Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company is expected to achieve a revenue growth rate of 10%+ in the second half of FY2025, despite challenges in the overall consumption environment [5]. - The company has shown resilience in its operations, with a focus on product innovation and brand upgrades, which are anticipated to drive sales during the off-season [5]. - The company's strategic transformation has solidified its position as an expert in down jackets, with a continued emphasis on enhancing product quality and expanding product categories [5]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 16,774 million - 2024A: 23,214 million (growth rate: 38%) - 2025E: 25,681 million (growth rate: 11%) - 2026E: 28,930 million (growth rate: 13%) - 2027E: 32,426 million (growth rate: 12%) [2]. - **Net Profit Forecast**: - 2023A: 2,139 million - 2024A: 3,074 million (growth rate: 44%) - 2025E: 3,521 million (growth rate: 15%) - 2026E: 4,041 million (growth rate: 15%) - 2027E: 4,562 million (growth rate: 13%) [2]. - **Earnings Per Share (EPS)**: - 2023A: 0.18 - 2024A: 0.27 - 2025E: 0.30 - 2026E: 0.35 - 2027E: 0.39 [2]. - **Valuation Ratios**: - P/E: - 2024A: 14.0 - 2025E: 12.3 - 2026E: 10.7 - 2027E: 9.5 - P/B: - 2024A: 3.1 - 2025E: 2.5 - 2026E: 2.0 - 2027E: 1.7 [2][8]. Market Position and Strategy - The company is actively integrating new digital technologies with traditional business models to enhance operational efficiency and decision-making accuracy [5]. - The introduction of AI-designed products has significantly reduced the development time for new designs, showcasing the company's commitment to innovation [5]. - The company is focusing on sustainable development across its entire supply chain, achieving a leading ESG rating [5].

Investment Rating - The report maintains an "Overweight" rating for the airline industry [1]. Core Insights - The summer and autumn flight schedule for 2025 indicates a 3.4% decrease in domestic airline passenger flight slots, with domestic, international, and regional slots changing by -3.9%, +6.1%, and -16.8% respectively compared to the 2024 summer and autumn schedule [4]. - The report highlights that the airline industry is expected to see improved profitability due to controlled capacity and potential fare increases, supported by a resilient demand from business travelers and the growth of the silver economy [4]. - Key recommendations include airlines such as Huaxia Airlines, Spring Airlines, and Jixiang Airlines, as well as airports like Shanghai Airport and Baiyun Airport, which are expected to benefit from the recovery in air travel demand [4][10]. Summary by Sections 1. Key Targets - Recommended stocks include Jixiang Airlines with projected P/E ratios of 15.33X for 2025 and 11.45X for 2026, benefiting from a dual-brand strategy [10]. - Spring Airlines is highlighted as a leading low-cost carrier with strong profitability and cost control, projected P/E ratios of 16.52X for 2025 and 12.95X for 2026 [10]. - Huaxia Airlines, the only independent regional airline in China, is expected to see performance rebound with a P/E of 10.13X for 2025 and 8.58X for 2026 [10]. - Southern Airlines and China Eastern Airlines are also recommended, with P/E ratios of 19.60X and 13.59X for 2025, respectively [10]. 2. Airline Data Tracking 2.1 Airlines - Daily average flight operations for major airlines show mixed results, with Southern Airlines operating 2092.40 flights, a decrease of 0.46% week-on-week, while Eastern Airlines increased by 1.40% to 2150.60 flights [4][22]. - Average aircraft utilization rates varied, with Southern Airlines at 7.40 hours per day, a decrease of 2.63% week-on-week [4][30]. 2.2 Airports - Passenger throughput data indicates Shanghai Airport handled 11.21 million passengers, a month-on-month increase of 8.22% [40]. - Daily average flight operations for domestic routes at major airports like Shenzhen Bao'an and Beijing Capital showed increases of 1.75% and 3.82% respectively [51].

如何看待本轮美股风险与对国内科技股影响？ 证券研究报告/策略定期报告 2025 年 03 月 15 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 相关报告 1、《国内普林格阶段三真的来了？》 2025-03-11 2、《"两会"政府工作报告有何指 引？》2025-03-09 3、《关税大棒后，科技股回调怎么 看？》2025-03-04 报告摘要 当前投资者需关注高位科技股（中小市值）的风险，建议关注低位的安全类资产：有 色、军工、核电。今年基本面为"风险偏好与现实的割裂"。两会后，市场开始关注 现实因素，高位科技股的调整压力将加大。另外，从资金面来看，当前科创板高估值 主要由杠杆资金推动，整体风险较大。政策方面，未来资本市场或逐步开放，将弱化 壳资源价值，进而对中小盘造成影响。 安全类资产的主线：恒生科技代表的国内 AI 产业趋势，政策定力下的债市、红利为代 表的防御类资产，以及特朗普全球冲击下的安全类资产，将是今年三大产业趋势。以 欧 ...

华为新品发布在即：首款原生鸿蒙手机亮相，双模型加持 AI 升级 评级： 增持（维持） 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 360 | | 行业总市值(亿元) | 48,474.81 | | 行业流通市值(亿元) | 41,754.62 | 1、《DeepSeek 银行部署加速， AI 金融应用迎来跃迁》2025-03-14 2、《机器人系列报告一：具身智能 ——决定机器人泛化能力天花板的 "大小脑"》2025-03-10 请务必阅读正文之后的重要声明部分 分析师：孙行臻 最新进展：首款原生鸿蒙手机即将问世，端侧商业化迎拐点。华为官方宣布将于 2025 年 3 月 20 日 14:30 正式举办华为 Pura 先锋盛典及鸿蒙智行新品发布会，届时将上线 首款搭载原生鸿蒙正式版手机。该产品价格亲民，并在硬件、软件和生态方面实现了 全新的突破。本次发布会还将明确自 2025 年起所有华为新品（包括手机、平板、穿 戴设备等）均会搭载原生鸿蒙系统，存量设备也将分批升级。 智能升级：双模型加持全新小艺 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance in its financial results, with a projected revenue growth of 19% year-on-year for 2024, reaching 24,016 million yuan, and a net profit growth of 20% to 3,841 million yuan [4][2]. - The company is expected to benefit from the ramp-up of new production capacities, with four new factories launched in 2024, which will alleviate previous capacity constraints [4]. - The collaboration with major clients like Adidas is deepening, providing a robust growth driver as production ramps up [4]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 20,114 million yuan in 2023 to 32,153 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [2]. - **Net Profit Forecast**: The net profit is expected to increase from 3,200 million yuan in 2023 to 5,031 million yuan in 2026, with a CAGR of about 13% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 2.74 yuan in 2023 to 4.31 yuan in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 24.1 in 2023 to 15.4 in 2026, indicating improving valuation as earnings grow [2]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares, amounting to a total payout of approximately 23.34 billion yuan, which represents 60.8% of the net profit [4].

Investment Rating - The report maintains a positive outlook on strong domestic automotive manufacturers, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [5][6]. Core Viewpoints - The report continues to favor strong domestic automotive brands and highlights investment opportunities in complete vehicles and intelligent driving technologies for 2025 [5][6]. - The first quarter of 2025 is expected to see limited seasonal adjustments, with a focus on strong domestic brands and the robotics industry chain [6]. - The report suggests that the automotive sector will likely experience a reversal in order volumes, recommending continued attention to investment opportunities in the automotive sector for 2025 [6]. Market Tracking - Weekly core data indicates that total insurance volume for the week of March 3-9 was 360,000 units, below the 400,000 weekly threshold, with a year-on-year increase of 16% and a month-on-month decrease of 13% [6]. - New energy vehicle insurance volume for the same week was 200,000 units, showing a year-on-year increase of 52% and a month-on-month decrease of 8%, with a penetration rate of 56% [6]. - Exports in January totaled 380,000 units, reflecting a year-on-year increase of 7%, with expectations for continued high growth in domestic brands' overseas expansion [6]. Industry Prosperity - The report notes a recovery in orders post-Chinese New Year, with expectations for normalization by the end of March, particularly for brands like BYD, Geely, and Xiaomi [6]. - The report highlights that the penetration rate of new energy vehicles has rapidly increased, with a year-on-year growth of 3-17 percentage points [34]. - The report anticipates that the share of strong domestic brands will increase by 8-14% in 2025, with several strong domestic manufacturers expected to see significant opportunities for growth [6]. Stock Tracking - The report recommends focusing on stocks such as Xiaomi and BYD in the short term, while waiting for other automotive stocks to reach attractive valuation levels [6]. - Specific stock performance highlights include BYD's weekly delivery of 61,000 units and expected sales of 235,000 units in March, despite a year-on-year decrease of 10% [39]. - The report also notes that new energy vehicle brands like Li Auto and Xiaopeng are expected to see significant year-on-year increases in sales [39].

元件 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 512.88 | | 流通股本(百万股) | 511.55 | | 市价(元) | 128.00 | | 市值(百万元) | 65,648.32 | | 流通市值(百万元) | 65,478.95 | 深南电路（002916.SZ） 证券研究报告/公司点评报告 2025 年 03 月 14 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 13,526 | 17,907 | 21,547 | 24,863 | 29,425 | | 执业证书编号：S07 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9]. Core Views - The company is positioned as a leader in the integrated woolen fabric sector, with strong growth in new materials, particularly in ultra-high molecular weight polyethylene (UHMWPE) and nylon projects, which are expected to contribute significantly to revenue in the coming years [3][6]. - The company has faced challenges in its traditional woolen fabric business due to weak performance from downstream apparel brands, but it has managed to improve gross margins through cost control and enhanced product features [5][6]. - The company is actively expanding its production capacity and exploring new markets, including a joint venture in Indonesia to enhance its apparel manufacturing capabilities [5][6]. Financial Performance Summary - For 2024, the company reported revenue of 1.616 billion yuan, a slight increase of 0.98% year-on-year, while net profit attributable to shareholders decreased by 5.82% to 191 million yuan [5]. - The revenue from the woolen fabric segment declined by 9.54% to 810 million yuan, while the apparel segment grew by 4.45% to 610 million yuan [5]. - The UHMWPE business saw a remarkable revenue increase of 94.75% to 176 million yuan, driven by the full production capacity of its second phase project [5][6]. Earnings Forecast and Valuation - The company forecasts net profits of 259 million yuan in 2025, 345 million yuan in 2026, and 442 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 15 [3][6]. - The projected revenue growth rates are 43% in 2025, 25% in 2026, and 18% in 2027, indicating a robust growth trajectory [3][6]. - The report highlights the strategic framework of "traditional woolen fabric as the base, new material fibers as the wings," aiming for a collaborative development across the entire industry chain [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company achieved a revenue of 32.98 billion yuan in 2024, reflecting a year-on-year growth of 13.2%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.2% year-on-year [3][4]. - The report highlights significant growth in the company's polyethylene and polypropylene sales, with increases of 36.4% and 54.7% respectively in 2024 [4]. - The company is expected to benefit from a decrease in coal prices, enhancing its competitive edge in the coal-to-olefins sector [4]. - The report projects a substantial increase in net profit for 2025 and 2026, estimating 12.48 billion yuan and 14.05 billion yuan respectively, with a corresponding P/E ratio of 10.3 and 9.1 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32,983 million yuan, with a year-on-year growth rate of 13% [2]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase year-on-year [2]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, with significant growth expected in subsequent years [2][5]. Sales and Production - The company’s sales volume for polyethylene and polypropylene reached 1,135,200 tons and 1,164,900 tons in 2024, marking increases of 36.4% and 54.7% respectively [4]. - The report notes that the company’s production capacity is set to increase significantly, with new production lines coming online in 2024 and 2025 [4]. Market Conditions - The report indicates that the decline in coal prices has positively impacted the company's cost structure, allowing for improved margins despite fluctuations in product prices [4]. - The competitive advantage of the coal-to-olefins process is expected to be further enhanced due to the favorable pricing of raw materials [4]. Future Outlook - The company is projected to achieve a net profit of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, with a continued focus on shareholder returns through high dividend payouts [4][5]. - The report anticipates that the company will maintain a strong growth trajectory, supported by ongoing projects and market conditions [4].

新材料业务增长强劲，25 年产能业绩齐放量 纺织制造 | 分析师：张潇 | | --- | | 执业证书编号：S0740523030001 | | Email：zhangxiao06@zts.com.cn | | 分析师：郭美鑫 | | 执业证书编号：S0740520090002 | | Email：guomx@zts.com.cn | | 分析师：邹文婕 | | 执业证书编号：S0740523070001 | | Email：zouwj@zts.com.cn | | 分析师：吴思涵 | | 执业证书编号：S0740523090002 | | Email：wush@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 412.23 | | 流通股本(百万股) | 412.23 | | 市价(元) | 15.99 | | 市值(百万元) | 6,591.54 | | 流通市值(百万元) | 6,591.54 | 1、《毛精纺一体化龙头，锦纶+超高 新材料加速成长》2025-02-21 南山智尚（300918.SZ） 证券研究报告/公司点评报告 2025 年 03 ...