Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177) [2][3]. Core Views - The company is experiencing a harvest period with multiple pipelines coming to fruition, including the approval of self-developed PD-L1 inhibitors and other innovative drugs. The stock incentive plan reflects confidence in long-term development [2]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.15, 0.18, and 0.21 RMB respectively, up from previous estimates [2]. - The strategic partnership with Boehringer Ingelheim aims to co-develop oncology drug pipelines in China, enhancing the company's clinical pipeline [2]. Financial Summary - Revenue for 2023 is projected at 26,199 million RMB, with a growth forecast of 14.8% for 2024, 10.5% for 2025, and 12.7% for 2026 [6]. - The net profit for 2023 is estimated at 2,332 million RMB, with expected growth rates of 24.7% in 2024, 16.0% in 2025, and 15.2% in 2026 [6]. - The company's PE ratio is projected to decrease from 25 in 2023 to 14 by 2026, indicating potential valuation improvement [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Insights - SenseTime is a leading AI enterprise in China, focusing on generative AI, with a strategic shift in business focus to this area in 2023. The company aims to leverage its capabilities from computational infrastructure to large model deployment, anticipating significant growth driven by AI terminal and multimodal model demand [3][16]. - The generative AI market is expected to grow rapidly, with projections indicating a global market size of $150 billion and a Chinese market size of approximately $13 billion by 2027, reflecting compound annual growth rates of 85.7% and 86.2%, respectively [3][23]. - The company has established a leading AI computational infrastructure, SenseCore, capable of supporting the entire lifecycle of trillion-parameter large models, which positions it well for future growth [3][25]. Summary by Sections 1. Earnings Forecast and Valuation - Revenue projections for SenseTime are estimated at 45.76 billion, 60.05 billion, and 77.06 billion RMB for 2024, 2025, and 2026, respectively. The net profit is expected to be -4.54 billion, -2.93 billion, and -1.44 billion RMB for the same years [10][14]. - The company is valued using a price-to-sales (P/S) ratio, with a target price set at 2.25 HKD based on a comparable company average P/S of 15.16 for 2024 [3][14]. 2. Generative AI Business Growth - The generative AI business has seen explosive growth, with revenue reaching 1.18 billion RMB in 2023, a 200% year-on-year increase, and now accounting for 35% of total revenue [17][21]. - Traditional AI business revenue has declined by 41% to 1.84 billion RMB, reflecting a strategic reduction in reliance on lower-quality cash flow segments like smart city projects [17][18]. 3. Technological Capabilities - SenseTime's SenseCore infrastructure supports large model training and has achieved over 90% acceleration efficiency in its training clusters, with a total operational computing power of 12,000 P and 45,000 GPUs [25][27]. - The company has rapidly iterated its "日日新" large model, achieving performance levels comparable to leading international models like GPT-4 Turbo [28][30]. 4. Market Potential - The generative AI sector is positioned as a key growth driver across various industries, with significant investments and developments occurring in finance, education, healthcare, and more [23][24]. - The report highlights the potential for generative AI to transform productivity and operational efficiency across sectors, indicating a broad market opportunity [21][23].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The sales of the drug "Yingkuaitini" exceeded expectations, with approximately $67 million in sales in the U.S. as of March 31, 2024, and an expected annual growth rate of over 100% for the fiscal year 2024 [1][2]. - The company is optimistic about the overseas market expansion of "Yingkuaitini" as approvals in Europe and Japan are anticipated [1]. - The drug "Saiwo" is expected to submit its NDA in the U.S. by the end of 2024, marking a significant milestone for the company's innovative pipeline [2]. Financial Summary - The company reported revenues of $426 million in 2022, which increased to $838 million in 2023, with a projected revenue of $704 million for 2024, reflecting a 16% decrease [7]. - Gross profit rose from $115 million in 2022 to $454 million in 2023, with a forecasted gross profit of $377 million for 2024 [7]. - The net profit improved from a loss of $361 million in 2022 to a profit of $101 million in 2023, with an expected loss of $30 million in 2024 [7].

Investment Rating - The report assigns a "Buy" rating to Xtep International (1368) [1]. Core Views - Xtep International plans to divest KP assets and distribute a special dividend of USD 151 million to shareholders, which is expected to enhance the company's performance in 2024 and provide future benefits from KP's potential listing [2]. - The projected net profit for Xtep International from 2024 to 2026 is estimated at RMB 1.16 billion, RMB 1.31 billion, and RMB 1.48 billion respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 times [2]. Summary by Sections Company Overview - Xtep International is involved in the textile and apparel industry, focusing on sportswear [1]. Financial Performance - The company reported a revenue of RMB 14.346 billion in 2023, with a year-on-year growth of 11% [4]. - The net profit for 2023 is projected to be RMB 1.03 billion, reflecting a 12% increase from the previous year [4]. Business Strategy - The divestment of KP is expected to clarify the business structure, focusing on running as the main brand, which will enhance synergy [2]. - The main brand's cash flow will support the future development of subsidiaries such as Saucony and Merrell, providing them with more financial resources [2]. Market Performance - The main brand's sales in April met expectations despite adverse weather conditions in the south, while northern sales performed better than anticipated [3]. - The main brand is currently offering discounts at 75%, showing an improvement in inventory turnover [3]. Future Outlook - If the divestment and related transactions are completed as planned, the company anticipates a reduction in losses from KP, which will positively impact overall profitability [2]. - Shareholders are expected to receive a dividend of HKD 0.447 per share, translating to a dividend yield of approximately 8% based on the closing price [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.18 RMB, down from the previous target of 17.16 RMB [9][16] Core Views - The company is expected to expand its product categories and improve market share through brand transformation and intelligent product offerings in 2024 [9] - The company's revenue in 2023 was 1.317 billion RMB, a decrease of 5.16% YoY, with cabinet revenue growing by 16.03% YoY, becoming a key driver of performance [14] - The company's gross margin in 2023 was 28.11%, a decrease of 3.82 percentage points YoY, while the net margin was 7.27%, a decrease of 8.60 percentage points YoY [14] - The company's home decoration channel revenue grew significantly by 130.21% YoY in 2023, driven by strategic partnerships with leading home decoration companies [14] Financial Performance - The company's operating income in 2022 and 2023 was 1.389 billion RMB and 1.317 billion RMB, respectively, with a projected increase to 1.449 billion RMB in 2024 [14] - The company's EBIT in 2022 and 2023 was 208 million RMB and 65 million RMB, respectively, with a projected increase to 132 million RMB in 2024 [14] - The company's net profit attributable to shareholders in 2022 and 2023 was 220 million RMB and 96 million RMB, respectively, with a projected increase to 131 million RMB in 2024 [14] - The company's operating cash flow in 2022 and 2023 was 130 million RMB and 309 million RMB, respectively, with a projected increase to 197 million RMB in 2024 [14] Valuation and Ratios - The company's PE ratio in 2022 and 2023 was 10.63x and 24.48x, respectively, with a projected decrease to 17.92x in 2024 [14] - The company's ROE in 2022 and 2023 was 12.4% and 5.4%, respectively, with a projected increase to 7.0% in 2024 [14] - The company's ROIC in 2022 and 2023 was 10.3% and 3.3%, respectively, with a projected increase to 6.3% in 2024 [14] - The company's EV/EBITDA in 2022 and 2023 was 8.43x and 13.54x, respectively, with a projected decrease to 6.31x in 2024 [14] Industry and Competitive Analysis - The report compares the company with peers such as Ruierte, Jiangxin Home, and Xilinmen, with an average 2024 PE ratio of 17x for comparable companies [9][10] - The company is expected to benefit from brand upgrades and product structure optimization, particularly through the expansion of intelligent product lines [14] Future Outlook - The company is projected to achieve revenue growth of 10% in 2024, 2025, and 2026, reaching 1.449 billion RMB, 1.594 billion RMB, and 1.753 billion RMB, respectively [14] - The company's net profit is expected to grow by 37% in 2024, 17% in 2025, and 16% in 2026, reaching 131 million RMB, 153 million RMB, and 177 million RMB, respectively [14] - The company's operating margin is expected to improve from 4.9% in 2023 to 9.1% in 2024, 9.7% in 2025, and 10.2% in 2026 [14]

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233) with an updated target price of 20.30 CNY, up from the previous target of 18.60 CNY [1][3]. Core Views - The company's Q1 2024 performance met expectations, with significant profit improvement driven by a favorable supply-demand balance in the long filament industry and a recovery in the refining sector [1][2]. - The report highlights that the long filament market is expected to maintain its positive momentum, with a recovery in refining operations providing upward potential for the company's performance [1][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 82.64 billion CNY, a year-on-year increase of 33.3%, and a net profit attributable to shareholders of 797 million CNY, up 539.1% [1][2]. - For Q1 2024, the company reported a revenue of 21.11 billion CNY, a year-on-year increase of 32.66%, and a net profit of 580 million CNY, up 218.01% [1][3]. Market Outlook - The long filament supply-demand landscape is improving, with a slowdown in new capacity growth and an increase in industry concentration as smaller companies exit the market [1][2]. - The average prices for POY, FDY, and DTY in Q1 2024 were 6819 CNY/ton, 7357 CNY/ton, and 7951 CNY/ton, respectively, reflecting increases of 2.53%, 2.10%, and 1.71% quarter-on-quarter [1][3]. Earnings Forecast - The report adjusts the company's 2024 EPS forecast to 1.40 CNY (previously 1.55 CNY) and raises the 2025 EPS forecast to 1.85 CNY (previously 1.81 CNY), with a new 2026 EPS forecast of 2.53 CNY [1][2]. - The report assigns a PE ratio of 14.5X for 2024, leading to the revised target price of 20.30 CNY [1][3]. Investment Highlights - The recovery in the refining sector is expected to enhance investment returns, with the company holding a 20% stake in Zhejiang Petrochemical, which reported a net profit of 1.367 billion CNY in 2023 [1][2]. - The report emphasizes strong pricing power among leading companies in the long filament market, which is likely to further widen price differentials [1][3].

Investment Rating - The report rates the military industry as "Overweight" [3] Core Viewpoints - The military industry has seen significant growth, with the defense industry index rising by 5.09%, outperforming the market by 3.49 percentage points [2][6] - The geopolitical landscape is increasingly complex, necessitating enhanced defense capabilities, which supports a long-term positive outlook for the military industry [2][6] - Key investment themes include focusing on aerospace and satellite internet sectors, as well as defense information technology [2][6] Summary by Sections 1. Core Viewpoints - The military sector has experienced a substantial increase, with the defense industry index rising 5.09% during the week of May 6-10, outperforming the Shanghai Composite Index by 3.49 percentage points [6][9] - The successful maiden voyage of China's Fujian aircraft carrier and the deployment of naval forces for training in the South China Sea highlight advancements in military capabilities [2][20] - The report emphasizes the need for advanced military equipment and a robust communication system to ensure success in modern warfare [2][6] 2. Market Review - The defense industry index rose by 5.09%, ranking second among 29 sectors, while the Shanghai Composite Index and the ChiNext Index increased by 1.60% and 1.06%, respectively [9][10] - The aerospace and defense indices performed particularly well, with the aerospace military industry index increasing by 6.48% [12] 3. Major News in the Military Industry - Domestic news includes the successful first voyage of the Fujian aircraft carrier and the launch of China's first medium-orbit broadband communication satellite [20][22] - Internationally, the U.S. Navy's destroyer "Halsey" conducted provocative maneuvers in the Taiwan Strait, prompting a strong response from the Chinese military [27][29] - The report notes that the ongoing geopolitical tensions will likely lead to increased defense spending and investment opportunities in the military sector [2][6]

股 票研究 行业事件快 评 证券研究报 告 2024.05.14 OpenAI发布GPT-4o，AI交互迎来革新 李沐华（分析师） 伍巍(研究助理) 010-83939797 021-38031029 网 limuhua@gtjas.com wuwei028683@gtjas.com 证书编号S0880519080009 S0880123070157 本报告导读： 2024年5月14日OpenAI发布GPT-40，OpenAI在一个模型中集成了所有模态，大幅 提升了大模型的实用性，AI助理模式迎来革新，催化更多的AI创新应用场景落地。 摘要： 投资建议：OpenAI在首次春季新品发布会上推出新一代旗舰生成模 型GPT-4o、桌面App，AI助理的产品形态迎来巨大变革，多模态交 互水平达到新高度。推荐标的：鼎捷软件、万兴科技、虹软科技、科 大讯飞，受益标的：润达医疗、当虹科技。 GPT-4o实现自然交互，免费用户仍可使用。OpenAI此次发布桌面版 本的程序和更新后的UI，其使用起来更简单，也更自然。此次更新后， 大模型可以接收文本、音频和图像的任意组合作为输入，并实时生成 文本、音频和图像的任意组合输出，交互 ...

Investment Rating - The report assigns a rating of "Accumulate" for Qumei Home (603818) [1][23]. Core Views - The company is actively expanding its product categories and focusing on home decoration channels, which is expected to improve performance [1][6]. - The target price has been adjusted to 5.07 yuan from the previous 6.63 yuan, reflecting a downward revision due to ongoing recovery in downstream demand [1][6]. Financial Summary - The company reported a revenue of 4.028 billion yuan in 2023, a decrease of 17% compared to 2022, with a net profit attributable to shareholders of -304 million yuan [1][20]. - For 2024, the expected earnings per share (EPS) have been revised down to 0.12 yuan from 0.32 yuan, with a new forecast for 2026 EPS at 0.29 yuan [1][20]. - The gross margin for 2023 was 31.84%, showing a slight decrease of 0.45 percentage points year-on-year [1][20]. Market Performance - The stock price has fluctuated between 2.98 and 6.07 yuan over the past 52 weeks, with a current price of 3.39 yuan [1][3]. - The average daily trading volume is reported at 14.73 million shares, with an average daily trading value of 56.33 million yuan [1][20]. Valuation Metrics - The report indicates a projected price-to-book (PB) ratio of 1.5 for 2024, based on comparable companies, leading to the target price of 5.07 yuan [1][6]. - The company’s net asset return rate is expected to improve to 3.6% in 2024, up from -16% in 2023 [1][20].

股 票研店 究 行业事件快 评 证券研究报 告 2024.05.14 固收稳中有升，权益新发及赎回均处高位 2024年3月财富管理业务月报 刘欣琦(分析师) 王思玥(研究助理) 021-38676647 网 liuxinqi@gtjas.com 证书编号S0880515050001 021-38031024 wangsiyue028676@gtjas.com S0880123070151 本报告导读： 3月产品新发及赎回均处高位，固收更受偏好。居民风险偏好维持低位，债券产品更 能满足客户需求。预计财富管理规模有望企稳，利好投顾业务专业化能力更强的券商。 摘要： 2024年3月，新发及赎回均处高位，固收类资产更受偏好。1）2024 年3月居民略有减配公募基金，份额环比-0.65%；其中债券型公募基 金份额增速2.58%，优于权益型基金份额增速-0.68%，货币市场基金 份额增速-2.24%。2024年3月，新发基金环比大幅提升，但不足以 弥补存量规模的下滑。其中债券类新发基金环比351.51%，权益类新 发基金环比269.61%。2）私募基金配置稳定，环比0.03%，新发私募 基金规模环比增长。3）权益类和固收 ...