Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Viewpoints - The company plans to invest 1.402 billion yuan to build a high-performance carbon fiber production project, with an annual capacity of 2,000 tons, expected to achieve full production in the seventh year [1]. - The demand for carbon fiber is continuously improving, particularly in the aerospace sector, which is projected to grow significantly [3]. - The company has achieved advanced performance levels in its aerospace-grade carbon fiber products, enabling domestic substitution and meeting national strategic needs [2]. Summary by Relevant Sections Investment Project - The company is investing in a high-performance carbon fiber project with a total investment of 1.402 billion yuan, aiming for an annual sales revenue of 1.588 billion yuan and a net profit of 773.74 million yuan upon reaching full capacity [1]. Market Demand - Global carbon fiber demand is expected to reach 156,100 tons in 2024, a year-on-year increase of 35.7%, with the aerospace and military sectors accounting for 26,400 tons, a 20% increase [3]. - In China, the total carbon fiber demand is projected to be 84,000 tons in 2024, reflecting a 21.7% growth [3]. Financial Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 483 million yuan, 609 million yuan, and 705 million yuan, respectively, with significant upward adjustments of 17.5% and 30.3% for 2025 and 2026 [3]. - The report provides a detailed financial outlook, including revenue growth rates and profit margins, indicating a recovery in demand and profitability [5][11]. Competitive Position - The company is positioned as a core supplier of high-end carbon fiber for aerospace applications, with a strong focus on expanding production capacity to meet growing market needs [2][3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [5][7]. Core Viewpoints - The company is positioned as a northern coastal hub port, benefiting from growth and dividend potential. It is the largest port in northern China and the second-largest foreign trade port in the country, with cargo and container throughput ranking fourth and fifth globally, respectively. The dual-driven business model of "containers + liquid bulk" has shown significant effectiveness [6][9]. - The company is expected to continue enjoying the integration benefits from the Shandong provincial port consolidation, with anticipated growth in profitability and a dividend yield of approximately 4% over the next three years [9][7]. Summary by Relevant Sections Financial Performance and Forecast - The company’s revenue for 2023 is projected at 18,173 million RMB, with a slight decline of 5.66% year-on-year. However, it is expected to recover with revenues of 18,941 million RMB in 2024 and 19,304 million RMB in 2025, reflecting growth rates of 4.23% and 1.92%, respectively [5][6]. - The net profit attributable to shareholders is forecasted to be 4,923 million RMB in 2023, increasing to 5,235 million RMB in 2024 and 5,492 million RMB in 2025, with year-on-year growth rates of 8.80% and 6.33% [5][6]. - The earnings per share (EPS) is expected to rise from 0.76 RMB in 2023 to 0.81 RMB in 2024 and 0.85 RMB in 2025 [5][6]. Business Segments - Container Business: The company anticipates container throughput of 32.17 million TEU in 2024, a year-on-year increase of 7.2%, contributing over 30% to total profits. Revenue from container handling and related services is expected to reach 1.678 billion RMB, a significant increase of 39.89% [6][59]. - Liquid Bulk Business: Although facing short-term pressure, the long-term outlook remains resilient. Revenue from liquid bulk handling is projected to be 3.670 billion RMB in 2024, down 13.5% year-on-year, primarily due to international market conditions and lower operational rates at refineries [81][86]. - Dry Bulk Business: Expected revenue growth for dry bulk handling is modest, with projections of 4.518 billion RMB in 2025, reflecting a year-on-year increase of 0.80% [8]. Market Position and Competitive Advantage - The company benefits from a strategic location as a natural deep-water port, enhancing its role as a logistics hub in Northeast Asia. It has established a comprehensive network of over 200 container shipping routes, connecting with more than 700 ports globally [22][14]. - The integration of Shandong ports has improved operational efficiency, reducing competition and enhancing service quality, which is expected to increase throughput by 20% [17][14]. Dividend Policy and Financial Health - The company has committed to a dividend payout of no less than 40% of distributable profits in profitable years. In 2024, total dividends amounted to 2.039 billion RMB, with a payout ratio of 39% [50][57]. - The company maintains a low debt-to-asset ratio of 25.43%, which is below the industry median, indicating a strong financial structure and capacity for sustainable growth [50][58].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected revenue growth for 2025-2027 at 36.65 billion, 45.76 billion, and 57.20 billion respectively, corresponding to PS ratios of 6X, 5X, and 4X [4]. Core Insights - The signing of a Master Services Agreement with Marriott International marks a significant milestone in the company's international expansion, further solidifying its position as a leading global hotel SaaS provider [2][4]. - The company's SaaS business is experiencing rapid growth, with an annual recurring revenue (ARR) of 523.29 million in 2024, representing a 25.1% increase from 2023. The total number of enterprise customers exceeded 80,000 hotels, with an average renewal rate above 90% [3]. - The company has successfully signed contracts with two of the top five global hotel groups, enhancing its competitive strength and facilitating further expansion into high-end international hotel groups [2][3]. Summary by Sections Company Events - On June 5, 2025, the company's subsidiary Shiji (US) Inc. signed a significant agreement with Marriott International, which includes cloud services and service schedules [1]. SaaS Business Development - The SaaS business is rapidly developing, with significant client signings and a strategic acquisition of remaining shares in a subsidiary to enhance retail operations. The company is the only provider to have signed contracts with all top five global hotel groups for its cloud POS products [3]. Financial Forecast - The financial projections indicate a steady increase in revenue and net profit, with expected revenues of 3,665 million in 2025, 4,576 million in 2026, and 5,720 million in 2027. The net profit is projected to turn positive in 2025, reaching 146 million, and further increasing to 492 million by 2027 [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected revenue growth for 2025-2027 at 36.65 billion, 45.76 billion, and 57.20 billion respectively, corresponding to PS ratios of 6X, 5X, and 4X [4]. Core Insights - The signing of a Master Services Agreement with Marriott International marks a significant milestone in the company's international expansion, further solidifying its position as a leading global hotel SaaS provider [2][4]. - The company's SaaS business is experiencing rapid growth, with an annual recurring revenue (ARR) of 523.29 million in 2024, representing a 25.1% increase from 2023. The total number of enterprise customers exceeded 80,000 hotels, with an average renewal rate above 90% [3]. - The company has successfully signed contracts with two of the top five global hotel groups, enhancing its competitive strength and facilitating further expansion into high-end international hotel groups [2][3]. Summary by Sections Company Events - On June 5, 2025, the company's subsidiary Shiji (US) Inc. signed a significant agreement with Marriott International, which includes cloud services and service schedules [1]. SaaS Business Development - The SaaS business is rapidly developing, with significant client signings and a strategic acquisition of remaining shares in a subsidiary to enhance retail operations. The company is the only provider to have signed contracts with all top five global hotel groups for its cloud POS products [3]. Financial Forecast - The financial projections indicate a steady increase in revenue and net profit, with expected revenues of 3,665 million in 2025, 4,576 million in 2026, and 5,720 million in 2027. The net profit is projected to turn positive in 2025, reaching 146 million, and further increasing to 492 million by 2027 [5][8].

Investment Rating - The report gives a "Strong Buy" rating for the company [11]. Core Viewpoints - The company is a leading player in the smart logistics sector, focusing on self-research and production capabilities in both hardware and software, providing comprehensive solutions across various industries [22][23]. - The revenue structure is designed around "core systems + high-margin services," with significant growth expected in both automated logistics systems and operational maintenance services [25][37]. - The company has potential for substantial growth by benchmarking against global leader Daifuku, particularly in expanding overseas revenue and service offerings [54][62]. Summary by Sections Company Overview - The company specializes in the research, design, production, sales, and service of smart logistics systems centered around intelligent robots, making it one of the few in China with self-research and production capabilities [22][23]. Revenue Structure - The smart warehouse logistics automation system is projected to generate revenue of 1.12 billion yuan in 2024, with a gross margin of 30.74%. The operational maintenance service is expected to achieve revenue of 44 million yuan with a gross margin of 52.05% [25][37]. Market Potential - The smart logistics equipment market in China is expected to grow from 449 billion yuan in 2020 to 1,041 billion yuan by 2024, with a compound annual growth rate of 23.4% [39]. - The penetration rate of smart logistics equipment is anticipated to increase rapidly, driven by advancements in IoT and AI technologies [44]. Competitive Benchmarking - The company aims to emulate Daifuku's success, which has a strong global presence and a diversified revenue stream. The company's overseas revenue share is currently at 2.70%, indicating significant room for growth [62][54]. Future Growth Drivers - The report highlights that AI technology will further drive the logistics industry towards a technology-intensive transformation, enhancing demand for automated systems [73]. - The company is expected to leverage its technological advantages and global layout to transition from passive responses to proactive empowerment in service consulting, potentially becoming a second growth curve [67]. Financial Projections - The company is projected to achieve net profits of 162 million yuan, 197 million yuan, and 318 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.59, 1.92, and 3.11 yuan [11][79].

Investment Rating - The report gives a "Strong Buy" rating for the company [11]. Core Viewpoints - The company is a leading player in the smart logistics sector, focusing on self-research and production capabilities in both hardware and software [22][23]. - The revenue structure is designed around "core systems + high-margin services," with significant growth expected in both automated logistics systems and operational maintenance services [37][9]. - The company has substantial growth potential by benchmarking against global leader Daifuku, particularly in expanding overseas revenue and service offerings [54][56]. Summary by Sections Company Overview - The company specializes in the research, design, production, sales, and service of smart logistics systems centered around intelligent robots, providing comprehensive solutions across various industries [22][23]. Revenue Structure - In 2024, the smart warehouse logistics automation system is projected to generate revenue of 1.122 billion yuan with a gross margin of 30.74%. Operational maintenance services are expected to yield 44 million yuan with a gross margin of 52.05% [37][9]. Market Potential - The smart logistics equipment market in China is expected to grow from 449 billion yuan in 2020 to 1,041 billion yuan by 2024, with a compound annual growth rate of 23.4% [39][44]. Benchmarking Against Daifuku - The company aims to increase its overseas revenue share, which is currently at 2.70%, by expanding into new markets such as Thailand, Mexico, and Canada, with overseas project contracts reaching 240 million yuan, a year-on-year increase of 281% [56][62]. Future Growth Drivers - The company is expected to benefit from the increasing demand for automation in logistics driven by AI technology, which is reshaping the industry towards a more technology-intensive model [10][73]. - The operational maintenance and consulting services are anticipated to become a significant growth curve, with gross margins significantly higher than the core logistics automation systems [67][9]. Financial Projections - The company forecasts net profits of 162 million yuan, 197 million yuan, and 318 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59, 1.92, and 3.11 yuan [11][79].

证券研究报告 中国海油 (883 HK/600938 CH) 2025 年中期策略会速递— 天然气增量可期，提高分红彰显信心 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 6 月 | 05 日│中国内地/中国香港 | 石油（天然气）开采 | 6 月 4 日中国海油出席了我们组织的 2025 年中期策略会，会上公司详细描 述了今年一季度的经营情况，重申了 25 年全年的产量、资本开支以及分红 指引，同时简要介绍了海外区块及天然气业务的主要成果及未来规划。考虑 公司稳油增气、提质降本效果卓越，抵御油价波动的韧性显著提升，维持 A/H"买入"评级。 关税预期修正，OPEC 连续上调产量目标，5 月油价先反弹后回落 5月中美经贸会谈取得实质性进展，而 OPEC集团连续上调 5-7月产量目标， 油价先反弹后回落。据 Wind，6 月 4 日 WTI/Brent 期货收于 62.85/66.61 美元/桶，较 5 月初上涨 6.1%/4.4%。考虑贸易政策扰动下全球宏观经济及 石油需求预期不确定性仍存，以及 OPEC+内部协同意愿显著趋弱，我们维 持 25-26 年布伦特原 ...

证券研究报告 舍得酒业 (600702 CH) 2025 年中期策略会速递— 舍得酒业：渠道减负，保持定力 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 饮料 | 6 月 4 日舍得酒业出席我们组织的 2025 年中期策略会，会上公司对近期经 营情况、未来发展和行业方向分享观点，提出公司自 24 年以来重点关注渠 道健康，坚守长期主义，库存去化取得阶段性成效，期待公司触底破局。 舍之道、T68 等表现出色，库存去化取得阶段性成效 公司以长期健康稳健发展为主。从近期经营看，公司 Q1 业绩有所承压，但 五一期间品味舍得动销保持平稳，现阶段品味舍得重点聚焦升学宴；大众价 位舍之道、沱牌 T68 等产品实现增长，针对下沉市场争取增量。从渠道结 构看，截至 25Q1 大商占比依然较高，渠道库存良性的经销商数量过半（良 性库存标准 2-3 个月备货）。从库存表现看，从去年开始加大库存去化力度， 我们预计今年库存压力或相对较小；同时公司 25 年依然坚持去库存+市场 跟踪，针对性提高渠道健康程度。 费用端表现趋于稳定， ...

证券研究报告 孩子王 (301078 CH) 2025 年中期策略会速递— 加盟店快速推进，首款 AI 玩具落地 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 可选消费 | 6 月 5 日孩子王出席了我们组织的 2025 年中期策略会，会上公司表示母婴 零售业务线下直营同店稳健增长、加盟门店有序拓展，直播电商业务有望于 6 月开启直播；同时，AI 产品储备丰富，首款 AI 智能陪伴玩偶已开启预售。 母婴零售：线下直营稳增、加盟快速推进，直播电商有望贡献增量 分渠道看，1）线下：我们预计 4-5 月公司同店销售同比增速约 10%。同时， 公司自 2024 年开始发展下沉市场精选店加盟模式，截至 2025 年 3 月，精 选加盟店已开业 30 家，另有超 100 家正在在建、筹建过程中；公司目标 2025 年开设 500 家加盟店。2）线上：除原本的线上 DTC 模式以外，公司与辛 选合作成立合资公司杭州链启未来，开展新家庭电商直播零售业务，目前正 有序推进供应链选品、内容运营、直播达人矩阵建设等，公司计划于 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both HK and CH shares [8] Core Views - The company is focusing on operational activation to drive high growth in time-sensitive deliveries, with operational model transformation and network optimization enhancing efficiency and reducing costs [1] - The company aims to continue its initiatives in multi-network integration, AI empowerment, and automation in transfer stations to further reduce costs in 2025 [1] - The international business is expected to benefit from the trend of Chinese manufacturing companies expanding overseas, positioning the company as a leading international logistics provider [4] Summary by Sections Domestic Operations - The company has seen significant growth in delivery volumes, with year-on-year increases of 18.7%, 25.4%, and 30.0% for January-February, March, and April 2025 respectively [2] - The average delivery price has decreased, with year-on-year declines of 9.6%, 10.5%, and 13.9% for the same periods [2] - The revenue growth in express logistics for April was 11.8%, outpacing the industry average of 10.8% [2] Cost Optimization - In the first quarter, the company achieved a structural cost reduction, with gross margin increasing by 0.1 percentage points to 13.3% and gross profit rising by 8.0% to 9.29 billion RMB [3] - The company has invested over 800 unmanned vehicles and established the industry's first unmanned transfer center, which is expected to enhance profitability through ongoing cost reduction initiatives [3] International Business - From January to April, the revenue from supply chain and international business reached approximately 22.41 billion RMB, a year-on-year increase of 11.9%, which is faster than the express logistics business growth of 8.3% [4] - The company is well-positioned to benefit from the rapid growth of the logistics market in Asia due to the regionalization of trade and the expansion of Chinese enterprises [4] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 11.80 billion, 14.18 billion, and 16.03 billion RMB respectively, with corresponding EBITDA of 34.90 billion, 38.53 billion, and 41.31 billion RMB [5] - The target prices are set at 51.10 RMB for A shares and 52.80 HKD for H shares, with respective EV/EBITDA multiples of 8.0x and 7.7x for 2025 [5]