西部证券晨会纪要-20250815

Group 1: Market Insights - The report indicates that high-net-worth investors are entering the market, while resident funds have not significantly entered through public offerings or direct stock trading, but are flowing into bank wealth management products [1][7][10] - The report highlights that the excess savings of residents have increased rapidly since 2021, with a significant amount of funds accumulating in bank deposits, while the interest rates on fixed deposits have dropped below 1% [10] Group 2: Automotive Industry - Beiqi Blue Valley - The report forecasts that Beiqi Blue Valley will achieve revenues of 30.8 billion, 58.3 billion, and 78.5 billion yuan from 2025 to 2027, representing year-on-year growth of 112%, 89%, and 35% respectively [2][12] - The report emphasizes the dual-brand strategy of the company, focusing on the "Extreme Fox" brand, which targets the mainstream market below 300,000 yuan, and the "Enjoy" brand, which aims to compete in the luxury segment [13][14] Group 3: Computer Industry - Desay SV - The report projects that Desay SV will achieve revenues of 35.1 billion, 43.4 billion, and 53.8 billion yuan from 2025 to 2027, with net profits expected to reach 2.7 billion, 3.6 billion, and 4.6 billion yuan respectively [3][15][16] - The report notes that the company’s revenue from smart cockpit and smart driving businesses reached 94.6 billion and 41.5 billion yuan respectively in the first half of 2025, with smart driving showing a year-on-year growth of 55.49% [15][16] Group 4: Agriculture and Fishery - Jinlongyu - The report states that Jinlongyu achieved revenues of 115.68 billion yuan and a net profit of 1.756 billion yuan in the first half of 2025, representing year-on-year growth of 5.67% and 60.07% respectively [18][19] - The report attributes the high growth in performance to increased sales volume and declining costs, with kitchen food and feed raw materials sales volumes increasing by 4.37% and 21.02% respectively [19][20]