Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is focusing on improving profitability through quality enhancement and efficiency optimization, with new business ventures opening up growth opportunities [1] - The financial performance shows a revenue increase of 23.8% year-on-year for 2024, with a projected revenue of 3,098 million for 2025, reflecting a growth rate of 27.5% [5][6] - The company has made significant advancements in its electric vehicle (EV) business, with a revenue contribution of 20.68 billion from this segment in 2024, marking a 30.15% increase [6] - Strategic partnerships in low-altitude economy and robotics are expected to diversify revenue streams and enhance market competitiveness [6] Financial Data and Profitability Forecast - Total revenue projections for the company are as follows: - 2024: 2,430 million - 2025: 3,098 million - 2026: 3,856 million - 2027: 4,644 million - The net profit forecast shows a recovery with expected figures of: - 2024: 71 million - 2025: 111 million - 2026: 186 million - 2027: 246 million - The gross margin is projected to improve from 14.9% in 2024 to 17.4% by 2027 [5][7]

Core Viewpoint - The significant increase in Chinese stocks, particularly in the context of the May Day holiday consumption boost, has positively impacted the stock price of Lexin (LX.US), which rose by 9.07% to close at $8.42, with a trading volume of $20.08 million [1] Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.39%, the S&P 500 up 1.47%, and the Nasdaq up 1.51%, marking a nine-day consecutive increase for both the Dow and S&P 500 [1] - The Nasdaq Golden Dragon China Index increased by 3.51%, reflecting a strong performance among Chinese stocks [1] Consumption Trends - The May Day holiday saw a surge in travel, with the China National Railway Group predicting 144 million passenger trips from April 29 to May 6, a year-on-year increase of 4.9% [1] - Lexin's installment shopping platform, Fenqile, reported over a 20% increase in transaction numbers and over a 30% increase in transaction volume from April 21 to April 26 [2] - The consumption trends during the holiday are characterized by outdoor travel surges, increased activity in third and fourth-tier cities, and a diversified consumption structure, driven by government policies and changing consumer attitudes among younger demographics [2] Analyst Ratings - Several prominent brokerages, including UBS, have recently upgraded their ratings and target prices for Lexin, with UBS raising its target price to $13.6, a 41.7% increase from the previous target of $9.6 [2] Company Background - Lexin was established in August 2013 in Shenzhen, China, and aims to connect young consumers with new consumption brands through its platforms, promoting a brand philosophy of "easy consumption and flexible turnover" [3]

Core Viewpoint - The controlling shareholder of the company has changed to Xinjiang Cultural Tourism Investment, with the Xinjiang Autonomous Region State-owned Assets Supervision and Administration Commission becoming the actual controller. The rich industrial resource layout of Xinjiang Cultural Tourism Investment, including several core 5A and 4A scenic spots, hotels, travel agencies, and theaters, aligns well with the company's core business. As the only listed cultural tourism company in Xinjiang, the company is expected to benefit from this change in control, leveraging the resources of the State-owned Assets Supervision and Administration Commission and Xinjiang Cultural Tourism Investment for sustained business development. The company's performance in the performing arts business has begun to gain momentum this year, and it is well-positioned in the low-altitude economy, pending local policy implementation in Xinjiang [1]. Financial Performance - In 2024, the company achieved an operating income of 304 million yuan, a year-on-year decrease of 0.51%, with the fourth quarter generating 34 million yuan, down 7.57% year-on-year. - The net profit attributable to shareholders for 2024 was 87 million yuan, a decline of 18.06%, while the net profit excluding non-recurring items was 86 million yuan, down 18.46%. In the fourth quarter of 2024, the net profit attributable to shareholders was -29 million yuan, an increase of 50.59% year-on-year, with a similar increase of 54.83% for the net profit excluding non-recurring items. - In the first quarter of 2025, the company reported an operating income of 16 million yuan, a decrease of 0.74%, and a net profit attributable to shareholders of -30 million yuan, an increase of 147.22%, with the net profit excluding non-recurring items also at -30 million yuan, up 145.96% [2]. Industry Outlook - In 2024, Xinjiang received 302 million tourists, a year-on-year increase of 14%, with total tourist spending reaching 359.542 billion yuan, up 21%, setting historical highs across various metrics. Cultural tourism has become a new strategic pillar industry for Xinjiang. The company's immersive performance project "Meet Kashgar" and the performance project at the West Sea Grassland scenic area are expected to welcome the first tourism peak during the May Day holiday, facilitating the company's business expansion outside Urumqi [3]. - The Civil Aviation Administration of China has completed the OC certification process over nine months, with EHang Intelligent obtaining OC certificates in Hefei and Guangzhou, potentially marking the beginning of commercial low-altitude manned flight in 2025. The company has established deep cooperation with EHang Intelligent in 2023, and the rich tourism resources and natural geographical advantages in Xinjiang are expected to provide a leading edge for the company's development in the low-altitude economy [4]. Investment Recommendations - The company's cable car business is expected to decline due to maintenance cycles but is projected to return to normal this year. The newly added performance project business may incur initial operating costs, with expected net profits attributable to shareholders of 102 million yuan, 136 million yuan, and 188 million yuan from 2025 to 2027, respectively. The current stock price corresponds to PE ratios of 59X, 44X, and 32X for those years, maintaining a "buy" rating [4].

Core Insights - The company, Yingboer (300681.SZ), is focusing on the low-altitude economy as a second growth curve, leveraging its expertise in the electric vehicle sector to explore new opportunities in this field [3][4] - The management outlined a development plan for 2025, which includes mass delivery of motors and controllers for eVTOLs, establishing a joint venture for intelligent production of eVTOL components, and expanding partnerships with leading clients in the low-altitude economy [3] - The company is committed to full localization of its supply chain, aligning with national macro strategies to ensure a reliable and secure industrial chain for its customers [4] Group 1 - The company has engaged with numerous institutions, including Kaiyuan Securities and Changjiang Securities, to discuss its strategic direction and growth opportunities [1] - Management emphasized the integration of their "integrated chip" technology and existing cooling and silicon carbide technologies in developing eVTOL products [3] - The company aims to achieve certification for its VT35 motor and controller by following its development schedule [3] Group 2 - The full localization strategy is a response to future industry competition and aims to build a robust supply chain for customer support [4] - Yingboer has become one of the first domestic companies to possess a fully localized vehicle power supply product and a complete localized supply chain system [4] - The company is actively pursuing strategic partnerships to enhance its product offerings in the flying car segment [3]

Investment Rating - The investment rating for the industry is optimistic (maintained) [1] Core Insights - The low-altitude economy is recognized as a strategic emerging industry with significant development potential and a solid foundation in China [27] - Recent government initiatives emphasize the acceleration of low-altitude economic development, focusing on innovation, application traction, and standard support [26][19] - The commercial viability of eVTOL (electric vertical takeoff and landing) aircraft is increasing, with multiple manufacturers receiving substantial orders [19][37][39] Summary by Sections Industry Overview - The low-altitude economy encompasses various sectors, including logistics, urban transportation, agriculture, emergency rescue, and cultural tourism, indicating a broad service scope and diverse industry chain [27] - The average fluctuation of low-altitude economy-related stocks was -1.2% from April 14 to April 18, with some stocks driven by strong performance [12][4] Government Initiatives - The National Development and Reform Commission (NDRC) held a meeting to promote low-altitude economic development, emphasizing a coordinated approach to safety and market dynamics [25] - The Ministry of Industry and Information Technology (MIIT) outlined four key areas for enhancing low-altitude economic growth: equipment innovation, application traction, technology integration, and standard support [26] Market Dynamics - Recent data shows a significant increase in consumer interest in low-altitude experiences, with a 645% year-on-year surge in related searches in Chengdu [28] - The number of businesses offering low-altitude flight services in Chengdu has increased by 106% since March 2025, with order volumes rising over 280% [28] Company Developments - Peak Aviation secured a financial leasing agreement for 100 eVTOL aircraft, amounting to over 1 billion yuan, marking a significant step in commercializing eVTOL technology [37] - The partnership between Rui Pu Lan Jun and Yu Feng Future aims to provide customized high-nickel battery solutions for eVTOL projects, enhancing energy solutions in the low-altitude sector [40]

Investment Rating - The investment rating for the industry is optimistic (maintained) [1] Core Insights - The low-altitude economy is recognized as a strategic emerging industry with significant development potential and a solid foundation in China [27] - Recent government initiatives emphasize the acceleration of low-altitude economic development, focusing on innovation, application traction, and standard support [26][19] - The commercial viability of eVTOL (electric vertical takeoff and landing) aircraft is increasing, with multiple manufacturers securing substantial orders [19][37][39] Summary by Sections Industry Overview - The low-altitude economy encompasses various sectors, including logistics, urban transportation, agriculture, emergency rescue, and cultural tourism, indicating a broad service scope and diverse industry chain [27] - The recent surge in consumer interest in low-altitude experiences, particularly in Chengdu, highlights the growing market demand [28] Government Initiatives - The National Development and Reform Commission (NDRC) is actively promoting low-altitude economic development through strategic planning and safety measures [25] - The Ministry of Industry and Information Technology (MIIT) is focusing on four key areas to enhance low-altitude economic growth: equipment innovation, application traction, technology integration, and standard support [26] Market Dynamics - Recent data shows a 645% year-on-year increase in searches related to low-altitude activities in March 2025, indicating a strong consumer interest [28] - The average stock price change for low-altitude economy-related companies was -1.2% from April 14 to April 18, 2025, with notable performers like Puli Te (+11.5%) and Haopeng Technology (+6.7%) [12][4] Company Developments - Several eVTOL manufacturers, including Fengfei Aviation and Shidi Technology, have secured significant orders, indicating a positive trend in commercial applications [19][37][39] - Rui Pu Lan Jun has entered a strategic partnership with Yufeng Future to provide customized high-nickel battery solutions for eVTOL aircraft [40]

华西中小盘 仅供机构投资者使用 证券研究报告|行业专题报告 低空专题报告：eVTOL适航相关证书解读 • 低空eVTOL制造企业开展商业化需要TC、PC、AC三证齐全，运营企业需要OC 型号合格证（TC）、生产许可证（PC）、标准适航证（AC）三证证明了企业有生产可靠飞行器的能力。航空器运营合格证（OC）是eVTOL商业化 运营的最后一个条件，也是运营企业参与商业活动的先决条件，标志着企业具备安全、合规开展商业飞行的能力。持有OC的企业可以在获得批 准的区域内进行商业运营，提供付费载人运营服务。 • 首批OC获批，低空行业迎来催化 戚舒扬：SACNO:S1120523110001 侯钧皓：SACNO:S1120524100003 2025年4月14日 请仔细阅读在本报告尾部的重要法律声明 158435 前言 • 两家公司获批OC首证，引起市场关注 3月28日，亿航旗下广东亿航通用航空有限公司（简称"亿航通航"）及合肥合翼航空有限公司（简称"合翼航空"）获得由中国民航局（CAAC） 颁发的全国第一批民用无人驾驶航空器EH216-S运营合格证（OC），意味着中国低空经济"载人时代"序章正式开启，引发市场广泛关注。 ...

低空经济作为新兴产业，迎来全新发展机遇。 据新华社测算，2023年我国低空经济规模已突破5000亿元，并预计到2030年这一数字将达到2万亿元，呈现强 劲的增长势头，预计七年复合年增长率将达到22%。 政策红利持续释放，推动产业发展。 2023年12月，中央经济工作会议明确将低空经济提升为战略性新兴产业；同时，2024年两会期间，国务院政府工作报 告中也强调了低空经济作为新增长引擎的重要地位，进一步推动了地方政府的响应与行动。从地方层面来看，今年以来，全国已有近30个省份将发展低空经 济写入政府工作报告或出台相关政策。 国证通用航空产业指数：低空经济"含金量"高。 指数选取50只沪深北交易所通用航空产业相关上市公司证券作为指数样本，涵盖低空经济全产业链，国防 军工权重占比近60%，兼具军民融合属性。 长期收益优于创业板指，历史业绩反弹弹性较大。 Wind数据显示，截至今年4月3日，自2012年12月28日以来，通用航空指数的累计涨幅为213.03%，相对 创业板指数的超额收益为17.79%，同期国证军工指数收益率为121.93%，超额收益达91.10%。另外，2024年年初以来市场上行期，反弹市场的业绩表现优 ...

Group 1 - The core objective of the government's work report is to boost consumption and investment, making domestic demand the main driver of economic growth [1] - The success of expanding domestic demand relies on residents' income levels and future income expectations, highlighting the importance of job creation and quality [1] - The development of private enterprises is crucial for increasing job opportunities and investment scale, as emphasized by President Xi Jinping [1] Group 2 - Supernormal measures are needed to cultivate and expand the private economy, aiming to significantly increase its share in the national economy and enhance innovation capabilities [2] - In 2023, private enterprises contributed over 90% of urban new employment, with 16% of private enterprises increasing their workforce [2] - From 2014 to 2024, the export volume of private enterprises grew rapidly, with their share of total national exports rising from 34.5% to 55.5% [2] Group 3 - Since 2021, private enterprises have had opportunities to expand investment, particularly in new energy sectors like electric vehicles and solar batteries [3] - In 2024, Guangzhou's private enterprise export total reached 642.24 billion yuan, growing by 6.2% and accounting for 57.1% of the city's foreign trade [3] - The "new three types" of production capacity are crucial for the development of the private economy in Guangzhou [3] Group 4 - Two theoretical paths to promote consumption upgrades are from the demand side and the supply side, with recent policies leaning towards supply-side measures [4] - The government is expected to support enterprises in technological innovation to produce quality products that consumers are willing to buy [4] - The rise of artificial intelligence represents a new opportunity for private enterprises in Guangzhou to expand their economic scale [4] Group 5 - The emergence of DeepSeek marks 2023 as a pivotal year for artificial intelligence, particularly in application sectors, providing momentum for private enterprises in Guangzhou [5] - Companies like WeRide and Pony.ai have successfully listed in the U.S., showcasing the potential of autonomous driving technology [5] - The long and complex AI industry chain requires private enterprises to identify the most cost-effective breakthrough points [6] Group 6 - The humanoid robot sector is projected to reach a market size of $7 trillion over the next 25 years, presenting significant opportunities for innovation [6] - Companies can focus on application technology innovations in specific scenarios, such as caregiving and household robots [6] - The experience of Casio in developing the Moflin robot illustrates the importance of simplifying designs to reduce costs while maintaining market appeal [7] Group 7 - Guangzhou has multiple development advantages, including a cluster of over 3,000 robot and intelligent equipment companies [8] - The establishment of a modern industrial system and special funds for technological breakthroughs supports the growth of the AI sector [8] - By leveraging the trends of "embodied intelligence + vertical scenarios," Guangzhou can achieve significant expansion in the private economy [8]

Group 1: Macro and Market Overview - In March, both manufacturing and non-manufacturing sectors continued to show positive growth, remaining in the expansion zone, driven by the implementation of "two new" policies which accelerated market demand and boosted production willingness [1] - The new orders index in March increased by 0.7 percentage points compared to the previous month, contributing significantly to the rise in manufacturing PMI [1] - The construction industry saw an upturn in March due to warmer weather and accelerated construction progress, leading to improved market expectations [1] Group 2: Industry Comparisons and Valuation - The report emphasizes that relying on a single factor for industry comparison is insufficient; a multi-faceted approach is necessary, particularly focusing on valuation metrics [2] - Among various valuation indicators, the absolute PE valuation score has shown the best effectiveness, suggesting that investors should pay close attention to this metric during industry comparisons [2] Group 3: Fund Market Trends - Equity funds experienced continued withdrawal, while fixed-income funds maintained positive returns; however, pharmaceutical and consumer-themed funds saw increases [3] - The domestic market remains active with 41 new funds established, totaling 30.148 billion shares issued [3] - Stock ETFs stabilized with net inflows, primarily increasing positions in Hong Kong stocks, TMT, and commodity-themed ETFs [3] Group 4: Low-altitude Economy - The certification of EHang OC marks the beginning of low-altitude commercial operations, with a payback period of 2-3 years for tourism and sightseeing operations [4] - The development of low-altitude operations is being supported by local state-owned capital, exploring a regional industrial chain and light asset model [4] - Key companies to watch include infrastructure players like Sihua Electronics and Zhongke Xingtu, as well as manufacturers such as EHang Intelligent and Yingboer [4] Group 5: Chemical and Agricultural Sector - The report highlights a positive outlook for pesticide and fertilizer sectors, particularly in light of the new implementation plan for high-standard farmland [5] - It suggests focusing on low-valuation, high-dividend, and strong-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum and China Petroleum & Chemical [5] - The report also notes the potential benefits for domestic semiconductor and panel material companies due to the trend of domestic substitution [5] Group 6: Metal and Mining Sector - Antimony prices have reached a five-year high, while cobalt prices have seen a comprehensive increase [7] - Lithium prices have dropped below 80,000 yuan per ton, with potential for accelerated capacity clearance in the lithium mining sector [7] - The suspension of cobalt exports from the Democratic Republic of Congo for four months may alleviate global supply excess, with a recommendation to focus on Huayou Cobalt [7] Group 7: Pharmaceutical Sector - The integration of commercial health insurance with innovative drugs is progressing, with pilot programs in Guangzhou and recommendations for Shanghai to include innovative drugs in national insurance [9] - Companies with strong R&D capabilities and commercialized innovative drug products, such as BeiGene and Hengrui Medicine, are highlighted as key investment opportunities [9] Group 8: Financial Performance of Companies - Agricultural Bank reported a revenue of 710.6 billion yuan for 2024, with a year-on-year growth of 2.3% and a net profit of 282.1 billion yuan, reflecting a 4.7% increase [12] - Yuexiu Services achieved a revenue of 3.87 billion yuan, a 20% increase year-on-year, although net profit decreased by 27.5% due to goodwill impairment [13] - Cangge Mining's revenue fell by 37.8% to 3.25 billion yuan, but investment income increased significantly due to rising copper prices [14] Group 9: Energy Sector - China National Petroleum achieved a total revenue of 2.938 trillion yuan in 2024, a decrease of 2.48%, while net profit increased by 2.02% to 164.7 billion yuan [15] - The report anticipates a stable profit outlook for the company, projecting net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for 2025-2027 [15] Group 10: Consumer Goods Sector - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.3%, while net profit increased by 1.8% to 4.34 billion yuan [33] - The company is expected to maintain a positive outlook for 2025-2027, with projected net profits of 4.846 billion yuan, 5.171 billion yuan, and 5.442 billion yuan [33]