Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expectation of relative performance exceeding the market benchmark by over 10% within six months following the report's release [5][19]. Core Insights - The company, Zhixing Technology, is a leading provider of autonomous driving solutions in China, leveraging advanced systems in software, hardware, and AI algorithms to deliver innovative products [6][7]. - The company is experiencing rapid growth in its autonomous driving business, with a significant increase in new orders and deliveries, reflecting a growing consumer acceptance of autonomous vehicles [6][8]. - The report highlights the company's strategic focus on AI-driven autonomous driving and its potential to create a closed-loop system that integrates AI development with hardware sales [7][9]. Financial Performance and Forecast - Revenue projections for Zhixing Technology are as follows: 2023: 1,216 million CNY, 2024: 1,248 million CNY, 2025E: 2,071 million CNY, 2026E: 3,220 million CNY, and 2027E: 4,182 million CNY, with year-on-year growth rates of -8%, 3%, 66%, 56%, and 30% respectively [6][12]. - The net profit forecast indicates losses in the initial years, with estimates of -195 million CNY in 2023, -288 million CNY in 2024, and a return to profitability with 23 million CNY in 2026 and 164 million CNY in 2027 [6][12]. - The report anticipates a significant increase in the gross margin from 7.28% in 2024 to 21.55% in 2027, driven by economies of scale as revenue grows [12][14]. Market Position and Competitive Advantage - Zhixing Technology has established a strong market presence with over 227,000 autonomous driving solutions delivered in 2024, marking a 75% increase from the previous year [6][8]. - The company has secured contracts with major OEMs, including Geely, Polestar, and Chery, enhancing its market credibility and expanding its operational footprint [6][8]. - The report emphasizes the company's technological edge, particularly in deploying advanced algorithms on low-power chips, positioning it as a pioneer in the industry [6][8]. Valuation and Investment Recommendation - The report employs a price-to-sales (P/S) valuation method, suggesting a valuation range of 18.60 to 24.18 HKD for 2025, based on a P/S ratio of 2.0 to 2.6 [6][12]. - The recommendation to "Outperform" is based on the anticipated growth trajectory of the autonomous driving market and the company's strategic initiatives to enhance its product offerings and market share [5][6].

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative performance that exceeds the benchmark index by more than 10% over the next six months [10]. Core Insights - The company reported a revenue of 2.081 billion yuan for 2024, a decrease of 8.8% year-on-year, while the adjusted net profit increased by 61.1% to 170 million yuan. The fourth quarter of 2024 saw a revenue of 560 million yuan, down 10.6% [5][10]. - The company has introduced several AI recruitment applications, which have significantly improved user engagement and operational efficiency. The average monthly active users grew by 5.6% year-on-year, with a total registered user base of 106 million, reflecting an 11.1% increase [6][8]. - The company has initiated a special dividend plan, proposing a special dividend of 0.42 HKD per share, highlighting its commitment to returning value to shareholders [5]. Financial Performance - In 2024, the company achieved an adjusted operating profit of 229 million yuan, marking a 64.9% increase. The fourth quarter's adjusted operating profit was 50 million yuan, compared to 26 million yuan in the same quarter of the previous year [5][8]. - The company’s total liabilities stood at 786 million yuan, with cash and cash equivalents amounting to 1.211 billion yuan, indicating a strong liquidity position [10]. - The forecast for 2025-2027 suggests a gradual recovery in revenue, with expected revenues of 1.988 billion yuan in 2025 and 2.040 billion yuan in 2027, alongside a projected adjusted net profit of 230 million yuan in 2025 [9][10]. Market Position and Strategy - The company has successfully expanded its multi-hunting RCN platform, which has seen a growing demand for job positions, particularly in sectors like internet, energy, and manufacturing. By the end of 2024, 91% of the network had participated in collaborative delivery [7][8]. - The introduction of the AI interview system, Doris, has shown a consistent alignment with professional interviewers' judgments, maintaining a 95% accuracy rate, which enhances the recruitment process across various demographics [6][8].

Investment Rating - The report assigns an "Outperform" rating to the company [8]. Core Views - The company is expected to lead in high growth revenue in 2024, driven by the launch of the Journey 6 series, which will be adopted by over 20 automotive manufacturers and brands, covering a wide range of vehicle types from economy to luxury [9][12]. - The company aims to democratize advanced driving technology through three strategic directions: flagship high-level driving systems, mainstream pricing for urban NOA, and enhancing active safety features [9]. - The company has maintained a leading market share in the Chinese OEM ADAS market, exceeding 40%, and is positioned second in the OEM AD market with over 30% market share [11]. Financial Data and Forecast - Revenue is projected to grow significantly from 1,552 million in 2023 to 3,582 million in 2025, reflecting a year-on-year growth of 71% in 2023 and 54% in 2024 [10]. - The net profit is expected to improve from a loss of 6,739 million in 2023 to a profit of 755 million by 2027, with a notable increase of 135% in 2024 [10][12]. - The gross margin is forecasted to remain strong, with values around 77% for 2024 and beyond [10][15]. Business Segmentation - The automotive retail solutions segment is expected to generate revenue of 2,311.70 million in 2024, with a growth rate of 57% [15]. - Non-standard automotive insurance revenue is projected to decline slightly, while overall revenue is expected to grow at a compound annual growth rate of 54% from 2024 to 2027 [15]. Market Performance - The company's stock has shown significant absolute and relative growth, with a 261.7% increase over the last three months [7]. - The stock price as of April 1, 2025, was 6.40 HKD, with a market capitalization of approximately 70.886 billion HKD [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7]. Core Views - The new car business is under pressure, while the after-sales service and used car business are developing steadily [7]. - The company achieved a revenue of 168.1 billion yuan in 2024, a year-on-year decrease of 6.2%, and a net profit of 3.21 billion yuan, down 36% year-on-year [7]. - The company focuses on key urban areas to enhance performance resilience and has opened 37 AITO stores in collaboration with Seres for its new energy vehicle business [7]. Financial Data and Forecast - Total revenue is projected to be 183.52 billion yuan in 2023, with a slight decline of 0.3% year-on-year, followed by a forecasted revenue of 168.12 billion yuan in 2024, down 6% [6]. - Net profit is expected to decrease significantly to 3.21 billion yuan in 2024, a 36% decline, before recovering to 3.77 billion yuan in 2025, representing a 17% increase [6]. - The company’s gross margin is forecasted to improve from 6.35% in 2024 to 11.91% by 2027 [6]. - Earnings per share (EPS) are projected to be 1.35 yuan in 2024, increasing to 2.49 yuan by 2027 [6]. Business Segments - The new car sales volume in 2024 is expected to be 485,000 units, a decrease of 3.2% year-on-year, with revenue from new car sales at 125.3 billion yuan, down 10.6% [7]. - The used car business is showing robust growth, with sales expected to reach 226,000 units in 2024, a year-on-year increase of 37.9%, contributing 15.4 billion yuan in revenue [7]. - After-sales service revenue is projected to reach 22 billion yuan in 2024, a 9.6% increase, marking a historical high [7].

[Table_MainInfo] 基金研究 证券研究报告 基金月报 2025 年 4 月 2 日 [Table_Title] 相关研究 [Table_ReportInfo] 《 海通证券 - 基 金 业 绩 排 行 榜 （2025-04-01）》2025.04.01 《 海通证券 - 基 金 超 额 收 益 排 行 榜 （20250304）》2025.03.04 《海通证券 3 月基金投资策略：A 股市场 回 暖 ， 相 对 偏 向 成 长 配 置 风 格 》 2025.03.03 联席首席分析师:庄梓恺 Tel:(021)23185671 Email:zzk11560@haitong.com 证书:S0850519040002 分析师:魏玮 Tel:(021)23185677 Email:ww14694@haitong.com 证书:S0850524070003 ⚫ 2025 年 3 月基金业绩回顾 股混基金：部分重配有色、创新药、消费等板块的基金表现较优。3 月，股票 型基金下跌 0.21%，其中，指数股票型基金下跌 0.40%，主动股票开放型基金 上涨 0.47%，表现优于指数。混合型基金方面，全月主动 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业信息点评 2025 年 04 月 02 日 [Table_QuoteInfo] -20.99% -7.19% 6.60% 20.40% 34.19% 47.99% 2024/4 2024/7 2024/10 2025/1 信息服务 海通综指 资料来源：海通证券研究所 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 事件。2025 年 3 月 31 日，湖北省在全国率先落实"侵入式脑机接口植入费" "侵入式脑机接口取出费""非侵入式脑机接口适配费"价格项目并制定政府指 导价，分别为 6552 元/次、3139 元/次、966 元/次，项目价格为全省最高限价， 不得上浮。 脑机接口医疗应用场景广阔。脑机接口是在大脑与外部设备之间建立的直接通 信通路，通过读取大脑的神经信号并将其转换为可被计算机或其他外部设备识 别和处理的指令，实现大脑与外部设备之间的直接交互。脑机接口在医疗领域 的应用场景包括肌萎缩侧索硬化、失语症等语言功能类疾病和抑郁症等精神类 疾病的辅助治疗等。根据中国证券报援引麦肯锡预测数据，2030 至 20 ...

[Table_MainInfo] 行业研究/房地产/房地产 证券研究报告 行业月报 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -13.67% -3.36% 6.96% 17.27% 27.58% 37.89% 2024/4 2024/7 2024/10 2025/1 房地产 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《TOP100房企 2月销售数据点评——单 月销售同比微增，关注"小阳春"成色》 2025.03.04 《TOP100房企 1月销售数据点评——春 节因素致月度销售偏弱，2 月低基数期到 来》2025.02.10 TOP100 房企 3 月销售数据点评—— 单月销售环比上升，"银四"有望延续修复 [Table_Summary] 投资要点 2025 年 3 月百强房企单月销售环比上升。根据克尔瑞公布的 2025 年 3 月销售 业绩排行榜数据，前 100 强房企操盘口径销售金额达到 7335.0 亿元，较 24 年 同期-5.9%，降幅较 25 年 2 月扩 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has achieved steady revenue growth in its emerging business segments and maintains a strong order backlog, indicating a positive long-term development outlook [4][11] Summary by Sections Financial Performance - In 2024, the company's operating revenue was 5.805 billion yuan, a year-on-year decrease of 25.82%. Excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 2024, operating revenue reached 1.664 billion yuan, a year-on-year increase of 15.41%, with net profit of 239 million yuan, up 306.48% [4][6] Business Segment Performance - Small molecule CDMO business generated revenue of 4.571 billion yuan, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95%. The company delivered 48 commercial projects and added 8 new commercial projects [7] - Emerging business revenue was 1.226 billion yuan, a 2.25% year-on-year increase. The gross margin for this segment was 21.67%, with an upward trend expected in the second half of 2024 [8] - Clinical CRO business saw a slight revenue decline, with 197 new projects initiated. The company is currently managing 269 clinical research projects [8] - The biopharmaceutical CDMO business focused on ADC projects, with a revenue increase of 13.91% and a significant order backlog [8] Order Backlog and Market Expansion - The company reported a 20% year-on-year increase in new orders, with a total order backlog of 1.052 billion USD, reflecting strong demand from the US and European markets [11] - The company is expanding its global production capacity, with new facilities in Europe and ongoing projects in the US, contributing to revenue growth from these regions [11] Financial Forecast - The company expects EPS of 3.03, 3.60, and 4.42 yuan for 2025, 2026, and 2027 respectively. The report suggests a reasonable valuation range of 90.87 to 106.01 yuan based on a PE ratio of 30-35 for 2025 [11][13]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company has achieved stable growth in operating revenue and net profit attributable to the parent company, with operating revenue of 3.157 billion yuan, a year-on-year increase of 12.14%, and a net profit of 720 million yuan, a year-on-year increase of 19.13% [7] - The company plans to distribute a cash dividend of 12 yuan for every 10 shares to all shareholders, amounting to an expected total of 343 million yuan [7] - The company is expanding its production capacity for lubricant additives, with a total designed capacity of 315,000 tons and ongoing projects expected to be operational by December 31, 2025 [7] - The company has increased its R&D investment and has developed various formulations for diesel and gasoline engine oils, achieving multiple OEM certifications [7] - The estimated net profit for 2025-2027 is projected to be 868 million, 1.076 billion, and 1.308 billion yuan respectively, with corresponding EPS of 2.97, 3.69, and 4.48 yuan [7] Financial Performance Summary - The company’s operating revenue and net profit are forecasted to grow significantly, with operating revenue expected to reach 3.989 billion yuan in 2025, a 26.3% increase year-on-year [6][10] - The gross profit margin is projected to remain stable around 35.9% from 2025 onwards [6][10] - The net asset return rate is expected to increase from 21.6% in 2024 to 23.9% in 2027 [6][10] - The company’s total assets are projected to grow from 4.302 billion yuan in 2024 to 6.940 billion yuan in 2027 [10] Market Performance - The company’s stock price has shown a strong performance, with a 52-week price range of 35.00 to 58.37 yuan [2] - The absolute increase in stock price over the last three months is 19.6% [4]

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 长飞光纤（601869）公司年报点评 2025 年 04 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 分析师:于一铭 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] 34.02 | | --- | | 52 周股价波动（元） 21.98-46.99 | | 总股本/流通 A 股（百万股） 758/406 | | 总市值/流通市值（百万元） 25784/25784 | | 相关研究 | | [Table_ReportInfo] 《Q3 收入同环比增长，期待国内需求拐点》 | | 2024.11.18 | | 《产品结构改善，Q2 毛利率有所提升》 | | 2024.09.10 | | 《需求短期承压，期待空芯光纤等新技术打开 | | 长期成长空间》2024.04.23 | | 市场表现 | | [Table_QuoteInfo] | | 长飞光纤 海通综指 | -22.58% -7.58% 7.42% 22.42% 37.42% 2024/4 2024/7 2024/10 ...