Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to benefit from rapid growth in its healthcare business, leading to increased revenue and profitability [10] - The strategic partnership with Huawei is enhancing the company's AI capabilities in the healthcare sector, which is expected to drive future growth [6][10] - The company is focusing on expanding its AI product offerings and integrating them into various healthcare applications, which positions it well in the market [10] Financial Data and Forecasts - Revenue is projected to grow from 10,544 million yuan in 2023 to 17,520 million yuan in 2026, with year-on-year growth rates of 11.4%, 11.9%, 20.7%, and 23.1% respectively [5][11] - Net profit is expected to increase significantly from 74 million yuan in 2023 to 662 million yuan in 2026, with year-on-year growth rates of 121.6%, 13.0%, 408.1%, and 56.1% respectively [5][11] - The fully diluted EPS is forecasted to rise from 0.06 yuan in 2023 to 0.55 yuan in 2026 [5][11] - The gross margin is expected to improve from 24.2% in 2023 to 25.4% in 2026 [5][11] Business Segmentation - The company's revenue from the smart automotive connectivity segment is projected to grow from 3,915.96 million yuan in 2023 to 5,499.89 million yuan in 2026, with a gross margin of 15.34% in 2023 [11] - Revenue from the healthcare and social security segment is expected to increase from 2,571.40 million yuan in 2023 to 4,364.39 million yuan in 2026, with a gross margin of 35.55% in 2023 [11] - The smart city segment is forecasted to see revenue growth from 1,623.15 million yuan in 2023 to 2,279.68 million yuan in 2026, with a gross margin of 24.55% in 2023 [11] - Revenue from enterprise connectivity and other segments is anticipated to rise from 2,433.16 million yuan in 2023 to 5,376.50 million yuan in 2026, with a gross margin of 26.24% in 2023 [11]

市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -10.62 -0.44 -33.19 相对涨幅（%） -20.40 -26.33 -53.06 资料来源：海通证券研究所 收入增速修复，短期费用投放影响利润率 [Table_Summary] 投资要点： 风险提示：原材料价格上涨，新品推广不及预期，费用投放超预期。 [Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 蓝月亮集团（6993）公司研究报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 0[3Table_StockInfo 月 17 日收盘价 ] | 3.11 港元 | | --- | --- | | 52 周股价波动 | 1.73~4.44 港元 | | 总股本/流通港股 | 58.63 亿/58.63 亿 | | 总市值/流通市值 | 182 亿/182 亿港元 | | 相关研究 | | 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 202 ...

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业跟踪报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 全年维度看珠宝板块投资机会 市场表现 [Table_QuoteInfo] -14.88% -4.93% 5.01% 14.96% 24.90% 34.84% 2024/3 2024/6 2024/9 2024/12 商业贸易 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《生育补贴政策密集出台，看好母婴相关 | | --- | | 产业链》2025.03.16 | | 《由渠道驱动至品牌驱动，关注金饰消费 | | 心智升级红利》2025.02.23 | | 《海外美妆集团跟踪：全球业务恢复稳 | | 健，中国区竞争激烈》2025.02.16 | 分析师:李宏科 Tel:(021)23185683 Email:lhk11523@haitong.com 证书:S0850517040002 分析师:汪立亭 Tel:(021)23219399 Email:wanglt@haitong.com 证书: ...

[Table_MainInfo] 公司研究/商业贸易/百货 证券研究报告 股票数据 天虹股份（002419）公司年报点评 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | 03[Table_StockInfo 月 17日收盘价（元）] 5.19 | | --- | | 52 周股价波动（元） 3.93-6.60 | | 总股本/流通 A 股（百万股） 1169/1169 | | 总市值/流通市值（百万元） 6066/6065 | | 相关研究 | | [Table_ReportInfo] 《购百增长良好，稳步扩张门店调优》 | 2024.04.08 市场表现 [Table_QuoteInfo] -21.93% -10.93% 0.07% 11.07% 22.07% 33.07% 2024/3 2024/6 2024/9 2024/12 天虹股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -0.2 | 8.3 | -10.5 | | --- | --- | --- | --- | | 相对涨幅（%） | -1.9 | 3.4 | ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 宁德时代（300750）公司年报点评 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] | 256.00 | | --- | --- | | 52 周股价波动（元） | 166.80-301.50 | | 总股本/流通 A 股（百万股） | 4403/3903 | | 总市值/流通市值（百万元） | 1127269/999054 | | 相关研究 | | [Table_ReportInfo] 《宁德时代与 Stellantis 合建西班牙工厂，披 露 24 年特别分红方案》2024.12.11 《Q3 毛利率提升明显，加回减值后业绩亮眼》 2024.10.21 《动储龙头地位稳固，盈利能力稳中向好》 2024.07.31 市场表现 [Table_QuoteInfo] -13.07% 1.93% 16.93% 31.93% 46.93% 2024/3 2024/6 2024/9 2024/12 宁德时代 海通综 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to experience a decline in net profit in 2024 due to adjustments in low-efficiency businesses and increased market competition, with a projected net profit of 60-80 million yuan, a year-on-year decrease of 75.96%-81.97% [5][6] - The company is diversifying its product matrix from being a leader in household paper to a multi-faceted personal care leader, with a focus on brand building and enhancing profitability [5][6] - The company has a robust marketing network, expanding from a single distribution channel to five channels, including traditional distributors, large chain stores, commercial products, e-commerce, and new retail [5][6] Financial Data and Forecasts - The company's revenue is projected to be 8,865 million yuan in 2024, a year-on-year decrease of 9.6%, with a recovery expected in subsequent years [5][8] - Net profit is forecasted to be 71 million yuan in 2024, with a significant rebound to 298 million yuan in 2025 and 345 million yuan in 2026 [5][8] - The gross margin is expected to decline to 30.5% in 2024 but recover to 32.5% in 2025 and 32.8% in 2026 [5][8] Business Segment Performance - The revenue from the household paper segment is expected to decline by 9.8% in 2024, but is projected to grow by 13.4% and 10.2% in 2025 and 2026, respectively [7][8] - The personal care and other business segment is anticipated to grow by 5.0% in 2024, with further growth of 15.0% and 14.0% in 2025 and 2026, respectively [7][8] Valuation and Comparison - The company is valued at a PE ratio of 29 and 25 for 2025 and 2026, respectively, with a target valuation range of 6.91 to 7.14 yuan based on comparable companies [5][9] - The average PE ratio of comparable companies is 42.2, indicating potential upside for the company [9]

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 中办、国办印发《提振消费专项行动方案》 市场表现 [Table_QuoteInfo] -25.54% -16.93% -8.33% 0.28% 8.88% 17.48% 2024/2 2024/5 2024/8 2024/11 食品 海通综指 资料来源：海通证券研究所 相关研究 | 《2 月 CPI 同比-0.7%》 [Table_ReportInfo] | | --- | | 2025.03.10 | | 《2 月高端白酒批价平稳》 | | 2025.03.03 | | 《酒企停货控量，维护价格体系》 | | 2025.02.24 | 分析师:程碧升 Email:zyx11631@haitong.com 证书:S0850520050001 分析师:张嘉颖 Tel:(021)23185613 Emai ...

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2025 年 03 月 17 日 市场表现 [Table_QuoteInfo] -9.31% -0.07% 9.17% 18.42% 27.66% 36.90% 2024/3 2024/6 2024/9 2024/12 纺织与服装 海通综指 资料来源：海通证券研究所 相关研究 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_ReportInfo] 《Amer24Q4 业绩增长超预期，25 年持 续积极拓店》2025.03.03 《24Q4 奢侈品行业普遍环比回暖，1 月 台企出口整体表现稳定》2025.02.16 《1 月美国航空出行人数同比+1.7%，印 度箱包龙头库存清理仍持续》2025.02.09 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 联系人:钟启辉 Tel:( ...

[Table_MainInfo] 宏观研究 证券研究报告 宏观快报点评 2025 年 3 月 17 日 相关研究 [Table_ReportInfo] 《存款从"搬家"到"回家"：居民配臵 什么资产？——低利率下的资产配臵系 列八》2024.07.09 《存款从"搬家"到"回家"：——低利 率下的资产配臵系列八》2024.07.09 《越南经济现状和展望》2024.06.27 政策仍需接力 ——2025 年 1-2 月经济数据点评 [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] 2025 年 1-2 月，经济中各个方面均呈现稳中向好的态势，生产仍偏稳，需 求需提振。生产端增速仍保持较高水平，主要依靠出口导向型行业增长。消 费端服务消费表现亮眼、政策补贴效果仍突出，但消费分层的情况值得关注。 投资端各板块虽都在改善，但民企信心有待提振，地产投资、销售、开工、 价格等数据均仍同比负增，对经济仍有拖累。 整体来看，当前经济复苏仍依赖政策发力和外需支撑，内生动能如消费、民 间投资等仍有待改善，叠加当前部分行业产能过剩、地产链调整尚未结束， 要完 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 17 日 [Table_Title] 相关研究 [Table_ReportInfo] 《量价因子表现显著修复——量化选股 周报（2025.03.07- 2025.03.14）》 2025.03.15 本周大单因子表现优异，AI 增强组合本周 反弹明显 — — 高 频 选 股 因 子 周 报 （202500310-20250314） 《稳健型固收+产品 YTD 业绩中位数 0.09%——绝对收益产品及策略周报 （202502303-20250307）》2025.03.11 《下周 A 股或继续呈现震荡走势——量 化择时和拥挤度预警周报（20250311）》 2025.03.11 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:余浩淼 Tel:(021)23185650 Email:yhm9591@haitong.com 证书:S0850516050004 [Table_Summary] 投资要点： 请务必阅读正文之 ...