Investment Rating - The investment rating for the company is "Outperform the Market" [2][4]. Core Views - The company reported a revenue of 4.672 billion yuan for 2024, representing a year-on-year growth of 19.6%. The net profit attributable to the parent company was 698 million yuan, reflecting a growth of 25% [3][4]. - The company is focusing on sustainable development and is actively adapting to industry trends, which has led to significant revenue growth in the first half of 2024 [4]. - The acquisition of land for production capacity optimization is a strategic move to enhance manufacturing capabilities and reduce costs [4]. - The company is expanding its global footprint, with ongoing projects in Vietnam and other regions, which supports its internationalization strategy [4]. - Profit forecasts for 2024-2026 indicate a net profit of 6.98 billion yuan in 2024, 7.97 billion yuan in 2025, and 9.40 billion yuan in 2026, with a target price range of 13.64 to 17.05 yuan for 2025 [4]. Financial Data and Forecasts - Key financial data for the company includes: - Revenue: 3.907 billion yuan in 2023, projected to grow to 4.672 billion yuan in 2024, 5.289 billion yuan in 2025, and 6.129 billion yuan in 2026 [3][8]. - Net Profit: 558 million yuan in 2023, expected to rise to 698 million yuan in 2024, 797 million yuan in 2025, and 940 million yuan in 2026 [3][8]. - EPS: Expected to increase from 0.48 yuan in 2023 to 0.60 yuan in 2024, 0.68 yuan in 2025, and 0.80 yuan in 2026 [3][8]. - Gross Margin: Projected to improve from 40.9% in 2023 to 42.5% in 2026 [3][8]. - Return on Equity: Expected to rise from 12.8% in 2023 to 19.8% in 2026 [3][8].

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 2025 年 03 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 轨交行业重点公司信息： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] Email:oyty16226@haitong,com 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《财政政策持续加码；持续关注工程机 | | --- | | 械、人形机器人板块》2025.03.10 | | 《Figure 机器人进厂分拣物流快递；固态 | | 电池产业化持续推进》2025.03.02 | 分析师:赵玥炜 Tel:(021)23219814 Email:zyw13208@haitong.com 证书:S0850520070002 联系人:欧阳天奕 Tel:(021)23183327 轨交设备：2025 年 1-2 月全国铁路固定资 产投资同比+5.1%；春节客货运需求保持 高景气 [Table_Summary] 投资要点： 铁路投资：202 ...

股票数据 | 03[Table_StockInfo 月 11 日收盘价（元）] | 24.39 | | --- | --- | | 52 周股价波动（元） | 16.42-27.01 | | 总股本/流通 A 股（百万股） | 381/381 | | 总市值/流通市值（百万元） | 9299/9299 | | 市场表现 | | [Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 思维列控（603508）公司跟踪报告 2025 年 03 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -26.81% -13.81% -0.81% 12.19% 25.19% 2024/3 2024/6 2024/9 2024/12 思维列控 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 1.2 | 12.5 | 6.9 | | 相对涨幅（%） | -0.3 | 6.9 | 8.1 | | 资料来源：海通证券研究所 | | | | | 分析 ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 [Table_MainInfo] 公司研究/食品 证券研究报告 东鹏特饮（605499）公司年报点评 2025 年 03 月 12 日 | 03[Table_StockInfo 月 11 日收盘价（元）] | 226.99 | | --- | --- | | 52 周股价波动（元） | 176.00-298.06 | | 总股本/流通 A 股（百万股） | 520/520 | | 总市值/流通市值（百万元） | 118038/118038 | 相关研究 [Table_ReportInfo] 《单四季度营收利润继续快速成长，现金回款 过 200 亿体现强大旺盛需求》2025.01.22 《单三季度继续加速，补水啦季度突破 7 亿》 2024.10.31 《东鹏特饮百亿后加速成长，补水啦第二曲线 势能充沛》2024.09.03 市场表现 [Table_QuoteInfo] -28.58% -3.58% 21.42% 46.42% 71.42% 96.42% 2024/3 2024/6 2024/9 2024/12 东鹏饮料 海通综指 沪深 ...

资料来源：潍柴动力官网，海通证券研究所 2 证券研究报告 （优于大市，维持） 请务必阅读正文之后的信息披露和法律声明 AIDC柴发：厚积薄发，国产加速 2025年3月12日 • AI推动柴油发电机行业发展。随着 AI的高速发展，数据中心（AIDC） 作为重要的AI基建，其建设数据也 较快。考虑到对使用时间、可考虑 的综合需求，我们认为柴油发电机 （以下简称AIDC柴发）仍将是数 据中心最核心的备用电源。 刘一鸣（汽车行业首席分析师） 张觉尹（汽车行业分析师） SAC号码：S0850522120003 SAC号码：S0850523020001 张予名（联系人） 潘若婵（联系人） 大马力发动机市场还在继续成长。根据潍柴动力2023年中报，高端大马力发动 机在数据中心、矿用应急电源、矿卡等高端市场，配套量节节攀升，成为企业新 的增长点。 根据中国信通院统计，截至2024年年中，我国在用数据中心机架规模达830万架， 总算力规模达246EFLOPS（FP32），2021-2023年的三年复合增长率约30%。 图：我国数据中心机架规模（万架） 资料来源：中国信通院，海通证券研究所 3 请务必阅读正文之后的信息披露和法律 ...

[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 03 月 12 日 | | | | 名称 | 日涨跌% | 周涨跌% | 年涨跌% | | --- | --- | --- | --- | | 海通风格指数 | | | | | 大盘 100 | 0.34 | 0.76 | -4.71 | | 小盘 200 | 0.45 | 3.57 | 10.70 | | 表现最好前五行业 | | | | | 食品指数 | 2.04 | 4.86 | 0.40 | | 农业指数 | 1.67 | 1.52 | 0.95 | | 钢铁指数 | 1.44 | 2.10 | 9.02 | | 旅游服务 | 1.33 | 2.25 | -4.18 | | 纺织服装 | 1.25 | 2.81 | 3.28 | | 表现最差前五行业 | | | | | 汽车汽配 | -0.37 | 1.48 | 6.50 | | 信息设备 | -0.08 | 2.25 | 7.82 | | 房地产 | 0.08 | 0.52 | -0.31 | | 交通运输 | 0.13 | -0.11 | -6.06 | ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 03 月 12 日 [Table_Title] 相关研究 [Table_ReportInfo] 《均衡组合维持优势——风格 Smart beta 组合跟踪周报 （2025.03.03-2025.03.07）》2025.03.11 《大额买入与资金流向跟踪 （20250303-20250307）》2025.03.11 《本周高频因子表现反弹，AI 增强组合有 所回撤——高频选股因子周报 （202500303-20250307）》2025.03.08 分析师:郑雅斌 证书:S0850524010001 联系人:付欣郁 Tel:02123183940 Email:fxy15672@haitong.com 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 （20250303-20250307） 投资要点： Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 ...

Quantitative Factors and Their Construction 1. Factor Name: Small-Cap Factor - **Construction Idea**: The small-cap factor measures the performance of stocks with smaller market capitalization, which historically tend to outperform larger-cap stocks under certain market conditions [17][18] - **Construction Process**: The factor's crowding level is calculated using four indicators: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. These indicators are combined into a composite score to assess the degree of crowding [18] - **Evaluation**: The small-cap factor showed a positive crowding level, indicating relatively strong performance and lower risk of factor failure [19] 2. Factor Name: Low-Valuation Factor - **Construction Idea**: This factor identifies stocks with lower valuation metrics, such as price-to-earnings or price-to-book ratios, which are expected to generate higher returns over time [17][18] - **Construction Process**: Similar to the small-cap factor, the low-valuation factor's crowding level is assessed using the same four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The low-valuation factor exhibited a slightly negative crowding level, suggesting moderate underperformance or potential risks of factor inefficiency [19] 3. Factor Name: High-Profitability Factor - **Construction Idea**: This factor targets stocks with strong profitability metrics, such as high return on equity (ROE) or net profit margins, which are often associated with stable and superior returns [17][18] - **Construction Process**: The factor's crowding level is calculated using the same methodology as the small-cap and low-valuation factors, combining the four indicators into a composite score [18] - **Evaluation**: The high-profitability factor showed a negative crowding level, indicating potential underperformance or risks of factor inefficiency [19] 4. Factor Name: High-Growth Factor - **Construction Idea**: This factor focuses on stocks with high growth rates in earnings or revenues, which are expected to deliver higher returns in growth-oriented market environments [17][18] - **Construction Process**: The high-growth factor's crowding level is also derived from the four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The high-growth factor exhibited the most negative crowding level among the factors analyzed, indicating significant underperformance and a higher risk of factor failure [19] --- Backtesting Results of Factors 1. Small-Cap Factor - **Valuation Spread**: 1.74 [19] - **Pairwise Correlation**: -0.32 [19] - **Market Volatility**: -0.38 [19] - **Return Reversal**: 1.43 [19] - **Composite Score**: 0.62 [19] 2. Low-Valuation Factor - **Valuation Spread**: -0.33 [19] - **Pairwise Correlation**: 0.05 [19] - **Market Volatility**: 0.15 [19] - **Return Reversal**: -0.29 [19] - **Composite Score**: -0.10 [19] 3. High-Profitability Factor - **Valuation Spread**: -1.23 [19] - **Pairwise Correlation**: -0.05 [19] - **Market Volatility**: 0.28 [19] - **Return Reversal**: -0.44 [19] - **Composite Score**: -0.36 [19] 4. High-Growth Factor - **Valuation Spread**: -2.04 [19] - **Pairwise Correlation**: 0.08 [19] - **Market Volatility**: -0.65 [19] - **Return Reversal**: -1.02 [19] - **Composite Score**: -0.91 [19]

[Table_MainInfo] 公司研究/信息服务 证券研究报告 奥飞数据（300738）公司研究报告 2025 年 03 月 11 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 [Table_Summary] 投资要点： 主要财务数据及预测 股票数据 | 03[Table_StockInfo 月 10 日收盘价（元）] | 24.36 | | --- | --- | | 52 周股价波动（元） | 8.48-26.87 | | 总股本/流通 A 股（百万股） | 978/977 | | 总市值/流通市值（百万元） | 23813/23806 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -26.17% 8.83% 43.83% 78.83% 113.83% 148.83% 2024/3 2024/6 2024/9 2024/12 奥飞数据 海通综指 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 55.9 106.3 77.7 | 绝对涨幅（%） | 55.9 | 106.3 | 77.7 | | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3]. Core Insights - The company has established itself as a leader in the high-end gold jewelry market, focusing on traditional craftsmanship and setting industry standards. It has shown significant growth, with a projected net profit of 1.4 to 1.5 billion yuan in 2024, representing a year-on-year increase of 236% to 260% [6][21]. Summary by Sections Company Overview - The company, known as "Old Puh Gold," has evolved from focusing on traditional gold jewelry to becoming a trendsetter in the industry. It launched its first store in 2009 and has since expanded its presence in high-end shopping centers, achieving a market penetration of 80% in China's top ten luxury malls [6][21]. Barriers to Entry - The company has established strong barriers through its unique design capabilities, effective incentive mechanisms, high-quality products, and robust distribution channels. Its average monthly salary for sales personnel increased from 28,700 yuan in 2021 to 38,200 yuan in 2023, reflecting a CAGR of 16% [8][37]. The self-built factory in Yueyang has significantly increased production capacity, with a self-production ratio exceeding 59% from 2021 to 2023 [8][44]. Financial Performance - The company has maintained a gross margin above 40% from 2020 to 2023, with a net profit margin increasing from 5.1% in 2018 to 13.1% in 2023. The projected revenue for 2024 is 86 billion yuan, with a net profit of 14.5 billion yuan [9][11]. The return on equity (ROE) is expected to reach 39% in 2024, driven by improvements in net profit margin and asset turnover [9][11]. Growth Projections - The company anticipates significant revenue growth, with projections of 86 billion yuan in 2024, 143 billion yuan in 2025, and 180 billion yuan in 2026. The net profit is expected to grow to 32.1 billion yuan by 2026 [9][11]. Market Position - The company is positioned as a leader in the high-end gold jewelry segment, with a focus on traditional craftsmanship. The market for traditional gold jewelry is expected to grow from 157.3 billion yuan in 2023 to 421.4 billion yuan by 2028, indicating a strong growth trajectory [49][51]. The loyal customer base has expanded significantly, with the number of loyal members increasing from 36,500 in 2021 to 275,000 by mid-2024 [53].