Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a significant turnaround in its financial performance for 2024, with a projected net profit of approximately 70 million to 100 million yuan, compared to a loss of 848 million yuan in 2023. The non-GAAP net profit is expected to be around 47 million to 70 million yuan, compared to a loss of 752 million yuan in the previous year [3][4] - The improvement in performance is attributed to several factors, including a strong recovery in the second-hand housing market, strict cost control, asset sales, the end of negative impacts from employee stock ownership plans, and a reduction in non-operating losses [4][5] Financial Performance Summary - The company forecasts a revenue of 12,769 million yuan for 2024, representing a year-on-year growth of 5.6%. The net profit is expected to be 95 million yuan, a significant recovery from the previous year's loss [9][12] - The projected earnings per share (EPS) for 2024 is between 0.0297 and 0.0425 yuan, compared to -0.3601 yuan in 2023. The price-to-earnings (P/E) ratio for 2024 is estimated at 77 times [3][9] - The company aims to maintain a focus on core cities to enhance operational efficiency, with a target of managing 303,000 rental properties by the end of 2024, reflecting an 11.8% year-on-year increase [5][6] Business Strategy and Market Position - The company is concentrating on core cities, closing underperforming stores in non-core areas, and enhancing market share in key cities like Beijing and Hangzhou. The second-hand housing market's recovery is expected to boost brokerage revenue [5][6] - A strategic partnership with JD Logistics is anticipated to create new revenue streams through community services and supply chain collaborations [5][6]

Investment Rating - The industry rating is "Overweight" [2] Core Views - The vaccine industry experienced a 3.89% increase last week, amidst a general rise in the pharmaceutical sector [1] - The industry is currently in a bottoming phase, with a high proportion of Me-too products leading to intense competition and performance pressure [29] - Long-term growth is expected due to stable driving factors such as policy support, increasing demand, and technological innovation [29] Market Performance - The vaccine sector reported a closing index of 12,266.16 points, with a 3.89% increase last week, but a cumulative decline of 40.40% since the beginning of 2024 [4][18] - The overall pharmaceutical sector index rose by 3.21% last week, with various sub-sectors showing different performance levels [4][18] Valuation - The vaccine sector's PE (ttm) is 33.85X, up by 1.26X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6] - The PB (lf) for the vaccine sector is 1.87X, reflecting a 0.06X increase week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6] - The vaccine sector has a valuation premium of 169.71% compared to the CSI 300 index [6] Industry Dynamics and Company Announcements - Companies like CanSino and Kangtai Biologics have received approvals for new vaccine products, indicating ongoing innovation in the sector [7][28] - The introduction of new regulatory guidelines aims to streamline the approval process for biological products, which may enhance the industry's operational efficiency [28] Investment Recommendations - Short-term focus should be on annual report performances, while long-term attention should be directed towards innovative vaccines and international market expansion [29] - Companies with strong technological advantages and a rich pipeline of products are recommended for investment consideration [11][30]

证券研究报告 2025 年 02 月 11 日 湘财证券研究所 行业研究 机器人行业周报 特斯拉招聘机器人工程师，Optimus 量产拉开序幕 ——机器人行业周报（02.03~02.07） 相关研究： 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 上周机器人行业上涨 11.2%，跑赢沪深 300 指数 9.2 个百分点 上周（02 月 03 日-02 月 07 日），机器人行业上涨 11.2%，跑赢机械设备 行业 5.8 个百分点，跑赢沪深 300 指数 9.2 个百分点。2024 年年初至今，机 器人板块上涨 42.8%，跑赢机械设备 30.9 个百分点。估值方面，截至 2 月 7 日，机器人板块 PE(TTM)为 162.07 倍，位于 2012 年至今 99.4%分位数； PB(LF)约 6.25 倍，位于 2012 年至今 86.8%分位数。 特斯拉招聘机器人工程师，Optimus 量产拉开序幕 1.《20230905湘财证券-机械行业 -机械行业稳增长工作方案出台， 机器人赛道迎利好》2023.09.05 2.《20240409湘财证券-机械行业 -优必选接入百度大模型，国内 ...

相关研究： 证券研究报告 2025 年 2 月 11 日 湘财证券研究所 行业研究 食品饮料行业周报 1 月 CPI 涨幅扩大，酒企密集控货稳价 | 1.《酒企加大分红力度，关注新 | | | --- | --- | | 渠道红利》 | 2025.01.06 | | 2.《旺季催化，关注板块性价比 | | | 优势》 2025.01.14 | | | 3.《春节消费氛围浓厚，大众品 | | | 表现活跃》 2025.02.08 | | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -4.8 -5.9 -25.7 绝对收益 -1.5 -9.2 -8.1 注：相对收益与沪深 300 相比 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 2 月 5 日-2 月 7 日，食品饮料行业下跌 0.10% 上周，上证指数上涨 1.63%，深证成指上涨 4.13%，沪深 300 指数上涨 1.98%， 创业板指上涨 5.36% ...

Investment Rating - The industry rating is maintained at "Overweight" [7][10][40] Core Views - The public utility sector has underperformed, with a weekly increase of 0.17%, lagging behind the CSI 300 index by 1.81 percentage points [2][13] - The carbon market remains low in trading volume, with a total transaction volume of 10,000 tons and an average price of 93 yuan/ton [3][20] - The Three Gorges Reservoir's inflow has increased week-on-week, while the water level has slightly decreased [4][23] - Domestic natural gas prices have slightly decreased, while international markets show mixed trends [5][27] - The introduction of comprehensive market-based pricing for renewable energy is expected to benefit green electricity companies in the long term [6][35] Summary by Sections Market Performance - The public utility sector's performance is ranked 26th among first-level industries, with sub-sectors showing varied performance: thermal power up 0.31%, hydropower down 2%, solar power up 4.51%, and wind power up 2.23% [2][13][14] Carbon Market - The national carbon market's total transaction volume is 6.32 billion tons, with a cumulative transaction value of 432.1 billion yuan [3][20] Water Resource Management - The average inflow at the Three Gorges Reservoir is 5,600 cubic meters per second, with a week-on-week increase of 17.72% [4][23] Natural Gas Prices - The national LNG ex-factory price is 4,263 yuan/ton, showing a week-on-week decrease of 0.28% [5][27] Renewable Energy Policy - The new policy aims to establish a market-driven pricing mechanism for renewable energy, with a target of over 40% renewable energy capacity by 2030 [6][35] Investment Recommendations - The report suggests focusing on thermal power leaders in regions with tight supply-demand dynamics and stable performance, as well as high-dividend water nuclear leaders [7][10][40]

Investment Rating - The industry maintains a "Buy" rating [9][30] Core Insights - The impact of the Spring Festival holiday has led to a year-on-year decline in new and second-hand housing transactions, but a significant month-on-month recovery is observed [3][12] - The core goal of this year's policy is to stabilize the market, with expectations for accelerated progress in the acquisition of existing properties and land, as well as increased demand from urban village renovations [6][30] Summary by Sections New and Second-hand Housing Sales Data - For the week of February 3-9, new housing transaction area in 30 major cities was 660,000 square meters, down 67% year-on-year but up 380% month-on-month [3][12] - In first-tier cities, new housing transactions were 170,000 square meters (down 56% year-on-year, up 1060% month-on-month) [3][12] - Second-hand housing transactions in 13 cities totaled 730,000 square meters, down 46% year-on-year but up 1123% month-on-month [3][12] Key City Transaction Data - **Shanghai**: Second-hand housing daily average transactions were 325 units (down 22% year-on-year), while new housing daily average was 117 units (down 36% year-on-year) [4][17] - **Guangzhou**: New housing daily average was 51 units (down 56% year-on-year, up 1211% month-on-month) [5][23] - **Shenzhen**: Second-hand housing daily average was 74 units (up 686% year-on-year, up 1976% month-on-month) [5][25] - **Beijing**: Second-hand housing daily average was 165 units (down 63% year-on-year), with new housing at 42 units (down 72% year-on-year) [5][27] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing and land acquisition capabilities, as well as leading second-hand housing intermediaries benefiting from active transactions [6][30]

证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 体外诊断行业周报 AI 应用于体外诊断领域逐渐成熟 --体外诊断行业周报 2.3-2.9 相关研究： 核心要点： 上周医药生物上涨 3.21%，体外诊断上涨 3.76% 上周医药生物报收 7173.35 点，上涨 3.21%，涨幅排名位列申万 31 个一级 行业第 9 位。沪深 300 指数上涨 1.98%，医药跑输沪深 300 指数 1.23%。 申万医药生物二级子行业医疗服务 II 报收 5051.92 点，上涨 7.47%；中药 II 报收 6395.52 点，上涨 1.84%；化学制药 II 报收 10007.70 点，上涨 1.92%； 生物制品Ⅱ报收 5898.82 点，上涨 2.72%；医药商业Ⅱ报收 4940.79 点， 上涨 2.59%；医疗器械Ⅱ报收 6133.15 点，上涨 3.81%。三级行业中体外 诊断报收 7666.01 点，上涨 3.76%。 从体外诊断板块公司的表现来看，表现居前的公司有：安必平（+12.9%）、 仁度生物（+9.7%）、达安基因（+8.0%）、浩欧博（+7.6%）、睿昂基因（+7.5%） ...

Investment Rating - The industry rating is maintained at "Overweight" [3][7][17] Core Insights - The insurance sector has shown steady growth in life insurance, with a robust liability side and new changes on the asset side expected to improve [2][10] - Premium income for insurance companies reached 5.70 trillion yuan in December 2024, reflecting a year-on-year growth of 11.2%, although the growth rate is slowing down [3][10] - The introduction of policies to accelerate the entry of medium- and long-term funds into the market is expected to enhance the asset side of insurance companies, reducing the risk of interest spread losses [3][10] Summary by Sections 1. Liability and Asset Side Performance - The liability side remains robust, with the asset side expected to see new changes that will improve the overall performance of insurance companies [2][10] - The second batch of long-term stock investment trials for insurance funds is set to be implemented in the first half of 2025, which may help in reducing interest spread losses [3][10] 2. Life Insurance Growth - Cumulative original premium income for life insurance reached 4.01 trillion yuan, with a year-on-year growth of 13.2% [4][11] - The cumulative original premium income for life insurance specifically was 3.19 trillion yuan, growing by 15.4% year-on-year [4][11] - Monthly premium income growth for life insurance showed a positive trend, indicating steady growth despite some fluctuations [4][11] 3. Non-Life Insurance Performance - Cumulative original premium income for property insurance reached 1.69 trillion yuan, with a year-on-year growth of 6.5% [5][15] - The growth rate for car insurance premiums was 5.4%, supported by increased consumer policies driving car sales [5][15] - Non-car insurance premium growth has slowed, with health and liability insurance showing faster growth rates of 16.6% and 8.1%, respectively [6][15] 4. Investment Recommendations - The expectation of stable capital market conditions is likely to improve asset returns for insurance companies [7][17] - The dynamic adjustment of preset interest rates is anticipated to alleviate cost pressures on the liability side [7][17] - The overall outlook for both asset and liability sides is positive, which may enhance the matching of returns and reduce interest spread losses [7][17]

1 月我国挖机销量约 1.25 万台，同比增长 1.1% 证券研究报告 2025 年 02 月 12 日 湘财证券研究所 行业研究 机械行业事件点评 相关研究： 1《. 20250108湘财证券-机械行业： 12月我国挖机销量约1.9万台，同 比增长16%》 2.《20250210湘财证券-机械行 业：1月小松中国挖机开工66.2 小时，同比下降17.3%》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 7.8 6.5 19.6 绝对收益 11.8 0.5 35.0 注：相对收益与沪深 300 相比 -20% -10% 0% 10% 20% 30% 40% 24/02 24/04 24/06 24/08 24/10 24/12 机械设备(申万) 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 2025 年 1 月我国挖掘机销量为 12512 台，同比增长 1.1% 据中国工程机械工业协会数据 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][7] Core Viewpoints - The medical consumables sector has shown a fluctuating upward trend, with a recent increase of 1.69% [4] - The current PE (ttm) for the medical consumables sector is 33.75X, which is an increase of 0.54 percentage points from the previous week, while the PB (lf) is 2.38X, remaining at historical lows [5][15] - Recent supportive policies for the consumables industry have been frequent, indicating a clear stance on supporting innovation in product development, review, and market promotion [19] Summary by Sections Industry Performance - The medical consumables sector reported a recent increase of 1.69%, with the overall medical and biological sector rising by 3.21% [4][10] - The sector's performance over the past 12 months shows a relative return of -12% compared to the CSI 300 index [3] Valuation Metrics - The medical consumables sector's PE has ranged from a maximum of 56.19X to a minimum of 25.89X over the past year, while the current PB is at 2.38X, with historical maximum and minimum values of 2.92X and 1.65X respectively [5][15] Industry Dynamics and Company Announcements - The U.S. has placed Illumina, Inc. on an unreliable entity list, affecting normal trade with Chinese companies [6][18] - Boston Scientific reported a 170.6% increase in global net sales for its electrophysiology business in Q4 2024, driven by strong market acceptance of its FARAPULSE™ system [6][18] Investment Recommendations - The report suggests focusing on companies with improving performance in orthopedic consumables and those with rich product lines and high innovation in high-value consumables such as interventional and electrophysiology products [19]