Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 42.96 [8][9]. Core Views - The company is expected to benefit from the resilience of the retail market due to the expansion of home decoration subsidies and the improving channel structure, leading to a potential recovery in profit margins and operational flexibility [1]. - The "Immediate Living" and "Beautiful Countryside" initiatives are anticipated to accelerate the company's presence in the stock renovation and third- and fourth-tier markets, with a projected demand for stock renovation of approximately 11 to 12 million units per year from 2024 to 2026, reflecting a CAGR of 5% [2]. - The company is undergoing a channel transformation towards engineering distribution, maintaining a leading market share despite a decline in direct sales revenue, which is expected to stabilize in the coming years [3]. - The retail sales of construction and decoration materials reached RMB 53 billion in the first four months of 2025, showing a year-on-year increase of 2.3%, with a significant monthly increase of 9.7% in April [4]. Summary by Sections Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 to 2027 are RMB 651.4 million, RMB 847.05 million, and RMB 1.09 billion respectively, indicating a CAGR of 48.7% [5]. - The company is assigned a PEG ratio of 0.75x for 2025, with a target price based on a PEG of 1.0x, reflecting the expected growth in the "Immediate Living" business and stable market share in engineering [5]. - The projected revenue for 2025 is RMB 13.203 billion, with a year-on-year growth of 9.07% [7]. Market Position and Competitive Landscape - The company is positioned to capture growth opportunities in the renovation market, with its brand strength gradually being validated against competitors like Nippon Paint [2]. - The engineering business is expected to maintain its leading market share while reducing impairment risks, with accounts receivable turnover improving to 3.6 in 2024 [3]. Operational Insights - The company is actively managing costs and improving operational efficiency, with expectations for continued profit elasticity due to effective expense control measures [4]. - The average price of titanium dioxide, a key raw material, has decreased by 9.6% year-on-year, which may limit further price declines in products [4].

证券研究报告 杰克股份 (603337 CH) 2025 年中期策略会速递— 关税影响可控，期待新品发力 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 专用设备 | 6 月 4-5 日，杰克股份出席了我们组织的 2025 年中期策略会，会上公司沟 通了关税对于缝纫机景气度的影响，认为短期影响有限，中长期会带动全球 服装制造业产业转移、从而提振缝纫机新机需求。服装制造业面临招工难困 境，未来公司将持续推广 AI 智能在服装制造的应用，推出 AI 缝纫机、人形 机器人等新产品助力下游降本增效。我们看好公司持续的产品创新对于盈利 能力的提升，维持"买入"评级。 关税影响：需求或短空长多，带来市占率提升机会 短期看，由于美国关税政策制定的不确定性，部分下游客户或对扩产持观望 态度。而中长期看，关税的不确定性将进一步加速全球服装供应链的分散化， 促使部分服装制造业向低关税风险国家进行转移，从而拉动对于新机的采购 需求，同时带来龙头企业进一步发挥产品和渠道优势、市占率提升机会。 4 月工缝维持快速增长，低关税风险地区接 ...

6 月 4-5 日，杰克股份出席了我们组织的 2025 年中期策略会，会上公司沟 通了关税对于缝纫机景气度的影响，认为短期影响有限，中长期会带动全球 服装制造业产业转移、从而提振缝纫机新机需求。服装制造业面临招工难困 境，未来公司将持续推广 AI 智能在服装制造的应用，推出 AI 缝纫机、人形 机器人等新产品助力下游降本增效。我们看好公司持续的产品创新对于盈利 能力的提升，维持"买入"评级。 关税影响：需求或短空长多，带来市占率提升机会 短期看，由于美国关税政策制定的不确定性，部分下游客户或对扩产持观望 态度。而中长期看，关税的不确定性将进一步加速全球服装供应链的分散化， 促使部分服装制造业向低关税风险国家进行转移，从而拉动对于新机的采购 需求，同时带来龙头企业进一步发挥产品和渠道优势、市占率提升机会。 4 月工缝维持快速增长，低关税风险地区接力需求 证券研究报告 杰克股份 (603337 CH) 2025 年中期策略会速递— 关税影响可控，期待新品发力 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 专用设 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 42.96 [8][9]. Core Views - The company is expected to benefit from the resilience of the retail market due to the expansion of home decoration subsidies and the improving channel structure, leading to a potential recovery in profit margins and operational flexibility [1]. - The "Immediate Residence" and "Beautiful Countryside" initiatives are anticipated to accelerate the company's presence in the renovation market, particularly in lower-tier cities, with a projected demand for 11 to 12 million units per year from 2024 to 2026, reflecting a CAGR of 5% [2]. - The company has shifted its focus towards engineering distribution channels, maintaining a leading market share despite a decline in direct sales revenue, with a gradual improvement in accounts receivable turnover [3]. - Price competition is expected to ease, and the company is likely to continue demonstrating profit elasticity due to effective cost control measures implemented since late 2024 [4]. Summary by Sections Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 to 2027 are RMB 651.4 million, RMB 847.05 million, and RMB 1.09 billion respectively, with a CAGR of 48.7% [5]. - The company is valued at a PEG of 0.75x for 2025, and the target price reflects a PEG of 1.0x, indicating strong growth potential [5]. - Revenue projections for 2025 are set at RMB 13.203 billion, with a growth rate of 9.07% compared to 2024 [7]. Market Position and Competitive Landscape - The company is positioned to capture a significant share of the renovation market, with its brand strength gradually being validated against competitors like Nippon Paint [2]. - The engineering business is expected to stabilize its market share at the top level, with reduced impairment risks on accounts receivable [3]. Operational Insights - The retail sales of construction and decoration materials reached RMB 53 billion in the first four months of 2025, showing a year-on-year increase of 2.3% [4]. - The average price of titanium dioxide, a key raw material, decreased by 9.6% year-on-year as of May 2025, which may limit further price declines in products [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.88 [5][8]. Core Insights - The company is actively expanding its overseas market presence and has a strong pipeline of new products, including the anticipated internal testing of the AI emotional companion application "EVE" [1][4]. - The successful launch of new games, such as "Dragon Valley World" and "Digital Monster: Source," has garnered significant market attention, indicating the company's ability to leverage classic IPs and innovate gameplay [2]. - The company's overseas mobile game "Party Beast Control" achieved top rankings in various regions shortly after its launch, showcasing its effective market strategy and user growth potential [3]. Summary by Sections Product Performance - The new game "Dragon Valley World" topped the App Store free games chart on its first day of public testing and remains a strong performer in the iOS action game category [2]. - "Digital Monster: Source" has also gained traction, ranking 73rd in the iOS adventure game category as of June 3, 2025 [2]. Overseas Expansion - The company launched "Party Beast Control" in Hong Kong, Taiwan, and Macau, achieving top download rankings in these regions [3]. - "MU Immortal" was released in over 100 countries, topping the RPG free charts in Canada and Germany, indicating successful international market penetration [3]. AI Technology Integration - The company is investing in AI technology, with the upcoming "EVE" game expected to enhance user engagement through multi-platform interactions [4]. - The new brand "Warm Star Valley Dream Journey" combines AI technology with interactive experiences, aiming to attract a broader audience [4]. Financial Forecast - The company forecasts net profits of RMB 20.4 billion, RMB 24.1 billion, and RMB 27.3 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 25X for 2025 [5][7]. - Revenue is projected to grow from RMB 4.295 billion in 2023 to RMB 6.910 billion by 2027, reflecting a compound annual growth rate [7][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 173.70 RMB [5][8]. Core Insights - The company is experiencing sustained demand growth, particularly in the AIoT sector, with significant opportunities in smart home applications and AI toys [2][4]. - The company plans to raise funds through a private placement to enhance its product lineup, focusing on Wi-Fi 7 and AI edge chips, which will support long-term growth [4][5]. - The developer ecosystem is thriving, with over 140,000 open-source projects on GitHub, indicating a strong collaborative environment for AIoT applications [3]. Summary by Sections Demand and Growth - In Q1 2025, the company reported a 30% year-on-year revenue growth in the smart home sector, with faster growth in industrial, energy, and healthcare markets [2]. - The company anticipates continued demand growth in Q2, driven by new applications like AI toys [2]. Product Development and Strategy - The company is focused on a "processing + connectivity" strategy, with ongoing product upgrades and the introduction of new products like the P4 [2][4]. - The company aims to maintain a gross margin target of 40% while controlling expense growth, with net profit margins expected to improve [2]. Financial Projections - Revenue projections for the upcoming years are as follows: 2024 at 2,007 million RMB, 2025 at 2,632 million RMB, and 2026 at 3,402 million RMB, reflecting growth rates of 40.04%, 31.14%, and 29.25% respectively [7]. - The net profit for 2024 is projected at 339.32 million RMB, increasing to 461.47 million RMB in 2025 [7]. Ecosystem and Collaboration - The company emphasizes "technology equality" to lower innovation costs and support diverse AIoT applications, fostering a positive cycle of technology, ecosystem, and market [3]. - Collaborations with AI platforms like ChatGPT and Baidu's Wenxin Yiyan enhance the company's product offerings [3]. Capital Raising and Investment - The company plans to raise up to 1.778 billion RMB through a private placement, primarily for the development of Wi-Fi router chips and AI edge chips [4].

证券研究报告 招商蛇口 (001979 CH) 2025 年中期策略会速递— 拿地力度增强，积极推动证券化 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 房地产开发 | 6 月 4 日招商蛇口出席了我们组织的 2025 年中期策略会，会上公司就近期 运营情况进行交流，去年四季度以来公司投拓力度显著增强，多 REITs 平 台助力资产证券化，融资成本持续优化，维持"买入"评级。 开发业务：销售降幅收窄，投拓积极性提升 2025 年前 4 月，公司累计销售面积达 205.9 万方，销售额 498.3 亿元，同 比分别-20.06%/-15.29%，销售额降幅较 24 年收窄 10pct。销售均价显著提 升，前四月销售均价为 2.4 万/平，同比增长 6.0%。拿地方面，今年投资强 度显著加强，前 4 月拿地强度逾 50%，较去年的 22%大幅提升。 资管业务：持有物业布局全面，借力 REITs 推进资产证券化 公司的持有物业分为集中商业、租赁公寓、写字楼、产业园和酒店，公司持 续提升持有物业运营效率，同时推动投 ...

证券研究报告 奇富科技-S (3660 HK/QFIN US) 2025 年中期策略会速递— 盈利高质量，贷款质量稳健 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港/美国 | 其他多元金融 | 6 月 4 日奇富科技出席了我们组织的 2025 年中期策略会，会上公司回顾了 1Q25 的经营情况，并解答了投资者关注的问题。1Q25 需求具有韧性，同 时营销策略持续优化。贷款质量保持健康，C-M2 基本稳定。另外公司重视 股东回报，股份回购持续推进。我们认为公司运营稳健，质量稳定，利润"安 全垫"较为充足，预计 25 年盈利有望进一步提升，维持"买入"评级。 贷款质量保持稳健，盈利质量高 1Q25 C-M2 比例略升至 0.60%（4Q24：0.57%），首日逾期率升至 5.0% （4Q24：4.8%），30 天回款率环比持平于 88.1%。贷款质量仍然维持健康。 基于当前的宏观环境，结合公司谨慎的贷款投放和对风险的重视，我们预计 内年的 C-M2 比例有望大致维持在当前水平。另外 1Q25 的拨备计提率约 4.9 ...

证券研究报告 南京银行 (601009 CH) 2025 年中期策略会速递— 业绩稳健增长，转债强赎可期 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 区域性银行 | 6 月 4 日南京银行出席我们组织的 2025 年中期策略会，核心要点包括：1） 预计全年信贷同比多增，但零售需求与风险改善趋势仍待观察；2）存款迎 重定价高峰，负债成本持续优化；3）转债转股可期，夯实公司资本。 信贷有力投放，资产质量稳健 南京银行 24 年/25Q1 贷款同比+14.3%/+14.7%，新增贷款 1573/897 亿元。 Q1 信贷有力投放，为全年奠定较好基础，公司预计能够顺利完成目标，实 现同比多增。年初以来零售投放回暖，主要系按揭增势较好。消费贷方面， 南银法巴在两年快速增长后逐步进入稳定期，平台贷款方面更加谨慎，今年 整体会在管控风险的前提下进行零售投放安排。资产质量表现看，公司不良 走势平稳，25Q1 不良率环比持平至 0.83%。零售不良生成短期或仍有波动， 但随存量不良出清，更多核销资源向零售倾斜，25Q1 零 ...