Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9] Core Insights - The company has shown consistent performance with significant revenue and profit growth driven by both internal and external factors, including asset acquisitions and government subsidies [5][6][8] - The tourism market in China is recovering, and the company is focusing on its "leisure tourism destination" strategy, resulting in increased visitor numbers and revenue from its projects [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit of 147 million yuan, a decrease of 3%. The first quarter of 2025 saw total revenue of 212 million yuan, up 55%, and a net profit of 31 million yuan, up 159% [5][9] - The company's gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins of 18.44% and 18.12% [6][9] - The company expects steady growth in earnings per share (EPS) from 0.33 yuan in 2025 to 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 22 times [9][11] Revenue and Profit Forecast - The company anticipates a significant increase in revenue, projecting 1.36 billion yuan in 2025, a growth rate of 57.2%, and a net profit of 347 million yuan, reflecting a growth rate of 136.6% [11][12] - The report highlights a focus on expanding the tourism destination investment and operation business, aiming to create a unique cultural tourism model [8][9]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][4][80] Core Viewpoints - The new energy vehicle industry is experiencing strong production and sales, with April 2025 figures showing production and sales of 1.251 million and 1.226 million units respectively, representing year-on-year growth of 43.8% and 44.2% [3][79] - The supply side is seeing continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive, supported by ongoing policy initiatives [3][79] - The industry has undergone significant price declines, with capital expenditures contracting, leading to an improved supply-demand structure [3][79] - The report highlights that the core companies in the industry are currently valued at historical lows, presenting good investment opportunities [3][79] Summary by Sections Market Tracking - The new energy vehicle index has shown a year-to-date increase of 4.16%, while the lithium battery index has decreased by 1.51% [22] - The overall performance of the new energy vehicle sector remains strong despite fluctuations in individual stock performances [5][26] Lithium Battery Industry Price Tracking - Lithium carbonate prices are reported at 63,000 yuan per ton, down 2.3% from the previous week, while lithium hydroxide prices are at 64,700 yuan per ton, down 1.5% [33][42] - The report notes that cobalt prices have increased by approximately 40% year-to-date, while other materials have seen mixed price movements [30][31] Production and Sales Data Tracking - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units, respectively, with a year-on-year increase of 43.8% and 44.2% [53][54] - The report indicates that new energy vehicles accounted for 47.3% of total new car sales in April 2025 [53] Industry Dynamics - The report discusses the competitive landscape, highlighting that BYD has surpassed Tesla in European sales for the first time, with a year-on-year increase of 169% [71] - The introduction of new models, such as Xiaomi's high-performance SUV, is noted as a significant development in the market [70] Key Company Announcements - Wanrun New Energy has signed a supply agreement with CATL for lithium iron phosphate products, expected to total approximately 1.3231 million tons from 2025 to 2030 [74] - Zhejiang Rongtai plans to establish a wholly-owned subsidiary focused on motor and control system research and development [77]

证 券 研 究 报 告 行业周报 电动车产销两旺，看好预期差标的 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年05月25日 ◼ SAC编号：S1050521120002 投 资 要 点 电动车产销两旺。根据中汽协数据，2025年4月新能源汽车产销分别完成125.1万辆和122.6万辆，同比分别增长43.8%和 44.2%。2025年1-4月，新能源汽车产销分别完成442.9万辆和430万辆，同比分别增长48.3%和46.2%，表现强劲。供给端， 电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩， 供需格局不断优化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底 部，价格易涨难跌，需求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史低水平，看好产业链优质公司。 行业评级及投资策略： ◼ 分析师：黎江涛 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好机器人、固态电池、电池材料α品种、液冷 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [3]. Core Insights - Significant transactions have occurred, enhancing the value of Best in Class (BIC) new drugs, particularly with the licensing agreement of SSGJ-707 between Sanofi and Pfizer, which includes a $1.25 billion upfront payment and potential milestone payments totaling $4.8 billion [5]. - The approval of the world's first influenza RNA polymerase PB2 protein inhibitor, Anladiwei tablets, provides a new treatment option for influenza resistance [6]. - The gout and hyperuricemia market presents substantial growth potential, with an expected increase in patients from 1.7 billion in 2020 to 2.4 billion by 2030 in China [8]. - The oral weight loss drug sector is seeing increased activity, with Novo Nordisk's collaboration with Septerna to develop oral small molecule drugs for obesity and type 2 diabetes, reflecting competitive pressures in the market [10]. - Chinese innovative drug companies are leading breakthroughs in CAR-T technology, with significant advancements expected in 2025 [12]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 1.96% over the past week, with a weekly increase of 1.78% [27]. - Over the past month, the pharmaceutical sector also outperformed the CSI 300 index by 1.74%, with a monthly increase of 4.26% [31]. 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical sector is 33.25, slightly above the five-year historical average of 32.64 [46]. 3. Recent Research Achievements - The report highlights various recent research achievements, including deep reports on the blood products industry and the impact of policies on inhalation preparations [49]. 4. Recent Industry Policies and News - Recent policy changes include a reduction in tariffs on U.S. imports, which may impact the pharmaceutical sector positively [52]. - Notable news includes the approval of several innovative drugs, such as Anladiwei tablets and the KRAS G12C inhibitor by Ailis, indicating a vibrant drug approval landscape [53][55]. 5. Key Company Recommendations - The report recommends several companies based on their market potential, including: - **Zhongsheng Pharmaceutical** for its innovative drug pipeline [15]. - **Yifang Biotechnology** for its technology platform [15]. - **Kejia Pharmaceutical** for its CAR-T technology advancements [15].

2025 年 05 月 25 日 债底保护价值凸显 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《债券或逐步跌出交易机会—— 资产配置周报》2025-05-18 2、《5 月重回缩表——资产配置周 报》2025-05-11 3、《美国经济增速仍高于趋势水平 ——资产配置周报》2025-05-04 投资要点 ▌ 股债、转债市场回顾 上周权益市场震荡下跌，大小盘表现分化，热点杂乱快速轮 动。周初微盘股创历史新高，并购重组及 ST 股强势。资金或 短期压住低位消费股，大消费如食品、美容、宠物在周初经 济数据带动下走强，但周末领跌。周中开始，中小盘走弱， 权重股尤其是银行、保险逆势走强。特朗普提出"最惠国药 价"，全周创新药表现强势。此外，巴以冲突或升级，金价 大幅上涨，最高突破 3345 美元/盎司，贵金属股票涨幅居 前。港股表现强势，海外资金看好中国资产尤其是港股的性 价比，宁德时代上市首日涨 16%。A 债走势震荡，先后受大行 下调存款利率、央行 LPR 调降利好落地、国债密 ...

证 券 研 究 报 告 行业周报 重磅交易落地，BIC价值提升 医药行业周报 | 投资评级： | 推荐 （ 维持 ） | | --- | --- | | 报告日期： | 2025年05月25日 | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 重磅交易落地，带动Best in class 新药价值提升 2025年5月20日，三生制药发布公告，将PD-1/VEGF双抗（SSGJ-707）的中国外全球权益授权给辉瑞，根据协议，辉瑞 支付12.50亿美元预付款，48亿美元里程碑付款，以及双位数百分比的销售分成。对比近年来国内授权的双抗和ADC， SSGJ-707的首付款创历史记录，总额仅次于百利天恒的EGFR/HER3 ADC。SSGJ-707能获得高估值的重要基础不仅在于 非小细胞肺癌的患者人群基数，更重要是SSGJ-707采用了CLF共同轻链-Fab双抗技术平台构建，在二期临床中取得了积极 的临床数据，并启动了单药治疗头对头对比Keytruda的临床研究，具备Best in Class 的潜力。SSGJ-707的 ...

2025 年 05 月 26 日 52TOYS 递表 看 IP 撬动潮玩及渠道新增量 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 3.2 | -8.0 | 19.5 | | 沪深 300 | 2.5 | -2.0 | 7.8 | 市场表现 ▌ 新势力 IP 玩具公司乐天自成（52TOYS）递表 2025 年 5 月 22 日 52TOYS 递表港交所，公司以"IP 中枢" 战略为核心，通过多品类产品矩阵（静态玩偶、可动玩偶、 变形机甲、毛绒玩具等）和全渠道销售网络，构建差异化竞 争优势，目前已有 2800 个 SKU 可供销售。IP 端，52TOYS 自 有 IP 达 35 个，其中分为如潮流 IP（Nook、Sleep）、科幻 IP（猛兽匣）、文化 IP（胖哒幼 PandaRoll、超活化系 列）；52TOYS 授权 IP 达 80 个，国际经典 IP 如蜡笔小新、 猫和老鼠、三丽鸥、迪士尼系列。渠道端，52TOY ...

Investment Rating - The report assigns a "Buy" investment rating for Junting Hotel (301073.SZ) [1][9] Core Views - The company is experiencing operational pressure during its ramp-up phase, with regional performance showing continued divergence [2] - The focus is on the progress of direct-operated stores and the acceleration of franchise expansion [3] - Profitability is expected to improve as the direct-operated business ramps up and the franchise model operates with lower asset intensity [4] Summary by Sections Financial Performance - In 2024, total revenue reached 676 million yuan, a year-on-year increase of 27%, while net profit attributable to shareholders was 25 million yuan, a decrease of 17% [1] - For Q1 2025, total revenue was 162 million yuan, a slight increase of 1%, but net profit dropped by 39% to 3 million yuan [1] Operational Metrics - In 2024, the company's occupancy rate (OCC), average daily rate (ADR), and revenue per available room (RevPAR) decreased by 4 percentage points, 1%, and 7% respectively [2] - For Q1 2025, OCC, ADR, and RevPAR further declined to 56.51%, 471.8 yuan, and 266.6 yuan, reflecting a more significant drop due to various economic pressures [2] Expansion Strategy - The company has invested in 11 new direct-operated hotels, with 10 already opened, and is focusing on the ramp-up speed and stable profitability of these new openings [3] - A joint venture, Junxing Hotel Management, was established in December 2024, and the franchise model is set to launch in 2025, covering major urban clusters [3] Profit Forecast - The company is projected to achieve earnings per share (EPS) of 0.38 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 55 times [4][11] - Revenue is expected to grow from 777 million yuan in 2025 to 1,004 million yuan in 2027, with net profit forecasted to increase significantly in the coming years [11][12]

Market Sentiment - The current market sentiment composite score is 36, indicating a "cold" market condition [4][7] - Historical trends show that when the sentiment score is below or close to 30, the market tends to receive support, while scores above 90 may indicate resistance [7] Hot Themes Tracking - **Solid-State Battery Theme**: The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) will be held from May 15 to 17, focusing on advanced lithium-ion battery technologies and solid-state batteries. Related companies include Haishun New Materials (300501) and Guoxuan High-Tech (002074) [2] - **Gold Theme**: International gold prices have experienced significant volatility in May, influenced by global trade tensions and recent progress in US-China trade talks. Related companies include Shandong Gold (600547) and Zijin Mining (601899) [2] - **Apple Supply Chain Theme**: Apple's first foldable iPhone is expected to launch in fall 2026, impacting the product release schedule for other models. Related companies include Lingyi Technology (002600) and Changying Precision (300115) [2] Capital Flow Analysis - The top ten stocks with the highest net inflow include Kunlun Wanwei (300418) with a net inflow of 129.31 million, followed by Qingdao Kingking (002094) with 45.50 million [8] - The top ten stocks with the highest net outflow include Tianqi Model (002510) with a net outflow of -122.62 million, followed by Guoxuan High-Tech (002074) with -65.01 million [10][17] Industry Insights - The report highlights the performance of various industries, with significant net inflows observed in media and public utilities, while industries such as banking and pharmaceuticals experienced notable net outflows [12][14][15]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Views - The company is expected to see significant profit growth driven by new production capacity, with forecasts for net profits of 1.628 billion, 1.867 billion, and 2.138 billion yuan for 2025, 2026, and 2027 respectively [8]. - The company emphasizes investor returns, with a cash dividend of 1 yuan per share for 2024, resulting in a dividend yield of 4.61% [4][8]. - The company is actively managing its market value and has seen its second-largest shareholder increase their stake by 220 million to 440 million yuan [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 7.228 billion yuan, a year-on-year increase of 4.94% and a quarter-on-quarter increase of 13.90%. However, the net profit attributable to shareholders was 311 million yuan, down 18.61% year-on-year but up 8.19% quarter-on-quarter [1][2]. Production Capacity and Projects - The company is set to launch a new phosphate mine project with an annual capacity of 4 million tons in 2025, which is expected to be a new profit growth driver [2]. - Current production capacity includes over 160,000 tons/year of yellow phosphorus and 32,000 tons/year of flame retardants, with ongoing projects to enhance these capacities [2]. Cost Management - The company has seen a decrease in its R&D expense ratio to 3.05%, while the financial expense ratio has slightly increased to 1.38% [3]. Market Position and Shareholder Engagement - The company is focused on enhancing its core competitiveness and providing consistent, high-level cash dividends to investors [7]. - The stock price is currently at 20.67 yuan, with a total market capitalization of 22.8 billion yuan [4].