Industry and Market Trends - The market has narrowed down the main themes for 2025 to three scenarios: undervalued dividend stocks, tech driven by ByteDance's AI, and the recovery of consumer stocks with valuation repair and consumption stratification [3] - The performance of undervalued dividend stocks depends on the progress of AI industry trends, particularly breakthroughs in AI applications and consumer-facing technologies [3] - Consumer stocks are expected to recover due to low valuations, declining interest rates, and policy-driven recovery cycles, making them a potential investment theme for 2025 [3] - The AI industry trend's performance in 2025 will depend on the progress of AI applications, with consumer-facing companies likely to benefit more than hardware-focused manufacturers [26] Company Analysis Tianneng Power (00819) - Tianneng Power is a leading lead-acid battery manufacturer for two-wheeled vehicles, benefiting from the recovery of the electric two-wheeler market [4] - The company has a strong distribution network with over 40,000 retail outlets and maintains a high ROE in its lead-acid battery business [4] - Revenue is expected to grow from 886.3 billion yuan in 2024 to 1,011.6 billion yuan in 2026, with net profit increasing from 1.39 billion yuan to 2.38 billion yuan [5] - The company's lead-acid battery business has a consumer-facing attribute, with 75% of its products sold directly to end consumers [49] Ruihong Mould (002997) - Ruihong Mould has established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co Ltd, to enter the robotics industry [44] - The company is strategically positioned in Anhui, a region actively developing robotics, with plans to build a significant robotics ecosystem by 2027 [44] - Net profit is forecasted to grow from 349 million yuan in 2024 to 568 million yuan in 2026, with a PE ratio of 23x, 18x, and 14x respectively [45] Excellence New Energy (688196) - Excellence New Energy's 2024 net profit is expected to increase by 90.81% year-on-year, driven by successful overseas channel expansion and cost control measures [33] - The company is constructing a 100,000-ton HVO/SAF production line, with an additional 50,000-ton natural fatty alcohol production line set to begin operations in 2025 [35] - Revenue is projected to grow from 3.503 billion yuan in 2024 to 6.525 billion yuan in 2026, with net profit increasing from 150 million yuan to 677 million yuan [36] Aikede (600933) - Aikede is acquiring a 71% stake in Zhuobo, a company specializing in micro-motor precision components, to expand its product portfolio in the automotive sector [37] - The acquisition will enhance Aikede's capabilities in robotics development, leveraging Zhuobo's expertise in micro-motor technology [38] - Net profit is expected to grow from 1.02 billion yuan in 2024 to 1.4 billion yuan in 2026, with a PE ratio of 16x, 13x, and 12x respectively [39] 361 Degrees (01361) - 361 Degrees reported a 10% year-on-year increase in offline retail sales for its main brand in Q4 2024, with e-commerce platform sales growing by 30%-35% [40] - The company has launched several new products, including the "ULTRA Series" down jackets and the "JOKER1" signature shoe, to strengthen its brand influence [41] - Revenue is forecasted to grow from 10.09 billion yuan in 2024 to 13.45 billion yuan in 2026, with net profit increasing from 1.11 billion yuan to 1.53 billion yuan [42] Zhongwang Textile (605003) - Zhongwang Textile's 2024 net profit is expected to decline by 71.97%-75.15% year-on-year, primarily due to the absence of one-time income from a property demolition compensation in 2023 [50] - The company is accelerating its overseas capacity deployment, with new orders coming from markets in Australia, the Middle East, and South Africa [51] - EPS is projected to be 0.8 yuan, 1 yuan, and 1.2 yuan for 2024, 2025, and 2026 respectively, with PE ratios of 23x, 18x, and 15x [52]
天风证券：晨会集萃-20250117
天风证券·2025-01-17 06:45