消费主线是否迎来机会？ [Table_RptDate] 报告日期： 2025-03-16 策略研究 周度报告 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《 Manus 能否为科技股行 情空中加油？—20250309 第 10 周》 2.策略周报《如何预判本轮科技股调 整时间和空间？—20250302 第 9 周》 3.策略月报《静水流深—2025 年 3 月 A 股市场研判及配置机会》2025-02-23 主要观点 [Table_Summary] ⚫ "两会"政策落地预期再起，促消费、宽货币落地概率加大 ...

FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 行业[Table_IndRank] 评级：增 持 报告日期： 2025-03-16 [Table_IndNameRptType] 轻工纺服 行业周报 [行业指数与沪深 Table_Chart] 300 走势比较 -8% -6% -4% -2% 0% 2% 4% 6% 轻工制造（申万） 纺织服饰（申万） 沪深300 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 [Table_Report] 相关报告 《行业周报： AI科技赋能睡眠经济， 智慧睡眠市场发展可期_20250310》 主要观点： ⚫[Table_Summary] 周专题： FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 尼古丁袋是不含烟草或焦油的无烟尼古丁产品。尼古丁袋与传统的 咀嚼烟草或香烟不同，该产品为一种白色的小袋子，内含食品级尼古 丁材料，只需置于上嘴唇和牙龈之间即可释放尼古丁。作为新的尼古 丁替代方案，尼古丁袋发展空间极具增长潜力。人们对于传统烟草 危害的认识逐步加深，想寻找替代物 ...

策略研究 周度报告 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 消费主线是否迎来机会？ [Table_RptDate] 报告日期： 2025-03-16 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《 Manus 能否为科技股行 情空中加油？—20250309 第 10 周》 2.策略周报《如何预判本轮科技股调 整时间和空间？—20250302 第 9 周》 3.策略月报《静水流深—2025 年 3 月 A 股市场研判及配置机会》2025-02-23 主要观点 [Table_Summary] ⚫ "两会"政策落地预期再起，促消费、宽货币落地概率加大 ...

[Table_IndNameRptType] 轻工纺服 行业周报 FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 行业[Table_IndRank] 评级：增 持 报告日期： 2025-03-16 [行业指数与沪深 Table_Chart] 300 走势比较 -8% -6% -4% -2% 0% 2% 4% 6% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 [Table_Report] 相关报告 《行业周报： AI科技赋能睡眠经济， 智慧睡眠市场发展可期_20250310》 主要观点： ⚫[Table_Summary] 周专题： FDA 批准 20 款 ZYN 上市，尼古丁袋市场有望扩张 尼古丁袋是不含烟草或焦油的无烟尼古丁产品。尼古丁袋与传统的 咀嚼烟草或香烟不同，该产品为一种白色的小袋子，内含食品级尼古 丁材料，只需置于上嘴唇和牙龈之间即可释放尼古丁。作为新的尼古 丁替代方案，尼古丁袋发展空间极具增长潜力。人们 ...

[Table_IndNa农me林Rpt牧Typ渔dee] 行业周报 1-2 月上市猪企出栏量同比增 20%，全球大豆库消比环比下降 [行Ta业bl评e_级In：dR增an持k] 报告日期： 2025-3-15 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告Report] 明显分化，加征关税主要影响高粱、 大豆 2025-3-8 2.华安农业周报：补栏积极性持续疲 弱，二育积极性再升 2025-3-1 主要观点： _S补栏积极性持续疲弱，1-2 月上市猪企出栏量同比增长 20.2% 行业[T指abl数e_与Cha沪rt]深 300 走势比较 1.华安农业周报：上市猪企出栏增速 ①本周生猪价格涨 1%至 14.64 元/公斤。本周六，全国生猪价格 14.64 元/公斤，周环比上涨 1%。涌益咨询（3.7-3.13）：全国 90 公斤内 生猪出栏占比 4.08%，周环比微降，维持低位；50 公斤二元母猪价 格 1634 元/头，连续三周持平，同比上升 5.8%；规模场 15 公斤仔猪 出栏价 604 元/头，周环比大涨 7.9%；②生猪出栏均重升至近 12 ...

[Table_IndNa农me林Rpt牧Typ渔dee] 行业周报 1-2 月上市猪企出栏量同比增 20%，全球大豆库消比环比下降 [行Ta业bl评e_级In：dR增an持k] 报告日期： 2025-3-15 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告Report] 明显分化，加征关税主要影响高粱、 大豆 2025-3-8 2.华安农业周报：补栏积极性持续疲 弱，二育积极性再升 2025-3-1 主要观点： [Table_CompanyRptType] 行业研究 白羽鸡产品价格升至 9000 元/吨，黄羽鸡价格周环比上涨 ①白羽鸡产品价格升至 9000 元/吨。2025 年第 9 周（2.24-3.2）父母 代鸡苗价格 43.32 元/套，周环比下跌 3%，同比增长 27%；父母代 鸡苗销量 142.76 万套，周环比下降 8.7%，同比下降 9%。本周五， 鸡产品价格 9000 元/吨，周环比上涨 0.3%，同比下跌 6.7%；本周五， 主产区鸡苗均价 2.79 元/羽，周环比上涨 9.8%，同比下降 26.6%。 我们判断，2025 年种鸡性 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a significant cloud transformation, which is expected to drive revenue growth and lead to a gradual narrowing of losses, with a forecast to achieve breakeven by 2025 [3][6] - The integration of AI capabilities into ERP systems is a key focus, with the launch of the DeepSeek model enhancing the company's SaaS applications [4][45] - The company has a strong competitive advantage in the SME market, with high renewal rates and significant growth in large enterprise cloud revenue [5][6] Summary by Sections 1. Cloud Transformation and Revenue Growth - The company has transitioned from traditional ERP to cloud services, with revenue increasing from 1.586 billion in 2015 to 5.679 billion in 2023, reflecting a CAGR of 17.29% [3][24] - Losses peaked at 360 million in 2020 due to increased R&D and the cessation of certain ERP product sales, but narrowed to 143 million in 2023, with expectations of breakeven by 2025 [3][25] 2. AI Integration in ERP - The company has been implementing AI strategies since 2017, with significant advancements in financial and HR management through partnerships and the development of large-scale AI models [4][46] - The launch of the "Cang Qiong GPT" model in 2023 represents a major step in enhancing the company's AI capabilities within its ERP offerings [4][46] 3. Competitive Positioning - The company has demonstrated a strong competitive edge in the SME market, achieving a cloud revenue of 1.642 billion in the first half of 2024, with renewal rates of 95% for SMEs and 92% for small enterprises [5][6] - In the large enterprise segment, cloud revenue reached 546 million in the first half of 2024, marking a year-on-year growth of 38.9% [5][6] 4. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 6.484 billion, 7.561 billion, and 8.860 billion respectively, with net profits expected to turn positive by 2025 [6][10] - The company's subscription ARR reached 3.15 billion in the first half of 2024, indicating strong growth potential [5][38]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is undergoing a significant cloud transformation, which is expected to drive revenue growth and lead to a gradual narrowing of losses, with a forecast to achieve breakeven by 2025 [3][6] - The integration of AI capabilities into ERP systems is positioned to enhance the company's competitive edge and facilitate intelligent transformation [4][5] Summary by Sections 1. Business Transformation and Growth - The company has transitioned from traditional ERP to cloud services, with revenue increasing from 1.586 billion yuan in 2015 to 5.679 billion yuan in 2023, reflecting a CAGR of 17.29% [3][24] - The cloud service revenue accounted for 83.25% of total revenue in the first half of 2024, indicating a rapid shift from traditional ERP services [26][29] - The company expects to narrow its losses to 0.78 billion yuan in 2024 and achieve a net profit of 1.97 billion yuan in 2025 [6][10] 2. AI Integration and Market Position - The company has integrated AI capabilities into its ERP offerings, launching the "DeepSeek" model to enhance its SaaS applications [4][45] - The AI-driven products are expected to optimize processes in financial and human resource management, improving efficiency and decision-making [45][46] - The ERP software market in China is projected to grow from 385 billion yuan in 2021 to 682 billion yuan by 2027, with a CAGR of approximately 11% [50] 3. Financial Performance and Projections - The company forecasts revenues of 6.484 billion yuan, 7.561 billion yuan, and 8.860 billion yuan for 2024, 2025, and 2026 respectively, with a return to profitability expected in 2025 [6][10] - The subscription ARR for cloud services reached 3.15 billion yuan in the first half of 2024, with a significant growth trajectory [38][40] - The company's gross margin is expected to recover as operational efficiencies improve, following a period of high R&D and sales expenses [34][36]

万马科技（ [Table_StockNameRptType] 300698） | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-13 | | [Table_BaseData] 收盘价（元） | 43.58 | | --- | --- | | 近 12 个月最高/最低（元） | 53.04/25.63 | | 总股本（百万股） | 134 | | 流通股本（百万股） | 119 | | 流通股比例（%） | 88.47 | | 总市值（亿元） | 58 | | 流通市值（亿元） | 52 | [公司价格与沪深 Table_Chart] 300 走势比较 -29% -6% 18% 42% 65% 3/24 6/24 9/24 12/24 万马科技 沪深300 [Table_Author] 分析师：陈晶 公司点评 战略合作天翼云，智驾能力赋能具身智能和低空出行 执业证书号：S0010522070001 电话：15000930816 邮箱：chenjing@hazq.com [Table_CompanyReport] 相关报告 1.推出遨云自动驾驶方案，积极探索 ...