Investment Rating - The report maintains a "Buy" rating for Haidilao (06862.HK) [1] Core Insights - Haidilao is the leading player in the Chinese hot pot industry, with a market share of 6.7% in 2024, and is transitioning from a single hot pot brand to a multi-brand restaurant ecosystem, including various dining categories such as hot pot, noodles, fried chicken, and grilled fish [14][52] - The company has a stable and concentrated shareholding structure, which enhances decision-making efficiency [20] - The restaurant's revenue is primarily driven by its dining operations, which consistently account for over 90% of total revenue from 2021 to 2024 [26] Summary by Sections 1. Business Overview - Haidilao operates 1,489 restaurants under 15 brands, with 1,363 being hot pot outlets as of mid-2025 [14] - The company has implemented a cautious approach to store openings, focusing on enhancing the quality and performance of existing outlets rather than aggressive expansion [32] 2. Market Position - The Chinese restaurant market is expanding, with the market size projected to grow from CNY 3.95 trillion in 2020 to CNY 5.47 trillion by 2024, reflecting a CAGR of 8.5% [44] - The hot pot segment is the largest within Chinese cuisine, accounting for 14.5% of the market share in 2024, and is expected to benefit from increasing consumer spending and dining out frequency [52][59] 3. Financial Performance - Revenue forecasts for Haidilao are adjusted to CNY 429.69 billion, CNY 455.45 billion, and CNY 485.47 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.5%, 6.0%, and 6.6% [1] - The net profit attributable to shareholders is projected to be CNY 42.78 billion, CNY 47.48 billion, and CNY 51.65 billion for the same years, with growth rates of -9%, +11%, and +9% [1] 4. Operational Strategies - The company has introduced the "Red Pomegranate" strategy to diversify its restaurant offerings and enhance its brand matrix, which includes various dining formats [14] - Haidilao's average table turnover rate improved to 4.10 times per day in 2024, up from 3.0 times in 2021, indicating a recovery in operational efficiency [32] 5. Cost Management - The proportion of raw material and employee costs relative to total revenue has decreased, with raw material costs at 38% and employee costs at 33% in 2024, down from previous years [40]

Macro Strategy - The geopolitical risks have intensified since February, particularly following the military conflict involving Iran, which has led to a surge in global financial markets driven by oil and gold prices, indicating strong risk aversion [1][14] - The core risks identified include: 1. The blockage risk of the Strait of Hormuz, which is crucial for global oil transport, with a daily transport volume of approximately 20 million barrels, accounting for about 20% of global oil consumption [1][14] 2. Disruption risks in the chemical supply chain, as Iran is the second-largest methanol producer globally, supplying over 60% of China's methanol imports [1][14] 3. Rising freight and insurance costs due to potential escalation of regional conflicts, which could significantly increase the costs of commodities passing through these routes [1][14] Foreign Exchange Market Impact - Short-term market risk aversion is expected to persist, with funds likely flowing into the US dollar and US Treasury markets, while the Chinese yuan may act as a "safe haven" [1][14] - The dollar index is anticipated to strengthen in the short term but may face pressure in the medium term if the situation escalates, potentially leading to a scenario of rising oil prices and inflation, prompting central banks to raise interest rates [1][14] - The yuan is expected to maintain a stable upward trend, supported by flexible domestic fiscal and monetary policies, with a projected trading range against the dollar of 6.80-6.95 in the short term [1][14] Commodity Market Impact - Short-term risk aversion is driving a synchronous rise in gold and oil prices, while medium-term supply chain disruptions and inflation pressures may reshape the global economic and financial landscape [1][14] - The potential for a prolonged regional conflict could lead to significant changes in global economic dynamics, with high oil prices and shipping costs potentially slowing global economic growth and increasing inflationary pressures [1][14] - Long-term geopolitical tensions are expected to enhance the strategic importance of energy and resources for national economies, with a shift from "efficiency-first" to "security-first" in resource supply [1][14] Stock Market Impact - Initial phases of geopolitical conflict typically pressure global stock markets, with the A-share market likely experiencing some downward pressure due to panic selling [1][14] - However, the impact on the A-share market may be pulse-like and not indicative of a systemic shift, as China's modern manufacturing system can help mitigate external shocks [1][14] - The A-share market is currently supported by domestic policies and trends, with sectors such as gold, oil, and military industries likely benefiting from the ongoing conflict [1][14] Bond Market Impact - Increased risk aversion is expected to drive funds into the bond market, particularly Chinese government bonds, which may attract safe-haven investments [1][14] - The primary drivers of the Chinese bond market will remain domestic fiscal and monetary policies, with expectations of continued liquidity support from the central bank [1][14]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [22]. Core Insights - The smart automotive index decreased by 2.0% this week, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0%. As of February 27, 2026, the smart automotive index PS (TTM) is 14.2x, placing it in the 96th percentile since the beginning of 2023 [2][10]. - Key developments in the industry include Guangzhou's announcement to fully open unmanned driving application scenarios, Waymo's expansion to four new cities in the U.S. for public autonomous taxi services, and the launch of Tesla's autonomous driving road tests in Abu Dhabi [2][14]. - The investment recommendation for the smart automotive sector remains positive, particularly favoring B-end software companies over C-end hardware companies. Preferred stocks include Xiaopeng Motors, Horizon Robotics, and others [2]. Market Performance Review - The smart automotive index has shown a decline of 2.0%, with the index excluding Tesla down by 3.4% and the index excluding complete vehicles down by 3.0% [8]. - The top five performing stocks in the smart automotive sector this week include Cao Cao Mobility, Zhongyou Technology, Kailer Co., Bertley, and Zhejiang Seabow-H, with respective increases in stock prices [2][13]. Stock Recommendations - Recommended stocks for B-end software include Xiaopeng Motors, Horizon Robotics, and others, while A-share recommendations include Qianli Technology, Desay SV, and Jingwei Hengrun [2]. - Downstream application stocks are categorized into various perspectives, including Robotaxi and Robovan, with specific companies highlighted for each category [2]. Financial Forecasts - As of February 27, 2026, the total market capitalization and revenue forecasts for key companies in the smart automotive sector are provided, with specific PS and PE ratios for each company [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in its performance, with a non-GAAP net profit growth of 821% year-on-year for 2025. The total revenue for the year reached 362 million yuan, representing a year-on-year growth of 16.63% [2][3] - The substantial profit increase is attributed to the recovery of the industry and the ramp-up of high-end product sales, supported by favorable policies and increased domestic demand for high-end scientific instruments [3] - The company has established a strong competitive position in the high-end scientific instrument sector, with a focus on innovative product development and efficient management practices [4] Financial Performance Summary - For 2025, the company achieved total revenue of 362 million yuan, a year-on-year increase of 16.63%, and a net profit attributable to shareholders of 42.12 million yuan, reflecting a 222.20% increase year-on-year. The non-GAAP net profit reached 35.57 million yuan, up 821.24% [2][3] - The company’s gross margin remained stable, and it effectively managed its expenses, contributing to a significant leap in profitability [3] - The projected net profits for 2025 to 2027 are 0.42 billion, 0.54 billion, and 0.65 billion yuan, respectively, with corresponding P/E ratios of 50, 39, and 32 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a year-on-year revenue growth of 27% in 2025, driven by the core business of aramid paper, with both volume and profit increasing [8] - The company has implemented a dual-track strategy to expand its global market share, focusing on both high-end and mid-to-low-end markets [8] - Cost reduction and efficiency improvements have led to a decrease in unit production costs, enhancing profit margins [8] Financial Performance Summary - Total revenue for 2025 is projected at 4.47 billion yuan, with a year-on-year growth of 9.58% [1] - Net profit attributable to shareholders is expected to reach 1.28 billion yuan, reflecting a year-on-year increase of 27.49% [1] - The latest diluted EPS is forecasted to be 0.88 yuan per share for 2025, with a corresponding P/E ratio of 63.27 [1][9] Market Position and Industry Outlook - The aramid paper industry is experiencing high demand due to its applications in aerospace, electrical power, new energy vehicles, and 5G communications [8] - The company has established itself as a leading manufacturer in the domestic aramid paper market, breaking the monopoly previously held by DuPont [8] - The company has a strong customer base, including well-known domestic and international firms such as AVIC Group and Siemens [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core business, aramid paper, has seen simultaneous increases in both volume and profit, leading to a year-on-year revenue growth of 27% for the full year [8] - The company achieved total revenue of 447.02 million yuan in 2025, representing a year-on-year increase of 9.58%, while the net profit attributable to shareholders reached 128.16 million yuan, up 27.49% year-on-year [8] - The growth drivers include improved gross margins in core products, effective cost reduction strategies, and an expanding global market share through a dual-track strategy [8] Financial Performance Summary - Revenue and profit forecasts for the company are as follows: - Total revenue (million yuan): 340.47 in 2023, 407.95 in 2024, 447.02 in 2025, 518.31 in 2026, and 624.12 in 2027 [1] - Net profit attributable to shareholders (million yuan): 81.63 in 2023, 100.52 in 2024, 128.16 in 2025, 149.87 in 2026, and 173.87 in 2027 [1] - Earnings per share (EPS): 0.56 in 2023, 0.69 in 2024, 0.88 in 2025, 1.02 in 2026, and 1.19 in 2027 [1] - The company’s P/E ratios are projected to be 99.32 in 2023, 80.66 in 2024, 63.27 in 2025, 54.10 in 2026, and 46.63 in 2027 [1] Industry Outlook - The aramid paper industry is experiencing high demand due to its applications in aerospace, electrical power, new energy vehicles, 5G communication, and rail transportation, driven by the growth in emerging sectors [8] - The company has established itself as a leading manufacturer in the domestic aramid paper market, breaking the monopoly previously held by DuPont and becoming the second country globally capable of producing aramid paper [8] - The company’s customer base includes well-known domestic and international firms such as AVIC Group, CRRC, ABB, Siemens, Schneider Electric, and Panasonic, enhancing its market recognition and brand value [8]

证券研究报告·宏观报告·宏观周报 海外周报 20260302 伊朗冲突还有哪些变数？——海外周报 20260302 2026 年 03 月 02 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 执业证书：S0600525040002 weiy@dwzq.com.cn 证券分析师 韦祎 证券分析师 王茁 执业证书：S0600526010001 wangzhuo@dwzq.com.cn 相关研究 《伊朗问题对股债商汇等大类资产的 影响 》 2026-03-02 《开门红：工业、地产和出口》 2026-03-02 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] 1. 大类资产 最近一周（2 月 23 日至 3 月 1 日），海外宏观经济基本面的变化不大，而伊朗地缘 风险、特朗普关税、AI"破坏论"持续发酵，海外市场不确定性延续升温，避险情绪带 动大宗商品和全球长期国债上涨，全球股市则表现分化：日韩股市领涨，纳斯达克、恒 生科技指数 ...

Investment Rating - The report indicates a positive investment outlook for the household energy storage industry, driven by various factors including government subsidies and increasing demand in key markets such as Australia and Europe [5]. Core Insights - The report highlights that the global household energy storage market is experiencing significant growth due to three main drivers: the decline in solar storage prices, rising electricity prices or power shortages, and government policy incentives [5][6]. - Australia, Europe, and the United States are identified as key markets with substantial growth potential, with specific forecasts for installed capacity in the coming years [5][12]. - The trend towards integrated systems and increased self-sufficiency in energy storage solutions is emphasized, with leading companies in the sector expected to benefit from this shift [5]. Summary by Sections Part 1: Review of Household Storage Drivers - The report outlines that the main drivers for the household storage market include achieving price parity for solar storage, electricity shortages, and supportive government policies [7][12]. Part 2: Australia Market - Australia has a high penetration rate of rooftop solar at 39% but a low storage installation rate of only 10%, indicating significant growth potential [30]. - The Australian government has introduced substantial subsidies, with a total of AUD 72 billion allocated to support household storage development, which is expected to drive demand significantly [5][39]. - Forecasts suggest that household storage installations in Australia could reach 8 GWh by 2026, doubling from previous years [40]. Part 3: European Market - Europe is identified as a critical growth area, with countries like Ukraine, the UK, and the Netherlands expected to contribute significantly to market expansion [51]. - The report notes that Germany is likely to see a revival in demand for household storage due to various policy incentives and the need for energy independence [5][62]. - The increasing share of renewable energy sources in Europe is leading to a greater need for energy storage solutions to manage grid stability and electricity prices [63][68].

证券研究报告·宏观报告·宏观周报 海外周报 20260302 伊朗冲突还有哪些变数？——海外周报 20260302 2026 年 03 月 02 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 证券分析师 王茁 执业证书：S0600526010001 wangzhuo@dwzq.com.cn 相关研究 《伊朗问题对股债商汇等大类资产的 影响 》 2026-03-02 《开门红：工业、地产和出口》 2026-03-02 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：2 月 28 日，以色列与美国对伊朗发动联合军事打击，打击效 率超市场预期，在"斩首"行动证实后，国际暗盘黄金、原油价格冲高 回落，市场反应相对克制。向前看，我们预计基准情形下，美伊双方料 控制冲突规模，实行有限军事打击（以空中 ...

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1] Core Insights - The power equipment industry is experiencing a supercycle driven by electricity shortages, with a positive outlook for household energy storage systems [1] - The report highlights significant growth in energy storage demand, particularly in the U.S. and Australia, with expectations of over 60% growth in global energy storage installations in 2026 [3][6] - The electric vehicle sector is projected to recover in sales, with a forecasted 5% growth in domestic electric vehicle sales in 2026 [3][24] Industry Trends - Energy Storage: The National Energy Administration has approved 43 pilot projects for new power systems with a total investment of 3.968 billion yuan, indicating strong government support for energy storage [3] - Electric Vehicles: January 2026 saw domestic electric vehicle sales of 945,000 units, with expectations for recovery in March due to the arrival of subsidies [3][24] - Market Prices: Lithium carbonate prices have increased by 21.3% to 165,000 yuan/ton, reflecting rising demand in the battery sector [3] Company Performance - Ningde Times is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [3][5] - Trina Solar is expected to enter a harvest period for energy storage, with significant revenue projections for 2025 [3] - Other companies such as Gotion High-tech and BYD are also noted for their strong performance and growth potential in the electric vehicle and energy storage markets [3][5] Investment Strategy - The report recommends focusing on leading companies in energy storage and lithium battery sectors, including Ningde Times, Gotion High-tech, and others, due to their strong market positions and growth potential [3][5] - The report emphasizes the importance of technological advancements and market expansion opportunities in the robotics and automation sectors, particularly with the anticipated launch of Tesla's Gen3 robot [3][9]