Investment Rating - The report maintains a "Strong Buy" rating for Gree Electric Appliances [4][8]. Core Viewpoints - The company is undergoing a channel transformation that is reshaping its market position, with government subsidies boosting consumer confidence [2][8]. - Gree's market share in air conditioning has rebounded significantly post-subsidy, with online and offline shares increasing by 5.8 and 5.6 percentage points respectively, reaching 29% and 33% [2]. - The company is expanding its product categories and retail presence, aiming to open 3,000 stores by 2025, ultimately targeting 10,000 stores [2][3]. - Gree is transitioning from a single product manufacturer to a comprehensive solution provider in the HVAC sector, enhancing its competitive edge through AI and innovative product offerings [3]. Financial Data and Valuation - The current stock price is 45.16 CNY, with a total market capitalization of 253 billion CNY [4]. - The projected net profit for 2024 is 30.9 billion CNY, reflecting a 6% growth, with further increases expected in subsequent years [10][17]. - The company has a strong cash flow and high dividend yield, making it an attractive investment opportunity [8][10]. - The estimated PE ratio for 2025 is 7.5, indicating a low valuation compared to historical averages [10][17].

Group 1: Market Overview - The convertible bond market declined alongside the equity market, with a smaller drop. The China Convertible Bond Index fell by 1.37% to 430.48 points, while the Shanghai Composite Index decreased by 1.60% to 3,364.83 points [2][10] - The trading volume and turnover of convertible bonds showed a significant decline, with weekly trading volume down by 15.2% to 20,131 million hands and turnover down by 16.9% to 320.31 billion [24][26] - The textile, public utilities, transportation, banking, and steel sectors performed relatively well, while the computer, media, and electronics sectors continued to lead the decline [21][34] Group 2: Convertible Bond Valuation - The convertible bond premium rate decreased to 41.83%, down 2.62% from the previous week, which is below the 25th percentile level of the past 24 years [3][36] - The textile, food and beverage, pharmaceutical, non-bank financial, and construction materials sectors had higher premium rates, while the comprehensive, communication, defense, banking, and media sectors had lower rates [39][40] Group 3: Convertible Bond Supply and Demand - As of last week, the total balance of listed convertible bonds was 699.90 billion, with a weighted average remaining term of 2.7 years. 64% of these bonds are listed on the Shanghai Stock Exchange [4][44] - There was one new issuance announcement for a convertible bond, with a planned issuance size of 5.00 billion, and six companies updated their issuance dynamics, totaling 18.06 billion [47][48] Group 4: Convertible Bond Credit Quality - The majority of convertible bonds are rated A+ or above, accounting for 91.0% of the total. There was one downgrade in March for Dongshi Convertible Bond [5][42]

Tariff Implementation - The U.S. will release the results of the "America First Trade Policy" review on April 1, focusing on the U.S.-China trade agreement and tariffs on specific industries like automotive and pharmaceuticals[1] - As of March 25, tariffs already implemented include a 25% tariff on non-USMCA compliant products from Canada and Mexico, a 20% tariff on Chinese goods, and a 25% tariff on global steel and aluminum products[1][2] Economic Impact of Tariffs - In Scenario One, the U.S. GDP is projected to decline by 3.84% over 3-5 years due to tariffs, with China's GDP decreasing by 1.39%, and the EU by 0.22%[3] - In Scenario Two, if tariffs on China increase to 40%, the U.S. GDP could drop by 5.51%, while China's GDP would decrease by 2.07%[4][5] Export and Import Effects - U.S. exports are expected to fall by 2.12% in Scenario One and 3.28% in Scenario Two over 3-5 years[3][4] - U.S. imports may decrease by 8.76% in Scenario One and 11.88% in Scenario Two, with significant declines in imports from China and other regions[5][6] Inflation Trends - The U.S. Consumer Price Index (CPI) is projected to rise by 2.17% in Scenario One and 3.53% in Scenario Two, while major trading partners may experience deflationary pressures[3][5] Strategic Considerations - The U.S. aims to increase demand for American products and ensure control over critical products through these tariffs, potentially leading to negotiations with certain countries[2][4] - The tariffs are designed to weaken the competitive edge of non-U.S. manufacturing countries, particularly China, while possibly allowing allies to negotiate exemptions[2][4]

Group 1 - The report indicates a reversal in fund flows, with ETFs experiencing net inflows while previously active financing funds are seeing outflows. This shift suggests a potential change in market dynamics as the earnings disclosure period approaches, emphasizing the need to focus on sectors and stocks with stable or improving performance and free cash flow [2][5][10] - The recent data shows that public equity fund issuance has increased to 141.75 billion, while ETF net subscriptions have decreased by 114.53 billion, and financing net purchases have dropped to 86.70 billion [4][31] - The report highlights that the recent inflows are primarily directed towards technology and cash flow ETFs, indicating a shift in investor preference towards these sectors [12][14] Group 2 - The report notes that the market sentiment has shifted, with increased attention on style indices and major sectors such as the North Certificate 50, discretionary consumption, and staples [5][46] - In terms of industry preference, sectors such as electronics, non-bank financials, and machinery have seen significant net inflows, while sectors like banking, pharmaceuticals, and power equipment have experienced net outflows [50][51] - The report also mentions that the financing net purchases were highest in sectors like machinery (+18.4 billion), automotive (+17.5 billion), and electronics (+13.1 billion), while sectors like computing and non-ferrous metals faced significant net selling [50][51]

证券研究报告 | 公司点评报告 2025 年 03 月 25 日 光迅科技（002281.SZ） 发布 25 年股权激励计划，持续受益于 CSP 客户需求扩张 TMT 及中小盘/通信 事件：2025 年 3 月 24 日晚间，公司发布《2025 年限制性股票激励计划（草案）》， 拟向不超过 985 名对象授予合计不超过 1,507 万股（其中首次授予 1,357 万股， 预留 150 万股），占公司总股本的 1.90%。 ❑发布 25 年股权激励计划（草案），彰显公司中长期发展信心。 授予对象与数量方面：25 年 3 月 24 日晚间，公司发布《2025 年限制性股票 激励计划（草案）》，拟向不超过 985 名激励对象授予限制性股票 1,507 万 股（其中首次授予 1,357 万股，预留授予 150 万股），占公司总股本的 1.90%， 授予价格（包含预留）为 28.27 元/股。 业绩考核要求方面：25 年股权激励计划分三期解锁，1）以公司 23 年业绩为 基数，25/26/27 年扣非归母净利润复合增速不低于 6%/7%/8%，且不低于同 行业平均水平或对标企业 75 分位值，对应 25/26/27 年 ...

本周（2025/3/17-2025/3/21）建材动态：水泥市场需求恢复放缓，水泥价格 震荡下行；浮法玻璃整体需求乏力，价格继续下跌；玻纤中，无碱粗纱市场 价格大稳小动，电子纱报价稳定出货平稳。经济运行起步平稳，消费建材需 求有望持稳。 证券研究报告|行业定期报告 2025 年 03 月 25 日 经济运行平稳，气候转暖，关注建材需求筑底修复 建材行业定期报告 中游制造/建材 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 97 | 1.9 | | 总市值（十亿元） | 787.8 | 0.9 | | 流通市值（十亿 | 685.5 | 0.9 | | 元） | | | 行业指数 % 1m 6m 12m 绝对表现 5.6 30.4 -0.7 相对表现 6.5 13.0 -11.7 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Mar/24 Jul/24 Nov/24 Mar/25 (%) 建材 沪深300 相关报告 1、《建材行业定期报告—地产链条 表观回温，持续关注政策预期》 2025-03-04 2、《建材行业定 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company achieved a revenue of 12.261 billion CNY in 2024, representing a year-on-year growth of 21.3%, and a profit of 4.372 billion CNY, up 33.4% year-on-year [1][2]. - The sales revenue from innovative drugs and collaborative products reached 9.477 billion CNY in 2024, a 38.1% increase, accounting for 77.3% of total revenue [7]. - The company has shown strong cost control, with a gross margin of 91% in 2024, an increase of 1.2 percentage points year-on-year [7]. - The company is actively pursuing global collaborations, enhancing its competitive edge, with significant partnerships established in 2024 [7]. Financial Data and Valuation - The company’s projected revenues for 2025-2027 are 13.714 billion CNY, 15.395 billion CNY, and 17.378 billion CNY, with respective year-on-year growth rates of 12%, 12%, and 13% [2][9]. - The projected net profits for 2025-2027 are 4.588 billion CNY, 5.152 billion CNY, and 5.930 billion CNY, with growth rates of 5%, 12%, and 15% respectively [7][9]. - The company’s PE ratios for 2025-2027 are projected to be 24.6, 21.9, and 19.1 [9]. Shareholder Information - The total market capitalization of the company is 120.5 billion HKD, with a total share capital of 5,936 million shares [3]. - The major shareholder, Sunrise Investment Advisors Limited, holds a 65.7% stake in the company [3]. Performance Metrics - The company’s return on equity (ROE) is reported at 15.2% for 2024, with a projected increase to 15.4% by 2027 [9]. - The asset-liability ratio is notably low at 9.4% in 2024, indicating strong financial stability [9].

Investment Rating - The report indicates a positive outlook for the consumer medical and biopharmaceutical industry, highlighting a strong investment rating for the sector [6]. Core Insights - The report emphasizes the high growth potential in the recombinant collagen market, driven by innovation and international expansion strategies [10]. - The establishment of a comprehensive ophthalmic drug product system by the company, including various treatments for myopia and dry eye, showcases its competitive positioning in the ophthalmic sector [1][2]. - The acquisition of a controlling stake in REGEN Biotech by the company marks a significant step in its internationalization strategy, enhancing its product portfolio in the aesthetic medicine market [3][4]. Summary by Sections Company Developments - The company has developed a diverse range of ophthalmic drugs, with 59 approved products, 37 of which are included in the medical insurance directory [1]. - The launch of the atropine sulfate eye drops product is noted for its first-mover advantage in the domestic market, with no similar products currently available [2]. Market Performance - The company reported a revenue increase of 85% to 1.447 billion, with a net profit growth of 144.65% to 733 million, indicating strong financial performance [5][9]. - The AestheFill product has gained significant market share in Taiwan, capturing nearly 30% of the aesthetic regenerative injection market [4]. Industry Trends - The report highlights the ongoing high demand in the recombinant collagen sector, with companies leveraging innovation and international market entry to strengthen their leadership positions [10]. - The biopharmaceutical industry index shows varied performance, with a relative performance decline over 12 months, indicating potential market volatility [7].

证券研究报告 | 公司点评报告 2025 年 03 月 25 日 桃李面包（603866.SH） 经营调整阶段，需求仍有承压 消费品/食品饮料 增持（维持） 当前股价：5.95 元 基础数据 | 总股本（百万股） | 1600 | | --- | --- | | 已上市流通股（百万股） | 1600 | | 总市值（十亿元） | 9.5 | | 流通市值（十亿元） | 9.5 | | 每股净资产（MRQ） | 3.2 | | ROE（TTM） | 10.2 | | 资产负债率 | 27.5% | | 主要股东 | 吴学群 | | 主要股东持股比例 | 24.34% | 股价表现 % 1m 6m 12m 绝对表现 2 16 -8 相对表现 3 -1 -19 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 40 Mar/24 Jul/24 Nov/24 Mar/25 (%) 桃李面包 沪深300 相关报告 1、《桃李面包（603866）—Q3 主力 区域仍在调整，期待经营改善》 2024-10-29 2、《桃李面包（603866）—货返下降 + 控费提效， Q2 净利率恢复》 2024 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company achieved a revenue target for the year, with a year-on-year increase of 18.6% in revenue and 18.0% in net profit attributable to shareholders for 2024. The company aims for a revenue target of 3.28 billion and a net profit of 410 million for 2025, focusing on brand building and market integration [1][5] - The company has strengthened its market share in the domestic market while developing core model markets in the external market, driving a marketing transformation [1][5] - The company reported a reasonable inventory level in the distribution channels, with stable expense ratios expected for 2025, despite short-term external market pressures and intensified industry competition [1][5] Financial Performance - In 2024, the company achieved a total revenue of 3.021 billion and a net profit of 388 million, with a year-on-year increase of 18.6% and 18.0%, respectively. The fourth quarter alone saw a revenue of 690 million, up 31.1% year-on-year [5][6] - The company’s high-end products continued to grow significantly, with revenue from products priced above 300 yuan increasing by 41.2% year-on-year [5][6] - The gross profit margin for 2024 was reported at 60.9%, a decrease of 1.5 percentage points year-on-year, while the net profit margin remained stable at 12.8% [5][10] Market Strategy - The company plans to enhance brand momentum and market penetration through user engagement and channel expansion, particularly in the Gansu region [1][5] - The number of distributors increased by 137 to a total of 1,001, with significant growth in both domestic and external markets [5][6] Financial Projections - For 2025, the company expects total revenue of 3.308 billion, with a year-on-year growth of 9% and a net profit of 414 million, reflecting a 7% increase [6][10] - The earnings per share (EPS) for 2025 is projected to be 0.82 yuan, with a price-to-earnings (PE) ratio of 23.3 [6][10]