Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is experiencing strong global growth momentum with a focus on high-end strategies, as evidenced by a 11.4% year-on-year increase in global TV shipments in Q1 2025, reaching 6.507 million units, and a 22.3% increase in TV sales revenue [1] - The management's confidence in sustained profit optimization is highlighted by the issuance of performance-based restricted shares, with adjusted net profit targets for 2025-2027 set at HKD 2.33 billion, HKD 2.81 billion, and HKD 3.21 billion respectively [4] - The company is expected to benefit from domestic policy incentives and structural upgrades, leading to a 10.8% year-on-year increase in domestic TV shipments in Q1 2025, alongside a 35.4% increase in sales revenue [2] - Internationally, the company is successfully navigating challenges such as US tariffs, with a 11.6% year-on-year increase in international TV shipments in Q1 2025, and significant growth in large-screen product sales [3] Summary by Sections Domestic Market - In Q1 2025, domestic TV shipments increased by 10.8% year-on-year, driven by replacement policies, with Mini LED shipments surging by 341.1%, accounting for 17.6% of total shipments [2] - The average selling price rose by 22.2%, contributing to a 35.4% increase in domestic TV sales revenue [2] International Market - The company achieved a 11.6% year-on-year increase in international TV shipments in Q1 2025, with Europe growing by 15.8% and North America by 3.8% [3] - Large-screen product sales saw significant growth, with shipments of 65 inches and above increasing by 48.5% year-on-year [3] Profit Forecasts - The report has revised profit forecasts upwards, projecting adjusted net profits of HKD 2.26 billion, HKD 2.71 billion, and HKD 3.03 billion for 2025-2027, reflecting increases of 11%, 19%, and 19% respectively [5] - The target price for the company is set at HKD 10.80, based on a 12x PE ratio for 2025 [5]

信达证券（601059）股份有限公司左前明,刘波,高升近期对华菱钢铁（000932）进行研究并发布了研究报告《公司首 次覆盖报告：蓄劲待时：华菱钢铁的"弹"与"韧"》，首次覆盖华菱钢铁给予买入评级，目标价7.07元。 华菱钢铁 最新盈利预测明细如下： "高端化"——公司积极推动高端化战略。2016年以来华菱钢铁研发支出占营收比例均维持3%-4%，研发支出总额及占 比均处于行业内较高水平。通过研发创新，高端产能持续落地，2024年重点品种钢销量占比达到65%，较2023年再提 升2个百分点。展望未来，1)宽厚板领域：持续巩固造船板、海工钢等战略品种竞争优势；2)薄板板块：推动汽车板 实现从基板到高端镀锌产品的产业链延伸，同步推进硅钢产品迭代升级；3)线棒材与钢管业务：加速"优转特"战略落 地。 "强内功"——公司持续提质增效。2024年公司资产负债率为56%，较2016年峰值下降约30pct，有息负债率39.4%，较 峰值下降约20pct，公司财务费用持续下降，2024年降至0.88亿元，考虑到当前钢铁行业所处的底部位置，公司整体偿 债能力较优。 投资建议：我们认为华菱钢铁有望充分受益产量增长的规模效益及高端化 ...

Group 1 - The company achieved a total revenue of 14.667 billion yuan in 2024, representing a year-on-year growth of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, which saw a significant increase of 63.74% [1] - The beer sales volume reached 4.0044 million kiloliters, with a year-on-year increase of 1.57%, driven primarily by the strong performance of the flagship product, Yanjing U8, which sold 696,000 kiloliters, up 31.40% [2] - The company's strategic adjustments since 2022, focusing on product structure optimization and channel refinement, have led to a substantial increase in operating profit by 56.96% and total profit by 51.26% [2] Group 2 - The craft beer market is expected to exceed 100 billion yuan by 2025, with a penetration rate of 6.3%, but the industry remains fragmented with a low concentration (CR5 below 20%) [3] - Yanjing's craft beer series faces competition from both domestic brands like Youbrew and foreign brands like Goose Island, with a market share of only 1.2% in 2024 [3] - The company's growth model relies on regional focus and single product breakthroughs, which may help avoid pressure from leading companies in the short term, but long-term challenges include a limited product line and low management efficiency [3]

Core Insights - After four consecutive years of losses totaling nearly 10 billion yuan, the company has achieved a significant turnaround in 2024, with revenue reaching 145.176 billion yuan, a year-on-year increase of 305.04% [2] - The net profit for 2024 stands at 5.946 billion yuan, marking the first profit since 2020 and making the company the fourth profitable electric vehicle manufacturer globally, following Tesla, BYD, and Li Auto [2][3] - The surge in sales, particularly from the AITO series, has been a key driver of this turnaround, with total sales of 426,900 units in 2024, representing a year-on-year growth of 182.84% [2][3] Sales Performance - The AITO series contributed approximately 93% of total sales, with 386,300 units sold [3] - The AITO M9, launched in 2024, has delivered over 150,000 units, while the M7 has delivered around 190,000 units, showcasing strong demand for high-end models [3] - The average selling price of the company's electric vehicles has risen to 320,000 yuan, driven by the increased sales of mid-to-high-end models, which account for 82% of total sales [3] Strategic Partnerships - The company acquired a 10% stake in Huawei's automotive business unit, now known as "Yinwang Intelligent," for 11.5 billion yuan, ensuring priority access to Huawei's core autonomous driving technology [4] - The partnership with Huawei has enabled the integration of advanced technologies, such as the ADS 3.0 autonomous driving system and the HarmonyOS smart cockpit, enhancing the competitive edge of the AITO series [4][7] Financial Overview - Despite achieving profitability, the company's net profit margin is only 4.1%, below the industry average of 8%-10% [6] - Sales expenses surged by 264% in 2024, primarily due to increased marketing and sales service costs associated with the luxury positioning of the AITO series [6] - Research and development (R&D) investment reached 7.053 billion yuan, accounting for 4.86% of revenue, indicating a strong commitment to innovation [6][7] Future Outlook - The company plans to expand its product lineup in 2025 with the introduction of the AITO M8, a family-oriented flagship SUV, which has already received over 80,000 pre-orders [3][4] - The upcoming H-share listing in Hong Kong is expected to facilitate global expansion and enhance capital for technology development [5] - The company faces challenges in cost control and supply chain independence, particularly with a reliance on key suppliers like Huawei, which could impact long-term growth [8]

Core Viewpoint - The Chinese electric vehicle market in 2024 is experiencing a significant transformation, with a penetration rate exceeding 50%, leading to a dual scenario of intense competition and rapid growth for some companies like Seres [1] Group 1: Financial Performance - In 2024, Seres achieved total revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, ranking third globally among electric vehicle manufacturers [2] - The company sold 426,900 electric vehicles in 2024, a year-on-year increase of 182.84%, exceeding its annual sales target [2] - Seres reported a net profit of 5.946 billion yuan in 2024, showcasing its ability to achieve profitability in a challenging market [5][10] Group 2: Market Strategy - Seres has adopted a high-end product strategy, which has allowed it to achieve a gross margin of 25.69%, the highest among global electric vehicle manufacturers [10] - The company has integrated the AITO brand and leveraged its brand strength through initiatives like the "Brand Strong Nation Project," enhancing its market recognition [7] - The average transaction price of Seres vehicles has surpassed 402,000 yuan, reflecting an 11.9% increase from 2023, positioning it as a leading premium electric vehicle brand [8] Group 3: Technological Advancements - Seres has invested 7.053 billion yuan in R&D in 2024, a year-on-year increase of 58.9%, enabling significant technological breakthroughs [12] - The company has developed a versatile technology platform compatible with various powertrains, enhancing its production flexibility [13] - Seres has achieved notable advancements in intelligent driving and range extension technologies, contributing to its competitive edge in the high-end market [13][14] Group 4: Future Outlook - With a strong cash position of 45.955 billion yuan as of December 31, 2024, Seres is well-positioned for future growth and investment in R&D [12] - The company plans to list H-shares in Hong Kong, aiming to attract international strategic investors and enhance its capital structure [17] - Seres is expected to maintain its growth momentum, supported by new product launches and a robust market presence [6][17]

点击 关注我们 报告发布日期：2025年3月21日 报告名称:《 小米集团-W（01810.HK）-2024年营收利润创历史新高，人车家全生态战略全面落地 》 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年业绩超预期，营收利润大幅增长 2024年公司总营收3659亿元（YoY +35%），经调整净利润272亿元（YoY +41%）。其中，4Q24营收1090亿元 （YoY +49%，QoQ +18%），经调整净利润83亿元（YoY +69%，QoQ +33%）。2024年公司总营收及净利润 实现高速增长，均创历史新高。分业务看，2024年智能手机、IoT与生活消费产品、互联网服务、智能电动汽 车业务营收占比分别为52%/29%/9%/9%。2020-2030公司新十年目标大规模投入底层核心技术，致力于成为新 一代全球硬核科技引领者，2024年公司研发支出 ...

点击招商研究小程序查看PDF报告原文 事件： 2025年2月27日公司召开小米15 Ultra暨小米SU7 Ultra新品发布会，推出小米创业十五年以来最高端的两款产品；此外还发布了耳机、笔记本、智能 音箱、空调、除湿机、冰箱等多款人车家全生态新品。我们点评如下： 评论： 手机：小米15 Ultra影像及性能全面升级，未来5年目标实现6K+超高端全面突破。 小米高端化战略走进第五年，持续引领移动影像的光学革命。本 次小米15 Ultra定位巅峰影像科技旗舰，通过新一代1英寸主摄+2亿超级长焦镜头组合、28倍无损变焦能力、徕卡超纯光学系统、人像大模型2.0计算 摄影平台、全新超级视频防抖系统等实现夜景画质重大突破；此外还在屏幕显示、性能散热、电池续航、通信系统等方面全面提升，产品起售价 6499元起与前代一致。目前小米已站稳4-6k元价位段，未来五年目标实现6k+超高端市场的全面突破，产品、服务与生态全面对标苹果。 汽车：小米SU7 Ultra售价52.99万元，打造全新时代的新豪车。 2024年小米SU7销售锁单24.8万辆，交付13.5万辆，订单及产能持续突破。本次小米 SU7 Ultra以52.99万元的 ...

以下文章来源于36氪汽车 ，作者徐蔡钰 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 小米汽车和手机，踏入不同河流。 文 ｜ 徐蔡钰 编辑 ｜ 李勤 来源｜ 36氪汽车（ID： EV36kr） 封面来源 ｜ 企业官方 但少有人知道，小米早在2022年，也就是小米汽车成立第二年就规划了SU7 Ultra车型，"尤其SU7发布后，Ultra做了许多优化开发，就是为了立住高端性能 车这块招牌"。 也就是说，小米汽车从一开始就是选择了与小米手机不同的战略，冲向高端。小米首款轿跑汽车SU7显然已经获得了各种意义上成功，第一次造车，第一年 卖车，且仅凭一款车型就做到了每月近4万辆订单。 而Ultra的趁势而发，显然会助力小米汽车乃至小米集团在高端化战略上，再下一城。 雷军知道，这场战役，不容有失。他在此前给出小米SU7 Ultra预售价后，果断将正式售价砍到了52.99万元，这也马上引爆了市场，2小时1万个的订单也由 此而来。 造车的雷军，在高端化之路上，正步步为营。 从SU7到SU7 Ultra，小米汽车迈向豪华 在创业反思中，雷军曾深表遗憾的选择是，当年三星手机败走中国市场后，没有坚决抢占高 ...

作 者丨雷晨 编 辑丨张伟贤 黎雨桐 小米集团合伙人兼总裁、手机部总裁、小米品牌总经理卢伟冰近日在微博上透露，"小米手机 未来5年高端化的目标之一，就是要在6 0 0 0元+价格段实现规模化的突破"，并表示Ultr a是 6K+突破的关键产品，对小米1 5 Ultr a的产品力充满信心。 发布会另一大看点是小米SU7 Ultr a，预售价8 1 . 4 9万元。性能上，该车搭载双V8 s+V6 s三电 机全轮驱动系统，最大马力1 5 4 8PS，零百加速仅需1 . 9 8秒，实测最高时速可突破3 5 0 km/ h， 百零制动距离3 0 . 8米，性能对标百万级超跑。 在发布会前夕，雷军曾提醒喜欢Ultr a的消费者提前下载小米汽车Ap p小定，以获得优先排产 资格。 2月2 7日上午，小米股价继续冲高，市值一度逼近1 . 5万亿港元，成为市场焦点。 创始人雷军 的财富水涨船高，一度成功超越农夫山泉创始人钟睒睒，成为中国新首富， 然而随着股价回 调，首富之名又迅速易主。 随后，据红星新闻报道， 针对小米创始人雷军身家超过农夫山泉创始人钟睒睒、升任"中国新 首富"的消息，雷军在武大校友群回应称：假新闻。 另据彭 ...

坚持"以技术换量"。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，追觅扫地机器人日前获得"中国高端扫地机器人市场销额行业第一"认证。 根据 渠道数据显示，追觅扫地机器人在 2023-2024 两年累计线上监测渠道5000元以上销售额排名第一 。 目前，追觅科技旗下产品已经覆盖100余个国家和地区，包括中国、美国、德国、法国、韩国等，全 球线下实体门店入驻已超5500家，在全球市场累计服务超过2100万家庭。 事实上， 自成立伊始， 追觅科技 就 坚持高端化 的 战略，坚持"以技术换量" ——追觅科技始终坚 持以技术作为核心驱动力，这也是行业保持高增长的核心。追觅科技一方面坚持技术全包围，将行业 已有技术做到最好;另一方面坚持研发创新，打造真正能满足消费者需求的革新性产品，不断引领行 业发展。 截至2024年9月30日，追觅科技全球累计申请专利达6004件，已累计获得授权专利2637件。在技 术应用领域，追觅科技持续创新扫地机器人仿生多关节机械手、智能换拖布系统、仿生机械臂、自升 降全景激光雷达、洗地机 100°C 沸水自清洁、主动式防缠毛、吸尘器 ...