2025 年 07 月 05 日 坚持"三扩"战略，内生外延双轮驱动 买入(首次) 事件 2025H1 公司业绩在母婴行业整体承压的背景下实现超预期增 长，主要得益于公司围绕"三扩"战略（扩品类、扩赛道、 扩业态），聚焦年度"复购、加盟、同城数字化"三大必赢 之战，持续推进门店场景升级与供应链优化，强化单客经营 和精细化运营，深度挖掘用户单客产值，同时全面推进与乐 友国际的深度融合，发挥整合协同效应。 ▌加盟业务快速扩张，AI 赋能数智化运营 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-07-04 | | --- | --- | | 当前股价（元） | 13.35 | | 总市值（亿元） | 168 | | 总股本（百万股） | 1262 | | 流通股本（百万股） | 1255 | | 52 周价格范围（元） | 4.92-16.36 | | 日均成交额（百万元） | 705.83 ...

重新定义制造成长逻辑 创新能力打开成长空间 电动沙发作为成熟度逐渐提高的功能品类，表面看似"创新空间有限"。但 实际上围绕用户体验、技术集成、生活场景和健康功能，仍存在广阔的创 新空间。真正竞争力来自于持续的系统性创新，而不仅仅是局部结构或功 能的堆叠。 对 MotoMotion 而言，创新从来不是一种手段，它是一种源于内心的坚持 和信仰。通过创新能让产品、服务与品牌形成真正差异化，创造出难以被 模仿独特价值。 公司主力产品—智能电动沙发，因其集成多功能系统、智能控制模块和高 质量体验，定位于中高端市场，在美国终端售价相对不低。但"高单价" 或并不意味着"市场份额小"或"成长空间有限"，主要基于以下几点判断： 公司报告 | 公司点评 匠心家居（301061） 证券研究报告 1、消费升级趋势明确：北美尤其是美国市场，近年来消费者对于"功能+ 舒适+科技感"的家居产品需求持续增长，电动沙发已经从早期的老年人护 理产品，发展为家庭娱乐、个人放松、智能生活的一部分。 2、高端市场本身仍有结构性机会：高端市场并非"静态天花板"，而是"持 续扩容"的过程。品牌集中度在提升，消费者对品质、服务、品牌的粘性 增强。公司过去几 ...

公司报告 | 首次覆盖报告 锐捷网络（301165） 证券研究报告 AI 时代的网络先锋 行业领先的网络解决方案设备商 锐捷网络成立于 2003 年，在全球拥有 8 大研发中心，业务覆盖 100 多个 国家和地区，助力各行业客户实现数字化转型和价值升级。公司主要聚集 网络设备、网络安全、云桌面三大产品线，其中，网络设备产品线收入贡 献最高，占比超过 70%，网络安全产品毛利率较高。公司重视自主研发， 研发人员占比超过 50%，采取经销为主，直销为辅的销售模式，并积累了 广泛而稳定的渠道资源，助力公司业务发展。公司营业收入呈现持续增长， 从 2017 年到 2024 年的复合增长率为 17.48%。此外，公司积极拓展海外业 务，坚持"深耕大国、渠道下沉"的战略方针，海外营收显著提升。 交换机市场迎来新发展机遇 全球交换机市场和中国交换机市场规模稳步增长，市场集中度较高，根据 中商产业研究院数据，2024 年，中国交换机前五厂商分别为华为、新华三、 锐捷网络、思科、中兴通讯，其中华为份额位列国内第一。与此同时，白 盒交换机在过去三十年里得到了快速发展，白盒交换机具有开放解耦，降 低购置和运维成本的优势，用户可以任 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.7 RMB based on a PE of 23X for 2025 [4]. Core Views - The acquisition of New潮传媒 is expected to benefit the company in three main areas: enhancing coverage and meeting diverse client needs, solidifying its leading position, and improving data integration for better effectiveness in advertising [2][14]. - The partnership with Alipay to integrate advertising and payment processes is anticipated to enhance the conversion chain from advertisement to consumer action, thereby increasing market potential for elevator advertising [3][35]. - The evolving consumer trends are likely to drive incremental advertising spending in the elevator media sector, particularly as new industries and brands emerge [3][38]. Summary by Sections Acquisition of New潮传媒 - The acquisition aims to complete the coverage of advertising points and demographics, thus better satisfying diverse brand advertising needs [14]. - The company’s leading market position is expected to be further strengthened, enhancing its bargaining power [14][25]. - Data integration post-acquisition is projected to facilitate better effectiveness in advertising campaigns [28]. Partnership with Alipay - The collaboration with Alipay is designed to create a seamless link between advertisement viewing and consumer interaction, potentially resolving attribution challenges in traditional elevator media [35]. - The rapid growth of Alipay's user base and its integration into the company's advertising channels is expected to enhance market reach [36]. New Consumer Trends - Analysis indicates that changes in consumer behavior will likely stimulate new advertising investments, particularly in competitive sectors like internet services and online education [38]. - The report highlights that as competition intensifies, advertising prices for effect-driven campaigns may rise, benefiting brand advertising [38]. - New consumer companies are expected to have robust advertising budgets due to their higher profitability and ongoing industry expansion [38]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 54.5 billion, 57.6 billion, and 61.9 billion RMB, respectively, with a PE ratio of 19, 18, and 17 [4][8].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The main brand of the company is expected to stabilize and recover, with a significant improvement in sales trends anticipated in the upcoming quarters [2] - The expansion of the JD Outlet is expected to accelerate, with a strong long-term growth momentum [3] - The company is characterized by high dividend yields, with a stable performance in its main brand leading the industry [1] Summary by Sections Investment Highlights - The company is recognized as the leading men's apparel brand with high dividends, and its main brand is performing steadily, outpacing peers [1] Positive Surprises - The main apparel business is expected to stabilize and rebound, with a forecasted reduction in revenue decline for the main brand in Q4 2024 and Q1 2025, leading to a potential year-on-year revenue increase [2] - The JD Outlet's expansion is anticipated to accelerate in the second half of the year, with a significant number of new stores expected to open [3] Driving Factors - Improvement in the main brand's revenue is expected to enhance profit margins, leading to a steady increase in net profit and attractive dividend yields [4] - The accelerated opening of JD Outlet stores and the gradual refinement of the single-store model are expected to boost market confidence and valuation [4] Earnings Forecast - Revenue is projected to reach 22.3 billion, 24.8 billion, and 26.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.5%, 11.1%, and 7.4% [4] - Net profit is expected to be 2.41 billion, 2.66 billion, and 2.91 billion yuan for the same years, with growth rates of 11.7%, 10.4%, and 9.2% [4] Valuation Analysis - The company is expected to achieve a net profit exceeding 2 billion yuan in 2025, with a target price-to-earnings (PE) ratio of 14, leading to an estimated market value of around 30 billion yuan [5] - The new JD Outlet business is projected to contribute approximately 1 billion yuan to net profit within three years, with a target PE of 20, resulting in an estimated market value of around 20 billion yuan [5]

证券研究报告 | 2025年07月04日 江丰电子（300666.SZ） 优于大市 靶材实现国产化供应链，零部件打开第二成长曲线 1Q25 营收同比增长 29.53%，归母净利润同比增长 163.58%。公司 2025 年第 一季度实现营收 10.00 亿元(YoY +29.53%，QoQ +2.11%)，归母净利润 1.57 亿元(YoY +163.58%，QoQ +38.22%)。公司基于自身晶圆制造溅射靶材领域 的竞争优势，在国产半导体材料零部件自主可控的背景下，实现技术创新和 规模化供应能力，提升半导体靶材的市场份额。同时，公司积极布局半导体 精密零部件，为客户提供高品质的定制化产品，打开公司业务第二成长曲线。 2024 年业绩高速增长，超高纯靶材毛利率改善。公司 2024 年实现营业收入 36.05 亿元(YoY +38.57%)，归母净利润 4.01 亿元(YoY +56.79%)，扣非归母 净利润 3.04 亿元(YoY +94.92%)。公司整体毛利率为 28.17%，同比下降 1.03 个百分点。分业务看，2024 年超高纯靶材业务实现销售收入 23.33 亿元，占 比 64.73%，受益于 ...

通讯板块：与国内龙头厂商为伍，受益于 AI 集群内部短距互联需求增长 证券研究报告 华丰科技 (688629 CH) 高速连接国产先锋，受益 AI 短距互联 2025 年 7 月 04 日│中国内地 通信设备制造 首次覆盖华丰科技并给予"增持"评级，目标价 59.86 元/股，基于 26E 75xPE 估值。公司是国内高速连接器领军者，我们看好：1）在国内 AI 持续投入叠 加海外 GPU 供应受限背景下，国产算力放量或将带来可观的集群内短距互 联需求，公司为大客户开发的高速线模组产能正逐步释放，有望持续兑现业 绩增长；2）其他业务方面，"十四五"即将收官，军费预算增长下公司防 务订单有望向好，工业板块收入预计在新能源车高压趋势下实现稳健增长， 此外 CPU Socket、无人机系统连接方案等新产品有望在远期逐步导入市场。 铜连接应用有望在 AI 集群高速化、超节点化趋势下增加：1）GPU 算力与 带宽不断升级，要求更高信号速率；2）英伟达、华为等全球龙头均已发布 超节点架构，未来短距互联场景或显著增加。我们测算，29 年国内高速背 板连接器市场规模有望达 241 亿元，25E-29E 市场空间 CAGR 为 ...

证券研究报告 机械设备 | 轨交设备Ⅱ 北交所|首次覆盖报告 hyzqdatemark 2025 年 07 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 07 | 02 | | 日 | | | 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 17.00 | | | | | | | | 内 / 低 | 最 | 高 | | | | | | | 年 | 最 | | 一 | 20.80/4.44 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 2,323.90 | | | | | | | | 流通市值（百万元） | | | | | | | ...

魔芋等创新产品上新提速，胖东来验证健 康标签 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 2025–2027 年 EPS 分别为 0.74/ 0.84/ 1.00 元（原 25/26 年预测值为 0.79/0.98 元）下调 25–26 年盈利预测，主要反映以下两点：一是 2025Q1 业绩短 期承压，毛利率略降而销售及财务费用率同比提升，显示费用投放节奏相对前置； 二是公司持续加码新品研发、品牌投入与渠道深化（如胖东来、高端会员店等）， 短期内对盈利形成阶段性扰动。考虑长期成长逻辑未改，参考可比公司估值水平， 给予公司 2025 年 20 倍 PE，对应目标价 14.8 元，维持"买入"评级。 风险提示 居民消费力不及预期；行业竞争加剧风险；渠道拓展不及预期风险；原材料价格波动等 风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,065 | 2,412 | 2,816 | 3,248 | 3,713 | | 同比增长 (%) | 4 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company is positioned as a leader in energy planning and integrated services for both traditional and renewable energy, demonstrating resilient performance with steady growth in 2024 and Q1 2025 [1][13]. - The operational business segment is expected to continue growing, with significant contributions from renewable energy generation, energy storage, and hydrogen energy [2][10]. - The company has a strong market position in the construction of energy infrastructure, with a focus on optimizing its business structure and increasing the proportion of power engineering orders [19][23]. Summary by Sections Performance and Business Structure - The company achieved a total revenue of 436.7 billion yuan in 2024, a year-on-year increase of 7.6%, with traditional energy and renewable energy engineering growing by 12% and 13% respectively [13]. - The net profit attributable to shareholders for 2024 was 8.4 billion yuan, reflecting a 5% increase, outperforming the overall construction sector [13][19]. Operational Business Growth - In 2024, the investment and operational business generated revenue of 36.13 billion yuan, a 22.8% increase year-on-year, with a gross profit margin of 34.1% [2][10]. - The company has significantly increased its installed renewable energy capacity to 15.2 GW, a 60% year-on-year growth, contributing to 5.4 billion yuan in revenue from renewable energy operations [2][10]. Infrastructure and Market Position - The company is deeply involved in the construction of computing power infrastructure, leveraging its leadership in the energy sector to enhance its capabilities in this area [2][10]. - The company has been actively participating in the construction of national computing power hub centers, with plans for strategic acquisitions to strengthen its integrated investment and operation model [2][10]. Market Value Management - The company has implemented a detailed market value management plan, including a mid-term dividend policy with a payout ratio of 19.2% for 2024, indicating a commitment to enhancing shareholder value [3][10]. - The company has seen significant share buybacks and increased holdings by major shareholders, reflecting confidence in its future growth [3][10].