Group 1: Key Insights on Xingfu Electronics - The company is backed by Xingfa Group, a leading player in the phosphate chemical and fine chemical industry, ensuring strong supply chain support [8] - It focuses on semiconductor applications, with a complete wet electronic chemical product system, including 60,000 tons of electronic-grade phosphoric acid and 100,000 tons of electronic-grade sulfuric acid, leading the domestic market [8] - The company aims to become a world-class electronic materials enterprise, with ongoing internationalization and diversification strategies [8] Group 2: Key Insights on JD Industrial - JD Industrial is a leading provider of industrial supply chain technology and services in China, with a projected revenue of 20.398 billion yuan and an adjusted net profit of 909 million yuan for 2024 [10] - The company has established a comprehensive digital infrastructure for supply chain management, covering 80 product categories and serving over 11,100 key enterprise clients [10] - The industrial supply chain market in China is vast, with a size of 11.4 trillion yuan in 2024, and JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market [10] Group 3: Insights on the Coal Industry - The coal industry is experiencing a restructuring due to stricter safety regulations, with a cumulative coal production of 4.402 billion tons from January to November, showing a year-on-year increase of 1.4% [14] - The demand for coal remains stable, with a projected increase in coal consumption in the chemical industry, and the overall coal demand is expected to grow slightly [14] - Investment recommendations include stable high-dividend stocks like China Shenhua and Shaanxi Coal, as well as growth stocks such as TBEA and Huaihe Energy [14] Group 4: Insights on MEMS Sensor Industry - The company is a leading player in high-performance MEMS inertial sensors, with a revenue and net profit CAGR exceeding 38% from 2019 to 2024 [15] - The MEMS technology market is expanding, with applications in consumer electronics, automotive, industrial, and aerospace sectors [16] - The company is actively pursuing new market opportunities, including partnerships in autonomous driving and low-altitude aviation [16] Group 5: Insights on Automotive Industry - The automotive market is seeing a shift towards intelligent and high-end vehicles, with a focus on new energy vehicles and the potential for significant growth in the second-hand car market [24] - Recent data indicates a 9% month-on-month increase in retail sales of passenger vehicles, despite a year-on-year decline [26] - Investment recommendations include companies with strong alpha potential and those benefiting from the ongoing reforms in state-owned enterprises [27]

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 2025 年 12 月 29 日 | | --- | 2025 年 12 月 29 日 海澜之家 (600398) ——联手 adidas 共筑"体育+"生态，战略合作升级 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 12 月 29 日 | | | --- | --- | --- | | 收盘价（元） | | 6.17 | | 一年内最高/最低（元） | 8.96/6.05 | | | 市净率 | | 1.6 | | 股息率%（分红/股价） | | 2.92 | | 流通 A 股市值（百万元） | 29,633 | | | 上证指数/深证成指 | 3,965.28/13,537.10 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 3.75 | | 资产负债率% | 44.79 | | 总股本/流通 A 股（百万） | 4,803/4,803 | | 流通 B 股/H 股 ...