Macro Strategy - The report indicates that the recent MLF (Medium-term Lending Facility) increase may alleviate the "liability shortage" pressure on banks, limiting the upward space for interbank certificate of deposit rates [1][10] - Concerns over the sustainability of US fiscal conditions have led to a significant rise in the 10-year US Treasury yield, reaching 4.51%, amidst a market downturn [1][10] - The passage of Trump's "Big Beautiful Bill" in the House is expected to face less resistance in the Senate, but its tax reduction and debt ceiling provisions may heighten market concerns regarding US fiscal sustainability [1][11] Industry Insights - The report recommends focusing on the long-term value of tea beverage leader Mixue Group, which is expanding its domestic store network and pursuing overseas expansion [5] - It highlights the potential profitability of various restaurant brands, including Yum China and Luckin Coffee, as consumer demand recovers [5] - The automotive industry is undergoing a transformation towards smart vehicles, with a projected increase in L3 automation penetration from 10% in 2025 to over 80% by 2027, indicating a significant shift in consumer purchasing considerations [5] - The report notes that the automotive sector is currently experiencing a price war, with companies like BYD and Geely adjusting prices in response to market conditions [5] - The report emphasizes the importance of AI chips and modular suppliers in the automotive supply chain, suggesting a bifurcation in the market between high-end manufacturers and those focusing on specific components [5] Company Analysis - Hesai Technology reported a Q1 2025 revenue of 530 million yuan, a year-on-year increase of 46.3%, with a gross margin of 41.7% [6] - The company is expanding its product matrix for L2-L4 autonomous driving solutions and has seen a significant increase in ADAS lidar shipments, up 178.5% year-on-year [6][7] - Hesai's partnerships with major automotive manufacturers are expected to enhance its market position, with a total addressable market (TAM) projected to reach 30-60 billion USD [7] - Kingsoft Software maintains a "buy" rating, with EPS forecasts for 2025-2027 at 1.33, 1.65, and 1.95 yuan, respectively, driven by stable growth in its dual business model [8]

证券研究报告 ·北交所报告 · 北交所定期报告 北交所定期报告 20250529 商务部:中方敦促美方彻底取消单边加征关 税 】 乐吴叶芬 2025年05月29日 证券分析师 朱洁羽 执业证书:S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书:S0600522100003 vishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书:S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书:S0600123070027 xuelx(@dwzq.com.cn 研究助理 武阿兰 执业证书:S0600124070018 wual@dwzq.com.cn ■ 今日新股:暂无。 风险提示:个股盈利不及预期,行业竞争加剧,贸易摩擦加剧,政策不及 预期等。 相关研究 《A 股三大指数震荡整理,9.44 亿净 流入商业百货》 2025-05-28 《商务部:支持符合条件的经开区上 市融资》 2025-05-27 1/8 东吴证券研究所 制度建立健全,节能市场化机制更加健全。4)浙江:到 2027年 以公 共云方式提供服务的智算规模达到 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the growth in intelligent driving and general robotics, marking 2025 as a pivotal year for commercial penetration in L4 applications [8] - The company has successfully transitioned its product offerings, with significant increases in sales volume for both intelligent driving and robotics sectors [8] - The company has established partnerships with major global automotive manufacturers, enhancing its product matrix and market reach [8] Financial Performance Summary - For Q1 2025, the company reported total revenue of $53 million, a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.0% [8] - The net profit attributable to the parent company was a loss of $2 million, improving by 83.6% year-on-year but turning to a loss quarter-on-quarter [8] - The gross margin for Q1 2025 was 41.7%, reflecting a year-on-year increase of 3.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [8] Revenue and Profit Forecast - The company forecasts total revenue of $474.27 million for 2025, representing a year-on-year growth of 64.13% [1] - The net profit attributable to the parent company is projected to be $33.91 million in 2025, with a significant year-on-year increase of 338.10% [1] - The earnings per share (EPS) is expected to reach $0.26 in 2025, compared to a loss of $0.11 in 2024 [1] Market Position and Product Development - The company has seen a 178.5% year-on-year increase in the shipment of ADAS LiDAR units, totaling 146,000 units in Q1 2025 [8] - The company has launched several new LiDAR products aimed at L2-L4 applications, enhancing its competitive edge in the market [8] - The company has established collaborations with leading automotive manufacturers in both domestic and international markets, indicating strong demand for its products [8] Guidance and Capacity Expansion - The company maintains its revenue guidance for 2025 at $3 billion to $3.5 billion, corresponding to a year-on-year growth of 44% to 69% [8] - The company aims to achieve a production capacity of 2 million units per year by the end of 2025, with capital expenditures projected between $30 million to $50 million [8] - The company has signed a leasing agreement for overseas production capacity, expected to be operational by the end of 2026 or early 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the focus on the upcoming launch of the game "解限机" and the company's emphasis on AI, collaboration, and internationalization in its office software business [1][8] - The company achieved a total revenue of 2.338 billion yuan in Q1 2025, representing a year-on-year increase of 9.41% but a quarter-on-quarter decrease of 16.28% [8] - The gaming segment showed stable operations with expectations for the performance of "解限机" upon its launch, while the office software segment is seeing growth driven by WPS personal and WPS 365 services [8] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 8.547 billion yuan - 2024: 10.318 billion yuan (up 20.91% YoY) - 2025: 11.669 billion yuan (up 13.09% YoY) - 2026: 13.149 billion yuan (up 12.68% YoY) - 2027: 14.721 billion yuan (up 11.96% YoY) [1] - Net profit attributable to the parent company is projected as follows: - 2023: 483.46 million yuan - 2024: 1,551.61 million yuan (up 220.94% YoY) - 2025: 1,866.88 million yuan (up 20.32% YoY) - 2026: 2,303.83 million yuan (up 23.41% YoY) - 2027: 2,734.62 million yuan (up 18.70% YoY) [1] - The report maintains previous earnings forecasts, with expected EPS for 2025-2027 being 1.33, 1.65, and 1.95 yuan respectively, corresponding to current P/E ratios of 25, 20, and 17 times [1][8]

证券研究报告·海外公司点评·软件服务(HS) 金山软件（03888.HK） 2025Q1 业绩报点评：关注《解限机》上线进 展，办公聚焦 AI、协作和国际化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,547 | 10,318 | 11,669 | 13,149 | 14,721 | | 同比(%) | 11.74 | 20.91 | 13.09 | 12.68 | 11.96 | | 归母净利润（百万元） | 483.46 | 1,551.61 | 1,866.88 | 2,303.83 | 2,734.62 | | 同比(%) | 107.99 | 220.94 | 20.32 | 23.41 | 18.70 | | EPS-最新摊薄（元/股） | 0.35 | 1.11 | 1.33 | 1.65 | 1.95 | | P/E（现价&最新摊薄） | 95.92 | 29.89 | 24.84 | 2 ...

金山软件（03888.HK） 2025Q1 业绩报点评：关注《解限机》上线进 展，办公聚焦 AI、协作和国际化 证券研究报告·海外公司点评·软件服务(HS) 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,547 | 10,318 | 11,669 | 13,149 | 14,721 | | 同比(%) | 11.74 | 20.91 | 13.09 | 12.68 | 11.96 | | 归母净利润（百万元） | 483.46 | 1,551.61 | 1,866.88 | 2,303.83 | 2,734.62 | | 同比(%) | 107.99 | 220.94 | 20.32 | 23.41 | 18.70 | | EPS-最新摊薄（元/股） | 0.35 | 1.11 | 1.33 | 1.65 | 1.95 | | P/E（现价&最新摊薄） | 95.92 | 29.89 | 24.84 | 2 ...

Macro Strategy - The report indicates that the recent interest rate cuts on deposits may exacerbate the pressure on banks' liabilities, with the one-year fixed deposit rate decreasing by 15bps to 0.95% and the three-year and five-year rates down by 25bps to 1.25% and 1.30% respectively [11][12] - The 10-year US Treasury yield has risen to 4.51%, driven by concerns over liquidity and the sustainability of US fiscal conditions, leading to significant declines in the stock market [12][16] - The report highlights that the recent US-China tariff negotiations have positively impacted market confidence, resulting in a substantial increase in US stock prices and a rise in bond yields [16] Fixed Income - The report suggests focusing on the value of interbank certificates of deposit following the recent cuts in deposit rates, as banks may increase the issuance of these instruments to manage liability pressures [3][11] - It notes that the issuance of green bonds totaled approximately 9.46 billion yuan this week, a decrease of 0.853 billion yuan from the previous week, while the trading volume of green bonds increased by 2 billion yuan to 55 billion yuan [5] Industry Insights - The report recommends investing in leading tea brands like Mixue Group, which is expanding its domestic store network and pursuing overseas expansion, as well as other restaurant brands that are expected to benefit from a recovery in consumer spending [7] - In the automotive sector, the report emphasizes the importance of smart vehicle technology, predicting that 2025 will be a pivotal year for the adoption of Level 3 automation, with a projected increase in penetration rates from 10% to over 80% by 2027 [8] - The report identifies key automotive companies and components suppliers that are expected to benefit from the ongoing shift towards smart vehicles, including AI chips and electronic control systems [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned to benefit significantly from the rising demand in the nuclear power sector, particularly as a supplier for the ITER project, which has achieved a major milestone in controlled nuclear fusion technology [2][3] - The company has received necessary certifications to supply various types of nuclear-grade valves, enabling it to participate in both domestic and international nuclear power projects [3] - Recent government approvals for multiple nuclear power projects in China and reforms in the U.S. nuclear regulatory framework indicate a sustained high demand for nuclear power, which the company is well-equipped to capitalize on [4] - The geopolitical landscape is driving increased investment in the oil and gas sector, particularly in the Middle East, which is expected to enhance the company's order visibility and revenue growth [5] Financial Summary - The company forecasts total revenue growth from CNY 5,544 million in 2023 to CNY 10,423 million by 2027, representing a compound annual growth rate (CAGR) of approximately 17.32% [1] - Net profit attributable to shareholders is projected to grow from CNY 721.80 million in 2023 to CNY 2,063.66 million by 2027, with a peak growth rate of 60.10% in 2024 [1] - The earnings per share (EPS) is expected to increase from CNY 0.94 in 2023 to CNY 2.69 in 2027, reflecting strong profitability [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 33.22 in 2023 to 11.62 by 2027, indicating an attractive valuation as earnings grow [1]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250528 A 股三大指数震荡整理，9.44 亿净流入商业 百货 2025 年 05 月 28 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《商务部：支持符合条件的经开区上 市融资》 2025-05-27 《中办、国办印发《关于完善中国特 色现代企业制度的意见》》 2025-05-26 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）A 股三大指数震荡整理，珠宝首饰板块持续大涨。 行业板块涨少跌多，珠宝首饰板块大涨，采 ...

Investment Rating - The report maintains an "Accumulate" rating for the chain restaurant industry [1] Core Insights - The Chinese restaurant market is projected to reach CNY 5.6 trillion in 2024, with a five-year CAGR of 3.6% [4][17] - The chain restaurant sector is experiencing a continuous increase in chain rate, which rose from 12% in 2015 to 20% in 2024, contributing 38% to the growth of the restaurant market [20][41] - The report emphasizes the importance of supply-side drivers, including product innovation and service level enhancement, in sustaining industry growth [32][27] Summary by Sections 1. Industry Overview - The restaurant industry encompasses various formats, including fast food, casual dining, and leisure dining, catering to diverse consumer needs [10] - The market is characterized by a high degree of segmentation, with traditional Chinese cuisine dominating, accounting for 77.1% of the market [12][13] 2. Market Dynamics - The restaurant market's growth is driven by demographic changes, rising incomes, and innovations in food offerings [23][24] - The report notes that the online restaurant market has grown significantly, with a CAGR of 25% from 2015 to 2024, although growth has slowed post-pandemic [20] 3. Competitive Landscape - The concentration of the top 10 chain restaurants (CR10) has increased from 23.7% in 2015 to 30.3% in 2024, indicating a trend towards greater market consolidation [41][42] - Fast food and tea beverage segments are leading in standardization and market share among the top players [41] 4. Segment Analysis - Fast food is experiencing robust growth, with major brands like KFC and McDonald's maintaining significant market presence and expanding their store counts [45][46] - The hot pot segment, led by brands like Haidilao, showcases high standardization and strong social attributes, contributing to its resilience and expansion into international markets [52] 5. International Expansion - The report highlights the potential for Chinese restaurant brands to expand internationally, supported by a large overseas Chinese population and increasing local consumer interest [3][6]