Group 1 - The report emphasizes the transformation of traditional industries through the adoption of digital and green technologies [1] - It highlights the importance of talent development in education and technology sectors, focusing on interdisciplinary studies and innovation capabilities [3] - The establishment of a unified national market is discussed, aiming for standardized market regulations and high-quality connectivity [5] Group 2 - The report outlines the dual focus of state-owned enterprises on national security and technological missions, concentrating on critical industries and public services [7] - It discusses fiscal and financial reforms aimed at restructuring fiscal powers between central and local governments, enhancing local tax autonomy [8][9] - The report notes the ongoing geopolitical uncertainties and the expectation of policy increments domestically, with a focus on sectors like healthcare, agriculture, and automotive [10] Group 3 - The report indicates a mixed performance in industry valuations, with agriculture, food and beverage, and defense sectors showing positive trends, while sectors like textiles and telecommunications face declines [13] - It mentions the recent fluctuations in market sentiment, with increased fear reflected in rising volatility indices [17] - The report highlights the recent trends in fund flows, noting a divergence in foreign investments across various sectors, particularly in metals and agriculture [28][60]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company is positioned as a leading software and information service provider in China, focusing on digital innovation and technology services across various industries, including telecommunications, internet services, finance, and manufacturing [3][4]. - The company has established a deep partnership with Huawei, benefiting from its ecosystem and contributing to the development of various technologies such as HarmonyOS, Euler, and Gauss [4][5]. - The acquisition of Tongfang Computer and Tongfang International has enhanced the company's hardware capabilities, allowing it to create an integrated software and hardware ecosystem [6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 175.81 billion yuan, with a net profit of 5.34 billion yuan. The revenue from digital innovation and strategic emerging industries accounted for 47.48% and 36.47% of total revenue, respectively [3]. - For Q1 2024, the company reported revenues of approximately 54.4 billion yuan, but a net loss of 2.77 billion yuan, primarily due to integration costs from recent acquisitions and market fluctuations [3][4]. Market Position - The company has consistently been Huawei's largest customer from 2018 to 2021, with revenue from this partnership increasing to 6.437 billion yuan, representing 36.61% of total revenue [4]. - The company has launched several products and solutions in collaboration with Huawei, including the SwanLinkOS operating system and various AI PC products, positioning itself as a key player in the digital transformation landscape [5][6]. Future Projections - The report forecasts revenue growth for the company, projecting revenues of 302.66 billion yuan in 2024, 349.12 billion yuan in 2025, and 402.38 billion yuan in 2026, with corresponding EPS of 0.73, 0.97, and 1.18 yuan [7][9]. - The company is expected to maintain a strong market presence and continue benefiting from its strategic partnerships and technological advancements [7].

Investment Rating - The report maintains a "Buy" investment rating for the company [22][115]. Core Viewpoints - The company is positioned as a leader in China's fitness and digital sports sectors, focusing on the promotion and operation of motorsport while exploring future trends in the sports industry [19][34]. - The company aims to enhance its core competitiveness through strategic investments, including a proposed capital increase for a new energy vehicle experience center in Hainan, which is expected to significantly boost revenue and profit [21][54]. - The company has faced short-term profit pressure due to goodwill impairment but is expected to recover in 2024, with projected revenues of 5.08 billion, 5.85 billion, and 6.6 billion yuan for 2024, 2025, and 2026 respectively [23][115]. Company Overview and Business Model - The company, originally established in 2002, has evolved through various stages, including a name change to "Lisheng Yun Dong (Shanghai) Sports Technology Co., Ltd." in 2022, reflecting its strategic upgrade [3][25]. - The business is segmented into three main areas: space business, IP business, and digital business, with a focus on creating a digital platform for fitness services [4][34]. - The company has made significant investments in digital sports, including acquiring a 25% stake in Yuedong Tianxia for 1.77 billion yuan [4][26]. Financial Performance - The company reported a revenue of 405 million yuan in 2023, with a projected growth rate of 56.9% for that year [23][31]. - The net profit for 2023 was a loss of 193 million yuan, primarily due to goodwill impairment, but is expected to turn profitable in 2024 with a net profit of 55 million yuan [23][38]. - The company anticipates a gradual recovery in profitability, with net profits projected to reach 130 million yuan by 2026 [23][115]. Industry Analysis and Competitive Strength - The report highlights the growing sports market in China, with the total sports industry output reaching 33,008 billion yuan in 2022, indicating a robust growth trajectory [96]. - The company is strategically positioned to benefit from the national "14th Five-Year Plan" for sports development, which aims to significantly increase the scale and impact of the sports industry [42][53]. - The company is leveraging AI and digital technologies to enhance its service offerings and operational efficiency, aligning with broader industry trends towards digitalization [107][118].

Investment Rating - The report maintains a "Buy" rating for Lihsheng Sports (002858) [20][121] Core Views - Lihsheng Sports is a leader in China's mass fitness and digital sports sectors, as well as a leading automotive sports operation service provider, focusing on the promotion and operation of motorsports [3][18] - The company has upgraded its strategy to "IP-led, digital-driven" and officially changed its name to Lihsheng Yundong (Shanghai) Sports Technology Co Ltd in June 2022 [3][18] - Lihsheng Sports is building a digital platform for mass fitness services, integrating online and offline sports ecosystems, with three core businesses: space, IP, and digital sports [3][19] - The company's 2023 performance was impacted by goodwill impairment, but it is expected to recover in 2024, with revenue and net profit forecasts of 508 million yuan, 585 million yuan, and 660 million yuan for 2024-2026, respectively [20][121] Business Segments Space Business - Lihsheng Sports operates 12 karting venues under the "Seka Alliance" brand, with revenue primarily from personal karting experiences and corporate team-building activities [31][33] - The company also manages three motorsports and driving experience centers, serving both individual and corporate clients [39] - Lihsheng Sports has expanded its space business to include large-scale sports facilities, optimizing its existing motorsports spaces [3][19] IP Business - The company operates various motorsports events, including the FIA Asian Formula 3 Championship, TCR Asia Series, and China Touring Car Championship [23][63] - Lihsheng Sports has a pyramid-style event system, ranging from local to international professional events, with a focus on motorsports [64] - In 2023, event operations accounted for 55% of total revenue, with event revenue reaching 220 million yuan, an 81% year-on-year increase [49][89] Digital Sports Business - Lihsheng Sports aims to create a digital platform for mass fitness services, digitizing sports behavior, equipment, and spaces, such as AI fitness coaches, smart sports, and digital gyms [3][19] - The company has partnered with over 1,000 enterprises, including major corporations like China Construction Bank and Shenzhen Metro, to promote its digital sports services [70] - Lihsheng Sports is also developing AI-powered sports assessment systems for regional education authorities, targeting the sports education market [95] Financial Performance - Lihsheng Sports' revenue in 2023 was 405 million yuan, a 56.9% year-on-year increase, driven by overseas events [116] - The company's net profit in 2023 was -193 million yuan, mainly due to goodwill impairment, but it is expected to recover to 55 million yuan, 102 million yuan, and 130 million yuan in 2024-2026 [20][121] - The gross margin for event operations in 2023 was 26.3%, with potential for further improvement as international events resume [66][90] Industry Analysis - China's sports industry reached a total scale of 3.3 trillion yuan in 2022, with a growth rate of 6.9% [76] - The "14th Five-Year Plan" aims for the sports industry to reach 5 trillion yuan by 2025, with sports competition and performance industries targeting 2 trillion yuan [114][128] - Globally, Formula 1's parent company, FWONA, has a market capitalization of 47 billion USD, with a PE ratio of 61.8x, highlighting the value of motorsports IP [79][120] Future Outlook - Lihsheng Sports plans to raise 498 million yuan through a private placement to fund the Hainan New Energy Vehicle Experience Center International Racecourse project, which is expected to generate annual revenue of 200 million yuan and profit of over 50 million yuan [136] - The company is expected to benefit from the recovery of the sports industry, technological advancements, and policy support, maintaining its position as a leading motorsports operator in China [20][121]

Investment Rating - The report maintains a "Buy" rating for the company [3][10] Core Views - The company has shown impressive performance with significant increases in both revenue and profit, attributed to effective cost reduction and efficiency improvement measures [3][10] - The company is actively expanding its main business channels and successfully advancing its computing power segment, which is expected to enhance profitability [10] - The stock option grants have been successfully implemented, reinforcing the certainty of achieving growth targets [10] Summary by Sections Performance Highlights - The company reported a forecasted net profit of 1.01-1.10 billion yuan for H1 2024, representing a year-on-year increase of 101%-119% [3] - The expected net profit for Q2 2024 is projected to be 0.52-0.61 billion yuan, with a growth rate of 77%-108% [3] Revenue and Profit Forecast - The company anticipates a main business revenue growth rate of no less than 30% in 2024 and 45% in 2025 [9] - The forecasted net profit for 2024 is 235 million yuan, with a growth rate of 80.5% [12] Stock Options and Incentives - The company granted 1.7407 million stock options and 1.7407 million restricted stocks to 22 incentive personnel, with an exercise price of 3.48 yuan per share [10] - The stock option cost amortization for 2024-2026 is projected to be 16.17/27.95/9.44 thousand yuan [9] Financial Metrics - The projected EPS for 2024-2026 is adjusted to 0.13/0.17/0.23 yuan, with corresponding PE ratios of 26/20/15 times [10] - The company’s ROE is expected to increase to 15.3% in 2024 and 17.2% in 2025 [12]

Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on companies that have deep collaborations with Huawei, such as Seres, JAC Motors, and BAIC Blue Valley [7][22]. Core Insights - The automotive industry is experiencing a shift towards electric and intelligent vehicles, with domestic brands gaining market share. The success of models like the AITO M9 and Xiaomi SU7 is boosting consumer confidence in Chinese brands [5][22]. - The report highlights the launch of high-end models, such as Huawei's luxury car brand "Zun Jie," which aims to compete with ultra-luxury brands like Maybach and Rolls-Royce [2][5]. - Xiaomi aims to deliver 120,000 units of its SU7 model in 2024, with significant pre-order success indicating strong market interest [2][3]. Market Performance - The CITIC Automotive Index fell by 2.1%, underperforming the broader market by 4.0 percentage points, with passenger vehicles down 0.4% and commercial vehicles down 1.5% [13][15]. - The average price-to-earnings (PE) ratio for the automotive industry is 26.3, while the price-to-book (PB) ratio is 2.2, indicating a relatively high valuation compared to historical levels [16][22]. Industry Data Tracking - In July, the average daily wholesale of passenger vehicles decreased by 26% year-on-year, with a total of 1.22 million units sold in the first half of the year, reflecting a 5% increase compared to the previous year [19][20]. - The report notes that the automotive market is entering a phase of adjustment, with companies optimizing market expectations and product structures following a strong promotional period in the first half of the year [19][20]. Investment Strategy - The report suggests focusing on companies in the automotive sector that are well-positioned for growth, particularly those involved in lightweight materials, interior and exterior components, and intelligent automotive technologies [22]. - Specific companies recommended for investment include Seres, JAC Motors, and various suppliers in the automotive parts sector, such as New Spring and Dai Mei [22][23].

Group 1: Market Overview - As of July 19, 2024, the North Exchange Index closed at 700.61 points, with a weekly increase of 7.41%, while the North 50 Index rose by 4.61% during the same period [104] - The average daily trading volume for the week was 76.38 billion, a significant increase of 178.08% compared to the previous week's average of 27.47 billion [106] - Among the 249 listed companies, 232 experienced an increase, with 68 companies rising over 10% and only 2 companies declining more than 10% [100] Group 2: Industry Performance - In the week ending July 19, 31 out of 33 Wind tertiary industries recorded gains, with the highest increases seen in the communication equipment industry (+51.52%), semiconductor products and equipment industry (+15.31%), and specialty retail industry (+14.66%) [16][88] - The communication equipment sector includes companies like Tieda Technology, which specializes in rail transit communication services [45][94] Group 3: Company Insights - Tieda Technology reported a revenue of 2.49 billion with a year-on-year growth of 7.01% for 2023, and a net profit of 0.39 billion, reflecting a 16.61% increase [46] - Kaiteng Precision, a supplier of consumable gravure printing plates, saw a significant weekly increase of 73.93%, with a revenue of 4.21 billion for 2023 [41][100] - Rongyi Precision, a manufacturer of precision metal components, experienced a weekly rise of 71.23%, indicating strong demand in its market [100] Group 4: Financial Metrics - The average PE ratio for the North Exchange A-shares is 38.28, with a median PE of 21.06, indicating a skewed distribution towards lower valuations [33][79] - The communication equipment industry has a median PE of 22.92, which is lower than the overall A-share median [36]

Investment Rating - The report maintains a "Buy" investment rating for the company [25]. Core Views - The company is expected to benefit from a series of integration and cost-reduction measures that will enhance its profitability in the BF segment. Long-term prospects are positive due to strong product development capabilities and competitive strength in the B-end market [25][17]. - The company is focusing on six key functional tracks and expanding into emerging channels such as convenience stores and bulk snack sales, which will enhance domestic performance resilience [17]. - The company’s international strategy is being reinforced by leveraging its German and BF factories, aiming for growth in overseas markets while optimizing its supply chain [17]. Summary by Sections Financial Performance - The company forecasts a significant increase in revenue and net profit for 2024, with expected revenue of 4,332 million yuan, a growth rate of 20.9%, and a net profit of 416 million yuan, reflecting a growth rate of 48.2% [27]. - Earnings per share (EPS) are projected to be 1.76 yuan for 2024, with corresponding price-to-earnings (P/E) ratios of 13 times [25][27]. Market Position - The company is positioned to capture growth in the global nutrition and health food industry, with a solid foundation in the Chinese market and a commitment to international expansion [17]. - The report highlights the company's ability to adapt and thrive amid increasing market demand for health-oriented products [17]. Analyst Insights - The analysts emphasize the company's strong fundamentals and the potential for continued growth, supported by effective management strategies and market opportunities [25][17].

证 券 研 究 报 告 行业周报 维生素品种提价活跃,关注后续业绩趋势 医药行业周报 投资评级: 报告日期: 推荐 ( 维持 ) 2024年07月22日 分析师:胡博新 SAC编号:S1050522120002 分析师:吴景欢 SAC编号:S1050523070004 医 药 行 业 观 点 1. 维生素品种提价活跃,关注Q2业绩趋势转变 原料药及中间体是制药产业的上游,受到国内医保等支付政策影响较少,而且出口收入占比高,其中大宗原料药品种呈现 一定的价格周期。筛选处于景气提升阶段的品种,其业绩增长由单品种的供需变化驱动,独立于医药行业整体。根据医保 商会数据,2023年中国原料药出口呈下降的趋势,国内竞争导致价格下滑,化学原料药子行业利润下降。低价竞争下,部 分品种的供应格局转变,龙头企业主动限量提升价格。部分品种如VB1和VB6等品种从2023年Q4已开始触底回升。进入7- 8月夏季高温期间,维生素企业选择停产检修,更有利于稳定供需的关系,加速提价。近期VE、VD3和VB1等品种提价活跃, 报价稳定上行。考虑近期提价的维生素品种增加,预计从2024年Q2或者Q3起,受益于提价的盈利有望逐步可见。根据新 和 ...

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