Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company announced on June 4 that it plans to issue HKD 11.765 billion in H-share convertible bonds to support its capital needs and strategic development in healthcare and elderly care [2][7] - The issuance of the convertible bonds is expected to enhance the company's capital strength at a lower cost, following a previous USD 3.5 billion convertible bond issuance completed in July 2024 [7] - The company's solvency ratios have improved significantly, with core and comprehensive solvency ratios at 163.7% and 227.9% respectively as of Q1 2025, reflecting a 47 percentage point and 39 percentage point increase from the beginning of the year [7] Financial Forecasts - Total revenue is projected to reach CNY 1,028,925 million in 2024, with a year-on-year growth of 12.6% [7] - The net profit attributable to shareholders is expected to rebound to CNY 126,607 million in 2024, representing a 47.8% increase year-on-year [7] - The estimated earnings per share (EPS) for 2025 is CNY 7.42, with a projected price-to-earnings (P/E) ratio of 7.25 [9] - The company's price-to-embedded value (PEV) is forecasted to be 0.65x in 2025, indicating it is still undervalued [7][9] Market Data - The closing price of the company's stock is CNY 53.85, with a market capitalization of CNY 980,621.13 million [5] - The company has a price-to-book (P/B) ratio of 1.04 and a net asset value per share of CNY 51.60 [5][6] Capital Structure - The convertible bonds will be zero-coupon bonds maturing in 2030, with an initial conversion price of HKD 55.02, representing an 18.45% premium over the closing price on June 3 [7] - The issuance will utilize 28.7% of the general authorization limit approved by the shareholders [7]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors, with a target price of 22.46 CNY per share, corresponding to a PE ratio of 14/12/11 for the years 2025-2027 [6][8]. Core Views - Great Wall Motors has shown strong sales performance in May 2025, with a wholesale volume of 102,000 vehicles, representing a year-on-year increase of 11.8% and a month-on-month increase of 2.2% [3]. - The company is experiencing a positive trend in its product lineup, with significant contributions from the Tank and Wey brands, and a strategic focus on high-end and intelligent electric vehicles [4][6]. - The overseas sales are also on an upward trajectory, with a 0.2% year-on-year increase in May, and the establishment of a manufacturing base in Brazil is expected to enhance its market penetration in Latin America [5][6]. Summary by Sections Sales Performance - In May 2025, the Haval brand sold 58,000 vehicles, up 22.6% year-on-year, while the Wey brand saw a remarkable increase of 115.3% year-on-year with 6,000 units sold [3][4]. - The Tank brand maintained stable profits with 21,000 units sold in May, reflecting a 2.8% year-on-year increase [4]. Product Development - The Tank 700 Hi4-Z model is set to launch with a new 2.0T engine and dual motors, enhancing its off-road capabilities [4]. - The Wey brand's new models, including the Gaoshan 7, 8, and 9, have received strong market interest, with over 5,900 pre-orders within 24 hours of launch [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion CNY, 261.70 billion CNY, and 296.25 billion CNY respectively, with net profits expected to reach 14.09 billion CNY, 16.30 billion CNY, and 18.24 billion CNY [6][7]. - The company is expected to maintain a steady growth rate, with a projected net profit growth of 11% in 2025 and 15.7% in 2026 [7][12].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [8][27]. Core Insights - The company reported a wholesale sales volume of 224,000 vehicles in May, representing a year-on-year increase of 8.5% and a month-on-month increase of 17.6%. Cumulative sales from January to May reached 1.12 million vehicles, up 1.0% year-on-year [3][4]. - The company's self-owned brand sales in May were 185,000 vehicles, up 8.0% year-on-year and 21.6% month-on-month. The electric vehicle segment saw significant growth, with May sales of 95,000 units, a year-on-year increase of 69.9% [4][5]. - The company aims to achieve a total sales target of 3 million vehicles and 1 million electric vehicles by 2025, with plans to launch new models to accelerate its electrification transition [4][5]. Summary by Sections Sales Performance - In May, the company’s self-owned brand sales were 185,000 units, with a year-on-year growth of 8.0% and a month-on-month growth of 21.6%. Cumulative sales from January to May reached 955,000 units, up 2.5% year-on-year [3][4]. - The electric vehicle sales in May were 95,000 units, marking a year-on-year increase of 69.9% and a cumulative total of 351,000 units from January to May, up 46.9% year-on-year [4][5]. New Energy Strategy - The company’s brands, Deep Blue and Avita, achieved cumulative sales of 113,000 and 49,000 units respectively from January to May, with year-on-year growth rates of 70.3% and 132.8% [5]. - The Deep Blue S09 model, launched in May, received over 8,000 orders within 24 hours, indicating strong market interest [5][6]. Global Expansion - The company’s overseas sales reached 44,835 units in May, with a total of 247,000 units from January to May. Plans for 2025 include establishing 8 new operational entities and 16 logistics nodes globally [6][7]. - The establishment of a right-hand drive production base in Thailand is expected to commence production in Q1 2025, with an initial capacity of 100,000 vehicles [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan respectively, with net profits of 8.9 billion, 10.8 billion, and 12.7 billion yuan [7][24]. - The earnings per share (EPS) are projected to be 0.89, 1.09, and 1.28 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 [7][24].

银行/股份制银行Ⅱ 中信银行（601998.SH） 2025 年 06 月 04 日 投资评级：买入（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 8.23 | | 一年最高最低(元) | 8.29/5.66 | | 总市值(亿元) | 4,579.60 | | 流通市值(亿元) | 3,354.79 | | 总股本(亿股) | 556.45 | | 流通股本(亿股) | 407.63 | | 近 3 个月换手率(%) | 10.5 | 股价走势图 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 中信银行 沪深300 数据来源：聚源 相关研究报告 《存贷增速提升，盈利韧性仍强—中 信银行 2025 年一季报点评》-2025.5.1 《息差表现跑赢同业，分红比例继续 提升—中信银行 2024 年报点评》 -2025.3.27 《营收增速回升，息差持续改善—中 信银行 2024 年三季报点评》-2024.11.1 刘呈祥（分析师） 吴文鑫（分析师） liuchengxiang@kysec.cn wuwenxin@k ...

证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 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 | | | | 年 | 05 | | 日 | 30 | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.98 | | | | | | 年 内 最 最 低 | 高 | / | 一 | | | 78.60/8.18 | | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 4,966.16 | | | | | | 流通市值（百万元） | | | | | | 1,834.64 | | | | | | 总股本（百万股） | | | | | | 130.76 | ...

银行/股份制银行Ⅱ 中信银行（601998.SH） 2025 年 06 月 04 日 投资评级：买入（维持） | 日期 | 2025/6/3 | | --- | --- | | 当前股价(元) | 8.23 | | 一年最高最低(元) | 8.29/5.66 | | 总市值(亿元) | 4,579.60 | | 流通市值(亿元) | 3,354.79 | | 总股本(亿股) | 556.45 | | 流通股本(亿股) | 407.63 | | 近 3 个月换手率(%) | 10.5 | 股价走势图 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 中信银行 沪深300 数据来源：聚源 相关研究报告 《存贷增速提升，盈利韧性仍强—中 信银行 2025 年一季报点评》-2025.5.1 《息差表现跑赢同业，分红比例继续 提升—中信银行 2024 年报点评》 -2025.3.27 《营收增速回升，息差持续改善—中 信银行 2024 年三季报点评》-2024.11.1 刘呈祥（分析师） 吴文鑫（分析师） liuchengxiang@kysec.cn wuwenxin@k ...

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-06-04 股票投资评级 买入|维持 个股表现 -29% -26% -23% -20% -17% -14% -11% -8% -5% -2% 1% 4% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 华鲁恒升 基础化工 研究所 分析师:张泽亮 SAC 登记编号:S1340523100003 Email:zhangzeliang@cnpsec.com 分析师:许灿杰 SAC 登记编号:S1340525040002 Email:xucanjie@cnpsec.com 华鲁恒升(600426) 低成本煤化工龙头，回购彰显信心 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.86 | | --- | --- | | 总股本/流通股本（亿股）21.23 / 21.19 | | | 总市值/流通市值（亿元）443 / 442 | | | 52 周内最高/最低价 | 29.08 / 19.88 | | 资产负债率(%) | 2 ...

上 市 公 司 美容护理 相关研究 证券分析师 2025 年 06 月 04 日 豪悦护理 (605009) ——婴裤主业修复+洁婷品牌发力，打开成长空间 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 03 日 | | --- | --- | | 收盘价（元） | 65.25 | | 一年内最高/最低（元） | 71.96/31.39 | | 市净率 | 3.0 | | 股息率%（分红/股价） | 2.61 | | 流通 A 股市值（百万元） | 10,049 | | 上证指数/深证成指 | 3,361.98/10,057.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 21.99 | | 资产负债率% | 34.41 | | 总股本/流通 A 股（百万） | 154/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-03 07-03 08-03 09-03 10-03 11-03 12-03 01 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company is solidifying its position in the automotive safety sector while actively expanding into the semiconductor and computing power manufacturing fields, aligning with national strategic initiatives and high-quality development goals [1][3]. - The company has a market share exceeding 35% in the domestic automotive safety airbag industry and is expanding its overseas market presence, particularly in Southeast Asia through its Vietnam production base [4][2]. - The company is strategically investing in the semiconductor sector by acquiring a significant stake in Fuchuang Youyue, aiming for a complete acquisition to enhance its growth potential in this area [3][4]. Summary by Sections Strengthening Passive Safety Business and Embracing Overseas Markets - The company focuses on high-end, localized, and new energy directions for its automotive passive safety products, with a projected revenue of approximately 2.58 billion RMB from its Vietnam operations in 2024, reflecting a year-on-year growth of 32.23% [2][4]. - The company has established a stable production base in Vietnam, with 37 projects certified for mass production and 5 awaiting certification, targeting markets in Southeast Asia, Japan, South Korea, and India [2][4]. Entering the Computing Power Manufacturing Field - The company has invested a total of 383.36 million RMB in Fuchuang Youyue, acquiring a 42.16% stake, and plans to increase its ownership to 100% through a combination of cash and stock issuance [3][4]. - The company aims to enhance its business layout in the semiconductor and computing power sectors, focusing on integrating the supply chain and increasing investments in these areas [3][4]. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of 497 million RMB in 2025, with a significant year-on-year growth of 79% [9][4]. - The report highlights the company's robust financial performance, with a total revenue forecast of 2.935 billion RMB for 2025, reflecting a 33% increase from the previous year [9][4].

2025 年 06 月 03 日 激光光学元器件一季度表现强劲，多元化产品矩 阵深耕光学赛道 告 买入(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | 基本数据 | 2 0 2 5-0 6-0 3 | | --- | --- | | 当前股价（元） | 68.05 | | 总市值（亿元） | 61 | | 总股本（百万股） | 90 | | 流通股本（百万股） | 90 | | 52 周价格范围（元） | 39.97-89.49 | | 日均成交额（百万元） | 205.74 | 市场表现 -60 -40 -20 0 20 40 60 (%) 炬光科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 激光光学元器件一季度表现强劲，并购影响利润 端短期承压 公司激光光学元器件业务在一季度表现强劲，一方面得益于 泛半导体领域的市场需求提升，产品出货量显著增加；另一 方面，工业光纤激光器泵浦以及光通讯领域的市场需求也呈 现出增长趋势，一季度营收实现 1.70 亿 ...