Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at 135.77 billion RMB, a year-on-year increase of 6.5%, with a gross profit of 58.65 billion RMB, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be 12.38 billion RMB, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The mass sports segment shows steady growth, with revenue from the main brand reaching 123.27 billion RMB in 2024, a 3.2% increase [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with a revenue increase of 57.2% to 12.50 billion RMB in 2024 [7] - The footwear segment achieved revenue of 80.54 billion RMB in 2024, a 15.9% increase, accounting for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company is expected to achieve net profits of 13.63 billion RMB, 15.77 billion RMB, and 17.88 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.07%, 15.67%, and 13.37% [7] - The projected earnings per share for 2025 is 0.49 RMB, with a price-to-earnings ratio of 10.46 [6][7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [4][10]. Core Views - The company is positioned as a leading gold player in Sichuan, with a dual focus on mining and exploration, which is expected to drive sustainable growth [4][12]. - The financial performance shows continuous improvement, with significant increases in gross and net profit margins, alongside a reduction in expense ratios [4][35]. - The company benefits from a strong resource base and favorable geographical location, enhancing its exploration potential and sustainable development capabilities [5][23]. Financial Performance - In 2023, the company achieved a revenue of 629 million RMB, a year-on-year increase of 33.13%, and a net profit of 211 million RMB, up 6.16% [5][30]. - For the first three quarters of 2024, the company reported a revenue of 528 million RMB, reflecting a growth of 5.77%, and a net profit of 197 million RMB, which is a 25.38% increase year-on-year [5][30]. - The gross margin for the first three quarters of 2024 was 53.44%, and the net margin was 37.34%, both showing improvements compared to the previous year [35]. Resource and Exploration Potential - The company holds the mining rights to the largest gold mine in Sichuan, the Suoluo Gold Mine, and has significant exploration rights in the Suoluo-Wajingou area, which is rich in mineral resources [12][18]. - The exploration efforts have resulted in a reported gold resource of 29.79 tons as of October 2023, with a production of 1.67 tons of gold concentrate in 2023 [5][18]. - The geographical location in the Ganzi-Litang structural belt is noted for its rich mineral resources, with potential for discovering additional gold deposits [5][23]. Capital Expenditure and Project Progress - The company is making significant progress on key capital projects, with the resource exploration investment at 56.19% completion and the 2000t/d processing plant upgrade at 92.78% completion as of the first half of 2024 [61]. - The underground mining project is nearing completion at 98.07%, indicating a strong trajectory for future production capacity [61]. Profit Forecast and Valuation - The forecast for net profit from 2024 to 2026 is projected at 278 million RMB, 341 million RMB, and 376 million RMB, respectively, with growth rates of 31.57%, 22.85%, and 10.20% [10][9]. - The current price-to-earnings ratio is estimated at 34.49X for 2024, decreasing to 25.48X by 2026, suggesting a favorable valuation compared to peers [10][9].

Investment Rating - The industry investment rating is "Positive" (First time) [4] Core Viewpoints - The recent strategic cooperation between Longwan District Government and Zhejiang Weiming Environmental Co., Ltd. aims to accelerate the integration of artificial intelligence and the environmental protection industry, marking a significant step in the collaboration between waste incineration enterprises and local government support [4] - The National Development and Reform Commission's action plan emphasizes reducing Power Usage Effectiveness (PUE) and increasing the proportion of green electricity in data centers, with specific targets set for 2025 [4] - Waste incineration combined with data centers (IDC) offers multiple advantages, including green electricity supply, reduced PUE, and stable power supply, making it particularly suitable for regions like the Yangtze River Delta and the Pearl River Delta [4] - The shift in business models from ToG to ToB in waste incineration power generation is expected to improve cash flow for enterprises, leading to a potential revaluation of their value [4] Summary by Sections Industry Performance - The report highlights the strong demand for reducing PUE and increasing the use of green electricity in data centers, driven by national policies [4] - The approval of energy consumption indicators for the Pudong Limin Smart Computing Center project demonstrates the feasibility of integrating waste incineration with data centers [4] Investment Analysis - The collaboration between waste incineration power generation enterprises and data centers is expected to create a win-win situation, improving cash flow and profitability for waste incineration companies [4] - The report recommends focusing on companies located in regions with scarce renewable resources, such as Shaoneng Co., Junxin Co., Wangneng Environment, and others [4]

Group 1: Pharmaceutical Industry - Kunming Pharmaceutical Group (600422.SH) - The company achieved a revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders reached 648 million yuan, marking a significant increase of 19.86% year-on-year, both figures being historical highs [2][9][12] - The company focuses on the Sanqi industry chain, with the Xuesaitong oral series maintaining steady growth, where the sales volume of Luotai/Lixiwang soft capsules reached 1.584 billion pieces, an increase of 11.27% year-on-year [2][11] - The strategic layout of "big single product + all-channel + branding" is expected to drive the sales growth of core products in the digestive, emotional treatment, and respiratory categories, with a total sales growth of 20% for key products [2][12] Group 2: Public Utilities and Environmental Protection - The government work report emphasizes the importance of deep-sea technology, which is expected to benefit the cable industry, particularly for underwater operations, with only a few domestic cable manufacturers qualified to supply [15][16] - The 2025 energy consumption intensity target is set to decrease by 3%, with the cumulative reduction from 2021 to 2024 reaching 11.1%, indicating challenges in meeting the 13.5% reduction target for the 14th Five-Year Plan [17][19] - The report highlights the potential for growth in the waste-to-energy sector as domestic companies seek overseas markets for expansion, particularly in Southeast Asia and the Middle East [22] Group 3: New Consumption - Mixue Group (02097.HK) - The company is positioned as a leading brand in the ready-to-drink beverage market, with a market share of 20.9% as of Q3 2024, making it the largest in China [29][30] - The product strategy focuses on high-quality and affordable pricing, with an average price of around 6 yuan, and a wide range of SKUs covering fruit drinks, tea, ice cream, and coffee [29][30] - The company has a significant number of stores, totaling 45,302, making it the largest ready-to-drink beverage company globally, and is expected to expand further in both domestic and international markets [29][30][31]

证券研究报告 公用环保 政府工作报告首推深海科技 能耗强度计划下降 3% ——公用事业 2025 年第 11 周周报：电力设备：《政府工作报告》首提深海科技，与低空经济并列，可 见其在新兴产业发展中的重要地位，后续相关产业政策有望陆续出台。政策上尚未 对深海科技做出明确定义，但对水下环境的测量以及作业必不可少。脐带缆技术壁 垒高，有望受益于深海科技发展，国内仅少数电缆厂家具备供货资质，建议关注： 东方电缆、中天科技、亨通光电等。电力：2025 能耗强度计划下降 3%，碳排放强 度下降稳妥推进。十四五目标能耗强度下降 13.5%，新口径下 2021-2024 年已累计 下降 11.1%。根据国家统计局与计划报告，2021-2024 年我国碳排放强度完成情况 分别为下降 3.8%、0.8%、0%、3.4%，累计下降 8%，距离十四五目标 18%相差 10%， 我们认为十四五期间几乎无法完成碳排放双控。 风险提示：用电量增长不及预期，煤价波动超预期，重点工程进度不及预期。 北交所 AI 基建加速下备用电源需求提升，关注北交所柴发产业链企业——北交所科 技成长产业跟踪第十七期：中国数据中心基础建设的成本构成中，柴油发 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its growth potential in the LED chip industry [5][8]. Core Views - The company is a key player in the LED chip industry, focusing on refined management practices that solidify its development foundation. It is expanding its Mini/Micro LED production capacity and developing its red and yellow light business to create a second growth curve [5][10]. - The projected net profits for the company from 2025 to 2027 are estimated at 305 million, 348 million, and 401 million yuan, respectively, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% [5][8]. Summary by Sections Company Overview - The company, 聚灿光电, was established in April 2010 and is headquartered in Suzhou, Jiangsu Province. It specializes in the research, production, and sales of compound optoelectronic semiconductor materials, primarily GaN-based high-brightness LED epitaxial wafers and chips [19][20]. - The company has significantly increased its production capacity, with the epitaxial wafer and chip capacity rising from 7.76 million pieces per year in 2017 to 23.45 million pieces per year by the end of 2024 [20]. Financial Performance - The company has shown steady revenue growth, with a reported revenue of 2.76 billion yuan in 2024, reflecting an 11.25% year-on-year increase. The net profit for the same year was 196 million yuan, a 61.98% increase compared to the previous year [31][32]. - The company's gross profit margin has been steadily increasing, and its cost control capabilities are superior to those of its peers, indicating strong operational management [39]. Market Position and Growth Drivers - The company is positioned in the upstream segment of the LED industry, focusing on high-value-added products. The demand for Mini/Micro LED technology is expected to drive significant growth in the market [10][45]. - The Mini LED market is projected to reach 30 billion yuan in 2025, while the Micro LED market, although still in its infancy, presents vast potential in applications such as AI glasses and smartwatches [7][10]. Production Capacity and Management - The company has implemented refined management practices that enhance its production efficiency and cost control, leading to a high capacity utilization rate compared to industry peers [39][43]. - The company is transitioning to a full-color LED chip manufacturer, with plans to achieve mass production of red and yellow light products by 2025, further diversifying its product offerings [7][10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating it as a key player in the LED chip industry with a solid foundation for growth through refined management and expansion in Mini/Micro LED capacity [5][8]. Core Insights - The company is expected to achieve net profits of 305 million, 348 million, and 401 million RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% [5][8]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 28.25, 24.79, and 21.50 for the years 2025, 2026, and 2027, respectively [5][8]. - The company is transitioning to a full-color LED chip manufacturer, with the red and yellow light business expected to create a second growth curve [7][10]. Summary by Sections Company Overview - The company, 聚灿光电, specializes in the research, production, and sales of GaN-based high-brightness LED epitaxial wafers and chips, positioning itself as a key player in the upstream of the LED industry [19][20]. - The company has expanded its blue and green light production capacity significantly, increasing from 7.76 million pieces per year in 2017 to 23.45 million pieces per year by the end of 2024 [20][21]. Financial Performance - The company has shown steady revenue growth, with a reported revenue of 2.76 billion RMB in 2024, reflecting an 11.25% year-on-year increase, and a net profit of 196 million RMB, up 61.98% year-on-year [32][33]. - The gross profit margin has been recovering, with effective cost control measures leading to a significant reduction in management and financial expense ratios compared to industry peers [39][40]. Market Position and Growth Drivers - The company is focusing on high-value-added products, including Mini and Micro LED technologies, which are expected to drive future growth [10][45]. - The Mini LED market is projected to reach 30 billion RMB by 2025, while the Micro LED market is still in its early stages but holds significant potential for applications in small devices [7][10]. Production Capacity and Management - The company has implemented refined management practices that have resulted in superior cost control and operational efficiency, with a production capacity utilization rate that remains high compared to industry standards [39][43]. - The company is actively expanding its production capacity for Mini/Micro LED and red/yellow light products, with plans for significant output increases in the coming years [7][10].

行业评级：看好（维持） 证券研究报告|行业专题报告 美容护理 2025年3月17日 掘金新消费 新机遇 --新消费方向2025年度投资策略 联系人 姓名：王悦 wangyue03@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 姓名：丁一 S1350524040003 dingyi@huayuanstock.com 联系人 姓名：周宸宇 zhouchenyu@huayuanstock.com 主要内容 1. 高端彩妆 2. 古法黄金 3. 现制饮品 4. 潮流玩具 5. 风险提示 1.1 行业分析：高端彩妆赛道成长性均优于大众赛道 图：2018-2028年中国彩妆行业按品牌定位拆分市场规模（十亿元） 表：2019-2023年中国彩妆行业市占率排行及占比情况 0 20 40 60 80 100 120 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 大众彩妆 高端彩妆 大众彩妆yoy 高端彩妆yoy 3 n 行业规模：高端彩妆赛道成长性均优于大众赛道。中国彩妆在经历2018-2021年的快速发展期( ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The high-end makeup segment shows better growth potential compared to the mass market segment, with a projected CAGR of 10.8% from 2023 to 2028 for high-end makeup, while the mass market is expected to grow at 6.7% [8][9] - The Chinese cosmetics market experienced a rapid growth phase from 2018 to 2021, followed by a decline in 2022, but has since entered a positive growth phase starting in 2023 [8] - The ancient gold jewelry segment is expected to maintain strong growth potential, with a projected CAGR of 21.8% from 2023 to 2028, despite a slowdown in growth rate [21][22] - The ready-to-drink beverage market in China is anticipated to grow significantly, with a projected market size of 11,634 billion yuan by 2028, reflecting a CAGR of 17.6% from 2023 to 2028 [27][28] - The trend of affordable ready-to-drink beverages is expected to emerge, with significant growth in lower-tier cities and a projected CAGR of 22.81% from 2023 to 2028 [31] - The toy market, particularly the trendy toy segment, is experiencing rapid growth, with a projected CAGR of 9.5% from 2023 to 2028 [35][36] Summary by Sections High-End Makeup - The high-end makeup segment is expected to outperform the mass market, with a CAGR of 10.8% from 2023 to 2028 [8] - The market size for high-end makeup is projected to grow significantly due to increasing consumer demand for quality and safety [8][9] Ancient Gold - The ancient gold jewelry market is projected to grow at a CAGR of 21.8% from 2023 to 2028, indicating strong growth potential [21][22] - The market size for ancient gold jewelry reached 1,573 billion yuan in 2023 [21] Ready-to-Drink Beverages - The ready-to-drink beverage market in China is expected to reach 11,634 billion yuan by 2028, with a CAGR of 17.6% [27][28] - The market is driven by increasing consumer demand in lower-tier cities [31] Trendy Toys - The trendy toy market in China is projected to grow at a CAGR of 9.5% from 2023 to 2028, with a market size of 626 billion yuan in 2023 [35][36] - The target demographic for trendy toys is expanding, particularly among younger consumers [35]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share of 20.9% as of Q3 2024, and a strong presence in both domestic and international markets [6][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 203.02 billion RMB in 2023 to 343.45 billion RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to increase from 31.37 billion RMB in 2023 to 55.98 billion RMB in 2026, with growth rates of 57.13%, 42.58%, 14.45%, and 9.35% respectively [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, targeting a broad customer base [6][28]. - It holds the largest market share in the ready-to-drink beverage sector in China, with a significant increase in market share from 16.6% in 2021 to 20.9% in Q3 2024 [6][31]. - The company has a leading number of stores, with 45,302 locations as of Q3 2024, making it the largest ready-to-drink beverage company globally [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has become a significant marketing asset, enhancing brand recognition and consumer engagement [6][39]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with an increasing share of the overall beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].