Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a high growth in profits for 2024, driven by its cigarette export business, tobacco leaf import business, and operations in Brazil. The total revenue for 2024 reached 13.074 billion HKD, a year-on-year increase of 10.5%, while the net profit attributable to shareholders was 854 million HKD, up 42.6% [4][5] - The company is positioned as the designated overseas platform for China National Tobacco Corporation, focusing on capital market operations and international business expansion. The business model ensures stable profitability and excellent cash flow, with new growth points from cigarette and new tobacco product exports [4] - The company is expected to achieve total revenues of 14.396 billion HKD, 15.648 billion HKD, and 16.900 billion HKD for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 9%, and 8% [4][5] Financial Summary - For 2024, the company achieved a revenue of 13,074 million HKD, with a year-on-year growth of 10%. The net profit attributable to shareholders was 854 million HKD, reflecting a 43% increase [7] - The projected financials for 2025 to 2027 indicate a steady increase in revenue and net profit, with net profit expected to reach 939 million HKD in 2025, 1,044 million HKD in 2026, and 1,171 million HKD in 2027 [7][9] - The company’s earnings per share (EPS) is projected to grow from 1.23 HKD in 2024 to 1.69 HKD in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 19.31 to 16.15 over the same period [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The ongoing government subsidy activities and the AI trend are expected to benefit the ICT packaging business, particularly with the promotion of the 3C consumer electronics trade-in program, which aims to stimulate consumer demand and drive sales growth [4][5] - The upgrade of smart products, driven by major industry players like Apple, is anticipated to create new demand for packaging solutions as traditional consumer electronics evolve with integrated AI capabilities [5] - The company's internationalization strategy is progressing steadily, with new production bases established globally, which is expected to enhance profitability and shareholder returns through high dividend payouts [6][7] Summary by Relevant Sections Government Subsidy and Consumer Demand - The government has allocated 300 billion yuan in special bonds to support the trade-in program for consumer electronics, with subsidies of up to 500 yuan per product for eligible purchases [4] - Over 34 million consumers have applied for subsidies for new purchases, indicating a significant potential for increased sales in the 3C sector [4] AI Product Upgrades - The global shipment of AI-driven PCs and smartphones is projected to reach 295 million units in 2024, a tenfold increase from 29 million units in 2023, indicating a robust market for new technology [5] - The market share for AI PCs and smartphones is expected to rise to 43% and 32% respectively by 2025, suggesting a strong demand for innovative packaging solutions [5] Internationalization and Shareholder Returns - The company has established over 50 production bases in more than 40 cities across 10 countries, with new factories in the Philippines and Mexico enhancing its global footprint [6] - The company has implemented cash dividends totaling 2.85 billion yuan and plans to continue high dividend payouts, targeting at least 60% of annual net profit for the years 2023-2025 [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 171.97 billion yuan, 191.16 billion yuan, and 209.98 billion yuan respectively, with year-on-year growth rates of 13.0%, 11.2%, and 9.8% [7][10] - Net profit forecasts for the same years are 16.29 billion yuan, 18.24 billion yuan, and 20.36 billion yuan, with corresponding growth rates of 13.3%, 12.0%, and 11.7% [7][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Viewpoints - The company reported a record high quarterly revenue of RMB 17.02 billion in Q4 2024, achieving a total annual revenue of RMB 58.97 billion, which represents a year-on-year growth of 16.99%. The net profit attributable to shareholders was RMB 8.32 billion, up 29.91% year-on-year [4][10] - The company continues to invest in R&D, with expenses increasing by 31.52% year-on-year, which supports its competitive advantage in the automotive electronics and energy storage sectors [6] - The company has a diverse product application range, focusing on miniaturization and integration in consumer electronics, and is well-positioned to benefit from the growth in AI applications [6][8] Financial Performance Summary - In 2024, the company achieved a gross profit of RMB 21.52 billion, with a gross margin of 36.50%, an increase of 1.15% year-on-year. The decline in gross margin in Q4 was attributed to changes in sales structure and performance bonuses [5] - The company expects net profits for 2025, 2026, and 2027 to be RMB 10.49 billion, RMB 12.74 billion, and RMB 16.11 billion respectively, with corresponding P/E ratios of 23.82, 19.60, and 15.51 [10][12] - Key financial metrics for 2024 include a return on equity (ROE) of 13.69%, an increase of 2.47% year-on-year, and a projected gross margin improvement to 38.0% by 2026 [12]

冠盛股份（ [Table_StockNameRptType] 605088） 公司覆盖 "可攻可守"的汽车后市场沧海遗珠 [Table_Rank] 投资评级：买入 | 首次覆盖 | | | --- | --- | | 报告日期： | 2025-03-05 | | [Table_BaseData] 收盘价（元） | 34.42 | | 近 12 个月最高/最低（元） | 38.61/16.50 | | 总股本（百万股） | 182 | | 流通股本（百万股） | 177 | | 流通股比例（%） | 97.16 | | 总市值（亿元） | 63 | | 流通市值（亿元） | 61 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 14% 49% 84% 119% 3/24 6/24 9/24 12/24 3/25 冠盛股份 沪深300 [Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈佳敏 执业证书号：S0010524040001 主要观点： | 图表 | 1 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - Tencent is deeply integrating its products with DeepSeek, showcasing the value of its ecosystem across multiple scenarios. The integration of AI technology into its products is aimed at enhancing intelligence levels and capturing market share, which is crucial for finding new growth paths in the application market. Tencent's ability to combine AI capabilities with its core services in social, content, and finance is creating a responsive network of intelligent services that could generate network effects difficult for competitors to replicate [4][5]. Summary by Sections To C (Consumer Segment) - Several consumer products, including WeChat, QQ Music, and QQ Browser, have integrated DeepSeek. WeChat, with over 1 billion MAUs, is expected to accelerate AI functionality penetration in consumer scenarios due to its content ecosystem. Tencent Yuanbao has also seen significant downloads, ranking first in the Apple China free app download list shortly after integrating DeepSeek [5]. To B (Business Segment) - Tencent's WeChat for Enterprises has launched an intelligent robot that integrates DeepSeek, allowing businesses to create custom "smart assistants" for various internal tasks. This development is expected to enhance user engagement and willingness to pay. Tencent Docs has also integrated DeepSeek, enabling AI functionalities that could increase user payment penetration and drive growth in the B2B market [5][6]. Advertising - The report highlights the potential for AI to enhance advertising conversion rates significantly. AI is transforming the advertising industry by improving the entire chain from production to user experience, similar to the impacts seen with Google and Meta. Tencent's advertising business is expected to see substantial improvements in both revenue and profit due to AI integration [6][7]. Gaming - The gaming sector is stable, with a focus on revitalizing older games through AI capabilities. Tencent's integration of DeepSeek into popular games like "Peacekeeper Elite" is expected to enhance user experience and retention, thereby improving average revenue per user (ARPU) [7]. Financial Projections - The projected net profits for Tencent for 2024, 2025, and 2026 are 220.80 billion, 238.91 billion, and 260.27 billion CNY respectively, with year-over-year growth rates of 40.03%, 8.20%, and 8.94%. The company is expected to maintain a competitive advantage through its comprehensive integration of DeepSeek [8][10].

[Table_StockNameRptType] 策略研究 重要会议点评 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 相关点评报告 政策靠前发力，把握行业轮动机会 [Table_RptDate] 报告日期： 2025-03-05 [分析师：郑小霞 Table_Author] 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 1.点评报告《做大做优民营经济，科 创成长再迎春风》2025-02-17 2.点评报告《外部风险缓释、内部政 策可期——特朗普就职演讲点评》 2025-01-21 3.点评报告《正视问题，宽松以对》 2024-12-12 4.点评报告《定调积极超预期，关注 消费类机会》2024-12-09 主要观点： ⚫[Table_Summary] 重要会议 3 月 5 日，第十四届全国人民代表大会第三次会议在北京人民大会堂开幕， 李强总理作政府工作报告，回顾总结去年政府工作，分析当前形势，明确 今年主要预期目标，部署今年政府工作任务。 ⚫ 总量政策：政策增量 ...

Investment Rating - The investment rating for Salesforce (CRM) is "Buy" (maintained) [1] Core Insights - In FY25Q4, Salesforce reported a revenue of $9.99 billion, a year-over-year increase of 7.6%, exceeding consensus expectations by 0.3%. Subscription revenue was $9.45 billion, up 8.0% year-over-year, but slightly below expectations by 0.7%. Net profit reached $1.71 billion, a year-over-year increase of 18.1%, surpassing expectations by 8.2%. The non-GAAP operating margin was 33.1%, an increase of 1.7 percentage points year-over-year [3][4][5] - The company's Remaining Performance Obligations (RPO) reached a record high of $63.4 billion, growing 11.4% year-over-year, exceeding expectations by 2.3%. The current RPO (cRPO) was $3.2 billion, up 6.4% year-over-year, also surpassing expectations by 1.4% [5] - Salesforce continues to strengthen its AI capabilities, with over 3,000 paid customers for AgentForce and more than 400 orders exceeding $1 million. The company signed a cloud computing partnership with Alphabet, allowing its customers to run CRM software on Google Cloud [4][6] Financial Performance - For FY2025, Salesforce's revenue is projected to be $37.895 billion, with a year-over-year growth of 8.7%. The non-GAAP net profit is expected to be $9.93 billion, reflecting a year-over-year increase of 22.8% [10][12] - The company has lowered its guidance for Q1 and the full year of FY26, expecting Q1 revenue between $9.71 billion and $9.76 billion, a year-over-year growth of 6%-7%, below market expectations of $9.91 billion. The full-year revenue forecast is $40.5 billion to $40.9 billion, a year-over-year increase of 7%-8%, also below market expectations of $41.5 billion [6][7] Valuation Metrics - The projected non-GAAP net profits for FY26, FY27, and FY28 are $10.678 billion, $11.904 billion, and $12.809 billion, respectively, with year-over-year growth rates of 7.5%, 11.5%, and 7.6%. The corresponding price-to-earnings (P/E) ratios are 27.5, 24.7, and 23.0 [7][10][12]

Investment Rating - The investment rating for Salesforce (CRM) is "Buy" (maintained) [1] Core Insights - In FY25Q4, Salesforce reported a revenue of $9.99 billion, a year-over-year increase of 7.6%, exceeding consensus expectations by 0.3%. Subscription revenue reached $9.45 billion, growing 8.0% year-over-year, but fell short of expectations by 0.7%. Net profit for the quarter was $1.71 billion, up 18.1% year-over-year, surpassing expectations by 8.2%. The non-GAAP operating margin was 33.1%, an increase of 1.7 percentage points year-over-year [3][4] - The company's Remaining Performance Obligations (RPO) reached a record high of $63.4 billion, growing 11.4% year-over-year, exceeding expectations by 2.3%. The current RPO (cRPO) segment was $3.2 billion, up 6.4% year-over-year, also surpassing expectations by 1.4% [5] - Salesforce continues to strengthen its AI capabilities, with over 3,000 paid customers for AgentForce and more than 400 orders exceeding $1 million. The company signed a cloud computing partnership with Alphabet, allowing its customers to run CRM software on Google Cloud, marking a shift from reliance on Amazon's cloud services [4][6] Financial Performance Summary - For FY2025, Salesforce's revenue is projected at $37.895 billion, with a year-over-year growth of 8.7%. The non-GAAP net profit is expected to be $9.93 billion, reflecting a 22.8% increase year-over-year. The gross margin is forecasted at 77.2% [10][12] - The company has revised its guidance for Q1 and the full year of FY26, expecting Q1 revenue between $9.71 billion and $9.76 billion, a year-over-year growth of 6%-7%, below market expectations of $9.91 billion. The full-year revenue forecast is $40.5 billion to $40.9 billion, a growth of 7%-8%, also below market expectations of $41.5 billion [6][7] Investment Recommendations - The report anticipates non-GAAP net profits for FY26, FY27, and FY28 to be $10.68 billion, $11.90 billion, and $12.81 billion, respectively, with year-over-year growth rates of 7.5%, 11.5%, and 7.6%. The corresponding price-to-earnings (P/E) ratios are projected to be 27.5, 24.7, and 23.0 [7][10]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the ongoing active research in life sciences and the global wave of biotechnology revolution, which is accelerating integration into economic and social development, providing new solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Bioeconomic Development," indicating a trillion-yuan market potential in the bioeconomy [3][4]. Summary by Sections 1.1 Secondary Market Performance - The synthetic biology sector saw an overall increase of 6.17% in stock performance during the week of February 24 to February 28, 2025, ranking first among sectors [14]. 1.2 Company Business Progress - Domestic companies are making significant advancements, such as: - Zhongyuan Biological's 350,000 tons/year green methanol project is progressing with the first phase expected to be completed in 24 months [22]. - Longi Green Energy and China Energy Construction Group signed a project for 300,000 tons/year green methanol, with a total investment of 6 billion yuan [22]. - Henghui Security's biodegradable polyester rubber project is on track to start production in Q4 2025 [23]. 1.3 Industry Financing Tracking - Financing activities in the synthetic biology sector are accelerating, with nearly a hundred companies completing new rounds of financing at the beginning of 2025. Notable examples include: - Nanjing Senqi New Materials Technology completed a multi-million yuan financing round, focusing on bio-based nanocellulose [28]. - Vivici, a precision fermentation dairy product company, raised €32.5 million in Series A funding to launch a new product [28]. 1.4 Company R&D Directions - Domestic research institutions are achieving breakthroughs in bio-based materials, such as: - The Ningbo Institute of Materials Technology and Engineering has made progress in synthesizing bio-based long-chain polyols [31]. - Wanhua Chemical launched a bio-based 1,3-butanediol product aimed at the cosmetics industry, emphasizing sustainability and low carbon emissions [31].

[Table_IndNameRptType] 基础化工 行业周报 卫星化学业绩预告同比大幅增长，硫磺、钾肥等价格上涨 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-04 [Table_Chart] 行业指数与沪深 300 走势比较 -25% -14% -3% 8% 19% 30% 3/24 6/24 9/24 12/24 3/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/2/22-2025/2/28）化工板块整体涨跌幅表现排名第 18 位，涨跌幅为-0.94% ，走势处于市场整体走势中下游。上证综指涨跌 幅为-1.72%，创业板指涨跌幅为-4.87%，申万化工板块跑赢上证综指 0.78 个百分点，跑赢创业板指 3.93 个百分点。 ⚫ 2025 年化 ...