Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The company has diversified into three major sectors: electronic circuits, optoelectronic displays, and precision manufacturing, establishing itself as the second-largest flexible circuit board manufacturer and the third-largest printed circuit board manufacturer globally. It is actively expanding into the new energy vehicle sector, leveraging its technological advantages in consumer electronics and communication equipment [1][5][18]. - In 2023, the company achieved a record revenue of 33.651 billion yuan, a year-on-year increase of 6.56%. For the first three quarters of 2024, revenue reached 26.466 billion yuan, reflecting a year-on-year growth of 17.62% [1][29]. Summary by Sections Company Overview - The company has a stable family-controlled ownership structure, with the Yuan family holding a combined 28.34% of shares. The company has evolved from a small metal stamping factory in the 1980s to a leading global PCB supplier [19][18]. - The company operates three main business segments: electronic circuits, optoelectronic displays, and precision manufacturing, serving various industries including automotive, telecommunications, and medical [22][25]. Consumer Electronics - The flexible printed circuit (FPC) market is experiencing strong demand, particularly in consumer electronics, driven by advancements in AI technology. The company has established a significant presence in the North American market through its acquisition of MFLX, enhancing its supply chain capabilities [5][42][50]. - The FPC market is projected to grow significantly, with a stable market share of 18%-20% within the global PCB market. The company is well-positioned to benefit from this growth due to its technological advancements and strategic acquisitions [44][45]. Automotive Electronics - The new energy vehicle market is rapidly expanding, with increasing consumer demand and product offerings. The company has made strategic acquisitions, such as Multek, to enhance its global manufacturing capabilities and service offerings in this sector [6][29][37]. - The company has established production bases in Mexico and the United States to serve North American electric vehicle clients, maintaining strong relationships with major customers [6][29]. Financial Projections - The company is expected to achieve net profits of 1.853 billion yuan in 2024, 2.797 billion yuan in 2025, and 3.293 billion yuan in 2026, with corresponding earnings per share (EPS) of 1.09 yuan, 1.64 yuan, and 1.93 yuan respectively. The current stock price reflects a valuation of 32 times, 21 times, and 18 times earnings for these years [7][9].

Investment Rating - The industry investment rating is maintained at "Increase" [2] Core Viewpoints - In January 2025, Douyin's beauty category GMV grew by 6.37% year-on-year, with skincare exceeding 10 billion yuan and growing by 5.88%. Local brands dominate, with Han Shu leading at over 550 million yuan [2] - Taobao's beauty GMV reached 16.394 billion yuan in January, with skincare and body care growing by 2.8%. Hair cleaning and care categories showed significant growth of 24.2% and 17.3% respectively [3] - The report suggests that the long-term penetration rate of medical beauty is expected to continue increasing, recommending attention to companies like Juzi Biology and Aimeike [4] Summary by Sections Douyin Performance - Douyin's skincare GMV exceeded 10 billion yuan, with local brands making up 60% of the top 20 brands. Notable growth was seen in brands like Ke Fu Mei (+72.67%) and Natural Hall (+63.20%) [2] - Douyin's color cosmetics GMV surpassed 6 billion yuan, with a year-on-year growth of 11.11%. Local brands accounted for 80% of the top 20, with Mao Ge Ping achieving over 100 million yuan [2] Taobao Performance - Taobao's overall beauty GMV reached 16.394 billion yuan, with skincare and body care categories showing a GMV of 9.117 billion yuan, growing by 2.8% [3] - The top 20 brands in skincare included 6 local brands, with Proya leading at 308 million yuan. Han Shu had the highest growth rate at 112.5% [3] Investment Recommendations - The report emphasizes the competitive landscape in the cosmetics channel, suggesting that leading domestic brands are likely to continue outperforming due to their advantages in brand, channel, product, and operations. Recommended brands include Mao Ge Ping, Proya, and Marubi [4]

Group 1: CPI Analysis - In January 2025, the national Consumer Price Index (CPI) increased by 0.5% year-on-year, up from 0.1% in the previous month[10] - Food prices rose by 0.4%, contributing approximately 0.07 percentage points to the CPI increase, while service prices surged by 1.1%, adding about 0.42 percentage points[10] - The core CPI, excluding food and energy, rose by 0.6% year-on-year, indicating stable demand[11] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 2.3% year-on-year in January 2025, maintaining the same decline as the previous month[20] - The PPI's decline was primarily influenced by significant drops in sectors such as black metal smelting and coal mining, which collectively accounted for over 90% of the total decline[20] - Production material prices fell by 2.6%, while living material prices decreased by 1.2%, impacting the overall PPI levels[21] Group 3: Market Outlook - The report anticipates a return to price stability after the Chinese New Year, with a likelihood of price declines in the wake of the holiday effects[28] - The low inflation environment is expected to create space for more aggressive monetary and fiscal policies to support economic recovery[28] - Overall, the PPI is projected to remain stable, despite the ongoing negative growth in industrial prices[27] Group 4: Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[29]

新一轮钾肥涨价潮或将到来，TDI 价格 上行 ——基础化工行业周报 [Table_Rating] 增持（维持） [◼Table_Summary] 市场行情走势 过去一周（2.3-2.9），基础化工指数涨跌幅为3.03%，沪深300指数涨 跌幅为1.98%，基础化工板块跑赢沪深300指数1.05个百分点，涨跌幅 居 于所 有板块 第18位。基 础化 工子行 业涨 跌幅 靠前 的有： 粘胶 （6.43%）、纺织化学制品（5.19%）、改性塑料（5.06%）、其他橡 胶制品（5.01%）、非金属材料（4.89%）。 ◼ 化工品价格走势 周涨幅排名前五的产品分别为：二乙醇胺（7.93%）、MYNEX天然气 （7.85%）、TDI（5.84%）、烧碱（5.17%）、国际甲苯（4.92%）。 周跌幅前五的产品分别为：盐酸（-7.44%）、浓硝酸（-3.23%）、环 氧丙烷（-3.13%）、布伦特原油（-2.74%）、甘氨酸（-2.73%）。 ◼ 行业重要动态 国务院关税税则委员会4日发布公告表示，经国务院批准，自2025年2 月10日起，对原产于美国的部分进口商品加征关税：对煤炭、液化天然 气加征15%关税，对原油、农业 ...

[Table_Rating] 增持（维持） ◼[Table_Summary] 周行情 [行业Table_Industry] : 通信 | 日期: | shzqdatemark 2025年02月11日 | | --- | --- | | [Table_Author] 分析师: | 刘京昭 | E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 联系人: 杨昕东 SAC 编号: S0870123090008 行情回顾：过去一周（2025.02.05-2025.02.09），上证指数、深证成指涨 跌幅分别为1.63%、4.13%，中信通信指数整体涨跌幅为2.69%，在中信 30个一级行业排第15位。过去一周通信板块个股表现：股价涨幅前五名 为:精伦电子33.33%、梦网科技33.11%、映翰通30.88%、亿通科技 20.81%、广和通20.52%。股价跌幅前五名为：太辰光-12.60%、新亚电子 -11.14%、天孚通信-10.43%、新易盛-9.84%、华脉科技-9.75%。 板块内部结构来看，过去一周通信板块呈现普涨走势，细分板块增值服 务II、通讯工程服务 ...

[Table_Rating] 增持（维持） [Table_Summary] [最Table_QuotePic] 近一年行业指数与沪深 300 比较 -7% -1% 5% 12% 18% 24% 30% 37% 43% 02/24 04/24 07/24 09/24 11/24 02/25 汽车 沪深300 [Table_ReportInfo] 相关报告： ——2025 年 01 月 15 日 1 月新能源乘用车批发同比+29%，多家 车企宣布引入 DeepSeek ——汽车与零部件行业周报（2025.02.03-2025.02.09） ◼ 市场回顾 汽车板块涨跌幅+8.12%，子板块中乘用车表现最佳。过去一周，上证 A 股涨跌幅为+1.54%，申万汽车涨跌幅为+8.12%，在 31 个申万一级 行业中排名第 2。子板块中，乘用车+12.08%、汽车服务+6.54%、汽 车零部件+6.34%、摩托车及其他+2.03%、商用车+1.78%。 行业涨跌幅前五位公司为华阳变速+69.10%、派特尔+35.33%、开特 股份+31.78%、伯特利+30.28%、骏创科技+29.82%；行业涨跌幅后 五位公司为晋拓股份- ...

[Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 [行业Table_Industry] : 机械 日期: shzqdatemark 2025年02月11日 | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: | S0870523070002 | | 分析师: | 吴婷婷 | | Tel: | 021-53686158 | | E-mail: | wutingting@shzq.com | | SAC 编号: | S0870523080001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 2% 8% 13% 19% 24% 29% 35% 机械设备 沪深300 [Table_ReportInfo] 相关报告： 《关注工程机械内需回暖，多家机器人企 业进入商业交付阶段》 ◼ 主要观点 1、特斯拉发布弗里蒙特工厂机器人相关岗位招聘，财报电话会更新人 形机器人量产指引 2 月 6 ...

主要观点 可选消费：24年以旧换新政策发力，25年看好内外需求共振。 2024年以旧换新、扩内需促消费等政策陆续出台，带动内需消费整体逐步修复。2024年，我国整体消费结构性增长，新兴消费发展亮眼。2024 年我国社零总额48.79万亿元，同比+3.5%，得益于消费创新动能持续增强叠加"以旧换新"等一揽子增量政策发力。数字消费活力强劲，2024年 ，实物商品网上零售额13.08万亿元，同比+6.5%，直播电商等新消费模式继续保持增长。 证券研究报告 2025年02月11日 行业：纺织服饰 增持 （维持） 消费新时代，拥抱大科技 ——2025年度可选消费投资策略 分析师：杜洋 SAC编号：S0870523090002 联系人：袁锐 SAC编号：S0870123060019 展望2025年：内需：扩消费政策有望带动内需稳健复苏。我们认为伴随以旧换新政策延续、财政持续发力、地产刺激托底，25年内需有望逐步企 稳；出口：美国降息周期，期待关税温和落地，出海长期成长不变。24年纺服/轻工/家电等可选消费行业海外进入补库周期，家电/体育用品等品 类保持出口高景气。展望25年，美联储降息有望带动美国地产回暖，利好我国轻工出 ...

◆ 本周上证指数报收 3303.67 点，周涨跌幅为+1.63%；深证成指报 收 10576 点，周涨跌幅为+4.13%；创业板指报收 2174.35 点， 周涨跌幅为+5.36%；沪深 300 指数报收 3892.7 点，周涨跌幅为 +1.98%。中证人工智能指数报收 1376.45 点，周涨跌幅 +9.39%，板块与大盘走势一致。 【科技行业观点】 周观点： 亚马逊发布 24Q4 季报，关注 "智驾平权"产业链 行 业 动 态 ——先进科技主题周报 20250203-20250209 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 《周观点： 特朗普官宣"星际之门计划"， 豆包发布大模型 1.5Pro》 ——2025 年 02 月 07 日 《 周观 点： 海 外大 厂发布 Q4 财报 ， DeepSeek 降低训练与推理成本》 ——2025 年 02 月 07 日 《中国芯片出口金额创历史新高，24Q4 华 为智能手机销量重回中国市场首位》 ——2025 年 01 月 27 日 【市场回顾】 ◼ 投资建议 我们认为：硬件和软件轮动，看好 AI 硬件龙头估值修复到 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 [行业Table_Industry] : 电子 日期: shzqdatemark [Table_Author] 分析师: 王红兵 2025年02月11日 SAC 编号: S0870523060002 《中国芯片出口金额创历史新高，24Q4 华 为智能手机销量重回中国市场首位》 ——2025 年 01 月 27 日 《三星稳居 2024Q3 全球半导体市场份额首 位，PC 有望于 2025 年迎来全盘复苏》 ——2025 年 01 月 21 日 《周观点： 微软更新开源 AI Agent，谷歌 提出 Titans 新架构》 ——2025 年 01 月 21 日 AI 需求驱动全球半导体收入上行，2024 年全球智能手机平均售价创历史新高 ——电子行业周报（2024.02.05-2025.02.07） 市场行情回顾 过去一周（02.05-02.07），SW 电子指数上涨 6.14%，板块整体跑赢沪 深 300 指数 4.16 个百分点，从六大子板块来看，半导体、消费电子、 光学光电子、电子化学品Ⅱ、其他电子Ⅱ、元件涨跌幅分别为 ...