证券研究报告 | 行业周报 2024年 05月 25日 建材 新政后一线成交暂未起色，市场活跃度有所提升 本周关注（5.20-5.24，下同）：新政后一线成交暂未起色，市场活跃度有 强于大市（维持评级） 所提升 517 新政后一周，一线城市新房及二手房成交暂未起色，楼市活跃度有所 行业走势 提升。新房方面，5 月 18 日-5 月 23 日，一线城市新房成交面积合计为 建材 沪深300 59.14 万平方米，环比下降 4.47%，其中北上广深新房成交面积同比分别变 11% 动-24.44%、-1.05%、+8.56%、-1.23%。二手房方面，5月 18日-5月 24 6% 日，北京、上海、深圳二手房成交面积同比分别变动-4.91%、-2.24%、- 1% -5% 23.90%。根据克而瑞研究中心、中国房地产报等，新政后市场信心有所稳 -10% 固，从项目来访、认购来看，多地市场活跃度明显提升，北上广深等核心一 -15% 二线城市部分项目售楼处人满为患，但仍需时间体现到成交端。 -20% -25% 价格方面，4月一线城市新房价格韧性较强，二手房价格环比略有下降。根 2023-05 2023-09 2024-0 ...

证券研究报告 | 行业月报 2024 年 05月 20日 煤炭 煤价磨底反弹，迎峰度夏支撑需求有望持续增长 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 000983.SZ 山西焦煤 增持 1.2 1.22 9.0 8.85 行业走势 600188.SH 兖矿能源 增持 2.96 3.19 8.1 7.52 600985.SH 淮北矿业 增持 2.43 2.61 7.69 7.16 煤炭 沪深300 601088.SH 中国神华 增持 3.18 3.28 12.54 12.16 32% 601225.SH 陕西煤业 增持 2.21 2.25 11.04 10.84 25% 601699.SH 潞安环能 增持 2.69 2.71 8.1 8.04 17% 10% 601898.SH 中煤能源 增持 1.59 1.67 7.53 7.17 2% 资料来源：长城证券产业金融研究院 -5% -12% 供需价月度数据：生产持续收缩，火电需求持稳，煤价月环比下跌。供给端： -20% 主产地产量下降，进口量维持四千万吨。生产方面，4 月，全国 ...

证券研究报告 | 行业专题报告 2024 年 05月 16日 汽车 需求有增量+成本有利好，板块业绩能见度高 ——汽车智能化赛道 1Q24&2023 财报总结 股票 股票 投资 EPS （元） PE 强于大市（维持评级） 代码 名称 评级 2024E 2025E 2024E 2025E 002284.SZ 亚太股份 增持 0.32 0.42 23.88 18.19 行业走势 002906.SZ 华阳集团 增持 1.29 1.68 22.25 17.08 301106.SZ 骏成科技 增持 1.80 2.82 19.20 12.26 汽车 沪深300 601799.SH 星宇股份 增持 5.45 6.8 24.05 19.28 17% 603596.SH 伯特利 增持 2.72 3.57 20.26 15.44 12% 603786.SH 科博达 增持 2.12 2.83 35.25 26.40 6% 1% 832491.BJ 奥迪威 增持 0.75 1.06 18.81 13.31 -4% 资料来源：长城证券产业金融研究院 -9% -15% ◼ 营收端：1Q24 板块营收增速显著高于下游车市。1Q24 国内乘 ...

证券研究报告 | 投资策略研究*专题报告 2024 年 05 月 18 日 投资策略研究 港股买什么:不妨延伸红利策略 南下资金定价权边际提升,从政策来看南下资金占比有望进一步提高。从近 期的情况来看,南下资金的边际变动和恒生指数相关性有所增强,原因可能 在于南下资金往往能利用 A 股和港股的定价差异进行投资活动,进而影响 H 股价格向 A 股价格靠拢,缩小价差。 从做空金额占比当日成交额来看,港股情绪明显转好。今年４月份，港股市 场上的做空活动呈现出明显的缩减迹象,做空金额占总成交额的比例跌至两 年来的较低水平，交易情绪有明显抬升。 国内基金增配港股,风格偏好中上游+可选消费。从 2024年一季度基金持仓 数据来看,重仓股中,港股占比基金净值为 4.45%,而 2023年四季度的对 应值为 4.05%,基金对于港股整体增持。在配置偏好方面,相比于 2023年 四季度,今年一季度港股中基金增持最为显著的是石油石化、有色金属、煤 炭等上游资源品行业、轻工制造、电力设备等边际改善的中游制造业以及困 境反转的社会服务、美容护理、家电等可选消费行业。 国内基本面持续修复,中上游先受益。对于外资来说,影响港股价值的有两 ...

证券研究报告 | 投资策略研究*专题报告 2024 年 05月 19日 投资策略研究 不要低估让地产企稳转向的决心 周专题： 作者 5月 17日，央行连发三项有关房地产的重磅通知：1）取消全国层面首套住 分析师 汪毅 房和二套住房商业性个人住房贷款利率政策下限。2）下调个人住房公积金贷 执业证书编号：S1070512120003 款利率0.25个百分点。3）下调住房贷款最低首付比例5个百分点。 邮箱：yiw@cgws.com 分析师 王小琳 在当天下午举行的国务院政策例行吹风会上，央行副行长陶玲公布了消化存 执业证书编号：S1070520080004 量房产的政策措施：人民银行拟设立保障性住房再贷款，规模 3000 亿元， 邮箱：wangxl@cgws.com 利率 1.75%，期限 1年，可展期 4次。人民银行按照贷款本金的60%发放再 联系人 丁皓晨 贷款，可带动银行贷款5000亿元。该政策本质上是对央行于 2023年1月印 执业证书编号：S1070121120061 发的《关于开展租赁住房贷款支持计划试点有关事宜的通知》中提出的“租 邮箱：dinghaochen@cgws.com 赁住房贷款支持计划”的 ...

Investment Rating - Buy (首次评级) [1] Core Views - The company's flagship product, Nefecon, has successfully commercialized, marking a significant milestone in the treatment of IgA nephropathy [1][2] - Revenue is expected to grow steadily as products like Eravacycline and Nefecon continue to contribute to sales, with potential for further expansion in 2024 [1][2] - The company is actively preparing for医保谈判, which could significantly boost Nefecon's revenue if successful [2] - The mRNA platform, focusing on tumor therapeutic vaccines, is expected to become a cornerstone for sustainable growth in the medium to long term [4] Financial Performance - Revenue for 2023 was RMB 125.93 million, a significant increase from RMB 12.79 million in 2022, driven by the commercialization of Eravacycline and Nefecon [1] - Net loss for 2023 widened to RMB 844.46 million, compared to RMB 247.28 million in 2022, primarily due to increased expenses and the absence of a one-time gain from the Trodelvy® transaction [1] - Revenue is projected to grow to RMB 702.70 million in 2024, RMB 1,749.72 million in 2025, and RMB 2,817.06 million in 2026 [1] Product Pipeline - **Nephrology**: Nefecon, the first innovative drug for IgA nephropathy, has shown significant clinical benefits in reducing proteinuria and slowing eGFR decline [2][38] - **Infectious Diseases**: Eravacycline, a broad-spectrum antibiotic, has been successfully commercialized, while Cefepime-Taniborbactam is expected to launch by 2025-2026 [2][53] - **Autoimmune Diseases**: Etrasimod, approved in Macau, is expected to contribute to revenue starting in 2024-2025 [2] - **mRNA Platform**: The company is focusing on developing tumor therapeutic vaccines, with clinical trials expected to begin in the second half of 2024 [4] Market Potential - The global market for chronic kidney disease (CKD) is substantial, with an estimated 700 million patients worldwide, and China accounts for approximately 18% of this population [28][30] - IgA nephropathy, the most common primary glomerular disease, has a higher prevalence in Asian populations, particularly in China, where it accounts for about 53% of primary glomerular diseases [31][32] - The market for multi-drug resistant Gram-negative bacteria (MDR-GNB) antibiotics is expected to grow, with projections indicating a market size of RMB 19.3 billion by 2027 [59] Strategic Developments - The company has built a robust commercialization team to accelerate the market penetration of its products in Greater China and other Asia-Pacific markets [1][19] - The company is leveraging the "Greater Bay Area Drug and Device Access" policy to expand the reach of its products, such as Etrasimod, in the region [2] - The mRNA platform is being developed with full industrial chain capabilities, positioning the company for long-term growth in the oncology space [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [5][10]. Core Views - The company is a leading domestic supplier of display chips, focusing on the research, design, and sales of integrated circuit products. It has a comprehensive product layout and significant technical reserves, being one of the few companies capable of providing driver chips for both TFT-LCD and AMOLED display technologies [5]. - Despite challenges in the display industry, such as weak demand and price declines in some downstream sectors, the overall market environment is expected to improve. The continuous advancement in display technology and the growth of emerging application markets will drive long-term growth in the display industry [5]. - The report highlights the trend of domestic substitution in the display driver chip industry and the company's technological advantages in the semiconductor display field. It anticipates a gradual recovery in profitability as consumer electronics demand rebounds and product prices increase [5]. Financial Summary - In 2023, the company achieved operating revenue of 480.45 million yuan, a year-on-year increase of 12.52%. However, the net profit attributable to shareholders was 27.54 million yuan, down 74.57% year-on-year [2][22]. - For Q1 2024, the company reported revenue of 100 million yuan, a year-on-year increase of 2.89% but a quarter-on-quarter decrease of 22.60%. The net profit attributable to shareholders was -11.46 million yuan, reflecting a year-on-year decline of 157.12% and a quarter-on-quarter decline of 148.95% [2][22]. - The report projects net profits for 2024-2026 to be 60.07 million yuan, 158.96 million yuan, and 233.24 million yuan, respectively, with corresponding EPS of 0.13 yuan, 0.35 yuan, and 0.51 yuan [5][22]. Market Potential - The report emphasizes the broad market space for display driver integrated circuits (DDIC), driven by the growth of terminal application markets. The demand for new display driver chips, such as Mini-LED and Micro-LED, is expected to rise due to the development of smart wearable devices and the 5G upgrade cycle in smartphones [14]. - The report notes that the domestic display industry has rapidly developed, with China becoming a global manufacturing center for TFT-LCD panels. However, there is a significant mismatch in supply and demand for domestic display chips, indicating substantial potential for domestic substitution [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company reported a significant revenue increase in April 2024, with a year-on-year growth of 52.21%, driven by strong demand from major clients and new product launches [2][3]. - The company is expected to benefit from the ongoing AI trend, particularly in the smartphone and automotive sectors, which are anticipated to drive new demand and product upgrades [3][4]. - The company is focusing on expanding its capabilities in the automotive and server markets, with plans for increased production capacity in Thailand expected to contribute to long-term growth [4][7]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 6.687 billion yuan, a slight year-on-year increase of 0.29%, but a quarter-on-quarter decrease of 42.41%. The net profit attributable to shareholders was 497 million yuan, up 18.81% year-on-year, but down 65.53% quarter-on-quarter [2]. - The company's revenue for 2024 is projected to be 36.058 billion yuan, with a year-on-year growth rate of 12.5%. The net profit is expected to reach 3.725 billion yuan, reflecting a growth rate of 13.3% [10][11]. - The company's gross margin for Q1 2024 was 20.37%, showing a slight decline compared to the previous year, while the net margin improved to 7.44% [3]. Market and Product Insights - The report highlights the anticipated growth in AI-related products, with IDC forecasting that the next generation of AI smartphones will see shipments reach 170 million units in 2024, accounting for nearly 15% of the total smartphone market [3]. - The foldable smartphone market is also expected to grow significantly, with shipments in China projected to increase by 114.5% year-on-year in 2023 [3]. - The company is actively expanding its product offerings in the automotive sector, focusing on high-end markets such as domain controllers and radar systems, with production ramping up for laser radar and high-frequency antenna boards [4][7].

Investment Rating - The report assigns a "Buy" rating to the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [26]. Core Views - The company has shown strong performance in Q1 2024, driven by significant growth in automotive connectors and a recovery in consumer electronics demand [15][19]. - The company is positioned as a key supplier for major smartphone brands and has successfully entered the supply chains of leading automotive manufacturers, indicating robust growth potential in both sectors [5][19]. - The financial outlook is positive, with projected net profits increasing significantly over the next few years, reflecting strong demand in both automotive and consumer electronics markets [19]. Financial Performance Summary - In 2023, the company achieved revenue of 3.129 billion yuan, a year-on-year increase of 5.37%, while net profit decreased by 19.64% to 356 million yuan. However, the adjusted net profit increased by 19.66% to 348 million yuan [2]. - For Q1 2024, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 68.77%, and a net profit of 162 million yuan, up 244.43% year-on-year [2][15]. - The company's gross margin improved to 35.31% in Q1 2024, reflecting a 3.58 percentage point increase year-on-year, driven by higher sales of high-margin automotive connectors [15]. Product and Market Insights - The company has entered the supply chains of major smartphone brands such as Xiaomi, OPPO, and Huawei, which is expected to support steady growth in its consumer electronics business [5][19]. - The automotive connector segment is experiencing high growth, with the company successfully supplying to leading domestic automotive manufacturers like Geely and BYD, indicating a strong market position [16][19]. - The demand for high-frequency and high-speed automotive connectors is anticipated to rise due to increasing penetration rates of smart driving technologies [18][19].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3][6]. Core Views - The company's air suspension business is expected to contribute significantly to revenue growth in 2024, with multiple production launches planned [2][3]. - The company has demonstrated robust growth in 1Q24 and 2023, with revenue and net profit increasing by 27.3% and 43.4% year-on-year, respectively [2][3]. - The company is expanding its production capacity through a recent capital increase, which will enhance its ability to meet growing demand in automotive electronics and robotics [2][3]. Financial Summary - Revenue is projected to grow from 19,701 million in 2023 to 26,501 million in 2024, reflecting a year-on-year growth rate of 34.5% [1][7]. - Net profit is expected to rise from 2,151 million in 2023 to 2,956 million in 2024, with a growth rate of 37.4% [1][7]. - The company's return on equity (ROE) is forecasted to improve from 15.6% in 2023 to 18.2% in 2024 [1][7]. - The earnings per share (EPS) is anticipated to increase from 1.85 in 2023 to 2.54 in 2024 [1][7]. Business Development - The company has established a diverse business portfolio, including eight major segments such as automotive NVH systems, lightweight body components, and intelligent cockpit parts [3][6]. - The company is implementing a Tier 0.5 cooperation model, which is expected to enhance order growth and product delivery capabilities [3][6]. - Manufacturing bases have been set up in key automotive industry clusters, with ongoing expansions in Poland, Mexico, and the United States [3][6].