4 月件量维持较高增速，各快递份额分化 [Table_Industry] 运输 ——快递行业 2025 年 4 月月报 本报告导读： 4 月快递件量同比+19.1%，维持较高增速。头部企业份额逐步分化。建议关注电商快 递龙头份额上升催化估值修复机会，与时效快递顺周期底部时机。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 股票研究 /[Table_Date] 2025.05.21 [Table_Invest] [table_Authors] 2025-05-23 [Table_Summary] 2025 年 4 月快递件量同比+19.1%，仍保持较快的增速，超邮管局全 年增速预测。1）全行业：2025 年 4 月全国快递企业件量 163.2 亿 件，同比增长 19.1%；2025 年 1-4 月件量 614.5 亿件，同比增长 20.9%。 小件化趋势持续、电商促销且退换货便捷，共同驱动 2025 年前 4 月 件量增速超过邮管局对 2025 年全年件量增速超 8%的预测。此外， 4 月多电商平台取消"仅退款"，不仅短期可释放部分电商逆向件需 求 ...

数通交换机翻倍以上增长，毛利率维稳、业绩高增 公司 2024 年报&2025Q1 业绩点评 本报告导读： 2024 年以来受益国内 AI 发展，公司数据中心交换机全面爆发、收入增速超预期，取 得 200G/400G 数据中心交换机、数据中心交换机互联网行业市场份额第一 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11,542 | 11,699 | 13,837 | 16,095 | 18,136 | | (+/-)% | 1.9% | 1.4% | 18.3% | 16.3% | 12.7% | | 净利润（归母） | 401 | 574 | 771 | 1,012 | 1,200 | | (+/-)% | -27.3% | 43.1% | 34.3% | 31.2% | 18.6% | | 每股净收益（元） | 0.71 | 1.01 | 1.36 | 1.78 | 2.11 | | 净资产收益率(%) | ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [6][11]. Core Insights - The establishment of a joint venture between the company's subsidiary and Luxshare Precision aims to enhance the company's 3D printing strategy and boost its laser business performance. This partnership is expected to leverage strong expertise in Selective Laser Melting (SLM) technology, which is widely used in metal additive manufacturing [6][11]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 1.67 billion RMB, 2.01 billion RMB, and 2.42 billion RMB, respectively, with corresponding EPS of 1.66 RMB, 1.99 RMB, and 2.41 RMB [6][11]. - The target price for the company's stock is set at 49.95 RMB, reflecting a 3% increase from the previous target price of 48.70 RMB, based on a 30x PE ratio for 2025 [6][11]. Financial Summary - The company's revenue is projected to grow from 10.31 billion RMB in 2023 to 20.12 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.4% [4][7]. - Net profit attributable to shareholders is expected to increase from 1.01 billion RMB in 2023 to 2.42 billion RMB in 2027, representing a CAGR of around 20.7% [4][7]. - The company's earnings per share (EPS) is forecasted to rise from 1.00 RMB in 2023 to 2.41 RMB in 2027 [4][7]. Joint Venture Details - The joint venture, named Suzhou Lihua Technology Co., Ltd., will have a registered capital of 200 million RMB, with the company's subsidiary contributing 140 million RMB (70%) and Luxshare contributing 60 million RMB (30%) [6][11]. - This partnership is expected to focus on the deep application of SLM manufacturing technology across various industries, enhancing the company's competitive edge in the 3D printing market [6][11]. Market Context - The report highlights a rapid growth in demand for 3D printing, particularly from major clients like Apple, which serves as a catalyst for the company's growth in this sector [3][11]. - The company's strong foundation in SLM technology positions it well to capitalize on the increasing applications of 3D printing in sectors such as electronics, aerospace, and medical implants [6][11].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 5.20, based on a projected EPS of RMB 0.26 for 2025 [1][11]. Core Insights - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets is expected to improve earnings [4][11]. - The company is a leader in green energy, with a solid project pipeline supporting future growth [4][11]. Financial Summary - Revenue for 2024 is projected at RMB 29.72 billion, representing a year-over-year increase of 12.1%. However, net profit attributable to shareholders is expected to decline by 14.8% to RMB 6.11 billion due to a significant impairment charge [2][11]. - For 2025, the company anticipates a net profit of approximately RMB 7.52 billion, reflecting a recovery from the previous year [4][11]. - The company has a robust project reserve, with 16.44 GW of capacity under construction as of the end of 2024, including 4.87 GW of wind power and 7.45 GW of solar power [4][11]. Market Position - The company is positioned as a leader in offshore wind power and has a diversified project portfolio across various renewable energy sectors [8][11]. - The report highlights the company's strategic focus on scale and efficiency, aiming to establish itself as a world-class renewable energy company [8].

Nxt us[Table_Title] 研究报告 2025 年 5 月 20 日 Nextracker（NXT US） 营收大幅超预期； 2026 财年息税折摊前利润指引远高于一致预期 Scott Darling Catherine Li scott.darling@htisec.com Catherine.dy@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] （本报告为 2025 年 5 月 20 日发布的英文报告的翻译版，以原稿为准） 要闻回顾以及最新动态 我们预计 Nextracker 的 2025 财年第四季度业绩将被市场视为利好，其经调收益远高于一致预期。公司新发布的 2026 财年息税折摊前利润指引超一致预期，同时其积压订单再创新高，表明太阳能需求强劲且价格稳定。公司持续保持稳 健利润率，并超市场盈利预期。我们继续视 Nextracker 为太阳能板块优质跟踪标的，其仍是海通所覆盖的全球新能 源标的中的重点推荐股之一。 点评 供应链与本土化组件：被问及关税风险时，公司表示其对在美本土及海外的供应链"充满信心"。例如，其所有 ...

[Table_Title] 研究报告 Research Report 20 May 2025 先达股份 Shandong Cynda Chemical (603086 CH) 公司产品量价齐升，烯草酮价格持续上涨 Product volume and price have both increased; the price of clethodim continues to rise 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for E ...

Investment Rating - The report maintains an "OUTPERFORM" rating for China Modern Dairy [2][9][6] Core Views - The turning point for milk prices is approaching, with expectations for both volume and price increases [3][5] - The company has demonstrated significant cost control, leading to an industry-leading ability to reduce costs [4][13] - The industry is experiencing a pronounced Matthew effect, with the company gaining market share despite overall declines in milk production [5][14] Financial Summary - Revenue projections for China Modern Dairy are estimated at RMB 14.44 billion, RMB 15.28 billion, and RMB 16.06 billion for 2025, 2026, and 2027 respectively [6][15] - Net profit attributable to shareholders is expected to be RMB 310 million, RMB 750 million, and RMB 1.1 billion for the same years [6][15] - The company’s gross margin for raw milk business is projected to improve to 31.2% in 2024, reflecting effective cost management [4][13] Market Dynamics - The raw milk price has stabilized at RMB 3.07 per kilogram, indicating a bottom consolidation phase [3][11] - The cattle herd is decreasing at a rate of approximately 40,000 head per month, contributing to the anticipated rebound in milk prices [12][3] - The company’s raw milk sales reached 2.893 million tons in 2024, a 13.6% year-on-year increase, indicating strong performance against industry trends [5][14]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][15]. Core Insights - Leapmotor achieved a record-high gross margin of 14.9% in Q1 2025, with total revenue reaching RMB 10.02 billion, reflecting a year-on-year growth of 187.1% driven by a 162% increase in vehicle deliveries and improved product mix [4][12]. - The company significantly narrowed its net loss to RMB 130 million, outperforming market expectations due to margin expansion outpacing operating expense growth [12][15]. - Leapmotor's domestic deliveries soared to 87,552 units in Q1 2025, up 162.1% year-on-year, while overseas sales also accelerated with 7,546 units exported in Q1 [5][13]. - The new C10 model features significant upgrades in range, intelligence, and driving dynamics, establishing a closed-loop business model that enhances cost control and market competitiveness [6][14]. - The company forecasts revenues of RMB 67.6 billion, RMB 81.2 billion, and RMB 102.5 billion for 2025, 2026, and 2027 respectively, with net profits expected to reach RMB 0.6 billion, RMB 3.5 billion, and RMB 6.0 billion in the same years [7][15]. Financial Performance Summary - For the fiscal year ending December 2024, the company reported revenues of RMB 32.16 billion, with a projected increase to RMB 67.60 billion in 2025, representing a growth rate of 110% [10]. - The gross profit margin is expected to improve from 8.4% in 2024 to 14.0% in 2025, with net profit projected to turn positive in 2025 [10][15]. - The company maintains a strong cash position with RMB 25.7 billion in cash as of March 31, 2025, supporting its growth initiatives [12][15].

Investment Rating - The report maintains an "Outperform" rating for Gushengtang, with a target price of HKD 67.35 per share, reflecting a strong growth outlook [2][5]. Core Insights - The number of medical visits in Q1 2025 increased by 12.7% year-on-year, reaching approximately 1.21 million, although the growth rate has slowed compared to the previous year [3][10]. - The company is expected to see significant performance contributions in 2025 from mergers and acquisitions (M&A), artificial intelligence (AI), and in-hospital preparations [4][11]. Summary by Sections Financial Performance - Revenue projections for 2025 and 2026 are RMB 3.79 billion and RMB 4.63 billion, respectively, indicating year-on-year growth of 25.3% and 22.2% [5][11]. - Adjusted net profit is forecasted at RMB 480 million for 2025 and RMB 580 million for 2026, with growth rates of 20.6% and 21.0% [5][11]. - The gross profit margin is expected to remain stable at 30.1% across the forecast period [5]. Growth Drivers - The company has signed equity transfer agreements with four domestic targets in Q1 2025, with an average valuation of 0.8-1x PS, indicating attractive acquisition opportunities [4][13]. - An AI initiative to launch digital twins of renowned TCM doctors is expected to contribute RMB 30 million in annual performance starting in July 2025 [4][13]. - Plans to introduce 10 new in-hospital preparations in 2025 are anticipated to generate over RMB 50 million in revenue [4][13]. Market Position - Gushengtang is recognized as a leading domestic chain in traditional Chinese medical services, benefiting from strong brand power and resilient performance [5][11]. - The company has a market capitalization of HKD 7.95 billion (approximately USD 1.02 billion) and a free float of 62% [2].

中国可选消费 & 必需消费 China (Overseas) Discretionary & Staples 餐饮及潮玩行业周报 F&B and Designer Toys Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus 研究报告 Research Report 17 May 2025 [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) [Table_header1] 中国可选消费 & 必需消费 | | 表 1 重点公司股价情况（2025/5/16） | | | | | --- | --- | --- | --- | --- | | 公司名 | 股 ...