Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to achieve a significant year-on-year growth in net profit for Q1 2025, estimated between 1 billion to 1.2 billion yuan, representing a growth of approximately 149% to 199% [2] - The shipbuilding industry is experiencing an upward cycle due to factors such as replacement cycles, environmental policies, and tight capacity, which are collectively enhancing industry profitability [3][4] - The company has a strong order backlog with 333 vessels totaling 2,250 billion yuan, indicating a robust demand for various types of ships [2] Financial Summary - The projected net profit for the company from 2024 to 2026 is approximately 3.8 billion, 7.6 billion, and 10.6 billion yuan, reflecting growth rates of 29%, 99%, and 40% respectively [6] - The company's revenue is expected to grow from 74.839 billion yuan in 2023 to 105.063 billion yuan in 2026, with a compound annual growth rate of 10% [6] - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 2.37 yuan in 2026 [6] Industry Insights - The shipbuilding industry is witnessing a mixed demand scenario, with new orders for container ships increasing by 238% year-on-year, while orders for other types of vessels have seen significant declines [3] - The new ship price index has shown a historical peak, indicating potential for continued price increases driven by supply-demand dynamics [3][4] - The consolidation of shipbuilding assets within the group is expected to enhance operational efficiency and improve competitive positioning in the market [4]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 09 日 浙商早知道 2025 年 04 月 09 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 市场总览 重要推荐 【浙商化工 李佳骏】呈和科技（688625）公司更新：关税政策下受益标的，国产成核剂龙头乘势而上——20250407 重要观点 【浙商固收 覃汉/郑莎】债券市场专题研究：国债期货连续跳空缺口是否会回补？——20250407 2.1 【浙商化工 李佳骏】呈和科技（688625）公司更新：关税政策下受益标的，国产成核剂龙头乘 势而上——20250407 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周二上证指数上涨 1.6%，沪深 300 上涨 1.7%，科创 50 上涨 1.7%，中证 1000 上涨 0.6%，创业板指上涨 1.8%， 恒生指数上涨 1.5%。 行业：周二表现最好的行业分别是农林牧渔（+7.8%)、商贸零售（+3.4%)、食品饮料（+3.4%)、煤炭（+3.3%)、 美 ...

Group 1: Foreign Exchange Reserves - In March, China's official foreign exchange reserves reached $32,406.65 billion, an increase of $13.441 billion month-on-month, primarily driven by exchange rate factors[1] - The positive contribution from exchange rates was significant, with the dollar index declining by 3.13% from the end of February, impacting reserves positively by approximately $60.625 billion[2] - The valuation effect negatively impacted reserves by about $4.73 billion due to falling European bond prices, leading to a net effect of approximately $55.901 billion on reserves[2] Group 2: Trade Environment and Currency Fluctuations - The short-term trade environment is identified as a core factor influencing exchange rates, with expectations of increased two-way volatility[3] - If trade tensions escalate with other major countries, they may devalue their currencies against the dollar, which could lead to a passive appreciation of the RMB[3] - Conversely, if major countries make concessions in trade negotiations, external pressures on China may increase, expanding the depreciation space for the RMB[3] Group 3: Gold Reserves - As of the end of March, gold reserves stood at 7.37 million ounces, marking the fifth consecutive month of increases[4] - Gold reserves now account for 6.4% of total foreign exchange reserves, with expectations for further increases in this ratio[4] - Short-term outlook suggests a potential slight decline in gold prices due to unmet U.S. gold tariff expectations, but a long-term forecast predicts new highs by 2025 driven by central bank purchases[4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has announced a share buyback plan of RMB 1.8-3.6 billion, reflecting confidence in its development and recognition of its own value [2] - The construction machinery industry is showing signs of recovery, with leading companies expected to benefit [3][4] - The company is positioned to become a global leader in the engineering machinery sector, currently ranked fourth globally and first in China [4] - The company's asset quality has improved, and its profitability is notable, with a projected return on equity (ROE) of 9% for Q3 2024 [5] - Revenue and net profit forecasts for 2024-2026 indicate growth, with a compound annual growth rate (CAGR) of 22% for net profit from 2023 to 2026 [6] Summary by Sections Share Buyback and Confidence - The company plans to repurchase shares at a price not exceeding RMB 13 per share, totaling between RMB 1.8 billion and RMB 3.6 billion, which will account for approximately 1.17%-2.34% of its total share capital [2] Industry Recovery - Domestic excavator sales in March reached 19,517 units, a year-on-year increase of 29%, while total sales for the first quarter were 36,562 units, up 38% year-on-year [3] - The average working hours for major construction machinery products in March increased by 7% year-on-year, indicating a recovery in the domestic market [4] Company Positioning and Product Range - The company maintains a comprehensive product range and is expected to gradually enter the global top three in the engineering machinery sector [4] - The company leads in various categories, including cranes and concrete machinery, and ranks sixth globally in excavators [4] Financial Performance and Projections - The company’s financing lease obligations decreased by 18% year-on-year, and its net profit margin has shown consistent improvement [5] - Revenue projections for 2024-2026 are RMB 909 billion, RMB 1,047 billion, and RMB 1,279 billion, with net profits expected to be RMB 62 billion, RMB 78 billion, and RMB 97 billion respectively [6]

Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 08 日 浙商早知道 2025 年 04 月 08 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 【浙商策略 廖静池/王大霁/李沛/赵闻恺】策略专题研究："对等关税"落地后的应对策略——20250406 大势：4 月 7 日中上证指数下跌 7.34%，沪深 300 下跌 7.05%，科创 50 下跌 9.22%，中证 1000 下跌 11.39%，创业 板指下跌 12.5%，恒生指数下跌 13.22%。 行业：4 月 7 日表现最好的行业分别是农林牧渔（-2.14%)、食品饮料（-4.48%)、银行（-4.67%)、公用事业（-5.38%)、 交通运输（-7.16%)，表现最差的行业分别是计算机（-12.55%)、机械设备（-12.19%)、传媒（-12.12%)、电力设备 （-12.12%)、通信（-11.72%)。 资金：4 月 7 日全 A 总成交额为 16180 亿元，南下资金净流入 153.73 亿港元。 1 市场总览 1、大势 4 月 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a profit of 1.47 billion yuan in 2024, representing a year-on-year growth of 254%, with a dividend payout ratio of 73% [1] - Revenue for 2024 reached 8.5 billion yuan, an increase of 167.5% year-on-year, aligning with the upper end of the profit forecast [1] - The company's same-store sales growth exceeded 120%, ranking first in revenue and sales efficiency among jewelry brands in mainland China [2] - The gross margin remained stable at 41.2%, while the net profit margin increased significantly to 17.3% [3] - The company is expanding its brand influence and optimizing its product offerings, with plans to open 7 new stores and upgrade 4 existing ones in 2024 [4] Financial Summary - The company forecasts revenues of 17.85 billion yuan in 2025, 24.92 billion yuan in 2026, and 31.12 billion yuan in 2027, with respective year-on-year growth rates of 110%, 40%, and 25% [5] - The projected net profit for 2025 is 3.58 billion yuan, with a year-on-year growth of 143% [5] - The earnings per share (EPS) are expected to be 9.47 yuan in 2024, increasing to 38.63 yuan by 2027 [6]

证券研究报告 钢铁周报：美国关税政策影响下，黑色商品相对收益显著 行业评级：看好 2025 年 04 月 07 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 价格 1 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年4月6日） | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 342 | -0 3% . | -0 . | 3% | | | 沪深300 | | 3 , | 862 | -1 4% . | -1 . | 9% | | 板 | SW钢铁指数 | | 2 , | 251 | -0 1% . | 7 . | 1% | | 块 | | SW普钢指数 | 2 , | 254 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year increase of 13.32%, while the net profit attributable to shareholders was 301 million yuan, down 33.70% year-on-year [1] - The poultry vaccine segment showed strong growth, with revenues of 1.08 billion yuan for poultry biological products and 211 million yuan for livestock biological products, increasing by 15.90% and 49.78% respectively [2] - The pet segment experienced significant growth, with revenues of 633 million yuan for the pet supply chain, 37 million yuan for pet biological products, and 19 million yuan for pet pharmaceuticals, reflecting increases of 37.66%, 849.09%, and a decrease of 28.26% respectively [4] - The company is actively pursuing international expansion and strategic partnerships, having registered 35 products in seven countries and deepening collaborations with major clients [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 828 million yuan, a year-on-year increase of 25.16%, with a net profit of 52 million yuan, down 71.01% year-on-year [1] - The company expects net profits to grow to 422 million yuan, 536 million yuan, and 690 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.40%, 27.06%, and 28.67% [5] Business Segments - The traditional livestock business remains stable, while the emerging pet business is gaining a competitive edge through product development and market penetration [5] - The company has made significant advancements in pet pharmaceuticals, including the development of a cat trivalent vaccine and a dual-use drug for dogs and cats [4] Market Strategy - The company is focusing on a dual-cycle strategy of product and technology export, enhancing its international presence and quality standards [3] - Collaborations with over 20 major group clients have been established, reinforcing the company's market position [3]

证券研究报告 寿险NBV强劲，投资助推利润大增 ——保险行业2024年年报综述暨一季度业绩前瞻 2025年4月7日 行业评级：看好 分析师 孙嘉赓 分析师 胡强 证书编号 S1230525010004 证书编号 S1230523100004 邮箱 sunjiageng@stocke.com.cn 邮箱 huqiang@stocke.com.cn 摘要 1、24年业绩总览 3、 展望及投资建议 2 • 盈利：受益于资本市场上涨带来的投资收益大幅提升，上市险企净利润、ROE均显著提升，新华净利润大增201.1%。 • 规模：营收均有较快增长，新华大幅领跑，同比85.3%；净资产表现分化，国寿增速居首，同比55.5%。 95% • 寿险：①NBV：各家NBV均快速增长，新华增速领先，同比达106.8%；新业务价值率的显著提升，是驱动各险企NBV快速 增长的核心因素。②代理人：数量仍在下降，但降幅收窄，平安实现正增长，具体看：24年末与23年末同比，平安（4.6%） ＞国寿（-3%）＞太保（-5.5%）＞新华（-12.3%）；产能看，得益于各险企强化优增优育，队伍质态改善，绩优人力贡献 加大，各险企队伍产能均有20% ...