Investment Rating - The investment rating for the company is "Accumulate" with a target price of 27.2 CNY over a 12-month period [2]. Core Views - The company, Guangdong Audiwei Sensor Technology Co., Ltd., has established itself as a leader in the smart sensor and actuator industry since its inception in 1999, focusing on research, design, production, and sales of intelligent sensors and actuators [2][30]. - The company's revenue and net profit have shown steady growth, with total revenue increasing from 293 million CNY in 2018 to 467 million CNY in 2023, reflecting a 5-year CAGR of 9.77%. The net profit has also grown significantly from 28 million CNY in 2018 to 77 million CNY in 2023, with a 5-year CAGR of 22.42% [2][47]. - The sensor market is experiencing rapid growth, particularly in automotive applications due to the increasing penetration of electric vehicles and advanced driver-assistance systems (ADAS) [2][75]. Summary by Sections Company Overview - The company specializes in smart sensors and actuators, holding multiple core technologies essential for providing components and solutions for the Internet of Things (IoT) [2][30]. - Audiwei has a diverse product line that includes distance, flow, and pressure sensors, as well as atomization transducers and alarm sounders, serving various sectors such as automotive electronics, smart instruments, and security [2][30]. Financial Performance - The company's total revenue has shown a steady increase, with a notable recovery in 2023 after a dip in 2022 due to external factors affecting sales [2][47]. - The net profit has also demonstrated strong growth, with a slight increase in the first three quarters of 2024 compared to the previous year [2][51]. Main Business Segments - The primary products are categorized into sensors and actuators, with sensors based on piezoelectric effects used for detecting information such as distance and position, while actuators utilize reverse piezoelectric effects for feedback actions [2][68]. - The company’s sensor products include ultrasonic sensors and modules, flow sensors, and pressure sensors, which are critical components in smart instruments [2][69]. Market Trends - The automotive sensor market is poised for rapid growth, driven by advancements in ADAS and autonomous driving technologies, which require an increased number of sensors for enhanced safety and intelligence [2][75]. - The company is well-positioned to benefit from the growing demand for smart water meters and the increasing adoption of ultrasonic flow sensors in both domestic and international markets [2][75].

Investment Rating - The industry rating is neutral (maintained) [2] Core Viewpoints - The digital transformation of small and medium-sized enterprises (SMEs) is a significant driver for the growth of the machinery equipment industry, with a focus on enhancing innovation, employment, and living standards [1][2] - The Ministry of Industry and Information Technology, along with other departments, has set ambitious targets for the digitalization of SMEs, aiming for a numerical control rate of 75% and a cloud adoption rate of 40% by 2027 [1] - The report emphasizes the need for tailored digital solutions for different levels of SMEs, promoting a systematic approach to integrate and upgrade their operations [1] - The demand for various high-level sensors, integrated design and manufacturing equipment, and automation devices is expected to rise significantly as SMEs undergo digital transformation [1] - The growth of the data center (IDC) equipment market is anticipated due to the increasing need for physical support in data management and artificial intelligence applications [1] Summary by Sections Investment Highlights - The digital upgrade of SMEs is crucial for the development of the machinery equipment industry, with over 57 million SMEs in China as of 2023 [1] - The report outlines the current low levels of digitalization in key industrial enterprises, with a numerical control rate of only 62.9% and a cloud adoption rate of 21.2% in Hebei province [1] Policy Implications - The new policy framework encourages a systematic and integrated approach to digital transformation for SMEs, focusing on tailored solutions based on their digital maturity levels [1] - The report highlights the importance of building smart factories and enhancing the capabilities of SMEs in various sectors, including raw materials, equipment manufacturing, and consumer goods [1] Market Opportunities - The report suggests that the demand for digital production equipment and sensors will be a key growth area for SMEs as they modernize their operations [1] - The anticipated growth in the IDC equipment market is linked to the increasing volume of data generated by SMEs during their digital transformation [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights the positive trend in the industrial mother machine sector, driven by government policies and local initiatives aimed at enhancing the competitiveness of the supply chain and manufacturing capabilities [1][3] - The production of machine tools in China has shown consistent growth, with metal cutting and forming machine tool outputs increasing by 7.4% and 7.1% year-on-year, respectively, as of October [1] - The manufacturing PMI for November indicates a recovery in demand for machine tools, with a reading of 50.3%, suggesting an expansion in manufacturing activity [1] Summary by Relevant Sections Industry Performance - As of October, the cumulative output of metal cutting machine tools reached 567,000 units, while forming machine tools totaled 136,000 units, both showing positive growth for four consecutive months [1] - Machine tool exports also increased, with a total of 14.86 million units exported from January to October, marking a 6.6% year-on-year increase [1] Government Initiatives - The Zhejiang Provincial Economic and Information Technology Department issued a plan to boost the industrial mother machine industry, targeting an output value exceeding 120 billion yuan by 2025 and 150 billion yuan by 2027 [1] - Other provinces, including Jiangsu, Liaoning, and Chongqing, are also implementing initiatives to support the development of the industrial mother machine sector [1] Investment Opportunities - The report suggests focusing on companies involved in machine tools, CNC systems, cutting tools, and automation components, as they are expected to benefit from increased fixed asset investments in the manufacturing sector [3]

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | --- | --- | |----------------|-------|--------|--------------------|-----------| | | | | | | | | | | | | | | | | | | | % | | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | -0.78 | 43.28 | -8.52 | | 绝对收益 | | -3.27 | 69.72 | 9.29 | | 数据来源：聚源 | | | 注：相对收益与沪深 | 300 相比 | | | | 注： | 2024 年 12 月 | 12 日数据 | | --- | --- | |---------------------|--------------------| | 2024 年 12 月 16 日 | 江海证券研究发展部 | | 计算机行业 | | | 谷歌推出 Gemini 2.0 | ， OpenAI 启动 | | 12 天 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent notification from the National Medical Insurance Administration and the National Health Commission aims to enhance the management of centralized procurement, ensuring that patients benefit from the reforms [3] - The policy encourages timely signing of procurement agreements between medical institutions and selected enterprises, facilitating quicker market access for selected products [3] - The policy also emphasizes improving the management level of selected products in medical institutions, promoting rational use and curbing the prescription of high-priced non-selected drugs [3] - Incentives for retaining savings from centralized procurement are expected to motivate medical institutions to participate actively in the procurement process [3] - The policy is anticipated to lead to an increase in market share for selected drug and consumable manufacturers, positively impacting their performance [3] - Related service industries, such as pharmaceutical distribution and logistics, are expected to see new development opportunities as the procurement policy deepens [3] Summary by Sections Recent Industry Performance - The relative return over the past month is 0.8%, while the absolute return is -2.64% [2] - Over three months, the relative return is -0.97%, and the absolute return is 24.22% [2] - Over twelve months, the relative return is -26.58%, and the absolute return is -9.93% [2] Investment Recommendations - The report suggests focusing on selected drug and consumable manufacturers, medical institutions, and related service industries for investment opportunities [3] - Companies to watch include Heng Rui Medicine, Fosun Pharma, China National Pharmaceutical Group, Shanghai Pharmaceuticals, Mindray Medical, and Yuyue Medical [3]

Industry Investment Rating - The report maintains a **Neutral** rating for the machinery and equipment industry [1] Core Viewpoints - The **Opinion on Promoting New Urban Infrastructure Construction to Build Resilient Cities** issued by the Central Committee and the State Council is expected to drive the development of related equipment sectors [1] - The integration of new-generation information technologies (big data, cloud computing, blockchain, AI) with urban construction and governance is a key focus, aiming for significant progress by 2027 and substantial achievements by 2030 [1] - The policy is anticipated to boost the machinery and equipment industry related to new urban infrastructure construction, building on the successful pilot projects in 21 cities since 2020 [1] Key Areas of Development Smart Municipal Infrastructure - Digital upgrades in water supply, power supply, drainage, gas, heat, fire hydrants, and underground utility tunnels are expected to increase demand for smart municipal equipment [1] - Accelerated intelligent upgrades in video surveillance and security equipment in public areas and roads will expand the market for smart security devices [1] - Synchronized construction of IoT devices with new municipal infrastructure will further advance the development of IoT automation equipment [1] - Real-time monitoring and 3D visualization of underground pipelines, along with intelligent monitoring of gas leaks, bridge and tunnel safety, and water quality, will drive demand for various sensors [1] - Flood prevention measures for residential pressure regulation facilities and improvements in urban drainage systems will boost demand for pumps and water gates [1] Transportation Infrastructure - The construction of integrated sensing systems for urban roads, buildings, and public facilities will promote the development and demand for various sensor products [1] - Enhanced urban logistics facilities and emergency logistics systems will create new opportunities for transportation equipment, automation devices, and logistics robots [1] Smart Construction - The development of digital design, intelligent production, and smart construction will drive the integration and innovation of automated construction machinery, construction robots, and 3D printing equipment [1] Investment Recommendations - The report suggests focusing on listed companies related to the aforementioned key machinery and equipment products [1]

Investment Rating - The industry rating is "Overweight (Maintain)" [1] Core Viewpoints - The satellite internet industry is experiencing rapid development driven by national policies, technological advancements, and market demand, with a promising future outlook [3] - Key companies to focus on include Shanghai Hanyun, Haige Communication, Zhenyou Technology, and Chengchang Technology [3] Summary by Sections Recent Industry Performance - On December 5, 2024, the "Qianfan Polar Orbit 03" satellite group was successfully launched, increasing the number of satellites in the "Qianfan Constellation" to 54 [1] - The "Qianfan Constellation" is part of China's low-orbit satellite internet project, with plans to deploy 648 satellites in the first phase, 1296 in the second phase, and over 15,000 in the third phase to provide diverse service integration [1] Key Events - On December 3, 2024, China successfully launched the Communication Technology Test Satellite No. 13, which is primarily used for satellite communication, broadcasting, and data transmission [1] - On November 30, 2024, China's first commercial space launch site successfully conducted its inaugural launch, filling a gap in the country's commercial space launch capabilities [1] - On November 26, 2024, Huawei launched the Mate X6, the world's first mass-market smartphone supporting tri-network satellite communication, including Beidou satellite messaging, Tiantong satellite communication, and low-orbit satellite internet [1]

Investment Rating - The industry rating is Neutral (maintained) [4] Core Viewpoints - The implementation plan for promoting the high-quality development of the ice and snow economy in Northeast China has been released, confirming the development prospects of specific equipment products related to the ice and snow industry [4] - The plan emphasizes the unique advantages of Northeast China, such as suitable snow quality, long snow seasons, and abundant natural snow resources, aiming to cultivate the ice and snow economy as a new growth point for comprehensive revitalization [4] - The plan outlines various initiatives to enhance ice and snow tourism, sports, and equipment manufacturing, which are expected to drive market expansion for related machinery and equipment [4] Summary by Sections Industry Performance - The report highlights the performance of the ice and snow industry, noting that the development of related machinery and equipment is expected to gain momentum due to supportive policies [4] Investment Highlights - The plan includes support for high-quality ice and snow tourism destination construction, promotion of local agricultural products, improvement of transportation facilities, and enhancement of service quality in tourism [4] - It also focuses on the development of ice and snow sports, including the construction of sports venues and the integration of ice and snow sports into school curricula [4] - The equipment manufacturing sector is targeted for growth, with an emphasis on enhancing the research and development capabilities of snow-making machines, ice-making machines, and other related equipment [4] Investment Recommendations - The report suggests paying attention to listed companies related to the mentioned machinery and equipment products [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. [2] Core Viewpoints - Wuxi Dingbang specializes in heat exchange equipment for the petrochemical sector and has been recognized as a "Little Giant" enterprise by the state for its technical innovation capabilities [2][16]. - The domestic heat exchange equipment market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 3.29%, increasing from 90.02 billion yuan in 2023 to 99.21 billion yuan by 2026 [2]. - The company has a strong competitive position in the market due to its focus on innovation and a well-established R&D team, which has developed proprietary technologies and products that meet both domestic and international standards [2][3]. - The company's products are widely recognized by both domestic and foreign clients, providing energy-efficient and stable solutions for various operational conditions, including extreme temperatures and toxic environments [2][3]. Summary by Sections Company Overview - Wuxi Dingbang was established in 2003 and focuses on the research and sales of heat exchange equipment, primarily serving the petrochemical industry [16][18]. - The company has a strong organizational structure, with a major shareholder holding 68.72% of the shares, and a management team with extensive industry experience [27][29]. Industry Overview - The heat exchange equipment industry is crucial for energy efficiency in various sectors, including petrochemicals, power generation, and metallurgy [55][62]. - The demand for heat exchange equipment is particularly high in the petrochemical sector, which accounts for approximately 30% of the market demand [57][62]. Financial Forecast and Valuation - The company is expected to achieve revenues of 467.05 million yuan, 501.12 million yuan, and 525.64 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 46.31 million yuan, 58.09 million yuan, and 61.56 million yuan [3]. - The report estimates the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 to be 26.97, 21.50, and 20.29, respectively, indicating a favorable valuation compared to industry peers [2][3].

Investment Rating - The industry rating is maintained at "Accumulate" [4] Core Insights - The report highlights that the beauty care industry is experiencing a slowdown in growth rates, particularly in November, influenced by the early promotional activities of the Double 11 shopping festival [1] - The report emphasizes the strong performance of specific companies, such as 毛戈平, which is positioned as a high-end beauty brand and is set to become the first domestic color cosmetics stock listed in Hong Kong [1][3] - The report suggests monitoring leading domestic skincare companies like 珀莱雅, as well as other listed companies such as 爱美客, 华熙生物, 丸美股份, 贝泰妮, and 福瑞达 [1] Summary by Sections Company Performance - 毛戈平 plans to issue 70.5882 million shares at a price range of HKD 26.3-29.8 per share, with an expected market capitalization of HKD 12.376-14.024 billion [1] - 毛戈平's online sales performance is notable, with GMV in the color cosmetics category on Douyin reaching over 141 million and 68.583 million in October and November respectively, showing year-on-year growth of 169.62% and 73.0% [1] - 韩束 regained the top position in the Douyin skincare category in November with a GMV exceeding 650 million, while 珀莱雅 ranked second [1] Market Trends - The report indicates that the GMV for Douyin's beauty category grew by 6.54% year-on-year in November, a significant decrease from the 30.49% growth in October [1] - The skincare category on Douyin saw a GMV of over 13.49 billion, with a year-on-year growth of 7.77%, but a month-on-month decline of 27.8% [1] - The color cosmetics category's GMV exceeded 5.4 billion, with a year-on-year growth of 14.22% and a month-on-month decline of 11.91% [1]