Investment Rating - The report maintains a "Buy" rating for the company, indicating strong growth potential and confidence in its market position [7]. Core Insights - The company has successfully crossed the 10 billion yuan revenue mark in 2023, with a strong growth momentum reflected in its performance in the first three quarters of 2024, where revenue and net profit increased by 18.85% and 17.08% respectively [15][25]. - The company is well-positioned in the second-high-end liquor market, with its core product, the Guo Yuan series, strategically targeting the 300-600 yuan price range, which has shown strong competitive advantages [4][46]. Summary by Sections 1. Strong Growth Momentum - The company is among the top ten listed liquor companies in China, focusing on the "Yuan" culture in its marketing strategy, which enhances brand recognition [4][15]. - The Jiangsu liquor market is robust, with the company benefiting from a favorable consumption environment and a significant market share alongside its competitors [4][32]. 2. Market Structure and Potential - Jiangsu's liquor market is the second largest in China, with a strong consumption atmosphere and high demand for premium products [32][33]. - The company has established a strong presence in key markets such as Nanjing and Huai'an, with significant growth potential in the Suzhong and Susou regions [4][37]. 3. Product Strategy and Optimization - The company has effectively positioned its core products in the next-high-end price segment, with a focus on expanding its product range to meet consumer demand [4][46]. - The introduction of the Guo Yuan V series and other high-end products is expected to drive future growth, with a clear strategy for market penetration and brand development [49][53]. 4. Financial Projections - The company forecasts revenue growth from 116.53 billion yuan in 2024 to 141.77 billion yuan in 2026, with net profit expected to rise from 34.71 billion yuan to 41.33 billion yuan over the same period [6][7]. - The earnings per share (EPS) is projected to increase from 2.78 yuan in 2024 to 3.32 yuan in 2026, reflecting a strong financial outlook [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company's revenue and profit growth for 2024 exceeded Bloomberg consensus expectations, driven by increases in product sales and advertising revenue [7]. - The company has strengthened its self-operated advantages and enhanced the competitiveness of its online platform and instant retail business, achieving complementary advantages across three business models [7]. - The daily average transaction amount reached 1,164.74 million HKD, with over 1.84 million active users by the end of 2024 [7][8]. Financial Performance Summary - For 2024, the company reported revenue of 582 billion RMB, a year-on-year increase of 8.6%, with a gross profit of 133 billion RMB and a gross margin of 22.9% [5][10]. - Adjusted operating profit was 2.6 billion RMB, corresponding to an operating margin of 4.5%, while adjusted net profit reached 4.8 billion RMB, reflecting a year-on-year growth of 15.9% [5][10]. - The company expects revenues of 660 billion RMB in 2025, 741 billion RMB in 2026, and 820 billion RMB in 2027, with adjusted net profits of 4.5 billion RMB, 4.9 billion RMB, and 5.4 billion RMB respectively [9][10]. Market Position and User Engagement - The company has expanded its online medical insurance payment capabilities, significantly enhancing user conversion rates and reducing medication costs for users [7]. - The AI health assistant "KangKang" has served over 30 million users, achieving a problem-solving rate of 70% [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][12] Core Insights - The company achieved a revenue of 13.148 billion yuan in 2024, a year-on-year decrease of 8.4%, while the net profit attributable to shareholders was 1.911 billion yuan, an increase of 4.1% [4][11] - In Q4 2024, the company reported a revenue of 5.106 billion yuan, down 22.57% year-on-year, but the net profit attributable to shareholders increased by 5.16% to 1.142 billion yuan [4][5] - The operating cash flow for Q4 2024 was 4 billion yuan, reflecting a significant year-on-year increase of 50% [4][5] Financial Performance - The company's gross profit margin for 2024 was 29.16%, up 2.9 percentage points year-on-year, with a net profit margin of 15.16%, an increase of 2.08 percentage points [5] - In Q4 2024, the gross profit margin improved to 32.86%, a rise of 6.15 percentage points year-on-year, with a net profit margin of 23.27%, up 6.75 percentage points [5] Strategic Developments - The company is restructuring its core computing business and deepening its intelligent computing services, integrating AI scenarios into its offerings [5][6] - The company is enhancing its capabilities in high-end computing, cloud computing, and computing services, with a focus on AI training and inference [6][8] Ecosystem Expansion - The company is actively extending its computing ecosystem, investing in high-quality assets such as Haiguang Information and Zhuhai Data Creation [9] - Haiguang Information reported a revenue of 9.16 billion yuan in 2024, a year-on-year increase of 52.4% [9] Earnings Forecast - The company is projected to achieve revenues of 15.663 billion yuan in 2025, 19.837 billion yuan in 2026, and 25.417 billion yuan in 2027, with corresponding net profits of 2.846 billion yuan, 3.799 billion yuan, and 5.247 billion yuan respectively [10][11]

2025 年 02 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 27 期 观点精粹: 最新报告摘要 小米集团-W（1810.HK）公司深度报告：人车家全生态发展，致力于成为新一代硬核科技引领者--小米集团-W/ 消费电子(01810/212705) 公司 PPT 报告（港股美股） Q4 业绩超预期，估值水平趋近合理--Robinhood Markets, Inc. Class A/海外(HOOD/2180) 点评报告（港股 美股） 电商渠道快速拓展，品牌势能持续向上--稳健医疗/个护用品(300888/217701) 公司动态研究 证券研究报告 1、最新报告摘要 1.1、小米集团-W（1810.HK）公司深度报告：人车家全生态发展，致力于成 为新一代硬核科技引领者--小米集团-W/消费电子(01810/212705) 公司 PPT 报告（港股美股） 分析师：陈重伊 S0350525010002 分析师：陈梦竹 S0350521090003 本报告重点解决了以下几个核心问题：小米 ...

2025 年 02 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 证券研究报告 1、最新报告摘要 1.1、积极推进 AIDC 项目，AIGC 时代下再起航--光环新网/通信服务 (300383/217301) 公司动态研究 分析师：刘熹 S0350523040001 投资要点: 布局 IDC+云计算两大主营，业绩有望重归稳定增长 公司主营业务包括 IDC 和云计算。公司 1999 年成立，2001 年自建东直门东环互联网数据中心并投入运营， 在北京市场率先开展 IDC 业务；2015 年全资收购北京中金云网科技和北京无双科技，业绩进入高速增长阶段； 2016 年与亚马逊签订协议，正式拓宽云计算市场。2024 年天津宝坻项目顺利完成土建建设，京津冀资源布局 进一步完善。 ——2025 年第 26 期 观点精粹: 最新报告摘要 积极推进 AIDC 项目，AIGC 时代下再起航--光环新网/通信服务(300383/217301) 公司动态研究 2025 年海外互联网&科技策略前瞻——互联网低位向上，AI ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Insights - The automotive sector is expected to enter a phase of sales prosperity, event catalysis, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [3][4][16] Summary by Sections Recent Developments - BYD held a strategic conference on intelligent driving, launching the "Heavenly Eye" advanced driving system, which aims to democratize high-level autonomous driving technology across various models [2][13] - BAIC Blue Valley plans to rebrand as BAIC Extreme Fox and enhance collaboration with Huawei, focusing on its core business in new energy vehicles [3][14] Market Performance - From February 10 to 14, 2025, the A-share automotive sector underperformed the Shanghai Composite Index, with the automotive index rising by 1.2% compared to the Shanghai Composite's 1.3% [1][17] - The performance of individual stocks in the Hong Kong market varied, with Li Auto and Xpeng Motors experiencing declines of 1.6% and 6.2%, respectively [1][17] Sales and Policy Impact - The 2024 vehicle trade-in policy has positively influenced passenger car sales, with expectations for continued support in 2025 [4][16] - The report anticipates that the automotive sector will see improved monthly sales year-on-year from February to April 2025, driven by new vehicle launches and technological advancements [4][16] Investment Opportunities - The report identifies several investment opportunities, including: 1. Companies benefiting from the high-end market segment, such as Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors [16] 2. Companies involved in the affordable high-level autonomous driving sector, including Xpeng Motors and Huayang Group [16] 3. Companies positioned for breakthroughs in robotics production, such as Top Group and Sanhua Intelligent Control [16] 4. Quality auto parts manufacturers like Fuyao Glass and Xingyu Co., which are expected to perform well despite a complex export environment [16] 5. Commercial vehicle leaders like China National Heavy Duty Truck Group and Yutong Bus, which are anticipated to benefit from recovering demand [16]

相关报告 2025 年 02 月 17 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周北证 50 指数小幅上涨、流动性环比显著提 升 ——北交所行业周报 最近一年走势 | 行业相对表现 | | | 2025/2/14 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | 23.06% | -11.17% | 49.19% | | 沪深 | 300 | 5.82% | -4.18% | 17.06% | 《北交所行业周报：本周北证 50 涨幅明显，丹娜 生物上会通过、宏海科技申购（推荐）*中小盘*罗 琨》——2025-01-20 《北交所行业周报：本周北交所流动性环比改善， 宏海科技完成注册、开发科技提交注册（推荐）* 中小盘*罗琨》——2025-01-13 | 重点公司 | 股票 | 2025/2/14 | | EPS | | | PE ...

2025 年 02 月 17 日 行业研究 证券分析师： 谢文迪 S0350522110004 [Table_Title] 美国关税政策再调整，避险情绪为主流 联系人 ： 林晓莹 S0350123070003 ——钢铁与大宗商品行业周报 最近一年走势 | 行业相对表现 | | | 2025/02/17 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 钢铁 | | 5.8% | 1.2% | 7.1% | | 沪深 | 300 | 3.5% | -0.5% | 17.3% | 相关报告 《钢铁与大宗商品行业周报：低库存叠加宏观数据 回暖，黑色普涨（无评级）*钢铁*谢文迪》—— 2025-01-20 《2025 年大宗商品年度策略*钢铁*谢文迪》—— 2025-01-18 《钢铁与大宗商品行业周报：有色宏微观共振，黑 色基本面遇冷（无评级）*钢铁*谢文迪》—— 2025-01-13 《钢铁与大宗商品行业周报：商品交易回归基本 面，直面弱现实（无评级）*钢铁*谢文迪》—— 2024-12-30 《钢铁与大宗商品行业周报：商品弱现实下价格疲 ...

Group 1 - The report highlights the emergence of DeepSeek, which has led to a revaluation of Chinese technology assets, drawing parallels between the current AI technology cycle and the mobile internet cycle from 2009 to 2015 [1] - Both cycles were initiated by overseas technological innovations (iPhone and ChatGPT), followed by domestic products taking the lead, resulting in industry waves and significant breakthroughs in cultural media [2][3] - The macroeconomic backdrop for both cycles includes economic transformation and liquidity easing, which supports the valuation uplift of technology-related industries and the expansion of excess returns [2][3] Group 2 - Compared to the previous mobile internet cycle, the overall fundamentals of technology stocks in the current cycle are weaker, facing a more complex external environment, leading to greater differentiation [2][3] - Since the release of ChatGPT in 2023, the TMT sector has seen significant gains, with the overall increase still having considerable room for growth, as valuation repairs are largely complete [3][9] Group 3 - The report indicates that the current TMT sector has potential for further growth, with a projected increase of over 70% if it mirrors the performance of the 2009-2015 technology cycle [49] - The report also notes that the sub-sectors within TMT show optimistic growth potential, with expected increases ranging from 80% to 140% for various segments [50]

DeepSeek 研究框架——计算机人工智能系列深度报告--行业 PPT 报告 2024 年营收同比增速环比大幅提升--杭州银行/城商行Ⅱ(600926/214804) 公司点评 2025 年储能年度策略：全球能源新时代，储能各场景需求加速--行业 PPT 报告 1 月企业信贷开门红带动社融超预期--资产配置报告 电子皮肤：人形机器人实现感知交互的关键--行业专题研究 新能源全面入市行业市场化加速，固态电池进入密集催化期--行业周报 存贷规模同比高增，2024 年营收同比增速较 2024Q3 提升--宁波银行/城商行Ⅱ(002142/214804) 公司点评 单季贷款规模变化由负转正--苏农银行/农商行Ⅱ(603323/214805) 公司点评 2024Q4 单季度业绩加速增长--齐鲁银行/城商行Ⅱ(601665/214804) 公司点评 全球头部大厂推进机器人布局，多厂商开展机器人部件产线建设--行业周报 风险还是机会？--固定收益点评 振华股份铬盐价格上涨，中策橡胶 IPO 过会--行业周报 叉车出海景气+内需企稳，智能物流打开新成长曲线--安徽合力/工程机械(600761/216406) 公司动态研究 ...