Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][16]. Core Insights - The company reported a total revenue of $390 million for 2024, reflecting a year-on-year growth of 43.7%, and a Non-GAAP net profit of $70 million, which is a 65% increase compared to the previous year [1]. - In Q4 2024, the company experienced a significant increase in commission income, which reached $56 million, a year-on-year growth of 154.9%, driven by a 182% increase in stock trading volume to $55.5 billion [2]. - The number of new funded clients exceeded expectations, with a total of 1.092 million clients by the end of 2024, marking a 20.7% increase year-on-year [3]. - The company has upgraded its AI investment assistant to TigerAI, enhancing its technological capabilities [5]. - The forecast for Non-GAAP net profit growth is projected at 71% for 2025, with earnings per ADS expected to be $0.78, leading to a corresponding PE ratio of 12.43 [6]. Financial Summary - For 2024, the company achieved a total revenue of $392 million, with projections for 2025, 2026, and 2027 at $517 million, $659 million, and $767 million respectively, indicating growth rates of 32.13%, 27.43%, and 16.39% [13]. - The Non-GAAP net profit for 2024 was $70 million, with estimates of $120 million, $156 million, and $197 million for the following three years, reflecting growth rates of 70.99%, 29.85%, and 25.60% [13]. - The average revenue per user (ARPU) for Q4 2024 was $116.8, showing a year-on-year increase of 48% [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is a pioneer in the domestic GPU field, continuously iterating its products and expanding applications from military to consumer and AI computing [1][2] - The company is transitioning from a "specialized" to a "specialized + general" product strategy, leveraging AI and consumer-grade graphics cards to open new growth avenues [2] - The domestic GPU market is expected to grow significantly, driven by increasing demand for AI capabilities and government support for computing infrastructure [3][4] Summary by Sections 1. Domestic GPU Pioneer - The company successfully developed the first domestically produced GPU chip and has been a leader in the field since 2007, with product evolution from the JM5 series to the JM11 series and the Jinghong series [1][14] - In 2023, the company's revenue was affected by macroeconomic fluctuations and demand changes, with revenue contributions from graphics display, chips, and radar at 65.1%, 14.2%, and 18.5% respectively [1][17] 2. AI Computing Opportunities - The company is capitalizing on the AI-driven demand for GPUs, with the JM11 series chips compatible with major operating systems and suitable for gaming, animation, cloud computing, and AI applications [2][34] - The launch of the Jinghong series high-performance intelligent computing modules aims to fill gaps in AI training and scientific computing, supporting various mixed-precision operations [2][14] 3. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 5.15 billion, 7.77 billion, and 10.47 billion yuan, with corresponding growth rates of -27.82%, +50.96%, and +34.66% [4][11] - The company is compared to peers in the GPU sector, with a projected price-to-sales ratio of 60 times for 2025, indicating a favorable valuation compared to competitors [4][12]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights the daily price changes of various metals, indicating a mixed performance across the sector. Notably, lithium carbonate and copper have shown slight increases, while nickel and zinc have experienced declines [2] Summary by Relevant Sections Daily Metal Price Changes - Lithium Carbonate: 75,000 CNY/ton, daily change +0.23%, year-to-date change +0.13% [2] - Lithium Hydroxide: 70,000 CNY/ton, daily change 0.00%, year-to-date change +0.34% [2] - Copper: 80,000 CNY/ton, daily change +0.30%, year-to-date change +8.88% [2] - Gold: 700.7 CNY/gram, daily change +0.82%, year-to-date change +13.38% [2] - Electrolytic Nickel: 131,000 CNY/ton, daily change -2.89%, year-to-date change +4.63% [2] - Aluminum: 21,000 CNY/ton, daily change -0.05%, year-to-date change +5.00% [2] - Lead: 18,000 CNY/ton, daily change -0.45%, year-to-date change +4.53% [2] - Zinc: 24,000 CNY/ton, daily change -0.66%, year-to-date change -7.47% [2] - Tin: 281,000 CNY/ton, daily change -0.24%, year-to-date change +14.20% [2] - Silver: 8.4 CNY/gram, daily change +0.19%, year-to-date change +11.78% [2] - Antimony: 178,000 CNY/ton, daily change +1.73%, year-to-date change +27.28% [2] - Molybdenum: 444,000 CNY/ton, daily change 0.00%, year-to-date change -3.27% [2] - Titanium Sponge: 53,000 CNY/ton, daily change 0.00%, year-to-date change +8.16% [2] - White Tungsten Concentrate: 140,000 CNY/ton, daily change 0.00%, year-to-date change -2.45% [2] - Magnesium: 17,000 CNY/ton, daily change -0.63%, year-to-date change -3.36% [2] - Neodymium Praseodymium Oxide: 448,000 CNY/ton, daily change 0.00%, year-to-date change +11.18% [2] - Metal Silicon: 14,000 CNY/ton, daily change 0.00%, year-to-date change -4.63% [2]

证券研究报告 规模化提速，确定性提升 ——低空经济板块二季度策略报告 2025年3月17日 行业评级：看好 分析师 邱世梁 分析师 黄华栋 证书编号 S1230520050001 证书编号 S1230522100003 邮箱 qiushiliang@stocke.com.cn 邮箱 huanghuadong@stocke.com.cn 研究助理 彭沈楠 投资要点 1、低空经济当下的投资逻辑？ —— 2025年是低空经济规模化落地元年 短期看，2024年内各省份低空经济发展方案和支持措施已陆续出台，2025年在两会政府工作报告指导下，将是低空经济规模化落地元年，低空经济新技术、新产品、 新场景有望在政策推动下大规模放量应用。展望25年二季度，相关指导文件有望在低空司统筹下发布，指导地方低空投建营落地，eVTOL首批六个试点城市有望进度 领先。长期看，低空经济作为新质生产力将助力宏观经济复苏，同时在中外新兴产业竞争中也极具战略意义。 2、低空基建：项目中标进入爆发期，关注照明、空管和规划设计 24年12月起低空经济相关中标开始爆发。总量上据我们统计，24年12月低空经济相关项目中标总金额15.3亿元，环比增长26 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - Yongyi Co., Ltd. is a leading manufacturer in the office chair export sector, showcasing significant growth potential driven by multiple factors [1][4] - The company has established a strong presence in the office chair market, with a focus on both export and domestic sales, indicating a robust growth trajectory [2][3] Summary by Sections Office Chair Export Leadership - Yongyi Co., Ltd. has been deeply involved in the office chair sector since its establishment in 2001, becoming the first listed company in China's chair industry [14] - The company reported a revenue of 3.54 billion yuan in 2023, a year-on-year decrease of 12.8%, with a net profit of 298 million yuan, also down 11% [15][17] Global and Domestic Market Trends - The global office chair market was valued at 15 billion USD in 2023, with China being the largest producer [2][19] - The domestic market for office chairs is expected to grow significantly, with a projected market size of 37.6 billion yuan by 2026 [44] Growth Drivers - The company is set to benefit from the introduction of new clients and products, with a focus on expanding its customer base in 2024 and beyond [3][48] - Yongyi's production capacity is expanding, particularly in Vietnam and Romania, which will enhance its competitive edge in the global market [51] Financial Forecast and Valuation - The company is expected to achieve revenues of 4.73 billion yuan in 2024, representing a year-on-year growth of 34%, with net profits projected to reach 327 million yuan [4][11] - The price-to-earnings ratio for 2025-2026 is estimated at 10x and 8x, respectively, indicating a favorable valuation [4][11]

证券研究报告 供需趋紧，"铝"创新高 ——铝板块二季度策略 行业评级：看好 2025年3月13日 分析师 沈皓俊 研究助理 何玉静 邮箱 shenhaojun@stocke.com.cn 邮箱 heyujing@stocke.com.cn 证书编号 S1230523080011 摘要 1、价格：铝价中枢上移，上行趋势持续 3、供需：供给严限增量有限+需求成色佳 4、利润：产业链利润再分配，吨铝利润显著改善。 • 截止到2025年3月10日，单吨电解铝利润约为3300元/吨，吨铝利润显著走高。建议关注：云铝股份、神火股份、中国宏桥（宏创控股）、天山 铝业、中孚实业、中国铝业。 风险提示：国际政治形势变动风险、供给超预期放量风险、下游需求释放不及预期 2 伦铝价格：截止到2025年3月10日，LME现货结算价为2716美元/吨，同比上升507美元/吨，增幅19%。 由于今年春节时间相对靠前，铝价于2月底顺畅进入上行周期，同时2024Q4新能源汽车景气度突出，淡季不淡，需求表现突出。 低库存和海外高成本给予价格强支撑，美联储持续推进降息，国内经济刺激政策频繁出台，经济复苏预期强化，东南亚国家潜力 有望释放，金融和商 ...

Investment Rating - The report indicates a positive outlook for the home appliance industry, particularly with the integration of AI technologies [2][3][6]. Core Insights - The home appliance sector is experiencing a transformation driven by AI, with black appliance brands actively embracing this trend [2][3]. - The low-altitude economy is expected to see significant growth in 2025, with orders being the main focus and mergers and acquisitions as a secondary aspect [6][7]. - Consumption policies are anticipated to gradually strengthen as a counter-cyclical measure, with potential for extraordinary measures such as nationwide consumption vouchers [5]. Summary by Sections Market Overview - On March 18, 2025, major indices showed slight increases, with the Shanghai Composite Index up by 0.1% and the Hang Seng Index up by 2.5% [4]. - The best-performing sectors included home appliances (+1.9%) and non-ferrous metals (+1.4%), while the worst performers were food and beverage (-0.7%) and beauty care (-0.7%) [4]. Important Insights Macro Research - The report discusses the gradual implementation of consumption policies as a response to structural transformation, with a focus on consensus-building [5]. - If US-China trade tensions escalate, there may be a significant increase in counter-cyclical policy measures [5]. Electric Power Equipment - The report highlights 2025 as a pivotal year for the low-altitude economy, with expectations for policy guidance to facilitate local implementation [6][7]. - The low-altitude economy is seen as a new productive force that could aid macroeconomic recovery and enhance competitiveness in emerging industries [6][7]. Home Appliances - The integration of AI in home appliances is expected to create new investment opportunities, particularly for black appliance brands [3][6]. - The DeepSeek model is identified as a catalyst for a new wave of AI applications in the home appliance sector [3][6].

Investment Rating - The industry investment rating is "Positive (Maintained)" [5] Core Viewpoints - The new ship price index at the end of February 2025 was reported at 188.36 points, reflecting a year-on-year increase of approximately 3% [1] - The shipbuilding industry is experiencing high prosperity, with multiple ship types ramping up production, leading to improved profitability for shipyards and potential for continuous price increases due to supply-demand tightness [3] - The total order book for ships globally reached approximately 367 million deadweight tons by the end of February 2025, representing a year-on-year growth of 26% [11] Summary by Sections Monthly Ship Price Data - The new ship price index increased by 2.84% year-on-year but decreased by 0.54% month-on-month, with a significant increase of 48.19% since 2021, currently at a historical peak of 98.36% [1] - Breakdown by ship type shows container ships at 118.31 points (up 5.26% YoY), oil tankers at 220.98 points (up 4.54% YoY), bulk carriers at 172.69 points (up 3.96% YoY), and LNG carriers at 204.17 points (up 2.05% YoY) [2] Order and Delivery Data - New orders in February 2025 saw a significant decline of 76.9% year-on-year, primarily due to the Spring Festival holiday, with total new orders around 3.7 million deadweight tons [6] - The global completion and delivery of ships in February 2025 was approximately 4.05 million deadweight tons, down 27.6% year-on-year [6] Industry Opportunities - The shipbuilding industry is expected to benefit from the government's focus on "deep-sea technology," with major players like China Shipbuilding Group positioned to gain from policy support [3] - The competitive landscape is improving due to ongoing asset consolidation in the shipbuilding sector, enhancing operational efficiency and scale [3] Key Recommendations - Key companies recommended for investment include China Shipbuilding, China Heavy Industry, China Power, China Marine Defense, and Yaxing Anchor Chain, with a focus on their strong market positions and growth potential [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see steady growth in HNB (Heated Not Burned) products in 2025, with significant contributions anticipated in the second half of the year. The potential of the aerosol medical business is also highlighted as a key component of the company's 2030 goals [11] - Revenue for 2024 is projected at 117.99 billion CNY, with a year-on-year growth of 5.3%, while net profit is expected to decline by 20.8% to 13.03 billion CNY [1][11] - The company is focusing on expanding its HNB and aerosol medical product lines, with R&D investments showing significant increases in these areas [3][11] Financial Performance - In 2024, the company achieved a revenue of 117.99 billion CNY, with a net profit of 13.03 billion CNY, resulting in a net profit margin of 11.05% [1] - The company’s revenue for the fourth quarter of 2024 was 34.63 billion CNY, reflecting an 8% increase year-on-year, but a decline in profit by 42% due to high expenses [1] - The projected revenues for 2025, 2026, and 2027 are 128.92 billion CNY, 151.12 billion CNY, and 173.48 billion CNY, respectively, with corresponding net profits of 16.19 billion CNY, 21.21 billion CNY, and 26.59 billion CNY [11][12] Market Potential - The global market for electronic aerosol is expected to reach 91.42 billion USD by 2029, with a CAGR of approximately 7.4% from 2024 to 2029 [4] - The heated not burned market is projected to reach 66.86 billion USD by 2029, with a CAGR of about 10.1% during the same period [4] - The aerosol medical market is anticipated to grow significantly, with the global market for pulmonary drugs and delivery devices expected to reach 93.28 billion USD by 2030 [4]

Investment Rating - The report assigns a "Buy" rating for Xiangcai Co., Ltd. (600095) [7] Core Views - Xiangcai Co., Ltd. is planning to acquire Dazhihui through a share swap, which is expected to enhance its business capabilities by integrating technology and customer flow advantages [3][4] - The historical context of the relationship between Xiangcai and Dazhihui includes previous attempts at mergers and acquisitions, indicating a long-standing interest in collaboration [2] - The merger is anticipated to facilitate the third integration of traditional brokerage firms with financial technology, potentially revitalizing Dazhihui's operations and user engagement [3] Financial Summary - The projected net profit growth rates for Xiangcai Co., Ltd. are 98% for 2024, 16% for 2025, and 5% for 2026, with corresponding book value per share (BPS) estimates of 4.24, 4.33, and 4.43 yuan [4][6] - The financial forecast indicates a significant drop in revenue for 2024, with a projected decrease of 8% compared to 2023, followed by a recovery with growth rates of 10% and 11% in 2025 and 2026 respectively [6][13] - The total market capitalization of Xiangcai Co., Ltd. is approximately 19.7 billion yuan, with a closing price of 6.89 yuan per share [8]