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]

金融工程周报 2025 年 3 月 30 日 [Table_Title] 相关研究 [Table_ReportInfo] 《小市值因子回撤，其余常见选股因子普 遍收益为正（2025.03.21- 2025.03.28）》 2025.03.29 《上周保守型固收+产品业绩中位数 0.04%——绝对收益产品及策略周报 （20250317-20250321）》2025.03.26 《大额买入与资金流向跟踪 （20250317-20250321）》2025.03.24 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 [Table_MainInfo] 金融工程研究 证券研究报告 分析师:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com 证书:S0850524010001 下周出现小幅度反弹的概率较高——量化 择时和拥挤度预警周报（20250330） [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 上周（202 ...

[Table_MainInfo] 总量研究 证券研究报告 总量专题报告 2025 年 03 月 30 日 [Table_Title] 相关研究 [Table_ReportInfo] 《打造资本市场高质量发展新局面—— 海通总量前瞻 25 年"两会"系列 5》 2025.03.02 《我国生育率低的现状、危害和政策建议 ——海通总量前瞻 25 年"两会"系列 4》 2025.02.28 《消费政策：或加码扩围——海通总量前 瞻 25 年"两会"系列 3》2025.02.28 首席经济学家 [Table_AuthorInfo] :荀玉根 Tel:(021)23185715 Email:xyg6052@haitong.com 证书:S0850511040006 分析师:吴信坤 Tel:021-23154147 Email:wxk12750@haitong.com 证书:S0850521070001 分析师:陈菲 Tel:(021)23187260 Email:cf15315@haitong.com 证书:S0850525030003 重估中国资产的现实基础：类比 20 年前 [Table_Summary] 投资要点 ...

[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 分析师:梁中华 Tel:(021)23219820 Email:lzh13508@haitong.com 证书:S0850520120001 分析师:王宇晴 Tel:(021)23185641 Email:wyq14704@haitong.com 证书:S0850524070005 分析师:贺媛 Tel:(021)23185639 Email:hy15210@haitong.com 证书:S0850525030002 美国核心通胀抬升 ——海外经济政策跟踪 全球大类资产表现。上周（2025.3.22-2025.3.28），全球大类资产价格中， 主要经济体股市大多下跌。其中，日经 225 下跌 1.5%，标普 500 下降 1.5%， 恒生指数下跌 1.1%；伦敦金现上涨 2.0%，IPE 布油期货上涨 1.8%，南华 商品指数上涨 1.2%，COMEX 铜上涨 0.1%；10 年期美债收益率较前一周 回升 2BP 至 4.27%，国内 10Y 国债期货价格上升 0.4%；美元指数较前一 周下降 0.1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is recognized as a leading player in the concentrated apple juice market, with a history of improving profitability [7] - Significant revenue growth is noted, with a year-on-year increase of 61.85% in 2024, driven by higher sales volumes of concentrated juice [7] - The company is expanding its production capacity and actively seeking market share through strategic investments and acquisitions [8] Financial Performance and Forecast - Revenue projections for 2023 to 2027 are as follows: 876 million in 2023, 1418 million in 2024, 1482 million in 2025, 1550 million in 2026, and 1550 million in 2027, with a notable 61.9% year-on-year growth in 2024 [6][9] - Net profit is expected to grow from 256 million in 2023 to 283 million in 2027, with a year-on-year increase of 2.0% in 2024 [6][9] - The company’s EPS is projected to rise from 0.75 in 2023 to 0.83 in 2027 [6][9] Market Performance - The company’s stock has shown a relative performance improvement, with absolute growth rates of 13.3%, 23.5%, and 28.9% over the last three months [4] - The company achieved a revenue of 1.006 billion from exports in 2024, reflecting an 84.09% year-on-year increase, while domestic sales reached 406 million, up 26.01% [7] Strategic Initiatives - The company is focusing on enhancing management efficiency and expanding its product line to include various juice products, thereby increasing customer loyalty and market presence [8] - The company is also addressing challenges such as rising international shipping costs and tariffs by optimizing internal management and production processes [7][8]