Investment Rating - The investment rating for the company is "Buy" with a current price of 33.06 CNY and a reasonable value of 39.71 CNY per share [1]. Core Views - The company has recently received approval for HSK7653, a DPP4 inhibitor for the treatment of type 2 diabetes, which offers a new treatment option for patients [1]. - HSK7653 is a bi-weekly oral hypoglycemic agent that improves patient compliance compared to daily medications, addressing issues of missed or overdosed doses [1]. - Clinical trial data for HSK7653 shows promising safety and efficacy, with significant reductions in HbA1c levels compared to baseline [1]. - The company is expected to see strong revenue growth, with projected revenues of 4,067 million CNY in 2024, representing a growth rate of 21.2% [2][3]. Summary by Sections Investment Rating - Current Price: 33.06 CNY - Reasonable Value: 39.71 CNY - Previous Rating: Buy on June 24, 2024 [1]. Product Approval - HSK7653 has been approved for improving blood sugar control in adults with type 2 diabetes [1]. - The drug features a long half-life, allowing for bi-weekly dosing, which enhances patient adherence [1]. Clinical Data - Phase III clinical trials have shown HSK7653 to be non-inferior to daily oral linagliptin, with HbA1c reductions of -0.96% and -0.99% for the 10mg and 25mg doses, respectively [1]. - The trials included a total of 475 patients, demonstrating the drug's effectiveness [1]. Financial Projections - Expected revenues for 2024 are 4,067 million CNY, with a growth rate of 21.2% [2]. - Projected EPS for 2024 is 0.39 CNY, increasing to 0.91 CNY by 2026 [2][3]. - The company’s reasonable value is estimated at 39.71 CNY per share, maintaining a "Buy" rating [1].

Investment Rating - The industry rating is "Buy" [3] Core Insights - The expectation of interest rate cuts has not materialized, leading to a tightening of liquidity in the market [15][23] - The central bank conducted a total of 398 billion yuan in 7-day reverse repos at an interest rate of 1.80%, with a net injection of 335 billion yuan [15][23] - Government bond net payments for the current period were 115.25 billion yuan, with expectations of approximately 151.67 billion yuan for the next period [15][23] - The funding rates have increased, with DR001, DR007, DR014, and DR021 rising by 21.2bp, 12.8bp, 30.0bp, and 18.0bp respectively [15][23] Summary by Sections 1. Interest Rate Expectations and Liquidity - The central bank's operations included 398 billion yuan in reverse repos, with a net injection of 335 billion yuan, indicating a return to neutral liquidity levels [15][23] - The government bond net payment is expected to remain stable, suggesting potential fiscal expansion in the second half of the year [15][23] 2. Central Bank Dynamics and Market Rates - The central bank's actions reflect a focus on maintaining liquidity amid tax period disturbances, with a significant amount of reverse repos set to mature [23][26] - Market interest rates have shown mixed movements, with some rates increasing while others have decreased, indicating a complex market response [26][29] 3. Bank Financing Tracking - The issuance of negotiable certificates of deposit (NCD) has seen a weighted average interest rate of 1.99%, with a high issuance scale of 950 billion yuan [15][17] - The bond issuance from commercial banks totaled 250 billion yuan, with a significant amount of outstanding bonds in the market [17][19]

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The global film market recovery is below expectations, with China leading in box office performance. In the first five months of 2024, China's box office reached 216 billion yuan, a year-on-year decrease of 2% and a 20% decrease compared to the same period in 2019 [3][12] - The "schedule" market has shifted from left to right, with market expectations generally low before the summer season, leading to a preference for realizing performance expectations after box office results are confirmed [3][17] - The development status and policy direction of the film industry indicate a lack of head films in the first half of 2024, but improvements in content supply are expected by 2025 due to policy encouragement for investment in the film industry [3][21] Summary by Sections 1. Global Film Market Recovery - China's film market is currently the largest and fastest recovering globally, with ticket sales recovering to 77% of 2019 levels by week 24 of 2024 [12][14] - The box office for popular holiday periods has returned to pre-pandemic levels, while regular viewing demand remains significantly lower [12][14] 2. Film Sector Market Review - The "schedule" market has shifted, with significant changes in how market expectations influence investment strategies [17][19] - The performance of key holiday periods has a substantial impact on the A-share film sector [17] 3. Current Status and Policies of the Film Industry - There is a shortage of head films, with only 188 films released in the first five months of 2024, and no films exceeding 4 billion yuan in box office [21][24] - The industry is encouraged to innovate in content creation and to attract more investment [21][24] 4. Changes in Viewing Consumption Behavior - Female audiences have become the main force in the film market, accounting for 57.7% of ticket purchases in early 2024 [43][45] - The age demographics of viewers indicate a need to target both younger (20-24 years) and older (40 years and above) audiences [45] 5. Investment Recommendations - Recommendations include focusing on companies with strong project pipelines and performance elasticity, such as Wanda Film, Maoyan Entertainment, and Light Media [3][48]

Investment Rating - The report gives a "Buy" rating for Meitu Inc with a target price of HKD 3 44 per share [4] Core Views - Meitu is a leader in photo editing with a strong user base and high MAU market share of 54% in April 2024 [2] - AI-driven features have increased the user payment ratio from 0 65% in 2020 to 3 7% in 2023 [2] - The company is expanding globally with new features in overseas markets [2] - AI tools like "Meitu Design Studio" are helping SMEs reduce costs and improve efficiency [2] - Revenue for 2024-2026 is projected to be RMB 3 663 billion RMB 4 707 billion and RMB 5 646 billion respectively with net profits of RMB 508 million RMB 700 million and RMB 920 million [2] Company Overview - Meitu founded in 2008 focuses on AI-driven beauty and imaging products with a strong presence in both B2B and B2C markets [13] - The company has a diverse product portfolio including Meitu Xiuxiu Meiyan Camera and Meitu Cloud Repair [13] - Meitu has a stable management team with extensive experience in the internet industry [16][17] Imaging and Design Products - Meitu Xiuxiu dominates the photo editing market with a 54% MAU share in April 2024 [2] - AI features have significantly boosted user payment ratios and subscription revenues [2][24] - The company is expanding into productivity tools for commercial use such as Meitu Design Studio [2][38] - Meitu's AI-driven tools are expected to enhance efficiency in industries like e-commerce advertising and gaming [38] Financial Performance - Revenue for 2023 was RMB 2 696 billion a 29% YoY increase [52] - Gross margin improved to 61 42% in 2023 driven by higher-margin imaging and design products [53] - Net profit margin rose to 13 58% in 2023 due to improved gross margins and cryptocurrency impairment reversals [53] - R&D expenses increased to RMB 635 million in 2023 reflecting the company's focus on AI technology [54] Profit Forecast - Revenue for 2024-2026 is projected to grow at a CAGR of 28 5% reaching RMB 5 646 billion by 2026 [2] - Net profit is expected to grow at a CAGR of 34 2% reaching RMB 920 million by 2026 [2] - The imaging and design products segment is expected to drive growth with a projected revenue of RMB 3 357 billion by 2026 [63] Industry Trends - The imaging digitalization market in China is expected to grow from RMB 12 5 billion in 2022 to RMB 16 billion by 2025 [20] - AI-driven tools are becoming increasingly important in both B2B and B2C markets [20][38] - Meitu's AI tools are well-positioned to capitalize on the growing demand for digital imaging solutions [20][38]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.39 HKD per share based on a 30x PE valuation for 2024 [4]. Core Views - The FDA has approved NJOY's menthol-flavored e-cigarettes for sale in the U.S., which includes four products from NJOY, a key customer of the company [3]. - The approval of menthol flavors is expected to alleviate policy concerns for the company, as menthol flavors account for 27.8% of the U.S. e-cigarette market and 61.0% of the pod-based e-cigarette market [3]. - The approval of NJOY's main products is likely to benefit the company, given its deep and stable partnership with NJOY, which is supported by Altria's financial and channel backing [3]. - There is a possibility of the marketing denial order (MDO) for British American Tobacco's menthol products being revoked, based on the recent approval of NJOY's menthol products [3]. - Regulatory enforcement on non-compliant disposable products is expected to tighten, as most disposable e-cigarettes have not passed the PMTA [3]. - The company forecasts a recovery in domestic markets and stable overseas markets, with expected net profits of 1.74 billion, 2.15 billion, and 2.55 billion RMB for 2024-2026 [3]. Financial Summary - The company's revenue for 2022 was 12,145 million RMB, with a projected decline of 11.7% in 2023, followed by a recovery with a growth rate of 15.2% in 2024 [6]. - The net profit for 2022 was 2,510 million RMB, with a significant decline of 52.5% year-on-year, and a projected net profit of 1,645 million RMB for 2023 [6]. - The earnings per share (EPS) for 2022 was 0.41 RMB, expected to decrease to 0.27 RMB in 2023, with a gradual recovery to 0.42 RMB by 2026 [6]. - The company’s EBITDA for 2022 was 2,585 million RMB, with a forecasted decline to 1,731 million RMB in 2023 [6].

建筑材料行业 地产政策密集发布,专项债发行提速,等待政策效果显现 核心观点: ⚫ 5 月基建投资增速回落,地产增速低位徘徊状况未有变化;地产政策 密集发布,继续看好建材板块机会。据国家统计局公布数据,2024 年 1-5 月房地产开发投资/新开工面积/销售面积/施工面积/竣工面积同比分 别为-10.1%/-24.2%/-20.3%/-11.6%/-20.1%;5 月单月同比分别为 -11.0%/-22.7%/-20.7%/-84.1%/-18.4%。销售增速略高于前值,投资 增速略低于前值。值得注意的是,统计局公布的 70 个大中城市新建商 品住宅价格指数 5 月环比、同比降幅均较前值有所扩大,价格下行背 景下销售投资均较难实质性好转。这意味着加大力度推动库存去化具 有必要性和紧迫性,6 月 7 日国常会强化"去库存""稳市场"表述。 自 430 政治局会议后,地产政策密集发布,一定程度上改善市场预 期,政策催化下建材板块有望修复。根据国家统计局数据,2024 年 1- 5 月狭义/广义基建投资增速分别为 5.7%/6.7%,增速环比 1-4 月分别 -0.3pct/-1.1pct。5 月基建投资增速继续放缓 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The pharmaceutical and biotech sectors are recommended for investment, particularly focusing on the opportunities arising from the update of medical equipment [2][3] - The overall performance of the pharmaceutical sector has been underwhelming, with the Shenwan Pharmaceutical Index down 17.83% year-to-date, significantly underperforming the Wind All A Index and the CSI 300 Index [14][17] - The current PE valuation of the Shenwan Pharmaceutical Index is 24.88x, with a premium of 216.6% over the CSI 300, indicating that the sector is still in a bottom range and offers high cost-performance for allocation [18] Summary by Sections Overall Market Review - The Shenwan Pharmaceutical Index fell by 2.72% last week, underperforming the CSI 300 Index by approximately 1.42 percentage points [17] - The pharmaceutical sector's performance has been poor, with all secondary sub-sectors declining, the smallest drop being in the bioproducts sector at 1.79% and the largest in the medical services sector at 4.41% [20] Chemical Pharmaceuticals - The chemical pharmaceutical sector saw a decline of 2.15% last week, ranking third among six secondary sub-sectors in terms of performance [21] - The top five performing companies in the A-share pharma sector last week included YK Pharma, Nanxin Pharmaceutical, and Ganli Pharmaceutical [21][23] Bioproducts - The bioproducts sector also experienced a decline, with significant events and announcements being tracked to assess future performance [22] Medical Devices and Equipment - There is a focus on the investment opportunities arising from the updates in medical devices, with various provinces and cities in China releasing implementation plans for medical equipment updates [2][11] Investment Recommendations - Specific companies recommended for investment include: - Pharmaceuticals: Heng Rui Medicine, Renfu Medicine, Enhua Pharmaceutical, and others [2] - Bioproducts: Zhifei Biological, Baike Biological, and others [2] - Medical Services: Aier Eye Hospital, Haijia Medical, and others [2] - Medical Devices: United Imaging, Mindray Medical, and others [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.41 CNY per share based on a 15x PE valuation for 2024 [34]. Core Insights - The company is a leader in the domestic filter press industry, leveraging its technological advantages to ensure product quality and cost-effectiveness. The revenue and net profit have shown a compound annual growth rate (CAGR) of 13% and 23% respectively from 2014 to 2023 [1]. - The company has diversified its revenue streams, with significant contributions from mineral processing, new energy materials, and environmental sectors, each accounting for approximately 27%, 27%, and 26% of total revenue in 2023 [1]. - The report highlights the potential for overseas expansion and the development of complete equipment as new growth drivers, despite concerns about the slowing growth in new energy investments [22]. Summary by Sections Company Overview - The company has a self-manufacturing rate of 93% for its filter press components, which contributes to its high product quality and stability [1]. - In 2023, the company achieved filter press revenue of 4.885 billion CNY, with a year-on-year growth of 2.78% [13]. Financial Performance - The company’s net profit margin reached 16.1% in 2023, an increase of 1.4 percentage points year-on-year, with a return on equity (ROE) of 22.2% [21]. - The gross margin for filter press equipment was 29.1%, while the parts business achieved a gross margin of 47.6% [13][20]. Market Dynamics - The report indicates that the company’s revenue from the environmental sector is expected to stabilize, with a projected growth rate of 0% from 2024 to 2026 [16]. - The new energy and materials sector saw a significant revenue increase of 46% in 2023, reflecting strong market demand [6]. Future Outlook - The company plans to enhance its overseas market presence, with current overseas revenue at 318 million CNY, which is significantly lower than competitors like Andritz [22]. - The complete equipment business is anticipated to contribute approximately 2.94 billion CNY in revenue and 416 million CNY in net profit once fully operational [22][66].

证券研究报告 纺织服饰行业 纺织服装与轻工行业数据周报 6.17-6.21 核心观点: 纺织服装行业周观点。24Q2 即将结束,纺织制造板块预计收入有望继 续保持较快增长,但多数公司去年同期汇兑收益较高,可能对净利润增 速构成扰动,服装家纺板块预计业绩表现较一季度相仿,中规中矩。上 游纺织制造板块建议关注 24Q2 受汇兑收益影响较小的伟星股份、开 润股份,有补涨动力的鲁泰 A,去年业绩基数前高后低,今年业绩有望 前低后高,加速向上的新澳股份、百隆东方,及新材料业务有望超预期 的台华新材、南山智尚、恒辉安防等。下游服装家纺板块建议关注顺应 消费两极分化趋势的高端和性价比方向的龙头公司海澜之家、比音勒 芬、富安娜、港股波司登、安踏体育。 轻工制造行业周观点。出口板块景气,内需龙头稳定。(1)轻工出口 下游去库结束,个体具备成长动能,低基数上增长明显。(2)必选消 费行业稳定,存在成长性&边际改善机会。(3)造纸吨利改善,海外 供需改善下浆价快速提升,主要纸种吨利有望走阔。建议关注太阳纸 业、百亚股份、公牛集团、晨光股份、欧派家居、顾家家居、索菲亚、 志邦家居、裕同科技、匠心家居、永新股份、仙鹤股份。 纺服轻工行 ...

证券研究报告 房地产及物管行业 24 年第 25 周周报 存量房收购持续推进,新房成交边际回升 核心观点: 本周政策情况:存量房收购持续推进,西安市场价五折出售保障房。 中央政策方面,住建部表示要推动县级以上城市开展收购已建成存量 商品房用作保障房的工作。地方政策方面,本周各地三大工程持续推 进,西安首批配售型保障房市场价五折出售,城中村改造专项借款陆 续发放,珠海、惠州、中山三市获 326 亿元城中村改造专项借款授信。 本周基本面情况:推盘及新房成交规模回升,二手成交维持较高热度。 据 Wind 及克尔瑞,本周 53 城新房成交面积 459 万方,环比上升 36%, 剔除端午影响仍环比上升 19%,同比下降 21%,新房成交热度有所回 升。二手房方面,本周 14 城网签口径成交 216 万方,环比上升 20%, 同比上升 30%,74 城认购口径日均成交 2253 套,环比上升 4%,同 比上涨 59%,二手房成交维持较高热度。本周 11 城商品房推盘 194 万方,环比上升 74%,同比下降 24%,推盘规模边际回升。 本周土地情况:土地成交热度低位。据中指院数据,24 年 6 月前 20 天中指院 30 ...