Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is recognized as a leading player in the concentrated apple juice market, with a history of improving profitability [7] - Significant revenue growth is noted, with a year-on-year increase of 61.85% in 2024, driven by higher sales volumes of concentrated juice [7] - The company is expanding its production capacity and actively seeking market share through strategic investments and acquisitions [8] Financial Performance and Forecast - Revenue projections for 2023 to 2027 are as follows: 876 million in 2023, 1418 million in 2024, 1482 million in 2025, 1550 million in 2026, and 1550 million in 2027, with a notable 61.9% year-on-year growth in 2024 [6][9] - Net profit is expected to grow from 256 million in 2023 to 283 million in 2027, with a year-on-year increase of 2.0% in 2024 [6][9] - The company’s EPS is projected to rise from 0.75 in 2023 to 0.83 in 2027 [6][9] Market Performance - The company’s stock has shown a relative performance improvement, with absolute growth rates of 13.3%, 23.5%, and 28.9% over the last three months [4] - The company achieved a revenue of 1.006 billion from exports in 2024, reflecting an 84.09% year-on-year increase, while domestic sales reached 406 million, up 26.01% [7] Strategic Initiatives - The company is focusing on enhancing management efficiency and expanding its product line to include various juice products, thereby increasing customer loyalty and market presence [8] - The company is also addressing challenges such as rising international shipping costs and tariffs by optimizing internal management and production processes [7][8]

2 固定收益研究 证券研究报告 债市月报 2025 年 3 月 30 日 收益率指标（2025/3/28） | | 期限[Table_AmountInfo] 国债（%） | | --- | --- | | 1Y | 1.53 | | 2Y | 1.53 | | 3Y | 1.59 | | 5Y | 1.66 | | 7Y | 1.75 | | 10Y | 1.81 | | 15Y | 1.98 | | 相关研究 | | [Table_ReportInfo] 《利率向上空间仍在》2025.03.23 《 利率震荡延续，关注信用短端 》 2025.03.16 《 纯债调整未尽 ，转债牛市已 来 》 2025.03.09 分析师 [Table_AuthorInfo] :郑子勋 Tel:(021)23219733 Email:zzx12149@haitong.com 证书:S0850520080001 分析师:张紫睿 Tel:(021)23185652 Email:zzr13186@haitong.com 证书:S0850522120001 分析师:藏多 Tel:(021)23185651 Email:zd14683 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][15] Core Viewpoints - The company is a leading provider of new power system solutions in China, focusing on smart power generation, new energy, smart grid, and energy storage [9][10] - The acceleration of new power system construction and frequent industrial policies are expected to drive the company's continuous business growth [6][10] - The company maintains a high level of R&D investment to ensure its core competitiveness and has introduced new technologies and products to meet emerging demands [10][11] Financial Summary - The company's revenue is projected to grow from 5,751 million yuan in 2023 to 9,917 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 19.6% [7][13] - Net profit is expected to increase from 627 million yuan in 2023 to 994 million yuan in 2026, reflecting a CAGR of about 16.7% [7][15] - The earnings per share (EPS) is forecasted to rise from 0.75 yuan in 2023 to 1.19 yuan in 2026 [7][15] Business Segments - **Grid Automation**: Revenue growth is expected to be 12% in 2024, 13% in 2025, and 13% in 2026, with a gross margin of around 40% [11] - **Power Plant and Industrial Automation**: Anticipated revenue growth of 25% in 2024 and 2025, and 24% in 2026, with a gross margin of approximately 26% [12] - **Total Revenue**: The overall revenue growth is projected at 20.44% in 2024, 19.72% in 2025, and 19.60% in 2026, with a gross margin of about 32% [13][14]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][12]. Core Insights - The company reported a revenue of 15.7 billion yuan in 2024, representing a year-on-year growth of 39.27%. The net profit attributable to shareholders was 3.074 billion yuan, up 14.85% year-on-year, with a diluted EPS of 0.56 yuan [6][10]. - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares, totaling 1.81 billion yuan, with a cash dividend ratio of 58.87% [6]. - The company is leveraging AI technology to enhance its business ecosystem, with significant growth in new business segments such as Chinagoods and Yiwu Pay, which saw revenues of 341 million yuan and over 4 billion USD in cross-border payments, respectively [9][11]. Financial Performance Summary - In 2024, the company achieved a gross profit margin of 31.39%, an increase of 4.89 percentage points year-on-year. The main business gross profit margin rose by 5.52 percentage points to 30.87% [7]. - The operating cash flow net amount reached 4.491 billion yuan, a year-on-year increase of 143.43% [6]. - The company’s net profit from core operations, excluding investment income, was 2.85 billion yuan, reflecting a substantial year-on-year growth of 87% [8]. Market and Business Development - The company’s market operations showed robust growth, with daily customer traffic increasing by 12.15% to 220,000 visitors and foreign visitor traffic rising by 17.22% [8]. - The Chinagoods platform is recognized as a representative case of new economic transformation, with over 19,000 merchants using self-developed AI products [9]. - The company is expanding its international presence with 23 new overseas projects in 2024 and plans for more in 2025 [11]. Future Outlook and Valuation - The company is expected to see continued growth, with projected net profits of 4.017 billion yuan, 5.547 billion yuan, and 6.347 billion yuan for 2025, 2026, and 2027, respectively [12]. - The report suggests a reasonable market capitalization range of 107.3 billion to 129.1 billion yuan, with a target share price between 19.56 and 23.54 yuan [12].

[Table_MainInfo] 策略研究 证券研究报告 策略周报 2025 年 3 月 29 日 相关研究 | [Table_ReportInfo] 《 立 体 投 资 策 略 周 报 -20240902 》 | | --- | | 2024.09.02 | 三个维度前瞻一季报线索 [Table_Summary] 投资要点： 分析师:吴信坤 Tel:021-23154147 Email:wxk12750@haitong.com 证书:S0850521070001 分析师:刘颖 Tel:(021)23185665 Email:ly14721@haitong.com 证书:S0850524070004 请务必阅读正文之后的信息披露和法律声明 [Table_Title] [Table_AuthorInfo] 《 立 体 投 资 策 略 周 报 -20240826 》 2024.08.26 《 海 通 研 究 9 月 精 选 组 合 发 布 》 2024.08.31 核心结论：①从宏观高频数据看，Q1 经济运行平稳，消费、汽车及资源品 中有结构亮点。②从工业企业利润看，整体增速降幅收窄，但内部行业差 异大，汽车、船 ...

Domestic Macro Policies - The State Council announced the implementation of the "Anti-Foreign Sanctions Law" on March 24, 2025, which includes 22 articles detailing property and rights measures[6] - The People's Bank of China (PBOC) will reform the MLF operation starting this month, adopting a fixed quantity, interest rate bidding, and multi-price bidding method[15] - The State Council issued guidelines for establishing a long-term regulatory mechanism for enterprise-related fees, focusing on a directory system[6] Domestic Industry Policies - The 2025 National Home Appliance Consumption Season was launched on March 22, aiming to stimulate the potential for home appliance upgrades[15] - The National Energy Administration decided to conduct special regulatory work for fair access to the power grid, enhancing the new power system construction[15] - The Ministry of Industry and Information Technology and ten other departments issued the "High-Quality Development Implementation Plan for the Aluminum Industry (2025-2027)," targeting a 3%-5% increase in domestic bauxite resources by 2027[16] Local Policies - Guangdong Province issued measures to promote high-quality tourism development on March 24, 2025, aiming to enhance the tourism sector[18] - Shanghai aims for its intelligent computing cloud industry to exceed 200 billion yuan by 2027, as stated in the implementation opinions released on March 26[18] - Anhui Province's housing authority released policies to promote economic recovery, including adjustments to housing provident fund loan policies[18] Overseas Dynamics - Germany's federal parliament approved over 11 billion euros for military aid to Ukraine, with a total of approximately 70 billion euros in military funding for 2025[19] - On March 26, U.S. President Trump announced a 25% tariff on all imported cars, effective April 2, 2025[20] - Canada announced a strategic response fund of 2 billion Canadian dollars to protect jobs in the automotive sector affected by U.S. tariffs[20]

Group 1: Core Insights - The report highlights the performance of various quantitative stock portfolios, indicating a challenging week for aggressive and balanced portfolios with weekly returns of -5.91% and -6.29% respectively, while major indices showed mixed results [9][10] - The report emphasizes the relative performance of the aggressive and balanced portfolios against the CSI 500 index, with excess returns of -4.97% and -5.35% respectively during the week [9][10] - Year-to-date, the aggressive and balanced portfolios have shown cumulative returns of 18.61% and 7.68%, significantly outperforming the major indices [10] Group 2: Multi-Factor Portfolio Performance - The report details the performance of enhanced index portfolios, noting that the CSI 300 enhanced portfolio had a weekly return of -0.62%, underperforming the index by -0.63% [12][13] - The CSI 1000 enhanced portfolio, however, achieved a positive excess return of 0.70% despite a weekly return of -1.44% [12] - Cumulatively, the CSI 1000 enhanced portfolio has outperformed its index year-to-date with a return of 8.34% compared to the index's 5.21% [13] Group 3: Fund Holdings Performance - The report indicates that the unique holdings of high-performing funds yielded a weekly return of 0.31%, outperforming the total stock fund index by 1.94% [17] - Year-to-date, this fund's cumulative return stands at 8.22%, exceeding the total stock fund index's return of 4.49% [17] Group 4: Profitability, Growth, and Cash Flow Portfolio - The profitability, growth, and cash flow portfolio achieved a weekly return of 1.31%, significantly outperforming the CSI 300 index by 1.29% [19] - Cumulatively, this portfolio has returned 8.72% since the beginning of March, compared to the CSI 300 index's 0.65% [19] Group 5: Low Valuation Portfolio with Fundamental Support - The PB-profitability preferred portfolio reported a weekly return of -0.21%, underperforming the CSI 300 index by -0.22% [20] - However, this portfolio has shown a cumulative return of 5.21% since the beginning of March, outperforming the index [20] Group 6: Small Cap Value and Growth Portfolios - The small-cap value preferred portfolios had weekly returns of -2.81% and -4.17%, with the first portfolio outperforming the micro-cap index by 1.64% [25][26] - The small-cap growth portfolio achieved a weekly return of -2.83%, outperforming the micro-cap index by 1.62% [28] Group 7: Single Factor Performance - The report notes that large-cap stocks outperformed small-cap stocks, and low valuation stocks outperformed high valuation stocks in the style factor category [31] - In the technical factor category, reversal, turnover, and volatility factors contributed positively to returns [35] - The fundamental factor category showed positive contributions from ROE, SUE, and expected net profit adjustment factors [38]

[Table_MainInfo] 基金研究 证券研究报告 请务必阅读正文之后的信息披露和法律声明 专题报告 2025 年 3 月 28 日 [Table_Title] 相关研究 [Table_ReportInfo] 《"基"微成著系列（六）：基于财务报表 的债券基金业绩归因模型》2023.11.24 《"基"微成著系列（四）：主动固收基金 分 析 框 架 概 述 之 含 权 类 债 基 篇 》 2023.09.04 《"基"微成著系列（三）：主动固收基金 分析框架概述之纯债基金篇》2023.08.21 "基"微成著系列（八）：债券基金久期 测算方法研究 [Table_Summary] 投资要点： 首席分析师:倪韵婷 Tel:(021)23185605 Email:niyt@haitong.com 证书:S0850511010017 分析师:章画意 Tel:(021)23185670 Email:zhy13958@haitong.com 证书:S0850523070003 [Table_AuthorInfo] ⚫ 债券基金久期测算方法介绍。常见的债券基金久期测算方法有重仓券法、利 率敏感度法及净值回归法等。重仓 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that the company's revenue is under pressure due to weak short-term demand, but its core product market share remains stable, and efforts to improve quality and efficiency are expected to enhance profitability [5][7]. - The company achieved total revenue of 21.492 billion HKD in 2024, with a year-on-year growth of 0.2%, and a net profit attributable to the parent company of 861 million HKD, reflecting a year-on-year increase of 3.36% [7]. - The report emphasizes significant improvement in revenue growth in the second half of the year, driven by an increase in average prices, despite a decline in sales volume [7]. Financial Data and Forecast - Total revenue projections for the company are as follows: 2023: 21.511 billion HKD, 2024: 21.492 billion HKD, 2025E: 23.133 billion HKD, 2026E: 24.617 billion HKD, 2027E: 26.049 billion HKD [6]. - Net profit forecasts are: 2023: 833 million HKD, 2024: 861 million HKD, 2025E: 975 million HKD, 2026E: 1.103 billion HKD, 2027E: 1.235 billion HKD [6]. - The report projects a diluted EPS of 0.30 HKD for 2023, increasing to 0.31 HKD in 2024, and reaching 0.44 HKD by 2027 [6]. Market Performance - The company’s soda category showed resilience with a revenue of 16.373 billion HKD in 2024, growing by 2.5% year-on-year, maintaining the leading market share despite overall market decline [7][8]. - The juice category experienced a revenue decline of 7.46%, totaling 3.134 billion HKD, but profitability metrics improved [8]. - The water category saw a significant revenue drop of 28.57%, amounting to 0.891 billion HKD, with plans to focus on high-quality water products in the future [8]. Strategic Initiatives - The company is focusing on restructuring its marketing network and enhancing direct sales, achieving a significant increase in the number of direct service customers [9][10]. - The digital transformation efforts through platforms like the "Happy Meeting" mini-program have led to double-digit growth in online sales [10]. - The report notes that the company is actively engaging with younger consumers through innovative marketing strategies, including campus events and promotions [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to achieve steady growth in revenue and profit, with a projected revenue of HKD 23.15 billion in 2024, representing a year-on-year increase of 12.8%, and a net profit of HKD 2.32 billion, up 21.9% year-on-year [6] - The company has made significant progress in new business areas, particularly in battery boxes and chassis structural components, securing major orders from key clients in both domestic and international markets [6] - The diversified product portfolio and balanced customer structure are expected to support the company's long-term sustainable growth [6] Financial Data and Forecast - Revenue is projected to grow from HKD 20.52 billion in 2023 to HKD 26.93 billion in 2025, with a compound annual growth rate (CAGR) of 16.3% [5][8] - Net profit is expected to increase from HKD 1.90 billion in 2023 to HKD 2.77 billion in 2025, reflecting a CAGR of 19.6% [5][8] - The company’s gross margin is forecasted to improve from 27.4% in 2023 to 29.0% by 2025 [5][8] - The earnings per share (EPS) is projected to rise from HKD 1.64 in 2023 to HKD 2.39 in 2025 [5][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 10-12 times for 2025, leading to a fair value range of HKD 25.58 to HKD 30.70 [6]