Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The report highlights that the collaboration between SAIC Motor and Huawei is expected to open up growth opportunities for the company. This partnership aims to develop new energy smart vehicles through strategic cooperation in product definition, manufacturing, supply chain management, and sales services [6]. - The company's fundamentals are anticipated to improve alongside the recovery of SAIC Motor, with additional growth potential from collaborations with external companies like Seres and Chery [6]. - The report projects revenue for 2024, 2025, and 2026 to reach 1719.86 billion, 1780.72 billion, and 1844.15 billion respectively, with corresponding net profits of 62.6 billion, 69.76 billion, and 77.58 billion [6]. Financial Data and Forecasts - Revenue and profit forecasts indicate a slight growth trajectory, with 2023 revenue at 168.59 billion, expected to grow to 171.99 billion in 2024, and 178.07 billion in 2025 [6][11]. - The net profit for 2023 is projected at 7.21 billion, with a decline to 6.26 billion in 2024, followed by a recovery to 6.98 billion in 2025 and 7.76 billion in 2026 [6][11]. - The report provides a detailed breakdown of revenue by business segments, with significant contributions from functional assemblies and interior/exterior parts [8]. Valuation Metrics - The report estimates the price-to-earnings (P/E) ratio for 2024, 2025, and 2026 to be approximately 9.0, 8.0, and 7.2 respectively, suggesting a stable valuation outlook [6][9]. - The reasonable P/E range for the company is set between 9-10 times, translating to a fair value range of 17.87 to 19.86 yuan per share [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to benefit from rapid growth in its healthcare business, leading to increased revenue and profitability [10] - The strategic partnership with Huawei is enhancing the company's AI capabilities in the healthcare sector, which is expected to drive future growth [6][10] - The company is focusing on expanding its AI product offerings and integrating them into various healthcare applications, which positions it well in the market [10] Financial Data and Forecasts - Revenue is projected to grow from 10,544 million yuan in 2023 to 17,520 million yuan in 2026, with year-on-year growth rates of 11.4%, 11.9%, 20.7%, and 23.1% respectively [5][11] - Net profit is expected to increase significantly from 74 million yuan in 2023 to 662 million yuan in 2026, with year-on-year growth rates of 121.6%, 13.0%, 408.1%, and 56.1% respectively [5][11] - The fully diluted EPS is forecasted to rise from 0.06 yuan in 2023 to 0.55 yuan in 2026 [5][11] - The gross margin is expected to improve from 24.2% in 2023 to 25.4% in 2026 [5][11] Business Segmentation - The company's revenue from the smart automotive connectivity segment is projected to grow from 3,915.96 million yuan in 2023 to 5,499.89 million yuan in 2026, with a gross margin of 15.34% in 2023 [11] - Revenue from the healthcare and social security segment is expected to increase from 2,571.40 million yuan in 2023 to 4,364.39 million yuan in 2026, with a gross margin of 35.55% in 2023 [11] - The smart city segment is forecasted to see revenue growth from 1,623.15 million yuan in 2023 to 2,279.68 million yuan in 2026, with a gross margin of 24.55% in 2023 [11] - Revenue from enterprise connectivity and other segments is anticipated to rise from 2,433.16 million yuan in 2023 to 5,376.50 million yuan in 2026, with a gross margin of 26.24% in 2023 [11]

市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -10.62 -0.44 -33.19 相对涨幅（%） -20.40 -26.33 -53.06 资料来源：海通证券研究所 收入增速修复，短期费用投放影响利润率 [Table_Summary] 投资要点： 风险提示：原材料价格上涨，新品推广不及预期，费用投放超预期。 [Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 蓝月亮集团（6993）公司研究报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 0[3Table_StockInfo 月 17 日收盘价 ] | 3.11 港元 | | --- | --- | | 52 周股价波动 | 1.73~4.44 港元 | | 总股本/流通港股 | 58.63 亿/58.63 亿 | | 总市值/流通市值 | 182 亿/182 亿港元 | | 相关研究 | | 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 202 ...

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业跟踪报告 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 全年维度看珠宝板块投资机会 市场表现 [Table_QuoteInfo] -14.88% -4.93% 5.01% 14.96% 24.90% 34.84% 2024/3 2024/6 2024/9 2024/12 商业贸易 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《生育补贴政策密集出台，看好母婴相关 | | --- | | 产业链》2025.03.16 | | 《由渠道驱动至品牌驱动，关注金饰消费 | | 心智升级红利》2025.02.23 | | 《海外美妆集团跟踪：全球业务恢复稳 | | 健，中国区竞争激烈》2025.02.16 | 分析师:李宏科 Tel:(021)23185683 Email:lhk11523@haitong.com 证书:S0850517040002 分析师:汪立亭 Tel:(021)23219399 Email:wanglt@haitong.com 证书: ...

[Table_MainInfo] 公司研究/商业贸易/百货 证券研究报告 股票数据 天虹股份（002419）公司年报点评 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | 03[Table_StockInfo 月 17日收盘价（元）] 5.19 | | --- | | 52 周股价波动（元） 3.93-6.60 | | 总股本/流通 A 股（百万股） 1169/1169 | | 总市值/流通市值（百万元） 6066/6065 | | 相关研究 | | [Table_ReportInfo] 《购百增长良好，稳步扩张门店调优》 | 2024.04.08 市场表现 [Table_QuoteInfo] -21.93% -10.93% 0.07% 11.07% 22.07% 33.07% 2024/3 2024/6 2024/9 2024/12 天虹股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -0.2 | 8.3 | -10.5 | | --- | --- | --- | --- | | 相对涨幅（%） | -1.9 | 3.4 | ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 宁德时代（300750）公司年报点评 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] | 256.00 | | --- | --- | | 52 周股价波动（元） | 166.80-301.50 | | 总股本/流通 A 股（百万股） | 4403/3903 | | 总市值/流通市值（百万元） | 1127269/999054 | | 相关研究 | | [Table_ReportInfo] 《宁德时代与 Stellantis 合建西班牙工厂，披 露 24 年特别分红方案》2024.12.11 《Q3 毛利率提升明显，加回减值后业绩亮眼》 2024.10.21 《动储龙头地位稳固，盈利能力稳中向好》 2024.07.31 市场表现 [Table_QuoteInfo] -13.07% 1.93% 16.93% 31.93% 46.93% 2024/3 2024/6 2024/9 2024/12 宁德时代 海通综 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is expected to experience a decline in net profit in 2024 due to adjustments in low-efficiency businesses and increased market competition, with a projected net profit of 60-80 million yuan, a year-on-year decrease of 75.96%-81.97% [5][6] - The company is diversifying its product matrix from being a leader in household paper to a multi-faceted personal care leader, with a focus on brand building and enhancing profitability [5][6] - The company has a robust marketing network, expanding from a single distribution channel to five channels, including traditional distributors, large chain stores, commercial products, e-commerce, and new retail [5][6] Financial Data and Forecasts - The company's revenue is projected to be 8,865 million yuan in 2024, a year-on-year decrease of 9.6%, with a recovery expected in subsequent years [5][8] - Net profit is forecasted to be 71 million yuan in 2024, with a significant rebound to 298 million yuan in 2025 and 345 million yuan in 2026 [5][8] - The gross margin is expected to decline to 30.5% in 2024 but recover to 32.5% in 2025 and 32.8% in 2026 [5][8] Business Segment Performance - The revenue from the household paper segment is expected to decline by 9.8% in 2024, but is projected to grow by 13.4% and 10.2% in 2025 and 2026, respectively [7][8] - The personal care and other business segment is anticipated to grow by 5.0% in 2024, with further growth of 15.0% and 14.0% in 2025 and 2026, respectively [7][8] Valuation and Comparison - The company is valued at a PE ratio of 29 and 25 for 2025 and 2026, respectively, with a target valuation range of 6.91 to 7.14 yuan based on comparable companies [5][9] - The average PE ratio of comparable companies is 42.2, indicating potential upside for the company [9]

[Table_MainInfo] 行业研究/食品 证券研究报告 行业周报 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 分析师:颜慧菁 Tel:(021)23183952 Email:yhj12866@haitong.com 证书:S0850520020001 中办、国办印发《提振消费专项行动方案》 市场表现 [Table_QuoteInfo] -25.54% -16.93% -8.33% 0.28% 8.88% 17.48% 2024/2 2024/5 2024/8 2024/11 食品 海通综指 资料来源：海通证券研究所 相关研究 | 《2 月 CPI 同比-0.7%》 [Table_ReportInfo] | | --- | | 2025.03.10 | | 《2 月高端白酒批价平稳》 | | 2025.03.03 | | 《酒企停货控量，维护价格体系》 | | 2025.02.24 | 分析师:程碧升 Email:zyx11631@haitong.com 证书:S0850520050001 分析师:张嘉颖 Tel:(021)23185613 Emai ...

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2025 年 03 月 17 日 市场表现 [Table_QuoteInfo] -9.31% -0.07% 9.17% 18.42% 27.66% 36.90% 2024/3 2024/6 2024/9 2024/12 纺织与服装 海通综指 资料来源：海通证券研究所 相关研究 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_ReportInfo] 《Amer24Q4 业绩增长超预期，25 年持 续积极拓店》2025.03.03 《24Q4 奢侈品行业普遍环比回暖，1 月 台企出口整体表现稳定》2025.02.16 《1 月美国航空出行人数同比+1.7%，印 度箱包龙头库存清理仍持续》2025.02.09 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 联系人:钟启辉 Tel:( ...

[Table_MainInfo] 宏观研究 证券研究报告 宏观快报点评 2025 年 3 月 17 日 相关研究 [Table_ReportInfo] 《存款从"搬家"到"回家"：居民配臵 什么资产？——低利率下的资产配臵系 列八》2024.07.09 《存款从"搬家"到"回家"：——低利 率下的资产配臵系列八》2024.07.09 《越南经济现状和展望》2024.06.27 政策仍需接力 ——2025 年 1-2 月经济数据点评 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 2025 年 1-2 月，经济中各个方面均呈现稳中向好的态势，生产仍偏稳，需 求需提振。生产端增速仍保持较高水平，主要依靠出口导向型行业增长。消 费端服务消费表现亮眼、政策补贴效果仍突出，但消费分层的情况值得关注。 投资端各板块虽都在改善，但民企信心有待提振，地产投资、销售、开工、 价格等数据均仍同比负增，对经济仍有拖累。 整体来看，当前经济复苏仍依赖政策发力和外需支撑，内生动能如消费、民 间投资等仍有待改善，叠加当前部分行业产能过剩、地产链调整尚未结束， 要完 ...