Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][8]. Core Insights - The company has experienced a significant revenue increase, with a 51.1% year-on-year growth in 2024, reaching 656 million yuan, while net profit slightly decreased by 3.88% to 52.45 million yuan due to increased expenses from newly acquired subsidiaries and higher sales and R&D costs [4]. - In Q1 2025, the company reported a revenue of 183 million yuan, a 93.59% increase year-on-year, and a net profit of 17.72 million yuan, up 79.57%, indicating a strong acceleration in profit growth driven by increased orders from North American clients and the release of production capacity from fundraising projects [4][5]. - The company is well-positioned to benefit from the AI-driven growth in the consumer electronics sector, with expectations of a 63% CAGR for AI smartphones from 2023 to 2028, which will increase demand for comprehensive thermal management solutions [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 656 million yuan with a growth rate of 51.1%, while the net profit was 52 million yuan, reflecting a decline of 3.9% [9]. - Forecasted net profits for 2025, 2026, and 2027 are 108 million, 152 million, and 202 million yuan respectively, with corresponding EPS of 1.87, 2.64, and 3.50 yuan [8][9]. Business Development - The company has diversified its operations into several new areas, including automotive applications, smart home technology, and AI servers, leveraging its strong brand and technical capabilities [6][7]. - The automotive sector is expected to see significant growth, particularly in applications related to electric vehicle batteries and cockpit electronics [6][7]. Market Outlook - The global smartphone market showed signs of recovery, with a 0.5% year-on-year increase in Q1 2025, and the Chinese market growing by 9% due to consumer electronics subsidies [5]. - The company is actively pursuing partnerships in emerging fields such as robotics and AI, which are anticipated to drive future growth [7].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting the potential for growth driven by AI applications and consumer spending [6][19]. Core Insights - The media industry is supported by continuous policy backing, which includes urban renewal initiatives and the exploration of AI application scenarios. This is expected to stimulate new demand and enhance business growth [5][15][16]. - The upcoming e-commerce events, such as the 618 shopping festival, are anticipated to drive significant business activity within the media sector, leveraging technology to boost consumer engagement [18][19]. - Companies in the media sector are actively innovating and exploring new business models, particularly through AI integration, which is expected to enhance operational efficiency and create new revenue streams [16][19]. Summary by Sections Industry Review - The media sector has shown varied performance, with the e-commerce index experiencing significant gains while the smart TV index lagged behind. Notable stock performances included NetEase and Xunyou Technology, which saw increases of 16.07% and 14.26%, respectively [14][25]. Policy Support - Recent policies emphasize urban renewal and digital cultural development, aiming to enhance consumer infrastructure and promote new technologies. This is expected to create new opportunities for media companies [15][16][17]. Key Recommended Stocks - The report recommends several stocks within the media sector, including Mango Super Media (300413), Yaoji Technology (002605), and Wanda Film (002739), all of which are expected to benefit from upcoming events and innovations [6][9]. Market Dynamics - The report notes that the film market is recovering, with recent box office figures indicating a weekly revenue of 2.10 billion yuan. Upcoming films are expected to further stimulate audience engagement [30][32]. - In the television sector, popular shows are driving viewership, with top-rated series achieving significant market shares [34][35]. E-commerce Trends - Major e-commerce platforms like Alibaba and JD.com are gearing up for the 618 shopping festival, with strategies in place to enhance consumer engagement and drive sales growth [26][27].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, China is in a marginal de - leveraging process. The government aims to stabilize the macro - leverage ratio, and the growth rate of the real - sector's liabilities is expected to decline. The fiscal policy is front - loaded, and the monetary policy is moderately neutral [2][17]. - The economic recovery in the current round is better than expected, but it is necessary to observe whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. - The stock - bond relationship shows a pattern of a strong stock market and a weak bond market, with the style shifting towards value - based stocks. The stock - bond ratio continues to favor stocks, but in the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above 1.7%, the trading value of bonds may gradually emerge [6][22]. - In the de - leveraging cycle, the probability of value - based stocks outperforming is higher. The recommended A + H dividend portfolio and A - share portfolio mainly focus on industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [8][9]. 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis Liability Side - In March 2025, the real - sector's liability growth rate was 8.7% (previous value: 8.4%), expected to rebound slightly to around 9.0% in April, reach an annual high, and then decline steadily in May and return to de - leveraging. By the end of the year, it is expected to drop to around 8% [2][17]. - The government's liability growth rate was 13.9% at the end of March 2025 (previous value: 12.9%), expected to rise to around 14.8% in April, reach an annual high, and then decline. By the end of the year, it is expected to drop to around 12.5% [3][18]. - Last week, the money market continued to loosen marginally. The one - year Treasury bond yield oscillated upwards, closing at 1.45% at the weekend. The estimated lower limit of the one - year Treasury bond yield is about 1.3%, the lower limit of the 10 - year Treasury bond yield is about 1.7%, and the lower limit of the 30 - year Treasury bond yield is about 1.9% [3][18]. Asset Side - In March, the physical volume data improved comprehensively compared to January - February. The economic recovery in this round is better than expected, but it is necessary to pay attention to whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. 3.2 Stock - Bond Cost - Effectiveness and Stock - Bond Style - Last week, the money market continued to loosen marginally. The stock market was strong, and the bond market was weak, with the style shifting towards value - based stocks. The yields of both short - term and long - term bonds increased, and the stock - bond ratio continued to favor stocks [6][22]. - The 10 - year Treasury bond yield increased by 4 basis points to 1.68% throughout the week, and the one - year Treasury bond yield increased by 3 basis points to 1.45%. The term spread between the 10 - year and one - year Treasury bonds slightly widened to 23 basis points [6][22]. - The wide - based rotation strategy underperformed the CSI 300 index by - 0.02 pct last week. Since the position was established in July, it has outperformed the CSI 300 index by 6.28 pct, with a maximum drawdown of 12.1% (compared to 15.7% for the CSI 300 index) [6][22]. - Considering the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above the predicted lower limit of 1.7%, the trading value of bonds may gradually emerge. This week, a bond position is added, with recommended allocations of 40% for the dividend index, 40% for the SSE 50 index, and 20% for the 30 - year Treasury bond ETF [7][23]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with shrinking trading volume. The Shanghai Composite Index rose 0.8%, the Shenzhen Component Index rose 0.5%, and the ChiNext Index rose 1.4%. Among the Shenwan primary industries, beauty care, non - bank finance, automobiles, transportation, and basic chemicals had the largest increases, while computer, national defense and military industry, media, electronics, and social services had the largest declines [31]. 3.3.2 Industry Crowding and Trading Volume - As of May 16, the top five industries in terms of crowding were machinery and equipment, electronics, automobiles, computers, and basic chemicals, while the bottom five were comprehensive, steel, coal, building materials, and petroleum and petrochemicals [34]. - The top five industries with increased crowding this week were basic chemicals, transportation, automobiles, pharmaceutical biology, and non - ferrous metals, while the top five with decreased crowding were computers, national defense and military industry, electronics, communications, and media [34]. - The trading volume of the entire A - share market decreased this week. Beauty care, transportation, non - bank finance, textile and apparel, and coal had the highest year - on - year growth rates in trading volume, while real estate, media, household appliances, building materials, and steel had the smallest increases [35]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, beauty care, non - bank finance, automobiles, basic chemicals, and transportation had the largest increases in PE(TTM), while national defense and military industry, computer, media, electronics, and social services had the largest declines [38]. - In terms of valuation - earnings matching, as of May 16, 2025, industries with relatively high full - year earnings forecasts for 2024 and relatively low current valuations compared to history included coal, petroleum and petrochemicals, non - ferrous metals, power equipment, pharmaceutical biology, and consumer electronics [40]. 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI fell from 50.3 in April to 49.8, and the PMIs of major economies that have been released in April showed mixed trends. The CCFI index decreased by 0.14% week - on - week in the latest week, and port cargo throughput declined. South Korea's export growth rate rose to 3.7% in April and then dropped to - 23.8% in the first 10 days of May. Vietnam's export growth rate rose from 13.2% in March to 21% in April [42]. - In terms of domestic demand, the second - hand housing price decreased in the latest week, and the quantitative indicators showed mixed trends. The traffic volume of trucks on expressways declined. The capacity utilization rate of ten industries rose to a relatively high level in March 2025, significantly declined in April, and slightly rebounded in May. Automobile trading volume was at a relatively high level compared to the same period in history, new - home sales remained at a historical low, and second - hand home sales were still at a high level compared to the historical seasonality [42]. 3.3.5 Public Fund Market Review - In the second week of May (May 12 - 16), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 1.4%, 1%, 0.8%, and 0.3% respectively, while the CSI 300 rose 1.1% [58]. - As of May 16, based on the latest net value and share estimates, the net asset value of active public equity funds was 3.4 trillion yuan, slightly lower than the 3.66 trillion yuan in Q4 2024 [58]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the probability of value - based stocks outperforming is higher. Dividend - type stocks generally should have three characteristics: no balance - sheet expansion, good profitability, and survival ability [8][62]. - Combining the above three characteristics and the under - allocation situation in the public fund's quarterly report, the recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][62].

证 券 研 究 报 告 行业周报 电动车产销两旺，聚焦核心β 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18日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 继续看好板块机会。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： 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、液冷等 ...

Core Insights - The report maintains a positive outlook on the electric vehicle (EV) sector, highlighting strong production and sales growth in April 2025, with year-on-year increases of 43.8% and 44.2% respectively for EVs [3][47] - The supply chain is experiencing a recovery in pricing, with a focus on optimizing capacity and supply to ensure profitability for companies within the industry [3][72] - The report emphasizes the importance of strategic investments in high-potential areas such as robotics, solid-state batteries, and battery materials, while maintaining a "recommended" rating for the EV sector [4][73] Market Tracking - The report notes that the new energy vehicle index and lithium battery index have shown positive performance, with weekly increases of 1.59% and 0.66% respectively [5][22] - Key companies such as Xingyun Co., BYD, and Zhonghua International have shown significant stock price increases, with gains of 22.1%, 7.1%, and 11.7% respectively [5][23] Price Tracking in Lithium Battery Supply Chain - The report provides a detailed overview of lithium prices, noting that lithium carbonate is priced at 64,500 CNY/ton, down 1.1% from the previous week, while cobalt prices have increased by 0.4% to 244,000 CNY/ton [31][29] - The report indicates that the overall price structure in the supply chain is at a low point, suggesting potential for price recovery [3][72] Production and Sales Data - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units respectively, with a significant market penetration of 47.3% for new energy vehicles [47][48] - Cumulative production and sales from January to April 2025 reached 4.429 million and 4.3 million units, reflecting a robust growth trend [47] Industry Dynamics - The report highlights advancements in solid-state battery technology, with Guoxuan High-Tech announcing the commencement of pilot production lines for solid-state batteries [63] - The report also notes the increasing global presence of Chinese automotive brands, exemplified by Changan Automobile's new production facility in Thailand [64] Key Company Announcements - The report mentions significant corporate developments, including Xin Hongye's successful bid for a nuclear power project worth approximately 101.88 million CNY [68] - Notable stock option plans and share buybacks from various companies are also highlighted, indicating active corporate governance and shareholder engagement [70]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [5] Core Views - The company is solidifying its breeding advantages while continuously extending its deep processing business [1] - The company's gross margin has improved, with a 1 percentage point increase in 2024 and a 4 percentage point increase in Q1 2025, attributed to product structure optimization [2] - The company has successfully transitioned from low-margin raw meat processing to high-margin deep processing, leading to significant revenue and profit growth [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 18.586 billion yuan, a 1% increase year-on-year, and a net profit of 724 million yuan, a 9% increase [1] - For Q1 2025, total revenue was 4.115 billion yuan, a 2% decrease, but net profit improved to 148 million yuan from a loss of 62 million yuan in Q1 2024 [1] Cost and Profitability - The company's net profit margin increased by 0.5 percentage points in 2024 and 5 percentage points in Q1 2025, driven by the optimization of the new self-developed breeding stock "Shengze 901Plus" [2] - The company’s food processing business revenue grew by 10% in 2024, reaching 7.010 billion yuan, as it capitalized on its scale advantages and brand recognition [3] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.83 yuan in 2025, 1.12 yuan in 2026, and 1.42 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 19, 14, and 11 times respectively [5] - Revenue growth is projected at 10.2% in 2025, 9.7% in 2026, and 9.1% in 2027, with net profit growth rates of 43.0%, 33.9%, and 27.7% for the same years [7]

2025 年 05 月 16 日 研 港股金股刷新历史新高 —金融工程月报 投资要点 分析师：吕思江 S1050522030001 联系人：武文静 S1050123070007 ▌最新市场观点：哑铃策略延续占优，红利低波底 仓+互联网平台、港股新消费等科技弹性 北京时间 5 月 12 日下午 3 点，《中美日内瓦经贸会谈联合声 明》发布，中美关税谈判进度及降幅大超市场预期，恒生科 技暴涨 5.16%，中国资产全线爆发。短期风险偏好回暖下科 技受提振，5 月 14 日腾讯将披露一季报，阿里和小米也将于 5 月 15 日、5 月 27 日陆续披露财报，科技板块催化较多，港 股新消费、创新药、互联网平台为主要弹性方向。 相关研究 港股市场路标数据看，当前港股基本面指标延续回暖，但资 金面和情绪面指标仍为观望状态，南向资金净买入明显趋 缓。国际贸易软脱钩形势未变、国内政策预期放缓下，我们 依旧坚持红利底仓配置价值，港股央企红利低波配置价值凸 显。近期《推动公募基金高质量发展行动方案》发布，针对 基金产品风格漂移等问题，为每只基金设立清晰的业绩比较 基准，避免产品投资行为偏离名称和定位。公募基金低配板 块短期利好，包括 ...

Core Insights - The report indicates a neutral market sentiment with a score of 48, suggesting moderate market fluctuations and stable investor emotions [2][9][21] - Key themes identified include solid-state batteries, big data, and the Apple supply chain, with specific events and regulatory developments influencing these sectors [7][8] Market Sentiment - The market sentiment temperature indicator shows a score of 48, categorized as neutral, with historical trends indicating that scores below 30 provide market support, while scores above 90 may present resistance [9][21] - Recent improvements in market sentiment and supportive policies are leading to a gradual upward trend in the market [9] Hot Topics Tracking - **Solid-State Batteries**: The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is taking place from May 15 to 17, focusing on advanced lithium-ion battery technologies and solid-state batteries [7] - **Big Data**: The State Council has approved a draft regulation on government data sharing, aiming to break down data barriers and enhance public services [7] - **Apple Supply Chain**: Reports suggest that Apple's first foldable iPhone is expected to launch in the fall of 2026 alongside the iPhone 18 Pro series [7][8] Key Stocks and Industries - Related stocks for solid-state batteries include Haishun New Materials (300501) and Guoxuan High-Tech (002074) [7] - For big data, relevant stocks are Aofei Data (300738) and Inspur Information (000977) [7] - In the Apple supply chain, companies like Lingyi Technology (002600) and Changying Precision (300115) are highlighted [5][7]

Core Insights - The report indicates that the current market sentiment score is 73, categorizing it as "relatively hot," suggesting a positive market outlook supported by recent improvements in sentiment and policy [5][9]. - Key themes identified include robotics, big data, and the Apple supply chain, with specific companies highlighted as potential investment opportunities within these sectors [6]. Market Sentiment - The market sentiment temperature indicator shows a score of 73, indicating a "relatively hot" market environment. Historical trends suggest that when sentiment falls below 30, the market tends to find support, while scores above 90 may indicate resistance [9]. - The report emphasizes that the market is gradually entering an upward trend, driven by improved sentiment and supportive policies [9]. Hot Themes Tracking - **Robotics**: The report notes a surge in interest in exoskeleton robots used for hiking, which can reduce physical exertion by 20%-40%. Related companies include Weisi Medical (688580) and Jinggong Technology (002006) [6]. - **Big Data**: The State Council has approved a draft for a data-sharing regulation aimed at breaking down data barriers and enhancing public services. Companies like Aofei Data (300738) and Inspur Information (000977) are highlighted as relevant players [6]. - **Apple Supply Chain**: The anticipated release of Apple's first foldable iPhone in 2026 is expected to impact the product launch schedule, with companies such as Lingyi Technology (002600) and Changying Precision (300115) being mentioned as key stakeholders [6]. Capital Flow Analysis - The report provides a detailed analysis of net capital inflows and outflows among various stocks, indicating significant net inflows for companies like Dongfang Caifu (198,103.14 million) and Wuliangye (61,749.11 million) [10]. - It also highlights the top ten industries with net capital inflows, with the non-bank financial sector leading at 301,422 million, followed by the computer sector at 95,690 million [15]. Financing and Margin Trading - The report discusses the implications of financing net purchases and margin selling, indicating that high financing levels may suggest speculative risks, while margin selling reflects a bearish outlook among investors [18].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's operating margins are recovering, with sequential improvements in operations noted [5] - The company reported a total revenue of 1.739 billion yuan in 2024, a decrease of 9% year-on-year, primarily due to increased pressure at the store level [4] - The gross margin for 2024 and Q1 2025 was 32.76% and 35.21%, respectively, with a year-on-year increase of 4 percentage points for 2024 [5] - The company is facing challenges in its main product revenue, with a net decrease in store count and increased closure pressures [6] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 40 million yuan, down 43% year-on-year, while the net profit for Q1 2025 was 44 million yuan, an increase of 36% year-on-year [4][5] - The company’s revenue for Q1 2025 was 446 million yuan, a decrease of 3% year-on-year [4] Cost Management - The company has optimized raw material costs, leading to a marginal recovery in profitability, with a sales expense ratio of 10.88% in Q1 2025, down 3 percentage points year-on-year [5] - The management expense ratio for Q1 2025 was 9.22%, showing effective cost control [5] Store Operations - As of the end of 2024, the company had 3,660 stores, a net decrease of 837 stores from the beginning of the year, indicating increased closure pressures [6] - The company aims to enhance brand youthfulness and improve store survival rates through digital upgrades [6] Earnings Forecast - The company’s EPS for 2025-2027 is projected to be 0.14, 0.18, and 0.21 yuan, respectively, with corresponding PE ratios of 71, 57, and 48 times [8][10]