Investment Rating - The report maintains a "Strong Buy" rating for Beixin Building Materials [2][6]. Core Views - Beixin Building Materials achieved an annual revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, up 3.49% year-on-year, with a basic earnings per share of 2.16 yuan [3][4]. - Despite a downturn in the real estate sector affecting gypsum board demand, the company's sales volume remained stable, with a slight decline of 0.05% year-on-year, selling 21.71 million square meters of gypsum board [4]. - The company is transitioning into a comprehensive manufacturer and service provider of consumer building materials, driven by the rapid growth of its waterproof materials and coatings businesses, which saw revenue increases of 19.23% and 327.99% respectively [4][6]. Financial Performance Summary - Revenue for 2024 was 25.82 billion yuan, with a growth rate of 15.14% compared to 2023 [12]. - The net profit for 2024 was 3.65 billion yuan, reflecting a growth rate of 3.49% [12]. - The company’s gross margin remained stable at 29.88%, while the net asset return rate decreased slightly by 1.26 percentage points year-on-year [5][12]. - The operating cycle improved to 83.03 days, a reduction of 10.54 days year-on-year, indicating enhanced operational efficiency [5]. Profit Forecast - The projected net profits for Beixin Building Materials for 2025, 2026, and 2027 are 4.48 billion yuan, 5.06 billion yuan, and 5.66 billion yuan respectively, with corresponding earnings per share of 2.65 yuan, 3.00 yuan, and 3.35 yuan [6][12]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 10.85, 9.60, and 8.59 times respectively [6][12]. Company Overview - Beixin Building Materials is a leading manufacturer of gypsum board in China, holding over 60% market share in the gypsum board industry. The company is actively developing its "one body, two wings" strategy, focusing on waterproof materials and coatings [7].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4] Core Views - Lier Chemical's performance is under short-term pressure, with a significant decline in revenue and profit due to falling prices of core pesticide products. The company reported a revenue of 7.311 billion yuan in 2024, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year [3] - The industry is currently at the bottom of the cycle, with expectations for a recovery in the future as excess capacity is optimized and weaker competitors exit the market. This will enhance the competitive advantage of leading companies like Lier Chemical [3][4] - The demand for glyphosate is expected to grow significantly, driven by the promotion of new genetically modified products and the ongoing industrialization of genetically modified crops in China. Lier Chemical is well-positioned in the glyphosate market and has established strategic partnerships with multinational companies [4] Financial Performance Summary - In 2024, Lier Chemical's revenue from the pesticide raw materials segment decreased by 14.45% to 4.101 billion yuan, while the pesticide formulation segment saw a 9.42% decline to 1.500 billion yuan. The overall gross margin for the raw materials segment fell by 9.36 percentage points to 16.90% [3] - The company forecasts net profits of 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]

Investment Rating - The report maintains a "Recommended" rating for Torch Electronics, indicating a positive outlook for the company's performance in the coming months [2][10]. Core Insights - The company reported a total revenue of 280.15 million yuan for 2024, a year-on-year decline of 20.04%, and a net profit attributable to shareholders of 19.45 million yuan, down 38.90% year-on-year [3][4]. - Despite the overall pressure on performance, the active components segment showed growth, with revenue increasing by 25.53% year-on-year [4]. - The company is positioned as a core supplier of military MLCCs in China, with expectations for a recovery in this market segment due to increased defense spending and modernization efforts [5][6]. Summary by Sections Financial Performance - In 2024, passive components revenue decreased by 16.36% to 84 million yuan, with a gross margin of 65.00%, down 9.2 percentage points [4]. - Active components revenue reached 15 million yuan, reflecting a growth of 25.53%, with a gross margin of 7.68%, up 0.8 percentage points [4]. - Ceramic materials revenue fell by 16.18% to 13.4 million yuan, with a gross margin of 51.73%, down 3.87 percentage points [4]. - International trade revenue decreased by 24.60% to 165.4 million yuan, with a gross margin of 14.55%, up 4.1 percentage points [4]. Employee Stock Ownership Plan - The company launched its fourth employee stock ownership plan, covering up to 178 employees, with performance targets set for 2025 [6]. - The plan aims to enhance management efficiency and align employee interests with company performance, reflecting confidence in future growth [6]. Future Outlook - The company forecasts earnings per share (EPS) of 1.10 yuan, 1.40 yuan, and 1.74 yuan for 2025, 2026, and 2027 respectively, indicating a recovery trajectory [10][11]. - The expected revenue growth rates for the next few years are projected at 45.91% for 2025, 23.25% for 2026, and 16.53% for 2027 [11].

Core Insights - The domestic automotive market is experiencing strong recovery, with February 2025 sales reaching 1.688 million units, a year-on-year increase of 39.9% [2] - The market share of domestic brands has exceeded 70.6%, reflecting a significant growth in consumer preference for local manufacturers [2][3] - New energy vehicles (NEVs) accounted for 45.1% of total domestic sales, marking a 12.4 percentage point increase compared to the same period last year [2] Domestic Market Performance - In February 2025, traditional fuel vehicle sales were 927,000 units, up 14.3% year-on-year, while NEV sales reached 760,000 units, a remarkable 92.6% increase [2] - The total domestic automotive sales for February 2025 were 2.129 million units, with NEVs contributing significantly to this growth [1][2] - The expected subsidy scale for vehicle replacements is projected to exceed 400 billion yuan, accounting for 8% of total automotive sales [2] Export Performance - In February 2025, total vehicle exports reached 441,000 units, a year-on-year increase of 16.9%, with NEVs making up 29.7% of total exports [4] - Traditional fuel vehicle exports were 310,000 units, growing by 4.9%, while NEV exports surged to 131,000 units, a 60.5% increase [4] - BYD showed the most significant growth in exports, reaching 71,000 units, doubling its export volume compared to the previous year [4] Investment Strategy - The domestic automotive market is expected to continue its upward trajectory driven by policy incentives and technological innovations [5] - The report highlights the importance of focusing on companies with strong cost advantages and market positioning in the automotive sector [8] - Key players in the supply chain, such as Chuanhuan Technology and Ningbo Gaofa, are identified as potential beneficiaries of the ongoing market trends [7]

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% in the next six months [19]. Core Viewpoints - The domestic automotive market is experiencing a strong recovery, driven by unprecedented subsidy policies, with a total subsidy scale expected to exceed 400 billion yuan, accounting for 8% of automotive sales [4][3]. - In February 2025, domestic automobile sales reached 1.688 million units, a year-on-year increase of 39.9%, with traditional fuel vehicles and new energy vehicles growing by 14.3% and 92.6% respectively [4][3]. - The market share of domestic brands in passenger vehicles has surpassed 70.6%, reflecting a significant increase of 11.2 percentage points year-on-year [4]. - The penetration rate of new energy vehicles in domestic sales reached 45.1%, up 12.4 percentage points from the previous year [4]. Summary by Sections Domestic Market Performance - In February 2025, the production and sales of automobiles were 2.103 million and 2.129 million units respectively, marking a year-on-year growth of 39.6% and 34.4% [3]. - New energy vehicle sales reached 889,200 units, with a year-on-year growth of 91.5% [3]. - The sales of pure electric vehicles reached 426,000 units, growing by 94% year-on-year, while plug-in hybrid vehicles saw a growth of 83% [5]. Export Performance - In February 2025, automobile exports totaled 441,000 units, a year-on-year increase of 16.9%, with new energy vehicles accounting for 29.7% of total exports [6]. - The export of plug-in hybrid vehicles grew by 2.2 times, indicating a strong trend in hybrid vehicle exports [6]. Investment Strategy - The domestic automotive market is characterized by accelerated electrification and the strong rise of domestic brands, supported by policy incentives and technological innovation [6]. - The focus of competition in the automotive industry is shifting towards the field of intelligence, with leading companies in smart driving and data training expected to capture more market share [6]. Future Outlook - The trend towards hybridization is expected to continue, with internal combustion engines likely to exist in hybrid forms for the long term [11]. - Key suppliers in the automotive parts sector are identified, including leading companies in various components such as川环科技 and 宁波高发 [11].

东 兴 晨 报 营运能力持续改善，市占率持续提升。2024 年公司营业周期为 169.71 天， 同比减少 12.97 天，逐季持续改善，这主要是公司存货天数持续下降带动。 2024 年公司存货周转天数为 132.28 天，同比减少 13.29 天。净营业周期同 比减少 1.16 天，较 2024 年前三季度同比减少的天数有减少，主要是公司应 收账款天数同比略增 0.33 天，以及应付账款周转天数同比下降 11.79 天。 公司总体运营能力在持续改善。运营效率的提升带来产销量的持续增长，公 司粗纱和电子布产销量创历史新高。在2024年全球玻纤纱产量同比增速4.6% 和中国池窑纱同比增速为 5.7%的情况下，公司产销量增速远远超过全球和全 国的增速，带来公司全球和全国市场占有率的持续提升。 玻纤龙头全球布局，现金充裕重研发打造行业新格局。公司作为全球玻纤龙 头，在当前需求低迷的环境下营业收入能够更快的增长，得益于公司规模成 本优势、产品结构的不断优化、以及技术和管理水平的不断提升。公司在利 润下滑的情况下，研发费用依然保持增长，2024 年年研发费用 5.28 亿元， 同比增长 1.72%。同时，公司现金充裕， ...

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴交运】中通快递-W（02057.HK）：散件增长带动单票收入提升，25 年 重心重回份额增长（20250325） 事件：公司发布 2024 年报，公司四季度单季完成业务量 96.65 亿件，同比 增长 11.0%，市场份额下降 1.6pct 至 18.8%。四季度单季公司调整后净利润 27.33 亿元，同比增长 23.4%。公司全年归母净利润 88.17 亿元，调整后净 利润 101.5 亿元，同比增长 12.7%。 Q4 市场份额下降，25 年将重点提升份额：Q4 公司完成业务量 96.65 亿件， 业务量增速 11.0%，低于行业均值的 20.2%，市场份额下降 1.6pct 至 18.8%。 24 年全年业务量 340.1 亿件，同比增长 12.6%，市场份额 19.4%，同比下降 1.5pct。低价值电商包裹比例的不断上升，对公司实现服务质量、市场份额 和利润持续同步增长的整体战略带来了挑战，挑战主要在于如何实现市场份 额的增长。公司表示已经重新锚定了业务重心，25 年的首要任务是实现业务 量增速超越行业均值，即提升市场份额。此外，公司预计 25 年业 ...

Group 1 - The report emphasizes a return to fundamentals, indicating that the market has shown a downward trend after a strong breakout, influenced by the previous significant gains in core sectors and a lack of substantial trading volume [4][8] - The report suggests that investors should focus on companies with strong fundamentals, especially as the market enters a phase of intensive earnings releases, where speculative stocks may face performance tests [4][5] - The report identifies April as a historically volatile month for the market, highlighting the importance of monitoring economic data and domestic policy developments [4][5] Group 2 - The report highlights the marine economy as a new strategic direction emphasized during the Two Sessions, suggesting it could become a mainstream sector akin to the low-altitude economy expected in 2024 [5][9] - It notes that various regions are implementing marine economy policies, which could positively impact related industries, particularly in underexplored areas like deep-sea technology [5][9] - Investment recommendations include focusing on high-dividend companies based on fundamentals, while also maintaining a positive outlook on sectors like artificial intelligence and robotics, which are expected to see growth as production scales up [5][9] Group 3 - The report indicates that the market experienced significant adjustments, with the STAR Market showing the largest declines, and smaller-cap indices falling more than larger-cap indices [10][11] - It mentions that the best-performing sectors are primarily in consumer-related industries such as beauty and food and beverage [13] - The report notes that the overall valuation levels remain reasonable, except for the STAR 50 index, which has seen a notable increase [23][24]

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴宏观】美联储下调经济增长预期，认为关税通胀压力一过性——3 月 美国 FOMC 点评（20250320） 美联储维持当前政策利率水平，同时减缓 QT 节奏。 主要观点： 鲍威尔认为关税引起的通胀为一过性是基本情景，但不确定性显著提升。 美联储整体偏鸽，不会用加息应对关税引发的价格上涨。 我们猜测，若关税引发通胀上涨尚未回落而经济活动放缓，美联储可能仍会 选择先行降息。 鲍威尔认为经济数据非常稳健，劳动力市场处于平衡状态。鲍威尔认为，当 前劳动力市场是解雇率和雇佣率双低，希望找到工作的人等待时间更长。劳 动力市场处于这种平衡状态已有 6-7 个月。华盛顿公务员解雇目前还是局域 性的，没有看见全国范围的解雇率的抬升。如果经济仍保持强劲，通胀回落 至 2%的进程拉长，美联储可以延长停留在当前利率水平的时间。 鲍威尔认为关税引起的通胀为一过性是基本情景，但不确定性显著提升。鲍 威尔认为目前很难从通胀数据中区分关税和非关税的影响。美联储注意到， 过去 2 个月商品价格的持续上行是非常意外的，不确定是否为偶然，还是因 为关税引起消费者提前购买引发价格上涨。关税对价格的影响 ...

P1 首席周观点：2025 年第 12 周 2025 年 3 月 20 日 首席观点 周度观点 张天丰 | 东兴证券金属首席分析师 DONGXING SECURITIES 东兴证券研究报告 首席周观点：2025年第12周 S1480520100001，021-25102914，Zhang_tf@dxzq.net.cn 金属行业：四川黄金（001337.SZ）：资源及成本优势持续优化的西部矿产金龙 头（1）-资源成长性分析 西部矿产金龙头。四川黄金成立于 2006 年 8 月，由四川省地质矿产勘查开发局下属国有企 业双流容大（现四川黄金集团有限公司）牵头合资设立。公司于 2023 年 3 月 3 日以"四川 容大黄金股份有限公司"之名在深圳证券交易所主板上市，后于 2024 年 4 月 17 日更名为四 川黄金股份有限公司。公司业务主要围绕梭罗沟金矿矿山建设、开采、选矿及金精矿、合质 金的销售展开。公司委托供应商完成剥离、爆破、铲装及运输等矿山作业，独立完成选矿工 作，将采出的原生矿和氧化矿通过浮选与喷淋浸出得到金精矿与合质金产品，随后销售给下 游冶炼或精炼企业。经过多年发展，公司已成为国内主要的金矿采选企业之 ...