Investment Rating - The investment rating for the company is upgraded to "Buy" [5][7] Core Views - The company is benefiting from high demand in the diesel generator business driven by AI computing infrastructure, while also expanding into the outdoor power equipment sector with smart lawn mowers, creating a second growth curve [5][10] - The company has a strong supply chain and order locking capabilities, which are crucial as foreign brands face production constraints, opening a window for domestic alternatives [2][3] - The company is backed by a state-owned enterprise, ensuring stable profits and high dividends, highlighting its defensive characteristics [4] Summary by Sections Diesel Generator Business - The company expects revenue of 575 million yuan in H1 2024 for its diesel generator business, with a growth of 15.1% and a gross margin of 13.8% [2] - The industry is experiencing a supply-demand imbalance, leading to price increases for foreign engines, which may enhance the company's gross margin per unit [2] Outdoor Power Equipment (OPE) - The global smart lawn mower market is projected to reach 44.07 billion USD by 2027, with a current penetration rate of only 4% [3] - The company launched its first boundary-less smart lawn mower in 2021, which has been adopted in notable projects [3] - In H1 2024, the OPE business is expected to generate 1.83 billion yuan in revenue with a gross margin of 20.5%, and new orders are projected to grow by 25% year-on-year [3] Financial Performance - The company forecasts a net profit of 1.13 billion yuan for 2024, representing a 10.1% increase, with a five-year CAGR of 20% [4] - The dividend payout ratio has consistently exceeded 40% from 2020 to 2023, with a stable dividend yield above 4% [4] - The company anticipates net profits of 1.13 billion, 1.27 billion, and 1.45 billion yuan for 2024, 2025, and 2026 respectively [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The smart AR glasses market is expected to evolve significantly, driven by products like Ray-Ban Meta, potentially leading to a breakthrough year in 2025 [5] - The optical waveguide display function remains a key technical focus, with silicon carbide (SiC) anticipated to play a crucial role in optimizing optical pathways [5] - The adoption of high-refractive-index materials, particularly silicon carbide, is essential for achieving total internal reflection in optical waveguide designs [3][4] Summary by Sections Optical Waveguide Display Solutions - The main optical display solutions currently rely on waveguide technology, which can be categorized into reflection and diffraction routes [2] - Reflection waveguides utilize micro-mirror arrays on lens surfaces to achieve imaging through total internal reflection, while diffraction waveguides adjust light paths via etched or nano-imprinted gratings [2] Silicon Carbide as a Key Material - Silicon carbide, with a refractive index of 2.7, significantly reduces the critical angle for total internal reflection compared to traditional glass, which has a refractive index of about 1.8 [3] - The use of silicon carbide allows for thinner lenses and minimizes light interference effects, making it a strong candidate for future smart glasses [3] Market Dynamics and Opportunities - The current production capacity for consumer-grade silicon carbide is limited, presenting a high barrier to entry, which could benefit companies with core technological capabilities [4] - Tianyue Advanced, a leading domestic silicon carbide substrate company, is highlighted as a key player in this emerging market [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Insights - The company achieved a net profit of $110 million in 2024, marking its first profit after a loss of $1.16 billion in 2023, exceeding expectations [1] - Total revenue for 2024 reached $10.26 billion, a year-on-year increase of 15.9%, with core express service revenue growing by 23.4% to $9.98 billion [1] - The company processed 24.65 billion packages in 2024, a 31% increase year-on-year, and maintained a strong cash flow with $816 million from operating activities [2][1] Summary by Sections Financial Performance - In 2024, the company reported a gross profit of $1.08 billion, up 128% year-on-year, and an adjusted EBITDA of $780 million, a significant increase of 430.5% [1] - The adjusted EBITDA margin improved to 6.7% from 0.6% in 2023, indicating enhanced profitability [5] Market Performance - In Southeast Asia, the company maintained its leading market share at 28.6%, with revenue of $3.22 billion, a 22.3% increase year-on-year [3] - The company processed 4.56 billion packages in Southeast Asia, a 40.8% increase, solidifying its position as the top express operator in the region [3] Operational Efficiency - The company expanded its network to approximately 19,100 outlets and operated 238 transit centers by the end of 2024 [2] - In China, the company achieved an adjusted EBITDA of $430 million, marking its first profitability in this market [5] Future Projections - The company expects to achieve net profits of $398 million, $669 million, and $893 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.3, 10.9, and 8.2 [12]

证券研究报告 | A 股策略周报 | 中国策略 "第一波攻势"未结束，调结构、待补涨 ——A 股市场运行周报第 29 期 核心观点 本周市场继续上攻，成长指数明显走强，权重指数跟随向上。展望后市，我们预计本 轮春季攻势大盘将延着"科技领涨-回踩夯实-全面反弹"的路径，进一步向纵深发展。 当然，部分超涨行业、板块、个券仍要注意可能出现的双向波动。配置方面，基于中 线行情稳步向上、部分行业板块波动加大的判断，我们建议投资人在春季攻势结束前 保持现有仓位，并且在出现"黄金右脚"时继续增配。行业板块方面，我们建议对部 分超涨的科技板块做出一定调整，在板块内部寻找标的进行"高切低"，或者切换部分 仓位至前期涨幅落后的大金融板块，既可参与补涨，又可适当平滑净值曲线。此外， 对于过去几年持续下跌的医药板块，可关注其中跌幅较大、基本面企稳、股东增持的 个券。 本周（2025-02-10 至 2025-02-21）行情概况 （1）主要指数：本周市场主要指数普涨，科创 50 领衔。（2）板块观察：科技延 续强势，泛红利仍偏低迷。（3）市场情绪：沪深成交环比上升，股指期货合约大 多升水。（4）资金流向：两融余额小幅上升，煤炭 ET ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is expected to maintain steady double-digit growth, with projected revenues of 25.6 billion, 28.6 billion, and 32.0 billion yuan for the fiscal years ending March 2025, 2026, and 2027, respectively, representing year-on-year growth of 10%, 12%, and 12% [3][4] - The company has launched several new products and marketing initiatives during the peak season, including collaborations with Italian brand MSGM and the introduction of high-performance winter jackets [1][2] - The company has a strong commitment to returning value to shareholders, with a dividend payout ratio exceeding 80% over the past three fiscal years and a share buyback of over 56 million shares amounting to more than 209 million HKD [3] Summary by Sections Product Launches and Marketing Initiatives - The company has actively introduced new products and marketing events, including the launch of the "Puff Series" in collaboration with MSGM and the introduction of extreme cold jackets capable of withstanding temperatures as low as -50°C [1][2] - The opening of a flagship store in Beijing and participation in high-profile events like the "Tribute to Ice and Snow" show in Harbin have enhanced brand visibility [2] Financial Forecasts and Valuation - The company is projected to achieve revenues of 23.2 billion yuan for FY2024, with a year-on-year growth of 38.39%, and net profit of 3.1 billion yuan, reflecting a growth of 43.74% [4] - The estimated P/E ratios for the upcoming fiscal years are 14.3, 12.5, and 10.9, indicating a favorable valuation [3][4] Shareholder Returns - The company has demonstrated a strong commitment to shareholder returns, with a consistent dividend payout and significant share repurchases, reflecting confidence in its business development [3]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [4][6]. Core Insights - The company is a leading property management and commercial operation service provider in China, employing a comprehensive "2+1" business model that integrates commercial management, property management, and a large membership system [1][17]. - Revenue has grown from 3.129 billion in 2017 to 14.767 billion in 2023, with a CAGR of approximately 30% [1][23]. - The company has achieved a strong average gross margin of around 31%, net margin of 19%, and ROE of 15% from 2021 to 2023 [1][23]. Summary by Sections Company Overview - The company focuses on creating an integrated ecosystem for property management and commercial operations, emphasizing "space," "customers," and "products and services" [17]. - It has expanded its operations across various business segments, including residential property management and commercial property management [17][18]. Industry Situation - The overall property management and commercial operation market in China has seen steady growth, with total revenue increasing from 282.8 billion in 2014 to 714.6 billion in 2023, reflecting a CAGR of 10.8% [45]. - The market is expected to reach 955.4 billion by 2028, with a projected CAGR of 6.0% from 2023 to 2028 [45]. Financial Performance - The company forecasts revenues of 17.453 billion, 19.932 billion, and 22.577 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of 3.440 billion, 3.975 billion, and 4.585 billion [4][12]. - The company has maintained a strong financial performance, with a net profit margin that has improved from 6% in 2020 to 20% in 2023 [30]. Competitive Advantages - The company benefits from a diversified service offering and strong brand resources, which have enabled it to achieve growth rates significantly above the industry average [2][3]. - The company has a strategic focus on high-quality customized services and digital transformation, which are expected to drive future growth [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company is a leading third-party testing service provider in China, focusing on automotive research and testing, electronic product testing, and testing equipment manufacturing. It is exploring a new TIC model by establishing a robotics subsidiary and leveraging AI technology [9][10] - The collaboration with Wali Technology aims to integrate advanced robotics into the testing service industry, enhancing operational efficiency and reducing costs [10][12] - The company is expected to see significant performance growth driven by new capacity releases and the integration of AI and robotics into its service offerings [10][12] Financial Summary - The company’s projected revenue for 2024-2026 is estimated at 737 million, 876 million, and 1,028 million yuan, respectively, with year-on-year growth rates of 8%, 19%, and 17% [5] - The net profit attributable to the parent company is forecasted to be 178 million, 223 million, and 286 million yuan for the same period, reflecting growth rates of 9%, 25%, and 28% [5][10] - The estimated PE ratios for 2024, 2025, and 2026 are 28, 23, and 18 times, respectively, with a target price of 41.44 yuan based on a 30 times PE for 2025 [3][10]

Investment Rating - The report assigns a "Buy" rating for the company [6] Core Viewpoints - The company is a leading domestic manufacturer of intraocular lenses, with a focus on high-end products and benefiting from centralized procurement to increase volume [2][37] - The aging population presents a significant market opportunity for cataract treatment, with a high prevalence of cataracts among individuals aged 60 to 89 in China [2][37] - The company has seen robust growth in its artificial lens segment, with a revenue CAGR of 29% from 2019 to 2023, and expects continued high growth in 2024 [2][12] Summary by Relevant Sections Company Overview - The company, established in 2010, has expanded its product line to include intraocular lenses, orthokeratology lenses, and contact lenses, providing a comprehensive solution for eye health [20][21] - The company has strategically acquired other firms to enhance its presence in the contact lens market [21] Intraocular Lenses - The company is positioned as a leader in the domestic intraocular lens market, with multiple high-end products in development and successful participation in centralized procurement [2][37] - The report highlights the low penetration of cataract surgeries in China compared to developed countries, indicating significant growth potential for the intraocular lens market [37][38] Myopia Control - The company’s orthokeratology lenses have shown resilience in a challenging market, with steady revenue growth despite industry pressures [4][21] - The report notes the increasing diversity of myopia control methods, with the company’s products expected to capture a larger market share over time [3][4] Contact Lenses - The contact lens segment is identified as a high-growth area, with the company planning to launch self-developed silicone hydrogel products in the near future [5][11] - The report emphasizes the growing demand for colored contact lenses in China, with limited domestic manufacturers currently in the market [5][10] Financial Projections - The company anticipates a significant increase in revenue, projecting a 64.14% growth in 2023 and continued growth in subsequent years, with net profit expected to reach 3.87 billion yuan in 2024 [12][22]

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Viewpoints - In January 2025, heavy truck sales were approximately 70,000 units, showing a year-on-year decline of 27.8% and a month-on-month decline of 16.9% [1][7] - The "old-for-new" policy will continue and be strengthened in 2025, which is expected to significantly boost the replacement demand for National IV vehicles, supporting the overall heavy truck market [2][10] - The macroeconomic indicators are stabilizing, but market demand remains challenging due to a PMI drop near the threshold line [2][10] Summary by Sections Heavy Truck Industry Overview - January 2025 heavy truck sales were about 70,000 units, with both year-on-year and month-on-month declines [7] - The sales of natural gas heavy trucks in January reached 7,676 units, with a year-on-year increase of 20.5% [15] - New energy heavy truck sales were 7,085 units, showing a year-on-year growth of 96% [22] Investment Recommendations - The "old-for-new" policy is expected to drive significant growth in heavy truck sales in 2025, with an estimated 10,000 additional heavy truck sales from the replacement of 20% of National IV vehicles [3][30] - The heavy truck sector is seen as having both stable dividends and growth potential, with high dividend yields for companies like China National Heavy Duty Truck Group and Weichai Power [3][30] Market Competition - The heavy truck market is highly concentrated, with China National Heavy Duty Truck Group leading with a market share of 27% [13][14] - In the natural gas heavy truck segment, the market share of the top five companies is 95.77%, indicating a high level of concentration [17][21] - For new energy heavy trucks, the market share of the top five brands is 63.21%, which is lower than that of natural gas and overall heavy trucks [26]

Group 1: Macro Policy and Economic Outlook - The fiscal deficit rate is set at 4%, the highest in history, with a significant increase in the deficit rate compared to previous years[2] - Special government bonds of CNY 1.3 trillion and local government special bonds of CNY 4.4 trillion are planned, which will help improve PPI and corporate profits[2] - The nominal GDP growth target remains around 5%, indicating a stable economic outlook[11] Group 2: Investment Strategies - Focus on AI industry trends, particularly in edge AI, vertical applications, and digital infrastructure, as the AI sector is expected to experience significant growth[6] - Identify cyclical valuation recovery opportunities as nominal growth improves due to increased fiscal expansion[6] - Maintain positions in dividend assets amid state-owned enterprise reforms, as high dividend yields may provide value[6] Group 3: Sector-Specific Insights - The real estate market is expected to stabilize with policy adjustments aimed at increasing housing demand, including potential subsidies and reduced mortgage rates[4] - The healthcare sector may see a rebound as it has experienced a 46% decline since July 2021, with supportive policies for innovative drugs expected to drive recovery[18] - Emerging technologies such as AI, 6G, and digital economy initiatives are highlighted as key growth areas in the government work report[17] Group 4: Risks and Considerations - Potential risks include unexpected changes in the international situation and the effectiveness of policy implementation[7] - The report emphasizes the importance of monitoring macroeconomic indicators to gauge the overall market environment[11]