Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company plans to issue convertible bonds to raise up to RMB 600 million for aviation engine capacity construction projects, reflecting strong market demand in the global aviation engine supply chain and the company's proactive expansion in both international and domestic markets [2][13] - The company is expected to achieve continuous high-quality improvement in operational capabilities due to its focus on enhancing aviation engine production capacity [2][13] Financial Summary - Total revenue is projected to grow from RMB 544 million in 2023 to RMB 1,411 million in 2027, representing a compound annual growth rate (CAGR) of 27.1% [4] - Net profit attributable to the parent company is expected to increase significantly from RMB 90 million in 2023 to RMB 279 million in 2027, with a notable growth rate of 349.6% in 2024 [4] - Earnings per share (EPS) is forecasted to rise from RMB 0.35 in 2023 to RMB 1.08 in 2027 [4] - The return on equity (ROE) is anticipated to improve from 8.6% in 2023 to 18.4% in 2027 [4] Target Price - The target price for the company has been raised to RMB 61.65, based on a price-to-earnings (PE) ratio of 76.48 times for 2026 [13] Market Data - The company's market capitalization is approximately RMB 11.492 billion, with a total share capital of 260 million shares [7] - The stock price has ranged from RMB 14.92 to RMB 44.28 over the past 52 weeks [7] Business Development - The company is leveraging advanced manufacturing techniques and strong customer relationships to expand its business, particularly in the aviation engine sector, where it supplies major global manufacturers [13] - The company is also entering the orthopedic implant market, which is expected to see increased demand due to an aging population and rising joint replacement rates [13]

Investment Rating - The report assigns a rating of "Accumulate" for the company [6]. Core Views - The company plans to issue convertible bonds to raise up to RMB 600 million for aviation engine capacity construction projects, reflecting strong market demand in the global aviation engine supply chain and the company's proactive expansion in both international and domestic markets [2][13]. - The company is expected to achieve continuous high-quality improvement in operational capabilities due to its focus on enhancing aviation engine production capacity [2][13]. Financial Summary - Total revenue is projected to grow from RMB 544 million in 2023 to RMB 1,411 million in 2027, with a compound annual growth rate (CAGR) of 27.1% [4]. - Net profit attributable to the parent company is expected to increase significantly from RMB 90 million in 2023 to RMB 279 million in 2027, reflecting a CAGR of 33.4% [4]. - Earnings per share (EPS) is forecasted to rise from RMB 0.35 in 2023 to RMB 1.08 in 2027 [4]. - The return on equity (ROE) is anticipated to improve from 8.6% in 2023 to 18.4% in 2027 [4]. Target Price and Valuation - The target price for the company has been raised to RMB 61.65, based on a price-to-earnings (PE) ratio of 76.48 times for 2026 [13]. - The current market price is within a 52-week range of RMB 14.92 to RMB 44.28, with a total market capitalization of RMB 11,492 million [7][8]. Business Development and Strategy - The company is leveraging advanced manufacturing techniques and strong customer relationships to expand its business, particularly in the aviation engine sector, where it supplies major global manufacturers [13]. - The company is also entering the orthopedic implant market, which is expected to see increased demand due to aging populations and rising joint replacement rates [13].

Group 1: Social Financing - In January 2026, the social financing stock growth rate was 8.2% (previous value 8.3%), with new social financing of 7.22 trillion yuan, an increase of 165.4 billion yuan year-on-year[7] - Government bonds contributed significantly with an increase of 976.4 billion yuan, up 283.1 billion yuan year-on-year[10] - Loans remained relatively stable with an increase of 4.9 trillion yuan, down 319.4 billion yuan year-on-year, and the loan balance decreased to 6.1% year-on-year (previous value 6.4%)[7] Group 2: Credit Trends - In January, new credit was 4.71 trillion yuan, a decrease of 420 billion yuan year-on-year, with corporate and household loans remaining stable[13] - Notably, there is a trend of short-term debt: corporate short-term loans increased by 310 billion yuan, while medium to long-term loans decreased by 280 billion yuan[13] - This indicates a conservative outlook for medium to long-term economic conditions among the private sector, while short-term activity remains robust[13] Group 3: Monetary Supply - M2 growth rate reached a two-year high at 9.0% (previous value 8.5%), while M1 growth was 4.9% (previous value 3.8%)[15] - Household deposits decreased by 339 billion yuan year-on-year, while corporate deposits increased by 281.6 billion yuan, reflecting a significant capital inflow[15] - The rise in M2 is attributed to expectations of currency appreciation and a historic wave of cross-border capital repatriation[18] Group 4: Future Outlook and Risks - The trend of corporate currency settlement is expected to continue, potentially driving further domestic liquidity expansion[25] - A risk to monitor is the slower-than-expected recovery of the private sector's balance sheets, which may impact economic stability[30]

投资要点： | 风险提示：在建项目不及预期、成本端剧烈波动风险。 | | --- | 公 司 研 究 坚定推进"7 加 5"战略布局，智能制造加速出海 玲珑轮胎(601966) 玲珑轮胎跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | | 本报告导读： 公司坚定推进"7+5"战略布局，智能制造加速出海。 基础化工 [Table_Industry] /原材料 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格： | 20.10 | | Table_CurPrice] [当前价格： | 14.92 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.24-18.23 | | --- | --- | | 总市值(百万 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group, with a target price adjusted to HKD 13.3 based on a FY2027 PE of 11x [11][13]. Core Insights - Lenovo Group is transitioning from a PC giant to a core hub of the AI ecosystem, driven by a closed-loop ecosystem of terminals, computing power, and services, resulting in significant revenue and profit growth [3][11]. - The company achieved a revenue of RMB 157.5 billion in FY26Q3, representing an 18% year-on-year increase, with adjusted net profit rising by 36% [11]. - AI-related revenue surged by 72% year-on-year, now accounting for 32% of total revenue, showcasing the effectiveness of Lenovo's mixed AI strategy [11]. Financial Summary - Revenue projections for FY2026E, FY2027E, and FY2028E are adjusted to USD 80.5 billion, USD 87.8 billion, and USD 94.8 billion, respectively, with Non-IFRS net profits projected at USD 1.74 billion, USD 1.95 billion, and USD 2.11 billion [5][13]. - The company is expected to maintain a strong operating profit growth across all three major business segments, with IDG, ISG, and SSG all achieving double-digit growth [11]. - The PE ratio is projected to decrease from 14.7 in 2024 to 7.1 in 2028, indicating a potential undervaluation compared to peers [5][15]. Business Segments Performance - IDG (Intelligent Devices Group) reported revenue of RMB 110 billion, with a 14% year-on-year growth, maintaining operational profit growth despite rising core component costs [11]. - ISG (Infrastructure Solutions Group) achieved a record revenue of RMB 36.7 billion, with over 31% year-on-year growth, driven by high double-digit growth in AI server revenue [11]. - SSG (Solutions and Services Group) led with a 22.5% operating profit margin, marking the scaling phase of AI services, with non-hardware-bound service revenue reaching 60% [11]. AI Strategy and Market Position - Lenovo's mixed AI strategy aligns with industry trends, focusing on AI PCs, AI servers, and edge computing, with a dual product system for personal and enterprise AI solutions [11]. - The company has established a closed-loop ecosystem for AI, collaborating with major players like NVIDIA to enhance its market position [11].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5] Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy, justifying the "Buy" rating [2][11] - The company launched the world's first native AI all-powertrain vehicle platform, "Guiyuan," which aims to enhance efficiency and competitiveness in the market [11] - The "Ecological Overseas" strategy is progressing effectively, with the completion of a factory in Brazil, expected to produce 50,000 vehicles annually [11] Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, a year-on-year increase of 10% [11] - Net profit attributable to shareholders for 2025 is estimated at 9.918 billion yuan, a decrease of 21.9% year-on-year [11] - The earnings per share (EPS) for 2025 is forecasted to be 1.16 yuan, with a target price of 24.64 yuan based on a 14x PE ratio for 2026 [11] - The company achieved a total sales volume of 400,000 vehicles in Q4 2025, a 5% increase year-on-year [11] - The overseas sales volume reached 172,000 vehicles in Q4 2025, marking a 33% increase year-on-year [11] Market Data - The current market capitalization of Great Wall Motors is 176.891 billion yuan, with a total share capital of 8.558 billion shares [6] - The stock price has fluctuated between 20.44 yuan and 27.52 yuan over the past 52 weeks [6] Financial Ratios - The return on equity (ROE) is projected to be 11.3% in 2025, with a price-to-earnings (P/E) ratio of 17.84 [4][12] - The net asset value per share is estimated at 10.10 yuan, with a price-to-book (P/B) ratio of 2.0 [7][12]

公 司 研 究 本报告导读： 公司坚定推进"7+5"战略布局，智能制造加速出海。 投资要点： | 风险提示：在建项目不及预期、成本端剧烈波动风险。 | | --- | 基础化工 [Table_Industry] /原材料 坚定推进"7 加 5"战略布局，智能制造加速出海 玲珑轮胎(601966) 玲珑轮胎跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | | | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格： | 20.10 | | Table_CurPrice] [当前价格： | 14.92 | [Table_Market] 交易数据 | 52 周内股价区间(元) | 14.24-18.23 | | --- | --- | | 总市值(百万 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy [2][11]. - The report highlights the launch of the "Guiyuan" platform, which is the world's first native AI all-powertrain automotive platform, aiming to enhance product efficiency and competitiveness [11]. - The company's overseas expansion strategy is progressing effectively, with the completion of a factory in Brazil, which will initially produce key models [11]. Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, reflecting a year-on-year increase of 10%. The net profit attributable to shareholders is expected to be 9.91 billion yuan, a decrease of 21.9% [4][11]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to 1.16 yuan, 1.76 yuan, and 2.01 yuan, respectively [11]. - The company’s net profit margin is projected to be 4.5% in 2025, with a return on equity (ROE) of 11.3% [4][11]. Sales Performance - In Q4 2025, Great Wall Motors achieved a sales volume of 400,000 vehicles, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. - The overseas sales reached 172,000 vehicles in Q4, marking a 33% increase year-on-year [11]. Strategic Developments - The "Guiyuan" platform is designed to support multiple powertrains and vehicle types, with plans to launch over 50 models [11]. - The company is enhancing its brand through increased investment in new models and technology, which has impacted short-term profitability [11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][23]. Core Insights - The company is a leading provider of real-time data infrastructure in China, having established a competitive barrier through its deep engagement in the asset management industry and diversified industry expansion [2][24]. - The real-time data processing market in China is in a high-growth phase, with a projected CAGR of 46.1% from 2020 to 2024, and expected to reach 50.5 billion yuan by 2029 [11][51]. - The company has a market share of 3.4% in the real-time data infrastructure and analytics market, ranking fourth, and holds the top position in the asset management sector with an 11.6% market share [27][32]. Financial Summary - Revenue projections (in million RMB) for 2024 to 2027 are as follows: 632, 1183, 2177, and 3311, with year-on-year growth rates of 19%, 87%, 84%, and 52% respectively [4][11]. - The net profit attributable to the parent company is forecasted to be -84, -144, 101, and 311 million RMB for the same period, with corresponding EPS of -0.28, -0.45, 0.31, and 0.97 [4][11]. - The target market capitalization is set at 33.8 billion HKD, with a target price of 104.78 HKD per share [11][23]. Business Segmentation - The company started in the asset management sector, providing real-time data solutions across the entire asset management lifecycle, and has expanded into diverse industries such as financial services, urban management, production management, and telecommunications [24][42]. - Revenue from the asset management sector is expected to grow at rates of 35%, 30%, and 20% from 2025 to 2027, while diversified industry revenue is projected to grow at 120%, 105%, and 60% during the same period [16][17]. Market Dynamics - The penetration rate of real-time data processing in China is currently below 4%, indicating significant growth potential [11][51]. - The company has developed over 300 modular solutions, allowing for flexible adaptation to various industry needs, enhancing its competitive edge [35][36]. User Growth and Revenue - The number of paying customers increased from 182 to 232 between 2022 and 2024, with an ARPU growth from 1.58 million to 2.72 million RMB, reflecting a CAGR of 13% and 31% respectively [46][48]. - The company's revenue is expected to grow rapidly due to the promotion of its solutions and increased brand recognition, despite currently operating at a slight loss due to high initial investments [48][50].

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The concentrated rental housing market is entering a growth phase driven by dual factors of policy benefits and declining interest rates, which help to resolve profitability issues [2][18] - The report constructs a comprehensive framework to quantify the investment value of rental housing REITs across five dimensions, analyzing how expansion mechanisms can reshape asset valuations through economies of scale and risk diversification [2][19] Summary by Sections 1. Market Growth Under Policy Benefits - Historical challenges include a long-term divergence between rental yield and housing price growth, leading to profitability issues for rental enterprises [9][10] - Policies from both supply and demand sides are addressing challenges in the concentrated rental market, transitioning it from unprofitable to viable [12][19] - A macroeconomic environment of declining interest rates is effectively reducing financing costs for rental enterprises, contributing to the maturation of their business models [15][17] - The rental housing supply has significantly increased, with institutionalized projects in 16 key cities reaching a total of 1.24 million units by the end of 2024, a year-on-year growth of 35.2% [18][19] - The market for large transactions in rental housing is heating up, with a notable increase in transaction volumes and values [23][24] 2. Rental Housing REITs: Types and Characteristics - Rental housing REITs are categorized into public rental housing, guaranteed rental housing, and market-oriented apartments, each with distinct tenant structures, income compositions, and cost structures [32][34] - Public and guaranteed rental housing have strict tenant admission criteria and regulated pricing, while market-oriented housing is driven by market dynamics [34][36] - The income structure varies significantly, with public and guaranteed housing having lower operational costs due to tax exemptions and subsidies, while market-oriented housing faces higher marketing and operational costs [42][46] 3. Comprehensive Value Assessment of Rental Housing REITs - The assessment framework includes five dimensions: regional economy (20%), asset quality (26%), operational management capability (37%), manager quality (12%), and market and policy environment (5%) [19][32] - Operational management capability is weighted most heavily, focusing on occupancy rates, rental growth rates, EBITDA margins, and cash flow distribution rates [19][32] - The report emphasizes that a normalized expansion mechanism for REITs will enhance asset valuations through economies of scale, risk diversification, and improved expectations [19][23] 4. Future Outlook: Impact of REIT Expansion on Asset Valuation - Growth in net operating income (NOI) will directly elevate asset values, while enhanced cash flow stability will lead to revaluation of existing assets [23][24] - "Platform-type REITs" with sustainable expansion capabilities will achieve higher operational funding multiples, resulting in an upward shift in overall valuation [19][23]