Investment Rating - The investment rating for the company is "Outperform the Market" [6][29]. Core Views - The company achieved record high revenue and profit in Q1 2025, with total revenue reaching 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a significant growth trajectory [1][4]. - The smartphone business saw a rise in both volume and price, with revenue of 50.6 billion yuan (YoY +8.9%) and an average selling price (ASP) increase of 5.8% to 1,211 yuan [2]. - The IoT and lifestyle products segment experienced robust growth, with revenue of 32.3 billion yuan (YoY +59%) and a gross margin increase of 5.4 percentage points to 25.2% [2]. - The electric vehicle and AI innovation business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the losses in this segment narrowed to 500 million yuan [3]. - The company is expanding its ecosystem strategy, focusing on the synergy between vehicles, homes, and personal devices, and is optimistic about growth in overseas markets [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 111.3 billion yuan, with a gross margin of 22.8% (YoY +0.5 percentage points) [1]. - The adjusted net profit for Q1 2025 was 10.7 billion yuan, continuing a strong growth trend [1]. Business Segments - The smartphone segment contributed 46% of total revenue, with a total of 50.6 billion yuan in revenue and a gross margin of 12.4% [2]. - The IoT and lifestyle products segment accounted for 29% of total revenue, achieving 32.3 billion yuan in revenue [2]. - The internet services segment generated 9.1 billion yuan in revenue, with a gross margin of 76.9% [2]. - The electric vehicle segment generated 18.6 billion yuan in revenue, with the Xiaomi SU7 series delivering 76,000 vehicles [3]. Future Outlook - The company has raised its profit forecasts for 2025-2027, expecting net profits of 36.2 billion yuan, 46.4 billion yuan, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [4]. - The company is focusing on enhancing its core technologies, with R&D expenses increasing by 30% to 6.7 billion yuan in Q1 2025 [3].

证券研究报告 | 2025年06月03日 家电行业 2025 年 6 月投资策略 优于大市 618 前期家电线上表现积极，空调 6 月内销排产量增长 29% 本月跟踪与思考：618 大促前期家电表现积极，5 月以来主要家电品类线上 零售额较 1-4 月均实现加速增长。受零售需求拉动，6 月我国空调内销排产 量同比增长 29%，增速环比明显提升；冰洗内外销量排产基本稳健。 618 前期家电表现积极，增速环比 1-4 月明显提升。618 大促自 5 月 13 日开 启，奥维云网监测数据显示，2025 年第 1-21 周（2024 年 12 月 30 日-2025 年 5 月 25 日），家电主要品类线上增速较 1-4 月均有明显提升。其中空调/ 冰箱/洗衣机前 21 周线上零售额同比分别+25.4%/-3.5%/+9.4%，环比 1-4 月 的+16.5%/-8.9%/+2.4%均有明显改善，线下零售额维持在 10%+的增长水平。 厨电线上零售额增速同样呈现加速趋势，油烟机/燃气灶/洗碗机前 21 周线 上零售额增速分别为+20.9%/+19.4%/+9.1%，1-4 月累计为+16.8%/+16.4%/ -0. ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [5] Core Insights - The core local business of Meituan has shown excellent profit release, with a revenue of 86.6 billion yuan in Q1 2025, representing an 18% year-on-year growth. Adjusted net profit reached 10.9 billion yuan, up 46% year-on-year, with an adjusted net profit margin of 13%, an increase of 3 percentage points [1][9][19] - The company is expected to increase subsidies starting Q2 2025 to respond to competition, with projected order volume growth of 9% and revenue growth of 5% in the same period [2][19] - The flash purchase business saw a 30% year-on-year increase in order volume in Q1 2025, with a historical high profit margin, and the company plans to increase subsidies during the 618 shopping festival to expand market reach [3][22] - The in-store business GTV grew by 33% in Q1 2025, with a revenue increase of 21% year-on-year, and the company is actively expanding in lower-tier cities [4][23] - New business revenue grew by 19% year-on-year to 22.2 billion yuan, with a focus on expanding overseas delivery services, particularly in Saudi Arabia and plans to enter the Brazilian market [27] Financial Performance Summary - In Q1 2025, Meituan's core local business achieved a revenue of 64.3 billion yuan, with a year-on-year growth of 18%. The operating profit for this segment was 13.5 billion yuan, reflecting a 39% increase year-on-year and an operating profit margin of 21% [1][17] - The company forecasts adjusted net profits of 44.7 billion yuan, 58.7 billion yuan, and 71.8 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16.6, 12.6, and 10.3 [7][29] - The adjusted EPS is projected to be 7.14 yuan for 2024, increasing to 9.50 yuan by 2027 [8][32]

2025年06月03日 证券研究报告 | 请务必阅读正文之后的免责声明及其项下所有内容 Ø 智算需求爆发推动数据中心持续增长，AI基建中供配电和制冷是核心环节 • 需求和政策驱动智算中心（AIDC）基建爆发，资本开支达千亿美元量级：智算需求驱动和顶层政策牵引下，全球政府、互联网企业、运营商均开启巨额 资本开展计划，海外大厂（谷歌、微软、亚马逊、Meta）2025财年资本支出指引达3200亿美元，较2024年增长约39%；国内大厂阿里、字节、腾讯均投 入大量资本开支建设AI基础设施，阿里宣布三年投入3800亿超过去10年总和。 • 技术变化和价值量视角看供配电和制冷是AI基建核心环节:AIDC功率密度提升对AI基建的供电、散热提出高要求，价值量上看AI基础设施建设中制冷占 比超20%、供配电系统超50%。 Ø AI基建之供电电源：主用电源-燃气轮机作为数据中心主用电源迎长景气上行周期拐点，备用电源-柴油发电机组作为数据中心断电 时必要保障跟随AI基建放量，重点关注高价值量、供给稀缺的核心卡位环节 • 燃气轮机受益AI基建迎来长景气上行周期拐点：燃机发电以建设周期短、建设成本低等优势成为海外AIDC主用电源首选。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in the first quarter of 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6]. - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 66.6% (down 5.9 percentage points) and a net margin of 15.5% (down 7.5 percentage points). The first quarter of 2025 saw a recovery in gross margin to 66.7% and net margin to 25.2% [2][12]. - The company’s revenue and net profit forecasts for 2025-2027 are adjusted to 222 million, 273 million, and 331 million respectively, with expected growth rates of 77.5%, 23.1%, and 21.2% [3][21]. Research and Development - The company maintained high R&D investment, totaling 133 million in 2024, despite a 15.5% decrease year-on-year. New products have been approved, including hip joint prostheses and 3D printed titanium alloy anchors, enhancing the product line [2][15]. Market Position - The company has successfully won bids for its hip and knee joint systems in the national procurement project, ensuring stable supply despite facing price and margin pressures [1][6]. - The company is the first in China to manufacture porous tantalum metal implants, breaking foreign monopolies, and is expanding its product lines in sports medicine and orthopedics [2][15].

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [5] Core Insights - The core local business of Meituan has shown excellent profit release, with a revenue of 866 billion yuan in Q1 2025, representing an 18% year-on-year growth. The adjusted net profit reached 109 billion yuan, a 46% increase year-on-year, with an adjusted net profit margin of 13%, up 3 percentage points [1][9] - The company is expected to increase subsidies starting Q2 2025 to maintain its competitive edge amid rising competition, particularly in the food delivery segment [2][19] - The flash purchase business has seen a 30% increase in order volume year-on-year, with a historical high in profit margins, and the company plans to enhance subsidies to expand market reach [3][22] - The in-store business is experiencing strong growth, particularly in lower-tier cities, with a 33% increase in GTV year-on-year [4][23] - New business segments, particularly overseas food delivery, are actively expanding, with a 19% increase in revenue year-on-year, although operating losses have also increased [27] Summary by Sections Financial Performance - In Q1 2025, Meituan achieved a revenue of 866 billion yuan, with a year-on-year growth of 18%. The core local business generated 643 billion yuan in revenue, also up 18% year-on-year. The operating profit for the core local business was 135 billion yuan, a 39% increase year-on-year, with an operating profit margin of 21% [1][9][17] Business Segments - The food delivery segment saw a 10% increase in order volume year-on-year, with a revenue growth of 14%. The average order value (AOV) decline has continued to narrow [2][19] - The flash purchase segment's revenue grew approximately 33%, with operating profit reaching 800 million yuan [3][22] - The in-store business's revenue increased by 21% year-on-year, with a focus on expanding in lower-tier cities [4][23] Future Outlook - The company maintains a positive long-term outlook, expecting adjusted net profits of 447 billion yuan, 587 billion yuan, and 718 billion yuan for 2025, 2026, and 2027, respectively [7][29] - The competitive landscape is anticipated to remain challenging, but Meituan's operational capabilities and compliance improvements are expected to support sustainable growth [7][29]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's performance was impacted by the national centralized procurement, but it began to stabilize in Q1 2025. In 2024, the company achieved revenue of 806 million (down 33.3%) and a net profit of 125 million (down 55.0%). The overseas revenue reached 353 million (up 78.31%), accounting for 43.8% of total revenue, becoming a significant growth driver [1][6] - The company has established a strong brand presence in the joint prosthesis market and is expected to see new growth from sports medicine and other new product lines. The risks from centralized procurement are gradually being alleviated [3][5] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 230 million (up 3.6%) and a net profit of 58 million (up 5.20%). The revenue for 2024 was 806 million (down 33.3%), with a net profit of 125 million (down 55.0%). The fourth quarter of 2024 saw revenue of 298 million (down 28.5%) and a net profit of 64 million (down 34.3%) [1][6] - The gross profit margin for 2024 was 66.6% (down 5.9 percentage points), while the net profit margin decreased to 15.5% (down 7.5 percentage points). In Q1 2025, the gross profit margin rebounded to 66.7%, and the net profit margin increased to 25.2% [2][12] Research and Development - The company maintained high R&D investment, with 133 million in 2024 (down 15.5%). New products include hip joint prostheses and 3D-printed titanium alloy anchors, which have received regulatory approval, marking a breakthrough in domestic production [2][15] - The company is the first in China to manufacture porous tantalum metal implants using chemical vapor deposition technology, enhancing its competitive edge in the orthopedic market [2][15] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 222 million, 273 million, and 331 million respectively, reflecting a year-on-year growth of 77.5%, 23.1%, and 21.2% [3][21] - The current stock price corresponds to a price-to-earnings ratio (PE) of 30, 24, and 20 for 2025, 2026, and 2027 respectively [3][21]

证券研究报告 | 2025年06月03日 金融工程月报 券商金股 2025 年 6 月投资月报 核心观点 金融工程月报 从绝对占比来看，本期券商金股在机械(9.56%)、医药(9.04%)、电子(8.01%)、 基础化工(7.75%)、食品饮料(6.46%)行业配置较高。 从相对变化来看，本期券商金股在机械(+2.28%)、传媒(+1.49%)、医药 (+1.32%)行业增配较多，在电子(-3.25%)、计算机(-1.53%)、汽车(-1.31%) 行业减配较多。 券商金股股票池上月回顾 2025 年 5 月，曼卡龙、潮宏基、科兴制药等券商金股股票的月度上涨幅度 靠前。 2025 年 5 月，国元证券、华西证券、华创证券收益排名前三，月度收益分 别为 10.78%、7.30%、5.70%，同期偏股混合型基金指数收益 1.06%，沪 深 300 指数收益 1.85%。 2025 年以来，东北证券、华鑫证券、东兴证券收益排名前三，年度收益分 别为 45.28%、40.52%、39.15%，同期偏股混合型基金指数收益 3.37%， 沪深 300 指数收益-2.41%。 券商金股股票池中选股因子表现 最近一个月，EP ...

证券研究报告 | 2025年6月3日 估值周观察(6月第1期) 市场窄幅震荡，成长估值回落 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.5.26-2025.5.30）海外市场整体上涨，估值温和扩张。韩国涨幅最大，其中韩国综合指数和KOSPI50指数分别上涨 4.07%和3.67%；美国主要指数涨幅均在2%左右。而香港主要指数均下跌，除恒生中型股，其余指数跌幅均超过1%。估值方面，整体 温和扩张。具体来看，法国CAC40指数小幅上涨0.23%，但PE小幅缩小0.75x；仅德国DAX指数PE扩张幅度最大，扩张1.36x，3项估 值指标滚动1年和3年分位数均值分别高达97%和99%，居高不下；港股指数估值有所回落，但除恒生科技指数，其余指数的估值分位 数均接近或高于 ...

证券研究报告 | 2025年06月03日 超长债周报 贸易战形势扑簌迷离，超长债成交量保持高位 核心观点 固定收益周报 超长债复盘：上周贸易战形势扑簌迷离，债市跟随波动。另外资金面维 持宽松态势，隔夜利率再次回落至 1.4%，超长债小幅承压，全周 V 型走 势。成交方面，上周超长债交投活跃度小幅上升，交投相当活跃。利差 方面，上周超长债期限利差走阔，品种利差走阔。 超长债投资展望： 30 年国债：截至 5 月 30 日，30 年国债和 10 年国债利差为 23BP，处于 历史偏低水平。从国内经济数据来看，4 月经济依然展现出韧性。我们 测算的 4 月国内 GDP 同比增速约 4.1%，较 3 月回落 0.8%，但是仍高于 全年经济增速目标值。通胀方面，4 月 CPI 为-0.1%，PPI-2.7%，通缩风 险依然明显。近期中美贸易摩擦出现阶段性缓和，投资者悲观预期有所 消散，短期焦点将回到国内二季度经济数据，我们预计随着政策托底效 应的减弱，债市收益率下行概率更大。不过当前 30 年国债期限利差依 然偏低，期限利差保护度有限。 20 年国开债：截至 5 月 30 日，20 年国开债和 20 年国债利差为 2B ...