Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 15.839 billion yuan in 2024, representing a year-on-year increase of 40.63%, and a net profit attributable to shareholders of 3.327 billion yuan, up 63.09% year-on-year [6] - The company's core product, energy drinks, generated revenue of 13.304 billion yuan, accounting for 83.99% of total revenue, with a year-on-year growth of 28.49% [7] - The company is expanding its national presence, with revenue from regions outside Guangdong increasing by 49.57% year-on-year, contributing to 56.94% of total revenue [8] - The company is enhancing its production capacity and global strategy, with a designed production capacity exceeding 4.8 million tons per year [9] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to strengthen its international market presence [11] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.281 billion yuan, a year-on-year increase of 25.12%, and a net profit of 619 million yuan, up 61.21% year-on-year [6] - The projected revenue for 2025 is 20.378 billion yuan, with a year-on-year growth rate of 28.66% [12] Product Development - The electrolyte drink "Dongpeng Water" achieved revenue of 1.495 billion yuan, a significant increase of 280.37% year-on-year, expanding its market presence [7] - The company has developed a diversified product matrix, including energy drinks, electrolyte drinks, tea beverages, plant protein drinks, coffee drinks, fruit and vegetable juices, and pre-mixed alcoholic beverages [7] Market Expansion - The company has established a comprehensive channel network with over 3,000 distributors and nearly 4 million active retail outlets across the country [8] - Revenue from the Guangdong region was 4.36 billion yuan, a year-on-year increase of 15.93%, while revenue from other regions showed significant growth [8] Production and Global Strategy - The company completed the construction and commissioning of production bases in Zhejiang and Changsha, with ongoing development in Tianjin [9] - The company has exported products to 25 countries and regions, including Vietnam, Malaysia, and the United States, as part of its global strategy [9]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Viewpoints - China and emerging markets are leading growth, with global wearable wristband device shipments expected to grow by 4% year-on-year in 2024, reaching 193 million units [3] - The strong demand from China and emerging markets compensates for declines in mature markets like the US and India, with China projected to account for 30% of global shipments, growing by 20% year-on-year [3] - The compound semiconductor market is expected to grow to approximately $25 billion by 2030, with a compound annual growth rate (CAGR) of nearly 13% from 2024 to 2030, driven by the automotive and mobile transportation sectors [4] Summary by Sections Market Overview - The SW electronics index rose by 2.74% in the past week, outperforming the CSI 300 index by 1.35 percentage points [3] - The six sub-sectors of the electronics industry showed varying performance, with optical optoelectronics and electronic chemicals II leading the gains [3] Investment Recommendations - The report suggests focusing on semiconductor design stocks with real performance and low PE/PEG ratios, including Zhongke Lanyun and Juchip Technology for AIOT SoC chips, and Meixin Sheng and Nanchip Technology for analog chips [5] - It also recommends looking at driving chip companies like Peak Technology and New Xiangwei, as well as semiconductor equipment materials firms such as Huahai Chengke and Changhong Technology [5] - The report highlights the folding machine supply chain, suggesting attention to Tonglian Precision and Jintaiyang, along with military electronics firms like Ziguang Guowei and Fudan Microelectronics [5]

[Table_Rating] 增持（维持） [◼Table_Summary] 市场回顾 | [行业Table_Industry] : | 计算机 | | --- | --- | | 日期: | 2025年03月11日 shzqdatemark | | [Table_Author] 分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -19% -10% -1% 7% 16% 24% 33% 41% 03/24 05/24 07/24 10/24 12/24 03/25 计算机 沪深300 [Table_ReportInfo] 相关报告： 《DeepSeek加速人形机器人落地，煤矿或 是最佳 B 端应用场景》 ——2025 年 03 月 04 日 《DeepSeek开源周收官，具身智能商业化 或将加速》 ——2025 年 03 月 03 日 《微软量子芯片取得突破，或将引发计算 变革》 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年03月11日 | [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -14% -8% -1% 5% 12% 18% 24% 31% 37% 03/24 05/24 08/24 10/24 12/24 03/25 通信 沪深300 [Table_ReportInfo] 相关报告： 技术迭代催生周期性机遇，Capex拐点渐近。6G数据传输速率可能达 5G 的 50 倍，时延缩短到 5G 的十分之一，在峰值速率、时延、流量密 度、连接数密度、移动性、频谱效率、定位能力等方面将远优于 5G。 目前 6G技术仍处于愿景需求形成和关键技术研究的初期阶段，这个阶 段 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 市场回顾 | [行业Table_Industry] : | 计算机 | | --- | --- | | 日期: | 2025年03月11日 shzqdatemark | | [Table_Author] 分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -19% -10% -1% 7% 16% 24% 33% 41% 03/24 05/24 07/24 10/24 12/24 03/25 计算机 沪深300 [Table_ReportInfo] 相关报告： 《DeepSeek加速人形机器人落地，煤矿或 是最佳 B 端应用场景》 ——2025 年 03 月 04 日 《DeepSeek开源周收官，具身智能商业化 或将加速》 ——2025 年 03 月 03 日 《微软量子芯片取得突破，或将引发计算 变革》 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Views - The food and beverage sector is expected to gradually recover, with companies like Luzhou Laojiao and Wuliangye showing strong growth potential [3][4] - The report highlights structural opportunities within the industry, particularly in high-end and real estate liquor segments [16] Summary by Sections Weekly Insights and Investment Recommendations - Luzhou Laojiao's market scale reached a new high, with expectations for steady growth in 2024 [21] - Wuliangye announced a 2025 investment plan of 2.586 billion yuan across 19 projects, focusing on ecological brewing and smart logistics [22] - Jinshiyuan aims to expand its market share in the 100-500 yuan price range while maintaining operational quality [23] - Red Flower Liquor introduced a new promotional campaign to enhance consumer engagement [24] - Guizhou Zhenjiu launched a limited edition product to celebrate its 50th anniversary, emphasizing premium quality [25] Market Performance Review - The SW Food and Beverage Index rose by 0.74%, underperforming the CSI 300 by 0.65 percentage points [34] - The white liquor sector saw a 1.53% increase, while other liquor categories also performed positively [34] Industry Important Data Tracking - The report provides insights into the white liquor sector, noting a production decline of 7.6% year-on-year in December 2024 [47] - The beer sector experienced a 12.2% year-on-year increase in production in December 2024 [49] Investment Suggestions - Recommendations include focusing on high-demand segments and structural opportunities in white liquor, with specific companies highlighted such as Luzhou Laojiao and Jinshiyuan [16] - For beer, companies like Qingdao Beer and Chongqing Beer are suggested due to their clear product optimization trends [16] - In soft drinks, East Peng Beverage is noted for its steady national expansion [16] - The report also emphasizes the potential in frozen food and snack sectors, recommending companies like Anjixin and Qianwei Central Kitchen [16]

国货龙头 38 大促表现亮眼，上美 24 业 绩高增 ——美容护理行业周报（20250303-0307） [Table_Rating] 增持（维持） [➢Table_Summary] 主要观点 李佳琦 38 预售同比+2.5%，头部国货品牌表现亮眼 2 月 27 日晚八点，淘宝天猫 3.8 大促正式开启。李佳琦 3.8 预售首场 直播于 2 月 27 日 10 点开播，根据青眼情报统计，按照商品最低到手 价和商品实时显示的预定件数来估算（ 件数如页面显示已预定 10 万 + ，则按 10 万件计算 ）， 本场直播中美妆 GMV 超 9.3 亿元，同比增长 2.5%。从品牌看，共有 58 个本土品牌参与，总 GMV 约 3.88 亿元， 占到了直播间 GMV 的 41.7%，同比提升了 6.4 个百分点。前 20 品牌 中共 6 个国货品牌上榜，其中珀莱雅、可复美、毛戈平、薇诺娜分别 排名 1/2/6/12，珀莱雅蝉联第一，可复美和毛戈平排名较 23 年提升。 此外，根据天猫美妆首日品牌成交榜（2025年 3月 3日 20:00-24:00） 显示，前 20 品牌中，珀莱雅、可复美、毛戈平、薇诺娜分别排名 1/ ...

以稳为主，财政全方位发力 ——2025 年政府工作报告点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 投资摘要 实施更加积极有为的宏观政策 在总体要求方面，报告基本沿用了 2024 年 12 月政治局会议与中央经 济工作会议的观点，要求实施更加积极有为的宏观政策，在扩大国内 需求，推动科技创新和产业创新融合发展，稳住楼市股市，防范化解 重点领域风险和外部冲击等方面发力，推动经济持续回升向好。特别 强调了稳住股市楼市，也代表了政策的优先级较高。 以稳为主，财政全方位发力 今年的报告中还是设定了 5%的增长目标，与去年保持一致。报告特别 提到了预期目标是兼顾了需要与可能，我们认为整体以稳为主。通胀 目标往年基本为 3%，而今年的下调或与通胀运行偏弱有关，也反映出 政策在价格调控上的调整，目的在于通过各项政策和改革共同作用， 改善供求关系，使价格总水平处在合理区间。 政策方面，变动较大的是财政政策，充分体现了更加积极，呈现全方 位的发力。赤字率和财政赤字全面上调。拟发行超长期特别国债 1.3 万亿元、比上年增加 3000 亿元；拟发行特别国债 5000 亿元 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 投资要点： [行业Table_Industry] : 食品饮料 日期: shzqdatemark [Table_Author] 分析师: 王慧林 Tel: 15951919467 2025年03月09日 | E-mail: | wanghuilin@shzq.com | | --- | --- | | SAC 编号: | S0870524040001 | | 分析师: | 赖思琪 | | Tel: | 021-53686180 | | E-mail: | laisiqi@shzq.com | | SAC 编号: | S0870524090001 | | 分析师: | 袁家岗 | | Tel: | 02153686249 | | E-mail: | yuanjiagang@shzq.com | | SAC 编号: | S0870524090003 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -25% -19% -13% -8% -2% 4% 9% 15% 21% 03/24 05/24 07/24 10 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company is a global leader in new materials, focusing on electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It is actively developing its electronic materials business, particularly semiconductor photoresists and display panel photoresists, to address the localization of key materials. The gradual release of production capacity in the electronic materials sector and the large-scale introduction of new photoresist products are expected to drive strong growth in operating performance [2][18]. Summary by Sections 1. Company Overview - The company is a leading new materials service provider with a focus on three main areas: electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It has been expanding its electronic materials business significantly in recent years [18]. - The company has a concentrated shareholding structure, with the controlling shareholder holding over 60% of the shares, allowing for strategic decision-making and resource allocation [24]. 2. Electronic Materials - The company aims to build a platform company in electronic materials, capitalizing on the trend of domestic substitution. The semiconductor photoresist market is expanding, with the company positioned as a domestic leader [2][38]. - The semiconductor photoresist segment is experiencing significant growth, with sales expected to reach 128 million yuan in the first half of 2024, a year-on-year increase of 54.43% [3][54]. - The display panel photoresist segment is also growing, with the company being the largest domestic supplier, achieving a market share of 25.9% in the first half of 2024 [4][63]. 3. Specialty Rubber Additives - The company is the largest supplier of specialty materials for tires globally, with a production volume of 135,000 tons in 2023, representing a year-on-year increase of 16.7% [5]. - The specialty rubber additives business remains the dominant segment, accounting for 77.7% of the company's main revenue in 2023 [28]. 4. Fully Biodegradable Materials - The company has introduced BASF's PBAT technology, becoming a leader in the biodegradable materials sector. However, due to market oversupply, the PBAT production facility is temporarily halted in 2024 [5][10]. 5. Financial Forecast - The company is expected to achieve revenues of 3.278 billion yuan, 3.750 billion yuan, and 4.370 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.37%, 14.40%, and 16.53% [11][13]. - The net profit attributable to shareholders is projected to be 572 million yuan, 656 million yuan, and 768 million yuan for the same years, with growth rates of 40.57%, 14.69%, and 17.19% [11][13]. 6. Research and Development - The company has invested over 700 million yuan in R&D from 2018 to 2023, with R&D expenses increasing year-on-year. In the first three quarters of 2024, R&D expenses reached 148 million yuan, a 12.65% increase [34]. - The company has established a professional R&D platform to address high-end material needs in the semiconductor and display industries, with a total of 597 patent applications and 420 patents granted as of 2023 [34].