Core Viewpoint - The event "Good Products from Shandong - Special Agricultural Products" held in Shanghai highlighted the achievements of Deyi Dairy, showcasing its high-quality products and strong market presence, which received significant recognition from government officials and consumers [3][4][7]. Group 1: Event Highlights - The event took place from April 25 to 27, organized by the Shandong Provincial Department of Agriculture and Rural Affairs, and the Shandong Provincial Government Office in Shanghai [3]. - Deyi Dairy was the only dairy company to receive the "Shandong Provincial Governor Quality Award," emphasizing its leadership in the industry [4][7]. - Government officials, including the Vice Governor of Shandong, praised Deyi Dairy's products, particularly the high-quality Chuangrun IU-100 probiotic yogurt [4][7]. Group 2: Product Features - Deyi Dairy's star products include: - Xianjing Fresh Milk, which contains 300 mg/L of native immunoglobulin, significantly higher than regular milk [10]. - Chuangrun Yogurt, developed in collaboration with an academic team, featuring a unique probiotic strain that enhances immune and gut health [10]. - Youmai Yogurt, combining whole oats and fruit pearls, appealing to younger consumers with its smooth taste [10]. Group 3: Market Strategy - Deyi Dairy employs a full industry chain strategy from "field to table," ensuring high-quality fresh milk for consumers [10][14]. - The company has integrated an online and offline retail model, providing next-day delivery services from Shandong to Shanghai, enhancing consumer accessibility [14]. - The launch of the Shanghai Promotion Center aims to expand the "Good Products from Shandong" brand nationwide, promoting nutritional upgrades for consumers [17].

Core Viewpoint - The Tank brand, under Great Wall Motors, aims to create a unique off-road culture in China while achieving significant sales milestones, showcasing its commitment to innovation and user collaboration [3][5]. Group 1: Brand Development - The Tank brand has achieved cumulative global sales of over 650,000 units since its establishment in 2021, emphasizing its strong positioning in the rugged off-road vehicle market [3]. - The brand's executive vice president, Gu Yukun, highlighted the importance of co-creation with users in developing the brand's identity and culture [3]. Group 2: Product Innovation - The unveiling of the self-developed 4.0T V8 engine fills a gap in the large displacement power segment for Chinese brands, enhancing Tank's strategic layout across various powertrains and vehicle types [5]. - The Tank 300 diesel version achieved over 120% of its official range during a highway endurance challenge, marking it as the only vehicle to meet the official range standard at the event, with lower refueling costs compared to hybrid and extended-range models [5]. Group 3: Market Positioning - The Tank 300 Huke version, named after one of the world's three major off-road sanctuaries, is designed for extreme off-road performance, reflecting the brand's commitment to meeting user demands for pure off-road experiences [7]. - Tank is establishing a closed-loop development model centered on user feedback and real-world testing in global off-road locations, aiming to enhance its research and development processes [7].

2024年，公司坚定"五五"战略方向，在挑战中寻求发展，主动适应市场变化，在实现营收持续稳定增长 的情况下，受社保及社平工资增长、主动退出低质效项目、公司体系重构与城市合伙人计划等影响，全 年利润尤其是第四季度阶段性承压。 4月28日晚间，新大正（002968）披露2024年业绩报告，公司实现营业收入33.87亿元，同比增长 8.32%。归母净利润1.14亿元，同比下降28.95%。基本每股收益0.51元/股。 数据显示，新大正自2019年上市以来持续实施现金分红，与全体股东共享公司高质量发展红利。近三年 现金分红比例持续上升，2024年度利润分配方案为向全体股东每10股派发现金红利1.85元(含税)，全年 累计现金分红总额6408万元(含前三季度利润分配方案已实施的现金分红)，占2024年归母净利润比例达 56.32%。2024年度现金分红占比较上年大幅提升的同时，公司还计划在2025年度进行中期分红，并已 提报年度股东大会审议。 同日，新大正披露了股份回购计划，彰显了公司对未来发展的信心。公司拟不超过每股13.96元的价 格，通过集中竞价交易方式回购股份，回购总额不低于1000万元且不超过2000万元，用 ...

风险提示：原材料价格大幅波动的风险，新业务拓展不及预期的风险，市场竞争加剧的风险。 盈利能力稳健。24年公司毛利率43.3%，同比+0.1pct；管理费用率/销售费用率分别为4.4%/8.1%，同比 +0.4/+0.1pct。24年公司净利率25.4%，同比+0.8pct；单 24Q4 净利率 21.3%，同比-5.1pct，费用上涨导 致净利有所下滑；单 25Q1 净利率 21.8%，同比+0.3pct。 投资建议：公司持续深化渠道布局，并以用户需求为核心不断创新产品，传统业务稳健成长，无主灯、 新能源等新业务快速发展，存量与增量空间并具。预计公司24-26年EPS分别为3.58/3.88/4.19元；4月25 日收盘价72.02元对应PE分别为20/19/17X，维持"推荐"评级。 海外业务增长强劲，国内市场增速平稳。公司已布局包括东南亚、美洲、中东等20多个国家，建立十余 个优质合作伙伴，在东南亚主要推广开关、灯、浴霸等成熟产品。整体国际化业务平稳增长，未来将在 中东、中欧、东欧、美洲等市场发展。24年公司境内/境外分别营收165.5/2.4亿元，同比分别 +6.8%/+36.8%。公司加大转换器、强弱 ...

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.407 billion yuan, a year-on-year increase of 29.85%, but a quarter-on-quarter decrease of 14.12% [1] - The net profit attributable to shareholders was 483 million yuan, representing a year-on-year growth of 141.10% and a quarter-on-quarter decline of 26.66% [1] - The company's gold production was 3.34 tons, a year-on-year decrease of 6.89%, while sales volume was 3.33 tons, down 7.04% year-on-year [1] Group 2: Cost and Margin Analysis - The sales price of gold was 658.44 yuan per gram, reflecting a year-on-year increase of 40.25% [1] - The gross profit margin for Q1 2025 was 46.42%, up 12.96 percentage points year-on-year, but down 1.59 percentage points quarter-on-quarter [1] - The company's sales cost for gold was 355.09 yuan per gram, an increase of 11.51% year-on-year, while the all-in sustaining cost was 349.09 yuan per gram, up 28.09% year-on-year [2] Group 3: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on March 10, 2025, raising approximately 2.676 billion HKD in net funds [3] - This listing marks a significant step in the company's internationalization strategy and enhances its core competitiveness [3] Group 4: Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.592 billion, 2.984 billion, and 3.364 billion yuan, representing year-on-year growth rates of 46.89%, 15.14%, and 12.73% respectively [4] - The expected EPS for the same period is projected to be 1.36, 1.57, and 1.77 yuan per share, with corresponding P/E ratios of 19.9, 17.3, and 15.3 times [4]

核电，又有新动向。 4月27日，国务院常务会议决定核准浙江三门三期工程等核电项目。 在确保安全的前提下，加快核电项目审批，传递出怎样的信号？ 审批节奏加快。 从2019年开始，国内核电审批节奏明显加快。 2019-2021年，分别核准核电机组4台、4台、5台。2022年和2023年，连续两年均核准了10台，2024年更 是一口气核准了11台，加上此次新核准的10台，近四年每年核准10台及以上。 其实，"加快"还出现在顶层文件中。2024年8月，中共中央、国务院正式对外发布《关于加快经济社会 发展全面绿色转型的意见》，出现了"加快……沿海核电等清洁能源基地建设"的表述。 为什么加快？答案很简单，核电的优势明显。 相比其他发电方式，核电机组的年发电利用小时数常年保持在7000小时以上，位居所有电源之首，而且 在生产过程中不排放二氧化硫、氮氧化物、烟尘和二氧化碳。 会议强调，发展核电必须确保安全万无一失，要压实参建单位和业主单位主体责任，按照全球最高安全 标准建设和运营核电机组，持续加强安全监管能力建设，切实兜牢核电安全保障网。 据《中国能源报》报道，此次核准涉及5个核电项目的10台机组。 2024年，我国核电发电 ...

智通财经4月28日电，新坐标(603040.SH)公告称，公司拟与浙江陀曼智能科技股份有限公司、孙立松共 同出资设立杭州九月八精密传动科技有限公司，研发、生产和销售滚柱丝杠、滚珠丝杠等精密传动零部 件。新设子公司注册资本为10,000万元人民币，由公司认缴出资人民币7,700万元，持有标的公司77%股 权。项目总投资额约50,000万元人民币，其中注册资本10,000万元，剩余资金由股东追加投资或合资公 司自筹解决。设立合资公司与公司的业务及战略规划相匹配，有利于提升公司的综合竞争力和优化业务 结构。 新坐标：拟7700万元设立杭州九月八精密传动科技有限公司 ...

Financial Performance - In 2024, the company achieved a revenue of 4.465 billion CNY, a year-on-year increase of 19.15% [2] - The net profit attributable to shareholders for 2024 was 0.689 billion CNY, reflecting a growth of 3.94% [2] - For Q1 2025, revenue reached 1.101 billion CNY, up 25.41% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 0.162 billion CNY, a significant increase of 62.13% [2] Product Performance - Pet snacks generated a revenue of 3.132 billion CNY in 2024, with a gross margin of 27.56%, accounting for 70.16% of total revenue [2] - Pet food revenue was 1.107 billion CNY, showing a remarkable growth of 91.85% with a gross margin of 34.59% [2] - The OEM business revenue was 2.616 billion CNY, up 21.21%, with a gross margin of 27.32%, representing 58.59% of total revenue [3] Regional Performance - Overseas revenue for 2024 was 3.050 billion CNY, a year-on-year increase of 14.62%, with a gross margin of 24.90%, making up 68.33% of total revenue [3] - Domestic revenue reached 1.414 billion CNY, growing by 30.26% with a gross margin of 35.18%, accounting for 31.67% of total revenue [3] Supply Chain and Production - The company operates modern production bases across multiple countries, including China, the USA, Canada, New Zealand, and Cambodia, covering all pet food categories [5] - In 2024, the company plans to expand its supply chain with new projects in North America and domestic industrial parks [5] Brand Development - The company expanded its overseas market presence, entering 9 new countries in 2024, bringing the total to 73 countries [6] - The WANPY brand underwent a strategic upgrade in 2024, enhancing brand recognition and consumer loyalty [7] - The WANPY brand launched new products, including the "Golden Shield" fresh meat food, which has received positive market feedback [8] Future Outlook - The company aims to focus on brand building, domestic market growth, and overseas expansion while maintaining a commitment to high-quality development [10] - The domestic pet food market is expected to continue growing, driven by increasing consumer demand for quality [10] - The company plans to enhance its marketing strategies to ensure efficient resource allocation and maximize value creation [11]

丨证券研究报告丨 公司研究丨点评报告丨澳华内镜（688212.SH） [Table_Title] 业绩符合预期，看好海外持续高增长 报告要点 [Table_Summary] 2024 年业绩符合预期，2024 年公司收入为 7.50 亿元，同比增长 10.54%；国内市场受行业影 响增长放缓，国内市场收入为 5.86 亿元，同比增长 3.93%，主要是由于国内终端市场招采活动 减少，受招投标总额下降影响。海外营销网络进一步扩张，2024 年公司海外收入为 1.61 亿元， 同比增长 42.70%，毛利率持续提升至 58.15%；主要是由于 2024 年海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 澳华内镜（688212.SH） cjzqdt11111 [Table_Title2] 业绩符合预期，看好海外持续高增长 事件评论 风险提示 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has faced pressure on performance due to rising raw material prices, with a notable decline in earnings in Q4 2024 and Q1 2025. However, the "7+5" strategic layout is progressing steadily, with the Serbia project successfully commencing production [1][6][7] - The company reported a revenue of 22.1 billion yuan in 2024, a year-on-year increase of 9%, and a net profit of 1.75 billion yuan, up 26% year-on-year. In Q1 2025, revenue was 5.7 billion yuan, a 13% increase year-on-year, but net profit decreased by 23% [5][9] Summary by Sections Financial Performance - In Q4 2024, the company sold 24.11 million tires, a 6.6% increase year-on-year, but faced a 91% drop in net profit compared to the same quarter last year. The average price of tire products increased by 2.5% year-on-year [6] - The company’s raw material costs rose significantly, with a 14.8% year-on-year increase in the cost of key materials [6] Strategic Initiatives - The "7+5" global strategy aims to establish 7 production bases in China and 5 overseas, enhancing the company's competitiveness in international markets. The Serbia plant is the first tire factory built by a Chinese company in Europe and is expected to drive growth in sales and profits [7][9] Market Position and Sales - The company has established a strong marketing presence, supplying tires to over 200 production bases of more than 60 major automotive manufacturers globally. It has maintained a leading position in tire supply for domestic manufacturers and has made significant inroads into the electric vehicle market [8] Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2026, expecting net profits of 2.08 billion yuan and 2.41 billion yuan, respectively. The EPS estimates for 2025-2027 are projected at 1.42, 1.64, and 1.90 yuan [9][11]