Investment Rating - The report maintains an "Outperform the Market" rating for the companies analyzed, including 横店东磁, 新大陆, and 博士眼镜, indicating expected stock performance above the benchmark index [4][23][28]. Core Insights - The report highlights the recovery and growth potential in various sectors, particularly in the tourism industry in Southeast Asia, with a projected compound annual growth rate (CAGR) of 15.4% for Vietnam, 13.7% for Malaysia, and 12.1% for Thailand from 2023 to 2028 [8]. - The coal price is expected to stabilize in the short term, with a price range of 720-750 RMB per ton, which may positively impact the power sector [3][12]. - The increasing online booking penetration in Southeast Asia is noted, with countries like Singapore expected to reach a 65% online booking rate by 2024, indicating a shift towards digitalization in the tourism sector [9]. Summary by Sections Industry Performance - The report indicates that the coal and power sectors are experiencing a short-term stabilization, with expectations of a market improvement from late March to April 2025 [3][12]. - The tourism market in Southeast Asia is projected to grow significantly, with Thailand's tourism revenue contributing 63.9% to its total tourism income in 2023 [7][8]. Company Analysis - 横店东磁 is expected to achieve net profits of 19.23 billion, 22.67 billion, and 28.21 billion RMB from 2025 to 2027, with growth rates of 5.3%, 17.9%, and 24.5% respectively, supported by a strong performance in its solar and magnetic materials segments [4][17]. - 新大陆 is projected to have revenues of 82.73 billion, 91.03 billion, and 100.38 billion RMB from 2024 to 2026, with net profits growing at rates of 17.0%, 21.8%, and 17.5% [23]. - 博士眼镜 anticipates net profits of 1.24 billion, 1.52 billion, and 1.72 billion RMB from 2024 to 2026, with a notable exploration of the smart glasses market [25][28]. Market Trends - The report notes a trend towards digitalization in the tourism sector, with a significant increase in online booking rates across Southeast Asia, indicating a robust growth opportunity for online travel agencies (OTAs) [9][10]. - The competitive landscape in the tourism market is described as fragmented, with major players holding less than 8% market share in most Southeast Asian countries, suggesting opportunities for new entrants [9][10].