Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "single champion" in ventilation and cooling systems, with expected revenue growth of 4% in 2024. The main business includes research, production, and sales of high-end ventilation equipment for rail transit, energy, marine engineering, and other specialized industrial applications [6][7] - The company anticipates achieving a revenue of 529 million yuan in 2024, with a year-on-year growth of 4.06%, and a net profit attributable to shareholders of 54.55 million yuan [6][7] - Significant growth is expected in the first half of 2024 for rail transit and marine engineering fans, with a notable increase in orders in the nuclear power sector [6][7] Summary by Sections Market Performance - The closing price is 25.60 yuan, with a market capitalization of 1,879.04 million yuan and a circulating market value of 952.59 million yuan [3] Financial Data - The company’s total assets are projected to reach 837 million yuan by 2025, with a debt ratio of 36.61% and a net asset value per share of 6.27 yuan [3][10] Revenue and Profit Forecast - Revenue is expected to grow from 508 million yuan in 2023 to 739 million yuan in 2026, with corresponding net profits of 61 million yuan in 2023 and 78 million yuan in 2026 [8][10] - The projected earnings per share (EPS) are 0.74 yuan for 2024, increasing to 1.07 yuan by 2026 [7][8] Business Opportunities - The company is benefiting from government policies promoting the replacement of old equipment in the shipping and rail sectors, which is expected to enhance its market penetration [6] - The establishment of a subsidiary in Mexico aims to expand services in the European and North American markets, enhancing international competitiveness [6] Research and Development - The company has developed new products such as the ECL630-1 centrifugal fan for data centers, which has been recognized for its energy efficiency [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the pet economy sector, driven by the Z generation and opportunities in domestic brands [4]. Core Insights - The pet economy in China is experiencing robust growth, with market size projected to increase from 170.8 billion in 2018 to over 300 billion by 2024, fueled by the emotional connection of pets as family members [5][25]. - The penetration rate of pet ownership in China is currently at 21%, significantly lower than the 60% in the US and 40% in Japan, indicating substantial growth potential [38][24]. - The rise of domestic brands is reshaping the market, as they leverage e-commerce and social media to capture market share from foreign brands, which are losing ground [25][29]. Summary by Sections 1. Young Consumers and Pet Ownership - The emotional value of pets has transformed them into family members, driving the growth of the pet economy [5][16]. - The number of cats in China is expected to exceed 70 million by 2024, with the rise of cat ownership attributed to lifestyle changes and social media influence [18][21]. - The shift towards pet-friendly environments is facilitating pet ownership, with increasing numbers of pet-friendly venues emerging [22]. 2. Growth Opportunities in Pet Consumption - The pet industry is projected to grow by 7% in 2024, outpacing the overall retail growth of 3.5%, driven by resilient consumer spending [7]. - The average annual spending per pet is expected to increase, with significant room for growth in the pet food market, currently valued at 100 billion [7][45]. - The report highlights the importance of the "育儿式养宠" (parenting-style pet care) approach among younger consumers, leading to increased spending on high-quality and personalized pet products [47]. 3. Rise of Domestic Brands - Domestic brands are rapidly gaining market share, with their sales growth outpacing that of foreign brands, which are struggling to adapt to new consumer behaviors [25][30]. - The market share of foreign brands like Mars and Nestlé has declined significantly, from 23% to 17% in recent years, as domestic brands capitalize on e-commerce and social media [29][30]. - The report anticipates that domestic brands will capture over 40% of the market by 2029, driven by innovation and competitive pricing [30]. 4. Market Dynamics and Future Trends - The pet food market is expected to reach 1.072 trillion in 2024, with a potential market size of 2.284 trillion, indicating significant untapped potential [48]. - The report emphasizes the need for brands to innovate and build trust with consumers, particularly in the context of rising quality concerns among foreign brands [34][35]. - The emotional connection consumers have with pets is leading to new business opportunities across various segments, including food, healthcare, and services [36].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "single champion" in ventilation and cooling systems, with expected revenue growth of 4% in 2024. The main business includes the R&D, production, sales, and maintenance services of high-end ventilation equipment for rail transit, energy, marine engineering, and other industries [6][7] - The company anticipates achieving a revenue of 529 million yuan in 2024, with a year-on-year growth of 4.06%, and a net profit attributable to shareholders of 54.55 million yuan [6][7] - Significant revenue growth is expected in the first half of 2024 for rail transit and marine engineering fans, with existing orders in the nuclear power sector amounting to 141 million yuan [6][7] - The company is benefiting from policies supporting equipment upgrades, and has established a subsidiary in Mexico to enhance services in Europe and North America [6][7] - The "ECL630-1 data center centrifugal fan" has been included in the Ministry of Industry and Information Technology's recommended directory, indicating strong R&D capabilities [6][7] Summary by Sections Market Performance - The closing price is 25.60 yuan, with a market capitalization of 1,879.04 million yuan and a circulating market value of 952.59 million yuan [3] Financial Forecasts - Revenue projections for 2024-2026 are 529 million yuan, 623 million yuan, and 739 million yuan respectively, with corresponding net profits of 55 million yuan, 65 million yuan, and 78 million yuan [8][10] - The company expects a net profit margin of approximately 10.44% in 2025 and a return on equity (ROE) of 12.80% in the same year [8][10] Business Segments - Revenue contributions from various segments in 2024 are expected to be 32% from rail transit fans, 21% from marine engineering fans, 19% from refrigeration fans, 18% from cooling towers, and 10% from energy ventilation equipment [6][7]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is recognized as a "small giant" in rubber hoses and assemblies, focusing on the research and development of polymer materials and expansion into multiple product areas. It is expected to achieve a net profit of 110 million yuan in 2024 [6][7]. - The company specializes in high, medium, and low-pressure rubber hoses and assemblies, with key products including steel wire wound hydraulic rubber hoses and steel wire braided hydraulic rubber hoses. It supplies well-known domestic engineering machinery manufacturers and has received API 17K product certification for its oil pipes [6][7]. - The company anticipates a revenue of 484 million yuan and a net profit of 110 million yuan for 2024, with an estimated basic earnings per share (EPS) of 0.87 yuan [6][8]. Summary by Sections Market Performance - The closing price as of March 11, 2025, is 15.55 yuan, with a market capitalization of approximately 1,973.59 million yuan and a circulating market value of 1,287.26 million yuan [3]. Financial Forecasts - The company expects revenues of 484 million yuan in 2024, with a slight decline of 0.32% year-on-year, followed by growth of 16.32% and 15.78% in 2025 and 2026, respectively [8]. - The projected net profits for 2024, 2025, and 2026 are 110 million yuan, 133 million yuan, and 158 million yuan, respectively, with corresponding EPS of 0.86 yuan, 1.04 yuan, and 1.24 yuan [8][10]. Business Growth - The company is expanding into urban underground pipeline management services and has initiated trial production of ultra-high pressure food sterilization equipment. This diversification is expected to enhance its growth prospects [6][7]. - The company plans to establish a research institute for polymer material recycling and special rubber products, which will support its development in the polymer materials sector [7].

农林牧渔 行业深度报告 hyzqdatemark 2025 年 03 月 12 日 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 板块表现： 宠入万家系列报告（一） 投资评级： 看好（维持） ——Z 世代驱动宠物经济：国货裂变与头部集中双机遇 证券研究报告 投资要点： 联系人 宠物经济蓬勃发展的内核是宠物的"人格化、家人化"。近年来，中国宠物经济市场 规模从 2018 年的 1708 亿级跃升至 2024 年的超 3000 亿元。这一增长不仅源于宠物 数量的扩张，更与年轻一代将宠物视为"家人"的情感价值重构密不可分。宠物经济 正是基于这一情感纽带蓬勃发展，从提供高品质的宠物食品、个性化的宠物用品，满 足宠物的物质需求；到宠物医疗、保险，为宠物的健康保驾护航；再到宠物美容、摄 影、社交活动等，满足主人与宠物之间情感互动的精神需求。每一个细分领域，让宠 物真正融入家庭生活，也让宠物经济的内涵和外延得以不断拓展和深化。 风险提示。原材料价格波动风险；国内市场竞争加剧的风险；企业因管理不当出现食 品安全的风险；全球贸易摩擦加剧的风险；市场空间测算偏差的风险。 请 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][9]. Core Views - The company operates dual main businesses in heating and media, both of which are cash cow assets. It is a core listed company under the Lianmei Group, which encompasses various sectors including comprehensive energy, real estate, and new energy [8][15]. - The company has a strong cash flow position, with net cash of 5 billion RMB after accounting for interest-bearing liabilities, suggesting a solid financial foundation for future investments [11][29]. - The earnings forecast for the company indicates a gradual recovery in net profit, with projections of 758 million RMB, 820 million RMB, and 872 million RMB for the years 2024 to 2026, respectively [7][33]. Summary by Sections Market Performance - As of March 10, 2025, the closing price of the company's stock is 5.68 RMB, with a market capitalization of approximately 12.85 billion RMB [3]. Financial Data - The company has a total share capital of 2,262.84 million shares and a debt-to-asset ratio of 29.32% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.34 RMB, with a price-to-earnings (P/E) ratio of 16.95 [7][33]. Business Overview - The heating business is primarily supported by three wholly-owned subsidiaries located in Shenyang, providing clean heating to residential and commercial sectors. The media business, acquired in 2018, focuses on high-speed rail media and has expanded its reach across 31 provincial-level administrative regions [8][24]. - The company has shown superior operational efficiency compared to local competitors, with a notable ability to manage costs effectively [21][22]. Earnings Forecast and Valuation - The report anticipates a slight increase in revenue from heating and steam services, with expected annual growth rates of 1.5%, 1.0%, and 1.0% from 2024 to 2026. The media business is expected to grow at a rate of 5% annually during the same period [10][33]. - The company's valuation appears reasonable despite a higher P/E ratio compared to peers, attributed to its substantial cash reserves [9][37].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][9]. Core Views - The company operates dual main businesses in heating and media, both of which are cash cow assets. It is a core listed company under the Lianmei Group, which encompasses various sectors including comprehensive energy, real estate, and new energy [8][15]. - The company has a strong cash flow position, with net cash of 5 billion RMB after accounting for interest-bearing liabilities, suggesting a solid financial foundation for future investments [11][29]. - The earnings forecast for the company indicates a gradual recovery in net profit, with projections of 758 million RMB, 820 million RMB, and 872 million RMB for 2024, 2025, and 2026 respectively [7][33]. Summary by Sections Market Performance - As of March 10, 2025, the closing price of the company's stock is 5.68 RMB, with a market capitalization of approximately 12.85 billion RMB [3]. Financial Data - The company has a total share capital of 2,262.84 million shares and a debt-to-asset ratio of 29.32% [3]. Business Overview - The heating business is primarily conducted through three wholly-owned subsidiaries located in Shenyang, providing clean heating services to residential and commercial sectors. The media business, acquired in 2018, focuses on high-speed rail media and has expanded its reach across 31 provincial-level administrative regions [8][24]. Profitability and Valuation - The company is expected to maintain a dividend payout ratio of over 50% from 2022 to 2024, with a reasonable overall valuation despite a higher price-to-earnings (P/E) ratio compared to peers [9][33]. - The projected P/E ratios for 2024, 2025, and 2026 are 17, 16, and 15 respectively, indicating a stable valuation outlook [9][37]. Cash Flow Analysis - The company has shown significant improvement in free cash flow due to reduced capital expenditures and strong operational cash flow, which is expected to continue as the heating network matures [28][29].

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 11 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,379.83 | 0.41% | 3.59% | | 创业板指 | 2,204.03 | 0.19% | 6.97% | | 沪深 300 | 3,941.42 | 0.32% | 3.17% | | 中证 1000 | 6,551.73 | 0.47% | 13.02% | | 科创 50 | 1,100.74 | -0.40% | 15.22% | | 北证 50 | 1,418.65 | 0.08% | 39.10% | 资料来源：聚源，华源证券研究所，截至2025年03月11日 华源晨会精粹 公用环保 金风科技(02208.HK)首次覆盖：运营与制造双轮驱动，盈利能力有望修复。 公司是我国风机龙头企业，以直驱技术起家，近年来技术逐渐向半直驱转型，截至 2024 年末累计装机超 1 亿千瓦大幅领先第二名。近年来由于竞争加剧等因素影响， 整机价格及整机厂毛利率水平持续下滑，后续 ...

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年03月10日 华源晨会精粹 机械/建材/建筑 城市更新再扩围，"好房子"创造新赛道——十四届全国人大三次 会议民生主题记者会点评：城市更新继续扩围，城改货币化有望加速落地。3 月 9 日，住建部部长倪虹表示，把 2000 年以前建成的城市老旧小区都要纳入城市更新的 改造范围；城中村改造要继续扩大改造范围。根据七普及统计局数据估算，截至 2024 年末，我国存量住宅约 349 亿平，其中 2000 年以前建成的房屋占比约 29%，对应 约 101 亿平。我们认为，23-24 年城中村改造的前期筹备工作已经较为完善，预计 25 年城中村改造将加速推进，此外，稳妥推进货币化安置，让城中村居民拥有更多 自主选择权，意味着补偿方式上也有望更加灵活。收购主体、价格和用途充分授权 地方，收储有望加速推进。"好房子"新赛道，产品力房企有望获得产品溢价，建 材产品价格有望回归。建议关注有望受益城市更新及好房子建设的房企和建材企业。 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 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [4] Core Insights - The gaming industry is experiencing rapid market expansion, with the virtual goods trading market in China reaching a total scale of 742.5 billion yuan in 2023 [5][12] - The industry is evolving towards a more mature three-tiered supply chain, consisting of game developers, distributors, trading platforms, and end-users [5][12] - The report highlights the increasing diversification of trading goods, including accounts, items, in-game currency, and services [5][12] Summary by Sections 1. Gaming Trading Industry Market and Leading Platforms - The gaming trading market is rapidly expanding, with a total market size of 742.5 billion yuan in 2023, including segments for equipment (248.7 billion yuan), currency (253.9 billion yuan), consumables (190.1 billion yuan), accounts (5.2 billion yuan), and boosting services (33.4 billion yuan) [12] - The industry has formed a mature three-tier supply chain, with upstream players including game developers and studios, midstream trading platforms, and downstream players being the gamers [12][15] 2. Feasibility of Data Asset Trading in Cultural and Digital Exchanges - The report discusses the legal protection of virtual assets in online games, indicating that the legal framework is evolving to support such transactions [46] - The trading of virtual goods is seen as a growing trend, with cultural and digital exchanges like the Zhejiang Cultural Exchange gaining traction in facilitating these transactions [51] 3. Growth Drivers of the Second-Hand Trading Market - From the manufacturer’s perspective, a mature second-hand trading system is crucial for sustaining game operations and enhancing market transparency [5] - From the player’s perspective, the second-hand market meets the demand for virtual asset monetization and fosters a complete gaming ecosystem [5] 4. Advantages of Cultural and Digital Exchanges Over In-Game Trading Systems - Cultural and digital exchanges offer more secure and regulated trading environments compared to in-game systems, which are often prone to fraud [5] - These exchanges can facilitate the conversion of virtual currencies into legal tender, addressing a significant limitation of in-game trading systems [5] 5. Market Outlook - The gaming industry is moving towards the standardization of in-game trading markets, with manufacturers shifting from merely restricting transactions to actively designing rules to guide market order [5]