依依股份分析师会议 调研日期：2025年07月04日 调研行业：美容护理 参与调研的机构：申万宏源证券、华夏基金、国寿养老、长城基 金等 / 机构调研pro小程序 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ ...

证券代码：001206 证券简称：依依股份 天津市依依卫生用品股份有限公司 2025 年 7 月 4 日投资者关系活动记录表 投 资 者 关 系 活 动 类 别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 参 与 单 位 名 称 及 人 员姓名 申万宏源证券 张海涛 华夏基金 林瑶 华夏基金 范霖君 国寿养老 高媛媛 长城基金 柴程森 时间 2025 年 7 月 4 日 地点 天津市依依卫生用品股份有限公司会议室 上 市 公 司 参 与 人 员 姓名 董事会秘书兼财务总监周丽娜 证券事务专员杨一木 投 资 者 关 系 活 动 主 要 内 容 介 绍 2025 年 7 月 4 日，公司参会人员通过现场调研的方式与投资者进行了交流， 本次会议纪要如下 一、参观产品展室 二、回答交流环节 Q1、关税冲击之后公司的海外订单恢复情况怎么样？ 编号：2025-005 答：公司目前的订单情况稳定，生产有序进行。前期受关税政策影响暂缓 出货的对美业务已经恢复正常，此外公司大力拓展非美地区，如欧洲、东南亚 等地区，努力降低市场风险。 Q2、关税对公司的生产经营造成了什么样的影响？是否计 ...

Core Viewpoint - The report highlights Huakin Technology's transformation into a leading global smart product platform enterprise, emphasizing its multi-business line growth strategy and strong financial performance [2][4]. Group 1: Company Overview - Huakin Technology is recognized as a global leader in the smart product platform sector, successfully transitioning to a "3+N+3" strategy that includes core businesses in "smartphones + PCs + data centers" and emerging fields like "automotive electronics + software + robotics" [2]. - The company is projected to achieve over 100 billion yuan in revenue by 2024, with a compound annual growth rate (CAGR) of 23.56% from 2018 to 2024 for revenue and 58.87% for net profit [2]. Group 2: Business Growth Drivers - The domestic CSP (Cloud Service Provider) competition is accelerating, with major players like Baidu, Alibaba, Tencent, and ByteDance expected to collectively spend around 240 billion yuan on capital expenditures in 2024, marking a year-on-year growth of approximately 155% [3]. - Huakin Technology's server business is positioned to benefit significantly from this trend, as it serves as a core supplier to leading domestic CSPs, indicating strong growth potential [3]. Group 3: Market Trends - The smartphone market is recovering, with a projected year-on-year shipment growth of about 6.2% in 2024, benefiting Huakin Technology's smart terminal business [4]. - The shift towards ODM (Original Design Manufacturer) models is evident, with an estimated 40% penetration rate in the industry, suggesting substantial room for growth compared to the 80% penetration in the laptop sector [4]. Group 4: Financial Projections - Revenue forecasts for Huakin Technology are set at 138.93 billion yuan, 168.19 billion yuan, and 200.59 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.44%, 21.07%, and 19.26% [4]. - Net profit estimates for the same years are 3.706 billion yuan, 4.530 billion yuan, and 5.703 billion yuan, with corresponding growth rates of 26.66%, 22.23%, and 25.89% [4].

一、公司经营情况介绍： 证券代码：003019 证券简称：宸展光电 宸展光电（厦门）股份有限公司 投资者关系活动记录表 编号：IR2025-004 投资者关系 活动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ■现场参观 □其他 参与单位名称 东方证券、个人投资者 20 人 时间 2025 年 6 月 27 日 15:30-17:30 地点 公司会议室 上市公司接待人员 姓名 董事会秘书钟柏安、投关总监赖洲洋 投资者关系活动主要内容： 2024 年，公司实现营收 22.14 亿元，同比增长 31.76%；实现归属于上市公司股东的净利 润 1.88 亿元，同比增长 18.16%。受欧洲客户拉货动能强劲，MicroTouch™品牌业务扩大， 以及控股子公司鸿通科技的新一代产品陆续进入量产等多因素影响，公司营收和利润均实现 两位数增长。 基于 2025 年宏观和微观的环境变化，并结合公司的战略布局和发展目标，公司 2025 年 的主要经营计划如下： （1）ODM、OBM MicroTouch™和智能座舱三大业务板块顺势而变，积极调整战略，协 同发展； （2）继续完善全球制造 ...

智通财经APP获悉，据港交所6月27日披露，乐欣户外国际有限公司(简称：乐欣户外)向港交所主板递交 上市申请，中金公司为独家保荐人。 据招股书披露，根据弗若斯特沙利文资料，按2024年收入计，乐欣户外全球最大的钓鱼装备制造商，市 场份额为23.1%。根据弗若斯特沙利文的资料，按2024年收入计，公司于全球钓鱼用具制造市场的市场 份额为1.3%。公司一直聚焦钓鱼装备，并建立了全面且多样化的产品组合，主要包括床椅及其他配 件，如钓鱼椅、钓鱼床、鱼竿支架、钓鱼推车及钓鱼箱；包袋，如单肩包、钓鱼渔包及鱼竿包；及帐 篷，如渔具篷、社交篷及遮阳篷。公司产品经过精心生产制造，适合多种钓鱼场景，如鲤鱼钓、比赛 钓、路亚钓、飞钓及冰钓。 公司运营双重业务模式，将OEM/ODM制造能力与不断增长的OBM业务相结合，以满足多样化的市场 需求。凭借公司广泛的产品组合、先进的产品设计及创新、柔性供应链及严格的质量控制，为户外钓鱼 装备品牌提供涵盖产品设计至制造全流程的OEM/ODM解决方案。于往绩记录期间，公司的收入主要来 自OEM/ODM模式，分别占于2022年、 2023年、2024年及截至2025年4月30日止四个月总收入的 9 ...

Core Viewpoint - Hubei Xiangjiang Electric Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 195 million through the issuance of H-shares at an initial price of HKD 2.86 per share [1][3]. Company Overview - Xiangjiang Electric was established in July 2012 and is located in Huanggang City, Hubei Province, with a registered capital of approximately RMB 205 million [3]. - The company operates primarily in the manufacturing of household appliances, focusing on both electrical and non-electrical home products, particularly kitchen small appliances [5][6]. Market Position - According to a report by Frost & Sullivan, Xiangjiang Electric ranks as the tenth largest company in China's kitchen small appliance industry, holding a market share of 0.8% based on export value in 2024 [6]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 1.10 billion, RMB 1.19 billion, and RMB 1.50 billion, respectively [6][7]. - Gross profit for the same years is expected to be around RMB 224 million, RMB 286 million, and RMB 329 million, with net profits of approximately RMB 80 million, RMB 121 million, and RMB 140 million [6][7]. - The top five customers contributed to 62.4%, 72.4%, and 77.9% of total revenue during the respective fiscal years, with the largest customer accounting for 21.3%, 28.5%, and 24.1% of total revenue [7]. Expansion Plans - Xiangjiang Electric currently operates seven manufacturing bases in China, covering a total area of approximately 367,000 square meters [6]. - The company is set to establish a production base in Indonesia, expected to commence operations in the second quarter of 2025, and plans to build another facility in Thailand, covering an area of 43,436.8 square meters, anticipated to start production in the second half of 2025 [6].

点击 关注我们 报告发布日期：2025年5月6日 报告名称:《 华勤技术（603296.SH）-全球领先的智能硬件ODM企业，多业务布局展现强劲增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年公司营收增长28.8%，归母净利润增长8.1% 公司2024年营业收入1098.78亿元(YoY 28.76%)，主要受益于高性能计算产品的业务规模增加；归母净利润 29.26亿元(YoY 8.10%)，扣非归母净利润23.45亿元(YoY 8.43%)，毛利率9.30%(YoY -2.03pct)。 估值的风险；盈利预测的风险；行业周期风险；产品研发风险；技术迭代风险；国际贸易摩擦及政策限制风 险；主要原材料价格波动的风险；ODM市场规模下滑的风险；市场竞争风险；汇率波动风险。 国信电子团队 2025年一季度营收增长超115%，归母净利润增长超39% 公司 ...

Group 1 - The company, 香江电器, plans to conduct an IPO from June 17 to June 20, 2025, offering 68.22 million shares, with 10% allocated for Hong Kong and 90% for international sales. The expected share price ranges from HKD 2.86 to HKD 3.35, with trading commencing on June 25, 2025 [1] - The company operates primarily in the ODM/OEM model and has established a customer base comprising globally recognized brands such as Walmart, Telebrands, SEB Asia Ltd, Sensio, Hamilton Beach, and Philips. The majority of its revenue comes from kitchen small appliances [1] - According to a report by Frost & Sullivan, the company ranks as the tenth largest player in China's kitchen small appliance industry with a market share of 0.8% based on export value in 2024 [1] Group 2 - The company focuses on the research, design, production, and sales of both electrical and non-electrical home products. Electrical home products are categorized into three main types: (i) heating appliances like electric ovens, air fryers, and electric kettles; (ii) electric appliances like mixers, egg beaters, and electric can openers; and (iii) electronic appliances like electronic scales, humidifiers, and laser lights. Non-electrical home products include garden hoses and cookware [2] - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately 27.6 million shares, representing about 40.46% of the total shares offered, assuming a median offer price of HKD 3.11 per share [2] Group 3 - The company estimates that the net proceeds from the global offering will be approximately HKD 172 million (around RMB 159 million), assuming the median offer price of HKD 3.11 per share and that the over-allotment option is not exercised. The proceeds will be allocated as follows: approximately RMB 66.4 million (about HKD 71.9 million) for establishing a factory in Thailand, RMB 25.1 million (about HKD 27.2 million) for automation and digital upgrades, RMB 59.1 million (about HKD 64.1 million) for setting up a new R&D center, and RMB 7.9 million (about HKD 8.6 million) for general working capital [3]

Summary of Lehui International Conference Call Company Overview - **Company**: Lehui International - **Industry**: Craft Beer Key Points and Arguments 1. **Sales Growth and Pricing Strategy**: Lehui International maintains a unit price of over 15,000 yuan per ton for beer, achieving a year-on-year sales growth of 35% through services, rebates, and incentive measures, indicating strong market competitiveness [2][4] 2. **Channel Expansion**: The company is actively expanding its convenience store channels, deepening cooperation with FamilyMart, and positioning craft beer as a new growth point within the CVS system, reflecting a strategic adjustment in channel strategy and enhanced market penetration [2][6] 3. **Patent Protection and Brand Recognition**: To combat product design imitation, Lehui International is actively applying for patent protection and enhancing brand recognition through market education and advertising investments [2][8] 4. **Franchise Model for Taverns**: The company has shifted its tavern strategy from direct operation to a franchise model, increasing recruitment efforts to reduce heavy asset operations while expanding self-controlled sales channels [2][10] 5. **Financial Performance**: In Q1 2025, the Jin Guang segment reported revenue of approximately 33 to 36 million yuan, with EBITDA exceeding 2 million yuan, significantly reducing losses through cost reduction and sales growth [2][13] 6. **Innovative Operations in Dining**: Lehui International has innovated its dining operations by increasing franchise fees, opening ODM business, and deploying draft beer machines, with about 2,000 machines already placed in Q1 2025 [2][14] 7. **Production Capacity and Future Plans**: The company has a total production capacity of 38,000 tons, with new factories in Changchun and Kunming expected to be operational by April 2027, although capital expenditures have been delayed due to low current capacity utilization [2][22] Additional Important Insights 1. **Sales Channel Distribution**: Last year's sales channels included KA channels and distributors, each accounting for about 40% of total sales, with taverns at 10-12% and e-commerce at 5%. The company plans to maintain these channels in 2025 [4] 2. **Distributor Policies**: The company did not adjust rebate policies for distributors last year, allowing high-quality distributors to benefit from increased rebates based on their purchase volumes [5] 3. **E-commerce Strategy**: Lehui International has been focusing on e-commerce, collaborating with top influencers for live-stream sales, and plans to continue evaluating partnerships that align with brand values [12] 4. **Market Trends**: The market for private brands and small factory OEM production is growing rapidly, with increasing demand for quality and consistency, where Lehui International holds a competitive advantage [24] 5. **New Product Development**: The company has launched a new flavor, Honeydew 2, for online sales and plans to continue developing new flavors, particularly in the fruit beer category [25] This summary encapsulates the key insights from the conference call, highlighting Lehui International's strategic initiatives, financial performance, and market positioning within the craft beer industry.

强烈推荐（首次） 目标估值： 当前股价：27.13 元 基础数据 证券研究报告 | 公司深度报告 2025 年 06 月 13 日 欧圣电气（301187.SZ） 空气动力设备龙头，拓品类打开新空间 消费品/家电 | 总股本（百万股） | 255 | | --- | --- | | 已上市流通股（百万股） | 667 | | 总市值（十亿元） | 6.9 | | 流通市值（十亿元） | 1.8 | | 每股净资产（MRQ） | 5.8 | | ROE（TTM） | 18.5 | | 资产负债率 | 54.7% | | 主要股东 | Santa Barbara Investment | | 主要股东持股比例 | LLC 67.51% | 股价表现 % 1m 6m 12m 绝对表现 11 28 97 相对表现 11 32 87 资料来源：公司数据、招商证券 -50 0 50 100 150 Jun/24 Oct/24 Jan/25 May/25 (%) 欧圣电气 沪深300 相关报告 史晋星 S1090522010003 shijinxing@cmschina.com.cn 闫哲坤 S1090523070001 ...