Group 1: Company Overview - Tongli Co., Ltd. (834599.BJ) - The report highlights that Tongli Co., Ltd. is positioned to benefit from the growing demand for autonomous mining trucks, with an expected increase in China's autonomous mining truck shipments from approximately 1,400 units in 2024 to about 5,500 units by 2026 [2][5] - The global market for autonomous mining trucks is projected to grow from around 2,100 units in 2024 to approximately 8,700 units in 2026, with significant demand expected from regions such as the Middle East, Australia, and South America [2][5] - The company has established deep collaborations with Yikong Zhijia and Borei Technology, with an estimated delivery of over 700 autonomous vehicles by 2024, capturing more than half of the domestic market share for controlled chassis [6][7] Group 2: Financial Performance and Dividends - Tongli Co., Ltd. is the only company listed on the Beijing Stock Exchange included in the CSI Dividend Index, with a dividend yield of 5.49% in 2024, reflecting a commitment to returning value to investors [7][8] - The company's dividend payouts from 2021 to 2024 were 179 million, 226 million, 226 million, and 317 million respectively, with corresponding dividend yields of 4.07%, 7.06%, 4.73%, and 5.49% [8] - The forecasted net profits for Tongli Co., Ltd. from 2025 to 2027 are expected to be 887 million, 994 million, and 1.114 billion respectively, with corresponding EPS of 1.94, 2.17, and 2.43 [8] Group 3: Industry Overview - Sports Nutrition Market - The report indicates that the sports nutrition market in China is expected to experience significant growth, with a projected CAGR of 23% from 2015 to 2024, driven by increasing consumer health awareness and low current penetration rates [11][12] - Key products such as whey protein and energy gels are anticipated to see substantial sales growth, with whey protein revenue expected to increase by 73% in 2024 and energy gels by 95% [11][12] - The company, Kangbiter (833429.BJ), is expanding its product offerings into the mass market, successfully launching electrolyte drinks and entering major retail channels, which positions it well for future growth [12][13] Group 4: Competitive Positioning - Kangbiter has established a strong competitive advantage through its extensive experience in the sports nutrition sector and its innovative product development, which has led to a leading market share in whey protein on e-commerce platforms [11][12] - The company is leveraging its brand strength and established sales channels to penetrate the broader health food market, with plans to introduce more products aimed at general consumers [12][13] - The report anticipates that Kangbiter will maintain a significant market presence due to its brand power, technological expertise, and ongoing expansion into new consumer segments [12][13]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the future [5]. Core Viewpoints - The company is positioned to transition from a professional to a mass-market brand, leveraging both brand strength and channel expansion in the sports nutrition sector [5]. - The sports nutrition market in China is expected to grow significantly, with a projected CAGR of 23% from 2015 to 2024, indicating substantial growth potential [6][47]. - The company has established a strong market presence with its core products, including whey protein and energy gels, which are expected to drive revenue growth [6][9]. Summary by Sections Business Overview - The company, established in 2001, focuses on sports nutrition, health food R&D and manufacturing, and digital sports technology services, catering to various consumer segments including competitive athletes and the general public [14]. - In 2024, sports nutrition products accounted for 75.9% of total revenue, with a revenue growth rate of 71.4% [17]. Financial Performance - Revenue forecasts for 2023 to 2027 show a steady increase, with expected revenues of 843 million RMB in 2023, growing to 2,217 million RMB by 2027 [5]. - The company’s net profit is projected to rise from 88 million RMB in 2023 to 189 million RMB in 2027, reflecting a strong growth trajectory [5]. Market Position and Strategy - The company has a competitive edge in the sports nutrition market due to its differentiated product offerings and established sales channels, which include both online and offline strategies [9][41]. - The introduction of electrolyte drinks and other health products aims to capture a broader consumer base, moving from professional athletes to the general health-conscious public [6][9]. Research and Development - The company emphasizes innovation and has increased its R&D investment, holding 198 authorized patents as of 2024, which positions it as a leader in the industry [42]. - The R&D team comprises a significant proportion of master's and doctoral graduates, enhancing the company's capability to innovate [43]. Future Outlook - The report anticipates that the company will maintain a high market share in the sports nutrition sector, driven by strong product demand and effective marketing strategies [6][9]. - The overall market for sports nutrition products is expected to grow from 6.27 billion RMB in 2024 to 14.8 billion RMB by 2034, indicating a robust growth environment for the company [9][47].

Investment Rating - The investment rating for the company is upgraded to "Buy" due to the long-term growth potential opened by autonomous mining trucks, showcasing both growth and dividend attributes [5][7]. Core Views - The global market for autonomous mining trucks is expected to see significant growth, with an estimated total shipment of approximately 2,100 units in 2024, and a projected increase to about 8,700 units by 2026. The average price for autonomous mining trucks is expected to be around 2.5 million yuan per unit in China and over 5.0 million yuan internationally [6][5]. - The company has achieved significant milestones in the autonomous vehicle sector, delivering over 700 autonomous vehicles and capturing more than half of the domestic market share for controlled chassis. The company is focused on R&D and production of controlled chassis technology to enhance compatibility with autonomous systems [5][6]. - The company has a strong dividend policy, with a projected dividend yield of 5.49% in 2024, and has consistently provided substantial cash dividends to investors over the years [5][7]. Financial Summary - The company’s revenue is projected to grow from 6,145 million yuan in 2024 to 8,174 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.98% [8]. - The net profit attributable to the parent company is expected to increase from 887 million yuan in 2025 to 1,114 million yuan in 2027, reflecting a steady growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.94 yuan in 2025 to 2.43 yuan in 2027, indicating a positive outlook for shareholder returns [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the gradual establishment of key cold chain logistics bases, which will enhance the focus on its cold chain engineering business [5][7] - The company has a strong positioning advantage in the grain storage and cold chain sectors, with projected net profits for 2025-2027 being CNY 282 million, CNY 357 million, and CNY 440 million respectively [7][8] Financial Summary - Closing price as of June 9, 2025, is CNY 11.08 [4] - Total market capitalization is CNY 5,676 million [4] - Revenue projections for 2023 to 2027 are CNY 2,414 million, CNY 2,652 million, CNY 3,234 million, CNY 3,975 million, and CNY 4,916 million, with growth rates of -10.51%, 9.84%, 21.95%, 22.89%, and 23.69% respectively [6][8] - Net profit attributable to shareholders is projected to grow from CNY 218 million in 2023 to CNY 440 million in 2027, with growth rates of 29.03%, 7.34%, 20.67%, 26.65%, and 23.17% respectively [6][8] - The company’s return on equity (ROE) is expected to increase from 10.97% in 2023 to 15.94% in 2027 [6][8] - The price-to-earnings (P/E) ratio is projected to decrease from 26.07 in 2023 to 12.90 in 2027 [6][8]

Report Industry Investment Rating - The report does not explicitly provide a rating for the bond market industry, but it suggests a cautious and neutral stance towards the bond market in 2025, with a focus on specific investment opportunities such as high - yielding credit bonds [122] Core Viewpoints - The current economic operation is in a neutral range. The US may further lower tariffs on China, and the economy is expected to stabilize. The marginal change in the economy compared to 2024 may lie in consumption. However, due to over - capacity, PPI remains under pressure, and with negative real estate investment, the prices of the black series are relatively low. The bond market is unlikely to experience a trend - based bear or bull market in the short term [2][122] Summary by Directory 1. Macro - news - On June 6, the People's Bank of China conducted a 1 - trillion - yuan outright reverse repurchase operation, aiming to address the peak of maturing inter - bank certificates of deposit in June and release a signal of medium - term liquidity easing [11] - As of the end of May, China's foreign exchange reserves reached $3.29 trillion, achieving a "five - consecutive increase" but with a narrowing growth rate. The central bank's gold reserves increased by 600,000 ounces, with continuous increases for 7 months [10][12] - In May, the global manufacturing PMI was 49.2%, indicating weak global economic recovery momentum. Different regions showed varying trends, with Asia in the expansion range and the US, Europe, and Africa facing challenges [12] - On June 3 (Eastern Time), the US President Trump signed an executive order to raise the tariffs on imported steel, aluminum, and their derivatives from 25% to 50% [14] 2. Medium - term High - frequency Data 2.1 Consumption - As of May 31, the daily average retail and wholesale volumes of passenger cars increased by 6.1% and 9.7% year - on - year respectively. As of June 6, the seven - day movie box office increased by 140.3% month - on - month and 39.1% year - on - year [16][22] 2.2 Transportation - As of June 1, the weekly container throughput decreased by 0.7% month - on - month, while the CCFI composite index increased by 3.3%. The BDI index increased by 13.3%. However, civil aviation flights, postal express delivery, railway freight, and highway truck traffic all showed declines [30][34][39] 2.3开工率 - As of June 4, the blast furnace operating rate of major steel enterprises decreased by 0.5 percentage points month - on - month. The operating rates of the petrochemical industry chain, including soda ash, PVC, PX, and PTA, showed an upward trend [53][57] 2.4 Real Estate - As of June 6, the transaction area and volume of commercial housing in 30 large - and medium - sized cities decreased significantly. The transaction area of second - hand housing in 9 sample cities decreased by 13.6% month - on - month, and the listing volume and price of second - hand housing also declined [67][72] 2.5 Prices - Agricultural products were stable, with slight increases in the prices of vegetables and fruits. Industrial products continued to be under pressure, with declines in the prices of steel, iron ore, glass, and energy products such as thermal coal and crude oil [79][87][89] 3. Bond and Foreign Exchange Markets - On June 6, most money market rates and bond yields declined. The 1 - year/5 - year/10 - year/30 - year treasury bond yields decreased by 6.0/4.5/3.1/3.8 BP respectively compared to May 29. The central parity rate and spot exchange rate of the US dollar against the RMB decreased by 62/69 pips respectively [105][113] 4. Institutional Behavior - As of June 8, the net - breaking rate of public wealth management products of wealth management companies dropped to 1.58%, the lowest level this year. The duration of medium - and long - term interest - rate bond funds has been increasing, while that of medium - and long - term credit bond funds has been relatively stable [114][116][117] 5. Investment Recommendations - The bond market is in a volatile state with limited opportunities. It is recommended to focus on credit bonds with a yield of over 2%. For the 10 - year treasury bond, when the yield reaches the upper limit of the 1.6% - 1.8% range, extend the duration; when it approaches the lower limit, reduce the duration. Also, pay attention to 5 - year credit bonds with a yield of over 2%. Additionally, it is suggested to focus on Hong Kong stocks in the financial sector, especially the valuation restoration potential of Hong Kong banks [122][123]

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The report highlights that electricity demand in April showed improvement in several provinces, with six provinces experiencing a growth rate exceeding 7%. However, Xinjiang reported negative growth. The overall electricity demand growth rate for April was 4.7%, down from 7.0% in the same month last year, indicating a potential impact from external demand [4][10][16]. - The report emphasizes the importance of coal price declines for short-term flexibility in thermal power and suggests mid-term focus on asset integration opportunities within state-owned power groups, as well as investment value in hydropower and wind power operators [4][19]. - Key recommendations include major hydropower companies such as Guotou Electric Power, Huaneng Hydropower, Yangtze Power, and Chuan Investment Energy, along with wind power stocks like Longyuan Power (H), Xintian Green Energy, Datang New Energy, and CGN New Energy. Quality thermal power companies recommended include Wan Energy Power, Shanghai Electric Power, China Resources Power, Huadian International, and Sheneng Co [4][19][20]. Summary by Sections Electricity Demand Analysis - In April, electricity demand growth improved in multiple provinces, particularly in Hunan (6.6 percentage points), Hubei (5.3 percentage points), and Anhui (5.1 percentage points). Conversely, provinces like Hainan (-6.9 percentage points), Guangdong (-1.6 percentage points), and Xinjiang (-1.6 percentage points) saw deteriorating growth rates [4][16]. - The report notes that the overall electricity consumption in April reached 772.1 billion kWh, with a year-on-year growth rate of 4.68%, while the cumulative growth rate for January to April was 3.08% [14][17]. Sector Performance - The report identifies that the industrial sector contributed significantly to electricity demand, with a growth rate of 3.2% in April. However, several non-key sectors experienced negative growth, potentially due to external demand influences [10][12]. - The report also highlights that the electricity consumption in the information transmission and charging industries has been a positive contributor, while sectors related to photovoltaic equipment production showed negative growth, indicating a less optimistic outlook for new photovoltaic projects [12][13]. Nuclear Fusion Developments - The report discusses the construction of the third heavy water tritium removal facility in Romania, which is expected to position the country as a key player in tritium production and export in Europe. Tritium is identified as a critical fuel for nuclear fusion reactors like ITER [5][21]. - It is noted that the demand for tritium is expected to rise significantly with the completion of various global fusion engineering experimental reactors, with estimates suggesting that ITER alone will consume approximately 12.3 kg of tritium over its operational lifetime [22][24]. Investment Opportunities - The report suggests that companies with relevant technological reserves in tritium breeding, extraction, and analysis are likely to benefit from increased investments in nuclear fusion projects. Companies such as Guoguang Electric are highlighted as potential beneficiaries [30].

Investment Rating - The report indicates a positive outlook for the egg processing industry, particularly highlighting the potential of Oufu Egg Industry as a key player in the market [1] Core Viewpoints - The egg processing industry in China is still in its early stages, with only 5%-7% of eggs being processed compared to 50% in Japan and 33% in the USA, indicating significant growth potential [2][13] - The market for egg products has seen a steady increase, with a compound annual growth rate (CAGR) of 11.8% from 2011 to 2021, driven by the industrialization of food and the rise of chain restaurants [2][13] - Oufu Egg Industry focuses on the B-end market, providing solutions such as liquid eggs and egg powder to industrial clients, while also expanding into C-end products like egg white beverages [2][19] - The company is projected to achieve revenue of 906 million yuan in 2024, with a year-over-year growth of 5.65% in net profit [24][28] Summary by Sections Market Overview - The egg product market in China is expanding, with liquid eggs being the core growth driver, achieving a CAGR of 12.0% from 2011 to 2021 [13][16] - The demand for high-quality protein products is increasing, with 72.7% of consumers prioritizing protein type over quantity when choosing protein sources [5][8] Company Analysis - Oufu Egg Industry has a robust product line, including various types of liquid and powdered eggs, and is actively developing functional products to meet changing consumer demands [18][19] - The company aims to tap into the functional beverage market with its egg white drink, which offers high protein content with low calories, appealing to health-conscious consumers [22][19] Financial Performance - Oufu Egg Industry's revenue is expected to reach 906 million yuan in 2024, with a net profit of approximately 45.6 million yuan, reflecting a CAGR of 2.19% in revenue and 26.57% in net profit from 2021 to 2024 [24][28] - The overall market capitalization of the North Exchange consumer service sector increased from 123.9 billion yuan to 126.1 billion yuan, indicating positive market sentiment [30][36]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Forecasts for May 2025: The report predicts 1 trillion yuan in new loans and 2.4 trillion yuan in social financing. By the end of May, M2 is expected to reach 326.2 trillion yuan, with a year - on - year increase of 8.1%; M1 (new caliber) is expected to have a year - on - year increase of 1.9%, and the social financing growth rate is expected to be 8.8% [2]. - Outlook for the whole year: New loans are expected to increase slightly year - on - year, government bond net financing is expected to expand significantly year - on - year, social financing is expected to increase year - on - year, and the social financing growth rate may rise first and then fall, with an expected year - end growth rate of around 8.4% [4]. - Bond market investment advice: The bond market is in a volatile state with few opportunities. It is recommended to focus on 5Y credit bonds with a yield of over 2%, and also pay attention to stock, convertible bond investment opportunities, and Hong Kong - listed bank stocks [4]. 3. Summary by Related Content New Loans in May - Overall prediction: It is expected that new loans in May will be 1 trillion yuan, close to the same period last year. Personal loans are expected to increase by 900 million yuan, corporate credit by 8 billion yuan, and non - bank inter - bank loans by 600 million yuan [4]. - Personal loan breakdown: Short - term personal loans are expected to increase by 100 million yuan, and medium - and long - term personal loans by 800 million yuan [4]. - Corporate loan breakdown: Short - term corporate loans are expected to decrease by 500 million yuan, medium - and long - term corporate loans to increase by 5 billion yuan, and bill financing to increase by 3.5 billion yuan [4]. M1 and M2 Growth Rates in May - M1 growth rate: The new - caliber M1 growth rate is expected to be 1.9%, with a month - on - month increase; the old - caliber M1 growth rate is expected to be + 0.2%, also with a month - on - month increase [4]. - M2 growth rate: The M2 growth rate in May is expected to be 8.1%, with a slight month - on - month increase [4]. Social Financing in May - Social financing increment: It is predicted that the social financing increment in May will be 2.4 trillion yuan (compared with 2.06 trillion yuan in May 2024), with a year - on - year increase mainly from government bond net financing [4]. - Components of social financing: The increment of RMB loans to the real economy is expected to be 89 billion yuan, undiscounted bank acceptance bills to be - 12 billion yuan, corporate bond net financing to be 7 billion yuan, and government bond net financing to be 140 billion yuan [4]. - Social financing growth rate: The social financing growth rate at the end of May is expected to be 8.8%, a 0.1 - percentage - point increase month - on - month [4].

证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 建筑材料 行业定期报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 板块表现： 三峡水运新通道带来新需求空间，潜在投资机会或先行 投资评级： 看好（维持） ——建筑材料行业周报（25/06/02-25/06/08） 投资要点： 风险提示：经济恢复不及预期，化债力度不及预期，房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 联系人 三峡水运新通道带来新需求空间，潜在投资机会或先行。2024 年 6 月 6 日，交 通运输部发布《关于新时代加强沿海和内河港口航道规划建设的意见》，明确提 及优化主干线大通道， ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The Three Gorges Waterway New Channel project has officially started its survey and design bidding, marking the substantial advancement of engineering construction. The total investment for the project is approximately 76.6 billion, with a construction period of about 100 months [6][12] - The overall water conservancy investment continues to show high prosperity. In 2024, national water conservancy construction investment reached 1,352.9 billion, a year-on-year increase of 12.8%, setting a historical high [7][14] - The construction of the new channel and the expansion of the Gezhouba shipping capacity are expected to significantly boost demand for construction, blasting, and high-grade cement materials, benefiting companies with professional capabilities and supply advantages in the region [6][12] Summary by Sections Industry Investment Rating - The report maintains a positive investment rating for the construction decoration industry, indicating a favorable outlook for the sector [5] Key Investment Points - The Three Gorges Waterway New Channel project, with a total investment of approximately 76.6 billion, is set to enhance the shipping capacity of the Yangtze River and stimulate demand across related industries [6][12] - Water conservancy investment is expected to continue its upward trend, with significant government support and funding for major projects [7][14] Market Performance - The construction decoration index increased by 1.25% during the week, with all sub-sectors except steel structure showing gains. Notable performers included chemical engineering and other specialized engineering sectors [9][25] - The report suggests focusing on structural allocation opportunities within the construction sector, particularly in companies benefiting from regional infrastructure investments and state-owned enterprise reforms [9] Company Recommendations - The report recommends several companies based on three main lines: regional construction, state-owned enterprise valuation recovery, and transformation and upgrading opportunities [9]