Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,358.73, down 0.39% [2] - The Shenzhen Component Index closed at 10,736.19, down 0.99%, while the ChiNext Index fell by 1.15% to 2,166.00 [2] Industry Commentary - The electronics sector is highlighted by the launch of Manus, the world's first universal AI agent, which can handle various complex tasks [4][6] - Broadcom reported better-than-expected Q1 earnings, with a 25% year-over-year revenue increase, reaching a historical high [5][6] Company Insights: Yuanyuan Group - In 2024, Yuanyuan Group achieved revenue of $8.182 billion, a 3.7% increase year-over-year, and a net profit of $392 million, up 42.8% [9] - The manufacturing segment saw a strong recovery with revenue of $5.621 billion, an 11.1% increase, driven by a resurgence in global sneaker orders [9] - Retail revenue faced challenges, declining by 8.0% to $18.454 billion, attributed to reduced foot traffic and store closures [9][10] Company Insights: Shengzhao Pharmaceuticals - Shengzhao Pharmaceuticals received approval for its first generic version of injectable risperidone microspheres, marking a significant milestone [12] - The company is advancing multiple high-end formulations, with several products in the pipeline nearing market entry [12][13] Company Insights: 361 Degrees - In 2024, 361 Degrees reported revenue of $10.07 billion, a 19.6% increase, with a net profit of $1.15 billion, also up 19.5% [17] - The company plans to enhance its retail presence with the opening of new "super product" stores, aiming to improve consumer experience [18] - E-commerce sales grew by 12.2%, contributing to 25.9% of total revenue, while domestic offline stores saw a 23.1% revenue increase [18]

Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the pet food sector [1]. Core Viewpoints - The pet food sector has shown varied performance across different online platforms, with notable growth in certain brands. The competition is intensifying, and 2025 is expected to be a critical year for brand performance in the pet food market [8]. - The report emphasizes the importance of focusing on brands that not only lead in sales but also show improvement in profitability, particularly domestic brands that are adapting to market trends [8]. Summary by Sections Market Performance - In the first two months of 2025, the overall performance of cat and dog food categories on major platforms like Tmall, JD, and Douyin showed mixed results, with Tmall achieving a GMV of 2.101 billion yuan (up 12.79% year-on-year), JD at 860 million yuan (down 13.27%), and Douyin at 1.024 billion yuan (up 29.30%) [2]. Key Company Performances - **Guai Bao Pet**: Achieved a GMV of 324 million yuan (up 34.29%) across Tmall, JD, and Douyin [3]. - **Zhong Chong Co.**: The brand "Wang Pi" reported a GMV of 34.216 million yuan (up 2.15%), while "Ling Xian" achieved 29.628 million yuan (up 42.17%) [4]. - **Petty**: The brand "Jue Yan" saw a GMV of 27.6497 million yuan (up 101.30%) [5]. - **Lu Si**: Reported a GMV of 8.9911 million yuan (down 23.61%) [7]. Competitive Landscape - The report indicates that the pet food market is transitioning from a phase of rapid brand expansion to one that requires a balance between scale and profitability. The competition is becoming more established, and brands that can adapt to these changes will be better positioned for success [8].

金融工程 指数择时及行业配置 短期择时及月度行业配置策略跟踪 2025 年 3 月 13 日 金融工程/策略月报 投资要点： 指数择时及行业配置。 1）从动量择时效果看，各个指数呈现出超额动量特征，如果回归 2021 年以前的择时模式，将表现为权重板块带领指数上涨； 2）汽车,电子,国防军工等行业动量较强； 3）基于拐点的行业配置策略 3 月推荐行业组合为：汽车,电子,国防军工, 非银行金融,家电,机械,商贸零售,通信,计算机,银行。 风险提示：报告内容根据公开数据整理得出，结论基于历史价格信息和统计 规律，但二级市场受各种即时性政策以及宏观经济影响易出现统计规律之外 的走势，所以相关结论无法代表市场未来走势; 模型存在失效风险，由于模 型构建、参数估计、假设条件等方面存在的不确定性或错误，可能导致模型 预测结果与实际情况产生显著偏离;报告阅读者需审慎参考报告结论。 山证策略团队 分析师： 黎鹏 执业登记编码：S0760523020001 邮箱：lipeng@sxzq.com 研究助理： 邮箱：cuihaoxuan@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 | 一、 | 权重行业择时策略 | ...

研究早观点 2025 年 3 月 14 日 星期五 市场走势 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 | | 3,358.73 | -0.39 | | 深证成指 | | 10,736.19 | -0.99 | | 沪深 | 300 | 3,911.58 | -0.40 | | 中小板指 | | 6,673.85 | -0.67 | | 创业板指 | | 2,166.00 | -1.15 | | 科创 50 | | 1,069.70 | -2.11 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【行业评论】电子：山西证券电子行业周跟踪-Manus 推出全球首款通用型 AI Agent，博通一季度业绩超预 期 高宇洋 gaoyuyang@sxzq.com 【投资要点】 投资建议 Manus 作为全球首款通用型 AI Agent，能解决各类复杂多变的任务，它不仅能提供建议和答案，还能 请务必阅读最后股票评级 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of $8.182 billion in 2024, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, representing a year-on-year growth of 42.8% [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 saw a strong recovery with a revenue of $5.621 billion in 2024, up 11.1% year-on-year, driven by a significant rebound in global sports footwear orders [4][5] - Retail business revenue faced pressure, declining by 8.0% year-on-year to $1.845 billion, primarily due to reduced foot traffic in physical stores and a net decrease of 75 stores [5] Summary by Sections Financial Performance - In 2024, the manufacturing business's capacity utilization rate 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 $49.2 million, a year-on-year increase of 0.2% [5] - The company expects revenue for 2025 to reach $8.493 billion, with a projected year-on-year growth of 3.8% [6] Future Outlook - For the first two months of 2025, the manufacturing business revenue grew by 7.3%, while retail revenue declined by 4.3% [5] - The company anticipates a steady recovery in manufacturing business growth and a potential positive growth in retail business by the end of 2025 [5][6] - Projected net profits for 2025, 2026, and 2027 are $465 million, $502 million, and $532 million, respectively, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7] Core Insights - In 2024, the company achieved revenue of $8.182 billion, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of $392 million, up 42.8% year-on-year. 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 a total payout ratio of 69% [2][4] - The manufacturing business showed strong order growth in 2024, with revenue reaching $5.621 billion, a year-on-year increase of 11.1%. The production capacity utilization rate 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][5] - The retail business faced challenges, with revenue declining by 8.0% to $18.454 billion, primarily due to decreased foot traffic in physical stores and a reduction in the number of stores. However, the overall channel performance was robust, with a 16% growth in total sales, particularly driven by a doubling of sales through Douyin live streaming [5] Financial Performance Summary - For 2024, the company expects revenues of $8.493 billion, $9.003 billion, and $9.456 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 3.8%, 6.0%, and 5.0% [5][9] - The net profit attributable to shareholders is projected to be $465 million, $502 million, and $532 million for 2025, 2026, and 2027, with year-on-year growth rates of 18.5%, 8.0%, and 6.1% respectively [7][9] - The company's P/E ratios for 2025, 2026, and 2027 are estimated to be 6.1, 5.6, and 5.3 times, indicating a favorable valuation outlook [7][9]

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]