Market Overview - On April 29, the Shanghai Composite Index fell by 0.2%, the CSI 300 decreased by 0.14%, the STAR Market 50 dropped by 0.17%, the CSI 1000 declined by 1.05%, the ChiNext Index decreased by 0.65%, and the Hang Seng Index fell by 0.04% [4] - The best-performing sectors on April 29 were banking (+0.98%), steel (+0.53%), public utilities (+0.39%), home appliances (+0.17%), and media (+0.02%). The worst-performing sectors were real estate (-3.66%), comprehensive (-2.52%), social services (-2.19%), automotive (-1.59%), and building materials (-1.57%) [4] - The total trading volume for the A-share market on April 29 was 1,076.8 billion yuan, with a net inflow of 2.03 billion HKD from southbound funds [4] Company Recommendation - The report focuses on Xtep International (01368), identified as the leading brand in the domestic running market, with expected market expansion and brand growth [5] - The recommendation logic highlights the rapid growth in the number of domestic running enthusiasts and serious runners, which is expected to drive Xtep's revenue growth beyond expectations [5] - Key drivers include the number of marathon participants, the wearing rate of Xtep and Saucony brands, sales performance of Xtep's main running products, and the opening and performance of Saucony stores [5] - The target price is set at 7 HKD, reflecting a potential upside of over 40%, based on a 2025 target PE of 13X [5] - Profit forecasts for Xtep indicate a net profit of 1,371.72 million yuan in 2025, 1,528.06 million yuan in 2026, and 1,703.48 million yuan in 2027 [5] - Catalysts for growth include the popularity of marathon events, increased brand wearing rates, strong sales of Xtep's main products, and improved store performance for Saucony [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 443 million yuan in 2024, a year-on-year decline of 5.9%, with a net profit attributable to shareholders of 135 million yuan, down 7.1%. However, Q4 2024 showed a revenue of 124 million yuan, up 31.6% year-on-year, and a net profit of 38 million yuan, up 37.9% year-on-year. The Q1 2025 revenue was 147 million yuan, a 24.9% increase year-on-year, with a net profit of 47 million yuan, up 21.5% year-on-year. The recovery in shipments is expected to drive revenue and profit growth in 2025 [1][2][4] Summary by Sections Growth Potential - The recovery in shipments is anticipated to drive revenue growth in 2025, supported by the strong market presence of the company's products. The company has seen significant revenue growth in previous years corresponding to the launch of new products. The introduction of the Stryker 1788 in September 2023 is expected to enhance revenue as customer inventory levels normalize [2] - The company is expanding its product offerings, including the launch of several 4K endoscope systems, which are expected to contribute significantly to revenue in 2024 and beyond. The ongoing collaboration with major clients is expected to further enhance revenue growth [2] Profitability - The gross margin for 2024 is projected to be 64.5%, an increase of 0.8 percentage points year-on-year, while Q1 2025 gross margin is expected to be 65.0%, up 0.5 percentage points year-on-year. The company is expected to maintain a high gross margin due to improved supply volumes and cost reductions [3] - The net margin for 2024 is projected at 30.2%, remaining stable year-on-year, while Q1 2025 net margin is expected to be 31.2%, a slight decline of 1.1 percentage points. Despite potential increases in expenses, the company is expected to maintain a high net margin due to economies of scale [3] Financial Forecast and Valuation - The company is projected to achieve total revenues of 552 million yuan, 662 million yuan, and 800 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 24.64%, 19.99%, and 20.87%. The net profit attributable to shareholders is expected to be 174 million yuan, 212 million yuan, and 259 million yuan for the same years, with corresponding year-on-year growth rates of 28.40%, 22.01%, and 22.20% [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.73 billion in Q1 2025, showing a year-on-year decrease of 1.76%, while the net profit attributable to the parent company was 71 million, down 4.02% [1] - The retail segment demonstrated strong e-commerce growth, with online retail revenue increasing by 29.1% to 390 million, while offline retail revenue decreased by 5.8% to 650 million [2] - The company is focusing on AI sleep technology, collaborating with Tsinghua University to enhance its product offerings [4] - Financial metrics indicate a gross margin of 33.44%, with an increase in operating expenses [5] Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.73 billion, with a net profit of 71 million and a non-recurring net profit of 60 million, reflecting a decline of 4.02% and 19.31% respectively compared to the previous year [1] Retail Segment Performance - The retail business generated 1.08 billion in revenue, with online sales growing by 29.1% to 390 million, while offline sales fell by 5.8% to 650 million [2] Manufacturing and Overseas Operations - The OEM business reported a revenue of 480 million, with international sales at 360 million, showing a growth of 2.8% [3] - The cross-border e-commerce segment saw a revenue decline of 22.9% to 60 million due to strategic adjustments [3] Product Categories - Mattress revenue reached 1.13 billion, up 10% year-on-year, with proprietary brand mattresses contributing 770 million, an 18% increase [4] Financial Metrics - The gross margin stood at 33.44%, with an increase in operating expenses, including a rise in sales and financial expense ratios [5] - The company is projected to achieve revenues of 9.46 billion, 10.26 billion, and 11.15 billion for 2025, 2026, and 2027 respectively, with net profits expected to grow significantly [6]

证券研究报告 | 行业专题 | 通信 全年业绩低点已过，AI 算力增长加速 ——电信运营商行业点评报告 投资要点 ❑ 25Q1 行业增速较缓，或为年内低点，全年节奏有望前低后高 25Q1 行业增速放缓，或受基数高、主动精细化项目管理等因素影响。2025 年一 季度，电信业务收入累计完成 4469 亿元，同比增速约 0.7%。我们认为，行业增 速较缓主要系多因素综合影响：一是，2024 年同期基数相对较高，2024Q1 的行 业整体收入无论从绝对值角度还是同比增速角度，均处于相对高位。二是，今年 以来宏观环境依旧复杂多变，随着国内一系列政策陆续部署出台，内需修复的持 续性仍需巩固。三是，运营商进行精细化项目管理，对部分高风险项目主动进行 管控。 2024 年经营数据季度分布呈现 U 形走势，Q2、Q3 基数相对较低。具体来看， 2024 年 1-3 月、1-6 月、1-9 月、1-12 月，行业整体电信业务收入累计增速分别 为 4.5%、3.0%、2.6%、3.2%。拆分单季度数据来看，2024Q1、Q2、Q3、Q4， 行业整体电信业务收入单季度同比增速分别为 4.5%、1.6%、1.8%、5.1%。参照 我们 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6]. Core Insights - The company is engaged in dual business lines of touch display and power transmission, with a projected revenue CAGR of 25.5% from 2019 to 2024. The human-shaped robot sector is expected to provide new growth momentum [2][6]. Summary by Sections Touch Display Business - The touch display market is expected to benefit from AI development, with revenue projected to account for 49.3% in 2024. The global touch display market reached $35 billion in 2019 and is anticipated to grow steadily due to the smart device trend [3][46]. - The company has established stable partnerships with major clients such as Foxconn and BOE, focusing on high-margin products like dual-screen and curved-screen automotive touch displays [3][72]. Power Transmission Business - The power transmission market is experiencing stable growth, with a significant shift towards electrification. The global automotive transmission system market is projected to reach $147.09 billion in 2024, with a CAGR of 2.4% from 2025 to 2033 [4][64]. - The company is actively expanding its product offerings in the electric drive transmission system components for new energy vehicles, collaborating closely with high-end clients like Toyota and BYD [4][31]. Human-Shaped Robot Sector - The company has invested in Wuxi Quanzhibo to expand into the human-shaped robot sector, which is entering a growth phase as international giants ramp up production [5][71]. Financial Forecast and Valuation - The company is expected to achieve revenues of 4.39 billion, 5.30 billion, and 6.19 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 260 million, and 370 million yuan, reflecting growth rates of 59%, 32%, and 41% respectively [6][8]. The projected P/E ratios are 48, 36, and 26 for the same period [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 4.589 billion yuan in 2024, representing a year-over-year (YOY) increase of 30.04%, and a net profit attributable to shareholders of 453 million yuan, with a YOY increase of 31.59% [1] - The company has a historical high level of orders on hand, with accounts receivable reaching 2.428 billion yuan, a 40.30% increase compared to the beginning of the year [1] - The company is focusing on expanding its overseas market presence and enhancing its research and development capabilities, with R&D expenses increasing by 32.98% in 2024 [2] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 932 million yuan, a YOY increase of 25.07%, but net profit decreased by 22.53% to 48 million yuan [3] - The gross margin for Q1 2025 was 26.5%, reflecting a decrease of 0.46 percentage points after accounting for policy changes [3] Business Segments - The data center cooling business generated revenue of 2.441 billion yuan in 2024, a YOY increase of 48.8%, with a gross margin of 27.0% [4] - The company has made significant advancements in liquid cooling technology, achieving cumulative deliveries of 1.2 GW by March 2025 [4] Research and Development - The company has established new technology research institutes in Shenzhen and Beijing, focusing on internal incubation of new products and technologies [2] - As of the end of 2024, the company held 102 invention patents, a 73% increase from the previous year [2] Market Outlook - The company is expected to benefit from the growing demand for AI data centers and the increasing penetration of liquid cooling technology [9] - The forecasted revenues for 2025, 2026, and 2027 are 6.267 billion yuan, 7.773 billion yuan, and 9.265 billion yuan, respectively, with corresponding net profits of 697 million yuan, 875 million yuan, and 1.053 billion yuan [14]

投资要点 ❑ 泡泡玛特发布 25Q1 业务状况 25Q1 收入同增 165-170%，环比加速（24H2 收入同增 143%），中国收入同增 95- 100%（24H2 收入同增 70.4%），海外同增 475-480%（24H2 收入同增 438%） 证券研究报告 | 公司点评 | 文娱用品 泡泡玛特(09992) 报告日期：2025 年 04 月 28 日 新品火爆接力，业绩再超预期，加速迈向"世界的泡泡玛特" ——泡泡玛特 25Q1 业务点评 ❑ 国内外均加速，新品火爆接力，IP 全球势能强化 中国：25Q1 线下收入同增 85-90%，线上同增 140-145%，店效环比再提升，多品爆 火，哪吒 2 盲盒爆火后，LABUBU 航海王联名盲盒、LABUBU 象棋大冒险毛绒、 DIMOO 迪士尼联名毛绒等持续接力，多业态贡献增量（小野品牌店/饰品快闪店）。 海外：25Q1 收入同增 475-480%，其中：1）亚太收入同增 345-350%（24H2 同增 413%）,东南亚景气延续，以泰国为中心蔓延邻国，电商高增；2）美洲收入同增 895-900%（24H2 同增 649%），美国加速开店且位置更优，预 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][8] Core Views - The company achieved a revenue of 35.01 billion yuan in 2024, representing a year-on-year growth of 5.72%, and a net profit attributable to shareholders of 7.23 billion yuan, up 27.19% year-on-year [6][7] - The company is focusing on its pharmaceutical core business, demonstrating strong operational resilience, with significant growth in prescription drug sales due to the expansion into nearly 5,000 hospitals and primary healthcare institutions [6][7] - The company completed the acquisition of Yingu Pharmaceutical, enhancing its product portfolio with high-tech formulations, while maintaining a high dividend payout ratio of 70.64% [6][7] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 35.01 billion yuan (2024), 41.80 billion yuan (2025E), 47.44 billion yuan (2026E), and 52.91 billion yuan (2027E), with respective growth rates of 5.72%, 19.41%, 13.49%, and 11.53% [2][6] - Net profit attributable to shareholders is projected to grow from 7.23 billion yuan in 2024 to 11.22 billion yuan in 2027, with growth rates of 27.19%, 17.18%, 15.17%, and 15.03% respectively [2][6] - The company’s earnings per share (EPS) is expected to increase from 1.27 yuan in 2024 to 1.98 yuan in 2027, with corresponding P/E ratios decreasing from 17.20 to 11.08 [2][6] Profitability and Growth - The company’s net profit margin and return on equity (ROE) are projected to improve, with net profit margins of 20.64% in 2024 and 21.20% in 2027, and ROE increasing from 24.58% to 29.53% over the same period [7] - The gross margin for the manufacturing sector is expected to be 77.05% in 2024, reflecting a year-on-year increase of 3.59 percentage points [6][7] Strategic Outlook - The company is expected to maintain double-digit growth in its core business, driven by the strengthening of its "evidence-based traditional Chinese medicine" label and the expansion of its hospital network [6][7] - The OTC business is anticipated to recover due to improved online and offline marketing strategies [6][7]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

Core Insights - The report analyzes the investment value of fixed income funds managed by Huashang Fund's manager Li Qian, focusing on market environment, manager capabilities, and product characteristics [1][2]. Market Analysis - The equity market has shown a volatile upward trend over the past year, characterized by "strong expectations, weak realities," with a significant rebound since September 24, 2024, following unexpected policy shifts. However, recent tariff policies have led to stagnation [12][19]. - The bond market's safe-haven rally driven by tariff impacts may be temporarily concluding, with the 10-year government bond yield expected to fluctuate between 1.65% and 1.75% [19][24]. - The convertible bond market has experienced a "V"-shaped recovery, with a positive outlook for price recovery, particularly in technology growth sectors [1][19]. Fund Manager Introduction - Li Qian, an economics PhD with 5.3 years of securities investment experience, has managed over 6.6 billion yuan in public funds, achieving a return of 119.63% for the Huashang Fengli Enhanced A fund during his tenure, ranking first among peers [2][41]. Product Characteristics Huashang Fengli Enhanced A - This fund exhibits characteristics of a convertible bond fund, achieving significant excess returns during the bull market from 2020 to 2021. Over the past five years, it has delivered a return of 119.63%, significantly surpassing its performance benchmark [3][43]. - The fund's asset allocation strategy has focused on convertible bonds and interest rate bonds, maintaining a maximum drawdown of no more than 3% while achieving high returns [3][43]. - In 2024, the fund's annualized return exceeded 10%, driven by active industry rotation and optimized leverage and duration management [3][44]. Huashang Credit Enhanced A - This fund also demonstrates strong characteristics of a convertible bond fund, achieving a balance between returns and risks across different market cycles. It recorded annualized returns of 20.53% and 33.49% in 2020 and 2021, respectively, significantly outperforming peers [4][5]. - The fund's performance turned negative in 2022-2023 due to macroeconomic downturns and rising interest rates, but it rebounded to an annualized return of 9.27% in 2024 [4][5]. Huashang Lixin Return A - This fund has shown aggressive characteristics through high leverage and industry rotation strategies, demonstrating defensive attributes in a weak market environment in 2023. Its performance improved significantly in 2024, with continued recovery in 2025 [6][5]. Fund Performance Metrics - Huashang Fengli Enhanced A achieved an annualized return of 16.92% over five years, with a total return of 118.69%, significantly exceeding its benchmark [46][44]. - The fund's asset allocation has shifted towards convertible bonds, which now constitute 97.75% of its portfolio, reflecting a strategy focused on high-risk assets [49][50]. - The fund's leverage ratio is higher than the industry average, enhancing its return potential while increasing volatility [54].