Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the smartphone shipments of the company are expected to reach a historical high of 168.5 million units in 2024, with a year-on-year growth of 15.4%, significantly surpassing the industry growth rate of 6.4% [3][7] - The company is focusing on high-end strategies and AI smartphone trends, which are anticipated to be crucial for long-term development [3][21] - The report emphasizes the importance of the company's ecosystem strategy, which integrates hardware and software, enhancing user engagement and creating a competitive edge [4][6] Summary by Sections Xiaomi Smartphone: Business Model Innovation to Technological Accumulation - The company has adopted a differentiated pricing strategy, focusing on low hardware margins while monetizing through internet services [4] - The smartphone business is entering a stable and sustainable growth phase, with a focus on high-end market penetration [6] Smartphone Performance and Market Outlook - In 2024, the company is projected to achieve a global market share of 13.6%, with flagship models performing well and ASP increasing by 10.5% [3][7] - The high-end smartphone sales are expected to grow by 43% year-on-year, with a target of increasing sales by 10 million units every 3-5 years [11][17] AI Smartphone Strategy - The company launched its AI smartphone strategy with the introduction of the Hyper OS 2 and the Super Xiao Ai assistant, which offers various AI functionalities [18][21] - The AI smartphone initiative is supported by a robust ecosystem that leverages perception data and IoT capabilities, providing a competitive advantage [22][27] Investment in Research and Development - The company plans to increase its R&D investment to 30 billion yuan in 2025, a 25% increase from 2024, to enhance its AI capabilities [31] - The establishment of a GPU cluster for AI model training is expected to significantly boost the company's technological capabilities [31]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector outperformed the CSI 300 index, with a weekly increase of 2.63% compared to the index's 1.19% [3][5] - AI is expected to empower the medical field, particularly in gene testing, with companies like Tempus leading the way in data analysis and AI optimization for cancer diagnosis and treatment [15][17] - The report emphasizes the importance of high-quality data in the AI medical field, which is a key competitive advantage [17] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical sector's performance was characterized by a 2.63% increase, while the CSI 300 index rose by 1.19% during the week of February 10-14, 2025 [3][5] - Year-to-date, the pharmaceutical sector has seen a decline of 11.13%, underperforming the CSI 300 index by 25.93 percentage points [5] 2. Industry Events/Policy Overview - The report highlights the announcement of 274 exemplary projects in the 5G+ healthcare application pilot program, which aims to promote the large-scale development of 5G healthcare applications [13] 3. Industry Investment Strategy - The report suggests prioritizing investments in companies with quality data access and a broad user base, particularly in imaging, gene testing, pathology, robotics, and health management sectors [18] - It notes that the pharmaceutical industry is currently at a historical low, presenting investment opportunities in 2025, especially in innovative drugs and medical devices [19][20] 4. Recommended Stocks - Key recommended stocks include: - **Hengrui Medicine**: Expected to see growth from innovative drugs and international expansion [29] - **Baiyue Pharmaceutical**: Leading in innovative drug development with strong sales growth [28] - **Wuxi AppTec**: A global leader in integrated CXO services with strong order growth [31] - **Aibo Medical**: High growth potential in the ophthalmic device sector [32] 5. Market Outlook - The report anticipates a recovery in the pharmaceutical sector in 2025, driven by improved fundamentals and a favorable macroeconomic environment [20][21] - It highlights the potential for innovative drugs and medical devices to benefit from policy support and internationalization efforts [21][24]

宏观经济研究 | 宏观经济研究 证券研究报告 报告日期 2025 年 02 月 17 日 分析师：段超 S0190516070004 duanchao@xyzq.com.cn 分析师：卓泓 S0190519070002 zhuohong@xyzq.com.cn 分析师：金淳 S0190524090001 jinchun@xyzq.com.cn 相关研究 【兴证宏观】20250209-再论《眼前的 "坎儿"和不远的"风景"》——兴证宏 观思考 第四期-2025.02.09 20250209-【兴证宏观】海外周报第 53 期：预期分化：日元走强，美元回落， 欧英放鸽-2025.02.09 【兴证宏观】长风破浪：从价值链看美 国关税影响——兴证宏观价值链研究系 列四-20250208-2025.02.08 俄乌变局，欧洲变局？ 投资要点： 开年以来，欧洲股市持续走强，上周俄乌谈判迎来转机进一步提振市场情绪。但近期公 布的欧元区 2024Q4 实际 GDP 仅环比增长 0.1%，制造业 PMI 也仍处萎缩区间。如何 理解欧洲经济和股市的背离？俄乌变局之后会有哪些变化？ 请阅读最后评级说明和重要声明 1/13 ⚫ 岁末 ...

行业周报 | 农林牧渔 证券研究报告 | 行业评级 | 推荐（维持） | | | --- | --- | --- | | 报告日期 | 2025 02 | 17 | 相关研究 农林牧渔 猪价维持弱势运行，鸡苗价格持续走低 投资要点： S0190522080004 jiyuze@xyzq.com.cn 分析师：曹心蕊 S0190521050002 caoxinrui@xyzq.com.cn 分析师：潘江滢 S0190524060001 panjiangying@xyzq.com.cn 请阅读最后评级说明和重要声明 1/16 -2025.02.09 -2025.01.19 -2025.01.06 分析师：纪宇泽 目录 | 一、 行情回顾…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4 | | --- | | ( 一 ) 行业行情 | | ( 二 ) 个股行情 - | | ( 三 ) | | （ 四 ） 本周重要公告 | | （五） 畜禽价格 …………… ...

行业评级 推荐（维持） 行业周报 | 医药生物 证券研究报告 报告日期 2025 年 02 月 17 日 相关研究 【兴证医药】AI 有望赋能医疗领域，继 续看好创新药+创新药产业链——医药行 业周报（2025.2.3-2025.2.7）- 2025.02.11 【兴证医药】医药板块持仓降至历史低 位、继续看好创新药+创新药产业链—— 兴证医药 2025 年 2 月投资月报- 2025.02.05 【兴证医药】医保丙类目录推进中，有 望进一步提升创新药可及性——医药行 业周报（2025.1.13-2025.1.17）- 2025.01.20 分析师：孙媛媛 S0190515090001 sunyuanyuan@xyzq.com.cn 分析师：黄翰漾 S0190519020002 huanghanyang@xyzq.com.cn | 年 2 | 表 1、2025 年 2 | 月 10 | 日-2025 | | 月 14 | | 日医药板块个股涨幅前 5 | 和跌幅前 5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ...

S0190519080002 BPL829 hongjiajun@xyzq.com.cn 海外行业跟踪报告 | 信息技术 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 17 日 相关研究 S0190523060002 请注意: 翁嘉源并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 wengjiayuan@xyzq.com.cn xufenglong@xyzq.com.cn 小米手机：AI 手机二次点火 投资要点： 请阅读最后评级说明和重要声明 1/11 分析师：洪嘉骏 分析师：翁嘉源 小米手机：2024 年出货增速历史次高，2025 年有望高端化。公司智能手机在 2024 年 出货量为历史次高的 1.685 亿部，同比增速 15.4%，远超行业增速 6.4%，全球市场份 额增长至 13.6%（YoY +1.1pcts），受益于旗舰新机发布，2024 年 Q3 公司智能手机 ASP 同比增长 10.5%。展望 2025 年，公司手机业务有望受益于国家补贴政策、高端 化战略以及 AI 手机趋势，我们认为 AI 趋势对长期发展尤为关键，看好公司在感知数 据、 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's same-store sales decline has narrowed, and store costs continue to optimize. The core operating profit for Q4 2024 exceeded expectations, with guidance for 2025 indicating that the core operating profit margin will remain at least flat or show positive year-on-year growth. The company maintains a robust shareholder return budget, providing a safety net for dividends [4]. - The company plans to open 1,600 to 1,800 new stores in 2025, with a total of 16,395 stores by the end of 2024, including 11,648 KFC and 3,724 Pizza Hut locations [5][4]. Financial Performance Summary - For Q4 2024, the company achieved revenue of $2.6 billion, a year-on-year increase of 4%. The net profit attributable to shareholders was $115 million, up 18% year-on-year, and core operating profit was $150 million, up 35% year-on-year [4]. - The company expects revenues of $11.84 billion, $12.71 billion, and $13.63 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 4.7%, 7.4%, and 7.2%. The net profit attributable to shareholders is projected to be $976 million, $1.06 billion, and $1.14 billion for the same years, with growth rates of 7.1%, 8.2%, and 7.8% [6][4]. - The company’s earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Shareholder Returns - The company has maintained strong dividend and buyback efforts, with a total shareholder return of $1.5 billion for the year and a 50% increase in quarterly dividends to $0.24 per share for Q4 2024, which will continue into 2025 [4]. - The total shareholder return plan for 2025 and 2026 remains at $3 billion, representing 8.3% of the market capitalization of HKD 1,404 billion [4]. Store Performance - The operating profit margins for KFC and Pizza Hut in Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - Same-store sales for KFC declined by 1% in Q4 2024, while Pizza Hut's same-store sales declined by 2%. However, transaction volumes increased by 3% and 9% for KFC and Pizza Hut, respectively [4].

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Viewpoints - Coal prices are experiencing a downward trend, and the market is awaiting a recovery in demand [1]. - The report highlights an increase in daily coal consumption and a faster resumption of coal mining operations, contributing to the decline in coal prices [8]. - The coking coal and coke markets are under pressure, with the ninth round of price reductions for coke initiated [24]. - The steel market is also facing challenges, with a slight decline in iron output [29]. - Futures prices for coking coal and coke have decreased, leading to a convergence in price spreads [37]. - Transportation costs for both sea and land are gradually stabilizing after a period of decline [38]. Weekly Data Tracking - **Thermal Coal**: Daily consumption has risen, and coal mining recovery is accelerating, leading to a weak decline in coal prices [8]. - **Coking Coal and Coke**: The coking market is undergoing its ninth price reduction, while coking coal prices are under pressure [24]. - **Downstream Changes**: The steel price is declining, and iron output has slightly decreased [29]. - **Futures Market**: Both coking coal and coke futures prices have fallen, with price spreads narrowing [37]. - **Transportation Situation**: Shipping rates for both sea and land are gradually stopping their decline [38]. Weekly Market Review (2025.2.10-2025.2.14) - The report provides a comparative performance of major indices and coal stocks, indicating a decline in coal sector performance [43]. - Notable stock performances include AnYuan Coal Industry with a 13.72% increase, while several other companies like Xinji Energy and Zhongmei Energy experienced declines [43]. Weekly Insights (2025.2.9-2025.2.15) - The report includes detailed financial metrics for various coal companies, with ratings and price changes reflecting market conditions [46].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The company is expected to achieve significant revenue and profit growth in 2024, driven by the ongoing Singapore UMC project, with projected revenue between 5.166 billion to 5.597 billion yuan, representing a year-on-year increase of 61.39% to 74.84% [3] - The net profit attributable to shareholders is expected to be between 611 million to 662 million yuan, reflecting a year-on-year growth of 112.90% to 130.64% [3] - The company has established long-term partnerships with high-quality clients, enhancing its competitive advantage [4] - The domestic and overseas markets are expected to continue driving growth, with significant contributions from the semiconductor industry [5] - The company has shown improvement in cash flow and maintains a high dividend payout ratio, indicating strong shareholder returns [6] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 5.398 billion yuan, a 68.6% increase from 2023, and a net profit of 626 million yuan, a 118.2% increase [8] - The gross profit margin is projected to be 18.1% in 2024, up from 14.2% in 2023 [8] - Earnings per share (EPS) is expected to rise to 2.93 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 10.4 times [8] Market Position and Strategy - The company benefits from a dual-market strategy, with significant revenue contributions from both the domestic and Singaporean markets, accounting for 58.11% and 41.82% of total revenue, respectively [5] - The semiconductor industry in Singapore is robust, with a manufacturing output exceeding 1,330 billion SGD (approximately 1,010 billion USD), which is expected to drive demand for cleanroom engineering services [5] Cash Flow and Dividends - The company's operating cash flow improved significantly, with a net cash flow of 1.343 billion yuan in Q3 2024, a 53.39% increase year-on-year [6] - The dividend payout ratio has been consistently above 30%, reaching 74.37% in 2023, indicating a strong commitment to returning value to shareholders [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1]. Core Insights - The company is positioned as a leader in fingerprint and touch control technologies, with a diverse product line that supports robust growth [6]. - The profit pressure period has ended, and the company is back on a growth trajectory, with significant profit recovery observed in 2024 [3][15]. - The introduction of a new ultrasonic fingerprint sensor is expected to catalyze growth in the Android market, enhancing the company's competitive position [3][49]. - The company plans to acquire Yunyinggu to create a complete OLED solution, which is anticipated to strengthen its market position [3][64]. - A diversified product portfolio, including light sensors and health sensors, is expected to stabilize revenue growth and enhance long-term growth certainty [3][23]. Summary by Sections Company Overview - The company, founded in 2002, provides leading semiconductor hardware and software solutions for smart terminals, IoT, and automotive electronics, evolving from a multi-functional phone chip supplier to a leader in touch control chips [6][9]. Financial Performance - The total revenue for 2023 is projected at 44.08 billion yuan, with a year-on-year growth of 30.3%. The net profit attributable to shareholders is expected to reach 1.65 billion yuan, reflecting a significant year-on-year increase of 122.1% [3]. - The company has successfully recovered from a period of losses in 2022, with net profit for the first three quarters of 2024 reaching 448 million yuan, a substantial increase compared to the previous year [15]. Product Lines and Market Position - The company has developed five key product lines: sensors, touch control, connectivity, audio, and security, which are widely used across various applications [9]. - The ultrasonic fingerprint recognition technology is expected to penetrate the market rapidly, with the first deployment in the Vivo X100 Ultra in May 2024 [3][44]. - The touch control products are positioned to benefit from the growing OLED market, with the company planning to enhance its capabilities through the acquisition of Yunyinggu [3][64]. Growth Projections - Revenue forecasts for 2024-2026 are 43.78 billion, 52.96 billion, and 64.01 billion yuan, with corresponding net profits of 6.09 billion, 9.25 billion, and 11.97 billion yuan, indicating strong growth potential [3].