| [Table_Title] 太极实业（600667.SH） | | --- | | 半导体制造及工程服务商，有望受益区位优 | 势加持、集团资源倾斜 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 35195 | 39377 | 39612 | 41303 | 41600 | | 增长率（ % ） | 44.9% | 11.9% | 0.6% | 4.3% | 0.7% | | EBITDA（百万元） | 565 | 1785 | 1689 | 1778 | 1900 | | 归母净利润（百万元） | -743 | 730 | 733 | 757 | 792 | | 增长率（ % ） | -181.7% | 198.4% | 0.3% | 3.3% | 4.6% | | EPS（元/股） | -0.35 | 0.35 | 0.35 | 0.36 | ...

[Table_Page] 公司深度研究|计算机设备 证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 54.94 元 | | 合理价值 | 78.77 元 | | 报告日期 | 2025-03-13 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 177.28/116.14 | | --- | --- | | 总市值/流通市值（百万元） | 9739.8/6380.7 | | 一年内最高/最低（元） | 58.70/25.46 | | 30 日日均成交量/成交额（百万） | 7.95/416.89 | | 近 3 个月/6 个月涨跌幅（%） | 18.87/69.16 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 -12% 15% 42% 68% 95% 122% 03-24 05-24 07-24 09-24 11-24 01-25 03-25 锐 ...

Investment Rating - The report assigns an "Accumulate-A/Accumulate-H" rating to the company [4]. Core Views - The company benefits from its unique position as the only publicly listed highway operator in Anhui Province, leveraging local resources and cost advantages to maintain industry-leading profit margins and returns [10][18]. - The provincial road network expansion and inter-provincial connectivity are key growth drivers, with a projected CAGR of around 5% from 2023 to 2035 [10]. - The company is expected to see improved fundamentals in the short to medium term due to macroeconomic support and the ramp-up of new highway capacities [10]. - Long-term prospects are bolstered by the ongoing development of the provincial transportation network, which is anticipated to enhance traffic flow and revenue generation [10]. Financial Forecast - Revenue is projected to grow from 5,206 million RMB in 2022 to 6,631 million RMB in 2023, before declining to 4,208 million RMB in 2025 [2]. - Net profit is expected to fluctuate, with estimates of 1,445 million RMB in 2022, increasing to 1,660 million RMB in 2023, and then decreasing to 1,519 million RMB in 2024 [2]. - The company's EPS is forecasted to be 0.87 RMB in 2022, rising to 1.00 RMB in 2023, and then slightly declining to 0.92 RMB in 2024 [2]. Company Overview - The company was established in 1996 and is the first highway company listed in Hong Kong, focusing on the operation of toll roads in Anhui Province [18]. - It operates 10 toll roads, with a total operational mileage of 609 kilometers, primarily located in key traffic areas of Anhui [23]. - The average remaining toll collection period for its projects is approximately 10.8 years, which is in line with industry standards [29]. Cost and Profitability - The company enjoys a cost advantage due to lower construction costs in Anhui, attributed to favorable terrain and lower land acquisition costs [51]. - The average operating cost per kilometer is significantly lower than industry peers, contributing to its strong profitability metrics [52]. - The company has maintained a high gross margin, with a reported gross margin of 63% in 2023, and a net profit margin of 41% [33]. Dividend Policy - The company has increased its dividend payout ratio to 60% since 2021, reflecting its commitment to shareholder returns [52]. - This high dividend yield, combined with robust profit recovery, has led to a significant increase in the company's stock price, outperforming peers since 2020 [52].

ia[Table_Title] 皖通高速(600012.SH)/安徽皖通高 速公路(00995.HK) 核心红利深植皖地，引流拓流并举发力 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5206 | 6631 | 6181 | 4208 | 4332 | | 增长率（ % ） | 32.8% | 27.4% | -6.8% | -31.9% | 3.0% | | EBITDA（百万元） | 3015 | 3349 | 3369 | 3742 | 3907 | | 归母净利润（百万元） | 1445 | 1660 | 1519 | 1747 | 1828 | | 增长率（ % ） | -4.6% | 14.9% | -8.5% | 15.0% | 4.6% | | EPS（元/股） | 0.87 | 1.00 | 0.92 | 1.05 | 1.10 | | 市盈率（P/E） | ...

[Table_Page] 公司深度研究|计算机设备 证券研究报告 | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 54.94 元 | | 合理价值 | 78.77 元 | | 报告日期 | 2025-03-13 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 177.28/116.14 | | --- | --- | | 总市值/流通市值（百万元） | 9739.8/6380.7 | | 一年内最高/最低（元） | 58.70/25.46 | | 30 日日均成交量/成交额（百万） | 7.95/416.89 | | 近 3 个月/6 个月涨跌幅（%） | 18.87/69.16 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 -12% 15% 42% 68% 95% 122% 03-24 05-24 07-24 09-24 11-24 01-25 03-25 锐 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 1.50 HKD and a fair value of 2.41 HKD [2]. Core Views - The company is expected to experience a turning point in operations, driven by its comprehensive AIDD technology platform and strategic investments aimed at resolving debt issues [7]. - The company's revenue is projected to recover, with estimates of 2,053 million RMB in 2024, 2,393 million RMB in 2025, and 2,823 million RMB in 2026, reflecting growth rates of -4.8%, 16.6%, and 17.9% respectively [7]. - The introduction of strategic investors has improved governance and operational efficiency, facilitating a restructuring of the company's business model [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate debt crises and enhance governance, leading to improved operational synergy [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been established, integrating AI to enhance drug discovery capabilities [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering due to cost reduction and efficiency improvements, with new orders expected to support future revenue growth [7][60]. - The company has expanded its client base to over 2,350, indicating a strong market presence and diversified revenue streams [7][56]. 3. Financial Projections and Investment Recommendations - The company is projected to achieve adjusted net profits of 257 million RMB in 2024, 323 million RMB in 2025, and 395 million RMB in 2026, with corresponding EPS of 0.12, 0.15, and 0.18 RMB per share [7]. - A PE valuation method suggests a target valuation of 2.41 HKD per share based on a 15X PE multiple for 2025 [7].

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 14.56 HKD and a fair value of 17.81 HKD [4]. Core Views - The company has strong sales performance, robust capabilities, and is undervalued in the market [1]. - The company ranks first in the industry for equity sales in 2024, achieving a sales amount of 270.6 billion RMB, which is a 1.3% year-on-year increase [32]. - The company has a stable shareholding structure, with major shareholders being state-owned enterprises [25]. Financial Forecast - The projected revenue for 2023 is 202.524 billion RMB, with a growth rate of 12% compared to 2022 [2]. - The EBITDA for 2023 is expected to be 28.449 billion RMB, slightly down from 2022 [2]. - The net profit attributable to shareholders for 2023 is forecasted at 25.610 billion RMB, reflecting a 10% increase from 2022 [2]. - The earnings per share (EPS) for 2023 is estimated at 2.34 RMB, with a price-to-earnings (P/E) ratio of 4.6x [2]. Market Performance - The company has a strong market presence, with over 63% of its sales coming from first-tier cities in 2024 [11]. - The company has maintained a healthy sales-to-land acquisition ratio of 107% across 26 core cities from 2022 to 2024 [11]. - The commercial revenue for the first half of 2024 is projected to be 3.54 billion RMB, with a year-on-year growth of 20% [11]. Business Overview - The company has a well-established development business, ranking first in equity sales and land acquisition in 2024 [11]. - The company has a strong management team with extensive experience in the industry, contributing to its operational stability [29]. - The company has a diversified business model, focusing on both residential and commercial real estate development [20].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of "zero-carbon park" construction, with solid waste industrial parks being a key implementation scenario. The central government has highlighted the establishment of zero-carbon parks and factories, aiming to promote green and low-carbon economic development [14][15][19] - The integration of waste incineration with AIDC (Artificial Intelligence Data Center) is expected to become a preferred model for exploring zero-carbon parks in developed regions. This model can provide comprehensive energy supply and enhance resource utilization [7][14] - The Shanghai Pudong zero-carbon industrial park, which integrates waste incineration and AIDC, has achieved a solid waste resource utilization rate of 98.9% and a green energy ratio of 93.7% [7][27][28] Summary by Sections 1. Policy Acceleration for Zero-Carbon Parks - The construction of zero-carbon industrial parks is a crucial strategy for achieving China's dual carbon goals. The government has set clear targets and plans for the establishment of these parks [14][15] - The emphasis on stricter energy consumption indicators and the promotion of green electricity supply models are highlighted in the recent government work reports [20][21] 2. Waste Incineration's Role in Zero-Carbon Parks - The report details the successful implementation of the Pudong zero-carbon industrial park, showcasing the effective recycling of five major waste types and achieving a high resource utilization rate [27][28] - The park utilizes a variety of renewable energy sources, including distributed solar and wind power, to enhance local energy consumption and stability [7][27] 3. Recommended Companies to Watch - The report suggests focusing on companies with advantageous locations and solid waste industrial park layouts, including Wangneng Environment, Junxin Co., and Yongxing Co. These companies are expected to benefit from the revaluation of their carbon reduction value and location advantages [7][8][14]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of "zero-carbon park" construction, with solid waste industrial parks being a key implementation scenario. The central government has highlighted the establishment of zero-carbon parks and factories, aiming for a significant reduction in energy consumption per unit of GDP by 2025 [7][14][20]. - The integration of waste incineration with AIDC (Artificial Intelligence Data Center) is seen as a promising model for developing zero-carbon parks in developed regions. This model can provide comprehensive energy supply and enhance resource utilization [7][14]. - The Shanghai Pudong zero-carbon industrial park, which incorporates waste incineration and AIDC, has achieved a solid waste resource utilization rate of 98.9% and a green energy share of 93.7% [7][27]. Summary by Sections 1. Policy Acceleration for Zero-Carbon Parks - The report discusses the emphasis on "zero-carbon park" construction in recent government meetings, with plans for accelerated implementation across various regions [14][15]. - The tightening of energy consumption indicators is highlighted, with a target of reducing energy consumption per unit of GDP by 3% in 2025 [20][21]. 2. Waste Incineration's Role in Zero-Carbon Parks - The report uses the example of the Shanghai Pudong project to illustrate how waste incineration can contribute to zero-carbon parks, achieving high resource utilization and energy efficiency [27][28]. - The project integrates multiple waste treatment facilities, enhancing the overall sustainability and energy supply stability of the park [27][28]. 3. Recommended Companies to Watch - The report suggests focusing on companies with advantageous locations and solid waste industrial park layouts, including Wangneng Environment, Junxin Co., and Yongxing Co. [7][8]. - It highlights the potential for these companies to benefit from the revaluation of their carbon reduction value and location advantages [7][8].