公司报告 | 公司点评 秦港股份（601326） 证券研究报告 吞吐量超预期，盈利有望上行 Q2 吞吐量增速回升到 9% 2025Q1 秦港股份吞吐量同比下滑 3%，其中核心品类煤炭同比下滑 4%、金属矿石同比下滑 5%，市场担心煤炭和铁矿石需求见顶，秦港股 份吞吐量会持续下滑。2025Q2 秦港股份吞吐量同比增长 9%，其中煤炭 同比增长 12%、金属矿石同比增长 6%，扭转了下滑势头。2025Q2 秦 港股份的煤炭吞吐量回升，得益于大秦铁路煤炭运量增速从 Q1 的- 5.6%回升到 Q2 的 1.4%；秦港股份的金属矿石吞吐量回升，得益于全 国铁矿石进口量增速从 Q1 的-8%回升到 1.9%。2025H1 秦港股份吞吐 量同比增长 3%，其中煤炭同比增长 4%，金属矿石同比持平。 吞吐量有望继续小幅增长 秦港股份的煤炭吞吐量与大秦铁路煤炭运量相关，2014-24 年两者比值 维持 54%左右。秦港股份将抓好市场营销不松懈，优化货源结构，为优 质货源增量创造空间，煤炭吞吐量有望维持稳定。秦港股份的金属矿石吞 吐量与全国铁矿石进口量相关，2014-24 年两者比值在 11%左右， 2019-24 年有上升趋 ...

Industry Rating - The industry investment rating is "Outperform the Market" [1][1] Core Insights - The European new energy vehicle market is reaching a turning point driven by stringent carbon emission assessments and the cyclical nature of vehicle models [2] - The EU's policies, including the ban on fuel vehicles and tiered carbon reduction targets, are creating rigid constraints that push for electrification [2][8] - Major automakers are accelerating their electric vehicle (EV) strategies to meet upcoming carbon targets, with significant growth in battery electric vehicle (BEV) sales [3][19] Policy and Market Dynamics - The EU's tightening carbon reduction policies are compelling automakers to expedite their transition to new energy vehicles [7] - The EU has set ambitious carbon emission targets, including a ban on new fuel vehicles by 2035 and specific CO2 emission limits for new cars starting in 2025 [8][11] - The introduction of the ZLEV coefficient incentivizes manufacturers to increase the share of zero and low-emission vehicles in their fleets [15] Automaker Performance - Volkswagen delivered 465,500 BEVs globally in the first half of 2025, with a significant contribution from Europe, achieving a year-on-year growth of 89% [3][32] - Stellantis has improved its market share in Europe, ranking first in the hybrid market and second in the BEV market, supported by a multi-platform strategy [3][33] - Renault's BEV sales in Europe increased by 88% in Q1 2025, with a focus on affordable models and a strong platform strategy [3][42] Supply Chain and Component Manufacturers - Companies like Minth and Weimars are benefiting from the growth in the new energy vehicle supply chain, with significant revenue increases projected [4][49] - Minth's battery box business is expected to generate 5.338 billion yuan in revenue in 2024, reflecting a 50.96% year-on-year growth [4][48] - Weimars is positioned as a leading supplier in the domestic market, with a market share of 29.41% in the third-party vehicle charging market [4][52] Future Outlook - The report anticipates continued growth in the European new energy vehicle market, driven by regulatory pressures and technological advancements [2][19] - The performance of key players in the supply chain is expected to improve as the demand for new energy vehicles rises [4][59]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The inflation data in July showed that CPI was weakly recovering, while PPI was oscillating at the bottom. The positive changes in price operation were mainly due to the continuous manifestation of the effects of policies to expand domestic demand. In the future, prices may continue to rise moderately at a low level [1][2][3]. - In the short - term, the bond market may maintain a pattern of "oscillation + recovery". The overall stable macro - policy, fundamental logic, loose orientation of monetary policy, and reasonable and sufficient liquidity still support the bond market, but attention should be paid to the possible disturbances of changes in the stock and commodity markets to the bond market sentiment [3]. 3. Summary by Relevant Catalogs 3.1 7 - month Inflation Data: CPI Weakly Recovering, PPI Oscillating at the Bottom - In July, CPI was flat year - on - year (previous value was 0.1%), with a month - on - month increase of 0.4% (previous value was - 0.1%); PPI was - 3.6% year - on - year (unchanged from the previous value), and - 0.2% month - on - month (with the decline narrowing by 0.2 percentage points compared to the previous value) [1]. - The data in July confirmed "inflation at the bottom and structural differentiation". On one hand, policies to expand domestic demand promoted the recovery of service consumption and industrial consumer goods prices, and the increase in core CPI confirmed the marginal repair of internal driving force. On the other hand, seasonal factors and uncertainties in the international trade environment affected the price decline of some industries, and PPI was still oscillating at the bottom year - on - year [2]. - The rise in bulk prices in July deviated from the weak PPI. The reasons were that the price increase in the upstream could not be effectively transmitted to the downstream, and the insufficient terminal demand weakened the price transmission power. If there was no obvious repair of demand, the pulling effect of upstream price increases on PPI would be limited [3]. 3.2 CPI: Month - on - Month Change from Decline to Increase, Core CPI Reached a New High in the Year - In July, CPI was flat year - on - year, and the month - on - month change turned from decline to an increase of 0.4%, stronger than the seasonal level, mainly supported by service and industrial consumer goods prices. Core CPI increased by 0.8% year - on - year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [9]. - Service prices increased by 0.6% month - on - month, contributing about 0.26 percentage points to the month - on - month increase of CPI. Affected by the peak summer travel season, prices of air tickets, tourism, hotel accommodation, and vehicle rental increased by 17.9%, 9.1%, 6.9%, and 4.4% respectively month - on - month [10]. - Industrial consumer goods prices increased by 0.5% month - on - month, with the increase expanding by 0.4 percentage points compared to the previous month, contributing about 0.17 percentage points to the month - on - month increase of CPI. Energy prices increased by 1.6% month - on - month, and industrial consumer goods prices excluding energy increased by 0.2% [11]. - Core CPI increased by 0.8% year - on - year, reaching a high point since March 2024, mainly due to the increase in the prices of gold and platinum jewelry. The year - on - year decline in automobile prices converged. Food prices decreased year - on - year, becoming the main drag on CPI [11]. 3.3 PPI: Month - on - Month Decline Narrowed, Year - on - Year Continued to Bottom - In July, PPI was - 3.6% year - on - year, remaining the same as the previous month, showing signs of bottoming out, indicating weak demand in the industrial sector. The month - on - month decline was 0.2%, with the decline narrowing by 0.2 percentage points compared to the previous month, the first narrowing of the month - on - month decline since March [18]. - The drag on the month - on - month PPI was mainly affected by seasonal disturbances and trade uncertainties. Eight industries in total affected the month - on - month decline of PPI by about 0.24 percentage points. Seasonal factors affected the PPI of some industries, and uncertainties in the international trade environment put pressure on the prices of export - related industries [19][20]. - Positive factors were that the effects of capacity governance and "anti - involution" policies were gradually emerging, and the month - on - month decline in the prices of coal, steel, photovoltaic, and lithium batteries narrowed, weakening the downward pull on PPI [20].

Group 1: Market Overview - The market experienced a decline of 1.21% during the week of July 28 to August 1, with narrow fluctuations observed [2] - The average daily trading volume for the entire A-share market reached 1.8065 trillion yuan, a decrease of 33.3 billion yuan from the previous week [2] - The average number of rising stocks decreased to 2,215, down by 726 from the previous week, indicating a weakening profit effect [2] Group 2: Key Themes - Brain-Computer Interface (BCI) technology is witnessing clinical breakthroughs and accelerated policy support, marking its commercial year [3][42] - The "anti-involution" policy aims to facilitate the orderly exit of backward production capacity, promoting high-quality industry development [49] - The AIDC sector is experiencing high demand driven by policy support, with expectations for performance to exceed forecasts [52] Group 3: Policy Dynamics - Recent policies emphasize the importance of technological innovation and the development of emerging industries, with a focus on artificial intelligence [61][64] - The State Council has approved the "Artificial Intelligence +" action plan, aiming to promote large-scale commercial applications of AI [64][70] - Various local governments have issued plans to foster the BCI industry, enhancing the ecosystem for innovation and commercialization [45][49] Group 4: Industry Trends - The BCI sector is positioned as a critical frontier technology, with significant advancements in clinical applications and supportive policies from multiple regions [45][46] - The AIDC market is projected to grow significantly, with a compound annual growth rate exceeding 25% from 2023 to 2028, reaching a market size of over 280 billion yuan [52][56] - The anti-involution policies are expected to stabilize profits in industries such as steel, pig farming, and cement, while addressing issues of disorderly competition in sectors like photovoltaics and new energy vehicles [49]

Report Information - Report Title: High - frequency Tracking Weekly Report 20250809 - Report Date: August 9, 2025 Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The real - estate new home transactions declined both on a week - on - week and year - on - year basis, falling below the seasonal level, and further policy support is needed. The movie box office recovered, while the migration scale index dropped. Industrial production in the production field was stable, and infrastructure construction maintained resilience. In terms of investment, the consumption and price of rebar were divergent, and cement demand declined. The commodity futures market ran smoothly with differentiated performance among varieties, with lithium carbonate, iron ore, and polysilicon generally rising [2]. Summary by Directory 1. Demand - **Real - estate**: This week, the transaction area of commercial housing in 20 cities declined on a week - on - week and year - on - year basis, significantly below the seasonal level. The transaction area of second - hand housing in key cities also decreased overall. For example, in Beijing, Shanghai, Shenzhen, and Hangzhou, the second - hand housing transaction areas all decreased on a week - on - week basis. The current real - estate supply and demand are weak, and more active real - estate easing policies may be needed in the second half of the year, such as further relaxing purchase restrictions in core cities, lowering mortgage interest rates, and reducing down - payment ratios. On August 8, Beijing announced a new housing purchase policy, allowing eligible families to buy an unlimited number of properties outside the Fifth Ring Road [3][4][14]. - **Consumption**: Movie box office recovered. As of the week ending August 1, the daily average retail sales of passenger cars increased by 41.0% on a week - on - week basis but decreased by 7.7% year - on - year. As of the week ending August 8, the national movie box office increased by 4.7% on a week - on - week basis and was stronger than the same period last year. The national migration scale index decreased by 5.0% on a week - on - week basis, and the subway passenger volume in first - tier cities declined [42]. 2. Production - **Mid - upstream**: The operating rate of Tangshan blast furnaces, petroleum asphalt plants decreased on a week - on - week basis. As of the week ending August 8, the operating rate of Tangshan blast furnaces dropped by 1.1 pct to 82.6%, the operating rate of rebar increased by 0.3 pct to 44.3%, the operating rate of PTA decreased by 2.5 pct to 76.2%, the operating rate of polyester filament in the Yangtze River Delta region decreased by 0.9 pct to 90.7%, and the operating rate of petroleum asphalt plants decreased by 1.4 pct to 31.7% [50]. - **Downstream**: The operating rate of the automotive industry declined slightly. The operating rates of all - steel and semi - steel tires in the automotive industry decreased on a week - on - week basis, and the absolute value of the semi - steel tire operating rate remained at a seasonal high. The trade - in subsidy policy continued to boost domestic demand and may support the production side in the short term [50]. 3. Investment - Rebar's apparent consumption recovered, but its price decreased. As of the week ending August 8, rebar's apparent consumption increased by 3.6% to 211 tons, and its price decreased by 1.0% to 3392.8 yuan/ton. The asphalt price decreased by 2.7% to 3535 yuan/ton. The cement price decreased by 0.6% to 103.8 points, the cement shipping rate decreased by 0.7 pct to 39.2%, and the cement inventory - to - capacity ratio decreased by 0.1 pct to 62.6% [66]. 4. Trade - **Export**: Port throughput decreased, and container shipping prices generally declined. As of the week ending August 8, the port's container throughput decreased by 8.5% on a week - on - week basis, lower than the level of the same period last year. The CCFI composite index dropped by 2.6% on a week - on - week basis, with the European route rising by 0.53% on a week - on - week basis, and the freight rates of the US West and US East routes decreasing by 5.56% and 5.14% respectively on a week - on - week basis. In addition, the BDI index continued to decline, dropping by 3.9% on a week - on - week basis [79]. - **Import**: The container shipping price decreased slightly, and the CICFI composite index was 673.9 points, down 0.9% on a week - on - week basis [79]. 5. Prices - **CPI**: The 200 - index of agricultural product wholesale prices increased by 0.7% on a week - on - week basis. Vegetable prices rose, while egg, pork, and fruit prices declined. Specifically, vegetable prices increased by 3.3% on a week - on - week basis, pork prices decreased by 0.4% on a week - on - week basis, egg prices decreased by 0.8% on a week - on - week basis, and fruit prices decreased by 1.0% on a week - on - week basis [8][90]. - **PPI**: The Nanhua industrial product price index decreased by 1.3% on a week - on - week basis. The spot price of Brent crude oil decreased by 3.4% on a week - on - week basis, the WTI crude oil futures price decreased by 5.2% on a week - on - week basis, the IPE UK natural gas futures settlement price increased by 0.7% on a week - on - week basis, the COMEX gold futures price increased by 2.5% on a week - on - week basis, and the LME copper spot price decreased by 0.6% on a week - on - week basis. The commodity futures market ran smoothly with differentiated performance among varieties. This week, lithium carbonate, iron ore, soda ash and other commodity futures led the gains, while caustic soda, coking coal, and glass led the losses [8][98][109]. 6. Interest - rate Bond Tracking - Next week (August 11 - 15), the planned issuance of interest - rate bonds is 385.4 billion yuan, with a net financing of 173.5 billion yuan. Among them, the planned issuance of government bonds is 260 billion yuan, with a net financing of 164.4 billion yuan; the planned issuance of local bonds is 91.4 billion yuan, with a net financing of - 13.7 billion yuan; the planned issuance of policy - bank bonds is 34 billion yuan, with a net financing of 22.9 billion yuan [9][115]. - As of August 8, the cumulative issuance progress of replacement bonds this year has exceeded 94.2%, reaching 1.883 trillion yuan. The cumulative issuance progress of new general bonds is 68.2%, reaching 545.6 billion yuan, and the cumulative issuance progress of new special bonds is 64.0%, reaching 2.8179 trillion yuan [9]. 7. Policy Weekly Observation - The central bank has increased its gold holdings for the 9th consecutive month. As of the end of July, China's gold reserves were reported at 73.96 million ounces (about 2300.41 tons), an increase of 60,000 ounces (about 1.86 tons) compared with the previous month [126][127]. - Multiple policies were introduced this week, covering pre - school education, finance supporting new industrialization, bond valuation, monetary policy, industrial policy, and real - estate policy, etc. For example, the State Council issued an opinion on gradually promoting free pre - school education; seven departments jointly issued a guiding opinion on financial support for new industrialization; the central bank will conduct a 700 - billion - yuan outright reverse repurchase operation [127][128].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the inter - bank liquidity presented a pattern of "stable and loose, low - level and low - volatility, and policy support". Seasonal loosening was dominant, and large - scale open - market maturities were the main disturbance, but the loose pattern remained. The central bank actively provided support, and the synergy between fiscal and monetary policies was enhanced. The net lending scale of large - scale banks recovered rapidly, and the supply of liquidity was relatively abundant. The money market rates showed low - level and low - volatility characteristics, approaching a stage low [1]. - The seemingly "unexpected" launch of the repurchase with bond ownership transfer was actually in line with the requirements of "maintaining abundant liquidity in monetary policy" and "synergistic efforts of fiscal and monetary policies". Whether the treasury bond trading operation will be restarted this month is also worth looking forward to. Next week, although there will be more disturbances, the overall money market still has support, but the volatility may increase, and the upward pressure on money market rates is controllable, while the downward space awaits the injection of incremental liquidity [2]. 3. Summary According to the Directory 3.1. Funds Rate Reaches a Stage Low - At the beginning of the month, funds seasonally loosened. Although there were large - scale open - market maturities, the loose pattern of the money market remained. The launch of the 700 - billion - yuan 3 - month repurchase with bond ownership transfer on August 8 showed the central bank's intention to support and the synergy between fiscal and monetary policies. The net lending scale of large - scale banks quickly recovered to over 4 trillion yuan. The primary - market prices of certificates of deposit (CDs) remained stable, and the secondary - market prices declined [11]. - The money market rates fluctuated at a low level throughout the week, possibly reaching a stage low. DR001 approached 1.3%. After the launch of the repurchase with bond ownership transfer on August 8, the money market rates declined further, and the fluctuation range narrowed significantly compared with the previous week [12]. - The seemingly "unexpected" launch of the repurchase with bond ownership transfer was in line with policy requirements. It is a quantity - based monetary policy tool, and its signal significance lies more in the operation scale than in the operation price. Whether the treasury bond trading operation will be restarted this month is worth anticipating [21][23]. - Although there may be resonance of disturbances in the money market in mid - August, with the central bank's pre - emptive support and the possible marginal mitigation of tax payment pressure, the fluctuations will be more controllable. The money market rates may have reached a stage low, and further downward movement depends on the injection of incremental liquidity. How the central bank operates and whether the net lending scale of large - scale banks can be maintained are important observation factors [24]. 3.2. Open Market: Next Week's Maturity Scale Drops Slightly but Still Exceeds One Trillion Yuan - From August 4 to August 8, the open - market net injection was 163.5 billion yuan, an increase compared with the previous week. Among them, 7 - day reverse repurchase injections totaled 1.1267 trillion yuan, with maturities of 1.6632 trillion yuan, and 3 - month repurchase with bond ownership transfer injections totaled 700 billion yuan. From August 11 to August 15, the open - market maturities will be 1.1267 trillion yuan [3][31]. - The central bank withdrew the cross - month liquidity, but the stable trend of funds remained. The balance of reverse repurchases continued to decline but was still above the seasonal level. As of August 8, the balance of reverse repurchases was 1.1267 trillion yuan, a decrease of 536.5 billion yuan compared with August 1 [33]. 3.3. Government Bonds: Next Week's Issuance Scale Increases - This week, the net payment of government bonds was 370.6 billion yuan. Next week, the planned issuance of government bonds is 351.4 billion yuan, including 260 billion yuan of treasury bonds and 91.4 billion yuan of local government bonds. The net payment of treasury bonds will be 372.4 billion yuan, and that of local government bonds will be 37.7 billion yuan [42]. 3.4. Excess Reserve Tracking and Forecast - It is predicted that the excess reserve ratio in August 2025 will be about 0.90%, a month - on - month decrease of about 0.07 percentage points and a year - on - year decrease of 0.52 percentage points. It is predicted that the excess reserves at the end of July will be about 3.0668 trillion yuan. From August 4 to August 8, the open - market net injection was 163.5 billion yuan, the net payment of government bonds was 370.6 billion yuan, the predicted fiscal revenue - expenditure gap was - 120 billion yuan, and the reserve requirement was 26.2 billion yuan [50][51]. 3.5. Money Market: DR001 Approaches 1.3% - As of August 8, compared with August 1, DR001 decreased by 0.23 basis points to 1.31%, DR007 increased by 0.09 basis points to 1.43%, R001 decreased by 1.32 basis points to 1.34%, and R007 decreased by 3.26 basis points to 1.45% [53]. - The overnight and 7 - day SHIBOR rates decreased by 5.65 and 8.11 basis points respectively compared with the previous week to 1.31% and 1.44%. The overnight and 7 - day CNH HIBOR rates increased by 8.29 and 5.23 basis points respectively compared with the previous week to 1.22% and 1.45% [58]. - The weekly average rates of FR007S1Y and FR007S5Y decreased by 0.98 and 2.23 basis points respectively compared with the previous week to 1.52% and 1.57%. The weekly average rates of six - month national - share transfer discount and six - month city - commercial transfer discount increased by 0.1 percentage points respectively compared with the previous week to 0.68% and 0.79% [61]. - The average daily trading volume of inter - bank pledged repurchase was 8.1091 trillion yuan, an increase of 1.3925 trillion yuan compared with the period from July 28 to August 1. The average daily trading volume of the Shanghai Stock Exchange's new pledged national debt repurchase was 2.186 trillion yuan, an increase of 2.97 billion yuan compared with the period from July 28 to August 1 [63]. 3.6. Certificates of Deposit 3.6.1. Primary Market: Next Week's Maturity Scale Approaches One Trillion Yuan - From August 4 to August 8, the total issuance of CDs was 774.7 billion yuan, and the net financing was 190.9 billion yuan, an increase in both issuance scale and net financing compared with the previous week. By issuer, city - commercial banks had the highest issuance scale and net financing. By maturity, 6 - month CDs had the highest issuance scale, and 1 - month CDs had the highest net financing [73]. - The weighted average issuance term of CDs this week was 6.4 months, longer than the previous week's 5.86 months. Among them, the weighted average issuance terms of state - owned banks, joint - stock banks, city - commercial banks, and rural commercial banks were 6.5, 7.4, 6.2, and 6.5 months respectively, with changes of 1.07, 0.69, 0.59, and - 0.08 months compared with the previous week [77]. - In terms of issuance success rate, joint - stock banks had the highest rate. By maturity, 1 - month CDs had the highest issuance success rate. By credit rating, AA - rated CDs had the highest issuance success rate [79]. - Next week, the maturity scale of CDs will be 905 billion yuan, an increase compared with this week. The maturities are mainly concentrated in national - share banks and city - commercial banks, and the terms are mainly concentrated in 3 - month, 6 - month, and 1 - year [83][84]. 3.6.2. Secondary Market: Yields Decline - After the month - end, the seasonal loosening of funds and the large - scale launch of repurchase with bond ownership transfer led to a continuous decline in the secondary - market yields of CDs. The yields of CDs of all maturities and ratings decreased [95][96].

策略报告 | 投资策略 两只数据中心 REITs 上市首日涨停 证券研究报告 周观 REITs 南方万国数据中心 REIT、南方润泽科技数据中心 REIT 首日上市涨停 8 月 8 日，首批两只数据中心公募 REITs（南方万国数据中心 REIT、南方润泽 科技数据中心 REIT）在沪深交易所上市，全天大涨 30%，达到首日上市涨幅 上限。截至收盘，上述两只公募 REITs 成交金额分别达到 2.34 亿元、4.52 亿 元，位居全市场公募 REITs 前两名。 市场表现方面，本周 REITs 市场下行，南方万国数据中心 REIT（+30%）、南 方润泽科技数据中心 REIT（+30%）领涨 本周（2025.8.4-2025.8.8），中证 REITs 全收益指数下跌 0.33%，REITs 总指数 下跌 0.45%，产权 REITs 指数下跌 0.74%，经营权 REITs 指数下跌 0.02%。大类 资产角度，REITs 总指数跑输沪深 300 指数 1.69 个百分点，跑输中证全债指 数 0.53 个百分点，跑输南华商品指数 0.09 个百分点。个券层面，南方万国 数据中心 REIT、南方润泽科技数据中 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Viewpoints - The company is positioned as a leader in the optical communication industry, leveraging its comprehensive product offerings and technological advancements to capture growth opportunities in both optical communication and computing services [1][2][3]. - The growth in demand for data driven by artificial intelligence and big data is expected to significantly boost the company's server business, particularly in the context of China's "East Data West Computing" strategy [3][4]. - The company has a strong focus on research and development, continuously innovating to enhance its product matrix and maintain its competitive edge in the market [4][34]. Summary by Sections Technology + Industry, Layout of Optical Communication and Computing Services - The company is the only global entity integrating "optical communication systems, optical fibers and cables, and optoelectronic devices," with a complete product range serving over 100 countries [1][13]. - The company has established production bases and R&D centers in Southeast Asia, South America, and Europe, ensuring a broad service coverage [13][17]. - The revenue has shown a growth trend from 2018 to 2023, with a compound annual growth rate (CAGR) of 5.13% [21][22]. Optical Communication: Industry Leader - The company has maintained a leading technological advantage in the optical communication sector, with significant innovations in multi-core fiber technology and underwater communication solutions [2][42]. - The introduction of new products, such as the G.654.E multi-core fiber, has set domestic records for transmission capacity [2][36]. - The company is actively involved in the development of submarine cable solutions, providing comprehensive services in marine communication networks [41][42]. Computing Services: Benefiting from AI and Big Data - The server market in China is projected to grow significantly, with a market size of 218.68 billion yuan in 2023, reflecting a year-on-year increase of 13.0% [3][4]. - The company has launched a series of self-developed server products, achieving breakthroughs in high-end liquid cooling technology [3][34]. - The computing and storage business has seen a compound annual growth rate exceeding 50% in recent years, indicating strong growth potential [34]. Profit Forecast and Investment Recommendations - The company is expected to benefit from the ongoing digital transformation trends in China, with projected net profits for 2025-2027 of 945.43 million, 1,179.44 million, and 1,421.91 million yuan respectively [4][5]. - The report anticipates a continuous improvement in gross margins due to the diversified product matrix and ongoing technological advancements [4][34].

Industry Rating - The industry investment rating is maintained as "Outperform the Market" [1] Core Viewpoints - The report highlights the expansion of product categories and consumption upgrades as key drivers for the growth of the sports brand, CFMOTO, which is moving towards a global market [3][4][5] Company Overview - CFMOTO is a leading manufacturer of both two-wheeled and four-wheeled motorcycles, with a significant focus on export business. The revenue structure for 2024 is projected to be 47.9% from four-wheeled vehicles, 40.1% from two-wheeled fuel vehicles, and 2.6% from electric vehicles [3][19] - The company has a strong international presence, with over 70% of its revenue coming from overseas markets since 2022 [3][19] All-Terrain Vehicles (ATVs) - The global ATV market has a total sales volume of approximately 1 million units, with North America accounting for over 80% of the demand. CFMOTO holds a stable market share of over 15% [4][39] - The introduction of mid-to-high-end products, such as the U10 PRO, is expected to enhance profitability due to its competitive pricing and performance [4][50] Two-Wheeled Vehicles - The report indicates a trend towards higher displacement fuel motorcycles, with the company launching several new models above 600cc. The sales volume for electric motorcycles is projected to exceed 100,000 units in 2024 [5][66] - The domestic sales of fuel motorcycles are expected to reach 1.432 million units in 2024, reflecting a year-on-year increase of 44% [66] Electric Vehicles - The electric two-wheeler segment is experiencing a shift towards smart features and emotional connections with consumers. The brand "ZEEHO" is positioned to capture this market with a focus on high performance and intelligent design [75][79] - In 2024, the domestic sales of electric two-wheelers are projected to be around 49.5 million units, while overseas sales are expected to grow by 24.8% [75][79]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [6] Core Views - The company is a leader in the non-road wide-body dump truck industry, with a strong performance and a projected revenue of 6.145 billion yuan in 2024, reflecting a CAGR of 22.41% from 2020 to 2024 [1][23] - The demand for non-road wide-body dump trucks is expanding due to stable needs in mining and infrastructure projects, as well as equipment upgrades driven by environmental policies [2][43] - The company is pursuing a product strategy focused on "large-scale, intelligent, and new energy" while actively expanding into overseas markets [3][60] Summary by Sections 1. Company Overview - The company is the first to develop non-road wide-body dump trucks in China and has established itself as a key player in the global engineering machinery manufacturing sector [14] - The product range includes non-road wide-body dump trucks, mining dump trucks, underground transport equipment, and special-purpose equipment, covering both fuel and new energy power [1][20] 2. Market Demand Expansion - The non-road wide-body dump truck market is driven by stable demand in domestic mining and infrastructure projects, as well as the replacement of traditional equipment [2][43] - The company is positioned to benefit from the growth in the Asia-Pacific coal mining sector and the development of mineral resources along the "Belt and Road" initiative [2][60] 3. Product Strategy and Global Expansion - The company is focusing on large-scale, intelligent, and new energy products, with significant R&D investment projected to increase by 89.33% in 2024 [3][24] - The company aims to enhance its global presence, with overseas revenue expected to reach 16.5% in 2024 [3][30] 4. Financial Performance and Forecast - The company’s revenue is projected to grow to 6.533 billion yuan in 2025, with a net profit of 873.76 million yuan, reflecting a growth rate of 10.17% [4][5] - The report compares the company with peers and assigns a target market value of 12.3 billion yuan, corresponding to a target price of 26.7 yuan per share [4][6]