Investment Rating - The report recommends a "Buy" rating for several companies in the transportation sector, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and 吉祥航空 (603885.SH) [7]. Core Insights - The airport sector has priced in the pessimism regarding the reduction of duty rates in the new duty-free agreements. The recovery of international passenger traffic remains a key focus for the airport sector. A package of policies is expected to drive macroeconomic recovery and boost domestic consumption, providing momentum for increased average transaction values in the commercial sector by 2025 [5][6]. - In the cross-border logistics sector, domestic demand is weak, and local manufacturing is oversupplied, making exports a critical focus. The rapid development of cross-border e-commerce is expected to accelerate the global expansion of domestic brands, benefiting cross-border logistics [5]. - The express delivery sector is experiencing growth due to the rapid development of new e-commerce formats, with leading express companies focusing on differentiated competitive advantages [6]. Summary by Sections 1. Airline and Airport - As of December 2024, major airlines in China have domestic ASK recovery rates compared to 2019 of 132.45% for Air China, 108.17% for Southern Airlines, and 153.98% for Spring Airlines [22]. - Major airports have also shown recovery in passenger throughput, with Baiyun Airport at 104.72% and Shenzhen Airport at 125.66% compared to 2019 [36]. 2. Cross-Border Logistics - The report highlights the growth of cross-border e-commerce as a new trade format, with domestic brands optimizing their product structures for global expansion [5]. 3. Express Delivery - The express delivery industry achieved a revenue of 137.89 billion yuan in December 2024, a year-on-year increase of 13.60%, with a business volume of 17.8 billion pieces, up 22.30% year-on-year [9]. 4. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1515 points as of February 28, 2025, reflecting a week-on-week decrease of 5.00% and a year-on-year decrease of 23.44% [41]. - The BDTI (Baltic Dirty Tanker Index) was reported at 885 points, down 2.85% week-on-week and down 23.44% year-on-year [53]. 5. Rail and Road - In December 2024, railway passenger volume reached 297 million, a year-on-year increase of 2.63%, while freight volume increased by 8.46% to 4.59 million tons [70].

Investment Rating - The report initiates coverage on the company with a positive outlook, indicating a potential for growth in the mother and baby retail sector [3]. Core Insights - The company is recognized as a leading player in the domestic mother and baby retail industry, with a significant recovery in profitability [6][9]. - The "Three Expansion Strategy" aims to reshape the company's role in the industry by enhancing product categories, embracing technological changes, and expanding business models [9][33]. - The financial performance shows a strong growth trajectory, with projected net profit for 2024 expected to be between 160 million and 211 million RMB, representing a year-on-year increase of 52.21% to 100.73% [17]. Summary by Sections Company Overview - The company is a leader in the domestic mother and baby retail sector, with over 1,000 stores nationwide and a stable expansion despite external challenges [6][9]. - The governance structure is professionalized, with external strategic partners introduced to enhance business collaboration [10]. Strategic Initiatives - The "Three Expansion Strategy" includes expanding product categories, embracing live e-commerce, and opening franchise models to penetrate lower-tier markets [9][36]. - The company has established a joint venture with XinXuan Holdings to explore new family e-commerce live retail business [35]. Financial Performance - The company anticipates a significant increase in revenue, with projected sales of 9.67 billion RMB in 2024, up from 8.75 billion RMB in 2023, reflecting a growth rate of 10.48% [48]. - The gross profit margin is expected to improve, with a forecasted net profit margin of 2.07% in 2024 [48]. - Operating cash flow has shown significant improvement, with a net inflow of 909 million RMB, supporting business expansion [27]. Future Outlook - The company is expected to continue its growth trajectory, with revenue from mother and baby products projected to grow at a rate of 20% in 2025 and 18% in 2026 [40]. - The strategic focus on digitalization and AI applications is anticipated to enhance service offerings and operational efficiency [38][39].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is projected to experience significant revenue growth, with expected revenues of 17,907.45 million yuan in 2024, increasing to 29,835.03 million yuan by 2027, representing a compound annual growth rate (CAGR) of approximately 21.34% from 2025 to 2027 [5][7] - Net profit is forecasted to grow from 1,877.57 million yuan in 2024 to 3,232.48 million yuan in 2027, indicating a strong profit growth trajectory [5][7] - The gross margin is expected to improve slightly from 24.83% in 2024 to 26.13% in 2027, reflecting operational efficiency [5][7] Financial Summary Income Statement - Revenue is projected to grow from 17,907.45 million yuan in 2024 to 29,835.03 million yuan in 2027, with a revenue growth rate of 32.39% in 2024 and declining to 12.17% by 2027 [5][7] - Operating profit is expected to increase from 2,028.25 million yuan in 2024 to 3,499.67 million yuan in 2027, with a notable operating profit margin improvement [7] - Net profit attributable to the parent company is forecasted to rise from 1,877.57 million yuan in 2024 to 3,232.48 million yuan in 2027, with a net profit margin of approximately 10.83% by 2027 [7] Balance Sheet - Total assets are projected to grow from 25,302.25 million yuan in 2024 to 38,458.48 million yuan in 2027, indicating a robust asset base [6] - The company's total liabilities are expected to increase from 10,656.35 million yuan in 2024 to 15,368.81 million yuan in 2027, maintaining a manageable debt level [6] Cash Flow Statement - Operating cash flow is anticipated to rise from 2,982.22 million yuan in 2024 to 4,560.58 million yuan in 2027, reflecting strong cash generation capabilities [6] - The net increase in cash is projected to be 700.63 million yuan in 2024, growing to 4,424.20 million yuan by 2027, indicating improved liquidity [6]

策略分析师：蔡芳媛 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 投资组合报告 潮涌浪叠，踏浪觅金 —— 2025 年 3 月月中科技金股投资组合报告 2025 年 3 月 14 日 核心观点 l 2025 年 3 月银河科技先锋金股组合（不分先后）包括： | 股票代码 | 股票名称 | 所属行业 | EPS 2023A | EPS 2024E | PE 2023A | PE 2024E | | --- | --- | --- | --- | --- | --- | --- | | 600050.SH | 中国联通 | 通信 | 0.26 | 0.29 | 23.74 | 21.54 | | 002281.SZ | 光迅科技 | 通信 | 0.78 | 1.02 | 66.11 | 50.60 | | 688088.SH | 虹软科技 | 计算机 | 0.22 | 0.44 | 240.28 | 119.31 | | 600845.SH | 宝信软件 | 计算机 | 1.06 | 1.02 | 45.93 | 32.88 | | 300002. ...

Investment Rating - The report gives a "Recommended" rating for the company Fujida (835640.BJ) [5]. Core Views - Fujida is a high-tech enterprise specializing in the research, production, and sales of RF coaxial connectors and cables, with a strong position in the commercial satellite market and a focus on new product development [5][11]. - The company experienced a decline in revenue and net profit in 2024 due to fluctuations in defense market demand, but it is expected to recover as new projects are initiated [34]. - The company is actively pursuing new technologies and products to create a second growth curve, particularly in the commercial aerospace sector [5][34]. Company Overview - Fujida was established in 1998 and went public on the Beijing Stock Exchange in November 2021. It is recognized as a national-level specialized and innovative "little giant" enterprise [11][12]. - The company is controlled by AVIC Optoelectronics Technology Co., Ltd., which is part of the China Aviation Industry Corporation [14]. Business Performance - In 2024, Fujida's revenue was 762.80 million yuan, a decrease of 6.42% year-on-year, while net profit fell by 65.35% to 50.64 million yuan [34]. - The decline in profit was attributed to changes in revenue structure and a significant drop in defense-related business due to market fluctuations [34]. Industry Analysis - The RF coaxial connector market is characterized by high concentration and stable competition, with increasing demand driven by the rapid development of commercial satellites [5][34]. - Fujida is one of the few domestic companies qualified to supply defense satellite components, positioning it well to benefit from market growth [5][34]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 763 million, 883 million, and 1.096 billion yuan, with corresponding growth rates of -6.42%, 15.76%, and 24.12% [5][6]. - Net profit forecasts for the same period are 51 million, 108 million, and 156 million yuan, with growth rates of -65.35%, 112.49%, and 45.18% [5][6]. Investment Recommendations - The report highlights Fujida's strong position in the RF connector industry, its proprietary technology, and the broad market demand for its products, particularly in the commercial satellite sector [5][34]. - The company is expected to benefit from its ongoing product development and the recovery of the defense market, making it a promising investment opportunity [5][34].

公司深度报告 · 北交所 商业卫星需求广阔 射频同轴连资器。 富士达公司深度报告 2025 年 03 月 12 日 富士达(835640.BJ) | | | 分析师 资料来源：中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展,抓两新两重投资机遇 www.chinastock.com.cn 张智浩 网: zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 मिल कि ☎：0755-8347-9312 网：hongye_yj @chinastock.com.cn 分析师登记编码：S0130523060002 | 市场数据 | 2025-03-11 | | --- | --- | | 股票代码 | 835640.BI | | A 股收盘价(元) | 29.70 | | 上证指数 | 3,379.83 | | 总股本(万股) | 18,772.80 | | 实际流通 A 股(万股) | 18,060 | | 流通 A 股市值(亿元) | 53.64 | 2025-03-11 相对北证 50 表现图 证券研究报告 请 ...

-20% 0% 20% 40% 60% 80% 北证50 沪深300 -40% ⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 北交所日报 图1：北证成交额与换手率情况（截至 2025.03.13) ■ 成交金额（合计/亿元) -换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 05:13 03-03 01-02 03-1 02-2 03:23 03-3 2 国银河证券|CGS RSS CBS 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.13) ■北交所算数平均涨跌幅 ■A股算数平均涨跌幅 6 4 2 0 L -2 -4 -6 -8 资料来源：iFinD，中国银河证券研究院 河证券|CGS 北交所日报 表1：涨幅前十股票的市场数据（2025.03.13/财务数据为 2024O3） | | 序号 | 代码 | 简称 | 所属行业 | 今日涨跌幅 | 市値 | 营业收入 | 归母净利润 | 市盈率 | | --- | - ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a solid long-term value and is currently at a valuation bottom, with a stable cash flow despite recent impairments in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by government subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a CAGR of 28% in revenue from 2010 to 2017, which decreased to 8% from 2017 to 2023 [4][7]. - The company's net profit CAGR dropped from 41% (2010-2017) to 3% (2017-2023), with expectations of continued pressure on performance in 2024 [4][7]. - The company is focusing on enhancing its retail business as the market for roughcast houses increases, which is expected to support future retail demand [4][44]. Financial Performance - The company achieved a revenue of 73.96 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.78%, with a net profit of 12.02 billion yuan, down 12.44% year-on-year [19]. - The projected revenue for 2024 is 112.65 billion yuan, with a slight growth rate of 0.56%, and net profit is expected to be 16.12 billion yuan [55][56]. - The company’s EPS is forecasted to be 1.71 yuan in 2024, with a gradual increase to 2.00 yuan by 2026 [55][56]. Market Dynamics - The government has shifted its real estate policy to promote stability and recovery, which is expected to positively impact the kitchen appliance sector [4][46]. - The kitchen appliance market is anticipated to see a retail sales increase of 16.4% in 2024, driven by government subsidies and a recovering real estate market [4][44]. - The report highlights that the company is well-positioned to capitalize on the expected market recovery and government support for consumer spending [4][55].

行业月报 ·传媒互联网行业 DeepSeek 引领开源大趋势, AI 渗透加速中 2 月行业月报 核心观点 2025年3月11日 传媒互联网行业 | | | 分析师 岳铮 ☎: 010-8092-7630 @: yuezheng_yj @chinastock.com.cn 分析师登记编码：S0130522030006 研究助理 祁天睿 ☎: 010-8092-7603 网: qitianrui_yj@chinastock.com.cn 相对沪深 300 表现图 沪深300 -20% 相关研究 【银河传媒互联网】2025年年度策略_三大逻辑,攻 守兼备 【银河传媒互联网】1 月行业月报_春节档破多项影 史纪录, DeepSeek 加速 AI 应用发展 【银河传媒互联网】12 月行业月报_微信持续布局电 商产业链,关注春节档票房表现 【银河传媒互联网】11 月行业月报_"谷子经济"高 景气,IP 布局进行时 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 春节档加持,影视大盘表现亮眼:据灯塔专业版,全国2月电影票房160.93 0 亿元(含服务费), ...