Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Insights - The company is expected to maintain a strong performance with a projected revenue of 362 billion yuan in 2024, a year-on-year decrease of 9.7%, but a net profit of 50.7 billion yuan, reflecting a year-on-year increase of 15% [6]. - The company has a dominant market share in both power batteries and energy storage, with a global market share of 37.9% and 36.5% respectively, maintaining its leading position for eight and four consecutive years [6][7]. - The company plans to increase its production capacity and introduce new products, which is expected to enhance its revenue and profitability in the coming years [6][7]. Financial Data and Forecast - Revenue and profit forecasts indicate a recovery with expected revenues of 430 billion yuan in 2025, 502 billion yuan in 2026, and 582 billion yuan in 2027, with corresponding net profits of 64.5 billion yuan, 77.9 billion yuan, and 93.2 billion yuan respectively [5][6]. - The gross margin is projected to improve from 24.4% in 2024 to 26.2% in 2027, indicating a stable increase in profitability [5][6]. - The company’s earnings per share (EPS) are expected to rise from 11.52 yuan in 2024 to 21.18 yuan in 2027 [5][6]. Market Performance - The stock price closed at 256 yuan on March 17, 2025, with a 52-week price range of 166.8 to 301.5 yuan [2]. - The company’s stock has shown a relative performance decline of 6.2% over the past month, while the overall market index has also experienced fluctuations [3][4]. Product Segmentation and Profitability - The power battery system is expected to generate revenue of 291.3 billion yuan in 2025, with a gross margin of 24.39% [9]. - The energy storage system is projected to achieve revenue of 82.3 billion yuan in 2025, with a gross margin of 27.27% [9]. - The company anticipates a significant increase in the proportion of new products in its sales mix, particularly the Shenxing and Kirin batteries, which are expected to rise from 30-40% to 60-70% of total shipments by 2025 [6][7].

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 ...

Investment Rating - The report indicates a stable outlook for the economy, with a focus on policy support and external demand as key drivers for growth [2][3]. Core Insights - The overall economic recovery is still reliant on policy measures and external demand, with internal dynamics such as consumer spending and private investment needing improvement [3][4]. - The production sector shows steady performance, with industrial value-added growth at 5.9% year-on-year for January-February 2025, slightly lower than December 2024's 6.2% [8][10]. - Consumer spending is recovering, with retail sales growth of 4.0% year-on-year in January-February 2025, up from 3.7% in December 2024 [17][21]. - Investment is showing marginal improvement, with fixed asset investment growth at 4.1% year-on-year for January-February 2025, compared to 3.2% for the entire previous year [24][25]. Summary by Sections 1. Production: Steady Performance - Industrial value-added growth for January-February 2025 is 5.9%, with a month-on-month increase of 0.51% in February [8][10]. - Export-oriented sectors like transportation equipment and automotive show the highest growth rates, while real estate-related sectors remain subdued due to slow downstream demand [10][12]. 2. Consumption: Bright Performance in Services - Social retail sales grew by 4.0% year-on-year in January-February 2025, higher than December 2024's 3.7% [17][21]. - Service retail sales increased by 4.9%, although this is a decline from December's 6.2% [17][21]. - Online consumption shows a significant recovery, with a year-on-year growth of 5.7% in January-February 2025, compared to 1.5% in December 2024 [21][22]. 3. Investment: Marginal Improvement - Fixed asset investment growth is at 4.1% year-on-year for January-February 2025, an increase from 3.2% in the previous year [24][25]. - Real estate investment shows a year-on-year decline of 9.8%, while manufacturing and broad infrastructure investments grow at 9.0% and 10.0%, respectively [25][26]. - The improvement in broad infrastructure investment is primarily driven by high growth in electricity and heat supply investments, which increased by 25.4% [26][27].

[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] 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 ...

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2025 年 03 月 17 日 | 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:蔡子慕 | | Tel:(021)23183965 | | Email:czm15689@haitong.com | [Table_InvestInfo] 投资评级 优于大市 维持 [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 宠物消费持续扩容，推荐宠物食品板块 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 | [ ...

Group 1 - The report indicates a net inflow of funds amounting to 17.5 billion yuan last week, a significant recovery from the previous week's outflow of 12 billion yuan [2][5]. - The increase in financing balance was 18.2 billion yuan, compared to 12.1 billion yuan in the prior week, indicating a growing interest in leveraged investments [5]. - The estimated net inflow from northbound funds was 5.7 billion yuan, reversing the previous week's net outflow of 0.3 billion yuan [14]. Group 2 - The weekly turnover rate was recorded at 441%, placing it in the 79th percentile historically since 2015, while the financing transaction ratio was 9.90%, in the 76th percentile [6][37]. - The risk premium rate stood at 3.37%, in the 23rd percentile historically, suggesting a relatively low risk appetite among investors [6][40]. - The issuance of equity funds reached 10.2 billion yuan last week, while the total issuance for the year to date is 96.7 billion yuan [17]. Group 3 - The IPO financing scale was 2.1 billion yuan last week, up from 1.7 billion yuan the previous week, indicating a slight increase in new capital entering the market [23]. - The net reduction in industrial capital was 3.2 billion yuan, a significant decrease from the previous week's 10.4 billion yuan, suggesting a potential stabilization in capital outflows [26]. - Transaction fees, including commissions and stamp duties, totaled 8.2 billion yuan, slightly down from 8.3 billion yuan the week before [29]. Group 4 - The report highlights that the stock fund positions were at 88.6%, a slight decrease from 88.8% the previous week, indicating a cautious approach among fund managers [45]. - Mixed fund positions were recorded at 68.3%, down from 68.7%, reflecting a similar trend of reduced exposure [45]. - The report notes that the overall market sentiment remains cautious, with various indicators suggesting a mixed outlook for future investments [37][40].

证券研究报告 （优于大市，维持） 海通通信一周谈：CRU发布数据中心光纤光缆需求预测， 四部门联合印发《人工智能生成合成内容标识办法》 余伟民（通信行业分析师） SAC号码：S0850517090006 于一铭（通信行业分析师） SAC号码：S0850523060002 2025年3月17日 投资思路：业绩超预期&国产算力等核心方向 请务必阅读正文之后的信息披露和法律声明 2 3月组合：翱捷科技、中国电信、中国联通、科华数据、网宿科技、移远通信、广和通、博创科技、华工科技、烽 火通信等。 建议关注： 1、端侧：翱捷科技/移远通信/广和通/美格智能/中兴通讯等。 2、ASIC：翱捷科技/盛科通信/中兴通讯/寒武纪等。 3、IDC/液冷：世纪互联/万国数据/网宿科技/润泽科技/光环新网/英维克/申菱环境等。 4、网络侧：中兴通讯/锐捷网络/紫光股份/烽火通信/菲菱科思等。 5、高速铜缆：新易盛/博创科技/瑞可达/兆龙互连/汇绿生态/沃尔核材等。 6、光模块：中际旭创/新易盛/光迅科技/华工科技/汇绿生态/联特科技/德科立/剑桥科技等。 7、CPO/硅光：太辰光/天孚通信/仕佳光子/博创科技/源杰科技/光库科技/长 ...

Investment Rating - The report maintains an "Outperform" rating for the company Newland (000997) with a projected dynamic PE of 25-30 times for 2025, indicating a reasonable value range of 34.75-41.70 CNY [6][33] Core Insights - The report highlights the strong growth potential in the spandex industry driven by rising demand from leisure and sportswear, predicting a supply gap of 32,500 tons on average from 2025 to 2027 [5][23] - The report emphasizes the upward trend in the photovoltaic industry, supported by recent price increases in distributed components and favorable government policies aimed at optimizing energy structure [5][26] Summary by Sections Macro Analysis - The macroeconomic analysis indicates a rebalancing of leverage structures, with government financing increasing while corporate financing remains low, reflecting a broader trend of macro leverage adjustment [4][18] Industry and Theme Highlights - In the chemical sector, spandex demand is expected to grow significantly, with a projected average supply gap of 32,500 tons from 2025 to 2027, driven by a compound annual growth rate (CAGR) of 12.26% in the sportswear segment [5][23] - The renewable energy sector is witnessing a price increase in distributed components, indicating a robust market performance and a positive outlook for the photovoltaic industry [5][26] Key Stocks and Other Commentary - Newland is noted for its comprehensive embrace of AI applications, enhancing merchant operations and smart terminals, with projected revenues of 8.273 billion CNY in 2024, growing to 10.038 billion CNY by 2026 [6][33] - The report suggests that the spandex industry will benefit from the increasing demand for leisure and sportswear, with significant growth expected in the coming years [5][22]