行 [ 互Ta 联bl 网e_ 行T 业itl 动e] 态 点评 业 研 究 政策出台，海外仓发展提速 挖掘价值 投资成长 传/ 媒 [Table_Rank] 互 强于大市 （维持） 联 网 2024 年 06 月 12 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 [Table_Summary] 券 【事项】 证书编号：S1160521080001 研 究 证券分析师：陈子怡 报  商务部等 9 部门发布《关于拓展跨境电商出口推进海外仓建设的意 证书编号：S1160522070002 告 见》。意见旨在拓展跨境电商出口，优化海外仓布局，加快培育外贸 联系人：刘雪莹 新动能。 电话：021-23586475  意见提出推动跨境电商海外仓高质量发展。通过统筹用好现有资金、 引导社会资本市场化、鼓励用好现有股权投资基金等多种渠道支持跨 [相 T对 a指 bl数 e表 _现 Pi cQuote] 境电商海外仓等相关企业发展。编制出台跨境电商出口海外仓业务退 8.06% 税操作指引，进一步指导企业用好现行政策。 -1.11% ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company reported a revenue of 5.665 billion yuan for Q1 2024, representing a year-on-year growth of 11.74%. Gross profit reached 1.605 billion yuan, up 45.42% year-on-year, while net profit was -0.765 billion yuan, compared to -0.630 billion yuan in the same period last year. Adjusted net profit was -0.456 billion yuan, an improvement from -1.031 billion yuan year-on-year [2][3]. - The user ecosystem is steadily improving, with daily active users reaching 102 million, a year-on-year increase of 9.28%. Monthly active users were approximately 342 million, up 8.34% year-on-year. The average user engagement time reached 105 minutes, a historical high [2]. - The advertising business is experiencing rapid growth, with Q1 2024 advertising revenue of 1.669 billion yuan, a year-on-year increase of 31.20%. The revenue from performance-based advertising grew by over 50% [2][3]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a gross margin of 28.34%, an increase of 6.56 percentage points year-on-year, marking seven consecutive quarters of positive growth. The overall operating expense ratio decreased to 42.79%, down 6.10 percentage points from the same period in 2023 [3]. - The company’s revenue forecast for 2024-2026 is projected to be 25.067 billion yuan, 28.273 billion yuan, and 30.134 billion yuan, respectively, with adjusted net profits expected to be -1.554 billion yuan, 0.418 billion yuan, and 1.397 billion yuan [8]. User Engagement - The platform's daily average video views exceeded 5 billion, a year-on-year increase of 22%, and monthly interactions surpassed 16.4 billion, up 15% year-on-year. Over 1.5 million creators earned income, with a more than 50% increase in the number of creators earning through advertising [2]. Business Segments - The value-added services segment generated 2.529 billion yuan in revenue, a year-on-year increase of 17.28%. The advertising segment continues to optimize its products and expand advertising scenarios. The mobile gaming segment saw a revenue decline of 13.15% to 0.983 billion yuan due to the natural decline in older games, but new game launches are expected to boost future revenues [2].

Investment Rating - The report maintains a "Buy" rating for the company [19] Core Viewpoints - The company is positioned to benefit from the national push for clean energy transportation tools and the intelligent transformation of logistics facilities, which will drive demand in e-commerce, express logistics, and new energy sectors [20] - The company is a leading player in the domestic logistics equipment manufacturing industry, with significant growth potential in the market due to policy support for high-quality development in the logistics sector [18][20] - Revenue projections for the company are estimated at 1.87 billion, 2.10 billion, and 2.31 billion for the years 2024, 2025, and 2026 respectively, with net profits of 159.85 million, 194.20 million, and 230.27 million for the same years [6][20] Financial Summary - The company's revenue for 2023 is reported at 1.38 billion, with a projected growth rate of 34.92% for 2024 [6] - EBITDA is expected to increase from 142.34 million in 2023 to 214.92 million in 2024, indicating a positive trend in profitability [6] - The earnings per share (EPS) is projected to rise from 0.71 in 2023 to 0.85 in 2024, reflecting strong earnings growth [6] Market Context - The report highlights the ongoing expansion of the intelligent logistics sorting market in China, which is expected to grow to 63.06 billion by 2027, with a compound annual growth rate of 15.36% [18] - The government's action plan for large-scale equipment updates in transportation is expected to stimulate investment and consumption in the logistics sector [8][9]

Investment Rating - The report upgrades the investment rating of Hutchison China MediTech (HCM) to "Buy" with a target price of HKD 55.78 [3][6] Core Views - HCM is an early-stage innovative pharmaceutical company with a differentiated portfolio and global collaborations, including partnerships with Eli Lilly, AstraZeneca, and Takeda [2] - The company has three commercialized products (Fruquintinib, Surufatinib, and Savolitinib) and a fourth candidate drug, Tazemetostat, approved in Hainan and Macau [2] - Fruquintinib, a $1 billion potential blockbuster, has been approved in China and the US, with expected approvals in Europe and Japan by 2024 [2] - Surufatinib has strong growth potential due to its dual anti-angiogenic and immunomodulatory activities, with collaborations for combination therapies [2] - Savolitinib, a first-in-class MET inhibitor, is expected to expand into first-line use and address unmet needs in MET-positive NSCLC patients [2] Financial Projections - Revenue is projected to grow from $890 million in 2024 to $1.575 billion in 2026, with a CAGR of 25% [6] - Net profit attributable to shareholders is expected to increase from $134 million in 2024 to $351 million in 2026, with a CAGR of 48% [6] - EPS is forecasted to grow from $0.15 in 2024 to $0.40 in 2026, with a P/E ratio declining from 25x to 10x [6] Product Pipeline and Market Potential - Fruquintinib maintains a leading position in the third-line colorectal cancer market and is expected to expand into second-line gastric cancer, endometrial cancer, and renal cell carcinoma [2][26] - Surufatinib is being developed for over 10 tumor types, including neuroendocrine tumors and pancreatic ductal adenocarcinoma, with a global NET market projected to grow to $21.5 billion by 2030 [48] - Savolitinib is being studied for MET-driven cancers, including NSCLC, gastric cancer, and renal cell carcinoma, with potential to address unmet needs in MET-positive patients [2][48] Collaborations and Commercialization - HCM has global collaborations with Eli Lilly for Fruquintinib in China and Takeda for international markets, with potential milestone payments and royalties [26][38] - The company successfully renewed the national medical insurance listing for Fruquintinib and Surufatinib without further price reductions, driving strong sales growth in 2023 [2][24] - Fruquintinib (FRUZAQLA) was launched in the US in November 2023, with sales reaching $15.1 million by year-end [40]

Investment Rating - The report maintains a "Buy" rating for the company with a 12-month target price of 17.9 yuan [70][76] Core Views - The company is a leading smart livelihood service provider in China, focusing on three strategic directions: medical and healthcare, digital government, and smart cities [95][97] - The company has a stable equity structure, with the Chinese Academy of Engineering Physics as the actual controller, holding 38.31% of the shares [120] - The company's revenue and net profit have shown a recovery trend, with 2023 revenue reaching 1.347 billion yuan, a year-on-year increase of 5.01%, and net profit of 168 million yuan [124] - The company's main revenue sources are medical and healthcare, and smart city and digital government businesses, accounting for over 90% of total revenue [6] - The company has a leading position in the medical and healthcare informationization market, with its market share ranking second in the domestic medical insurance IT market [16][80] Business Segments Medical and Healthcare - The company's medical and healthcare business covers 23 provinces, serving over 160,000 medical insurance institutions, and has a leading position in the DRG/DIP payment reform market [80][142] - The company's medical health business covers 20 provinces and over 2,800 hospitals, providing solutions for high-quality hospital development [80] - The company is actively involved in the construction of medical consortia, providing integrated solutions for smart hospitals, smart medical consortia, and internet healthcare [53][142] - The company is a pioneer in medical insurance data elements, actively building data zones and optimizing data governance in Sichuan and Yunnan provinces [32][80] Digital Government and Smart Cities - The company's digital government business includes human resources and social security, housing finance, civil affairs, market supervision, and other areas, covering 21 provinces [97] - The company's smart city business focuses on building city-level core platforms, participating in the construction of "Digital Chongqing" and "Smart Rongcheng" [111] - In 2023, the company's smart city and digital government business revenue was 618 million yuan, and it is expected to grow to 668 million yuan, 748 million yuan, and 834 million yuan in 2024-2026 [44][111] Industry Trends - The medical and healthcare informationization market is expanding, with the domestic medical IT market expected to reach 35.75 billion yuan by 2028, and the medical insurance IT market expected to reach 8.15 billion yuan [80][157] - The DRG/DIP payment reform is driving market growth, with the overall market size expected to reach 18.174 billion yuan by 2024 [80] - The construction of medical consortia is accelerating, with the goal of achieving full coverage of tightly-knit county medical consortia by 2027 [26][142] - The medical insurance data element market is expected to grow rapidly, with the medical big data solutions market expected to reach 57.7 billion yuan by 2024 [57][149] Financial Performance - The company's revenue in 2023 was 1.347 billion yuan, a year-on-year increase of 5.01%, and net profit was 168 million yuan [124] - The company's gross profit margin has been under pressure due to economic conditions, dropping to 47.6% in 2023, but the gross profit margin of the smart city and digital government business has increased to 54.4% [125][126] - The company's R&D investment in 2023 was 152 million yuan, with an R&D expense ratio of 11.31% [8] - The company's operating cash flow in 2023 was 188.38 million yuan, and net profit was 178.73 million yuan [48]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 20.5 CNY, reflecting a total market value expectation of 9.475 billion CNY for the company's three business segments [79]. Core Insights - The company has developed its ALPD® technology over five generations, with the latest ALPD®5.0 technology being applied in various fields, including automotive, cinema, and home projection [7][44]. - The automotive optical business is identified as a new growth driver, with significant partnerships established with major automotive manufacturers like Huawei and BYD [8][36]. - The cinema business is recovering strongly, with high gross margins from the laser projection rental model, which has become a cash cow for the company [14][27]. - The home projection market is currently facing challenges, but the company is focusing on its competitive advantages to mitigate losses [44][50]. Summary by Sections Company Development Stages - The company has evolved through three stages: 1. **2007-2016**: Focused on technology R&D and commercialization, including partnerships with LG and the establishment of a subsidiary for cinema projection [4]. 2. **2017-2021**: Rapid business expansion through partnerships, including a joint venture with Xiaomi for consumer laser TVs [4]. 3. **2022-Present**: Entering the automotive optical market with innovative solutions for in-car displays and laser headlights [4][8]. Technology and Innovation - The ALPD®5.0 technology significantly improves brightness and color quality while reducing issues like speckle and color fringing, establishing a strong patent barrier with 2,862 patent applications globally [7][8]. - The company has launched various applications for its laser technology, including automotive displays, cinema projection, and home use, with a focus on innovative and forward-looking applications [8][44]. Market Performance - The cinema market is recovering, with the company’s laser projection solutions gaining traction, leading to a high gross margin business model [14][27]. - The home projection market is experiencing a downturn, but the company is leveraging its strengths to focus on high-end products and reduce losses [44][50]. Automotive Business - The automotive optical solutions are positioned as a key growth area, with successful projects like the Huawei Aito M9 featuring the company's projection technology [36][43]. - The company has secured multiple high-quality pre-installation projects, indicating strong market demand and growth potential in the automotive sector [36][43]. Financial Projections - Revenue growth is expected across various segments, with the automotive business projected to generate significant income in the coming years, supported by successful product launches and partnerships [75].

地产企稳有望使得A股结构性复苏延续 【6月策略】 欧圣电气（301187）：公司不断推进产品功能迭代，推出洗地机等新产 品，不断提升产品竞争力。公司具备优质海外渠道优势，有望借助渠道 优势布局欧洲、南美、澳洲、日韩等地，提升海外市场市占率。我们认 为海外补库需求强烈，公司 2024 年全年业绩有望实现大幅提升。 策 略 研 究 / 策 略 月 报/ 证 券 研 究 报 告 A 股方面： 从 2 月初至今的市场反弹已经持续超过 4 个月，对于经济的 修复预期仍然决定着后续市场反弹力度。 5 月份以来降低首付比例、取 消房贷利率下限和再贷款支持国企收购商品房这两项核心政策对于市场 信心提振最为明显：5 月 27 日上海落地房贷新政后，广州、深圳于 5 月 28 日纷纷出手，对首付比例、房贷利率下限作出调整，三地调整范围广、 力度大，一线城市地产企稳有望使得地产进一步下行的预期逐步趋缓。 安科瑞（300286）：公司 2023 年实现归母净利润 2.01 亿元，同比+18.05%， 全年毛利率微增，产品迭代升级效果显著。分产品来看，能效产品增速 明显，2.0 拓展顺利，此外，公司积极推动 EMS 3.0 版本落地， ...

T[ [Table_Summary] 【策略观点】 策 略 研 究 / Ａ 股 策 略 / 证 券 研 究 报 告 | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 图表 1: 主要指数近期情况…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | 图表 2: 申万一级行业近期表现……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | 图表 3: 申万 ...

T[ [Table_Title] 中航机载（600372）2023年报&2024年一季报点评 航空机载系统龙头，长期受益于军民两 用需求 2024 年 06 月 03 日 [【投资要点】 Table_Summary] 中航机载主要产品包括各类飞行器配套的机载航空电子系统、飞行控 制系统、机电系统；各类发动机配套的电子设备、机电设备及传感器； 航天、船舶、电子信息相关的电子产品、机电产品等。 利润同比出现大幅增长。2023 年全年营收 290.06 亿，同比增长 4.63%， 2024 年一季度营收 56.42 亿，同比-10.03%。2023 年全年归母净利润 18.86 亿，同比增长 39.62%，2024 年一季度归母净利润 1.39 亿，同 比增长 8.57%。2023 年全年扣非归母净利润 14.63 亿，同比增长 110.19%，2024 年一季度扣非归母净利润 3.61 亿，同比增长 99.01%。 盈利大幅改善主要源于中航电子换股吸收合并中航机电交易顺利完 成，规模质量得到大幅提升。2023 年销售净利率 8.06%，同比变化 -0.65pct，销售毛利率 29.73%,同比变化-1.81pct ...

公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [【投资要点】 Table_Summary] ]yrtsudnI_elbaT[ 数字化领军企业，业绩稳健增长 公司发布 2024 年一季报：24Q1 公司实现营业收入 19.94 亿，同比增 长 1.19%，实现归母净利润 0.47 亿，同比增长 1.96%，实现扣非净利 润 0.47 亿元，同比增长 1.86%。数字化产品业务收入较上年基本持平， 行业数字化业务实现收入约 18 亿元，同比增长约 1%，数字新基建业 务收入同比增长约 5%。 公司发布 2023 年年报：2023 年，公司实现了营业收入 100.01 亿元， 同比增长 1.31%；营业利润 5.68 亿元，同比增长 0.64%；归母净利润 4.97 亿元，同比下降 4.64%；扣非净利润 4.93 亿元，同比下降 6.23%。 公司的毛利率为 20.28%，相较于 2022 年提高了 1.09pct，与 2021 年相比提升了 5.14pct。经营活动产生的现金流量净额为 1.44 亿元， 较 2022 年增长了 81.14%，公司加大了现金分红力度，向全体股东每 10 股派发现金 ...