Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is approaching an overseas turning point, with accelerated growth in the seating segment. The integration of Grammer is showing signs of improvement, and the company's performance is expected to accelerate in the coming years [7][12]. Summary by Sections 1. Integration of Grammer and Overseas Performance - The company completed the acquisition of Grammer, a century-old automotive interior giant, and has been advancing integration efforts. The integration faced challenges due to global pandemic impacts, chip shortages, and inflation, which affected Grammer's performance [12][19]. - In 2024, the company intensified integration measures, including divesting the underperforming TMD subsidiary in North America and restructuring operations in Europe to enhance efficiency [28][30]. - The overseas performance of Grammer is showing signs of recovery, with significant improvements noted in Q1 2025 [27][34]. 2. Accelerated Growth in Passenger Car Seats - The domestic market for passenger car seats exceeds 100 billion yuan, driven by consumer upgrades and increasing demand for comfort and safety features [41][48]. - The company has a strong order backlog for passenger car seats, with established relationships with major manufacturers such as NIO, Li Auto, and BMW, which supports future growth [58]. - The employee stock ownership plan implemented in April 2025 is expected to enhance the profitability of the seating business [7][12]. 3. Earnings Forecast and Investment Recommendations - The company forecasts net profits of 646.47 million yuan, 1.09672 billion yuan, and 1.38364 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.51 yuan, 0.87 yuan, and 1.09 yuan [1][7]. - The projected P/E ratios for 2025, 2026, and 2027 are 27.10, 15.98, and 12.66, respectively, indicating a favorable valuation as the company is positioned to benefit from the ongoing domestic market expansion and the shift towards domestic alternatives in the seating industry [1][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has raised its revenue guidance for 2025, expecting a year-on-year growth of 25% to 30%, up from the previous estimate of 25% [7]. - The retail business has shown significant growth, with a gross merchandise volume (GMV) of 845 million yuan in Q1, representing a year-on-year increase of 70.9% [7]. - The company plans to maintain its target of opening 500 new stores in 2025, with a total of 1,727 hotels as of the end of Q1, reflecting a 33% year-on-year increase [7]. - The adjusted net profit forecasts for 2025-2027 have been raised to 1.63 billion, 2.03 billion, and 2.46 billion yuan respectively, with corresponding P/E ratios of 20, 16, and 13 [7]. Financial Summary - Total revenue for 2023 is projected at 4.67 billion yuan, with a year-on-year growth of 106.19% [1]. - The net profit attributable to shareholders for 2023 is expected to be 737.14 million yuan, showing a substantial increase of 651.42% year-on-year [1]. - The earnings per share (EPS) for 2023 is estimated at 1.78 yuan, with a P/E ratio of 43.78 [1]. - The company’s total assets are projected to reach 9.66 billion yuan by 2025, with a total liability of 5.18 billion yuan [8].

Market Performance - The three major US stock indices fell by over 2% last week, with the S&P 500 down 2.6%, the Dow Jones down 2.5%, and the Nasdaq down 2.5%[5] - The Hang Seng Index and Hang Seng China Enterprises Index rose by 1.1% and 1.4%, respectively[5] Key Economic Events - President Trump announced a 50% tariff on the EU starting June 1, citing slow negotiation progress and criticizing EU automotive policies[4] - US existing home sales fell by 0.5% in April, with a seasonally adjusted annualized sales total of 4 million units, down 2% year-on-year[4] - The US Manufacturing PMI rebounded to 52.3, marking a three-month high[4] Corporate Highlights - Oracle plans to invest approximately $40 billion in Nvidia chips to support its new data center for OpenAI[1] - Baidu reported Q1 2025 revenue of 32.5 billion yuan, a 3% year-on-year increase, with core revenue up 7%[9] - BYD's electric vehicle sales in Europe surpassed Tesla for the first time, and the company will enter the Hang Seng Tech Index next month[12] Risks - The report highlights risks including macroeconomic fluctuations, geopolitical tensions, and currency volatility[2]

Investment Rating - The industry investment rating is not explicitly stated in the provided documents [22]. Core Insights - The 2025 Global Artificial Intelligence Terminal Exhibition showcased various AI applications, including AI smart glasses, AI plush toys, autonomous driving buses, AI+ medical devices, and smart cash registers, highlighting the limitless possibilities of AI technology [2][8]. - The explosion of AI technology has significantly enhanced vehicle-road-cloud system capabilities, resulting in lower latency, increased reliability, greater computing power, and reduced power consumption for information exchange between smart connected vehicles and infrastructure [3][4]. - Various autonomous driving applications are being explored beyond the well-known autonomous taxis, including a focus on smart city services through autonomous sanitation vehicles and the introduction of autonomous buses in Shenzhen [8][11]. - Baidu's advanced visual, voice, and natural language processing technologies are being integrated into a wide range of hardware products, creating new business opportunities and enhancing user experiences across diverse sectors such as dining, hospitality, retail, and logistics [11][13]. Summary by Sections AI Applications - The exhibition featured innovative AI applications that demonstrate the potential of AI across multiple industries, including healthcare and retail [2][8]. Vehicle-Road-Cloud Systems - AI advancements have improved vehicle-road-cloud systems, enabling effective communication between smart vehicles and infrastructure through technologies like ETC, C-V2X, and 5G [3][4]. Autonomous Driving Scenarios - Companies are developing various autonomous driving scenarios, such as autonomous sanitation vehicles and public transport solutions, with significant collaborations established for implementation in urban environments [8][11]. Integration of AI Technologies - Baidu's AI capabilities are being utilized in various sectors, enhancing operational efficiency and customer experience through innovative solutions like AI-powered retail applications [11][13].

Investment Rating - Industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market by more than 5% in the next six months [40]. Core Insights - The report highlights a strategic plan for 2025, targeting revenue growth of over 30% and an anticipated R&D investment of 30 billion yuan, with a guidance of 200 billion yuan for R&D from 2026 to 2030 [1]. - Xiaomi's recent product launch on May 22 showcased a comprehensive ecosystem with the introduction of the玄戒 O1 3nm flagship chip, which features a transistor count of 19 billion and a performance score exceeding 3 million on AnTuTu [3][4]. - The new products include the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and the first electric SUV, YU7, which is set to launch in July [3]. - The YU7 SUV offers three power configurations, with a maximum power of 508 kW and a range of up to 835 km, showcasing advanced technology and luxury features [3][20]. Summary by Sections Strategic Planning - The company aims for a revenue growth target of over 30% in 2025 and plans to invest 30 billion yuan in R&D for the same year, with a total of 200 billion yuan planned for the following five years [1]. Product Launch - The launch event introduced several key products, including: - Xiaomi 15S Pro with the玄戒 O1 chip, priced at 5499 yuan for the 16GB+512GB version [3]. - Xiaomi Pad 7 Ultra, the first OLED tablet from Xiaomi, priced at 5699 yuan for the 12GB+256GB version [3]. - Xiaomi Watch S4 eSIM, priced at 1299 yuan, featuring 4G connectivity [3]. - The YU7 electric SUV, with a starting price expected to be no less than 300,000 yuan [3]. Performance Metrics - The玄戒 O1 chip features a "2+4+2+2" ten-core architecture, achieving top-tier performance and efficiency, with a GPU that dynamically adjusts power consumption [3][10]. - The first quarter of 2025 saw significant growth in Xiaomi's home appliance sales, with air conditioning sales up 102.7%, refrigerators up 144.9%, and washing machines up 184.4% [3][19].

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 水污染治理从关注"老大难"到"提质增效"， 固废板块提分红+供热 IDC 拓展提 ROE 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 05 月 26 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/5/27 2024/9/25 2025/1/24 2025/5/25 环保 沪深300 相关研究 《《生态环境保护督察工作条例》印 发，固废板块提分红验证+供热 IDC 拓 展提 ROE》 2025-05-20 《侨银股份推进人形机器人城服应 用，固废板块提分红验证+供热 IDC 拓 展提 ROE》 2025-05-12 东吴证券研究所 1 / 24 请务必阅读正文之后的免责声明部分 重点推荐：瀚蓝环境，绿色动力，永兴股份，光大环境，粤海投资，美 ...

Macro Strategy - The core viewpoint indicates that the recent auction results for US and Japanese long-term bonds show weak demand, raising concerns about US debt liquidity and fiscal sustainability, leading to a significant drop in US stocks and a rise in gold prices by 4.8% [1] - Analysts have collectively revised the US GDP growth forecast upward for the year while lowering CPI inflation expectations, maintaining the outlook for the Federal Reserve to cut rates twice this year [1] Fixed Income - The report suggests that the Federal Reserve is currently in a "data-dependent mode," likely to hold rates steady in June, but may start cutting rates between July and September if economic data continues to weaken [2] - It is recommended to pay attention to the value of interbank certificates of deposit following the recent reduction in deposit rates [3] Real Estate Industry - The report notes an increase in new home transactions both month-on-month and year-on-year, with a similar trend observed in second-hand home sales [6] - The LPR was adjusted down by 10 basis points, with the 5-year LPR now at 3.5% and the 1-year LPR at 3% [6] - Investment recommendations include major developers like China Resources Land and Poly Developments, as well as property management firms such as China Resources Vientiane Life and Greentown Service [6] Retail Industry - The retail sales total for April was reported at 3.72 trillion yuan, with a year-on-year growth of 5.1%, maintaining a high growth rate [7] - Investment opportunities in the consumer sector include beauty care brands like Maogeping and pet food companies like Guibao Pet [7] Oil Industry - The report highlights that the EIA and IEA have raised their global oil demand forecasts for 2025, with recommendations for companies like CNOOC and Sinopec [8] Gas Industry - The report anticipates a relaxed supply of gas and cost optimization for gas companies, with a focus on companies like Xin'ao Energy and China Gas [9] Electric Power Equipment Industry - The report indicates that Tesla is set to ramp up production of humanoid robots, with significant growth expected in the electric vehicle sector [11] - The domestic sales of new energy vehicles reached 1.23 million units in April, with a projected annual growth of 25-30% [11] Construction Materials Industry - The report suggests a continued recommendation for consumer building materials, with expectations for the home improvement sector to benefit from stimulus policies [12][13] - It highlights the potential for infrastructure projects in the Midwest to provide a buffer against external demand fluctuations [13] Pharmaceutical Industry - The report emphasizes the growth potential in the innovative drug sector, recommending companies like BeiGene and Hengrui Medicine [15][16] Non-Bank Financial Industry - The report indicates that the non-bank financial sector is currently undervalued, with a focus on insurance and securities firms benefiting from economic recovery [19] Precious Metals Industry - The report notes that gold prices have surged due to concerns over US fiscal health and fluctuating tariff policies, with gold closing at $3,357.70 per ounce [20] Coal Industry - The report indicates that coal prices are stabilizing after a period of decline, with recommendations for companies like Guanghui Energy and Haohua Energy [21]

证券研究报告 微盘相对红利短期续涨概率<5% 资金流向和中短线指标体系跟踪（十四 √ 宏观流动性与资金价格: > 公开市场操作：本期央行公开市场转为净投放,规模达9600亿元,央行已连续3月实现MLF超额续作 > 货币市场利率:央行呵护下资金面整体稳健 > 债券市场利率：债市表现有所分化,信用债强于利率债。国债收益率曲线陡峭化 》外汇市场：评级下调叠加财政可持续性担忧,美元信用根基受冲击,美元走弱的同时美债冲高。中美 利差走阔,人民币升值 √ 微观流动性与A股币场资金面:A股缩量回调,可跟踪资金净流出规模收缩 > 散户:散户情绪回升 > 杠杆资金:杠杆资金转为净流出,市场风险偏好下降 > 外资:北向成交热度边际回落,海外被动资金维持净流入,离岸沪深300ETF时隔两周转为净中购 > 公募： 偏股基金新发强度回升，主动偏股型仓位小幅上行; ETF资金连续5周净流出, 军工ETF获大幅 净申购 证券分析师:蒋珺逸 执业证书编号: S0600123040067 邮箱：jiangjy@dwzq.com.cn 2025年5月26日 の 东吴证券 证券分析师: 陈刚 执业证书编号: S0600523040001 邮箱： ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of stabilization, with policies recognizing the need for a healthy market as essential for economic transformation [8] - New home sales in 36 cities increased by 12.5% week-on-week and 3.0% year-on-year, indicating a positive trend [13] - The second-hand housing market is recovering faster than the new home market, with a year-on-year increase of 22.8% in transaction volume [19] Summary by Sections 1. Sector Views - Real estate development is seen as crucial for economic stability, with recommendations for strong local state-owned enterprises and quality private companies like China Resources Land and Poly Developments [8] - In property management, companies with market expansion capabilities and service diversification are expected to outperform [8] - The second-hand housing market is expected to continue its recovery, with recommendations for leading real estate transaction platforms like Beike [9] 2. Real Estate Fundamentals and High-Frequency Data - New home sales in 36 cities reached 230.6 million square meters, with a cumulative total of 3,915.3 million square meters for the year, down 0.6% year-on-year [13] - The second-hand housing market saw transactions of 181.9 million square meters, with a cumulative total of 3,225.6 million square meters for the year, up 22.8% year-on-year [19] - New home inventory in 13 cities stands at 7,775.4 million square meters, with a de-stocking period of 18.3 months [29] 3. Land Market Situation - Land transactions in 100 cities totaled 1,287 million square meters, down 47.5% week-on-week and 35.8% year-on-year [46] - The average land price was 920 yuan per square meter, reflecting a 25.5% increase week-on-week but a 16.0% decrease year-on-year [46] - Cumulative land transactions for 2025 reached 40,968.5 million square meters, down 5.8% year-on-year [46] 4. Financing Situation in the Real Estate Industry - In the past week, real estate companies issued 4 credit bonds totaling 4.3 billion yuan, a 19.4% increase week-on-week [48] - The total amount of credit bonds issued in 2025 so far is 189.68 billion yuan, up 5.8% year-on-year [48] 5. Market Review - The real estate sector saw a decline of 1.5% last week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [53]

北交所定期报告 20250526 中办、国办印发《关于完善中国特色现代企 业制度的意见》 证券研究报告·北交所报告·北交所定期报告 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。 2025 年 05 月 26 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 《北证 A 股成交小幅回缩，把握中长 期成长板块布局》 2025-05-25 《1-4 月全国新设外资企业增 12.1%， 高技术产业部分行业外资增长显著》 2025-05-23 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_Summar ...