Core Viewpoint - Linglong Tire, a leading domestic tire manufacturer established in 1994, is seeking to expand its global presence by applying for a listing on the Hong Kong Stock Exchange, marking a significant step in its nearly ten-year journey since its Shanghai Stock Exchange debut [1]. Group 1: Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications to meet different application scenarios [1]. - The company has established a brand matrix that includes Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [1]. - By 2024, Linglong Tire is projected to be the largest OE tire manufacturer in China and the third largest globally, with a notable position in the new energy vehicle sector, being the largest OE tire manufacturer for five consecutive years [1]. Group 2: Financial Performance - From 2022 to 2024, Linglong Tire's revenue has shown a compound annual growth rate (CAGR) of 13.9%, with revenues of 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB respectively [3][4]. - The passenger and light truck tire segment has been the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.430 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [3][4]. - The company's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for the years 2022 to 2024, leading to gross margins of 11%, 17.9%, and 19.7% respectively [6][7]. Group 3: Market Strategy - Linglong Tire has implemented a "7+5" strategy, aiming to establish seven domestic factories and five overseas factories, with two overseas bases already operational in Thailand and Serbia [2][10]. - The company is also focusing on a "3+3" strategy for off-road tire production, planning to establish production capabilities in three domestic and three overseas bases [10]. - The global tire market is expected to grow steadily, with a projected CAGR of 3.9% from 2020 to 2024, and the penetration rate of new energy vehicle tires is anticipated to rise significantly, particularly in China [8][10]. Group 4: Geographic Revenue Distribution - The domestic market has been the primary revenue source for Linglong Tire, contributing 51.1%, 52.2%, and 50.8% of total revenue from 2022 to 2024, while overseas revenue has been steadily increasing, reaching 49.2% by 2024 [5][6]. - The overseas revenue primarily comes from North America, Europe, Asia, and other regions, with North America being the largest contributor [5].

Group 1 - The article discusses the potential profitability of sectors that prominent investors like Yang Likun and Zhu Xiaohu are skeptical about, particularly in the overseas market [2] - New regulations require cross-border platforms to report seller income to the Chinese tax bureau, impacting cross-border sellers significantly [2] - Luckin Coffee opened two stores in New York, pricing higher than Starbucks without discounts, indicating a competitive strategy in the U.S. market [2] Group 2 - The article highlights the rise of "exotic pets" in Southeast Asia, suggesting a shift in pet ownership trends beyond traditional cats and dogs [3] - Qiji Chuangtan invested in an electric flying vehicle company, "Aerospace Exploration," which has received interest from multiple overseas markets including Russia and Australia [3] Group 3 - The EU is adopting a tougher stance in trade negotiations with the U.S., insisting on the removal of tariffs on EU exports as part of any agreement [4] - In the first half of the year, China opened 117 new international air cargo routes, primarily targeting Asia and Europe [4] - PwC forecasts that Hong Kong's IPO fundraising could reach HKD 200-220 billion by 2025, potentially reclaiming the top spot globally [4] Group 4 - Alibaba Cloud is establishing its first global AI capability center and expanding data centers in Malaysia and the Philippines, enhancing its global infrastructure [5] - Genki Forest's iced tea has entered the Indonesian market, marking a significant step in its global expansion strategy [5] - BYD's first vehicle rolled off the production line at its new factory in Brazil, part of a larger investment plan totaling BRL 5.5 billion [5] Group 5 - CITIC Construction reports that solid-state batteries are expected to achieve commercial application by 2027, with several catalysts driving the industry forward [6] - Zhihui received a strategic investment of CNY 1 billion from Pudong Venture Capital and Zhangjiang Group to develop AI infrastructure [6] - A new political action committee, "FSD PAC," was formed to counter Elon Musk's political ambitions, indicating a growing political landscape around tech leaders [6] Group 6 - Dubai successfully completed the first test flight of an air taxi, with plans to launch commercial operations by 2026, significantly reducing travel time in the city [7]

Core Viewpoint - Luckin Coffee has taken a significant step towards its vision of creating a world-class coffee brand by opening two PICK UP stores in Manhattan, New York, on June 30 [2][3]. Group 1: Market Entry and Strategy - The two trial stores are strategically located in Midtown Manhattan and near Washington Square Park, catering to a dense customer base of students, office workers, and tourists, which aligns with high coffee consumption demands [3]. - The U.S. market is identified as a crucial strategic market for Luckin Coffee due to its status as the largest coffee consumption market globally and its rich coffee culture [5]. - Since 2023, Luckin Coffee has been expanding into Asian markets, and the total number of global stores has surpassed 24,000 [6]. Group 2: Operational Innovations - Luckin Coffee has implemented a full suite of smart equipment in its U.S. stores to meet consumer preferences for personalized drinks while ensuring efficient production [8]. - The company has integrated local payment methods such as Apple Pay and PayPal into its app, facilitating an "online ordering + in-store pickup" model for enhanced consumer convenience [8]. - To attract customers, Luckin Coffee is offering various promotions, including new user discounts and chances to win "free coffee for a year" through app downloads and social media interactions [8]. Group 3: Product Offering - The menu at U.S. stores combines classic and innovative elements, featuring traditional American coffee options alongside popular drinks from China, such as the coconut latte and velvet latte [8]. - New flavor options like cold brew and fresh coffee series have been introduced specifically for the U.S. market, enhancing the diversity of offerings for American consumers [8]. Group 4: Supply Chain and Quality Assurance - Luckin Coffee emphasizes high-quality coffee beans and continuous investment in its supply chain, collaborating with premium coffee-producing regions globally [9]. - The company utilizes a digital platform for dynamic allocation to ensure product quality consistency across its U.S. stores [9]. - The smart ordering and supply chain management systems have been validated in Southeast Asia, supporting efficient cross-regional operations [9]. Group 5: Future Outlook - The trial operations in the U.S. are seen as a critical milestone in Luckin Coffee's global strategy, allowing the company to gather localized operational experience for future expansion [12]. - The company aims to enhance its global market presence through localized innovation and digital capabilities, promising a consistent quality and innovative experience for consumers worldwide [12].

Core Viewpoint - Lens Technology (300433.SZ) is advancing its H-share IPO process in Hong Kong, aiming to raise approximately 43 billion RMB to enhance its global strategy and diversify its product offerings [1][7]. Group 1: IPO Details - The IPO will involve a base issuance of approximately 262 million shares, with a price range set between 17.38 HKD and 18.18 HKD, potentially raising around 46.63 billion HKD (approximately 43 billion RMB) if the midpoint price is used [1][7]. - The IPO process has progressed rapidly, taking about 100 days from the announcement to the start of the offering [7]. - The offering is set to conclude on July 4, with the price announcement on July 8 and trading commencing on July 9 [8]. Group 2: Strategic Objectives - The company aims to allocate 28% of the raised funds to expand its overseas business and 48% to diversify its product and service offerings [10]. - Lens Technology plans to establish new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, expected to be operational by the end of 2025 [10]. Group 3: Diversification and Revenue Trends - The company is actively reducing its reliance on Apple, with sales to Apple decreasing from 71% in 2022 to 49.45% in 2024 [2][12]. - Revenue from smartphones and computers still constitutes about 82% of total revenue in 2023 and 2024, but the company anticipates further diversification in the coming years [12]. - Lens Technology's revenue has shown consistent growth, with figures of 466.99 billion RMB in 2022, 544.91 billion RMB in 2023, and projected 698.97 billion RMB in 2024, alongside net profits increasing from 24.48 billion RMB to 36.24 billion RMB over the same period [12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][20]. Core Views - The company is expected to see steady revenue growth, with projected revenues of 31.80 billion yuan in 2024, up 22.4% year-on-year, and net profit of 4.06 billion yuan, up 31.4% year-on-year [1][11]. - The company is focusing on global expansion and capacity construction, with multiple projects expected to be completed in 2025, which will contribute to profit growth [10][11]. Financial Performance Summary - **Revenue and Profit Projections**: - 2023A: Revenue of 25.98 billion yuan, net profit of 3.09 billion yuan - 2024A: Revenue of 31.80 billion yuan, net profit of 4.06 billion yuan - 2025E: Revenue of 37.40 billion yuan, net profit of 4.20 billion yuan [1][11]. - **Growth Rates**: - Revenue growth rates are projected at 18.6% for 2023, 22.4% for 2024, and 17.6% for 2025 [1][11]. - Net profit growth rates are projected at 132.1% for 2023, 31.4% for 2024, and 3.4% for 2025 [1][11]. - **Key Financial Ratios**: - Return on Equity (ROE) is expected to be around 20.0% in 2024, with a gradual decline to 17.9% by 2027 [1][11]. - Price-to-Earnings (P/E) ratio is projected to decrease from 14.0 in 2023 to 7.2 by 2027 [1][11]. Market and Industry Insights - The global tire market is showing signs of differentiation, with domestic tire brands gaining strength due to competitive pricing and brand influence [9]. - The company is enhancing its global footprint through production capacity optimization in countries like Cambodia, Vietnam, Indonesia, and Mexico, which is expected to improve market responsiveness and coverage [10].

Group 1: Business Operations - The company's current production and operational status is stable, with key projects like the "Cold Chain Logistics System Environmental Heat Exchanger and Intelligent Module Industrialization Project" and "R&D Center Construction Project" reaching usable status, expected to positively impact future performance [2] - The company has established deep collaborations with electric vehicle brands such as Changan Automobile and Chery Automobile, aiming to enhance product competitiveness and expand overseas sales while maintaining existing market stability [2] Group 2: Future Vision - The company is committed to the research and development of green energy-saving refrigeration equipment, with a mission to "create beauty and deliver value," contributing to energy savings in refrigeration systems globally [2] - Future plans include expanding applications in data centers, cold chain logistics, biomedicine, industrial refrigeration, and electric vehicles, while actively exploring overseas markets and establishing production bases abroad to accelerate global expansion [2]

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-07-01 股票投资评级 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） | 19.50 | | --- | --- | | 总股本/流通股本（亿股）265.78 | / 205.88 | | 总市值/流通市值（亿元）5,183 | / 4,015 | | 52 周内最高/最低价 | 19.78 / 14.15 | | 资产负债率(%) | 55.2% | | 市盈率 | 16.12 | | 第一大股东 | 闽西兴杭国有资产投资 | | 经营有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 紫金矿业(601899) 拟收购哈国金矿，全球布局更进一步 l 公司拟收购哈萨克斯坦 RG 金矿 100%权益 紫金矿业全资子公司紫金黄金国际（拟分拆至香港联合交易所上 市的主体），拟以 12 亿美元对价，收购 Cantec ...

Core Insights - The 27th China Building and Decoration Expo (Guangzhou) will take place from July 8 to 11, 2025, at the Canton Fair Complex, featuring an exhibition area of 300,000 square meters and nearly 2,000 participating companies, with an expected attendance of over 200,000 domestic and international professional visitors [1]. Group 1 - The expo aims to empower industry development through three major ecological layouts and six channel networks, contributing to the construction of a new development pattern [1]. - The event will focus on high-quality development in the home furnishing and construction industry, addressing market uncertainties and stabilizing the supply chain [4]. - The expo will transform from a traditional exhibition platform to a comprehensive industry empowerment service platform, promoting business conversion and enhancing the entire industry chain [4]. Group 2 - The expo will introduce emerging themes such as smart appliances, robotics, commercial office solutions, sports flooring, smart construction, and high-end new materials, providing new growth points for participating companies [4]. - The "CBD World-Connect" global linkage plan and "Leading Overseas" initiative will be promoted to help brands expand their global presence and enhance buyer services [5]. - The focus on establishing export channels and global online and offline promotional strategies will be crucial for brands to overcome growth bottlenecks and expand market space [5].

Core Viewpoint - Lens Technology, a leading player in the Apple supply chain, is entering the Hong Kong IPO phase, with the offering scheduled from June 30 to July 4, 2025, and expected trading to begin on July 9, 2025 [1] Group 1: IPO Details - The company plans to issue approximately 262 million H-shares, with 28.84 million shares for Hong Kong and around 233 million shares for international offerings [1] - The expected price range for the shares is between HKD 17.38 and HKD 18.18, with a trading unit of 200 shares [1] - The anticipated net proceeds from the IPO, based on a median price of HKD 17.78, are estimated to be approximately HKD 45.90 billion after expenses [2] Group 2: Use of Proceeds - About 48% of the funds raised will be used to enrich and expand the product and service portfolio, 28% for expanding overseas operations, 14% for enhancing vertical integration and smart manufacturing capabilities, and 10% for working capital and other general corporate purposes [2] Group 3: Market Context and Investor Sentiment - The Hong Kong IPO market is currently attracting significant attention, with many consumer electronics companies pursuing listings [1] - The pricing of Lens Technology's shares reflects a discount of about 25% compared to its A-share price, which aligns with the general trend of Hong Kong shares trading at a discount to A-shares [2] - Previous listings, such as CATL and Hansoh Pharma, have seen their H-shares outperform A-shares, raising investor expectations for Lens Technology [2] Group 4: Cornerstone Investors - The IPO has attracted notable cornerstone investors, with a total subscription amount of approximately USD 191 million (around HKD 1.49 billion) from various well-known investment institutions [3] - Key investors include Xiaomi, UBS AM Singapore, and Oaktree, among others, with Xiaomi and Seiyun Electric each committing USD 10 million [3][4] Group 5: Strategic Goals - The company aims to diversify its financing channels and has broader strategic ambitions, including expanding and optimizing production capacity, enhancing global presence, and improving smart manufacturing systems [6] - Plans include establishing new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, with operations expected to commence by the end of 2025 [6][7] Group 6: Client Diversification - Lens Technology is actively working to reduce its reliance on Apple, with sales to its largest client projected to decrease from 71% in 2022 to below 50% by 2025 [8] - The company is focusing on expanding its customer base and product offerings, including investments in next-generation smart terminal technologies and other sectors like smart automotive and VR products [8][9]

Core Viewpoint - The article highlights the significant evolution of the lithium battery industry over the past 30 years, emphasizing the stability and growth of the company XINWANDA (300207.SZ) amidst industry challenges and cycles [1][2]. Company Overview - XINWANDA has shown remarkable resilience, with revenue growth from 489 million yuan in 2008 to 56.02 billion yuan in 2024, marking a 113.56-fold increase over 17 years [2]. - The company has never reported a loss in 17 years and has maintained positive net profit growth for nearly 12 years [2]. - In Q1 2024, XINWANDA achieved record revenue and profit, with a gross margin reaching the highest point in nearly 13 years [2]. Business Development - Founded by Wang Mingwang and his cousin Wang Wei, XINWANDA initially focused on OEM and ODM models before entering the supply chains of major companies like Philips and Apple [8][10]. - The company has successfully transitioned from consumer electronics batteries to power and energy storage batteries, establishing a dual-wing development strategy [8][18]. Market Position - XINWANDA is the global leader in consumer batteries, holding a 30% market share in mobile phone batteries, and is positioned as the second-largest player in the mobile battery market after ATL [15][18]. - The company has made significant strides in the power battery sector, with revenue from electric vehicle batteries rising from 2.93 billion yuan in 2021 to 15.14 billion yuan in 2024, accounting for 27.02% of total revenue [23]. Financial Performance - In Q1 2024, the power business generated 3.3 billion yuan in revenue, with a year-on-year growth of 20% [26]. - The company’s energy storage business contributed 1.889 billion yuan in revenue in 2024, reflecting a 70.19% increase [29]. Global Expansion - XINWANDA has established a strong international presence, with overseas revenue accounting for approximately 42.58% of total revenue from 2008 to 2024, and consistently exceeding 20 billion yuan since 2022 [40][39]. - The company is expanding its production capabilities in Vietnam, Hungary, Morocco, and Thailand to enhance its global footprint [43][44]. Challenges and Strategic Adjustments - The company faces challenges due to over-reliance on consumer batteries and intense competition in the power battery market, leading to a decline in gross margins [48]. - XINWANDA has initiated a split IPO plan for its power battery platform to address funding pressures, with significant investments planned for future growth [49][50].