Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to the parent company of 848 million yuan, down 15.86% year-on-year. The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 167 million yuan, down 26.99% year-on-year [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence, with products being sold to multiple countries including the USA, Japan, and several European nations [6] - The company has adjusted its revenue forecasts for 2025-2027 to 6.323 billion, 6.812 billion, and 7.565 billion yuan respectively, with net profit forecasts of 861 million, 949 million, and 1.078 billion yuan for the same years [7] Financial Performance Summary - In 2024, the company achieved a revenue of 6.129 billion yuan, with a year-on-year revenue change of -1.9%. The net profit attributable to the parent company was 848 million yuan, reflecting a -15.9% change year-on-year. The gross margin was 29.1% [9][12] - For 2025, the expected revenue is 6.323 billion yuan, with a projected year-on-year growth of 3.2%. The net profit is expected to be 861 million yuan, with a slight increase of 1.5% year-on-year [9][12] - The company’s cash flow from operating activities showed significant improvement, with a net cash flow of 10.41 billion yuan in 2024, an increase of 288.21% [4][5] Future Outlook - The company is focusing on the industrialization of complete filtration equipment, with ongoing projects that are progressing smoothly, which supports its long-term strategic transformation [6] - The company aims to enhance its global brand recognition and expand its sales and after-sales service networks in overseas markets [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92%, and a net profit attributable to shareholders of 0.848 billion yuan, down 15.86% [4][5] - The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 0.167 billion yuan, down 26.99% [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence [6][7] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 1.041 billion yuan, an increase of 288.21% [4][5] - The weighted average return on equity (ROE) for 2024 was 18.82%, a decrease of 4.71 percentage points year-on-year [4] - The company forecasts revenues of 6.323 billion yuan, 6.812 billion yuan, and 7.565 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 0.861 billion yuan, 0.949 billion yuan, and 1.078 billion yuan for the same years [7][9] Market and Industry Outlook - The filtration equipment market is facing increased competition due to a slowdown in demand from the renewable energy sector and a lack of significant order growth from other industries [5] - The company is focusing on enhancing its product technology and expanding its market share in various countries, including the USA, Japan, and several European and Asian nations [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 916.60 billion yuan in 2024, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders was 59.76 billion yuan, an increase of 12.20% [6] - In Q1 2025, the company achieved a revenue of 268.15 billion yuan, a year-on-year increase of 10.92%, and a net profit of 20.22 billion yuan, up 26.37% [6] - The company is focusing on a "5+1" industrial layout, enhancing its core engineering machinery sector while diversifying into new industries [7] - The international market revenue reached 416.87 billion yuan in 2024, accounting for 45.48% of total revenue, with a year-on-year growth of 12% [9] - The company has revised its profit forecasts for 2025-2027, expecting revenues of 1019.62 billion yuan, 1148.34 billion yuan, and 1299.70 billion yuan respectively [10] Financial Summary - For 2024, the company reported a gross margin of 22.5% and a return on equity (ROE) of 10.3%, which improved by 0.44 percentage points from 2023 [6][13] - The projected earnings per share (EPS) for 2025-2027 are 0.67 yuan, 0.83 yuan, and 1.02 yuan respectively [10][13] - The company's price-to-earnings (P/E) ratio is projected to be 12, 10, and 8 times for 2025-2027 [10][13]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - The bond market in Q1 2025 was affected by "tight funds" and "negative Carry", with the central bank's stance and operations playing important roles. The central bank's statements and actions in Q1 led to a multi - level impact on the bond market, including the reversal of expectations, actual operational impacts, and the collapse of the long - position [4][9]. - Since Q2, the central bank has rarely mentioned concerns about bond market yields, with the key objective shifting to stable growth. The central bank has repeatedly mentioned increasing counter - cyclical adjustment, maintaining ample liquidity, and strongly supporting the real economy [16]. - Looking ahead, if interest rates show a rapid downward trend, the central bank may issue risk warnings again. The bond market is currently in a range - bound oscillation, and in terms of strategy, it is necessary to maintain duration and increase the weight of band trading in an environment of low coupons and expensive funds [16]. 3. Summary by Relevant Directory 3.1 Q1 Bond Market and Central Bank's Concerns - The bond market in Q1 was characterized by "tight funds" and "negative Carry". The central bank mentioned the excessive decline of long - term bond yields in several articles in January. The bond market showed some immunity to the central bank's "verbal intervention", and long - term bond yields remained in the range of 1.60% - 1.65% [4][5]. - The central bank's influence on the bond market in Q1 was multi - faceted. It reversed the expectation of a "moderately loose" monetary policy, increased the central level of capital interest rates while maintaining reasonable and ample liquidity, and led to the collapse of long - positions in the bond market in February [8][9]. - From the perspective of the interval returns of medium - and long - term bond funds, 75% of public funds in January - February 2025 were in a loss state, indicating that the short - term long - position clustering in the bond market was actually broken [10]. 3.2 Marginal Changes in the Central Bank's Stance on the Bond Market - There may be no so - called "desirable point". The central bank's articles this year mainly focused on "curbing the excessive decline of long - term bonds" and "preventing interest rate risks". Referring to the first article after the bond market correction at the beginning of the year, minus a 10bp policy interest rate cut, the corresponding 10 - year treasury bond yield may be 1.55% [13][16]. - Since Q2, the central bank has rarely mentioned concerns about bond market yields, and its key goal has shifted to stable growth. After the equal - tariff implementation on April 3, the central bank's short - term policy goal shifted from "preventing idle funds" and "stabilizing the exchange rate" in Q1 to "stable growth" [16]. - Historically, the central bank's risk warnings in Q1 preceded the inflection point of interest rates. If interest rates decline rapidly in the future, the central bank may issue risk warnings again. Currently, the bond market is in a range - bound oscillation, and strategies should focus on maintaining duration and increasing band trading [16].

[Table_IndNameRptType] 全球科技 行业周报 执业证书号：S0010524100001 邮箱：laizh@hazq.com 分析师：刘京松 执业证书号：S0010524090001 邮箱： liujs@hazq.com OpenAI 透露 GPT-5 消息，关注鸿蒙、昇腾产业链机会 [Table_IndRank] 行业评级：增持 报告日期： 2025-05-25 行业指数与沪深 300 走势比较 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：来祚豪 相关报告 ·行业点评：海内外 AI 发展势头强 劲，关注港股互联网反弹机会 2024-05 -07 ·公司点评：特斯拉 25Q1 点评：利润 低于预期，新车将于上半年推出 2025- 04-30 ·公司点评：谷歌 25Q1 点评：利润超 预期，全年 CapEx 维持 750 亿美元 202 5-04-30 ·公司点评：台积电 25Q1 点评：AI 需 求驱动业绩增长，25Q2 指引超预期 Opt imus2025-04-28 主要观点： [⚫Table_Summary] 本周行情回顾 从 ...

策略研究 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 周度报告 如何看待银行板块跳水及细分领域性价比？ [Table_RptDate] 报告日期： 2025-05-25 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 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《如何把握汽车行业的投 资节奏？—第 20 周》2025-05-18 2. 策略周报《如何看待军工行情的持 续性？—第 19 周》2025-05-11 3.策略周报《如何看待银行股大跌及 配置价值？—第 18 周》2025-05-05 4.策略月报《持盈保泰—2025 年 5 月 A 股市场研判及配置机会》2025-04-27 主要观点 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the significant growth of the company "Insta360" in the consumer-grade camera market, with a projected revenue increase of 32.38% to 57.10% for the first half of 2025 compared to the same period in 2024 [4][19] - The company has maintained a strong market position, holding a 67.2% share of the global consumer-grade panoramic camera market in 2023, with expectations to increase this to 81.7% in 2024 [7][19] - The report emphasizes the importance of continuous innovation and product iteration in maintaining competitive advantages within the industry [7][35] Summary by Sections 1. Panoramic Camera Industry Chain Overview - Insta360's financial data indicates a revenue of 1.355 billion yuan for Q1 2025, a 40.70% increase from 0.963 billion yuan in Q1 2024 [4][17] - The company expects to achieve a revenue range of 3.214 billion to 3.815 billion yuan for the first half of 2025, with net profit projections between 494.35 million and 583.22 million yuan [19][18] - Consumer-grade products account for nearly 90% of the company's revenue, with the X series panoramic cameras contributing over 50% [4][21] 2. Market Performance Review - The report notes a decline in major indices, with the Shenwan Electronics Index dropping by 2.17% during the week of May 19 to May 23, 2025 [4] - The best-performing sector was LED, with a decline of only 0.46%, while the integrated circuit packaging and testing sector saw a decline of 3.5% [4] 3. Product Composition and Application - The X series, Go series, and Ace series are the main consumer-grade products, contributing 52.74%, 16.30%, and 10.44% to the company's revenue in 2024, respectively [35][36] - The X series features advanced capabilities such as 360° panoramic shooting and high-resolution video recording, appealing to various outdoor activities [5][36] - The Ace series has gained traction as a versatile action camera, while the Go series is designed for ease of use and portability [5][39] 4. Supply Chain and Procurement - Key suppliers include Wenyue Technology for ICs and Hongjing Optoelectronics for lens modules, with procurement costs for ICs and lens modules constituting 28.82% and 24.93% of total procurement costs, respectively [7][8] - The report indicates a significant increase in the procurement share of Hongjing Optoelectronics for lens modules from 39.95% in 2022 to 72.87% in 2023 [8] 5. Competitive Landscape - Insta360 is positioned as a market leader in the panoramic camera sector, with a competitive edge due to its innovative product lines and extensive accessory offerings [7][36] - The report anticipates that the company's market dominance will continue, supported by ongoing research and development efforts [7][19]

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新招股书梳理，国产科技创新与 新兴消费相互促进，全景相机全方位记录多彩生活 [Table_IndRank] 行业评级：增持 报告日期：2025-05-25 [Table_Chart] 行业指数与沪深 300 走势比较 1. 影石创新新品热销引发市场关注， 历经十载反超 GoPro 问鼎全球 20250427 -20% 0% 20% 40% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The report highlights that the price of live pigs has decreased by 2.1% week-on-week, with the national average price at 14.18 CNY/kg. The number of breeding sows remained stable in April 2025, indicating potential for normal profitability in pig farming in 2025 [3][4] - The report emphasizes the ongoing domestic substitution logic in the pet food sector, with companies like Zhongchong and Guobao expected to see both volume and price increases [7] - The report predicts a decline in global corn and wheat stock-to-use ratios for the 2025/26 season, indicating tighter supply conditions [6][50] Summary by Sections 1. Weekly Market Review - The agricultural sector index fell by 0.36% in the week from May 19 to May 23, 2025, underperforming compared to the Shanghai Composite Index [19] - The agricultural sector has ranked 9th among 31 sub-industries since the beginning of 2025, with a year-to-date increase of 3.18% [19][23] 2. Industry Weekly Data 2.1 Primary Agricultural Products - Corn spot price is 2376.08 CNY/ton, showing a week-on-week increase of 0.05% but a year-on-year decrease of 2.23%. Soybean spot price remains stable at 3927.89 CNY/ton, down 10.46% year-on-year [42] - The report notes that the global corn stock-to-use ratio for 2025/26 is projected to be 18.9%, the lowest since the 2015/16 season [6][51] 2.2 Livestock and Poultry - The average price of live pigs is reported at 14.18 CNY/kg, with a week-on-week decline of 2.1%. The average weight of pigs at slaughter has decreased slightly [3][4] - The report indicates that the price of white feather chicken products remained stable, while yellow feather chicken prices experienced slight fluctuations [4] 2.3 Animal Vaccines - The report shows a significant increase in the issuance of pig vaccines, with diarrhea vaccines up by 177.8% year-on-year [8] 3. Industry Dynamics - The report discusses the ongoing trends in the pet food industry, highlighting the growth potential for domestic brands [7] - It also notes the expected supply constraints in the poultry sector due to limited imports and potential disruptions in breeding stock availability [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of 13.8 billion (up 16% year-on-year), operating profit of 3.6 billion (margin of 26%), and adjusted net profit of 4.2 billion (up 3% year-on-year) [4][7] - The international business continues to show strong growth, driven by favorable visa-free policies, with overseas OTA platform bookings up 60% year-on-year and inbound tourism bookings more than doubling [4][5] - The company expects revenue for 2025, 2026, and 2027 to be 61.4 billion, 68.5 billion, and 76.5 billion respectively, with year-on-year growth rates of 15%, 12%, and 12% [7] Financial Performance Summary - Q1 2025 revenue breakdown: accommodation booking revenue of 5.5 billion (up 23% year-on-year), transportation ticketing revenue of 5.4 billion (up 8% year-on-year), and other business revenue of 1.4 billion (up 33% year-on-year) [4] - The company anticipates adjusted net profits of 18.7 billion, 21.8 billion, and 24.7 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3%, 16%, and 14% [7][10] - The total market capitalization is 34.79 billion HKD [9]