Investment Rating - The report maintains an "Accumulate" rating for Hisense Visual Technology (600060) [4] Core Views - Vidda, a sub-brand of Hisense, has launched its annual flagship products, including the X Ultra series AI TVs and C2 series 4K tri-color laser projectors, enhancing its product lineup [3] - The C2 series projectors are positioned as high-end products, featuring advanced specifications and competitive pricing, while the X Ultra series TVs aim to penetrate the entry-level market with attractive pricing [3] - Vidda's market share in online TV sales has increased by 1.55 percentage points year-on-year to 10.91%, ranking among the top five in the industry [3] - The report forecasts steady revenue growth for the company, with projected earnings per share (EPS) of 1.85, 2.11, and 2.39 yuan for 2024, 2025, and 2026 respectively [4] Financial Summary - Revenue for 2023 is reported at 53,616 million yuan, with projections of 60,695 million yuan for 2024, 67,882 million yuan for 2025, and 75,734 million yuan for 2026, reflecting a year-on-year growth of 17.2% in 2023 and a gradual decline in growth rates thereafter [2][7] - The net profit attributable to shareholders is expected to grow from 2,096 million yuan in 2023 to 3,129 million yuan in 2026, with a growth rate of 24.8% in 2023 [2][7] - The company's gross margin is projected to remain stable around 16.6% to 16.8% over the forecast period [2][7] - Return on equity (ROE) is expected to improve from 11.1% in 2023 to 12.3% in 2026 [2][7] Market Positioning - Hisense is recognized as a leading player in the domestic display industry, with a diversified technology approach and differentiated branding strategies [4] - The company is expanding its high-end and overseas market presence, which is expected to enhance its growth potential [4] - Vidda's product offerings are continuously being refined, with a focus on appealing to younger consumers and enhancing brand strength [3][4]

证券研究报告 ＃industryId＃ 航空运输 ＃title＃ 民航点评： ＃inve推stSu荐ggestion＃ （＃ 维＃持）＃ 出境游、公商务需求有望持续好转，淡季预期底部迎来配置良机 inveinstvSestS investS ou ng Cgue hogs antg nCie hs ati ou ng Cge hs at ni ＃createTime1＃ 2024年5月22日 ge＃ nge＃ ge＃ 投资要点 ＃ 相关rel报ate告dReport＃ ＃sum事ma件ry＃：根据已经公布的上市航企数据，4月五家航司投入运力合计环比 -2.71%，国航、南航、东航、春秋、吉祥ASK环比分别-3.1%、-4.1%、-1.4%、 《航空机场年报及一季报综述： 板块盈利修复中继之年，需求波 -3.3%、3.2%。4月五家航司旅客周转量合计环比-2.39%，国航、南航、东 动下航司 Q1 业绩分化》 2024-05-12 航、春秋、吉祥RPK环比分别-2.7%、-3.2%、-1.7%、-2.1%、0.6%。客 《航班换季及2月民航数据点 座率看，4月国航、南航、东航、春秋、吉祥环比分别+0.30pc ...

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 底部逐渐清晰，关注后续盈利拐点 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） inve stS 行 ugg esti ＃createTime1＃ 2024年 05月 22日 onChan 业 ge＃ 投 ＃ 相关rel 报ate 告dR eport＃ 投资要点 资 《【兴证电新-周报】技术迭代推 ＃ ⚫ sum 估ma 值ry＃ 和 超配水平仍处低位，对行业盈利压力，尤其是中游材料的悲观预期已 月 动行业变革，关注产业链供需变 经较为充分。截止到2024年5月17日，申万电池指数（801737）剔除负值 化》2024-05-20 度 《【兴证电新-周报】锂电资本开 后平均市盈率TTM为22.25倍，处于2016年1月以来8%分位，平均市净率 报 支降速，关注后续盈利拐点- LF 为 2.46 倍，位于 2016 年 1 月以来 2%分位，估值水平仍处历史低位。 20240513》2024-05-13 告 《【兴证电新】锂电4月策略： 2024Q1电池持仓超配比例小幅回升至2.77%，相较于前期仍处低位，其中宁 悲观 ...

公 司 研 究 ＃相关rel报ate告dReport＃ 《【兴证医药】大博医疗 2021 （002901）三季报点评：集采影 响业绩，产品线后续发力》 2021-11-13 《 【 兴 证 医 药 】 大 博 医 疗 （002901）2020 年年报及 2021 一季报点评：20 年逆势增长， 21 年初始高速起航》2021-04-28 《大博医疗（002901）2020 年 三季报点评：骨科全产品线布 局 ， 业 绩 持 续 高 速 增 长 》 2020-10-28 | --- | --- | --- | --- | --- | |-----------------------------------------|--------|--------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 1533 | 2019 | 2559 | 3023 | | 同比增长 | 6.9% | 31.7% | 26.8% | 18.1% | | 归母净利润 ( 百万元 ) | ...

电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位投资者大家早上好欢迎大家参加新政海外新时代的港股核心资产系列电话会议地产产业链篇首先请宋健老师好的各位投资者大家早上好我们又见面了那么今天早上我们是按照我们策略的选股思路选择了几个 比較優質的地產產業鏈上的公司大家看到上面的標題上面其實都是以物管商管為主那麼我今天會先講一下整個物業管理以及商管的整體情況然後我們的分析師孫中聯會給大家更詳細的講解一下這些標題這些標題其實也都是我們重點覆蓋在以往電話會議上其實都有講過很多次的 很多投資人可能會問 物管到底還值不值得投資那麼覺得物管的業務不獨立有很多的跟地產這種關聯交易還容易受到地產風險的外溢那麼我們可以看一下這個物管物業管理這個 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities and its clients Core Points and Arguments - The content of the conference call is protected by copyright, and any reproduction or distribution without permission is considered infringement [1] - Participants are reminded not to disclose insider information or any material non-public information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of compliance with legal responsibilities regarding the confidentiality of the information shared [1]

Investment Rating - The investment rating for Fuyao Glass is "Buy" [1][2]. Core Viewpoints - Fuyao Glass is expected to accelerate its global market share expansion, contrary to market concerns that its share may be nearing a ceiling. The report suggests that foreign competitors are currently reducing capacity or adopting a cautious investment approach, while Fuyao continues to increase capital expenditures for new factory expansions [1][6][21]. - The global automotive glass market is highly concentrated, with Fuyao Glass, Asahi Glass, Pilkington, and Saint-Gobain accounting for approximately 93% of the market share in 2023 [7][12]. - Fuyao Glass has demonstrated superior profitability and investment returns compared to foreign competitors, with a net profit margin of 17.0% in 2023, while foreign players are struggling to achieve profitability [22][24]. Summary by Sections 1. Global Automotive Glass Participants Comparison - The competitive landscape is characterized by one dominant player (Fuyao Glass) and several strong competitors. Fuyao's market share in China has reached 70%, with significant potential for further growth in the aftermarket [5][6]. - Foreign competitors are generally adopting a strategy of reducing production capacity and focusing on high-value-added products, while Fuyao is expanding its production capacity both domestically and internationally [16][17]. 2. Operational Review - Asahi Glass is restructuring its automotive glass business, focusing on improving profitability and reducing capacity in Europe [31][32]. - Pilkington aims to enhance profitability through a focus on high-value products, but anticipates that automotive glass revenue will not return to pre-pandemic levels [35][36]. - Saint-Gobain is maintaining a cautious investment strategy, with a focus on high-performance products and a target operating profit margin of 13%-14% [16][17]. 3. Investment Recommendations - The report expresses confidence in Fuyao Glass's ability to increase its global market share, driven by strong order support and a favorable competitive environment due to foreign competitors' struggles [1][6][21]. - Fuyao's capital expenditures are expected to continue rising, with plans to invest 9 billion yuan in automotive safety glass projects, aiming for an annual production capacity of 46.6 million square meters [17][21].

Investment Rating - The report maintains a positive investment rating for bank stocks, emphasizing the strengthening of dividend logic in the banking sector [2]. Core Viewpoints - The total dividend amount for listed banks in 2023 exceeded 610 billion yuan, with a stable growth trend observed from 2010 to 2023, where the total dividends reached over 5.85 trillion yuan [6][10]. - The average dividend payout ratio for listed banks from 2010 to 2023 was 26%, with state-owned banks maintaining a ratio above 30% [6][10]. - The introduction of new regulations has led to an increase in cash dividend ratios for several banks in 2023, enhancing the stability and sustainability of dividends [6][10]. Summary by Sections 1. Historical Dividend Review - The total dividend amount for listed banks in 2023 was over 610 billion yuan, with state-owned banks contributing 67% and joint-stock banks 23% [6][10]. - The average dividend payout ratio for listed banks has shown a steady increase, with state-owned banks maintaining a long-term ratio above 30% [6][10]. 2. Effectiveness and Sustainability of Bank Dividends - Historical analysis shows that net dividend amounts (dividend amount minus equity financing) have been steadily increasing, indicating improved effectiveness of dividends [3][15]. - The average annual equity financing amount for listed banks from 2011 to 2023 was approximately 87 billion yuan, significantly reduced since 2020 [16]. - Capital pressures are low, suggesting that dividends can be sustained in the short term, with capital adequacy ratios remaining well above regulatory requirements [3][10]. 3. Outlook for Bank Dividend Space - The average dividend yield for the five major state-owned banks is currently around 5.3%, with a significant premium over ten-year government bond yields [10][11]. - The report highlights that the dividend logic for banks is being reinforced, with many banks increasing their dividend ratios and announcing mid-term dividend plans for 2024 [10][12].

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xingye Securities Core Points and Arguments - The content of the conference call is exclusively for the clients of Xingye Securities, and all rights are reserved by the company [1] - Any reproduction or distribution of the meeting content without permission is considered an infringement, and Xingye Securities reserves the right to pursue legal action [1] - Participants in the conference call are prohibited from disclosing insider information or any undisclosed important information [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of confidentiality and compliance with legal standards regarding insider information [1]

Investment Rating - The report maintains a "Buy" recommendation for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights the confirmed long-term weight loss effects of semaglutide, with new clinical trials targeting liver disease set to commence [4]. - The Hang Seng Index rose by 3.11% and the Hang Seng China Enterprises Index increased by 3.21% during the trading week from May 13 to May 17, while the Hang Seng Healthcare Index fell by 0.72% [5]. - Notable stock performances include a 33.90% increase for Viatris, a 24.16% rise for Hong Kong Medical Group, and a 21.30% gain for Cornerstone Pharmaceuticals [6]. Summary by Sections Market Performance - The Hang Seng Index increased by 3.11%, and the Hang Seng China Enterprises Index rose by 3.21% during the specified trading week [5]. - The Hang Seng Healthcare Index experienced a decline of 0.72% [5]. Stock Highlights - The top three performing stocks during the week were Viatris (33.90%), Hong Kong Medical Group (24.16%), and Cornerstone Pharmaceuticals (21.30%) [6]. - The largest decline was seen in Dongyang Sunshine Pharmaceutical, which fell by 14.44% [6]. Clinical Trials and Research - Novo Nordisk is set to initiate a Phase 2 trial to evaluate the effects of semaglutide and two other drugs on patients with alcohol-related liver disease [4]. - The trial will involve 240 adult patients with a history of alcohol consumption, assessing liver function and fibrosis levels [4]. Investment Strategy - The report suggests focusing on stocks with reasonable valuations and catalysts, including ConvaTec (02162.HK), 3SBio (01530.HK), and others [3].