Investment Rating - The report maintains a "Buy" rating for Focus Media with a target price of 8.34 CNY per share, corresponding to a 23X PE for 2024 [1][3] Core Views - Focus Media's leading position in the elevator media industry is solidified through its extensive and high-quality point-of-sale (POS) network, particularly in high-tier cities, which serves as a competitive barrier [1] - The elevator media market still has growth potential, with Focus Media expected to benefit from both domestic market share expansion and overseas replication of its business model [1] - Focus Media's collaboration with Meituan in lower-tier cities is expected to enhance advertising coverage and operational efficiency, particularly in video elevator media [1] - The company's revenue is projected to grow steadily, with 2024-2025 revenues estimated at 12.61 billion CNY and 13.34 billion CNY, respectively, and net profits at 5.32 billion CNY and 5.75 billion CNY [1][2] Competitive Landscape - Focus Media established its dominance early through rapid expansion and strategic acquisitions, such as the merger with Framedia and Juzhong Media, which helped consolidate its market position [10] - The company's competitive advantage lies in its large-scale, high-quality POS network, which is continuously being expanded in high-tier cities while supplemented through partnerships and acquisitions in lower-tier markets [1][9] - The competitive landscape remains stable, with other players finding it difficult to challenge Focus Media's dominance due to its established POS network and cost advantages [1][9] Market Space - The elevator media market is expected to grow as brand advertising budgets shift towards this medium, with Focus Media well-positioned to capture a larger share of the domestic market [20][22] - Overseas markets present significant growth opportunities, with Focus Media successfully replicating its business model in countries like South Korea and Singapore, contributing to incremental revenue [28][29] Lower-Tier Market Opportunities - Focus Media is leveraging partnerships and acquisitions to expand its POS network in lower-tier cities, improving operational efficiency and advertising coverage [17][18] - The collaboration with Meituan is expected to enhance advertising utilization rates in lower-tier cities, particularly for video elevator media, by leveraging Meituan's extensive merchant network [36][37] Financial Projections - Focus Media's revenue is expected to grow steadily, with 2024-2026 revenues projected at 12.61 billion CNY, 13.34 billion CNY, and 14.14 billion CNY, respectively [2][38] - Net profits are forecasted to increase from 5.32 billion CNY in 2024 to 6.22 billion CNY in 2026, with EPS rising from 0.37 CNY to 0.43 CNY over the same period [2][38] - The company's gross margin is expected to improve, driven by cost optimization and increased efficiency in POS utilization [38]

[Table_Title] 环保行业 全面绿色转型意见出台，强调公用事业价格机制 [Table_Summary] 核心观点： ⚫ 中共中央、国务院发文再次强调垃圾处置费、水价等价格机制完善。 近日中共中央、国务院发布《关于加快经济社会发展全面绿色转型的意 见》，再次强调公用事业价格机制完善：垃圾处置费方面，支持地方完 善收费模式，推进生活垃圾处理收费方式改革，建立城镇生活垃圾分类 和减量激励机制；水价方面，完善居民阶梯水价、非居民用水及特种用 水超定额累进加价政策，推进农业水价综合改革。此外，《意见》中亦 提到推动传统产业（钢铁、有色、石化、化工、建材、造纸、印染等） 绿色低碳改造升级，大力发展循环经济等。 ⚫ 价格机制逐步理顺，重视固废水务运营资产价值。（1）对于固废企业 而言，市场普遍担忧在国补退坡的大环境下，企业的盈利能力或可受到 影响，但当前政策及实践案例均提供了解决办法：一方面政府在持续推 进生活垃圾处理收费方式改革，另一方面企业可提出垃圾处理费调价 申请（BOT 协议均有明确调价条款），叠加企业自身降本增效、拓展供 热及资源化业务等，在国补退坡的大背景下，行业盈利及回款的稳定性 可得到很好的保障。 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行资负跟踪 20240811 逆回购微量操作，长债利率波动加大 [Table_Summary] 核心观点： ⚫ 本期：2024/8/5~8/11，上期：2024/7/29~8/4，下期：2024/8/12~8/18。 ⚫ 央行动态：据 Wind 数据（下同），本期央行公开市场共开展 213 亿元 7 天逆回购操作，利率 1.70%，逆回购到期 7,811 亿元，整体实现净回笼 7,598 亿元。本期央行公开市场将有 213 亿元逆回购到期。本期央行逆 回购余额回落，且首次出现单日操作量低于 20 亿元、"有零有整"的微 量操作。7 月 22 日以来，逆回购操作方式改为固定利率、数量招标，这 一现象或为操作方式转变的体现，而上周前三天 DR007 显著低于 7 天 OMO 利率，OMO 需求偏弱为合理现象。目前资金利率高于 7 天 OMO 利率，且本期大额政府债缴款叠加税期扰动，预计逆回购余额有所回升。 ⚫ 政府债融资：本期政府债净缴款 4,205.83 亿元，预计下期政府债净缴款 约 6,446.45 亿元。8 月以来财政显 ...

[Table_Page] 行业专题研究|软件与服务 2024 年 8 月 12 日 证券研究报告 [Table_Title] 【广发 TMT 产业研究】美股科技股观察 | 24Q2 业绩总结与展望 Q2 业绩整体强劲，但增速趋缓，云增速回暖延续，AI 贡献继续扩大 [Tabl 分析师： 杨琳琳 yll@gf.com.cn [Table_Summary] 核心观点：（注：本文如无特别说明，数据来源均为公司财报、Earnings Call 等官方公开信息） | --- | --- | |-----------|----------------------------| | e_Author] | SAC 执证号：S0260514050004 | | | SFC CE.no: BNC117 | | | 0755-23480370 | ⚫ 股价复盘。7 月以来，美股头部科技公司 2 季报略超预期但收入增速放缓且指引延续，叠加高资本开支持续，而 AI 商业化短期低于预期，股价开始调整。展望未来，股价走势仍受两方面影响：业绩；AI 技术迭代及商业化进 程。业绩仍强但增速放缓，具体来看，广告、电商、订阅增幅放缓，云业务基本 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.76 CNY per share, compared to the current price of 13.72 CNY [2]. Core Views - The company demonstrated stable performance with a revenue of 697 million CNY in H1 2024, reflecting a year-on-year increase of 10.06%. The net profit attributable to shareholders was 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, a year-on-year increase of 8.14%, while the smart equipment segment saw a significant growth of 32.06%, reaching 39 million CNY [1]. - The company is actively expanding its global footprint, having established a subsidiary in Thailand to enhance overseas production capacity, which is expected to further improve profitability [1]. - The company is also focusing on the development of high-precision ball screws and linear guides, targeting new markets such as industrial mother machines and humanoid robots, indicating a strong growth trajectory [1]. Financial Summary - For H1 2024, the company achieved a gross margin of 34.81%, an increase of 1.44 percentage points year-on-year, and a net margin of 20.63%, up 0.06 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 306 million CNY, 354 million CNY, and 405 million CNY respectively, indicating a stable growth outlook [1][4]. - The company’s revenue is expected to grow from 1.34 billion CNY in 2023 to 1.95 billion CNY in 2026, with a compound annual growth rate of approximately 12.3% [4][7].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with a target price of 180.24 CNY per share for A-shares and 200.27 HKD per share for H-shares [4]. Core Insights - The company reported a strong revenue growth of 65.4% year-on-year for the first half of 2024, reaching 11.996 billion CNY, while narrowing its net loss to 2.877 billion CNY [1]. - The core product, Baiyueze, saw global sales of 8.018 billion CNY in H1 2024, a significant increase of 122% year-on-year, with U.S. sales alone growing by 134.4% [1]. - The company has a rich pipeline of new drugs, with multiple candidates advancing through clinical trials, including Sonrotoclax and BGB-16673, which are in various stages of global registration [1]. Financial Summary - Revenue projections for the company are estimated at 25.177 billion CNY for 2024, 31.421 billion CNY for 2025, and 37.123 billion CNY for 2026, reflecting growth rates of 44.5%, 24.8%, and 18.1% respectively [2][3]. - The adjusted operating profit for Q2 2024 was reported at 345 million CNY, indicating improved operational efficiency driven by sales growth and cost management [1]. - The company is expected to continue narrowing its net losses, with projections of -2.876 billion CNY for 2024 and a potential return to profitability with a net profit of 1.759 billion CNY by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.76 CNY per share, compared to the current price of 13.72 CNY [2]. Core Views - The company demonstrated stable performance with a revenue of 697 million CNY in H1 2024, reflecting a year-on-year increase of 10.06%. The net profit attributable to shareholders reached 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, growing by 8.14% year-on-year, while the intelligent equipment segment saw a significant increase of 32.06%, reaching 39 million CNY [1]. - The company’s gross margin improved to 34.81%, an increase of 1.44 percentage points year-on-year, and the net margin was 20.63%, up by 0.06 percentage points [1]. - The traditional turbocharger business continues to grow steadily, and the company is actively pursuing opportunities in the lightweight components for new energy vehicles [1]. - The establishment of a wholly-owned subsidiary focused on new energy vehicle components is expected to enhance the company's production capacity starting in H2 2024 [1]. - The company is expanding its overseas production capacity in Thailand, which is anticipated to further enhance profitability [1]. - The report forecasts net profits for 2024-2026 to be 306 million CNY, 354 million CNY, and 405 million CNY, respectively, with a stable growth outlook [1]. Financial Summary - For H1 2024, the company reported a revenue of 697 million CNY, with a year-on-year growth of 10.06% [1]. - The net profit attributable to shareholders for H1 2024 was 144 million CNY, reflecting a year-on-year increase of 10.86% [1]. - The company’s gross margin for H1 2024 was 34.81%, and the net margin was 20.63% [1]. - The projected revenues for 2024, 2025, and 2026 are 1,537 million CNY, 1,731 million CNY, and 1,945 million CNY, respectively, with growth rates of 14.4%, 12.6%, and 12.3% [4].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行资负跟踪 20240811 逆回购微量操作，长债利率波动加大 [Table_Summary] 核心观点： ⚫ 本期：2024/8/5~8/11，上期：2024/7/29~8/4，下期：2024/8/12~8/18。 ⚫ 央行动态：据 Wind 数据（下同），本期央行公开市场共开展 213 亿元 7 天逆回购操作，利率 1.70%，逆回购到期 7,811 亿元，整体实现净回笼 7,598 亿元。本期央行公开市场将有 213 亿元逆回购到期。本期央行逆 回购余额回落，且首次出现单日操作量低于 20 亿元、"有零有整"的微 量操作。7 月 22 日以来，逆回购操作方式改为固定利率、数量招标，这 一现象或为操作方式转变的体现，而上周前三天 DR007 显著低于 7 天 OMO 利率，OMO 需求偏弱为合理现象。目前资金利率高于 7 天 OMO 利率，且本期大额政府债缴款叠加税期扰动，预计逆回购余额有所回升。 ⚫ 政府债融资：本期政府债净缴款 4,205.83 亿元，预计下期政府债净缴款 约 6,446.45 亿元。8 月以来财政显 ...

[Table_Title] 环保行业 全面绿色转型意见出台，强调公用事业价格机制 [Table_Summary] 核心观点： ⚫ 中共中央、国务院发文再次强调垃圾处置费、水价等价格机制完善。 近日中共中央、国务院发布《关于加快经济社会发展全面绿色转型的意 见》，再次强调公用事业价格机制完善：垃圾处置费方面，支持地方完 善收费模式，推进生活垃圾处理收费方式改革，建立城镇生活垃圾分类 和减量激励机制；水价方面，完善居民阶梯水价、非居民用水及特种用 水超定额累进加价政策，推进农业水价综合改革。此外，《意见》中亦 提到推动传统产业（钢铁、有色、石化、化工、建材、造纸、印染等） 绿色低碳改造升级，大力发展循环经济等。 ⚫ 价格机制逐步理顺，重视固废水务运营资产价值。（1）对于固废企业 而言，市场普遍担忧在国补退坡的大环境下，企业的盈利能力或可受到 影响，但当前政策及实践案例均提供了解决办法：一方面政府在持续推 进生活垃圾处理收费方式改革，另一方面企业可提出垃圾处理费调价 申请（BOT 协议均有明确调价条款），叠加企业自身降本增效、拓展供 热及资源化业务等，在国补退坡的大背景下，行业盈利及回款的稳定性 可得到很好的保障。 ...

[Table_Title] 环保行业深度跟踪 固废迈入存量时代，重视行业整合机会 [Table_Summary] 核心观点： ⚫ 建议关注：（1）设备类：聚光科技、美埃科技、景津装备等；（2）固 废：瀚蓝环境、光大环境、海螺创业、三峰环境；（3）水务：北控水务 集团、洪城环境等；（4）再生资源：赛恩斯、朗坤环境等。 ⚫ 重视固废行业相关公司并购整合带来的投资机会。本周固废行业收并 购事件进一步取得积极的进展。（1）瀚蓝环境：公司拟通过全资子公司 "瀚蓝固废"与"高质量基金"以非公开协议增资方式，共同向"瀚蓝 佛山"增资 40.2 亿元用于后续收购粤丰的资金需要。根据最新公告， 该事项已于 2024/8/7 获得佛山市国资委批复同意。从产业角度看，"瀚 蓝环境"、"粤丰环保"为立足广东的固废龙头，项目区域重合度高，可 在一体化（环卫、资源化）、供热等业务拓展上协同；从投资角度看， 根据公司深度报告《百亿级收购启动，固废白马迈入新征程》中测算， 若私有化粤丰落地，预计公司稳态利润可达 21.4 亿元。当前市场对于 固废行业平均 PE 为 13x，若以此为估值参考，则瀚蓝环境对应当前市 值的空间约 36%（不含粤丰 ...