Group 1: Market Participation - As of March 30, 2025, 214, 108, and 16 state-owned enterprises (SOEs) participated in market value management special actions, published market value management systems, and released valuation enhancement plans, respectively, accounting for approximately 15% of all announced enterprises[2] - The participation rate of SOEs in market value management actions is significantly higher than the overall A-share market, with SOEs representing less than 8% of the A-share market[2] - Over half of the SOEs have issued relevant announcements regarding market value management, indicating a notable increase in participation willingness compared to the initial three months of the special actions[9] Group 2: Value Management Systems - 21.8% of SOEs have officially announced market value management systems, while 5.3% plan to establish such systems, demonstrating a proactive approach to value management[14] - Small-cap SOEs with negative net asset values show a higher enthusiasm for establishing market value management systems compared to the market average[14] - The content of these systems includes measures such as share buybacks, cash dividends, and enhanced public opinion monitoring and response strategies[14] Group 3: Valuation Enhancement Plans - More than 50% of long-term negative net asset SOEs have released valuation enhancement plans, which is higher than other ownership types[20] - The proportion of long-term negative net asset SOEs is close to 8%, exceeding the overall negative asset ratio of the A-share market by 4 percentage points[20] - Valuation enhancement plans focus on core business operations, market expectations, and information disclosure, with some companies committing to increase dividend payouts from 30% to 40%[20] Group 4: Economic Indicators - In the first two months of 2025, the industrial added value of state-controlled enterprises grew by 5.9% year-on-year, while fixed asset investment increased by 7.0%, surpassing the national average of 4.1%[24] - The total revenue and profit of state-owned enterprises for January and February 2025 were 12.5 trillion yuan and 0.63 trillion yuan, respectively, with year-on-year growth rates of -0.3% and 0.1%[24] - The asset-liability ratio of state-owned enterprises stood at 64.9% as of the end of February 2025[24]

Investment Rating - The report maintains a "strongly recommended" rating for several key companies in the industry, indicating a positive outlook for their stock performance [2][49]. Core Insights - The industry is currently experiencing a "distress period" for liquor companies, with clear signals of stock price bottoms emerging. Although demand has not yet shown signs of reversal, the trend of supply contraction is evident. The market's supply-demand relationship is improving, and stock prices may lead the fundamentals by 2-3 quarters before bottoming out [10][49]. - Companies are adopting more pragmatic and stable operational strategies, focusing on inventory control and price stability. This approach has led to improved perceptions among distributors, despite overall weak demand [8][9]. Summary by Sections Overall Viewpoint - Demand is weak but meets expectations, with improved distributor sentiment due to inventory control and price stability. The industry is in a phase of adjustment, with companies learning from past cycles and focusing on mid-range products to align with current consumer trends [8][9]. Key Listed Company Feedback 1. **Wuliangye**: Undergoing comprehensive reforms, including inventory control and establishing new sales platforms to enhance market reach [13][14]. 2. **Luzhou Laojiao**: Maintaining a strong digital strategy, with better-than-expected sales performance and low inventory levels [15][17]. 3. **Shanxi Fenjiu**: Exhibiting excellent operational quality and strategic capabilities, with a focus on stable growth and market expansion [20][22]. 4. **Shui Jing Fang**: Launching a dual-brand strategy to enhance brand positioning and consumer engagement [25][29]. 5. **Jiangsu Yanjing**: Aiming for national expansion with strong performance in local markets and a focus on high-quality products [37][39]. 6. **Gu Qing**: Adapting product strategies to meet market demands, with continued growth in sales despite increased competition [44]. Channel and Industry Expert Feedback - Experts indicate that the liquor industry is in a bottoming phase, with expectations of continued adjustments in 2025. Companies are focusing on strategic reforms and risk management to navigate the current market challenges [45][46]. Investment Recommendations - The report suggests that the bottom is being established, with potential for stock price reversals. Key recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye, among others, based on their improved market dynamics and operational efficiencies [49].

Investment Rating - The report recommends a "Buy" rating for the rare earth permanent magnet industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The rare earth permanent magnet industry is expected to experience a tightening supply-demand balance, with significant growth potential driven by applications in electric vehicles, wind power, consumer electronics, and particularly humanoid robots, which are anticipated to enter mass production [1][5]. Summary by Sections Industry Overview: Strategic Value and Market Structure - Rare earth permanent magnets are defined as alloys made from rare earth metals like neodymium and samarium combined with transition metals such as iron and cobalt. They are categorized into neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets, with NdFeB being the most widely used due to its superior magnetic properties [12][13]. - The industry structure is characterized by a supply chain that includes mining, refining, and manufacturing, with a growing demand in high-tech sectors due to the increasing focus on renewable energy and energy efficiency [19][23]. Supply Dynamics: Concentration and Constraints - China holds approximately 48.4% of the global rare earth resources, with a total estimated reserve of 0.9 billion tons REO equivalent. The country is the largest producer, accounting for about 68.5% of global production [25][27]. - The production quotas for rare earths in China have seen a slowdown in growth, with 2024 quotas set at 270,000 tons for mining and 254,000 tons for separation, reflecting a 5.88% and 4.16% increase from 2023, respectively [32][36]. Demand Growth: Expanding Applications - The demand for rare earth permanent magnets is projected to grow significantly, particularly in the fields of electric vehicles, variable frequency air conditioners, wind power, energy-saving elevators, and humanoid robots. The total demand for high-performance NdFeB magnets is expected to reach 231,400 tons by 2027, with a compound annual growth rate (CAGR) of 20.2% [5][11]. - The humanoid robot market is highlighted as a key growth area, with an anticipated production of 500,000 units by 2027, leading to a staggering CAGR of 150% for the demand for high-performance NdFeB materials in this sector [5][11]. Investment Recommendations - The report suggests that the rare earth permanent magnet sector presents significant investment value, particularly due to the correlation between magnet manufacturers' profits and rare earth prices. Companies to watch include Jinli Permanent Magnet, Zhenghai Magnetic Materials, Ningbo Yunsheng, and others [5][11].

Investment Rating - The report maintains a "Strong Buy" investment rating for Hisense Visual Technology [3][6] Core Views - The company reported a revenue of 58.53 billion yuan for 2024, representing a year-on-year growth of 9%, and a net profit attributable to shareholders of 2.25 billion yuan, up 7% year-on-year [6][2] - The fourth quarter saw a revenue increase of 24% and a net profit that doubled year-on-year, indicating strong performance close to the upper limit of previous forecasts [6][2] - The company is focusing on structural upgrades, with significant growth in high-end products driven by domestic subsidies and a notable increase in MiniLED market share both domestically and internationally [6][2] Financial Data and Valuation - Total revenue projections for 2025-2027 are 66.78 billion yuan, 74.05 billion yuan, and 81.11 billion yuan, with year-on-year growth rates of 14%, 11%, and 10% respectively [2][6] - Expected net profits for the same period are 2.51 billion yuan, 2.77 billion yuan, and 3.01 billion yuan, with growth rates of 12%, 10%, and 9% respectively [2][6] - The company's PE ratios for 2025, 2026, and 2027 are projected to be 12.9, 11.7, and 10.8 respectively, indicating a favorable valuation trend [2][6] Business Performance - The company achieved a 36% market share in offline MiniLED TV retail in China, a 5.7 percentage point increase year-on-year [6][2] - Internationally, MiniLED sales grew by 163%, with North America and Europe showing significant increases in market share [6][2] - The company is advancing its technology integration across the display value chain, launching innovative products such as the world's first 136-inch consumer-grade MicroLED TV [6][2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company achieved a revenue of 35.384 billion yuan in Q4 2024, representing a year-on-year growth of 8.7%, with adjusted net profit reaching 4.701 billion yuan, up 7.8% year-on-year [1][6]. - The company has successfully launched its AI model, "Keling," which has generated over 100 million yuan in revenue since its commercialization [6]. - The company continues to see healthy user engagement, with daily active users (DAU) reaching 401 million, a 4.8% increase year-on-year, and monthly active users (MAU) at 735 million, up 5.0% year-on-year [6]. Financial Data and Valuation - Total revenue projections for the company are as follows: 113.47 billion yuan in 2023, 126.90 billion yuan in 2024, and 141.54 billion yuan in 2025, with respective year-on-year growth rates of 20%, 12%, and 12% [2][10]. - Adjusted net profit is expected to be 15.335 billion yuan in 2024 and 17.327 billion yuan in 2025, with year-on-year growth rates of 140% and 13% respectively [2][10]. - The company’s return on equity (ROE) is projected to be 24.7% for 2024, with a gradual decline to 18.1% by 2027 [10]. Business Performance - The online marketing services revenue for Q4 2024 was 20.62 billion yuan, a year-on-year increase of 13.3%, although slightly below Bloomberg's consensus estimate of 15.2% [6]. - The gross merchandise volume (GMV) for Q4 2024 reached 462.094 billion yuan, reflecting a year-on-year growth of 14.4% [6]. - The company’s gross profit for Q4 2024 was 19.123 billion yuan, with a gross margin of 54.0% [6]. Future Outlook - The report indicates a downward adjustment in the projected adjusted net profit for 2025 and 2026 to 20.015 billion yuan and 22.561 billion yuan respectively, with corresponding adjusted PE ratios of 10.6x and 9.4x [6][7]. - The company is focusing on expanding its AI capabilities and has established partnerships across various sectors, including mobile manufacturing and cloud computing [6].

Investment Rating - The investment rating for WuXi Biologics is maintained as "Buy" [3] Core Views - The company reported a revenue of 18.68 billion yuan for 2024, representing a year-on-year growth of 9.6%, with a gross margin of 41.0%, an increase of 0.9 percentage points [1] - The adjusted net profit for 2024 is 4.78 billion yuan, reflecting a year-on-year increase of 1.8% [1] - The company expects accelerated growth in 2025, with projected revenue growth of 12-15% and a net profit increase of 18% [6] Financial Performance - Total revenue for 2023 was 17.05 billion yuan, with a projected increase to 21.22 billion yuan in 2025, indicating a compound annual growth rate of approximately 14% [2][8] - The net profit for 2023 was 3.4 billion yuan, with an expected rise to 3.973 billion yuan in 2025, showing a recovery trend after a slight decline in 2024 [2][8] - The company’s basic earnings per share (EPS) are projected to grow from 0.80 yuan in 2023 to 0.97 yuan in 2025 [2][9] Business Growth and Market Position - The company added 151 new projects in 2024, exceeding expectations, with over half coming from the U.S. market [6] - The North American region achieved a revenue growth of 32.5% year-on-year, despite geopolitical pressures [6] - The company’s commercial projects are expected to grow significantly, with 24 planned for 2025, up from 16 in the first half of 2024 [6] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 31.3 in 2023 to 25.9 in 2025, indicating improving valuation as earnings grow [2][9] - The price-to-book (PB) ratio is expected to decline from 2.6 in 2023 to 2.2 in 2025, reflecting a more favorable valuation [2][9] Shareholder Information - The total market capitalization of WuXi Biologics is approximately 110.1 billion HKD, with major shareholder Li Ge holding a 14.28% stake [3]

证券研究报告 | 宏观定期报告 2025 年 3 月 31 日 近期值得关注的三组高频数据 显微镜下的中国经济（2025 年第 12 期） 近期，汽车销售量保持较快增长，外贸量价数据显示美国加征对华的负面冲击 尚未发酵，房地产土地市场和二手房市场形势有所改善，但销售数据同比增速 放缓较为明显。 定期报告 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 消费方面，乘联会数据显示，今年以来乘用车销售量保持较快增长。春节后，当 周日均销量同比增速较去年大幅增长，平均增速达到 37.7%。月度数据显示，2 月乘用车零售销量同比增长 26.1%。然而，销量增速较快的背后是行业内卷导致 销售价格下跌。过去 1 年，乘用车市场均价同比持续负增长，这是社零汽车销售 额同比负增长的重要因素。 出口高频数据显示美国对华加征关税的冲击尚未显现。2 月以来，我国港口货物 和集装箱吞吐量整体保持环比回升的态势。上周港口货物吞吐量达到 26540.4 万 吨，集装箱吞吐量 ...

证券研究报告 | 行业定期报告 2025 年 03 月 31 日 六氟丙烯、丙烯酰胺价格上涨，建议关注市场空间大的精细化工品 招商化工行业周报 2025 年 3 月第 4 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 3 月第 4 周化工板块（申万）下跌 0.01%，上证 A 指下跌 0.41%，板块领先 大盘 0.4 个百分点。涨幅排名前 5 的个股分别为：尤夫股份（+31.87%）， 红宝丽（+23.54%），凯美特气（+21.05%），永利股份（+18.6%），江苏 索普（+17.69%）；跌幅排名前 5 的个股分别为：联创股份（-34.19%）， 大位科技（-20.07%），安诺其（-17.95%），领湃科技（-12.12%），恒大 高新（-11.73%）。此外，本周化工板块（申万）动态 PE 为 24.38 倍，低于 2015 年来的平均 PE 10.80%。 细分子行业走势 3 月第 4 周化工行业有 5 个子行业上涨，26 个子行业下跌。上涨子行业前五 是：磷肥（+4.93%），磷化工及磷酸盐（+0.6%），涂料油漆油墨制造 （ ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company achieved a revenue of 34.23 billion yuan in 2024, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of 3.90 billion yuan, up 9.14% year-on-year [7][12]. - Despite a low industry sentiment, the company has maintained steady growth by optimizing costs and expanding market reach, which has strengthened its competitive position [7][12]. - The company is actively advancing new project constructions, which are expected to provide new growth momentum [7][12]. Financial Performance - In 2024, the company reported a total revenue of 34.23 billion yuan, with a net profit of 3.90 billion yuan and a non-recurring net profit of 3.87 billion yuan [7][12]. - The fourth quarter alone saw a revenue of 9.05 billion yuan, a year-on-year increase of 14.31%, and a net profit of 0.85 billion yuan, up 31.61% year-on-year [7][12]. - The company’s gross profit margin for 2024 was 18.71%, a decrease of 2.14 percentage points year-on-year, while the net profit margin was 12.21%, down 1.08 percentage points year-on-year [20][22]. Market Position and Product Performance - The company has a strong market presence, with significant market shares in various product categories, including a 30% share in dimethylformamide (DMF) and over 60% in the lithium battery electrolyte market for dimethyl carbonate [12][14]. - The company’s product categories include new energy materials, organic amines, fertilizers, and acetic acid derivatives, with a focus on maintaining competitive pricing and expanding production capacity [12][14]. - In 2024, the company’s revenue from new energy materials was 16.43 billion yuan, with a sales volume of 2.55 million tons, despite a 9.3% decline in average selling price [7][12]. Future Outlook - The company has adjusted its profit forecasts for 2025 to 4.09 billion yuan, with expected earnings per share (EPS) of 1.92 yuan, and anticipates a price-to-earnings (PE) ratio of 11 times [7][8]. - The ongoing projects, including the nylon 66 high-end materials project and various technical upgrades, are expected to enhance production capacity and operational efficiency [7][12]. - The company is well-positioned to navigate the current low industry sentiment due to its diversified product portfolio and strong cost control measures [12][35].

Investment Rating - Strongly Recommended (Maintain) with a target price of 89 CNY and a current stock price of 76.53 CNY [3] Core Views - The company is expected to recover in 2025 due to improved operating conditions following a leadership transition and a resurgence in dining traffic, which will enhance revenue and profitability [1][6] - The company faced external demand pressures in 2024, leading to adjustments in delivery schedules to manage channel inventory, while maintaining stable growth through cost and expense control [6] Financial Data Summary - Total Revenue (CNY million): - 2023: 33,937 - 2024: 32,138 (YoY -5%) - 2025E: 33,278 (YoY +4%) - 2026E: 34,327 (YoY +3%) - 2027E: 35,256 (YoY +3%) [2][13] - Operating Profit (CNY million): - 2023: 5,737 - 2024: 5,843 (YoY +2%) - 2025E: 6,504 (YoY +11%) - 2026E: 7,040 (YoY +8%) - 2027E: 7,551 (YoY +7%) [2][13] - Net Profit Attributable to Shareholders (CNY million): - 2023: 4,268 - 2024: 4,345 (YoY +2%) - 2025E: 4,830 (YoY +11%) - 2026E: 5,224 (YoY +8%) - 2027E: 5,598 (YoY +7%) [2][13] - Earnings Per Share (CNY): - 2023: 3.13 - 2024: 3.19 - 2025E: 3.54 - 2026E: 3.83 - 2027E: 4.10 [2][14] Key Financial Ratios - PE Ratio: - 2023: 24.5 - 2024: 24.0 - 2025E: 21.6 - 2026E: 20.0 - 2027E: 18.6 [2][14] - PB Ratio: - 2023: 3.8 - 2024: 3.6 - 2025E: 3.4 - 2026E: 3.2 - 2027E: 3.0 [2][14] - Return on Equity (ROE): - 2023: 16.1% - 2024: 15.4% - 2025E: 16.1% - 2026E: 16.4% - 2027E: 16.6% [2][14]