Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 102 million yuan in Q1 2025, representing a year-on-year growth of 26.77%, with a net profit attributable to shareholders of 18.97 million yuan, up 5.76% year-on-year [1] - The PCB materials business has optimized its structure, enhancing profitability and demonstrating clear growth attributes, with a gross margin of 42.19% in Q1 2025 [2] - The semiconductor business is poised for growth, having developed key electroplating products for advanced packaging, with recognition from leading packaging manufacturers [3] Financial Summary - In 2024, the company reported a revenue of 381 million yuan, a year-on-year increase of 12.32%, and a net profit of 74.68 million yuan, up 27.50% [9] - Projected revenues for 2025, 2026, and 2027 are 484.4 million yuan, 675.28 million yuan, and 939.34 million yuan, respectively, with corresponding net profits of 121.29 million yuan, 179.35 million yuan, and 275.46 million yuan [9] - The company’s earnings per share (EPS) are expected to grow from 0.89 yuan in 2024 to 3.28 yuan in 2027 [9]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views - Currently, the valuation fluctuations of AVIC Industry Finance reflect liquidity risks rather than credit risks. Given the low short - term actual default risk, there are opportunities to trade at high valuations [1][2][11]. - The yield under this phased shock is approaching its peak, and it has allocation value for proprietary accounts with stable liability ends and allocation accounts with few restrictions [3][14]. - As bonds gradually mature and are redeemed, market concerns will subside, and bond prices will gradually return to normal [2][11]. 3. Summary by Relevant Catalogs 3.1 AVIC Industry Finance Bond Trading Situation before and after Resumption - On April 23, 2025, AVIC Industry Finance issued a bond resumption announcement. The matter of off - exchange redemption of the company's bonds failed to pass the vote of the bondholders' meeting, and the relevant bonds resumed trading on April 24 [1][10]. - In the past week, the overall trading prices were mainly at a discount, with short - term varieties within 2 years being the main trading terms. Longer - term bonds declined more, and bonds within one year had relatively small fluctuations. On the first day of resumption on April 24, the average deviation from the valuation was 195bp; on the 25th, it was 77bp, and the deviation amplitude converged; on the 28th, the trading volume was 2.4 times that of the previous trading day, and the average deviation from the valuation rebounded to 107bp [2][10][13]. - Taking "22 Industry Finance 02" as an example, from April 14 to April 23, the bond valuation showed a slight upward trend. On the first day of resumption on April 24, the valuation increased significantly by 208bp, and it has been relatively stable in the past three trading days [2][11]. - AVIC Industry Finance has the credit endorsement of AVIC Group. With the high - level control of central - enterprise bond default risks and the support of the central - enterprise credit guarantee fund, and the company's positive attitude towards debt repayment, the default risk is likely to be controllable [11]. 3.2 Market Fluctuation Observation of Other Similar Companies - The total outstanding bond scale of the parent companies of trust - holding companies is 8.93 trillion yuan. After excluding several large state - owned and joint - stock commercial banks with high outstanding bond scales, the remaining balance is 1.43 trillion yuan [4][20]. - From March 31 to April 27, 2025, after the AVIC Industry Finance incident, the bond spreads of Minmetals Capital (Minmetals Trust) widened significantly. However, due to the strong individual specificity of the AVIC Trust issue, the valuation fluctuation risk of Minmetals Capital is controllable, and it is expected that there will be no actual credit risk disturbance [4][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company reported strong product sales, with a notable increase in revenue from its core liver disease medication, which achieved a revenue of 1.833 billion yuan in Q1 2025, representing a year-on-year growth of 21.83% [6] - The gross margin is under short-term pressure, decreasing to 63.36% in Q1 2025, down 12.39 percentage points year-on-year, primarily due to a significant increase in the price of natural bezoar [6] - The company is actively expanding its distribution channels, with 49 new experience centers and traditional Chinese medicine halls opened in Q1 2025, bringing the total to 484 [6] - The company expects to see a recovery in gross margins in the medium term, supported by the potential import of lower-cost bezoar and possible price adjustments for its products [6] Financial Summary - Revenue projections for the company are as follows: - 2024: 10.788 billion yuan - 2025E: 11.855 billion yuan - 2026E: 13.062 billion yuan - 2027E: 14.270 billion yuan - Corresponding growth rates are 7.25%, 9.89%, 10.18%, and 9.25% respectively [3][7] - Net profit projections are: - 2024: 2.977 billion yuan - 2025E: 3.295 billion yuan - 2026E: 3.779 billion yuan - 2027E: 4.349 billion yuan - Corresponding growth rates are 6.42%, 10.67%, 14.70%, and 15.08% respectively [3][7] - Earnings per share (EPS) projections are: - 2024: 4.93 yuan - 2025E: 5.46 yuan - 2026E: 6.26 yuan - 2027E: 7.21 yuan [3][7] Market Position - The company has a total market capitalization of approximately 123.56 billion yuan and a closing price of 204.80 yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated resilience in profitability despite industry pressures, with a notable increase in net profit per vehicle [5][6] - The company is expected to continue benefiting from policy incentives and a strong product lineup, leading to sustained growth in revenue and profit [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 21.606 billion yuan (up 2.71% year-on-year) and a net profit attributable to shareholders of 1.988 billion yuan (up 5.68% year-on-year) [5] - For Q1 2025, the company reported revenue of 6.232 billion yuan (up 25.82% year-on-year) and a net profit of 605 million yuan (up 25.12% year-on-year) [5] - The company sold 10.455 million vehicles in 2024 (down 2.66% year-on-year), with an average selling price (ASP) of 2,067 yuan (up 5.5% year-on-year) [5] Product and Market Dynamics - The electric two-wheeler segment generated revenue of 18.25 billion yuan (down 2.1% year-on-year), while the electric three-wheeler segment saw revenue growth of 36.1% to 1.95 billion yuan [5] - The company is focusing on product innovation with trendy models aimed at younger consumers, enhancing its market appeal [5][6] Industry Outlook - The demand side is supported by simplified replacement processes and increased subsidies, with over 4.2 million vehicles replaced since the beginning of 2025 [5] - The introduction of new national standards is expected to enhance industry concentration, benefiting leading companies like the report's subject [5][6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 28.741 billion yuan, 33.569 billion yuan, and 39.293 billion yuan, representing year-on-year growth rates of 33.0%, 16.8%, and 17.1% respectively [6] - The estimated net profit for the same period is 2.658 billion yuan, 3.196 billion yuan, and 3.828 billion yuan, with corresponding growth rates of 33.7%, 20.3%, and 19.8% [6]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's basic operations are stabilizing, and the new retail format is continuously expanding [1] - The company achieved better-than-expected earnings in Q1 2025, with a projected high dividend payout for the year [1] - The main brand's revenue decline is narrowing, and the proportion of direct sales is increasing [2] - Other brands, including Sporz and JD Outlet, are contributing to new growth points [3] - The company is expected to see revenue growth in the coming years, driven by new retail formats and a strong dividend policy [4] Summary by Sections Financial Performance - In 2024, the company reported revenue of 20.96 billion yuan (down 2.7% year-on-year) and a net profit of 2.16 billion yuan (down 26.9% year-on-year) [1] - Q1 2025 revenue reached 6.19 billion yuan (up 0.2% year-on-year) with a net profit of 935 million yuan (up 5.5% year-on-year) [1] - The company plans a cash dividend of 1.969 billion yuan for 2024, with a dividend payout ratio of 91.22% [1] Main Brand Performance - The main brand's revenue in 2024 was 15.27 billion yuan (down 7.2% year-on-year), but gross margin improved by 1.3 percentage points to 46.5% [2] - The number of direct stores increased by 216 to 1,468, while franchise stores decreased by 359 to 4,365 [2] - The company is expanding into overseas markets, with 101 stores opened by the end of 2024, generating 355 million yuan in overseas revenue (up 30.75% year-on-year) [2] Other Brands - Other brands generated revenue of 2.67 billion yuan in 2024 (up 32.4% year-on-year), with Q1 2025 revenue reaching 740 million yuan (up 100.2% year-on-year) [3] - The company increased its stake in Sporz to 51% and reported significant contributions from this brand [3] - The partnership with JD to open JD Outlet stores is also expected to drive growth [3] Earnings Forecast and Investment Advice - Revenue is projected to grow to 22.3 billion yuan in 2025, 24.8 billion yuan in 2026, and 26.6 billion yuan in 2027, with corresponding net profits of 2.41 billion yuan, 2.66 billion yuan, and 2.91 billion yuan [4] - The new retail formats are expected to open up growth opportunities, and the company's high dividend yield is seen as stable [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, primarily due to slowed growth in scale and increased non-interest burdens, although interest margin pressures improved [2][3] - The average daily interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but rebounded by 2 basis points compared to Q4 2024, benefiting from a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market, with minimal losses reported [4] - The bank's non-performing loan ratio increased slightly to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [5] Summary by Sections Performance Overview - For Q1 2025, the company reported a revenue of 55,683 million, a decrease of 3.6% year-on-year, and a net profit of 23,796 million, down 2.2% year-on-year [12] - The return on equity (ROE) for Q1 2025 was 9.0%, reflecting a decline from previous quarters [12] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding book values per share (BPS) of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 CNY per share, indicating a potential upside of 23% from the current price [6] Asset Quality - The non-performing loan ratio at the end of Q1 2025 was 1.08%, with a slight increase from the previous quarter, while the attention loan ratio remained stable at 1.71% [5] - The provision coverage ratio decreased to 233% [1][5]

证券研究报告 | 公司点评 | 股份制银行Ⅱ ❑ 浦发银行 25Q1 盈利动能、客群夯实、资产质量三大经营拐点再印证，基本面继 续向好，目标价 16.45 元/股，现价空间 52%。 ❑ 数据概览 浦发银行 25Q1 营收同比增长 1.3%，较 24A 由减转增；归母净利润同比增长 1.0%。25Q1 末不良率环比下降 3bp 至 1.33%；25Q1 末拨备覆盖率环比基本持平 于 187%。 ❑ 盈利动能拐点印证 经营拐点再印证 ——浦发银行 2025 年一季报点评 投资要点 浦发银行 25Q1 营收同比由负转正，尤其是核心营收全面向好，盈利动能拐点印 证。25Q1 营收同比增长 1.3%，较 24A由减转增。其中，25Q1 利息净收入同比增 长 0.5%，较 24A 的-3.1%改善；中收同比持平，较 24A 的-6.7%改善。 展望未来，得益于资产质量拐点向好，浦发银行信用成本压力有望继续消退，支 撑全年利润增速修复。 ❑ 客群夯实拐点印证 浦发银行 25Q1 负债成本显著优化，显示客群基础显著夯实，支撑息差环比企 稳。测算浦发银行 25Q1 单季息差环比基本持平于 1.33%，主要得益于单季付息 负债 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 67.09 billion yuan in 2024, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 1.10 billion yuan, up 1.32% year-on-year [2][10] - The company is benefiting from the gradual release of new production capacity, with polyester filament sales reaching 7.55 million tons in 2024, an increase of 10.83% year-on-year [2][11] - The company is positioned as a leading player in the polyester industry, with a focus on integrated operations and cost reduction strategies [11][12] Financial Performance Summary - In 2024, the company reported a revenue of 67.09 billion yuan and a net profit of 1.10 billion yuan, with a gross profit margin of 5.63% [2][12] - For Q4 2024, the company achieved a revenue of 17.89 billion yuan, a year-on-year increase of 3.62%, and a net profit of 0.36 billion yuan, up 77.92% year-on-year [2][3] - In Q1 2025, the company reported a revenue of 14.56 billion yuan, a year-on-year increase of 0.73%, and a net profit of 0.31 billion yuan, up 11.35% year-on-year [3][12] Industry Outlook - The polyester industry is expected to face short-term pressures due to factors such as tariffs and declining downstream orders, but long-term prospects remain positive due to the high market share of domestic polyester filament production [10][11] - The company is expected to benefit from the high concentration of the polyester filament industry, which may lead to improved profitability for leading firms [10][11] - The company is projected to achieve net profits of 1.55 billion yuan, 2.08 billion yuan, and 2.51 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.01, 1.37, and 1.65 yuan [12][14]

Investment Rating - The investment rating for CITIC Bank is "Buy" [5] Core Views - CITIC Bank's Q1 2025 report indicates accelerated asset expansion but a decline in net interest margin, with other non-interest income dragging down overall performance [1][2] - Revenue for Q1 2025 decreased by 3.7% year-on-year, while net profit attributable to shareholders grew by 1.7%, reflecting a slowdown compared to 2024 [2][5] - The bank's total assets increased by 8.7% year-on-year, with loans and bond investments also showing growth [2][3] Summary by Sections Performance Overview - Q1 2025 revenue was 51,770 million, down 3.7% year-on-year, while net profit was 19,509 million, up 1.7% [2][11] - The non-performing loan ratio remained stable at 1.16%, with a provision coverage ratio of 207%, down 2.3 percentage points from the end of 2024 [1][4] Revenue Growth - The decline in revenue growth was primarily due to a decrease in net interest margin and fluctuations in trading income, despite support from scale expansion and provisioning [2][3] - Total assets reached 9,855,268 million, with loans growing by 5.1% year-on-year [2][11] Net Interest Margin - The net interest margin for Q1 2025 was 1.61%, down 10 basis points from the previous quarter, with asset yield decreasing by 25 basis points to 3.31% [3][11] - The cost of liabilities decreased by 15 basis points to 1.74%, benefiting from adjustments in deposit rates [3] Asset Quality - The non-performing loan ratio was stable at 1.16%, with a slight increase in the attention loan ratio to 1.68% [4][11] - The true non-performing loan generation rate for Q1 2025 was 1.28%, up 2 basis points from the previous quarter [4] Profit Forecast and Valuation - Projected net profit growth for 2025-2027 is 0.6%, 3.0%, and 4.9%, respectively, with a target price of 9.31 per share, indicating a potential upside of 29% [5][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 67.09 billion yuan in 2024, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 1.10 billion yuan, up 1.32% year-on-year [2][11] - The company is benefiting from the gradual release of new production capacity, with polyester filament sales reaching 7.55 million tons in 2024, an increase of 10.83% year-on-year [2][11] - The company is positioned as a leading player in the polyester industry, with a focus on integrated supply chain management and cost reduction strategies [11][12] Financial Performance Summary - In 2024, the company reported a revenue of 67.09 billion yuan and a net profit of 1.10 billion yuan, with a gross profit margin of 5.63% [2][12] - For Q4 2024, the company achieved a revenue of 17.89 billion yuan, a year-on-year increase of 3.62%, and a net profit of 0.36 billion yuan, up 77.92% year-on-year [2][3] - In Q1 2025, the company reported a revenue of 14.56 billion yuan, a year-on-year increase of 0.73%, and a net profit of 0.31 billion yuan, up 11.35% year-on-year [3][12] Industry Outlook - The polyester industry is expected to face short-term pressures due to factors such as tariffs and reduced downstream orders, but long-term prospects remain positive due to the high market share of domestic polyester filament production [10][11] - The company is expected to benefit from the gradual recovery of the polyester market, with projected net profits of 1.55 billion yuan in 2025, 2.08 billion yuan in 2026, and 2.51 billion yuan in 2027 [12][13]