Company Overview - The report focuses on **Shangda Co Ltd (301522 SZ)**, a leading domestic enterprise in high-temperature and high-performance alloys, and the only company in China that has mastered the technology of recycling high-temperature alloy return materials and passed engine test assessments [2] - In 2023, the company achieved revenue of **RMB 2 035 billion** and net profit attributable to shareholders of **RMB 151 million** [2] - The company's products are widely used in aerospace, nuclear engineering, and petrochemical industries, with over 400 special alloy specifications and more than 80 high-temperature alloy grades [5] Core Investment Highlights - **Technological Breakthroughs**: The company has made significant progress in high-return ratio recycled high-temperature alloy preparation and import substitution of key strategic materials, contributing to national self-reliance in critical materials [3][5] - **IPO Details**: The company plans to issue **92 9667 million shares**, accounting for 25% of the total shares post-IPO, with a total fundraising target of **RMB 1 25 billion** to expand production capacity and enhance R&D capabilities [3] - **Revenue Growth**: From 2021 to 2023, the company's revenue and net profit grew at a compound annual growth rate (CAGR) of **49 33%** and **47 64%**, respectively, driven by both military and civilian markets [5] Business Analysis - **Product Portfolio**: The company's high-temperature and high-performance alloy products accounted for **60 74%** of total revenue in 2023, with sales reaching **RMB 1 2179 billion**, a **53 33%** increase from 2022 [7] - **Gross Margin**: The gross margin for high-temperature and high-performance alloys remained higher than other products, at **22 93%** in 2023, due to higher technical barriers and product value [8] - **R&D Investment**: R&D expenses increased significantly, reaching **RMB 92 3965 million** in 2023, with a CAGR of **56 09%** from 2021 to 2023 [10] Industry Development and Competitive Landscape - **Market Size**: China's high-temperature alloy market is expected to exceed **RMB 30 billion** by 2026, with demand growing at a CAGR of **18 47%** from 2017 to 2022 [13] - **Import Dependency**: Despite technological advancements, China's import dependency for high-temperature alloys remains close to **50%**, indicating significant opportunities for domestic substitution [13] - **Competitive Landscape**: The global high-temperature alloy industry is dominated by a few players, while the domestic market is highly concentrated, with key players including **Shangda Co Ltd**, **Steel Research High-North**, and **Tunan Co Ltd** [14][15] IPO and Fundraising Projects - **IPO Details**: The company will issue **92 9667 million shares**, with a post-IPO total share capital of **371 8667 million shares** [16] - **Fundraising Projects**: The company plans to invest **RMB 1 25 billion** in projects, including the construction of an **8 000-ton ultra-pure high-performance high-temperature alloy production facility** and supplementing working capital [17][19] Comparable Companies and Valuation - **Industry Valuation**: The static P/E ratio for the "C33 Metal Products" industry is **19 97x** as of September 20, 2024 [18] - **Comparable Companies**: The average P/E ratios for comparable companies (e g, **Steel Research High-North**, **Tunan Co Ltd**) are **30 43x** for 2023, **22 25x** for 2024, and **16 71x** for 2025 [18][20]

投资建议：信创迎来政策及需求的共振。 工信部出台重点领域信创支持政策，有望加速行业信创发展。2024年9月20日，工信部印发《工业重点行业领域设备 更新和技术改造指南的通知》，通知要求航空、船舶、石油、化工、钢铁、医药等关系经济命脉和国计民生的行业领 域，依据2023年版政府采购标准等政策，以提升产业链供应链韧性和安全水平位重点，围绕综合办公、经营管理等场 景，全面更新信息系统，重点推进计算机、服务器、操作系统、数据库、中间件、办公软件等基础软硬件一体化更新 换代，加强对上层各类应用系统的支撑力度。我们认为该政策旗帜鲜明的提出了重点行业信息系统更新要求，有望加 速行业信创发展。 政府与行业需求共振，信创大单进入加速落地期。随着政府及行业信创支持政策的持续出台完善，信创大单开始加速 落地。例如在政府领域，2024年9月，福建省戒毒管理局及监狱管理局政务外网国产化改造项目先后获批，预算规模 分别为2114万元及4224万元；2024年8月，杭州市2024年度政务信创一朵云租用项目招标启动，预算金额7697 万元；2024年6月以来，海关总署陆续启动2024年度国产化台式机及服务器集采，总预算规模分别为6934万元 ...

投资建议：华为计算生态快速发展，相关厂商有望受益。 华为通过架构创新，向合作伙伴提供可持续的算力解决方案。2024年9月19日至21日，华为全联接大会在上海召 开，展示了华为计算生态的最新进展。在算力底座层面，华为轮值董事长徐直军表示，在海外制裁持续的情况下，只 有基于国内可获得的芯片制造工艺打造的算力才是长期可持续的算力，而中国半导体制造工艺相当长时间内处于相对 落后状态，导致了单颗芯片的算力性能与海外产品存在差距，因此华为努力推动计算架构创新 ，通过"超节点+集 群"的方式，向客户提供能够满足其需求的系统级算力，确保华为计算生态的可持续发展。截止2024年9月，已经有 超过600万开发者和7600家合作伙伴加入了鲲鹏及昇腾计算生态，共同开发了超过2万个行业解决方案，未来华为将 持续投入，推动华为计算生态发展。 开源欧拉与开源高斯生态持续发展壮大，成为中国市场的核心参与者。根据华为全联接大会援引第三方统计数据， 2023年openEuler操作系统在中国新增服务器操作系统中市占率达到36.8%，成为市占率第一的服务器操作系统， 全球累计部署量超过350万次，服务了150多个国家的用户；2023年openGa ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.09.24 ——9 月 24 日国新办新闻发布会点评 评级： | --- | --- | |----------|---------------------------| | | | | | [Table_Industry] 综合金融 | | | 增持 | | 上次评级 | 增持 | 政策组合拳利好非银基本面改善 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------| | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 吴浩东 ( 分析师 ) | 王思玥 ( 研究助理 ) | | | 021-38676647 | 010-83939780 | 021-38031024 | ...

宏 观 研 究 宏观研究 /[Table_Date] 2024.09.24 事 件 点 评 证 券 研 究 报 告 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|---------------------------|---------------------------------------------------------| | 防风险、稳预期、提信心 \n—— 9 月 24 日国新办新闻发布会点评 | [Table_Authors] | 黄汝南 ( 分析师 ) \n010-83939779 \nhuangrunan@gtjas.com | | | 登记编号 | S0880523080001 | | 本报告导读： 9 月 24 日"金融支持经济高质量发展"新闻发布会政策"大招"不少，内容务实， | | 韩朝辉 ( 分析师 ) | | 特别是降准降息、降低存量房贷利率、支 ...

Investment Rating - The investment rating for Yonghui Supermarket is "Accumulate" with a target price of 2.96 RMB, unchanged from the previous forecast [2]. Core Views - The acquisition by Miniso is expected to enhance Yonghui Supermarket's competitiveness through channel upgrades and supply chain integration, allowing for significant improvements in sales and customer traffic [4][6]. - The company is actively optimizing its underperforming stores and steadily advancing its transformation plan, maintaining an EPS forecast of 0.02 RMB for 2024, 2025, and 2026 [5]. Summary by Sections Company Events - The largest shareholder has changed to Jun Cai International, which will hold a total of 29.40% of the shares after the transfer of shares from other shareholders [5]. - Yonghui Supermarket operates approximately 850 stores across more than 25 provinces and municipalities in China [5]. Financial Performance - In the first half of 2024, Yonghui reported revenues of 37.8 billion RMB and a profit of 210 million RMB, with a net asset value of 6.15 billion RMB [5]. - The sales from its private label products reached 1.28 billion RMB, accounting for 3.4% of total revenue [5]. Store Performance - Recent store renovations have led to significant sales increases, with one store in Zhengzhou achieving sales of 58.35 million RMB in July, which is 13.9 times higher than before the renovation [7]. - Another store in Fuzhou saw a sales increase of approximately 5 times post-renovation, with daily customer traffic increasing by about 6.5 times [7].

Investment Rating - The report initiates coverage with a rating of "Buy" for Airo Energy, setting a target price of 72.94 CNY, compared to the current price of 58.48 CNY [4][5][15]. Core Insights - Airo Energy is a well-known international supplier of photovoltaic energy storage systems, primarily focusing on the European market. The company is diversifying its business by expanding into new products and non-European regions [5][17]. - The company has a strong advantage in the European household storage market, with a significant increase in revenue of 453.86% in 2022. The report anticipates a recovery in growth as the inventory destocking phase concludes in the second half of 2024 [5][23]. - Airo Energy's R&D expenses increased by 98.73% in the first half of 2024, indicating a commitment to innovation and market expansion [5][73]. Summary by Sections 1. Earnings Forecast and Valuation - The forecasted EPS for Airo Energy from 2024 to 2026 is 2.20 CNY, 4.38 CNY, and 5.64 CNY respectively, with a projected revenue of 40.04 billion CNY in 2024, increasing to 65.24 billion CNY by 2026 [9][13][14]. - The report uses a PE valuation method, applying a multiple of 16.7x for 2025, leading to a target price of 72.94 CNY [15]. 2. Company Overview - Airo Energy was established in 2012 and has become a significant player in the photovoltaic energy storage sector, with a focus on both energy storage inverters and batteries [17][18]. - The company has a stable shareholding structure, with the actual controllers being Li Xinfeng and Li Guomei, who hold a combined 35.06% of the shares [19][20]. 3. Energy Storage Sector - The energy storage market is expected to grow significantly, with Airo Energy focusing on small power storage products and expanding into new markets such as Pakistan, Ukraine, and India [5][31]. - The company has a competitive edge in the energy storage inverter market, ranking among the top ten in small power PCS shipments globally [42][46]. 4. Photovoltaic Inverter Market - The global photovoltaic inverter market is projected to grow, with string inverters dominating the market share. Airo Energy's products are positioned to benefit from this growth [62][63]. - The company’s inverters have shown superior performance metrics compared to competitors, maintaining a higher gross margin [66][67]. 5. R&D and Product Development - Airo Energy has significantly increased its R&D personnel, with a focus on continuous product innovation and market expansion. The R&D investment reached 2.75 billion CNY in 2023, reflecting a commitment to enhancing product offerings [73][75]. - The company has developed several core technologies that enhance the performance of its energy storage systems, including advanced MPPT control and seamless grid connection technology [75][76].

Investment Rating - The report assigns a "Buy" rating to Meta (META.O) with a target price of $577 [6] Core Views - Meta's AI-driven advertising business is showing strong growth, with AI-powered content expected to account for over 30% of Meta's applications by 2024 [6] - The company's Reality Labs division is strategically focused on efficiency improvements, with AI tools like Meta AI and AI Sandbox empowering the Family of Apps (FoA) for new growth [54] - Meta's social empire is well-established, with a mature layout and continuously strengthening moat [54] Financial Projections - The report forecasts Meta's GAAP net profit for 2024-2026 to be $53.83 billion, $62.49 billion, and $69.12 billion, respectively, with corresponding P/E ratios of 26X, 23X, and 20X [6] - Meta's revenue is expected to grow from $160.28 billion in 2024 to $200.99 billion in 2026, with a CAGR of 10.24% [7] - AI-driven revenue is projected to account for 32%, 40%, and 50% of total revenue in 2024, 2025, and 2026, respectively [30] AI and Advertising - Meta's AI tools, such as AI Sandbox and Advantage+, are enhancing advertising efficiency, with Advantage+ Shopping improving ROI by 22% for US advertisers [6] - The company's generative AI recommendation system (GRs) has shown a 12.4% improvement over traditional systems, driving better ad performance [23] - By 2028, Reels' annual advertising revenue is expected to reach $118.6 billion, driven by increased user engagement and ad load rates [20] VR/AR and Reality Labs - Meta's Quest series has established a leading position in the VR market, with Quest 2 being the most popular VR product [36] - The VR/AR market is expected to grow significantly, with revenues projected to reach $40.4 billion in 2024 and $62 billion by 2029 [32] - Reality Labs' revenue grew by 28% YoY in Q2 2024, driven by strong sales of Quest 3, although the division remains unprofitable [41] AI and AR Glasses - Meta's Ray-Ban Meta smart glasses, developed in collaboration with Ray-Ban, have sold over 1 million units and are expected to see rapid growth with the launch of Llama 4 in 2025 [43] - The global smart glasses market is in its early stages, with shipments expected to grow from 1.01 million units in 2023 to 4.14 million units by 2025 [49] - In conservative, neutral, and optimistic scenarios, the smart glasses market size could reach $9.1 billion, $91 billion, and $182.1 billion, respectively [49] Valuation and Target Price - The report values Meta at 28X 2024E P/E, resulting in a target market capitalization of $1.5073 trillion and a target price of $577 [55] - Meta's historical P/E ratio from 2019-2023 is 26.25X, reflecting its stable profitability and leading position in the global social media market [55]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.09.23 [table_Authors] 徐强(分析师) 邵潇(分析师) 于歆(分析师) 010-83939805 0755-23976520 021-38038345 [Table_Report] 相关报告 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 登记编号 S0880517040002 S0880517070004 S0880523050005 行 业 周 报 证 券 研 究 报 告 新型城镇化带动固废水务投资新机遇 [Table_Industry] 环保 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 上周 CEA 周成交 92 万吨，周成交均价 100 元/吨。地方碳配额周成交 33 万吨，周 成交均价 97 元/吨。全国 CCER 周成交 14 万吨。 投资要点： [Table_Summary] 环保板块上周涨跌幅。1）上 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 —欧派家居更新点评 股票研究 /[Table_Date] 2024.09.23 | --- | |-----------------------------------| | | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | --- | |----------------------------|-------| | | | | 毛宇翔 ( 分析师 ) | | | 0755-23976668 | | | maoyuxiang029547@gtjas.com | | | S0880524080013 | | 重视股东投资回报，价值投资属性凸显 欧派家居(603833) 林纸产品 [Table_Industry] /原材料 | --- ...