Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company achieved a revenue of USD 8.182 billion in 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of USD 392 million, which is a significant increase of 42.8% year-on-year [2][4] - The board proposed a final dividend of HKD 0.9 per share, combined with an interim dividend of HKD 0.4 per share, resulting in an annual payout ratio of 69% [2] - The manufacturing business showed strong order growth in 2024, with a revenue of USD 5.621 billion, up 11.1% year-on-year, driven by improved capacity utilization and production efficiency [4] - The retail business faced challenges with a revenue decline of 8.0% year-on-year, attributed to reduced foot traffic in physical stores and a net decrease of 75 stores in mainland China [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's output volume reached 255 million pairs of shoes, a 16.9% increase year-on-year, although the average selling price decreased by 5.1% to USD 20.25 per pair [4] - The manufacturing business's capacity utilization improved to 93%, up 14 percentage points year-on-year, contributing to a gross margin increase of 0.7 percentage points to 19.9% [4] - The retail business's gross margin improved slightly to 34.2%, with a net profit of USD 49.2 million, reflecting a 0.2% year-on-year growth [5] Future Outlook - For 2025, the company expects a recovery in manufacturing business revenue, with a projected growth of 3.8% to USD 8.493 billion, while retail revenue is anticipated to decline by 4.3% [5] - The company forecasts net profits of USD 465 million, USD 502 million, and USD 532 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [10][12]

Investment Rating - The report does not provide a specific investment rating for the company Core Insights - The company has received approval for its first generic injectable risperidone microsphere, marking a significant breakthrough in high-end formulations. This product is the first of its kind in China and is expected to enhance the company's market position [1][11][16] - The company is advancing multiple high-end formulations, including paclitaxel (albumin-bound) and leuprolide microspheres, with significant market potential. The injectable leuprolide microsphere market in China was valued at RMB 5.1 billion in 2023, while the paclitaxel (albumin-bound) market reached nearly RMB 3 billion [1][19][27] - The company has a strong pipeline of products, with several formulations in various stages of development, indicating a robust growth trajectory in the high-end drug formulation sector [3][29][34] Summary by Sections Product Approvals and Developments - The company announced the approval of injectable risperidone microspheres on February 26, 2025, which is a significant addition to its high-end complex formulations [1][11] - The injectable paclitaxel (albumin-bound) has received acceptance for its market application, and the leuprolide microsphere has passed bioequivalence trials, indicating progress in the company's product pipeline [1][19][26] Financial Performance - The company's main revenue has shown significant growth, with a 113.37% increase in 2023, reaching RMB 460.8 million, although operating losses have continued to widen [4][10] - The company is expected to generate revenue from its newly approved products starting in late 2024, which could positively impact its financial performance [2][29] Market Position and Competitive Advantage - The company has established a competitive edge in the high-end formulation market due to its ability to produce large batches, which translates to cost advantages and increased market share potential [2][29] - The injectable risperidone microsphere is the only product in its category that has passed consistency evaluation and achieved first-generic status, highlighting the company's strong R&D capabilities [16][18] Future Outlook - The company is well-positioned for future growth with a diverse product pipeline and a focus on high-end formulations, which are expected to fill market gaps and drive revenue growth [34][36] - The anticipated market expansion for injectable risperidone microspheres and other formulations suggests a promising outlook for the company's profitability and market presence [18][27]

Investment Rating - The report does not provide a specific investment rating for the company Core Insights - The company has received approval for its first generic injectable risperidone microsphere, marking a significant advancement in its high-end formulation development [2][8] - The company is progressing with multiple high-end formulations, including paclitaxel (albumin-bound) and leuprolide microspheres, which are expected to enhance its market position [3][16] - The company has a strong pipeline of products, with several formulations in various stages of development, indicating a robust growth potential [4][26] Summary by Relevant Sections Product Approvals and Developments - The company announced the approval of injectable risperidone microspheres on February 26, 2025, which is the first approved generic version in China [2][8] - The injectable paclitaxel (albumin-bound) has received acceptance for its market registration application, and the leuprolide microsphere has passed bioequivalence trials [16][24] Market Potential - The domestic market for injectable risperidone microspheres is projected to grow significantly, with the overall market for risperidone exceeding 1 billion RMB in 2022 [13][15] - The injectable leuprolide microsphere market was valued at 5.1 billion RMB in 2023, with expectations for continued growth [24] Competitive Advantages - The company has a competitive edge due to its large-scale production capabilities, which allow for significant cost advantages in the market [26][30] - The company’s focus on high-end formulations and its established R&D platform position it favorably against competitors [31][32]

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024, with a proposed final dividend of 0.10 HKD per share [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, reflecting a growth of 20.0% year-on-year [3] - The gross profit margin for 2024 slightly increased by 0.4 percentage points to 41.5% [5] - The company’s operating profit margin decreased by 0.8 percentage points to 15.6% due to increased provisions for accounts receivable losses and a decline in other income [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a net increase of 16 stores to a total of 5,750 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with a net increase of 105 sales outlets [4] Future Projections - The company expects to focus on the expansion of "361 Degrees Super Products" stores in 2025, aiming to enhance consumer experience with high-cost performance products [8] - Revenue projections for 2025-2027 are estimated at 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD, with year-on-year growth rates of 12.8%, 11.9%, and 11.0% respectively [8] - Net profit projections for the same period are 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% respectively [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025-2027 [8] - The company’s return on equity (ROE) is expected to be 12.8%, 12.3%, and 12.1% for the years 2025-2027 [10]

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024 and accelerate the opening of 361 Degrees super brand stores [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, with a growth rate of 20.0% year-on-year [3] - The net profit for the second half of 2024 was 359 million HKD, showing a significant increase of 39.7% year-on-year [3] - The gross margin for 2024 slightly improved to 41.5%, while the operating profit margin decreased to 15.6% [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a total of 5,750 stores by the end of 2024 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with 1,365 sales points globally [4] Future Projections - The company expects to achieve revenues of 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 12.8%, 11.9%, and 11.0% [8] - The projected net profit for the same years is 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025 to 2027 [8] - The company’s return on equity (ROE) is expected to be 12.1% in 2024, increasing to 12.8% by 2025 [10]

电子 周跟踪（20250303-20250307） 领先大市-A(维持) Manus 推出全球首款通用型 AI Agent，博通一季度业绩超预期 投资要点 电子行业近一年市场表现 资料来源：最闻 相关报告： 小米双 Ultra 点燃市场热情-山西证券电 子行业周跟踪 2025.3.4 储即将迎来新涨价周期-山西证券电子行 业周跟踪 2025.2.25 高宇洋 2025 年 3 月 13 日 行业研究/行业周报 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.3-2025.3.7）市场大盘普遍上涨，上证指数涨 1.56%，深圳成指涨 2.19%，创业板指涨 1.61%，科创 50 涨 2.67%，申万电子 指数涨 2.74%，Wind 半导体指数涨 2.48%。外围市场，费城半导体指数跌 2.88%，台湾半导体指数跌 3.29%。细分板块中，周涨跌幅前三为半导体设备 （+4.53%）、模拟芯片设计（+3.65%）、分立器件（+3.52%）。从个股看，涨 幅前五为珠城科技（+41.38%）、 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the electronic industry [1]. Core Insights - The introduction of Manus, the world's first universal AI agent, is expected to accelerate AI application deployment and increase demand for AI computing power [8]. - Broadcom's first-quarter performance exceeded expectations, with a 25% year-on-year revenue growth, reaching $14.6 billion, and a 48.9% increase in non-GAAP net profit [5][43]. Market Performance Summary - The overall market saw significant gains during the week of March 3-7, 2025, with the Shanghai Composite Index rising by 1.56%, the Shenzhen Component Index by 2.19%, and the Semiconductor Index by 2.48% [12][4]. - The semiconductor equipment sector led the gains with a 4.53% increase, followed by analog chip design at 3.65% and discrete devices at 3.52% [4][12]. - Notable individual stock performances included Zhu Cheng Technology (+41.38%), San De Technology (+36.67%), and Vision Smart (+36.28%) [4][22]. Industry News Summary - China is set to promote RISC-V open-source chip applications, marking a significant step towards reducing reliance on Western technology [5][43]. - The NAND Flash and DRAM markets are expected to see improved supply-demand dynamics, with NAND contract prices projected to rebound by the end of Q2 2025 [43]. - TSMC announced an increase in its investment in advanced semiconductor manufacturing in the U.S. to $165 billion, with production expected to ramp up by 2030 [43]

Market Trends - The report highlights a slight decline in major domestic market indices, with the Shanghai Composite Index closing at 3,371.92, down 0.23% [2] - The Shenzhen Component Index and CSI 300 also experienced minor declines of 0.17% and 0.36% respectively [2] Industry Commentary: General Machinery - The report emphasizes the growing demand for computing power driven by the iteration of large models in artificial intelligence, suggesting a focus on investment opportunities in AIDC (Automatic Identification and Data Capture) equipment [3][4] - The Chinese government is promoting the "AI+" initiative, which aims to enhance industrial transformation through AI applications, including smart robots and connected vehicles [4] - The launch of the general AI Agent product Manus by Monica, a Chinese startup, demonstrates significant advancements in AI technology, indicating a potential increase in computing power demand [4] Investment Recommendations - The report suggests monitoring companies involved in the engine manufacturing sector, including Weichai Power and Yuchai International, as the supply chain tightens [4] - It also recommends focusing on liquid cooling equipment manufacturers such as Invec and Highland, as well as other related companies [4] Industry Commentary: Photovoltaic Industry - The report tracks the pricing trends in the photovoltaic supply chain, noting that polysilicon prices remain stable at 40.0 CNY/kg for dense materials and 38.0 CNY/kg for granular silicon [6] - The production of silicon materials in February was reported at 92,300 tons, with a slight expected increase in March to 97,000 tons [6] - The report indicates a structural price increase in photovoltaic components, with a projected production scale of 50-55 GW for components in March, reflecting a 20%+ increase [6] Key Recommendations in Photovoltaic Sector - The report highlights companies to watch, including Aiko Solar and Longi Green Energy for new technology directions, and recommends companies like Xinyi Solar and Tongwei Co. for supply-side improvements [6]

研究早观点 2025 年 3 月 13 日 星期四 【今日要点】 【行业评论】其他通用机械：行业动态点评-大模型迭代刺激算力需求， 重视 AIDC 设备投资机会 【行业评论】【山证电新】20250312 光伏产业链价格跟踪 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,371.92 | -0.23 | | 深证成指 | 10,843.23 | -0.17 | | 沪深 300 | 3,927.23 | -0.36 | | 中小板指 | 6,718.79 | 0.01 | | 创业板指 | 2,191.27 | -0.58 | | 科创 50 | 1,092.71 | -0.73 | 资料来源：最闻 分析师： 市场走势 刘斌 liubin3@sxzq.com 【投资要点】 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】其他通用机 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected price increase exceeding the benchmark index by more than 10% [7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of "Artificial Intelligence +" actions, aiming to enhance industrial transformation through AI applications, including smart robots and intelligent connected vehicles [1]. - The emergence of the first general AI Agent, Manus, by a Chinese startup, showcases significant advancements in AI technology, further stimulating demand for computing power [2]. - Major internet companies, such as Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a future investment of over 380 billion yuan in cloud and AI infrastructure over the next three years [2]. Summary by Sections Industry Dynamics - The report highlights the rapid growth of the global data center market driven by cloud computing, big data, and AI, supported by government policies encouraging innovation in the data center sector [3]. - The construction of intelligent computing centers is expected to accelerate, making computing power a critical strategic resource in global competition [1]. Investment Opportunities - The report suggests focusing on the following areas: - Diesel generator sets, with key players identified in the supply chain, including engine manufacturers like Weichai Power and Yuchai International, and OEMs such as Weichai Heavy Machinery and Keta Power [3]. - Liquid cooling equipment, with companies like Invec and Highcool being highlighted as potential investment opportunities [3].