by 5.31% [43]. Profit Margins - The report notes a general decline in steel profit margins, with cold-rolled steel dropping by 65 CNY/ton and rebar by 37 CNY/ton [52]. - The profitability rate of 247 surveyed steel companies is approximately 53.68%, showing a slight increase from the previous week [56]. Supply - Daily pig iron production from 247 steel companies averaged 2.3728 million tons, reflecting a week-on-week increase of 0.43% [58][59]. Inventory - The report states that the total inventory of five major steel mills decreased by 2.94% week-on-week, with a significant year-on-year decline [61][62]. - Port inventory of imported iron ore increased by 0.44% week-on-week, totaling 14,979 million tons [69][70]. Export Challenges - The report discusses anti-dumping measures imposed by countries like Vietnam and India on Chinese steel products, which may negatively impact exports [72]. Production Data - In the first two months of 2025, crude steel production decreased by 1.5% year-on-year, while steel production overall increased by 4.7% [73].

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The computer industry is expected to continue accelerating its development due to favorable policies and technological advancements, particularly in AI [5] - The Shanghai government aims for the intelligent computing cloud industry to exceed 200 billion by 2027, with a focus on building a comprehensive ecosystem [5] - The State-owned Assets Supervision and Administration Commission emphasizes the acceleration of AI development in central enterprises, highlighting the importance of application leadership and data empowerment [5] Summary by Sections Industry Performance Review - From March 3 to March 28, 2025, the computer index fell from 6600 to 6235, a decrease of 5.53%, while the Shanghai Composite Index rose from 3321 to 3351, an increase of 0.92% [5] Policy Developments - The Shanghai Municipal Economic and Information Commission has set a target for the intelligent computing cloud industry to reach 200 billion by 2027, with a focus on building collaborative ecosystems and enhancing computing power [5] - The government encourages collaboration between leading enterprises in key sectors and intelligent computing cloud companies to reduce costs and implement over 100 industry-specific cases [5] Technological Advancements - DeepSeek V3 has completed a minor version upgrade, enhancing capabilities in reasoning, development, Chinese writing, and search [5][7][8] - The AI technology landscape remains stable, with ongoing improvements expected in the context of supportive policies and technological progress [5] Companies to Watch - Recommended companies for April include Kingsoft Office, Rainbow Soft Technology, Runze Technology, Rui Ming Technology, Tongxingbao, Newland, Saiyi Information, and Hongquan IoT [5]