[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 奥赛康（002755）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 04[Table_StockInfo 月 01 日收盘价（元）] | 19.73 | | --- | --- | | 52 周股价波动（元） | 8.33-19.80 | | 总股本/流通 A 股（百万股） | 928/928 | | 总市值/流通市值（百万元） | 18313/18312 | | 市场表现 | | [Table_QuoteInfo] -18.14% 2.86% 23.86% 44.86% 65.86% 2024/4 2024/7 2024/10 2025/1 奥赛康 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 37.5 | 43.1 | 55.2 | | 相对涨幅（%） | 37.6 | 41.2 | 56.4 | | 资料来源：海通证券研究所 | | | | 奥赛康是 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report emphasizes the continuous improvement in profitability, with a focus on enhancing computing power and AI self-research capabilities [6][8] - The company is expected to maintain good growth in revenue and profit from 2025 to 2027, with projected revenues of 544.81 billion, 565.59 billion, and 586.65 billion respectively [8][10] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 523.57 billion, a year-on-year increase of 3.1%, and a net profit of 33.01 billion, up 8.4% year-on-year [8] - The gross margin is expected to be 28.66%, with a net margin of 6.3% [8] - The return on equity (ROE) is forecasted to be 7.3% for 2024, reflecting a 0.4 percentage point increase year-on-year [8] Revenue Breakdown - Service revenue is projected to be 482.03 billion in 2024, with a growth rate of 3.67% [10] - The company’s cloud revenue is expected to reach 113.9 billion, a year-on-year increase of 17.1% [8] - The average revenue per user (ARPU) for mobile services is forecasted to be 45.6 yuan, showing stable growth [8] Capital Expenditure and Investment - The capital expenditure for 2024 is estimated at 93.51 billion, a decrease of 5.39% year-on-year, with a focus on computing power investments [8] - The company plans to invest 83.6 billion in 2025, which is a 10.6% decrease from the previous year [8] Dividend and Cash Flow - The company plans to distribute a dividend of 0.2598 yuan per share in 2024, representing a year-on-year increase of 11.4% and a payout ratio of 72% [8] - Free cash flow for 2024 is projected to be 22.2 billion, reflecting a significant increase of 70.7% year-on-year [8]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The report highlights that the company's performance in 2024 is expected to be robust, driven by product structure optimization and growth in exports [7]. - The company achieved a revenue of 202.2 billion yuan in 2024, representing a year-on-year increase of 16.7%, with a net profit of 12.7 billion yuan, up 80.8% year-on-year [7]. - The report emphasizes the company's strong sales performance, with a total of 1.235 million vehicles delivered in 2024, a slight increase of 0.4% year-on-year [7]. - The company is focusing on international expansion, achieving record-high export sales of 454,000 vehicles in 2024, a 44.6% increase year-on-year [7]. - Continuous investment in smart technology is noted, with R&D spending exceeding 10 billion yuan for three consecutive years, enhancing product offerings and driving sales growth [7]. Financial Data and Forecast - The company’s projected revenues for 2025, 2026, and 2027 are approximately 239.5 billion yuan, 268.9 billion yuan, and 293.8 billion yuan, respectively [6][10]. - The estimated net profits for the same years are around 16 billion yuan, 17.7 billion yuan, and 20.1 billion yuan, respectively [6][10]. - The report forecasts an EPS of 1.86 yuan for 2025, increasing to 2.34 yuan by 2027 [6][10]. - The gross margin is expected to improve slightly, reaching 20.0% by 2026 and maintaining that level through 2027 [6][10].

Investment Rating - The report assigns an "Outperform" rating to the company [2]. Core Viewpoints - The overall operations of the company are expected to stabilize and recover, driven by favorable consumption policies and inventory reduction [9]. - The company is a leading player in the domestic mid-to-high-end home textile market, maintaining the top market share for 19 consecutive years [9]. - The company has a strong focus on e-commerce and direct sales, which are growing faster than franchise channels [9]. - The home textile industry is expected to grow steadily, with a potential recovery in the U.S. housing market in 2025-2026 [9]. - The company has set ambitious growth targets for revenue and net profit for the next three years, reflecting long-term confidence [9]. Summary by Sections 1. Domestic Mid-to-High-End Home Textile Leader - The company has been the market leader in home textiles for 19 years, with a focus on high-end European-style bedding products [13]. - The company has expanded its product range to include high-end home furnishings and has established a presence in the U.S. market through its subsidiary, LEXINGTON [9][13]. 2. E-commerce/Direct Sales Growth - From 2019 to 2023, the CAGR for e-commerce, direct sales, and franchise channels was +9.4%, +2.2%, and -1.0%, respectively [21]. - The gross margin for the e-commerce channel increased significantly, indicating effective operational strategies [21]. 3. Steady Growth in Mature Home Textile Industry - The home textile industry is projected to grow at a CAGR of 2.1% from 2023 to 2028, with increasing consumer demand for health and comfort features [31]. - The U.S. subsidiary's performance is closely tied to the housing market, which is expected to recover in the coming years [32]. 4. Investment Recommendations - The report suggests that leading companies in the home textile industry will benefit from increasing market concentration [36]. - The company has consistently invested in R&D, focusing on product innovation and quality [36]. 5. Profit Forecast and Valuation - The company is expected to achieve net profits of 402 million, 452 million, and 491 million yuan in 2024, 2025, and 2026, respectively [50]. - The estimated reasonable value range for the stock is between 7.05 and 8.13 yuan per share based on a PE ratio of 13-15X for 2025 [50].

捷昌驱动（603583）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 04[Table_StockInfo 月 01 日收盘价（元）] | 40.09 | | --- | --- | | 52 周股价波动（元） | 14.66-52.88 | | 总股本/流通 A 股（百万股） | 383/382 | | 总市值/流通市值（百万元） | 15373/15324 | 市场表现 [Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 [Table_QuoteInfo] -18.29% 22.71% 63.71% 104.71% 145.71% 2024/4 2024/7 2024/10 2025/1 捷昌驱动 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 3.9 | 49.0 | 62.2 | | --- | --- | --- | --- | | 相对涨幅（%） | 3.9 | 47.1 | 63.4 | | 资料来源：海通证券研究所 | | | | 分析师:徐柏乔 Tel:(0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a total revenue of 6.07 billion yuan in 2024, representing a year-on-year increase of 1.5%. However, the net profit attributable to the parent company was 55.81 million yuan, a significant decline of 87.7% [6]. - The board proposed a final and special dividend totaling 0.04 HKD per share, with a payout ratio of approximately 92.5% of the net profit, and plans to maintain a payout ratio of no less than 40% in the future [6]. - The revenue structure shows that the main brands contributed significantly to the total revenue, with Taier, Song Hotpot, and Jiumaojiu accounting for 72.7%, 14.7%, and 9.0% respectively [6]. - The company is optimistic about its brand incubation capabilities and supply chain advantages, expecting a turnaround in profitability as it optimizes its restaurant brand mix [8]. Financial Performance Summary - In 2024, the company had a total revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit was 55.81 million yuan, down 87.7% from the previous year [10]. - The operating profit margin at the restaurant level was 12.6%, a decrease of 5.4 percentage points year-on-year, while the core operating profit margin was 4.2%, down 6.4 percentage points [6]. - The company anticipates revenues of 6.92 billion yuan, 7.97 billion yuan, and 9.15 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 15.1%, and 14.7% [8][10]. Brand and Restaurant Performance - The total number of restaurants under the company reached 807 in 2024, with a net increase of 81 restaurants year-on-year. Taier and Song Hotpot continued to expand, while Jiumaojiu saw a slight decrease in the number of restaurants [7]. - The average customer spending for Taier, Jiumaojiu, and Song Hotpot decreased by 5.3%, 5.2%, and 8.8% respectively, indicating pressure on both volume and pricing [7]. Cost Structure and Profitability - The cost of raw materials and consumables increased by 0.9% to 2.16 billion yuan, accounting for 35.6% of total revenue [8]. - Employee costs rose by 13.1% to 1.75 billion yuan, representing 28.8% of total revenue, primarily due to a comprehensive salary increase in the second half of 2023 [8]. - Rent expenses increased by 16.5% to 1 billion yuan, accounting for 16.5% of total revenue, driven by an increase in the number of restaurants [8].

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 猪价持续震荡，关注生猪养殖板块 市场表现 [Table_QuoteInfo] -16.81% -8.23% 0.35% 8.93% 17.51% 26.09% 2024/1 2024/4 2024/7 2024/10 农业 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《目标坚定，路径清晰，高增高质发展》 | | --- | | 2025.03.24 | | 《猪价僵持局面或将打破，水产、白鸡价 | | 格持续上涨》2025.03.24 | | 《持续推进高质量发展，精进成长领航》 | | 2025.03.21 | 分析师:冯鹤 Tel: (021)23183993 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:gj15051@haitong.com 证书:S0850522110002 联系人:蔡 ...

Group 1: Fixed Income Plus Product Performance Tracking - As of March 28, 2025, there are 1,162 fixed income plus funds in the market, with a total scale of 15,703.02 billion [3][7][8] - The median performance of various fund types for the week of March 24-28, 2025, is as follows: mixed bond type I fund 0.13%, mixed bond type II fund 0.10%, partially bond mixed fund 0.11%, flexible allocation fund 0.12%, bond type FOF fund 0.09%, and mixed type FOF fund 0.10% [12][14] - The performance median for conservative, stable, and aggressive funds during the same period is 0.12%, 0.11%, and 0.11% respectively [12][14] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q2 2025 indicates inflation, with the March returns for the CSI 300 Index, China Government Bond Total Wealth Index, and Shanghai Gold Exchange AU9999 contract being 0.65%, -0.53%, and 7.14% respectively [3][4] - Recommended industry ETFs for March 2025 include: Southern CSI Nonferrous Metals ETF (512400.SH), Guotai CSI All-Share Securities Company ETF (512880.SH), Guotai CSI Coal ETF (515220.SH), E Fund CSI Petrochemical Industry ETF (516570.SH), and Guotai CSI All-Share Communication Equipment ETF (515880.SH) [3][4] Group 3: Absolute Return Strategy Performance Tracking - The macro timing-based stock-bond 20/80 rebalancing strategy yielded a weekly return of 0.19% with a cumulative return of -1.15% for 2025 [3][4] - The macro timing-based stock-bond risk parity strategy achieved a weekly return of 0.23% and a cumulative return of -0.87% for 2025 [3][4] - The macro timing and industry ETF rotation-based stock-bond 20/80 rebalancing strategy had a weekly return of -0.02% and a cumulative return of -0.79% for 2025 [3][4]

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 汉朔科技（301275）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 69.15 | | --- | --- | | 52 周股价波动（元） | 66.11-86.96 | | 总股本/流通 A 股（百万股） | 422/32 | | 总市值/流通市值（百万元） | 29209/2196 | 市场表现 [Table_QuoteInfo] -8.40% -0.40% 7.60% 15.60% 23.60% 2024/4 2024/7 2024/10 2025/1 汉朔科技 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | - | - | - | | --- | --- | --- | --- | | 相对涨幅（%） | - | - | - | | 资料来源：海通证券研究所 | | | | 分析师:杨林 Tel:(021)23183969 Tel:(021) ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][20] Core Views - The company reported a revenue of 13.716 billion yuan in 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [5][6] - The company's profitability is under pressure primarily due to macroeconomic factors and a sluggish liquid market, with a gross margin of 20.85% and a net margin of 7.23% in 2024 [6][12] - The gas sales revenue was 8.1 billion yuan, down 1.15% year-on-year, while the revenue from air separation equipment increased by 6.77% to 4.525 billion yuan [6][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [5][6] - The company expects a recovery in gas sales and profitability in the coming years, with projected revenues of 16.04 billion yuan in 2025 and 17.49 billion yuan in 2026 [8][23] Business Segments - The gas business continues to expand, with six new gas investment projects signed in 2024, increasing the total oxygen production capacity to 3.5 million Nm³/h [7][12] - The equipment business is accelerating its internationalization, with a record high order amount of 5.512 billion yuan for air separation equipment in 2024 [7][19] Market Outlook - The company is positioned as a leader in the industrial gas sector, with a strong cash flow and the ability to penetrate various downstream industries [20][22] - The projected earnings per share (EPS) for 2025 is 1.06 yuan, with a reasonable valuation range of 25.50 to 27.63 yuan per share based on a PE ratio of 24-26 times [10][20]