Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Core Viewpoint - Didi is re-entering the Brazilian food delivery market with its "99 Food" brand, aiming to provide a one-stop experience for local users and enhance its international business growth, which has shown significant order volume increases in recent quarters [2][18]. Group 1: International Expansion - Didi's international business has become a crucial growth engine, with a reported 10.16 billion orders in Q4 2024, marking a 29.8% year-on-year increase [2][18]. - The company has been expanding its international presence since acquiring the Brazilian ride-hailing platform "99" in 2018, which marked the beginning of its international strategy [4][17]. - Didi's international operations now cover 14 countries across Latin America, Asia-Pacific, and Africa, providing diverse services including ride-hailing, food delivery, and financial services [17][18]. Group 2: Market Dynamics in Brazil - The Brazilian food delivery market is dominated by iFood, which holds approximately 80% market share, presenting a significant challenge for Didi [5][8]. - Despite competition, the Brazilian market shows potential for growth, with only 30% of the population currently using food delivery services, compared to over 50% in China [8][10]. - The Brazilian food delivery market is projected to grow at an annual rate of 15-20%, with a total market size of 139 billion Brazilian Reais in 2023 [7][8]. Group 3: Operational Readiness - Didi has approximately 700,000 active riders in Brazil, covering over 3,300 towns, which provides a solid operational foundation for its food delivery services [10][12]. - The launch of the digital wallet "99Pay" supports various payment functions, facilitating a closed-loop payment system for food delivery orders [12][14]. - Didi's experience in Mexico, where it has successfully integrated multiple services, serves as a model for its operations in Brazil, indicating a higher level of preparedness for re-entering the market [14][15].

基于公司稳固的渠道优势，在新品性价比和冰冻化赋能下，未来公司新品的销售表现值得期待。考虑到 国内有糖茶行业空间、主流饮料企业茶饮料单品增速和生命周期，"果之茶"有望打造成为又一爆品，加 速抢占茶饮料行业的市场份额。 从市场表现来看，根据尼尔森IQ数据，2024年东鹏特饮在我国能量饮料市场销售量占比由2023年的 43.0%提升至47.9%，全国市场销售额份额占比从30.9%上升至34.9%，市占率和销量稳步提升。考虑到3 月开学季及天气转暖，叠加公司较早开始冰冻化陈列竞赛，预计2025年第一季度有望实现开门红。 在国际化战略布局上，东鹏饮料此次港股上市意义重大。成功登陆香港资本市场，将有助于其连接国际 投资者，进一步建立跨国品牌认知。目前，东鹏饮料已在印度尼西亚和越南设立子公司，随着2026— 2027年产能逐步释放，本土化运营能力的打磨有望打开中长期海外业务增长空间，为东南亚等海外市场 的扩张铺就道路，进一步提升公司综合竞争力。 在新品打造方面，2025年第一季度，东鹏饮料推出1L装果味茶饮料"果之茶"，终端零售价约5元，并延 续"1元乐享"活动，充足的渠道利润空间进一步提升了新品终端推力。东吴证券研报指出 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance in 2024, with a slight revenue decline of 3.4% year-on-year, totaling 45.48 billion yuan, while net profit increased by 0.4% to 3.52 billion yuan [3] - The company's internationalization strategy has been effective, with overseas revenue reaching 23.38 billion yuan, a growth of 30.58%, marking a significant shift as overseas revenue now accounts for 51.4% of total revenue [4] - The company is expected to benefit from a recovery in domestic demand, particularly in non-excavation machinery, and is enhancing its digital applications to improve operational efficiency [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 28.17%, an increase of 0.63 percentage points from the previous year, driven by higher overseas revenue and improved margins in specific product segments [3] - The company forecasts revenue for 2025 and 2026 to be 53.1 billion yuan and 60.37 billion yuan, respectively, with net profit estimates of 5.05 billion yuan and 6.31 billion yuan [5] - Earnings per share (EPS) is projected to rise from 0.58 yuan in 2025 to 0.87 yuan in 2027, reflecting a positive growth trajectory [5] Segment Performance - The high-altitude machinery and agricultural machinery segments performed well in 2024, with revenues of 6.83 billion yuan and 4.65 billion yuan, representing year-on-year growth of 19.7% and 122.3%, respectively [3] - The earthmoving machinery segment remained stable, while the crane and concrete machinery segments faced revenue declines due to weaker domestic demand [3] Valuation and Earnings Forecast - The company’s price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 12.3, 9.9, and 8.3 times, respectively, indicating an attractive valuation [5] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 9.9% by 2027, reflecting enhanced profitability [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is progressing steadily towards its Hong Kong listing, which is expected to enhance its international strategy and strengthen its market position. The listing will help connect with international investors and expand into Southeast Asian markets [7] - The company has launched a new fruit-flavored tea beverage called "Fruit Tea" in Q1 2025, which is expected to perform well during the peak season. The product's pricing strategy and channel feedback indicate strong sales potential [7] - The company is projected to maintain a steady growth trajectory, with net profit forecasts for 2025-2027 at 44.8 billion, 58.0 billion, and 70.8 billion RMB, respectively, reflecting year-on-year growth rates of 35%, 29%, and 22% [7] Financial Projections - Total revenue is expected to grow from 15,839 million RMB in 2024 to 30,259 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 18.62% [1][8] - The net profit attributable to the parent company is projected to increase from 3,327 million RMB in 2024 to 7,076 million RMB in 2027, with a CAGR of approximately 22.09% [1][8] - The earnings per share (EPS) is forecasted to rise from 6.40 RMB in 2024 to 13.61 RMB in 2027, indicating a strong growth outlook [1][8]

Core Insights - Guizhou Moutai achieved a total revenue of 174.14 billion yuan in 2023, marking a year-on-year growth of 15.66%, with net profit reaching 86.23 billion yuan, also up by 15.38% [1] - The company successfully met its revenue growth target of 15% for 2023 and aims to maintain a similar growth rate for 2024, demonstrating its strong resilience in the market [1] Financial Performance - Operating cash flow increased significantly by 38.85% year-on-year, reaching 92.46 billion yuan, indicating enhanced core business capabilities [2] - The cash dividend for 2024 totaled 34.67 billion yuan, with a payout ratio of 75%, reinforcing investor confidence in the company's long-term return mechanisms [2] Product Growth - The Moutai sauce-flavored liquor series generated revenue of 24.68 billion yuan, a growth of 19.65%, contributing 14.47% to total revenue [3] - Moutai 1935 and Moutai Prince liquor have shown substantial growth, with Moutai 1935's cumulative revenue surpassing 20 billion yuan in three years and a single-year growth rate exceeding 30% [3] International Expansion - Moutai's overseas revenue reached 5.19 billion yuan, a year-on-year increase of 19.27%, marking a significant milestone in its internationalization efforts [4] - The company opened 12 new overseas experience stores in key cities like Paris and New York, enhancing its global distribution network [5] Market Strategy - Moutai established a European warehouse in Hamburg to improve logistics efficiency, reducing delivery times to three days [5] - The company is actively promoting its products through cultural events and partnerships, such as the "Oriental Sauce Aroma Night" in Bordeaux, attracting over 500 European distributors [6] Industry Context - The Chinese liquor industry is undergoing a significant adjustment phase, with a shift from business-driven consumption to broader consumer engagement [7] - Moutai is adapting its product matrix and focusing on new channels and international markets to ensure resilient growth amid changing market dynamics [7]

长江商报消息 ●长江商报记者 江楚雅 "酱油茅"海天味业（603288.SH）业绩重返增长快车道。 4月3日，海天味业发布2024年年度报告。报告显示，公司2024年实现营收269.01亿元，同比增长 9.53%；归母净利润63.44亿元，同比增长12.75%；扣除非经常性损益后，净利润为60.69亿元，同比增 长12.51%。 值得一提的是，受材料采购成本下降、精益管理及科技驱动成本控制等多重因素影响，海天味业2024年 毛利率达37%，较上年同期提升2.26个百分点，出现明显回暖。 海天味业将业绩的提升归因于内部变革、研发投入、多品类布局及线上渠道协同等多方面因素。为进一 步提升企业的综合实力及国际影响力，公司正积极推进国际化战略，筹划H股上市，加速布局海外市 场。随着海外市场的逐步开拓，海天味业有望在全球调味品市场中占据重要地位，进一步提升公司的盈 利能力和市场竞争力。 在销售渠道方面，海天味业继续深化渠道下沉和市场拓展策略。线下渠道实现营业收入248.18亿元，同 比增长8.26%；线上渠道实现营业收入20.83亿元，同比增长29.17%。线上渠道的快速增长，体现了公司 在数字化营销和电商平台布局方面 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company achieved a strong performance in 2024, with total revenue and net profit reaching 174.14 billion and 86.23 billion yuan, respectively, representing year-on-year growth of 16% and 15% [5] - The company has announced a three-year dividend plan, maintaining high cash dividends, with a total payout of 64.67 billion yuan in 2024 [5] - The company aims for a revenue growth of approximately 9% in 2025, with expected EPS of 75.23 yuan [9] Summary by Sections Market Performance - The company’s stock price is currently at 1568.88 yuan, with a total market capitalization of 1970.8 billion yuan [1] Financial Performance - In Q4 2024, total revenue and net profit were 51.02 billion and 25.40 billion yuan, showing year-on-year growth of 13% and 16% [5] - The gross margin and net margin for 2024 were 91.93% and 52.27%, with slight decreases compared to the previous year [5] Product Performance - Revenue from Moutai liquor and other series reached 145.93 billion and 24.68 billion yuan in 2024, with year-on-year growth of 15% and 20% [6] - The sales volume of Moutai liquor increased by 10%, while the average price rose by 5% [6] Channel Performance - Revenue from wholesale and direct sales channels was 95.77 billion and 74.84 billion yuan, with year-on-year growth of 20% and 11% [7] - International revenue surpassed 5 billion yuan for the first time, indicating successful internationalization efforts [8] Profit Forecast - The company forecasts revenue growth of 9.1% for 2025, with net profit expected to grow by 9.6% [11]

Core Viewpoint - Haitai Flavor Industry reported a revenue of 26.901 billion yuan and a net profit of 6.344 billion yuan for 2024, marking a year-on-year growth of 9.53% and 12.75% respectively, indicating a return to growth despite facing challenges [1][2]. Revenue and Profit Growth - In contrast to the decline in 2023, Haitai Flavor achieved a revenue of 26.901 billion yuan and a net profit of 6.344 billion yuan in 2024, representing a year-on-year increase of 9.53% and 12.75% [2]. - The company set a target of 27.51 billion yuan in revenue for 2024, which was not met, while the net profit exceeded expectations [2]. - The main business segments, including soy sauce, seasoning sauce, oyster sauce, and others, reported revenues of 13.758 billion yuan, 2.669 billion yuan, 4.615 billion yuan, and 4.086 billion yuan respectively, with growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [2]. Sales Channels - Offline sales channels generated 23.885 billion yuan, a year-on-year increase of 8.93%, while online sales reached 1.243 billion yuan, growing by 39.78% [3]. - The company enhanced its sales network and market competitiveness, leading to balanced revenue growth across regions [3]. International Market Strategy - Haitai Flavor aims to expand its international presence, with plans for an IPO on the Hong Kong Stock Exchange to enhance its global brand image [4][5]. - The company has established subsidiaries in Hong Kong and Indonesia to facilitate its international operations [4]. Challenges in International Expansion - Despite plans for international growth, Haitai Flavor's overseas revenue remains below 10%, with the majority of its income generated from domestic markets [5]. - The company faces challenges in brand internationalization and product localization compared to global competitors [5][6]. Impact of New Regulations - New regulations prohibiting "zero additives" labeling may impact Haitai Flavor's rapidly growing "zero additives" product line, which saw over 60% sales growth in 2024 [7][8]. - The industry is expected to shift focus back to quality competition, with companies needing to find new differentiating factors in health-oriented products [8].

Core Insights - Guizhou Moutai has reported impressive financial results for 2024, achieving total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% from the previous year, showcasing its market dominance in the liquor industry [1][2][12] - The company plans to distribute a record cash dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan, reflecting its strong financial health and commitment to shareholder returns [1][10] Financial Performance - Total revenue for 2024 reached 174.14 billion yuan, a 15.66% increase compared to the previous year [1][2] - Net profit attributable to shareholders was 86.23 billion yuan, marking a 15.38% growth year-on-year [1][2] - Operating cash flow net amount was 92.46 billion yuan, up 38.85% from the previous year, indicating robust cash generation capabilities [10][11] Production and Sales Strategy - Moutai optimized its production capacity, producing approximately 56,272 tons of Moutai liquor, a slight decrease of 1.63%, while sales volume increased by 10.22% to 46,413 tons [4][5] - The production of Moutai liquor reached 104,400 tons, a 4.24% increase, with sales volume growing by 13.73% to 83,300 tons, demonstrating effective volume-price balance strategies [4][5] Product and Market Development - Moutai's premium liquor segment generated over 120.78 billion yuan in revenue, a 16.95% increase, reinforcing its status as a high-end liquor "hard currency" [5] - The Moutai series liquor revenue reached 24.68 billion yuan, up 19.65%, contributing to 14.47% of total revenue, driven by targeted marketing strategies [5][6] Channel Strategy and International Expansion - The company implemented a dual-channel strategy of wholesale and direct sales, with wholesale revenue increasing by 19.73% and direct sales by 11.32%, enhancing profit margins [7][8] - International sales reached 5.19 billion yuan, a 19.27% increase, indicating successful global market penetration and brand recognition [9] Shareholder Returns and Financial Health - Moutai's total cash dividends for 2024 are projected to reach 64.7 billion yuan, with a commitment to maintain a cash dividend ratio of no less than 75% of net profit for the next three years [10][11] - The company initiated its first share buyback since listing, with a maximum amount of 6 billion yuan, reflecting confidence in future growth [10][11] Industry Position and Future Outlook - Moutai's performance during a challenging industry period highlights its resilience and ability to navigate market fluctuations [3][12] - The company plans to focus on consolidating its core business, green development, digital innovation, and brand culture to enhance long-term competitiveness [12]