Investment Rating - The report highlights the low-altitude economy as a strategic emerging industry with significant growth potential, supported by government policies and market forecasts [2][21]. Core Insights - The low-altitude economy is expected to become a new driving force for economic and social development, with a projected market size of approximately 5,060 billion yuan by the end of 2023, potentially reaching 1 trillion yuan by 2026 [2][3]. - The industry encompasses various sectors, including aircraft manufacturing, low-altitude flight, air traffic management, and comprehensive services, indicating a long industrial chain with strong radiating effects [3][4]. - The report emphasizes the importance of eVTOL (electric Vertical Take-Off and Landing) aircraft as a key component of the low-altitude economy, with commercial applications expected to improve traditional aviation financial models [4][27]. Summary by Sections Policy and Market Environment - The central government has prioritized the low-altitude economy as a strategic emerging industry, leading to a surge in supportive policies from various government levels [2][21]. - The establishment of the Low Altitude Economy Development Department by the National Development and Reform Commission marks a significant milestone in the strategic planning and coordination of the industry [17][18]. Industry Structure and Development - The low-altitude economy spans multiple industries, with a focus on aircraft manufacturing and air traffic management as foundational elements [3][4]. - The report identifies a robust industrial foundation in China, particularly in drone and new energy technologies, positioning the country for rapid growth in the low-altitude economy [11][10]. Application Scenarios - The report outlines diverse application scenarios for the low-altitude economy, including logistics, tourism, agriculture, and emergency services, with eVTOL expected to lead in commercial deployment [4][30]. - The demand for commercial drones is anticipated to rise significantly, driven by government initiatives and the expansion of low-altitude logistics routes [33][31]. Technological Advancements - The report discusses the critical role of technological innovation in the low-altitude economy, particularly in the development of eVTOL and autonomous flight systems [13][39]. - The integration of advanced automotive electronics into low-altitude flight control systems is expected to enhance the development of the industry [45][44]. Future Outlook - The low-altitude economy is projected to reshape transportation and logistics, creating new employment opportunities and driving economic diversification [16][14]. - The report anticipates a growing demand for civil helicopters, with a forecasted increase in the fleet size and significant opportunities for domestic manufacturers [35][36].

Investment Rating - The report indicates a positive outlook on the "first store economy" in Shanghai, suggesting a high-quality development trend in offline retail channels [1][4]. Core Insights - The "first store economy" is an innovative business model that drives customer traffic and consumption through the first store effect, characterized by larger scale, novel products, and enhanced shopping experiences [2][8]. - Shanghai leads the development of the first store economy, with a diverse range of first stores across key commercial districts, showcasing unique features that cater to consumer demands for trendy and emotionally valuable products [3][30]. - The report emphasizes that the prosperity of the first store economy signifies a shift towards high-quality development in offline channels, potentially altering the competitive landscape between online and offline markets [4][24]. Summary by Sections First Store Economy Overview - The first store economy is a crucial part of the first launch economy, promoting consumption hotspots and reflecting the innovation capabilities of participating enterprises [2][6]. Development in Shanghai - Shanghai has introduced over 5,840 first stores from various brands since 2018, maintaining the highest quantity and quality in the country [27][30]. - The city has implemented measures to support the high-quality development of the first store economy, aiming to attract high-level first stores and enhance the overall shopping experience [26][27]. Consumer Trends - Consumers are increasingly seeking unique, high-quality products, with a significant shift towards interest-driven consumption, as evidenced by the growing market for niche cultural products [10][11]. - The report highlights that emotional value and personalized experiences are becoming key factors in consumer purchasing decisions, with a notable increase in spending for self-reward and enjoyment [14][10]. Retail Innovations - The first store model allows brands to leverage their influence through innovative product launches and immersive shopping experiences, significantly outperforming regular stores in terms of customer traffic and sales [11][15]. - Retailers are focusing on enhancing store experiences and product offerings to drive sales efficiency and brand reputation, indicating a shift from quantity to quality in store expansion strategies [4][21]. Competitive Landscape - The first store economy is expected to enhance brand authority and improve customer acquisition costs for online channels, as consumers are drawn to the unique experiences offered by first stores [24][25]. - The report suggests that the first store economy will stimulate the development of instant retail models and promote the transformation of traditional commercial entities, thereby boosting regional consumption levels [25][24].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 7.30, indicating a potential upside of 14% from the current price of RMB 6.40 [1]. Core Views - The company's performance in Q3 2024 was below expectations, with a revenue of RMB 948 million, down 7% year-on-year, and a net profit of RMB 230 million, which was a 12% increase but still lower than anticipated. The Q3 revenue alone was RMB 301 million, reflecting a 19% decline year-on-year, and a net loss of RMB 20 million [4]. - The long filament industry is expected to see improved competitive dynamics post-2025, with controlled supply growth, which may lead to a more orderly development phase [5]. - The decline in oil prices has resulted in inventory losses, putting pressure on long filament profitability. However, prices have stabilized since Q4 2024, and profitability is expected to improve in early 2025 as the company resumes operations [5][6]. Financial Summary - The company reported a revenue of RMB 152,050 million in 2022, which decreased to RMB 136,148 million in 2023, but is projected to rise to RMB 222,636 million in 2024, reflecting a growth rate of 63.5% [3]. - The net profit attributable to the parent company was a loss of RMB 1,080 million in 2022, turning to a profit of RMB 435 million in 2023, with expectations of RMB 524 million in 2024 and RMB 712 million in 2025 [3][10]. - The company plans to repurchase shares worth between RMB 1.25 billion and RMB 2.5 billion, indicating management's confidence in the company's undervalued stock [6].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 40.90, indicating a potential upside of approximately 30% from the current price of RMB 31.45 [3][8]. Core Views - The company has shown strong performance in the first half of 2024, with revenue reaching RMB 5.043 billion, a year-on-year increase of 4.40%, and a net profit attributable to the parent company of RMB 154 million, up 10.08% year-on-year [6]. - The demand for network equipment is recovering, particularly from internet clients, contributing to a revenue increase in this segment [6][7]. - The company is benefiting from the AI computing wave, with significant growth in data center switch sales, which increased by 62% year-on-year in the first half of 2024 [7]. Financial Performance - Revenue projections for 2024 and 2025 are RMB 13.08 billion and RMB 15.59 billion, respectively, reflecting growth rates of 13.3% and 19.2% [5][10]. - The net profit attributable to the parent company is expected to be RMB 510 million in 2024 and RMB 666 million in 2025, with growth rates of 27.1% and 30.5% [5][10]. - The company’s gross margin is projected to stabilize in the second half of 2024, following a decline due to product mix changes and cost-cutting measures from clients [6][7]. Market Position and Trends - The company holds a leading market share in key sectors such as higher education and wholesale industries, and is expanding its international market presence, with overseas revenue growing by 58.1% year-on-year [7]. - The company has successfully launched innovative products tailored to specific customer needs, enhancing its competitive edge in the market [7]. Valuation Metrics - The current price corresponds to a P/E ratio of 35.0 for 2024 and 26.8 for 2025, indicating a favorable valuation compared to industry peers [8][20]. - The report suggests that the company's valuation may be impacted by the overall industry valuation trends, but maintains a positive outlook based on its growth potential [8].

Investment Rating - The investment rating for the company is "Outperform Industry" with a target price of RMB 4.80 [3]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, driven by rising alumina prices and strong performance in its alumina segment [6]. - The company is focusing on high-value-added products, with expectations for continued growth in the automotive and aerospace sectors [7]. - The company has announced a shareholder return plan for 2024-2026, indicating confidence in future profitability [7]. Financial Performance - For 1H24, the company achieved a revenue of RMB 15.667 billion, a year-on-year increase of 8.05%, and a net profit of RMB 2.189 billion, up 66.68% [6]. - The company’s alumina segment saw a profit increase of 164% year-on-year, attributed to rising alumina prices [6]. - The company’s revenue and profit forecasts for 2024 and 2025 have been revised upwards due to expected price increases in electrolytic aluminum and alumina [8]. Future Outlook - The company plans to double its aluminum automotive sheet capacity to 400,000 tons by the end of 2024, capitalizing on the growing demand in the automotive sector [7]. - The company is also expanding its alumina production capacity in Indonesia, which is expected to enhance profitability [7]. - The company aims to maintain a cash dividend ratio of no less than 40% of the distributable net profit each year [7].

海外策略 证券研究报告 2024.08.04 本中金公司研报由 binggoL2005@126.com 下载 衰退的判断依据与历史经验 刘刚，CFA 分析员 王子琳 联系人 SAC 执证编号：S0080512030003 SFC CE Ref：AVH867 kevin.liu@cicc.com.cn SAC 执证编号：S0080123090053 zilin.wang@cicc.com.cn 7 月非农就业和ISM制造业PMI数据均大幅低于预期，明显加重了市场对于美国经济走向衰退和"硬着陆"的担忧。周五 非农数据公布后，美债利率快速跌破 3.8%，美股大幅回调、标普大盘创两年最高单日跌幅，美元指数跌至 103，均符合 "衰退交易"特征。但也有有意思的"例外"，在衰退叙事升温之际，铜反而小幅收涨 0.4%，黄金在实际利率和美元指数 走低下反而回调，不仅基本接近我们根据实际利率和美元的黄金"中枢点位"预测模型中给出的区间（《2024 下半年展 望：宽松已过半场》），也体现了不同资产在交易"衰退"时的分歧与纠结。 很显然，当前对增长放缓程度的判断很关键，直接决定了资产的选择和操作策略。换言之，到底是普通放缓还是深度 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of HKD 15.00, indicating expected performance above the industry average [2][7][19]. Core Insights - The company is projected to achieve a revenue growth of approximately 10% in 1H24, despite a forecasted decline in profit due to non-operational factors such as government subsidies and foreign exchange losses [5][6]. - The company is a leading producer of compound seasonings in China, holding a market share of about 30% in the mid-to-high-end hot pot base market as of 2023 [10]. - The company is expected to maintain double-digit revenue growth in the second half of the year, driven by new product launches and expansion into overseas markets [6][7]. Financial Summary - Revenue is forecasted to grow from CNY 6,148 million in 2023 to CNY 6,759 million in 2024, representing a growth rate of 10% [4][10]. - Net profit attributable to the parent company is expected to increase from CNY 853 million in 2023 to CNY 870 million in 2024, with a growth rate of 2% [4][10]. - The company’s earnings per share (EPS) is projected to rise from CNY 0.82 in 2023 to CNY 0.84 in 2024 [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 13.3 in 2023 to 12.9 in 2024, indicating a more attractive valuation [4][10]. - The dividend yield is projected to increase from 6.8% in 2023 to 7.0% in 2024, enhancing the attractiveness of the stock [4][10].

证券研究报告 2024.05.08 公司研报 智飞生物 HPV 疫苗进入稳健成长期，关注带疱疫苗放量 杨一正 分析员 朱言音 分析员 张琎 分析员 医药 医药 医药 SAC 执证编号：S0080523100002 SAC 执证编号：S0080517120001 SAC 执证编号：S0080517040001 yizheng.yang@cicc.com.cn SFC CE Ref：BIH554 SFC CE Ref：BHM689 yanyin.zhu@cicc.com.cn jin.zhang@cicc.com.cn 维 持跑赢行业 业绩回顾 股票代码 股票评级 目标价 2023年业绩基本符合我们预期 300122.SZ → 跑赢行业 人民币52.00 公司公布2023年和1Q24业绩：2023年公司收入529.18亿元，同比增长 38.30%，归母净利润80.70亿元，同比增长7.04%，基本符合我们预期， 股票代码 300122.SZ 公司拟每10股派发现金红利8.0元；1Q24公司收入113.96亿元，同比增 最新收盘价 人民币 36.88 长2.00%，净利润14.58亿元，同比下滑28.26%，主系公 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 7.88 for A-shares and HKD 5.10 for H-shares [2][7]. Core Insights - The company reported a strong performance in Q1 2024, with a net profit of RMB 1.008 billion, a year-on-year increase of 63.9%, driven by higher delivery of train sets [5][11]. - The railway equipment revenue saw significant growth, particularly in the train set segment, which increased by 113% year-on-year [5]. - The gross margin improved to 24.9%, up 3.4 percentage points year-on-year, attributed to a higher proportion of high-margin railway equipment sales [5][11]. Financial Performance Summary - **Revenue**: - 2022: RMB 222.939 billion - 2023: RMB 234.262 billion - 2024E: RMB 240.868 billion - 2025E: RMB 248.796 billion - Growth rates: -1.2% (2022A to 2023A), 5.1% (2023A to 2024E), 2.8% (2024E to 2025E) [4][8]. - **Net Profit**: - 2022: RMB 11.653 billion - 2023: RMB 11.712 billion - 2024E: RMB 12.598 billion - 2025E: RMB 13.428 billion - Growth rates: 13.1% (2022A to 2023A), 0.5% (2023A to 2024E), 7.6% (2024E to 2025E) [4][8]. - **Earnings Per Share (EPS)**: - 2024E: RMB 0.44 - 2025E: RMB 0.47 - Adjusted EPS forecast for 2024 increased by 15% [7][10]. - **Valuation Metrics**: - A-shares trading at 16x/15x P/E for 2024E/2025E - H-shares trading at 9x/8x P/E for 2024E/2025E [7][14]. Development Trends - The demand for train sets is expected to continue to rise, supported by increased railway passenger traffic and ongoing bidding for new train sets [6]. - Maintenance revenue for train sets is projected to grow as more vehicles enter advanced maintenance stages [6].

证券研究报告 2024.04.10 公司研报 九洲药业 CDMO 稳健增长，原料药板块承压 吴婉桦 分析员 张琎 分析员 医药 医药 SAC 执证编号：S0080522120002 SAC 执证编号：S0080517040001 wanhua.wu@cicc.com.cn SFC CE Ref：BHM689 jin.zhang@cicc.com.cn 维 持跑赢行业 业绩回顾 股票代码 股票评级 目标价 2023年业绩低于我们预期 603456.SH → 跑赢行业 人民币21.60 公司公布2023年业绩：收入55.23亿元，同比增长1.4%；归母净利润 10.33亿元，同比增长12.2%；扣非净利润10.24亿元，同比增长10.5%。 股票代码 603456.SH 低于我们预期，主要因原料药行业竞争加剧及市场产品结构调整。 最新收盘价 人民币 16.64 发展趋势 52周最高价/最低价 人民币 36.36~15.49 总市值(亿) 人民币 149.7 CDMO项目管线日益丰富，保持稳健增长。2023年，公司CDMO实现营 业收入40.79亿元，同比+19.4%，毛利率40.3%，同比提升0.6ppt。截至 ...