股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[ 安 TIna 踏fbole] 体 _T 育itle （] 2020） [评Tab级le_：Inv est] 增持 当前价格（港元）： 87.85 Amer Q1 业绩超预期，看好全年利润贡献 2024.05.23 海 ——安踏体育更新 [ 交Ta易bl数e_据M arket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 64.15-94.25 公 021-38038184 0755-23976666 010-83939831 当前股本（百万股） 2,833 当前市值（百万港元） 248,846 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524040004 S0880122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 Amer Q1收入利润均超预期，始祖鸟/萨洛 ...

| --- | --- | --- | |--------------------------------|--------------|-------------| | | | | | [Table_ 交易数据 Market] | | | | 52 周内股价区间（元） | | 10.59-21.45 | | 总市值（百万元） | | 9,618 | | 总股本 / 流通 A | 股（百万股） | 662/657 | | 流通 B 股 /H | 股（百万股） | 0/0 | | 流通股比例 | | 99% | | 日均成交量（百万股） | | 4.29 | | 日均成交值（百万元） | | 59.70 | | [Table_Balance] 资产负债表摘要 | | | | | | | | 股东权益（百万元） | | 3,656 | | 每股净资产 | | 5.52 | | 市净率 | | 2.6 | | 净负债率 | | -50.19% | | | | | | [Table_Eps] EPS （元） | 2023A | 2024E | | Q1 | 0.12 | 0.15 | | Q2 | 0.14 | 0. ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report maintains a "Buy" rating, highlighting positive results from the national procurement renewal, which is expected to lead to a strong recovery in the company's core business. The forecasted EPS for 2024-2026 is maintained at 0.23, 0.33, and 0.44 yuan respectively [3][4]. - The company has successfully overcome the negative impacts from the low pricing in the first round of national procurement, with a slight increase in the procurement demand share to 15% compared to the first round in 2021. Key products have shown improved market positions, with the company maintaining the leading share in several categories [3][4]. - The new procurement results are expected to provide a competitive advantage, with significant price increases for key products compared to the first round. The average price difference has decreased significantly, allowing for better profit margins for distributors [3][4]. Financial Summary - The financial summary indicates a revenue forecast of 761 million, 1,052 million, 1,094 million, 1,422 million, 1,859 million, and 2,376 million yuan for the years 2024E to 2026E, with a year-on-year growth rate of 30% for 2024E [4]. - The gross profit is projected to be 499 million, 636 million, 674 million, 880 million, 1,153 million, and 1,476 million yuan for the same period, reflecting a strong recovery trajectory [4]. - Net profit forecasts are 93 million, 205 million, 182 million, 263 million, 370 million, and 495 million yuan, indicating a significant rebound from previous years [4]. Market Data - The current stock price is 6.00 HKD, with a market capitalization of 6,732 million HKD and a total share count of 1,122 million [1][5]. - The stock has traded within a range of 4.05 to 7.92 HKD over the past 52 weeks [5]. Procurement Results - The company achieved a procurement demand share of 14.2% for the ceramic-on-ceramic hip joint in the 2024 renewal, maintaining a strong position in the market [11]. - For the ceramic-on-polyethylene hip joint, the company secured a procurement demand share of 11.4%, indicating a solid competitive stance [12]. - The knee joint procurement results show a leading share of 15.7%, further solidifying the company's market leadership [14].

Investment Rating - The report maintains a rating of "Buy" for the company [1][6]. Core Views - The company has announced its 2023 annual report and 2024 Q1 report, which showed performance below previous expectations. However, the company is viewed positively as a leading player in silicon materials and battery production, with a clear competitive advantage and steady capacity expansion [6]. - The target price has been adjusted to 26.60, down from the previous forecast of 52.50, reflecting a revised EPS forecast for 2024-2025 [6]. Summary by Sections Financial Performance - The company reported a revenue of 139,104 million in 2023, a decrease of 2% from 2022. The expected revenue for 2024 is 121,500 million, indicating a projected decline of 13% [7]. - The net profit attributable to shareholders for 2023 was 13,574 million, down 47% from 2022, with an expected net profit of 2,530 million for 2024, representing an 81% decline [7]. - The EPS for 2023 was 3.02, with a forecast of 0.56 for 2024 and 1.33 for 2025 [7]. Market Position and Production Capacity - The company achieved a sales volume of 387,200 tons of high-purity silicon in 2023, a year-on-year increase of 50.79%, capturing over 25% of the global market share. The current production capacity is 450,000 tons, with an additional 400,000 tons under construction [6]. - In the battery segment, the company sold 80.66 GW in 2023, a growth of 68.11% year-on-year, with an annual production capacity of 95 GW expected to exceed 100 GW by the end of 2024 [6]. Strategic Developments - The company is actively expanding its module business, achieving a module sales volume of 31.11 GW in 2023, placing it among the top five globally. It is also enhancing its presence in both domestic and international markets [6]. - The report highlights the stabilization and recovery of silicon prices, a decrease in non-silicon costs, and the production of new battery technologies as catalysts for future growth [6].

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 2] [评Tab级le_：Inv est] 增持 上次评级: 增持 国产头部企业中选结果积极 [细Ta分bl行e_业su评bI级nd ustry] 行 ——人工关节国采续约结果点评 医药制造业 增持 业 丁丹(分析师) 谈嘉程(分析师) 医药服务业 增持 事 0755-23976735 021-38038429 件 dingdan@gtjas.com tanjiacheng@gtjas.com 快 证书编号 S0880514030001 S0880523070004 评 本报告导读： 关节国采续约开标，国产头部企业中选结果积极。随着集采常态化，规则可预期，行 业估值水平有望提升。 [相Ta关ble报_D告oc Report] 摘要： 医药《集采提质扩面，创新药受影响有限》 [关Ta节bl国e_采Su续mm约a结ry]果 出炉，预计6月起执行。2024年5月21日，国家组织 2024.05.21 人工关节集采协议期满后接续采购于天津开标，共6000余家 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 1] [评Tab级le_：Inv est] 增持 上次评级： 增持 替尔泊肽降糖适应症国内获批，产业链催化不断 [细Ta分bl行e_业su评bI级nd ustry] 行 ——GLP-1 减肥产业链动态更新 医药制造业 增持 业 丁丹(分析师) 吴晗(分析师) 医药服务业 增持 更 0755-23976735 010-83939773 新 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 本报告导读： 诺和诺德、礼来原研产品持续放量，glp-1临床进展陆续推进，多肽产业链有望受益。 [相Ta关ble报_D告oc Report] 摘要： 医药《集采提质扩面，创新药受影响有限》 [ T abl原e_研Su降mm糖a减ry]重 产品销售持续放量。2024 年5月 2 日，诺和诺德公布 2024.05.21 医药《沪深港通资金医药股流向数据库 2024年一季报 ...

Investment Rating - The report rates the home appliance industry as "Overweight" [1] Core Insights - The central bank has released significant real estate policies, which are expected to enhance the valuations of kitchen and white goods sectors. The policies include adjustments to down payment ratios and interest rates for housing loans, as well as a 300 billion yuan support for affordable housing loans [3][7] - In April, the domestic and foreign sales of home appliances continued to perform well, with Midea leading in both domestic and export sales. Domestic sales reached 12.1 million units, up 14.2% year-on-year, while exports totaled 9.84 million units, up 34.6% year-on-year [3][8] - The year-on-year growth rate of retail sales has narrowed, indicating marginal improvements in the real estate sector. The total retail sales in April amounted to 35,699 billion yuan, growing by 2.3% year-on-year, while the retail sales of home appliances and audio-visual equipment reached 641 billion yuan, up 4.5% year-on-year [3][11] Summary by Sections 1. Key Insights - The central bank's real estate policies are expected to support the demand for new and second-hand homes, alleviating inventory pressure in the real estate market, which is closely linked to the kitchen and white goods sectors [7] - April's home appliance sales showed strong performance, with Midea leading in both domestic and export markets. The domestic market saw a 14.2% increase year-on-year, while exports grew by 34.6% [8] - Retail sales growth has slowed, with April's total retail sales increasing by 2.3% year-on-year, and home appliance retail sales growing by 4.5% [11] 2. Investment Recommendations - The report recommends focusing on companies with strong growth potential, such as Stone Technology and Ecovacs in the cleaning appliance sector, and Haier in the white goods sector. Specific stock recommendations include Stone Technology (PE 21.8X), Haier (PE 15.6X), Midea Group (PE 12.8X), and Hisense Home Appliances (PE 15.9X) [4][28][30] 3. Market Trends - The report notes that from May 13 to May 17, the home appliance sector showed a slight increase, with small appliances performing particularly well. The overall market indices saw declines, while the home appliance sector rose by 0.11% [17] - Northbound capital flows indicated a reduction in holdings of Midea Group by 933 million yuan, while Haier and Gree Electric saw increases in their holdings [22][17] 4. Company Announcements - Key announcements from companies include board elections and dividend distributions from various firms, indicating ongoing corporate governance activities and shareholder returns [23][27] 5. Overall Market Outlook - The report emphasizes the potential for continued growth in the home appliance sector, driven by supportive real estate policies and strong sales performance, while also highlighting the importance of monitoring market conditions and company-specific developments [4][28]

股 票 研 究 [Table_industryInfo] 军工 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 北京军博会开幕，美澳推出新型 UUV [细Ta分bl行e_业su评bI级nd ustry] 行 业 彭磊(分析师) 周明頔(研究助理) 周 010-83939806 010-83939792 报 penglei018712@gtjas.com zhoumingdi028698@gtjas.co 证书编号 S0880518100003 mS0 880123070156 本报告导读： 本报告导读：军工板块回调，菲多艘船只黄岩岛海域非法聚集；北京军博会开幕，美 [相Ta关ble报_D告oc Report] 澳推出新型UUV；大国博弈加剧是长期趋势，军工长期向好。 《美舰过航台海，俄举行红场阅兵》 摘要： 2024.05.15 《福建舰首次海试，嫦娥六号发射成功》 [T abl军e_S工um板m块ary回] 调，菲多艘船只黄岩岛海域非法聚集。1) 上周 2024.05.05 (05.13- ...

股 票 研 究 [Table_industryInfo] 电子元器件 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 1] [评Tab级le_：Inv est] 增持 上次评级： 增持 Copilot 智能升级，AI 终端时代来临 [细Ta分bl行e_业su评bI级nd ustry] 行 业 舒迪(分析师) 文紫妍(分析师) 更 021-38676666 021-38038321 新 shudi@gtjas.com wenziyan@gtjas.com 证书编号 S0880521070002 S0880523070001 本报告导读： 基于GPT-4o的Copilot再度强化AI PC功能，加速AI系统级应用。AI时代，高能 [相Ta关ble报_D告oc Report] 效ARM PC有望颠覆现有PC生态，驱动PC硬件市场高速成长。 电子元器件《GPT-4o赋能AI终端，换机潮 摘要： 加速来临》 2024.05.15 [T abl投e_资Su建mm议a。ry]C opilot智能再进化，基于ARM架构的Surface系列能效 电子元器件《半导体复苏景气度溢 ...

Investment Rating - The report maintains an "Overweight" rating for Qifu Technology-S (3660) with a target price of HKD 115.43, corresponding to a 2024 P/E of 6.8x [4] Core Views - The expansion of on-balance sheet loans is the primary driver of profit growth, with financing income increasing by 44% YoY to RMB 1.535 billion in Q1 2024 [4] - Quality growth is identified as the core focus for the company's future development, with continued share buybacks demonstrating management confidence [4] - The company's net take rate (Non-GAAP net profit/average loan balance) expanded to 3.5% in Q1 2024, up from 2.9% in Q1 2023 and 3.2% in Q4 2023 [4] Financial Performance - Q1 2024 revenue reached RMB 4.153 billion, representing a YoY increase of 15.39% but a QoQ decrease of 7.61% [4] - Adjusted net profit for Q1 2024 was RMB 1.205 billion, showing a YoY growth of 23.40% and a QoQ increase of 4.70% [4] - The company's 90+ day delinquency rate rose to 3.35%, primarily due to increased overdue amounts and a decrease in loan balances [4] Future Projections - Revenue is projected to grow to RMB 16.591 billion in 2024, RMB 17.727 billion in 2025, and RMB 18.967 billion in 2026, with YoY growth rates of 1.8%, 6.8%, and 7.0% respectively [4] - Adjusted net profit is expected to reach RMB 4.738 billion in 2024, RMB 5.022 billion in 2025, and RMB 5.738 billion in 2026, with YoY growth rates of 6.4%, 6.0%, and 14.3% respectively [4] Operational Highlights - Q1 2024 credit disbursement amounted to RMB 99.2 billion, a YoY decrease of 9.3%, with approximately 61% of loans provided through the light capital model [4] - The company is actively implementing a USD 350 million share buyback program, with progress ahead of schedule [4]