Investment Rating - The report maintains a "Strong Buy" rating for Yanjing Beer, with a target price of 15.5 CNY [2][7]. Core Views - The company held an investor communication meeting on June 5, 2025, where management addressed strategic planning, product planning, and reform progress, providing guidance for investors [2]. - Yanjing Beer is focusing on the U8 product line, which has shown strong sales momentum, achieving over 400,000 tons in the first five months of 2025, representing a 45% completion of the annual target [7]. - The company is committed to optimizing its product structure and enhancing operational efficiency through digital systems and cost management reforms, which are expected to release profit elasticity [7]. - The management aims to catch up with leading companies in the industry during the 14th and 15th Five-Year Plans, emphasizing innovation and operational improvements [7]. Financial Summary - Total revenue is projected to grow from 14,667 million CNY in 2024 to 15,439 million CNY in 2025, reflecting a year-on-year growth rate of 5.3% [3]. - Net profit attributable to shareholders is expected to increase significantly from 1,056 million CNY in 2024 to 1,451 million CNY in 2025, with a growth rate of 37.4% [3]. - Earnings per share (EPS) is forecasted to rise from 0.37 CNY in 2024 to 0.51 CNY in 2025 [3]. Market Performance - The company has shown a strong performance compared to the CSI 300 index over the past 12 months, indicating a positive market sentiment towards Yanjing Beer [6].

EQUITY RESEARCH 萬豐奧威 (002085 CH) 低空經濟蓄勢成長可期 中國 | 汽車零部件 | 公司報告 公司簡介 經過近 20 多年的內生發展+外延收購，萬豐奧威形成了汽車金屬部件輕量化產業和通 航飛機製造產業"雙引擎"驅動的發展格局，業務涵蓋 1）鋁合金輪轂，2）鎂合金汽車 壓鑄件，3）達克羅環保塗覆，4）通用航空飛機等四大業務部門板塊。公司在其多個 細分子行業領域處於行業領先地位。 投資概要： 無錫雄偉出表影響收入，通航業務減值計提影響盈利 受剝離無錫雄偉（高強度鋼衝壓件及其他金屬鑄件業務）影響，萬豐奧威 2024 年實現 營收 162.64 億元（人民幣，下同），同比僅增長 0.35%；受資產減值、商譽減值等因 素影響，歸母淨利潤同比下滑 10.14%至 6.53 億元。每股盈利 0.32 元，同比下降 8.6%。公司擬每股派發現金紅利 0.1 元，派息率 31.25%。 分業務部門看，公司汽車金屬部件輕量化業務實現收入 134.50 億元，同比增長 0.09%，占總收入比重 82.7%，小幅減少 0.21 個百分點，其中新能源汽車配套收入 32.8 億元；通航飛機業務實現營業收入 ...

联合研究丨公司深度丨时代新材（600458.SH） [Table_Title] 厚积薄发，新材料平台型龙头崛起 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 时代新材是央企中国中车旗下的新材料产业平台，长期积累底蕴深厚，近年进一步彰显竞争力， 轨交&工业工程稳居龙头，风电叶片规模及盈利能力快速追赶，汽车业务实现扭亏为盈。展望 2025 年各板块继续成长：风电有望受益装机高景气之下的量价齐升，贡献最大利润弹性；新材 料产业园竣工，产业孵化渐成；汽车板块有望继续夯实扭亏成果，中长期成长空间广阔。 分析师及联系人 [Table_Author] 范超 邬博华 赵智勇 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517110001 SFC：BQK473 SFC：BQK482 SFC：BRP550 张佩 李浩 司鸿历 SAC：S0490518080002 SAC：S0490520080026 SAC：S0490520080002 SFC：BUD284 董超 屈奇 周圣钧 SAC：S049052 ...

6 月 4-5 日，杰克股份出席了我们组织的 2025 年中期策略会，会上公司沟 通了关税对于缝纫机景气度的影响，认为短期影响有限，中长期会带动全球 服装制造业产业转移、从而提振缝纫机新机需求。服装制造业面临招工难困 境，未来公司将持续推广 AI 智能在服装制造的应用，推出 AI 缝纫机、人形 机器人等新产品助力下游降本增效。我们看好公司持续的产品创新对于盈利 能力的提升，维持"买入"评级。 关税影响：需求或短空长多，带来市占率提升机会 短期看，由于美国关税政策制定的不确定性，部分下游客户或对扩产持观望 态度。而中长期看，关税的不确定性将进一步加速全球服装供应链的分散化， 促使部分服装制造业向低关税风险国家进行转移，从而拉动对于新机的采购 需求，同时带来龙头企业进一步发挥产品和渠道优势、市占率提升机会。 4 月工缝维持快速增长，低关税风险地区接力需求 证券研究报告 杰克股份 (603337 CH) 2025 年中期策略会速递— 关税影响可控，期待新品发力 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国内地 | 专用设 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 42.96 [8][9]. Core Views - The company is expected to benefit from the resilience of the retail market due to the expansion of home decoration subsidies and the improving channel structure, leading to a potential recovery in profit margins and operational flexibility [1]. - The "Immediate Residence" and "Beautiful Countryside" initiatives are anticipated to accelerate the company's presence in the renovation market, particularly in lower-tier cities, with a projected demand for 11 to 12 million units per year from 2024 to 2026, reflecting a CAGR of 5% [2]. - The company has shifted its focus towards engineering distribution channels, maintaining a leading market share despite a decline in direct sales revenue, with a gradual improvement in accounts receivable turnover [3]. - Price competition is expected to ease, and the company is likely to continue demonstrating profit elasticity due to effective cost control measures implemented since late 2024 [4]. Summary by Sections Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 to 2027 are RMB 651.4 million, RMB 847.05 million, and RMB 1.09 billion respectively, with a CAGR of 48.7% [5]. - The company is valued at a PEG of 0.75x for 2025, and the target price reflects a PEG of 1.0x, indicating strong growth potential [5]. - Revenue projections for 2025 are set at RMB 13.203 billion, with a growth rate of 9.07% compared to 2024 [7]. Market Position and Competitive Landscape - The company is positioned to capture a significant share of the renovation market, with its brand strength gradually being validated against competitors like Nippon Paint [2]. - The engineering business is expected to stabilize its market share at the top level, with reduced impairment risks on accounts receivable [3]. Operational Insights - The retail sales of construction and decoration materials reached RMB 53 billion in the first four months of 2025, showing a year-on-year increase of 2.3% [4]. - The average price of titanium dioxide, a key raw material, decreased by 9.6% year-on-year as of May 2025, which may limit further price declines in products [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Views - The acquisition of Ningbo Semiconductor by Guokewai marks a new phase for the company, enhancing its capabilities in the semiconductor industry [2][40]. - Ningbo Semiconductor is a leading domestic foundry specializing in RF front-end, MEMS, and high-voltage analog devices, with significant technological advancements in BAW filter manufacturing [2][28]. - The report estimates Ningbo Semiconductor's valuation to be between 7.34 billion to 9.18 billion yuan based on its production capacity [3][48]. Summary by Sections Acquisition Details - Guokewai plans to acquire 94.366% of Ningbo Semiconductor through a combination of share issuance and cash payment [1][16]. - The acquisition is expected to enhance Guokewai's production capabilities in high-end filters and MEMS, creating a dual-driven model of digital chip design and analog chip manufacturing [46]. Ningbo Semiconductor Overview - Ningbo Semiconductor focuses on specialized process semiconductor foundry services, providing customized chip solutions in RF front-end, MEMS, and high-voltage analog devices [20][26]. - The company has established strategic partnerships with leading domestic mobile communication terminal companies, breaking through technological barriers in BAW filter manufacturing [28][30]. Financial Projections - Revenue projections for Guokewai from 2024 to 2026 are estimated at 2.406 billion, 2.907 billion, and 3.485 billion yuan, respectively, with net profits of 148 million, 236 million, and 308 million yuan [3][40]. - The report anticipates a significant increase in revenue and profit margins as the company capitalizes on the acquisition and expands its market presence [42][46]. Market Potential - The global RF filter market is valued at approximately 10 billion USD, with a low domestic production rate, indicating substantial growth potential for Ningbo Semiconductor [32][34]. - The demand for RF filters is expected to rise significantly with the proliferation of 5G technology, which requires more filters per device compared to previous generations [33][34].

Investment Rating - The report upgrades the investment rating to "Buy" [8] Core Views - The company is expected to benefit from the recovery of the heavy truck industry due to the scrapping and replacement policy, which is projected to drive heavy truck sales to exceed 1 million units in 2025 [6][33] - The company’s high-margin products are gaining traction, with significant growth anticipated in the large-bore engine and data center segments, leading to improved profitability [8][29] - The company is accelerating its transformation in six key areas, including new energy, digitalization, and export markets, aiming for substantial revenue growth in the coming years [8][45] Summary by Sections AIDC Engine Outlook - The AIDC engine market is characterized by high barriers to entry, with domestic manufacturers like Weichai making significant breakthroughs [16] - The demand for AIDC engines is rapidly increasing, but supply is constrained due to limited production capacity [25][24] - The company’s large-bore engine business is entering a high-growth phase, with sales of over 8,100 units expected in 2024, reflecting a 20% year-on-year increase [29] Heavy Truck Industry Recovery - The inclusion of natural gas and National IV trucks in the scrapping subsidy program is expected to stimulate heavy truck sales significantly [33] - The company holds a 59.6% market share in natural gas heavy truck engines, positioning it well for growth as the scrapping policy takes effect [36] - The penetration rate of clean energy vehicles is projected to increase, leading to a more balanced market among diesel, natural gas, and new energy vehicles [42] Annual Performance Highlights - In 2024, the company reported revenue of 215.69 billion yuan, with a net profit of 11.40 billion yuan, marking a 26.51% increase year-on-year [49] - The engine segment's profit margin improved by 4.80 percentage points, driven by higher sales of high-value products [55] - The company’s subsidiaries, including Shaanxi Heavy Truck and KION, reported significant profit increases, contributing positively to overall performance [57] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 12.68 billion, 14.64 billion, and 16.51 billion yuan from 2025 to 2027, with respective growth rates of 11.21%, 15.47%, and 12.75% [8][11] - The price-to-earnings ratio is expected to decrease from 10.38X in 2025 to 7.98X in 2027, indicating an attractive valuation for investors [8][11]

核心技术获得特等奖，下游需求复苏与核 聚变项目推进下各业务有望同步迎来增量 ⚫ 根据行业需求情况下调营收与毛利率，调整 25、26 年 EPS 为 1.60、1.97 元（前值 为 1.92、2.49 元），新增 27 年 EPS 为 2.41 元。参考可比公司 25 年估值水平，对 应 25 年 42 倍 PE，目标价 67.20 元，维持买入评级。 风险提示：行业需求不及预期；产品价格下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,159 | 4,612 | 6,028 | 7,337 | 8,839 | | 同比增长 (%) | -1.6% | 10.9% | 30.7% | 21.7% | 20.5% | | 营业利润(百万元) | 870 | 1,007 | 1,318 | 1,633 | 2,001 | | 同比增长 (%) | -29.7% | 15.7% | 30.9% | 23.9% | 22.5% | | 归属母公 ...

"一体"：石膏板消费属性增强，持续降本+扩品类+出海 石膏板市场规模约为 150-200 亿元，公司市占率（产量口径）近七 成。公司近年来致力增强石膏板消费属性，加大渠道布局、增加宣 传力度、提升高端产品占比。主导业务继续重点关注：①降本， 2024 年石膏板单位成本为 3.71 元/平米，同比下降 0.19 元/平米。 ②扩品类，发力轻钢龙骨、粉末砂浆等"石膏板+"业务，拟投资 建设的石膏纤维板可用于内墙和隔墙。③出海，公司于 2017 年启 动全球化布局，2023 年加速推进，主要聚焦东南亚、中亚、中东、 欧洲和环地中海四大区域，25Q1 国际化业务收入、净利润同比分 别增长 73.00%、143.08%。 "两翼"：防水+涂料规模逆势扩张 2019 年公司确定"一体两翼"战略目标，当年通过联合重组进入 防水材料业务领域。公司防水卷材收入规模已达行业前 3。涂料同 样收并购为主，建筑涂料方面，2023 年底联合重组嘉宝莉（持股 78.34%，2024 年 2 月并表），涂料年产能由 10.3 万吨提升至 130 万吨以上，2024 年嘉宝莉业绩承诺完成率 81.27%。工业涂料方面， 2021 年、202 ...