Market Performance - The Shanghai Composite Index rose by 0.95%, closing at 3,400.14 points, while the Shenzhen Component Index increased by 0.13%, closing at 10,659.98 points[4] - The average daily trading volume in the Shanghai and Shenzhen markets was 13,651.94 billion CNY, a decrease of 9.35% from the previous week[4] - The US dollar to RMB exchange rate closed at 7.2992, with a slight increase of 0.01%[4] Investment Strategy - For Q1 2025, the A-share index is expected to show a strong oscillation due to unchanged macro policies and marginal improvements in economic data[5] - Focus on high-prosperity sectors, particularly in technology and self-sufficiency areas, such as semiconductors and defense industries[5] - High dividend yield sectors, like banking and coal, remain attractive for medium-term investment despite potential short-term style shifts[5] Economic Indicators - As of December 29, 2024, the total market P/E ratio (TTM) for the entire A-share market was 18.85, which is 44.84% lower than the historical average[60] - The profit of large-scale industrial enterprises in China decreased by 4.7% year-on-year, with a total profit of 66,674.8 billion CNY from January to November 2023[62] Risks and Considerations - Potential risks include macroeconomic downturns, volatility in overseas markets, and deteriorating Sino-US relations[79] - Investors should remain cautious of changes in the Federal Reserve's interest rate expectations, which could impact market stability[21]

Investment Rating - The report assigns an "Accumulate" rating to the company [1][15]. Core Insights - The company is positioned as a leader in the home medical device sector, focusing on three core business areas: respiratory and oxygen therapy, diabetes care, and infection control solutions. The company has effectively integrated its business strategy with industry trends such as online sales, product miniaturization, and smart technology [14][39]. - The domestic home medical device market is projected to reach CNY 234.3 billion in 2023, with a year-on-year growth of 12.32%. This growth is driven by increasing health management awareness among consumers and the rising demand for home medical devices [36][38]. - The company has experienced significant revenue growth during the pandemic, with a 45.08% increase in revenue in 2020, reaching CNY 67.26 billion, and a net profit increase of 133.74% to CNY 17.59 billion. In 2023, revenue further increased to CNY 79.72 billion, with net profit rising to CNY 23.96 billion [29][30]. Summary by Sections Company Overview - The company, established in 1998, has evolved from a manufacturer of rehabilitation and medical oxygen devices to a comprehensive medical equipment manufacturer with a diverse product line across multiple medical fields [19]. Business Development - The company has strategically acquired several brands and businesses to enhance its market presence, including the acquisition of Shanghai Zhongyou in 2016, which strengthened its position in the infection control sector [10][20]. Financial Forecast - The forecasted revenue for 2024 is CNY 81.70 billion, with a projected net profit of CNY 20.03 billion. The earnings per share (EPS) is expected to be CNY 2.00, with a price-to-earnings (P/E) ratio of 18.24 [4][15]. Market Trends - The home medical device industry is undergoing significant transformation, with key trends including the shift to online sales, product miniaturization, and the integration of smart technologies. The company has adeptly aligned its business strategies with these trends [38][39]. Product Performance - The company has a well-balanced product structure, with traditional strong businesses such as respiratory therapy and diabetes care contributing significantly to revenue. In the first half of 2024, these segments generated revenues of CNY 16.42 billion and CNY 5.62 billion, respectively [30][68]. Online Sales Strategy - The company has established a robust online sales strategy, achieving significant growth in online revenue, which reached CNY 27.83 billion in the first ten months of 2024. The company has been a leader in online sales for home medical devices during major shopping events [56][68].

Investment Rating - The report maintains an investment rating of "In line with the market" for the automotive industry [3][63]. Core Insights - The effects of the vehicle replacement policy continue to manifest, with November seeing record high retail and wholesale sales of passenger cars [5][29]. - The automotive industry experienced a month-on-month increase in production and sales, with new energy vehicles achieving historical highs in both production and sales [7][24]. - The report highlights three main investment themes: "Electrification," "Intelligentization," and "Globalization," suggesting that companies like BYD and Changan Automobile will benefit from the electrification trend [33][100][102]. Market Review - From November 20 to December 19, 2024, the automotive industry index showed a decline of -0.04%, ranking 16th among the Shenwan industry sectors, while the CSI 300 index declined by -1.01% [41][43]. - The static price-to-earnings ratio for the automotive sector was 25.79 times, compared to 13.18 times for the CSI 300 index, indicating a relative premium valuation for the automotive sector [43][22]. Automotive Production and Sales Data - In November, total automotive production and sales reached 3.437 million and 3.316 million units, respectively, with month-on-month increases of 14.7% and 8.6% [7][24]. - New energy vehicles accounted for 1.566 million units in production and 1.512 million units in sales, marking year-on-year growth of 45.8% and 47.4%, with a market share of 45.6% [24][29]. Dealer Inventory Changes - The comprehensive inventory coefficient for automotive dealers was 1.11 in November, showing a slight month-on-month increase of 0.9% but a year-on-year decrease of 22.4%, indicating inventory levels below the warning line [109].

证券研究报告 | --- | --- | --- | --- | |------------|-------|-------|-------| | | | | | | % | 1M | 3M | 12M | | 传媒 | 3.39 | 43.06 | 7.00 | | 沪深 300 | 1.76 | 22.88 | 17.87 | 1 游戏行业点评：《未成年人网络游戏服务消费 管理要求》征求意见稿发布，明确权责划分、退 费标准有据可依 2024-05-29 2 传媒行业 2023&2024Q1 业绩总结：23 年业绩 修复、 24Q1 增长 分 化， 继 续看 好 AI 主 线 2024-05-20 3 传媒行业 2024 年度策略：内容提质与技术创 新，期待 2024 年 AI 应用落地 2024-01-07 展望 2025 年，我们认为主要把握以下两条主线： 风险提示：政策监管风险；宏观经济复苏力度不及预期；AI应用落地 不及预期；市场竞争加剧。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------- ...

汽车电子应用领域的占比有所上升，而工业设备和 ICT 领域的占比则略有下降。NCC 公司 在家用及新能源领域的营收占比相对较低,家用领域占比维持稳定,新能源领域占比在近两 年小幅提升，从2020 财年的 3%提升至 2023 财年的 6%。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------|--------------------------|-------|-------|-------|----------------------|-------|-------|-------|-------|-------|--------------------------|-------|-------| | 人民币） \n80.00 \n60.00 \n40.00 \n20.00 | | | | ■ NCC■艾华集团■ 江海 ...

证券研究报告 行业点评 电子 华通泰国厂举行开幕仪式，泰国 PCB 产业迎机遇 2024 年 12 月 25 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 -26% -6% 14% 34% 54% 电子 沪深300 | --- | --- | --- | --- | --- | |---------|---------|---------|---------|-------| | | | | | | | 2023-12 | 2024-03 | 2024-06 | 2024-09 | | | % | | 1M | 3M | 12M | | 电子 | | 5.75 | 46.06 | 26.32 | | 沪深 | 300 | 3.10 | 18.91 | 19.43 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 1 电子行业深度报告：先进封装持续演进，玻璃 基板迎发展机遇 2024-12-24 2 行业事件点评：英伟达被反垄断调查，自主可 控需求持续 2024-12-12 3 电 ...

| --- | --- | --- | |---------------------|----------|--------| | 市场数据 \n指数名称 | 收盘 | 涨跌 % | | 上证指数 | 3398.08 | 0.14 | | 深证成指 | 10673.97 | 0.67 | | 创业板指 | 2209.85 | 0.39 | | 科创 50 | 1027.02 | 0.95 | | 北证 50 | 1107.78 | 0.14 | | 沪深 300 | 3987.48 | 0.05 | 晨会聚焦 二、重要财经资讯 【行业动态】金融监管总局：截至 11 月末银行业金融机构总资产同比增 长 7.2% 【公司类】保隆科技（603197.SH）公司深度报告：传统业务稳步增 长，汽车智能化新业务快速放量 晨会纪要 晨会纪要 12 月 26 日，LOF 基金价格指数+0.29%，ETF 基金价格指数+0.43%；上证 50ETF-0.25%，沪深 300ETF+0.02%， 中证 500ETF+0.76%；标普 500ETF+0.14%，日经 ETF+0.63%，德国 ETF-0.07%，法国 CAC40E ...

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Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][22][59]. Core Insights - The company is expected to maintain steady revenue growth from its traditional businesses while rapidly expanding its new businesses related to automotive intelligence and lightweight products. The revenue for 2024-2026 is projected to be 71.51 billion, 89.22 billion, and 106.60 billion yuan, respectively, with corresponding net profits of 4.04 billion, 5.77 billion, and 7.38 billion yuan [31][57]. - The company has a leading market share in traditional businesses such as TPMS, valve stems, and automotive exhaust system components, which collectively accounted for 66.37% of total revenue in the first half of 2024. The TPMS segment is expected to benefit from domestic substitution and increased demand due to battery depletion [30][31]. - Emerging businesses, particularly air suspension and sensors, are anticipated to experience significant revenue growth, driven by the acceleration of automotive intelligence penetration and domestic substitution processes [57]. Summary by Sections 1. Business Overview - The company has established a strong position in the market with its traditional products, while also actively expanding into new areas such as automotive sensors and air suspension systems. The revenue from these new segments is expected to grow rapidly as the automotive industry shifts towards greater intelligence and lightweight solutions [29][57]. 2. Revenue and Profit Forecast - Revenue growth rates for various segments from 2024 to 2026 are projected as follows: TPMS at 20%, automotive metal pipes at 8%, valve stems at 5%, air suspension at 45%, and sensors at 50%. Overall, the company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 15.44% from 2019 to 2023 [15][17][31]. 3. Valuation - The report estimates a price-to-earnings (P/E) ratio of 14.08 for 2025, with a valuation range of 40.8 to 54.4 yuan based on comparisons with peer companies, which have an average P/E of 15.41 for the same year [22][31][59].

Industry Overview - The beauty and personal care industry is experiencing a decline in the overall market, while the collagen market continues to gain traction [3] - The household appliance industry has maintained steady growth, with revenue and net profit for the first three quarters of 2024 reaching CNY 118.78 billion and CNY 9.27 billion, respectively, reflecting year-on-year growth of 4.63% and 5.48% [49] - The digital transformation of manufacturing enterprises is being emphasized, with guidelines issued to enhance strategic planning and implementation capabilities [24][25] Market Dynamics - The A-share market is showing signs of volatility, with the overall market index experiencing a decline of 0.80% [18] - The real estate market is being actively supported by government policies aimed at stabilizing and improving conditions [22] - The central government is focusing on expanding domestic demand as a key task for 2025, with particular attention to sectors such as food and beverage, beauty care, and tourism [18] Company Developments - WuXi AppTec (603259.SH) has signed an agreement to sell its U.S. and U.K. operations to Altaris LLC, with the transaction expected to be completed in the first half of 2025 [34][35] - The acquisition of 100% equity in Hunan Juntai Technology by Yueyang Lin Paper (600963.SH) is aimed at enhancing the company's control over upstream resources and improving its profitability [42] - Companies in the silicon material sector, such as Tongwei and Daqo New Energy, are beginning to reduce production in response to market conditions, which may stabilize silicon prices [31][38] Investment Opportunities - The report suggests that the household appliance sector presents significant investment opportunities due to ongoing government subsidies and a strong demand for product upgrades [49] - The beauty care sector is highlighted for its potential recovery as consumer preferences shift towards high-quality and innovative products [3] - The technology sector, particularly in areas related to artificial intelligence and self-sufficiency, is expected to see increased investment and growth opportunities [18]