Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [7][18]. Core Views - The company's performance continues to meet expectations with rapid growth, reporting a total revenue of 5.245 billion yuan in 2024, a year-on-year increase of 21.22%, and a net profit of 625 million yuan, up 45.68% year-on-year [7]. - The market size for pet food is expanding, with a notable increase in domestic brand penetration, as evidenced by the growth in the pet food market to 300.2 billion yuan, a 7.5% year-on-year increase [7]. - The company's proprietary brands are performing exceptionally well, with significant revenue contributions from both snacks and staple foods, and a strong presence in direct sales channels [7]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.245 billion yuan, with a net profit of 625 million yuan, reflecting a 45.68% increase year-on-year. The operating cash flow was 720 million yuan, up 16.60% [7]. - For Q1 2025, the company reported a revenue of 1.48 billion yuan, a 34.82% increase year-on-year, and a net profit of 204 million yuan, up 37.68% [7]. Market Trends - The pet food industry in China is experiencing a growth trend, with a reported production of 1.599 million tons in 2024, a 9.3% increase year-on-year, despite a general decline in the industry [7]. - The penetration rates for professional dog and cat food have increased, with 25% and 43% respectively, indicating a growing market for high-quality pet food [7]. Brand Performance - The company's own brands generated 3.545 billion yuan in revenue, a 29.14% increase, with direct sales channels seeing a 59.33% increase in revenue [7]. - The flagship brand, Maifudi, continues to lead the market, achieving the highest brand index in the "Top Ten Pet Food Brands in China" [7].

Key Insights - The report highlights the ongoing growth in the automotive industry, particularly in the electric vehicle (EV) sector, with production and sales figures showing significant year-on-year increases [13][15] - The software and internet sectors are leading the market, with a focus on investment opportunities in software development and internet services [9][12] - The food and beverage sector is experiencing a recovery, with specific attention on the performance of alcoholic beverages and dairy products [36][38] Domestic Market Performance - The automotive industry saw production and sales reach 300.58 million and 291.55 million units respectively in March 2025, marking year-on-year increases of 11.86% and 8.2% [13] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are at 13.98 and 34.48 respectively, indicating a favorable environment for medium to long-term investments [8][9] - The food and beverage sector's valuation is at 19.92 times earnings, which is considered low historically, suggesting potential for growth [36][37] International Market Performance - The report notes a decline in the semiconductor sector due to the implementation of "reciprocal tariffs" by the US, which may impact domestic manufacturers [7][16] - The communication industry is under pressure, with a 3.51% decline in the index, but there is optimism regarding the growth of 5G and AI applications [30][34] Industry Trends - The report emphasizes the importance of AI in driving the development of data centers and the light communication industry, with significant technological advancements expected [30][33] - The gaming and advertising sectors are highlighted as areas of potential growth, supported by government policies aimed at boosting consumption [19][21] Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the automotive sector, particularly focusing on the smart driving technology advancements [15][24] - It recommends monitoring the software and internet sectors for investment opportunities, given their current performance and growth potential [9][12] - The food and beverage sector is advised for investment, particularly in white spirits and dairy products, due to their stable demand and recovery trends [38][39]

Market Overview - On April 22, the A-share market opened lower but experienced a slight upward trend, with the Shanghai Composite Index closing at 3,299.76 points, up 0.25%[3] - The Shenzhen Component Index closed at 9,870.05 points, down 0.36%, indicating a weaker performance compared to the main board[9] - Total trading volume for both markets reached 11,214 billion yuan, above the median of the past three years[4] Sector Performance - The logistics, automotive, financial, and electronic chemicals sectors performed well, while power equipment, tourism, general equipment, and engineering machinery sectors lagged[4] - Over 50% of stocks in the two markets rose, with logistics, agricultural chemicals, packaging materials, and automotive services leading the gains[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.98 times and 34.48 times, respectively, aligning with the median levels of the past three years[4] - The market is deemed suitable for medium to long-term investments based on current valuation levels[4] Future Outlook - The fiscal policy for 2025 is expected to be more proactive, with potential interest rate cuts to maintain liquidity and support economic recovery[4] - The market is anticipated to exhibit a structure characterized by technology leadership, defensive dividends, consumption recovery, and domestic demand-driven growth[4] Investment Recommendations - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in logistics, automotive, financial, and electronic chemicals sectors[4] - Continuous monitoring of policy changes, capital flows, and international market conditions is essential for investment decisions[4]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28][41]. - The penetration rate of new energy vehicles (NEVs) is increasing, with March 2025 NEV production and sales at 1.277 million and 1.237 million units, showing year-on-year growth of 47.93% and 40.11% [64]. - The report emphasizes the importance of the ongoing smart driving technology upgrades among various automakers, which is expected to drive investment opportunities in the industry [4][8]. Summary by Sections 1. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12][18]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12][18]. - The industry valuation levels have declined, with the PE (TTM) at 28.56 times, ranking 13th among 30 CITIC primary industries [22][23]. 2. Key Industry Data Tracking 2.1 Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers was 1.56, indicating a slight decrease from the previous month [28]. 2.2 Passenger Vehicles - March 2025 saw passenger vehicle production and sales of 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brands in passenger vehicle sales reached 66% in March 2025, with a year-on-year increase of 6.7 percentage points [48]. 2.3 Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year declines of 1.37% and 2.38% [56]. - The heavy truck market is experiencing a significant increase in new energy heavy trucks, with sales up 183% year-on-year [59]. 2.4 New Energy Vehicles - The NEV market is rapidly growing, with a penetration rate of 42.43% in March 2025, up 0.54 percentage points from the previous month [64]. - Cumulative NEV production and sales from January to March 2025 reached 3.182 million and 3.075 million units, respectively, with year-on-year increases of 50.43% and 47.11% [64]. 3. Important Industry Company News - The report highlights various new vehicle launches and the ongoing development of smart driving technologies among major automotive manufacturers [85][86]. - The report also notes the significant growth in the number of charging stations across China, which has reached over 13 million, reflecting a 47.6% year-on-year increase [90].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28]. - The penetration rate of new energy vehicles (NEVs) has increased, with March 2025 NEV production and sales reaching 1.277 million and 1.237 million units, respectively, showing year-on-year growth of 47.93% and 40.11% [64]. - The report highlights the ongoing shift towards intelligent driving technologies, with several automakers accelerating the development of L3 level autonomous driving systems [4]. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12]. - The automotive industry is ranked 27th among 30 CITIC primary industries [12]. Key Data Tracking Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers in March 2025 was 1.56, indicating a slight decrease from the previous month [28]. Passenger Vehicles - In March 2025, passenger vehicle production and sales reached 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brand passenger vehicles reached 66% in March 2025, with sales of 1.629 million units, reflecting a year-on-year increase of 22.85% [48]. Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year decreases of 1.37% and 2.38% [56]. - The report notes a recovery trend in commercial vehicles, particularly in the truck segment, which saw production and sales of 381,100 and 394,200 units, respectively [59]. New Energy Vehicles - The report indicates that NEV production and sales in March 2025 reached 1.277 million and 1.237 million units, with a penetration rate of 42.43% [64]. - NEV exports in March 2025 totaled 158,000 units, reflecting a year-on-year increase of 26.8% [36]. Investment Recommendations - The report suggests maintaining the "Outperform the Market" rating and emphasizes the importance of monitoring the progress of intelligent upgrades in the automotive sector [4].

Core Insights - The report highlights a stable growth trend in new business establishments in China, with 6.063 million new entities registered in Q1 2025, including 2.1 million new enterprises and 3.949 million individual businesses [5][9] - The People's Bank of China and other departments have issued a plan to enhance cross-border financial services, aiming to improve digital service coverage for enterprises going global [6][9] - The semiconductor industry is experiencing significant developments, particularly in domestic AI chip production, with a focus on the upcoming launch of Harmony OS PCs in May 2025 [6][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,291.43, with a slight increase of 0.45%, while the Shenzhen Component Index rose by 1.27% to 9,905.53 [4] - The A-share market showed a mixed performance, with software and semiconductor sectors leading the gains, while sectors like chemicals and real estate lagged [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [5] Industry Analysis - The software and semiconductor sectors are highlighted as leading industries in the A-share market, with a focus on the growth of AI applications and digital services [6][12] - The food and beverage sector showed signs of recovery, with a 2.34% increase in March 2025, driven by rising prices in beer and liquor [31][32] - The agricultural sector is expected to benefit from the "Accelerating the Construction of an Agricultural Power" plan, with a rebound in chicken prices noted [21] Investment Recommendations - The report suggests a focus on sectors such as software development, internet services, and food and beverage for potential investment opportunities, while also highlighting the importance of monitoring policy changes and market dynamics [11][12][18] - In the semiconductor industry, the report recommends attention to domestic manufacturers benefiting from the U.S. tariff policies and the push for self-sufficiency in the supply chain [34][36]

合规 诚信 专业 稳健 分 析 师 ：邓淑斌 SAC登记编码：S0730518030001 分 析 师 ： 郑 婷 SAC登记编码：S0730524110001 研究助理 ： 徐 至 SAC登记编码：S0730812110006 发布日期：2025年4月21日 01 布雷顿森林体系的演变 02 目 录 Contents 全球资产价格走势 03 中美贸易摩擦及影响 04 美国"对等关税"事件及影响 05 启示与建议 内部资料 严禁外传 电子邮箱：zyzqyjs@ccnew.com 电话：021-50586973 前言 n构建于1944年的布雷顿森林体系是以美元为中心的国际货币体系，一度为推动二战后国际贸易、国际投 资和国际货币金融秩序稳定发挥了积极作用，但由于其自身存在的制度缺陷和经济环境发生变化，最终在 上世纪70年代逐步瓦解，逐步被"牙买加体系"（也称之为"后布雷顿森林体系"、"无体系的体系"） 所替代，全球货币循环方式和资产定价逻辑也由此发生变化。 n近期美国宣布所谓的"对等关税"政策，不仅引发国际社会强烈反对和全球金融市场大幅震荡，也让中 美贸易摩擦争端再度升级，尽管与之相关的反制与磋商谈判仍在持续，但 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company's performance in 2024 met expectations, with revenue of 48.615 billion yuan, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, showing a growth of 0.63% year-on-year [7][12]. - The company is positioned well within the growing global electric vehicle market, with significant increases in both production and sales of power batteries and energy storage solutions anticipated for 2025 [7][9]. - The report highlights the company's strong growth in energy storage battery shipments, which increased by 91.90% year-on-year in 2024, contributing to 39.14% of total revenue [7][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.615 billion yuan, with a net profit of 4.076 billion yuan and a basic earnings per share of 1.99 yuan [7][12]. - The operating cash flow decreased by 48.90% year-on-year to 4.433 billion yuan, indicating challenges in cash generation [7]. Market Position and Growth - The global sales of new energy vehicles reached 13.6858 million units in 2023, with a projected growth of 25.98% in 2024 [7]. - The company ranked 9th globally in power battery shipments with a market share of 2.27% in 2024, and it is expected to maintain a strong position in the market [7][9]. Product Segments - The company’s power battery shipments in 2024 were 30.29 GWh, a year-on-year increase of 7.87%, although the average price per watt-hour decreased by 25.91% [9]. - The energy storage battery segment saw a significant increase in shipments, reaching 50.45 GWh in 2024, with revenue from this segment growing by 16.44% [9][11]. Future Outlook - The company is expected to see a recovery in revenue growth in 2025, driven by increasing demand for power batteries and the introduction of new models in the passenger vehicle sector [9][11]. - The report anticipates continued high growth in the energy storage battery market, supported by favorable government policies and technological advancements [11].

Investment Rating - The investment rating for the company is upgraded to "Buy" with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][14]. Core Views - The company's main business remains stable, with a significant increase in the dividend payout ratio, reaching 59.61%, compared to an average of 34.47% from 2018 to 2023 [9][10]. - The company is expected to benefit from a tax exemption period extending until December 31, 2027, which will lead to a substantial reduction in income tax expenses and enhance earnings potential [10]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 98.57 billion yuan, a year-on-year increase of 0.24%, while the net profit attributable to shareholders decreased by 25.84% to 10.30 billion yuan. However, the net profit after deducting non-recurring items increased by 12.11% to 12.50 billion yuan [6][9]. - For Q1 2025, the company reported an operating revenue of 19.16 billion yuan, up 1.04% year-on-year, and a net profit attributable to shareholders of 1.10 billion yuan, a significant increase of 234.61% [9]. Business Segments - The publishing segment generated revenue of 32.69 billion yuan, a growth of 3.37%, while the distribution segment's revenue was 80.56 billion yuan, up 0.68%. The gross margin for the distribution segment reached a record high of 30.40% [9]. - The company has secured a contract for the 2024-2027 compulsory education free textbook procurement project, ensuring a stable educational foundation for the next three years [9]. Dividend Policy - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 6.14 billion yuan, resulting in a dividend yield of 5.28%, which is significantly higher than the average yield of 4.50% from 2020 to 2023 [9][10]. Future Outlook - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.27 yuan, 1.32 yuan, and 1.38 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.46, 9.05, and 8.66 [10][12].