Investment Rating - The report maintains a "Buy" rating for the company with a target price of 237.90 CNY [15][16]. Core Views - The company is a leader in CMP polishing liquids with a global market share of 8%, and it is expanding into functional wet electronic chemicals and electroplating liquids, indicating significant growth potential [15]. - The company is expected to achieve a revenue of 757 to 800 million CNY in the first half of 2024, representing a year-on-year growth of 31.67% to 39.15% [15]. - The net profit attributable to the parent company is projected to be between 224 to 236 million CNY, with a growth rate of 0.42% to 4.69%, primarily due to the completion of certain government subsidy projects in the previous year [15]. Financial Summary - Revenue for 2022 was 1,077 million CNY, with projections of 1,238 million CNY for 2023, and expected growth to 1,643 million CNY in 2024, reflecting a year-on-year increase of 56.8%, 15.0%, and 32.8% respectively [7]. - The net profit attributable to the parent company was 301 million CNY in 2022, with forecasts of 403 million CNY for 2023 and 471 million CNY for 2024, showing growth rates of 141.0%, 33.6%, and 16.9% respectively [7]. - The earnings per share (EPS) are projected to be 2.34 CNY in 2022, increasing to 3.13 CNY in 2023 and 3.66 CNY in 2024 [7]. Business Development - The company is successfully introducing new products and expanding its market presence, particularly in advanced fields, which is expected to enhance its competitive edge [15]. - The company plans to issue convertible bonds to further expand its production capacity, including new projects in Shanghai and Ningbo, which will significantly increase its output of integrated circuit materials [15].

Investment Rating - The report assigns an "Accumulate" rating to the company, maintaining the previous rating with a target price of 9.00 CNY, while the current price is 6.40 CNY [1]. Core Views - The company is actively engaged in the construction of vehicle-road-cloud integration projects, with a 11% increase in new orders in Q2 2024, totaling 23.5 billion CNY [1][2]. - The Shanghai government has issued permits for driverless intelligent connected vehicles, which will initiate real-world testing for citizens [2]. - The company aims to leverage global opportunities in the intelligent connected vehicle sector, focusing on infrastructure development and integration [2]. Summary by Sections Company Events - The company has signed new orders worth 235 billion CNY in Q2 2024, reflecting an 11% increase [1]. - The total new orders for the first half of 2024 reached 461 billion CNY, a 9% increase year-on-year [2]. Financial Performance - The company reported a net profit of 28.6 billion CNY in 2023, with an expected increase to 29.4 billion CNY in 2024 [8]. - The earnings per share (EPS) is projected to be 1.02 CNY for 2024, with a growth rate of 9% [2][8]. Business Segments - The construction segment accounted for 85% of the total business, with a 13% increase in revenue [2]. - The digital group focuses on digital consulting, software and hardware development, and data services, contributing to the company's overall growth [5][6]. Market Position - The company has a current dividend yield of 5.78% and a price-to-book (PB) ratio of 0.69, indicating a favorable valuation compared to historical averages [2]. - The company is positioned as a leader in intelligent transportation system design and has been involved in several pioneering projects in the sector [6].

Investment Rating - The report gives a "Buy" rating to the company with a target price of 20.66 RMB, corresponding to a 27x PE for 2024 [126][124] Core Views - The company is a leading provider of enterprise management information solutions for large group companies in China, benefiting from tax reform and treasury system construction policies [126] - The company's traditional advantageous businesses in strategic clients such as CNPC, Sinopec, CNOOC, and China Construction are developing steadily, and new strategic clients are rapidly expanding [111] - The company is actively expanding into group control, data assets, and Xinchuang (domestic substitution) business areas, with future revenue growth potentially exceeding expectations [111] - The company's global treasury management system has mature technology, high efficiency, and high security, and is expected to achieve rapid revenue growth under policy support [127] Valuation Summary - Using PE valuation, the company's reasonable market value is estimated at 4.185 billion RMB, corresponding to a price of 20.66 RMB [10] - Using PS valuation, the company's reasonable market value is estimated at 4.191 billion RMB, corresponding to a price of 20.69 RMB [11] - The final target price is set at 20.66 RMB based on the lower of the two valuation methods [117] Business Performance and Outlook - The company's revenue is expected to grow from 911 million RMB in 2024 to 1.317 billion RMB in 2026, with a CAGR of 19.45% [128] - Net profit attributable to the parent company is expected to grow from 155 million RMB in 2024 to 231 million RMB in 2026 [128] - The company's revenue structure is improving, with high growth in the financial and coal power industries [71] - The company's gross margin is expected to stabilize at around 38% [8] Industry and Policy Analysis - The company is actively responding to the domestic substitution wave in the Xinchuang industry, with multiple software products passing Huawei Kunpeng compatibility certification [12] - The company's Xinchuang ERP financial product system includes accounting and reporting, treasury management, tax management, and financial sharing subsystems [119] - The company's treasury management system has been successfully implemented in 21 central enterprises and supports more than 20 foreign banks and Swift direct connections [17] - The company's cloud platform has completed compatibility certification with mainstream Xinchuang products and has obtained national information security level protection level 3 certification [14] Competitive Advantages - The company has a strong competitive advantage in group financial control, group fund management, intelligent shared services, and data application services [133] - The company has a stable core team and rich industry experience, with executives holding a combined 21.47% stake [104] - The company has established long-term service relationships with many central enterprises such as CNPC, Sinopec, CNOOC, and China Construction [56] - The company has a complete R&D architecture and a strong R&D team, with over 10 invention patents and more than 300 software copyrights [52] Business Segments - In the oil and petrochemical industry, the company is expected to achieve revenue growth of 7%/10%/10% from 2024 to 2026 [121] - In the financial industry, the company is expected to achieve revenue growth of 50%/40%/40% from 2024 to 2026 [8] - In the coal and power industry, the company is expected to achieve revenue growth of 100%/50%/30% from 2024 to 2026 [8] - In the construction and real estate industry, the company is expected to achieve revenue growth of 5%/10%/10% from 2024 to 2026 [8]

Investment Rating - The report maintains an "Accumulate" rating for Jiangfeng Electronics (300666) with a target price raised to 79.80 CNY from the previous 74.63 CNY [4][5]. Core Views - The company is expected to achieve a non-net profit of 162 to 178 million CNY in the first half of 2024, representing a year-on-year increase of 66.03% to 81.67% [4][5]. - Jiangfeng Electronics is a leading manufacturer of sputtering targets, with major clients including TSMC, UMC, SMIC, SK Hynix, Huahong Grace, and BOE [5]. - The company has seen a compound annual growth rate (CAGR) of 76% in component revenue over the past three years, driven by its strategic expansion into core semiconductor components [5]. Financial Summary - The company's projected revenue for 2024 is 3,380 million CNY, reflecting a 29.9% increase from 2023 [15]. - The net profit attributable to the parent company is expected to reach 354 million CNY in 2024, a 38.5% increase from 2023 [15]. - The earnings per share (EPS) forecast for 2024 is 1.33 CNY, up from the previous estimate of 1.27 CNY [5][15]. Performance Trends - The stock has shown a 3% increase over the past month, a 25% increase over the past three months, but a 19% decrease over the past year [3]. - The company’s net asset value per share is reported at 15.87 CNY, with a current price-to-book ratio of 3.3 [2]. Market Position - Jiangfeng Electronics is positioned to benefit from the increasing domestic production rates and expansion of downstream clients, indicating significant growth potential in the semiconductor sector [5]. - The company has established production bases in Ningbo, Shanghai, and Shenyang, enhancing its capacity to meet rising demand for semiconductor components [5].

库存是接下来市场的关键，也是房企现金流改善的最核心部分，随着 部分项目积极调整规划，具备性价比的新产品将改善市场预期，快速收缩 房企资产负债表。过往的需求呈现出买新不买旧的特点，一方面，居民担 心旧项目会出现烂尾的情况，另一方面，新出让土地的位置更好，且伴随 地价的下行，在售价上也具备优势。如是，新增需求都通过新增供给来满 足，使得拿地、新开工维持在相对较好的水平，而且是在库存水平较高的 情况下。解决库存才能更好改善房企的流动性，否则资金面的改善仅来自 于先投资、再回笼，并不能改变历史遗留问题，因此，调整过往已拿地项 目的产品规划是突破口，若能够提供更具性价比的产品，则将改善市场预 期。 房价是房企缩表的最核心变量，关系到净资产的质量和规模，部分二 线城市具备率先见底的可能。缩表对价格有一定压力，尤其是通过存量供 给的方式，因为相比于新拿地供给，存量供给会净减少融资需求。但相比 于价格的趋势，当前时点，价格的绝对水平更为重要。也即，即便价格仍 然有压力，但若幅度有限，则并不会对行业和整个经济带来额外的负面冲 击。我们认为，价格的确定，可以从资产回报和使用成本两个维度来考虑， 对于资产回报，则是由租金回报率、通 ...

Investment Rating - The report recommends investing in global social network leaders due to their significant advantages in user base, ecosystem, model capabilities, and data [1][2]. Core Insights - The impact of AI is expected to rewrite the business models of some traditional software vendors, while social networks will enhance their value through hybrid AI integration, leading to greater social value and network utility [1]. - The social sector is identified as having the strongest certainty, driven by the evolution of AI capabilities and the inherent network effects of social interactions [1]. - The report highlights the potential for social networks to evolve into hybrid structures involving real users and AI agents, facilitating value interactions and enhancing human prosperity [1]. Summary by Sections AI Impact on Traditional Software - Traditional software applications are at risk due to the evolution of AI capabilities, which will disrupt established business models [1]. Social Network Evolution - The report discusses the transformation of social networks into hybrid models that leverage AI, enhancing user interactions and expanding commercial opportunities [1][2]. Market Potential and Sensitivity Analysis - According to Metcalfe's Law, if each user has their own AI agent, network nodes could double, leading to a tripling of network effects. For instance, Facebook's network value could reach $1.69 trillion under neutral conditions, surpassing its current market capitalization [2]. - Short-term catalysts for growth include Tencent's ecosystem enhancements, Meta's successful AI advertising solutions, and Google's potential for new human-computer interaction models through AI [2].

| --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------|----------------------------------|------------------------|---------------------------------------------------| | Q2 | [Table_Industry] \n恒玄科技 (688608) \n 业绩大超预期， | BES 2800 打开新成长 \n—— ...

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 行 业 周 报 股 票 研 究 [Table_Industry] 钢铁 2024.07.15 [Table_Invest] 评级: 增持 上次评级: 增持 | --- | --- | |----------------------------------|-------| | [Table_subIndustry] 细分行业评级 | | | 普碳钢 | 增持 | | 不锈钢 | 增持 | | 特殊钢 | 增持 | | 钢铁贸易 | | | 钒电池 | 增持 | | 钢管 | 增持 | | 铁矿石 | 增持 | | 钢铁制品 | 增持 | | --- | --- | --- | --- | |----------------|---------------------|-------------------|----------------------| | [table_Authors | 李鹏飞](分析师) | 魏雨迪(分析师) | 王宏玉(分析师) | | | 010-83939 ...

Investment Rating - The report maintains a "Buy" rating for Meituan (3690.HK) with a target price of 140.4 HKD [4][7][17]. Core Insights - Meituan is expected to benefit from the recovery in offline consumption demand, with synergies from the integration of its delivery and in-store services [4][7]. - The company is confident in its business outlook, as evidenced by its substantial share buyback plans totaling 30 billion USD [4][7]. - The report anticipates that new business initiatives will continue to reduce losses and could become new growth drivers for Meituan in the future [4][7]. Summary by Sections Earnings Forecast and Investment Recommendations - The projected revenues for FY2024E, FY2025E, and FY2026E are 327.7 billion, 384.1 billion, and 437.1 billion RMB respectively [4][7]. - Adjusted net profits for FY2024E, FY2025E, and FY2026E are expected to be 32.1 billion, 44.2 billion, and 56.8 billion RMB respectively [4][7]. - The report highlights the expected improvement in operating profit margins for the in-store business, projecting a rise from 31% in FY24Q2 to 34% by FY2024Q4 [4][7]. Business Integration and Growth Potential - The integration of delivery and in-store services is expected to enhance operational efficiency and drive growth [4][7]. - As of July 4, the number of merchants participating in Meituan's "Shen Membership" program reached 5 million, indicating strong engagement [4][7]. - The report notes that competition in the delivery sector is easing, which may lead to improved profit margins for Meituan [4][7]. Financial Performance and Share Buyback - Meituan's significant share buyback plan reflects its confidence in the local business development and financial stability [4][7]. - The report indicates that the company has sufficient financial resources to support the buyback while maintaining a robust financial position [4][7].

Investment Rating - The report assigns an "Accumulate" rating to JD Group, indicating a positive outlook for the company's performance [2][6]. Core Views - The report emphasizes that JD Group is expected to continue enhancing its platform ecosystem, leading to sustained performance growth. The retail GMV and revenue are projected to show healthy growth, with JD Logistics benefiting from the 618 shopping festival [5][6]. Financial Summary - The adjusted revenue forecasts for JD Group for FY2024E, FY2025E, and FY2026E are RMB 1,120.9 billion, RMB 1,177.1 billion, and RMB 1,237.7 billion, respectively, reflecting growth rates of 3%, 5%, and 5% [6][9]. - The adjusted net profit estimates for the same periods are RMB 40.3 billion, RMB 42.4 billion, and RMB 46.8 billion, indicating growth rates of 15%, 5%, and 10% [6][9]. - The report anticipates a revenue of RMB 290.1 billion for FY2024Q2, with a year-on-year increase of 1% [6][9]. Retail Business Insights - JD Retail is expected to benefit from the platform ecosystem, with GMV growth outpacing revenue growth by 1-2%. The company is simplifying merchant onboarding processes and enhancing user experience, which is likely to increase active merchants and customer satisfaction [6][9]. Logistics Business Insights - JD Logistics is projected to gain from the 618 shopping festival, with a high certainty of revenue growth. The report notes that national express delivery volume exceeded 15 billion packages in June 2024, indicating strong demand [6][9].