Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance in Q1 2025, achieving revenue of 7.003 billion yuan, a year-over-year increase of 24%, and an adjusted net profit of 363 million yuan, surpassing Bloomberg's consensus estimate [8] - User traffic reached new highs, with daily active users (DAU) at 107 million and monthly active users (MAU) at 368 million, alongside an average daily usage time of 108 minutes [8] - The company's gross margin improved for the 11th consecutive quarter, reaching 36.3%, driven by a higher proportion of high-margin business revenue and the dilution of fixed costs [8] - Advertising revenue grew by 20% year-over-year to 1.998 billion yuan, with strong growth in performance-based advertising exceeding 30% [8] - Mobile game revenue increased by 76% year-over-year to 1.731 billion yuan, primarily due to contributions from the game "Three Kingdoms: Strategy of the World" [8] - The report forecasts adjusted net profits of 1.935 billion yuan, 3.027 billion yuan, and 4.201 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 29, 18, and 13 times [8] Financial Projections - Total revenue is projected to reach 29.855 billion yuan in 2025, with a year-over-year growth of 11% [1] - The company expects to achieve a net profit of 577 million yuan in 2025, marking a significant turnaround from previous losses [1] - Non-GAAP net profit is anticipated to be 1.935 billion yuan in 2025, reflecting a strong recovery trajectory [1]

证券研究报告·公司点评报告·互联网电商 若羽臣（003010） 独家原料红宝石油产品重磅上新，保健品业 务高增可期 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） | 1,366 | 1,766 | 2,685 | 3,634 | 4,762 | | 同比（%） | 12.25 | 29.26 | 52.06 | 35.34 | 31.04 | | 归母净利润（百万元） | 54.29 | 105.64 | 179.66 | 232.36 | 302.92 | | 同比（%） | 60.93 | 94.58 | 70.07 | 29.34 | 30.37 | | EPS-最新摊薄（元/股） | 0.33 | 0.64 | 1.10 | 1.42 | 1.85 | | P/E（现价&最新摊薄） | 179.98 | 92.50 | 54.39 | 42.05 | 32.26 | ◼ 公司上新重磅单品红宝石油产品，进一步 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has launched a significant new product, Ruby Oil, which is expected to expand its health supplement business [2] - The self-owned brands, Zhanjia and Feicui, are driving growth with Zhanjia projected to achieve a revenue of 5.01 billion yuan in 2024, a year-on-year increase of 90.28% [2] - The company's profitability is expected to improve due to the growth of its self-owned brands, with gross margins and net profit margins increasing in 2024 [3] - The brand management business is showing strong growth, with revenue expected to reach 5.01 billion yuan in 2024, a year-on-year increase of 212.24% [3] - The company has adjusted its net profit forecasts for 2025 and 2026 upwards due to better-than-expected growth in self-owned brands [4] Financial Projections - Total revenue is projected to grow from 1.37 billion yuan in 2023 to 4.76 billion yuan in 2027, with a compound annual growth rate (CAGR) of 31.04% [1] - Net profit attributable to the parent company is expected to increase from 54.29 million yuan in 2023 to 302.92 million yuan in 2027, reflecting a CAGR of 30.37% [1] - The earnings per share (EPS) is forecasted to rise from 0.33 yuan in 2023 to 1.85 yuan in 2027 [1]

当人口高峰遇见消费高峰，2025-2035 年消费总量的增速可能比 2020- 2025 年更乐观。过去十多年，我国人口高峰和消费高峰的移动并不一致， 少子化老龄化驱动人口高峰右移，但消费高峰却在左移，二者反向移动是 不利于消费总量增长的，因为人口最多的年龄段，可能不是人均消费最高 的年龄段。而下一个五年（2025-2030 年）我国 40-49 岁人口比重将从 13.8%提高到 15.9%，如果消费高峰也右移到这一年龄段，人口高峰与消 费高峰重叠，消费总量将更加乐观。2030-2035 年也是同样的逻辑，未来 十年（2025-2035）消费总量将有更多潜力空间。 风险提示：（1）数据相 对滞后，CFPS 调查数据目前仅更新到 2022 年，但受到外部冲击影响， 2022 年是中国消费的次低谷（仅次于 2020 年），可能不能完全代表常态 下的中国消费情况。（2）由于官方没有分年龄段的消费和收入数据，目前 数据都是由 CFPS 调查数据，经由适当的计量模型计算得到，数据可以反 映趋势变化，但在细节上可能有所误差，因此本文我们尽量聚焦趋势以减 少误差，尽管如此，样本不能代表整体，仍然会存在一定的数据误差风 险。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is expected to face short-term pressure in 2024 due to declining prices across the photovoltaic industry chain and increased impairment provisions, leading to a projected revenue of 4.474 billion yuan, a year-on-year decrease of 27.65% [2] - The company is strategically entering the humanoid robot sector by developing core equipment for screw grinding and flexible tendon ropes, which are essential for the commercialization of humanoid robots [3][4] - Despite short-term challenges, the company's proactive investments in the planetary roller screw grinding and flexible tendon rope sectors are anticipated to yield positive results as humanoid robot production ramps up [5] Summary by Sections Financial Forecasts and Valuation - The company is projected to generate total revenue of 4.474 billion yuan in 2024, with a significant decline in net profit to -44 million yuan, reflecting a year-on-year drop of 103.03% [2] - The earnings per share (EPS) is expected to be -0.08 yuan in 2024, with a gradual recovery to 0.44 yuan by 2027 [5] - The price-to-earnings (P/E) ratio is forecasted to be 109 for 2025, 45 for 2026, and 24 for 2027, indicating a potential recovery in profitability [5] Business Development - The company is leveraging its expertise in tungsten wire to innovate in the field of flexible tendon ropes for humanoid robots, which are crucial for their dexterity and interaction with the real world [4] - The development of screw grinding technology is positioned to meet the growing demand for planetary roller screws as humanoid robots enter mass production [3]

Economic Indicators - The People's Bank of China lowered the one-year and five-year LPR by 10 basis points, bringing the new rates to 3.0% and 3.5% respectively[1] - From January to April 2025, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%[9] - The securities transaction stamp duty reached 535 billion yuan, showing a year-on-year increase of 57.8%[9] Market Performance - The North Exchange 50 Index rose by 1.22%, while the Shanghai Composite Index increased by 0.38%[16] - As of May 20, 2025, the total market capitalization of North Exchange A-shares was 848.347 billion yuan, with an average market value of 3.189 billion yuan per company[16] - The trading volume for the North Exchange reached 41.693 billion yuan, up 27.99% from the previous trading day[16] Industry Developments - Multiple low-altitude economic projects are accelerating across various regions, with 8 projects approved in Zhejiang and 9 in Henan as of May 2025[13][14] - The low-altitude economy is experiencing significant growth, with increased market participants and government-backed initiatives to enhance infrastructure and technology integration[15] Risk Factors - Risks include individual stock performance volatility, intensified industry competition, and uncertainties in policy implementation and external environments[26]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Key companies such as Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase year-on-year, with a dividend yield of 4.4% [9] - The industry is entering a mature phase, with operational efficiency being enhanced through cost reduction and collaborations in heating and IDC [9][10] Water Services - The water service sector's revenue is projected at 65.5 billion yuan in 2024, with a net profit of 11.2 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of new energy sanitation vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight year-on-year decrease of 0.2% [29] Biofuels - The prices of biodiesel and waste cooking oil have decreased, leading to negative profit margins [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste cooking oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and a decrease in discount coefficients [41][42] - The average unit gross profit for waste material is estimated at -0.71 million yuan per ton [41]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Companies like Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase, with a dividend payout ratio of 94.59% [9] - The industry is entering a mature phase, focusing on cost reduction and efficiency improvements to enhance ROE [9][10] Water Services - The water service sector's revenue is projected at 655 billion yuan in 2024, with a net profit of 112 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in early 2025, with sales of new energy vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight decrease of 0.2% year-on-year [29] Biofuels - The prices of biodiesel and waste oil have decreased, leading to negative profit margins for producers [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and decreasing discount coefficients [41][42] - The average unit gross profit for waste materials is estimated at -0.71 million yuan per ton [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 gross margin performance significantly exceeded expectations, driven by a strong new vehicle cycle [8] - The company achieved a revenue of 10.02 billion yuan in Q1 2025, with a year-on-year increase of 187.1% [8] - The company’s Q1 gross margin reached a historical high of 14.9%, with a year-on-year increase of 16.3% [8] - The company is expanding its sales and service network, with 756 sales stores and 449 service stores covering 279 cities as of March 2025 [8] - The company is actively pursuing localization of production in overseas markets, including plans for local assembly in Malaysia and Europe [8] - The new B platform vehicles are performing well, with the first model, B10, achieving over 10,000 deliveries shortly after launch [8] - The profit forecast for 2025-2027 has been revised upwards due to the strong new vehicle cycle, with expected net profits of 613.67 million yuan, 4.40 billion yuan, and 7.67 billion yuan respectively [8] Financial Summary - Total revenue forecast for 2023A is 16.75 billion yuan, with a year-on-year growth of 35.23% [1] - The company is expected to achieve a net profit of 613.67 million yuan in 2025E, marking a significant turnaround from previous losses [1] - The earnings per share (EPS) is projected to be 0.46 yuan in 2025E, with a P/E ratio of 97.41 [1] - The company’s asset-liability ratio is projected to be 76.32% in 2025E [9] - The gross margin is expected to improve to 11.48% in 2025E [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The participation of industrial entities in the science - innovation bond market is significantly higher than that of urban investment entities. The issuance quantity and scale of industrial entities are much higher, mainly due to the low correlation between the main business of urban investment entities and scientific - innovation attributes and the restrictions on new bond issuance during the debt - resolution policy implementation [3][9]. - The fundraising purpose of science - innovation bonds issued by urban investment entities is mainly to repay interest - bearing debts. Since the implementation of the debt - resolution policy, the fundraising purposes include replacing self - raised funds for bond repayment, equity investment, or fund pre - investment, replacing investment in the scientific - innovation field, and repaying interest - bearing debts, with the latter being the most common [3][23]. - Creditworthiness, high marketization, and high compliance with the "335 indicators" may be the core characteristics for urban investment entities to issue science - innovation bonds. Urban investment platforms with high - quality qualifications, appropriate business areas, and relatively low dependence on local governments in key financial data are more likely to issue such bonds [1][33]. 3. Summary by Relevant Catalogs 3.1 Industrial Entities' Dominance in the Science - Innovation Bond Market - As of April 30, 2025, industrial entities dominate the science - innovation bond issuance in China. From October 2023 to April 2025, among 1,805 science - innovation bonds with a total issuance scale of 1.8 trillion yuan, urban investment entities issued only 40 bonds, accounting for 2.22% of the total quantity and 2.61% of the total scale [9]. - Urban investment entities have lower participation. Their business is mainly public - welfare, with limited projects meeting the issuance criteria, and new bond issuance is restricted by policies [10]. - When distinguishing between science - innovation notes and science - innovation corporate bonds, urban investment entities prefer science - innovation corporate bonds. Among 931 science - innovation notes issued during the observation period, only 4 were issued by urban investment entities (less than 1%), while among 874 science - innovation corporate bonds, 36 were issued by them (3.87%) [11]. 3.2 Fundraising Purposes of Science - Innovation Bonds Issued by Urban Investment Entities - From October 2023 to April 2025, among 40 science - innovation bonds issued by urban investment entities, 11 bonds (total scale of 150 billion yuan) were for replacing self - raised funds for bond repayment, equity investment, or fund pre - investment; 5 bonds (total scale of 42 billion yuan) were for replacing investment in the scientific - innovation field; 24 bonds (total scale of 277.02 billion yuan) were for repaying interest - bearing debts [23][24]. - The second type of fundraising purpose has a stronger scientific - innovation attribute, while the third type has a weaker one [24]. 3.3 Common Characteristics of Urban Investment Platforms Issuing Science - Innovation Bonds - **Platform Qualifications**: The 14 urban investment platforms that have issued science - innovation bonds since October 2023 generally have high external ratings, mostly AAA. Provincial and municipal - level platforms are in the majority, and district - county - level platforms come from strong areas, showing good creditworthiness [1][77]. - **Business Areas**: Their main businesses revolve around industrial investment, public utilities, and transportation construction and operation, with both policy - orientation and marketization, and are related to regional development strategies or scientific - innovation needs [1][77]. - **Key Financial Data**: None of the 14 platforms fully meet the "335 indicators", but most meet at least one. Platforms with lower dependence on local government回款 or more independent profitability are more likely to issue science - innovation bonds [1][77].