Investment Rating - The report maintains a "Buy" rating for the company [1][17] Core Views - The company has shown continuous high growth in performance, with significant increases in contract liabilities and inventory [1][5] - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10] - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points year-on-year, indicating a higher proportion of high-margin products [4][10] - The company is increasing its R&D investment, which grew by 22.63% year-on-year, accounting for 37.61% of revenue [4][10] Financial Performance - The company’s revenue projections for 2025-2027 are 14.165 billion, 20.581 billion, and 28.402 billion yuan respectively, with net profits of 3.005 billion, 4.642 billion, and 6.539 billion yuan [6][10] - The net profit growth rates for the same period are projected at 55.61%, 54.50%, and 40.86% respectively [10][14] - The company’s total liabilities at the end of 2024 were 5.908 billion yuan, with significant increases in contract liabilities and inventory [5][14] Market Position and Opportunities - The company is positioned as a leader in domestic computing power, benefiting from the growing demand for AI computing power [6][10] - The launch of DeepSeek is expected to drive the demand for inference computing power, which the company is well-positioned to capitalize on [6][10] - The company plans to collaborate with partners to launch industry-specific integrated machine solutions, which is anticipated to meet the rapidly growing market demand [6][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 151.50 [1][6]. Core Insights - The company has demonstrated sustained high growth in performance, with significant increases in contract liabilities and inventory [1][5]. - In 2024, the company achieved a revenue of 9.162 billion yuan, representing a year-on-year growth of 52.40%, and a net profit of 1.931 billion yuan, up 52.87% year-on-year [4][10]. - The gross profit margin for 2024 was 63.72%, an increase of 4.05 percentage points compared to the previous year, indicating a higher proportion of high-margin products [4][10]. - The company has increased its R&D investment by 22.63%, accounting for 37.61% of its revenue, reflecting a commitment to innovation and product competitiveness [4][10]. Financial Performance - Contract liabilities at the end of 2024 reached 903 million yuan, an increase of 900 million yuan year-on-year, primarily due to large advance payments from customers [5]. - Inventory surged to 5.425 billion yuan, a 405% increase year-on-year, as the company proactively increased stock to meet market demand [5]. - The company forecasts revenues of 14.165 billion yuan, 20.581 billion yuan, and 28.402 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.005 billion yuan, 4.642 billion yuan, and 6.539 billion yuan [6][10]. Market Position and Opportunities - The company is positioned as a leader in domestic computing power, with its products expected to benefit from the growing demand for AI computing power [6]. - The launch of DeepSeek has created favorable conditions for the development of domestic computing power, with the company quickly adapting its products to meet the needs of this emerging market [6]. - The company plans to collaborate with partners to offer integrated solutions, which is anticipated to capitalize on the rapid growth of the integrated machine market [6].

2025 年 03 月 04 日 行业周报 看好/维持 电子 电子 太平洋电子日报(20250304) ：RISC-V 迎来发展新机遇 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/16 24/7/28 24/10/9 24/12/21 25/3/4 相关研究报告 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（+0.89%）；深证综指（+0.68%）；创业板综 （+0. ...

◼ 走势比较 2025 年 03 月 04 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源周报（第 124 期 20250224-20250302）：锂电、光伏短期景 气度向好 (20%) (10%) 0% 10% 20% 30% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 ◼ 推荐公司及评级 报告摘要 ⚫ 行业整体策略：锂电、光伏短期景气度向好 近期科技主题有调整，可重视景气度向好的锂电、光伏主产业链；从 锂电、光伏未来景气度趋势看，锂电的持续性较好；从新技术看，BC 等光伏新技术落地能力更强。 新能源汽车产业链核心观点：中下游新周期已开启 1）3 月锂电景气度向好，重视有涨价预期环节。3 月中国市场动力+储 能+消费类电池排产量预计为 108GWh，环比增 11.3%，同比增长 27.1%。有涨价预期的环节有：磷酸铁锂、负极、钴等，近期低端和中 端人造石墨价格均上涨 500 元/吨左右。 2）重视下游生态的变化，高端化、智能化是趋势。a）小米 SU7 Ultra 定价 52.99 万元，超市场预期；中国智能电动车高端化激活。b）理想 汽车正式发布首 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of HKD 317.80, based on projected earnings growth and valuation metrics [1][9]. Core Insights - The company, Mixue Group, is positioned as a leading player in the global ready-to-drink beverage market, achieving a revenue growth rate of 21.2% and a net profit growth rate of 45.2% in the first three quarters of 2024 [3][4]. - The company's rapid expansion is driven by a combination of supply chain advantages and a focus on lower-tier markets, with a significant portion of its stores located in third-tier cities and below [5][6]. - The ready-to-drink tea industry is experiencing robust growth, with a projected CAGR of 17.3% from 2023 to 2028, and Mixue holds a 20% market share, making it the largest player in the sector [4][54]. Company Overview - Mixue Group was founded in 1997 and has rapidly expanded to over 46,479 stores globally, achieving a market share of 19% by store count [3][20]. - The company operates primarily through a franchise model, with 45,282 franchise stores and only 20 company-owned stores as of September 2024 [30][36]. - The revenue structure is heavily weighted towards B2B sales, with 98% of revenue coming from product and equipment sales to franchisees [36]. Industry Growth - The ready-to-drink tea market in China is currently valued at approximately CNY 258.5 billion, with a projected growth to CNY 312.7 billion in 2024, reflecting a 21% year-on-year increase [52][54]. - The market for affordable ready-to-drink beverages is expanding rapidly, with a CAGR of 22.2% expected from 2023 to 2028, driven by increasing consumer demand in lower-tier cities [54][55]. Supply Chain and Business Model - Mixue's competitive advantage lies in its vertically integrated supply chain, which allows for cost control and efficient distribution, with 70% of raw materials sourced in-house [5][6]. - The company has established five production bases across China, ensuring a steady supply of key ingredients and maintaining lower procurement costs compared to competitors [5][6]. International Expansion - Mixue is actively expanding its presence in Southeast Asia, with 4,792 overseas stores as of September 2024, and plans to increase this number significantly in the coming years [6][30]. - The company is also leveraging its supply chain to support its coffee brand, Luckin Coffee, which is experiencing rapid growth in the affordable coffee segment [6][29].

2025 年 03 月 04 日 公司深度研究 增持/首次 蜜雪集团(02097) 目标价: 317.80 昨收盘:290.00 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空间 ◼ 走势比较 0% 100% 25/3/2 25/3/3 蜜雪集团 恒生指数 ◼ 股票数据 总股本/流通(亿股) 1.48/1.48 总市值/流通(亿港元) 430.14/430.14 12 个月内最高/最低价 (港元) 298/256 相关研究报告 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124030019 报告摘要 公 司 研 究 公司深度研究 P2 蜜雪冰城：供应链壁垒与下沉红利双轮驱动，全球化打开长期空 间 投资建议：预计 2024-2026 年收入增速 22%/20%/18%，归母净利润 增速分别为 42%/12%/20%，EPS 分别为 11.79/13.29/15.85 元，对应 PE 分 别为 16x/14x/12x，按照 2 ...

Investment Rating - The report maintains a positive outlook on the electric equipment and new energy sector, particularly lithium batteries and photovoltaics, indicating a favorable short-term economic climate [1]. Core Insights - The overall strategy for the industry highlights a positive trend in lithium batteries and photovoltaics, with a focus on the main industrial chains that are expected to perform well in the near term [4]. - The report emphasizes the importance of new technologies in the photovoltaic sector, particularly the strong implementation capabilities of new technologies like BC [4]. - The report identifies a new cycle in the downstream ecosystem of the new energy vehicle industry, with a focus on high-end and intelligent trends [4]. Summary by Sections New Energy Vehicles - In March, the lithium battery sector shows a positive trend, with an expected production capacity of 108 GWh in China, reflecting a month-on-month increase of 11.3% and a year-on-year increase of 27.1% [9][10]. - There is an emphasis on segments with price increase expectations, such as lithium iron phosphate and cobalt, with recent price increases of approximately 500 yuan/ton for low-end and mid-range artificial graphite [4][10]. - The report highlights the trend towards high-end and intelligent electric vehicles, citing the pricing of Xiaomi's SU7 Ultra at 529,900 yuan, which exceeds market expectations [4][10]. - New product cycles are anticipated, with the launch of Li Auto's first pure electric SUV, the i8, and Tesla's FSD capabilities being pushed in the domestic market [4][10]. - The report also notes advancements in lithium battery technologies, including solid-state batteries and AI integration, with companies like Mercedes and Samsung SDI making significant strides [4][10]. Photovoltaic Industry - The photovoltaic sector is experiencing an increase in demand, with a significant rise in orders and a 40% month-on-month increase in component production in March [5][11]. - The report indicates that the price of photovoltaic glass has risen significantly due to strong demand and inventory depletion, with an increase of 2 yuan/square meter [5]. - The market is expected to confirm a bottom by 2025, with ongoing discussions among regulatory bodies to address "involution" competition [5]. - Technological innovation, particularly in BC technology, is seen as a key driver for the industry's upward movement, with plans for significant capacity expansion by leading companies [5]. Wind Power and Other Sectors - The report notes that the offshore wind sector remains strong, with the UK government launching a "clean industry bonus" program to support offshore wind development [6]. - There is a focus on humanoid robotics as a long-term core area, with companies like Huichuan Technology initiating recruitment for humanoid robotics [6]. Price Trends - The report details price trends across various segments, including a rise in prices for lithium battery materials and photovoltaic components, indicating a tightening supply and increasing demand [19][31].

2025 年 03 月 03 日 行业周报 看好/维持 医药 医药 礼来与 Magnet 达成近 13 亿美元分子胶合作 科伦药业（002422）：公司发布公告，公司 5%以上持股股东雅安国资 拟通过集中竞价的方式增持公司股份，拟增持金额为 5000-9900 万元，增 持价格不超过 37.60 元/股，资金来源为自有资金和股票回购专项贷款。 鱼跃医疗（002223）：公司发布公告，公司申请的自动体外除颤器（AED） 获得符合欧盟《医疗器械第 2017/745 号法规》（MDR）要求的 III 类医疗 器械 CE 认证证书，此次获批表明该产品具备欧盟市场的最新准入条件， 进一步提升了公司急救类产品在相应领域的综合竞争力。 昭衍新药（603127）：公司发布公告，公司累计通过集中竞价交易方 式回购 A 股股份 3,269,820 股，占公司总股份的 0.4363%，回购价格区间 为 13.20-18.15 元/股，使用资金总额为人民币 52,991,757.40 元（不含 交易费用）。 ◼ 走势比较 报告摘要 市场表现： 2025年3月3日，医药板块涨跌幅+0.66%，跑赢沪深300指数0.70pct， 涨跌幅 ...

2025 年 03 月 03 日 行业周报 看好/维持 电子 电子 太平洋电子日报(20250303): 深圳加快发展端侧大模型 证券分析师：李珏晗 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 25/2/27 相关研究报告 << 太 平 洋 电 子 周 报 20250224- 20250228：英伟达发布 FY25Q4 财报， Blackwell 出货超预期>>--2025-03- 03 证券分析师：张世杰 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 报告摘要 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 个股涨幅 TOP3：盛业电气（+14.01%）；威贸电子（+12.30%）；博敏电子 （+10.04%） 个股跌幅 TOP3：翱捷科技（-10.18%）;德明利（-10.00%）；卓翼科技（- ...

宏观 证券研究报告 |点评报告 2025/3/3 2月PMI数据点评—— 春节及政策效应共助数据回升 目录 1、春节因素叠加政策效应，制造业PMI季节性反弹 2、建筑业及服务业表现分化，非制造业扩张不及预期 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 ➢ 中国2月官方制造业PMI50.2，预期49.9，前值49.1。 ➢ 中国2月非制造业PMI50.4，预期50.5，前值50.2。 图表1：PMI数据主要分项 | 项 目 | 较前值 | | 2025/2 | 2025/1 | | 2024/12 | 2024/11 | 2024/10 | | 2024/9 | 2024/8 | 2024/7 | 2024/6 | | 2024/5 | 2024/4 | 2024/3 | 2024/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 制造业PMI | 1 | 1 . | 50 2 . | | 49 1 . | ...