Investment Rating - The report maintains an "Overweight" rating for the real estate industry, consistent with the previous rating [1]. Core Insights - The Central Political Bureau meeting continues to support previously established policies, focusing on the execution of these policies and the adjustment of existing project plans as potential catalysts for breaking the current weak balance in the market [2][3]. - Key points from the meeting include: 1) Implementation of new policies to promote stable development in the real estate market; 2) A combined approach to digesting existing inventory and optimizing new supply; 3) Continued efforts to ensure housing delivery; 4) Accelerating the establishment of a new development model for real estate [3]. - The report emphasizes that the current market is in a phase of weak balance, with inventory reduction being a primary focus. Adjustments in existing project plans, such as changes in plot ratio and land use, are expected to enhance the cost-effectiveness of these projects, potentially revitalizing stagnant inventory [3]. Summary by Sections Policy Implementation - The report highlights the need for effective execution of policies rather than just their announcement, noting that despite numerous policies introduced over the past three years, their impact has not yet been fully realized [3]. Inventory Management - The meeting explicitly supports inventory acquisition policies, with a focus on using acquired properties for affordable housing. This is seen as a crucial part of the inventory reduction strategy for the second quarter of 2024 [3]. Market Dynamics - The report indicates that the market is currently experiencing a weak balance, with both transaction volume and prices stabilizing. However, there remains significant pressure on developers' finances and a strong willingness among residents to prepay loans [3]. Investment Recommendations - The report suggests maintaining a dual investment strategy: selecting low-leverage leading companies such as China Merchants Shekou, CIFI Holdings, and Poly Developments, while also monitoring restructuring progress in companies like CIFI Group and Sunac China [3]. Company Performance Forecast - The report provides a performance forecast for key companies in the sector, with all listed companies receiving an "Overweight" rating based on their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2023A, 2024E, and 2025E [7].

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 证 券 研 究 报 告 52周内股价走势图 -25% -15% -5% 6% 16% 27% 康方生物 恒生指数 2023/72023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/6 ——康方生物公司跟踪点评 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|-------------------|----------------------------|------------------------------| | | 丁丹(分析师) | 甘坛焕(分析师) | 姜铸轩(研究助理) | | | 0755-23976735 | 021-38675855 | 021-38674878 | | | dingdan@gtjas.com | gantanhuan028803@gtjas.com | j ...

Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company achieved steady growth in domestic markets while experiencing rapid growth in overseas markets and pharmaceutical business [14]. - The performance in Q2 met expectations, with a revenue of 543 million yuan (+18.38%) and a net profit of 144 million yuan (+13.49%) for H1 2024 [14]. - The company continues to enhance its market share in hospitals through compliance products and is developing LDT products in response to market needs [14]. Financial Summary - For H1 2024, the company reported: - Revenue from testing reagents: 448 million yuan (+16.75%), with a gross margin of 90.89% (+0.35 percentage points) - Revenue from testing services: 32 million yuan (-28.01%), with a gross margin of 51.46% (+8.51 percentage points) [14]. - The company’s revenue forecast for 2024-2026 is 1.275 billion yuan, 1.552 billion yuan, and 1.886 billion yuan respectively, with expected growth rates of 22.2%, 21.7%, and 21.5% [15]. - The net profit forecast for 2024-2026 is 291 million yuan, 380 million yuan, and 493 million yuan respectively, with growth rates of 11.3%, 30.8%, and 29.5% [15]. Market Expansion - The international market and pharmaceutical business revenue reached 130 million yuan (+26.51%), with successful establishment of subsidiaries in Singapore and Canada, and a logistics center in the Netherlands [14]. - The company is actively participating in clinical trials for several well-known pharmaceutical companies, which is expected to drive long-term growth [14]. Research and Development - The company invested 106 million yuan in R&D (+15.62%), accounting for 19.56% of revenue, and has a rich pipeline of new products under development [14]. - New products under registration include various gene testing kits and antibody reagents, which are anticipated to become new growth points upon market launch [14].

Investment Rating - The investment rating for the company is "Cautious Accumulate" [35] Core Viewpoints - The company is a leading player in the domestic fine chemical industry, focusing on fluorinated fine chemicals, with a complete product chain based on toluene as the starting raw material [14][36] - The fluorinated fine chemical industry has high added value, with broad application prospects in the pharmaceutical and pesticide sectors [14][37] - The company has established solid customer relationships, supplying products to well-known domestic and international enterprises [14][37] Summary by Relevant Sections Company Overview - The company has a leading production capacity in the fine chemical industry and is recognized as a national-level "specialized and innovative" small giant enterprise [14][36] - It has a competitive advantage in core technology areas such as process optimization and equipment transformation, achieving automated and continuous production [14][37] Industry Development and Competitive Landscape - The fluorinated fine chemical sector is one of the fastest-growing and highest value-added segments in the chemical industry, with significant growth potential [16][37] - The market for fluorinated fine chemicals is expected to reach 24.6 billion yuan by 2025, with a compound annual growth rate of 12.61% from 2020 [16][37] Business Performance - From 2021 to 2023, the company's revenue and net profit showed compound annual growth rates of 2.14% and 7.63%, respectively [14][37] - The company achieved revenues of 1.424 billion yuan, 1.776 billion yuan, and 1.486 billion yuan in 2021, 2022, and 2023, respectively [14][37] Major Clients - The top five clients accounted for 42.83% of the company's revenue in 2023, with significant contributions from companies like Special Materials Company and Bayer [41][37] IPO and Fundraising - The company plans to raise a total of 1.668 billion yuan through its IPO, which will enhance its production capacity and market share in chlorinated and fluorinated fine chemicals [27][37] - The IPO will involve the issuance of 86.34 million shares, representing 25% of the total share capital post-issuance [46][37]

股 票 研 究 股票研究 /[Table_Date] 2024.07.28 | --- | --- | --- | --- | |----------|---------------------|-------------------|----------------------| | | 李鹏飞(分析师) | 魏雨迪(分析师) | 王宏玉(分析师) | | | 010-83939783 | 021-38674763 | 021-38038343 | | | lipengfei@gtjas.com | weiyudi@gtjas.com | wanghongyu@gtjas.com | | 登记编号 | S0880519080003 | S0880520010002 | S0880523060005 | 本报告导读： 短期淡季需求呈小幅震荡态势。我们对全年需求不悲观，分领域看，地产对钢铁的 负向拖拽将下降；此外基建、制造业维持稳步增长态势，有望对冲地产端下行。 投资要点： 淡季需求继续小幅震荡 [Table_Industry] 钢铁 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | ...

股票研究 /[Table_Date] 2024.07.29 ——2024W30 家电行业周报 以旧换新政策力度加大，面板价格环比小幅下滑 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 [Table_subIndustry] [Table_Report] 相关报告 家用电器业《线上清洁电器表现较好，铜铝价格 环比下降》2024.07.27 家用电器业《以旧换新措施发布，看好估值修复 机会》2024.07.26 家用电器业《家电持仓比例环比提升，家空出口 延续亮眼表现》2024.07.23 家用电器业《线上扫地机延续较好表现，铜铝价 格环比下降》2024.07.21 家用电器业《线上洗衣机和洗地机表现较好，铜 价环比有所上升》2024.07.15 上次评级: 增持 | --- | --- | --- | --- | |----------|----------------------------|---------------------------|----------------------| | | 蔡雯娟(分析师) | 李汉颖(研究助理) | 谢丛睿(分析师) ...

市场有风险，投资需谨慎。投资者不应将本报告作为作出投资决策的唯一参考因素，亦不应认为本报告可以取代自己的判 断。在决定投资前，如有需要，投资者务必向专业人士咨询并谨慎决策。 本报告版权仅为本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制、发表或引用。如征得本公司同意 进行引用、刊发的，需在允许的范围内使用，并注明出处为"国泰君安证券研究"，且不得对本报告进行任何有悖原意的引 用、删节和修改。 若本公司以外的其他机构（以下简称"该机构"）发送本报告，则由该机构独自为此发送行为负责。通过此途径获得本报告的 投资者应自行联系该机构以要求获悉更详细信息或进而交易本报告中提及的证券。本报告不构成本公司向该机构之客户提供 的投资建议，本公司、本公司员工或者关联机构亦不为该机构之客户因使用本报告或报告所载内容引起的任何损失承担任何 责任。 请务必阅读正文之后的免责条款部分 8 of 8 国泰君安证券研究所 | --- | --- | --- | --- | |-----------|--------------------------------------------|------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q2 performance met expectations, driven by the Alashan project, and the target price has been adjusted to 7.40 CNY from the previous 8.21 CNY [4][6]. - The company's revenue for H1 2024 reached 7.07 billion CNY, a year-on-year increase of 32.00%, while the net profit attributable to shareholders was 1.209 billion CNY, up 14.90% year-on-year [4]. - The report highlights strong domestic demand for soda ash, with H1 2024 apparent consumption in China reaching 18.17 million tons, a year-on-year increase of 28.49% [4]. Financial Summary - The company achieved total revenue of 10.987 billion CNY in 2022, with a projected increase to 16.206 billion CNY in 2024, reflecting a growth rate of 34.6% [5]. - The net profit attributable to shareholders is expected to rise from 2.660 billion CNY in 2022 to 2.509 billion CNY in 2024, indicating a growth of 78.0% [5]. - The earnings per share (EPS) is projected to be 0.67 CNY in 2024, down from the previous estimate of 0.75 CNY [4][5]. Market Data - The company's current stock price is 6.36 CNY, with a target price of 7.40 CNY, indicating potential upside [6][7]. - The total market capitalization is approximately 23.728 billion CNY [7]. Production Capacity and Growth - The Alashan natural soda ash project is expected to significantly contribute to the company's growth, with phase one planned for 5 million tons/year of soda ash and 400,000 tons/year of sodium bicarbonate [4]. - The report notes that the company is positioned for low-cost expansion due to its resource advantages, ensuring long-term growth prospects [4].

Investment Rating - The report maintains an "Overweight" rating for the domestic electric vehicle (EV) components industry, highlighting the potential for domestic suppliers to integrate into Stellantis' global supply chain and achieve rapid growth [1]. Core Insights - Stellantis has demonstrated significant benefits from its merger, leading to a balanced global layout, improved product matrix, and more efficient management, which are expected to enhance market share and profitability in various regions [1]. - Stellantis has set an ambitious DF30 development plan aiming to double its revenue to €300 billion by 2030, while maintaining a double-digit adjusted operating profit margin, providing new growth opportunities for component suppliers within its ecosystem [1]. - Stellantis is aggressively pursuing its electrification strategy, planning to invest €30 billion over the next decade, with a target of over 75 electric vehicle models and 5 million global electric vehicle sales by 2030, positioning itself favorably in the global market [1]. Summary by Sections - **Industry Overview**: Domestic EV component suppliers are expected to benefit from Stellantis' global supply chain integration, leading to rapid growth opportunities [1]. - **Merger Benefits**: The merger of PSA and FCA into Stellantis has resulted in significant operational synergies, enhancing global market presence and efficiency [1]. - **Financial Goals**: Stellantis aims for a revenue increase to €300 billion by 2030, with sustained high profitability, which is likely to create new opportunities for suppliers [1]. - **Electrification Strategy**: Stellantis plans to invest heavily in electrification, with a goal of launching numerous electric models and achieving substantial sales in the EV market [1].

股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.07.29 内需政策推进，预期再交易 [Table_Industry] 建材 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|---------------------|---------------------|---------------------------| | | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读： 本周继续看到内需政策推进的举措，内外部环境引发内需预期的再交易，消费建材 龙头长期估值与格局优势，水泥常态化 ...