| 评级:增持(维持) | | |--------------------------|----------------| | 分析师:杜冲 | | | 执业证书编号: | S0740522040001 | | 电话: | | | Email:duchong@zts.com.cn | | | 联系人:李鼎莹 | | | 电话: | | | Email:lidy@zts.com.cn | | | 基本状况 | | |-----------------------|-----------| | 上市公司数 | 121 | | 行业总市值(百万元 ) | 3,009,907 | | 行业流通市值 (百万元) | 2,581,742 | | | | 1,500.00 1,600.00 1,700.00 1,800.00 1,900.00 2,000.00 2,100.00 23-0623-0723-0823-0923-1023-1123-1224-0124-0224-0324-0424-05 交通运输指数 沪深300(可比) 公司持有该股票比例 相关报告 交运 证券研究报告/行业周报 2024 年 06 月 29 日 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [10]. Core Insights - The company reported a revenue of 23.214 billion yuan for the fiscal year 2023/24, representing a year-on-year growth of 38.4%. The net profit attributable to the parent company was 3.074 billion yuan, up 43.7% year-on-year [3][4]. - The main brand, Bosideng, achieved a revenue of 19.521 billion yuan, accounting for 84.09% of total revenue, with a gross margin of 65.0% [3]. - The company has successfully expanded its product categories, with significant growth in the Xuezhongfei brand, which saw a revenue increase of 65.3% [3]. - The company is focusing on channel structure upgrades and enhancing store efficiency, leading to improved sales performance despite a slight reduction in the number of physical stores [3][4]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue (million yuan): 16,774 in 2023A, 23,214 in 2024A, 26,654 in 2025E, 30,339 in 2026E, 34,365 in 2027E - Net Profit (million yuan): 2,139 in 2023A, 3,074 in 2024A, 3,569 in 2025E, 4,106 in 2026E, 4,703 in 2027E - Year-on-year growth rates for revenue and net profit are projected to be 38.4% and 43.7% for 2024, respectively [2][8]. - Profitability Metrics: - Gross margin for the fiscal year was 59.6%, with a net margin of 13.4% [3][6]. - The company’s return on equity (ROE) is projected to be 23.4% in 2024, gradually decreasing to 19.8% by 2027 [2][8]. Operational Efficiency - The company has improved its inventory turnover, with inventory days reduced by 29 days to 115 days, indicating enhanced operational efficiency [6]. - The company reported a net cash position of 6.227 billion yuan, indicating strong liquidity [8]. Market Positioning - The company is positioning itself as a leading expert in down jackets, with a focus on multi-category expansion to drive year-round sales [6][9]. - The online sales of the main brand's down jackets reached 6.836 billion yuan, accounting for 35% of total revenue, reflecting a strong digital presence [3].

Investment Rating - The report assigns a "Buy" rating for Fosun Tourism Group (1992.HK) [2]. Core Insights - Fosun Tourism Group is positioned in the high-end leisure vacation sector, showing strong growth potential despite global economic uncertainties. The company achieved a 19% increase in tourism operating revenue in 2023, with a steady growth trend continuing into 2024 [5][17]. - The company's strategic focus on high-end vacation offerings, such as Club Med, has led to a significant increase in average daily room rates, which rose by 31% compared to 2019 [17][22]. - The report highlights a shift in revenue and profit structure, with a decreasing reliance on real estate sales, which now account for less than 7% of total revenue, down from 20% in 2019 [28][31]. Summary by Sections 1. Positioning in High-End Leisure Vacation Sector - Global high-end consumption is expected to maintain resilience in the short term and steady growth in the long term, driven by high-income groups [7][10]. - Fosun Tourism Group's performance has been impressive since 2023, with a 19% growth in tourism operating revenue despite external challenges [5][17]. 2. Brand and Product Advantages - The company's product strength has been validated, with profitability exceeding pre-pandemic levels. In 2023, tourism operating revenue reached 181 billion yuan, a 19% increase year-on-year [22][24]. - The company has adopted a light-asset operation strategy, focusing on enhancing operational capabilities in products, brands, and services to achieve sustainable growth [26][27]. 3. Revenue and Profit Structure Changes - The reliance on real estate has decreased significantly, with tourism operations now contributing the majority of revenue. In 2023, adjusted EBITDA was 37.3 billion yuan, with tourism operations accounting for 37.13 billion yuan [28][31]. - The company maintains a stable net debt level of 8.7 billion yuan and has a healthy cash balance of approximately 3 billion yuan [33][34]. 4. Profit Forecast and Valuation - The report forecasts revenue growth for 2024-2026, estimating total revenues of 185 billion yuan, 207 billion yuan, and 224 billion yuan, respectively, with a focus on tourism operations [35][36]. - The current valuation is considered low, with the report suggesting a potential for significant price recovery as the company continues to expand its high-end vacation offerings [40][41].

【中泰研究丨晨会聚焦】机械王可：石化装备行业深度二：石化大规模设备更新在 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： 欢迎关注中泰研究所订阅号 晨会聚焦 即，装备受益几何？ 证券研究报告 2024 年 6 月 30 日 [b_Suy 今日预览 今日重点>> 【固收】肖雨：ABS 分析手册：要素篇 【固收】肖雨：详解隐含税率：逻辑、走势与策略价值 【机械】王可：石化装备行业深度二：石化大规模设备更新在即，装备 受益几何？ 晨报内容回顾： 今日重点 ►【固收】肖雨：ABS 分析手册：要素篇 肖雨｜中泰固收行业负责人 S0740520110001 本文是 ABS 系列研究第一篇。自 2005 年至今，ABS 市场由高速增长转为稳步发展。在当下"资 产荒"的背景下，ABS 不失为投资的可选项之一。本文从理论层面出发，结合案例对 ABS 的发展 历程、分类特征、基本要素、信用增信与风险处理等方面进行解析，以供投资者参考。 ABS 是一种债券性质的金融工具，根据 2020 年 8 月起施行的《标准化债 ...

| 评级:增持(维持) | | |--------------------------|----------------| | 分析师:杜冲 | | | 执业证书编号: | S0740522040001 | | 电话: | | | Email:duchong@zts.com.cn | | | 联系人:李鼎莹 | | | 电话: | | | Email:lidy@zts.com.cn | | | 基本状况 | | |-----------------------|-----------| | 上市公司数 | 121 | | 行业总市值(百万元 ) | 3,009,907 | | 行业流通市值 (百万元) | 2,581,742 | | | | 1,500.00 1,600.00 1,700.00 1,800.00 1,900.00 2,000.00 2,100.00 23-0623-0723-0823-0923-1023-1123-1224-0124-0224-0324-0424-05 交通运输指数 沪深300(可比) 公司持有该股票比例 相关报告 交运 证券研究报告/行业周报 2024 年 06 月 29 日 ...

Summary of the Conference Call Company and Industry Involved - The conference call is related to the humanoid robot industry, specifically focusing on the company "Zhongtai Advanced Industry" and its report on the "Amperelong" project [1] Core Points and Arguments - The call began with a welcome message and a statement indicating that all participants were muted, suggesting a formal and structured approach to the meeting [1] - The host was prepared to start the presentation immediately after the declaration, indicating a focus on efficiency and clarity in communication [1] Other Important but Possibly Overlooked Content - The initial part of the call included a formal declaration, which may imply regulatory or compliance considerations relevant to the industry [1]

Summary of Conference Call Company/Industry Involved - The conference call pertains to Zhongtai Securities, a securities firm in China [1] Core Points and Arguments - The company reported a significant increase in revenue, with a year-over-year growth of 25% in the last quarter [1] - The net profit margin improved to 15%, reflecting effective cost management strategies [1] - The firm highlighted its expansion into wealth management services, which contributed to 30% of the total revenue [1] - The management emphasized the importance of digital transformation, stating that online trading volumes have surged by 40% [1] - Regulatory changes in the securities industry were discussed, with management expressing confidence in adapting to new compliance requirements [1] Other Important but Possibly Overlooked Content - The company plans to invest in technology upgrades, allocating approximately 200 million yuan for the next fiscal year [1] - There was a mention of potential risks related to market volatility, which could impact trading volumes [1] - The management noted a growing interest from retail investors, which is expected to drive future growth [1]

【地产】由子沛：行业点评：政策持续放松，销售有所企稳 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨 询业务资格。本报告仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为客户。 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力 求独立、客观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性 和完整性，且本报告中的资料、意见、预测均反映报告初次公开发布时的判断，可能会随时调整。 本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。本报告所载的资料、工具、意见、信息及推测只提供给客户作参考之用，不构成任何投资、法 律、会计或税务的最终操作建议，本公司不就报告中的内容对最终操作建议做出任何担保。本报告 中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2]. Core Insights - The company is positioned as a leading player in the smart sensor industry, with a strong growth trajectory and significant market opportunities driven by stricter emission standards and domestic substitution potential [2][3]. - The company has achieved key material localization and strong technological independence, which enhances its competitive edge against established players like Bosch [2][3]. - The company is expanding its product offerings, including the development of multi-dimensional force sensors, which opens up new growth avenues [2][3]. Summary by Sections Company Overview - The company has been deeply involved in the smart sensor industry for over 20 years, with a diverse product matrix including temperature sensors, pressure sensors, and thermal resistors [19][31]. - The company has established a strong customer base, including major automotive and appliance manufacturers, which supports its high-quality development [14][19]. Market Analysis - The global sensor market reached over 350 billion yuan in 2022, with the Chinese market exceeding 50 billion yuan, indicating substantial growth potential [2][31]. - The automotive sector is a significant driver for sensor demand, particularly with the implementation of stricter emission standards [2][31]. Financial Projections - The company is expected to see rapid revenue growth, with projected net profits of 109 million yuan, 140 million yuan, and 192 million yuan for 2024, 2025, and 2026 respectively, reflecting a CAGR of 33% for profits and 22% for revenue [2][12]. - The company's P/E ratios are projected to decrease from 36 to 21 over the next three years, indicating improving valuation metrics [2][12]. Competitive Positioning - The company is compared favorably against Bosch, with significant advancements in technology and product offerings that enhance its market position [2][3]. - The company has successfully localized key materials and established partnerships with both domestic and international automotive parts manufacturers [2][3]. Product Development - The company is actively developing new products, including a project focused on multi-dimensional force sensors, which is currently in the validation and sample production stage [2][3]. - The company’s core products, including thermal resistors and pressure sensors, are expected to contribute significantly to its revenue, with pressure sensors showing a notable increase in revenue share [22][31].

Investment Rating - The report initiates coverage with a "Buy" rating, expecting the company's stock to outperform the benchmark index by over 15% in the next 6-12 months [24][27][36]. Core Insights - The company is positioned to benefit from the growing demand in the automotive and home appliance sectors, with a projected revenue CAGR of 22% and a net profit CAGR of 33% from 2024 to 2026 [24][40]. - The company has made significant advancements in sensor technology, particularly in pressure and temperature sensors, and is expanding into torque sensors, which opens up new growth opportunities [31][40]. - The domestic market for sensors is rapidly growing, with a notable shift towards local production, as evidenced by the increasing domestic market share of six-dimensional force sensors [8][31]. Summary by Sections Company Overview - The company has over 20 years of experience in the smart sensor industry, evolving into a leading national high-tech enterprise with a diverse product matrix including temperature and pressure sensors [46]. - Major clients include well-known companies such as BYD, SAIC Group, and Huawei, with a global sales network [46][49]. Market Analysis - The sensor market is projected to reach a scale of hundreds of billions, with significant growth in the pressure and temperature sensor segments, expected to reach 737 billion and 819 billion respectively by 2024 [31][40]. - The report highlights the competitive landscape, comparing the company to global leaders like TDK and Sensata, indicating a strong growth potential for the company [31][40]. Financial Projections - The company’s revenue has grown from 258.95 million in 2018 to 746.57 million in 2023, with a CAGR of 24% [53]. - Forecasted net profits for 2024, 2025, and 2026 are 1.09 billion, 1.40 billion, and 1.92 billion respectively, reflecting a strong upward trend in profitability [24][40]. Product Development - The company is focusing on developing advanced sensor technologies, including MEMS and glass micro-melting pressure sensors, which are expected to enhance its product offerings [40][46]. - The introduction of torque sensors is anticipated to create a new growth curve, particularly in the robotics sector, which is projected to expand significantly [40][46].