Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company's profitability has significantly improved, with adjusted net profit increasing by 702.1% year-on-year [4] - The company reported a revenue of 2.24 billion RMB for 2024, representing a year-on-year growth of 155.6% [3][4] - The company is expanding its product offerings across all age groups and is focusing on penetrating lower-tier markets [5] - The company has established a strong presence in overseas markets, with overseas sales revenue growing by 518.1% [7] Financial Performance - In 2024, the company's gross margin was 52.6%, an increase of 5.3 percentage points year-on-year [4] - The adjusted net profit margin reached 26.1%, up by 17.8 percentage points year-on-year [4] - The company expects revenues of 3.89 billion RMB in 2025, with a projected adjusted net profit of 972 million RMB [9] Product and Market Strategy - The company has launched 682 SKUs covering various age groups, with a focus on popular IPs such as Ultraman and Transformers [5] - The revenue from building block toys decreased by 62.9% year-on-year, indicating a shift in consumer preference towards role-playing toys [5] - The company has introduced a 9.9 RMB Transformers SKU to expand its price range and target lower-tier markets [5] Sales Channels - Online sales accounted for 6.95% of total revenue, while offline sales made up 93.04%, showing a strong reliance on traditional retail channels [6][7] - The company has seen a significant increase in revenue from distribution sales, which reached 20.63 billion RMB, up by 181.5% year-on-year [7] Future Projections - The company is projected to achieve a revenue of 5.17 billion RMB by 2026, with an adjusted net profit of 1.29 billion RMB [9][10] - The expected return on equity (ROE) is forecasted to be 101% in 2025, indicating strong profitability potential [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][8] Core Views - The company has shown impressive revenue growth of 18.59% year-on-year, reaching 3.021 billion yuan in 2024, with a net profit of 388 million yuan, also up 18.03% year-on-year [4][5] - The product structure continues to optimize, with over 70% of revenue coming from products priced above 100 yuan, reflecting a shift towards higher-end offerings [5][6] - The company is actively expanding its market presence, particularly in the Gansu province and surrounding areas, with revenue from Gansu reaching 2.231 billion yuan, up 16.14% year-on-year [5] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 693 million yuan, a significant increase of 31.11% year-on-year, although net profit slightly decreased by 2.05% [4][5] - The sales gross margin was recorded at 60.92%, a decrease of 1.52 percentage points year-on-year, primarily due to a decline in the gross margin of other businesses [5][6] Product and Market Development - The company’s product lines, particularly those priced above 300 yuan, saw a revenue increase of 41.17%, indicating strong demand for premium products [5] - The company is focusing on market integration in Gansu and Qinghai, as well as expanding into the Shaanxi and Ningxia markets, which is expected to enhance market share [5] Future Projections - The company aims for a revenue target of 3.280 billion yuan and a net profit of 408 million yuan for 2025, representing growth rates of 8.90% and 5.15% respectively [6][7] - Earnings per share (EPS) are projected to increase from 0.77 yuan in 2024 to 0.80 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 25.45 for 2024 [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company has shown significant growth in user numbers and market share, with a registered user base of nearly 140 million by the end of 2024, and a substantial increase in monthly active users and annual transaction users [5][7]. - The company reported a revenue of 14.76 billion RMB for 2024, representing a year-on-year growth of 8.5%, and an adjusted net profit of 620 million RMB, up 29.7% year-on-year [5][8]. - The company continues to expand its store network, with a total of 6,874 service centers by the end of 2024, adding 965 new stores during the year [7][8]. - The management has demonstrated confidence in the company's future by repurchasing shares, acquiring 23,571,300 shares, which is 2.9% of the total issued share capital as of March 20, 2025 [7][8]. - The company is expected to maintain a positive growth trajectory, with projected revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB for 2025, 2026, and 2027 respectively, reflecting growth rates of 8.14%, 10.41%, and 9.63% [8][9]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 14.76 billion RMB and an adjusted net profit of 620 million RMB, with a gross margin of 25.4% [5][9]. - The projected financials for 2025E-2027E include revenues of 15.96 billion RMB, 17.62 billion RMB, and 19.32 billion RMB, with adjusted net profits of 765 million RMB, 1.075 billion RMB, and 1.35 billion RMB respectively [8][9]. User Growth and Market Position - The company has established itself as the leader in the Chinese automotive service market, with a registered user base of nearly 140 million and significant growth in active users [7][8]. - The company has effectively utilized platforms like Douyin to enhance user engagement, resulting in over 100% growth in new users for tire maintenance services [7]. Store Expansion and Marketing Investment - The company has expanded its store network to 6,874 locations, with a significant investment of nearly 100 million RMB in supporting both new and existing stores [7][8]. - Marketing expenses for online and offline promotions totaled 1.04 billion RMB in 2024, an increase of 250 million RMB from the previous year [7].

2025 年 03 月 25 日 债券研究周报 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 刘畅 S0350524090005 liuc06@ghzq.com.cn [Table_Title] 超长债性价比究竟如何 债券研究周报 最近一年走势 超长债性价比究竟如何 超长债期限利差的中枢将如何变动？从近期经济基本面的表现来 看，地产销售数据出现边际好转，2 月制造业 PMI 重回荣枯线以上， 或表明基本面阶段性企稳。若后续经济数据持续向好，经济增速的 二阶导拐点确定，投资者的长期经济预期由弱转强，那么超长债期 限利差的中枢可能上移。 各机构需求将如何变化？受监管影响，农金社对超长债的需求或边 际弱化。保险的潜在需求不弱，但点位要求较高。股市情绪好转， 权益资金的需求量或也有所下降。 总结而言，超长债期限利差的中枢有上行的可能，同时今年主力参 与机构对超长债的需求可能边际下降，期限利差大幅向下偏离中枢 的可能性也有所降低。因此，今年超长端的赔率或相对一般，30Y-10Y 的期限利差不排除阶段性扩大到 25-30BP 的可能，胜率则更取决于 择时， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Insights - The company achieved a revenue of 6.078 billion yuan in 2024, representing a year-on-year increase of 50.43%, and a net profit of 519 million yuan, marking a turnaround from losses [6][8] - The company plans to increase its pig output to over 4 million heads in 2025, a significant increase compared to 2024 [6] - The company is focused on cost optimization, with the complete cost of raising pigs maintained below 6.75 yuan per jin, aiming for a target of 6.5 yuan per jin in 2025 [6] Financial Performance - In 2024, the company sold 2.7552 million pigs, with 2.6838 million being market pigs, an increase of 50.76% from 2023 [6] - The company produced 806,800 tons of feed and purchased 348,400 tons in 2024 [6] - The projected revenues for 2025, 2026, and 2027 are 7.645 billion yuan, 8.592 billion yuan, and 10.701 billion yuan respectively, with net profits expected to be 925 million yuan, 894 million yuan, and 1.836 billion yuan [7][8] Valuation Metrics - The company is expected to have a P/E ratio of 11 for 2025 and 5 for 2027, indicating strong growth potential [7][8] - The projected ROE for 2025 is 22%, increasing to 29% by 2027 [7][8] - The company’s sales net profit margin is projected to be 9% in 2024, improving to 17% by 2027 [7][8]

Price Trends and Market Dynamics - Domestic economy is entering a peak season post-Spring Festival, with demand expected to rise due to resumption of work and production[6] - Significant price increases observed in certain commodities, with some rising over 8% since the Spring Festival, including small metals (antimony, bismuth, cobalt), rare earths, and chemical products[6] - Stock prices in certain sectors have already reflected these price expectations, particularly in small metals, influenced by overseas geopolitical events and domestic export controls[6] Investment Opportunities - Recommended focus on chemical products, rare earths, and agricultural products due to price increases, with notable stock price movements: sulfur (53.4% price increase vs. 14.9% stock price increase), bismuth (80.2% vs. 17.4%), and cobalt (57% vs. 18%)[6] - Key sectors to watch include non-ferrous metals (cobalt, bismuth, antimony, tin, rare earths, copper) and new energy sectors like lithium iron phosphate batteries[6] Risks and Considerations - Potential risks include unexpected global economic fluctuations, uncertainties in U.S. tariffs and monetary policies, and escalated Sino-U.S. trade tensions[6] - The report emphasizes the importance of understanding policy implications and market dynamics, as well as the potential for data discrepancies and subjective assessments[6]

Investment Rating - The report assigns a "Buy" rating for Pengding Holdings (002938.SZ) as it is covered for the first time [1]. Core Insights - Pengding Holdings is a global leader in the PCB industry, with a comprehensive layout in consumer electronics, automotive, and server sectors [7]. - The global PCB market is expected to grow from $69.5 billion in 2023 to $90.4 billion by 2028, with a CAGR of approximately 5.4% [7][47]. - The trend towards edge AI is anticipated to drive both volume and price increases in the PCB segment, benefiting companies like Pengding Holdings [7]. - The company is actively expanding its capabilities in the automotive and server sectors, which are expected to provide a second growth curve [7]. Summary by Sections Company Overview - Pengding Holdings has been deeply involved in the PCB industry for many years, providing a one-stop service platform for various PCB products [9]. - The company ranks as the largest PCB manufacturer globally according to Prismark, with a diverse product range including FPC, SMA, SLP, HDI, Mini LED, RPCB, and Rigid Flex [16][17]. Market Data - As of March 24, 2025, the current stock price is 37.05 CNY, with a market capitalization of approximately 85.9 billion CNY [5]. - The stock has shown a 54.6% increase over the past 12 months, outperforming the CSI 300 index [6]. Industry Trends - The global PCB market is projected to reach $90.4 billion by 2028, driven by demand in consumer electronics, automotive, and server applications [47][56]. - The automotive PCB market is expected to grow from $9.15 billion in 2023 to $11.52 billion by 2028, with a CAGR of 4.7% [110]. Financial Projections - Revenue forecasts for Pengding Holdings are 35.14 billion CNY in 2024, 40.93 billion CNY in 2025, and 47.27 billion CNY in 2026, representing year-on-year growth rates of 9.6%, 16.5%, and 15.5% respectively [7]. - Net profit estimates for the same years are 3.62 billion CNY, 4.50 billion CNY, and 5.50 billion CNY, with growth rates of 10.2%, 24.3%, and 22.1% respectively [7]. Product and Client Base - The company serves a high-quality client base, including major players like Apple, Huawei, and Microsoft, with a significant portion of revenue derived from these relationships [17][108]. - The product structure is evolving, with increasing contributions from automotive and server applications, which are expected to rise from 0.9% in 2022 to 3.3% in the first half of 2024 [35]. R&D and Innovation - Pengding Holdings is increasing its R&D investment, with a focus on AI technologies and new product developments, reflected in a rising R&D expense ratio [40].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The core online travel agency (OTA) platform shows strong growth momentum, with notable performance in international business. In Q4 2024, the core OTA achieved revenue of 3.46 billion yuan (up 20% year-on-year) and an operating profit margin of 28.4% (up 4.8 percentage points year-on-year) [5]. - The company reported a total revenue of 4.24 billion yuan in Q4 2024, representing a year-on-year increase of 34.8%, and an adjusted net profit of 660 million yuan (up 36.8% year-on-year) [4][5]. - The company is focusing on vertical expansion in the vacation business, which contributed additional revenue, achieving 780 million yuan in Q4 2024 [5]. Financial Performance - For the fiscal year 2024, the company achieved a total transaction volume of 54.7 billion yuan (up 2.2% year-on-year) [4]. - The average monthly paying user count reached 41 million in Q4 2024, a year-on-year increase of 9.3%, with the total annual paying user count reaching 238 million (up 1.5% year-on-year) [5]. - The company’s revenue projections for 2025-2027 are adjusted to 19.5 billion, 22.8 billion, and 25.8 billion yuan respectively, with corresponding net profits of 2.56 billion, 3.08 billion, and 3.61 billion yuan [8]. Market Position - The company is positioned as a leading OTA platform in the lower-tier market, benefiting from the release of domestic travel demand, increased penetration in lower-tier markets, and the recovery of international business [8]. - The company’s market capitalization target for 2025 is set at 49.9 billion yuan, with a target price of 23 HKD per share [8].

2025 年 03 月 25 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 48 期 观点精粹: 最新报告摘要 2024 年归母净利润同比+77%，"汽车+航空航天+机器人"业务壮大公司增长引擎--豪能股份/汽车零部件 (603809/212802) 公司动态研究 2024 年营销改革激发长期纯销活力看好主业当下业绩拐点，子公司体外培育牛黄长期稳健增长--健民集团/ 中药Ⅱ(600976/213702) 公司点评 本周北证 50 指数有所回调，下周交大铁发上会--北交所行业普通报告 利润增长超预期，坚持长期高质量投入--拼多多/海外(PDD/2180) 点评报告（港股美股） 归母净利润高增，产品矩阵持续丰富--腾景科技/光学光电子(688195/212703) 科创板公司动态研究 双季戊四醇、有机硅价格上涨，关注铬盐在军工领域的应用--行业周报 致力于拓宽产品系列，东南亚收入高速增长--伟仕佳杰/IT 服务Ⅱ(00856/217103) 点评报告（港股美股） 2024 年业绩稳健增长，单品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a revenue of 137.95 billion yuan in 2024, representing a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 17.88 billion yuan, marking a turnaround from loss to profit [4][6] - The company sold 71.60 million pigs in 2024, including 65.48 million market pigs, 5.66 million piglets, and 0.465 million breeding pigs [6] - The company has optimized its breeding costs, with the total cost of pig farming reduced to approximately 13 yuan/kg by the end of 2024, and the average annual cost around 14 yuan/kg [6] - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares, totaling 3.08 billion yuan, highlighting its investment value [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 137.95 billion yuan and a net profit of 17.88 billion yuan, with significant growth in both metrics [4][6] - The company has a breeding capacity of approximately 81 million pigs per year and has established 10 slaughterhouses with a capacity of 29 million pigs per year [6] Cost Management - The company has seen continuous optimization in breeding costs, with production indicators improving, including a PSY (Pigs Sold per Sow per Year) above 29 and a survival rate close to 86% [6] - The average daily weight gain for fattening pigs is around 800 grams, and the feed-to-meat ratio is approximately 2.8 [6] Dividend Policy - The company announced a total dividend of 7.58 billion yuan for 2024, reflecting its strong financial performance and commitment to returning value to shareholders [6] Earnings Forecast - The company is expected to generate revenues of 129.60 billion yuan, 133.01 billion yuan, and 158.85 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 16.61 billion yuan, 16.36 billion yuan, and 27.65 billion yuan for the same years [8][10]