Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company, with a current price of 2.77 CNY/1.38 HKD and a fair value of 3.35 CNY/1.68 HKD [3]. Core Insights - The company is expected to achieve a significant improvement in annual performance, with a projected net profit of 4.2 to 4.8 billion CNY for 2024, representing a year-on-year increase of 208% to 252% [8]. - The increase in profitability is attributed to a decline in fuel costs and improved profitability from thermal power generation, alongside better water inflow contributing to overall profits [8]. - The company anticipates stable earnings moving forward, with expectations for market performance to stabilize and recover [8]. - The projected net profits for 2024, 2025, and 2026 are 4.469 billion, 5.164 billion, and 5.789 billion CNY, respectively, with corresponding P/E ratios of 11.47, 9.93, and 8.85 [8]. Financial Summary - Revenue is projected to grow from 116.828 billion CNY in 2022 to 133.249 billion CNY by 2026, with growth rates of 12.8%, 4.8%, 3.7%, 1.7%, and 3.2% for the respective years [2]. - EBITDA is expected to increase from 17.325 billion CNY in 2022 to 30.733 billion CNY in 2026 [2]. - The company reported a net profit of -408 million CNY in 2022, turning to a profit of 1.365 billion CNY in 2023, and is projected to reach 5.789 billion CNY by 2026 [2]. - The return on equity (ROE) is expected to improve from -0.7% in 2022 to 6.9% in 2026 [2].

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.79 CNY and a fair value of 9.46 CNY [3]. Core Views - The report highlights the potential of the JD Outlet model, which is in its early stages but shows promise due to JD's brand strength and the company's operational capabilities in lower-tier cities. The low-risk, light-asset model of JD Outlet is expected to have significant growth potential [8][18]. Financial Forecast - The company's revenue is projected to grow from 18.562 billion CNY in 2022 to 26.533 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 12.1% from 2025 to 2026 [2]. - EBITDA is expected to increase from 4.651 billion CNY in 2022 to 5.727 billion CNY in 2026 [2]. - Net profit attributable to shareholders is forecasted to rise from 2.155 billion CNY in 2022 to 2.908 billion CNY in 2026, reflecting a growth rate of 15.2% in 2026 [2]. - Earnings per share (EPS) are estimated to be 0.50 CNY in 2022, increasing to 0.61 CNY by 2026 [2]. Store Insights - The JD Outlet store in Pingdingshan, Henan, has a strategic location with a population of 678,100 within a 3 km radius and an average monthly foot traffic of 1.055 million [8][19]. - The store covers an area of approximately 5,000 square meters and features nine main product categories, with sports apparel being the dominant category at 25% of the store's area [29][30]. Brand Matrix - The store hosts a diverse range of brands, including Adidas, Nike, and Puma, with Adidas being the leading brand in the sports category [39][40]. - The brand matrix includes various segments such as sports shoes, outdoor clothing, and beauty products, catering to a wide customer base [39][40]. Pricing and Discounts - The store offers significant discounts, typically ranging from 30% to 50%, with specific categories like sports shoes averaging a discount of 52% [71][72]. - Many products are priced lower than their counterparts on online platforms like Tmall, enhancing the store's competitive edge [72][75].

Investment Rating - The report assigns a "Buy" rating for both Hong Kong and US stocks of Yum China [5] Core Views - The company reported a Q4 adjusted net profit increase of 11%, continuing its expansion and efficiency improvement efforts [3][10] - The company aims to increase its store count in 2025, targeting a net addition of 1,600 to 1,800 stores [10] - The company maintains a strong shareholder return policy, with plans for share buybacks and dividends totaling approximately $3 billion from 2025 to 2026 [10] Financial Summary - **Revenue Forecast**: Expected to grow from $10.98 billion in 2023 to $13.55 billion in 2027, with growth rates of 14.7% in 2023 and 7.1% in 2027 [4][12] - **Net Profit**: Projected to increase from $827 million in 2023 to $1.16 billion in 2027, with a growth rate of 87.1% in 2023 [4][12] - **Earnings Per Share (EPS)**: Expected to rise from $2.00 in 2023 to $3.55 in 2027 [4][12] - **Valuation Metrics**: The report estimates a price-to-earnings (P/E) ratio of 21.33 in 2023, decreasing to 13.84 by 2027 [4][12] - **Return on Equity (ROE)**: Forecasted to improve from 12.9% in 2023 to 18.8% in 2027 [4][12]

Investment Rating - The investment rating for the company is "Buy" [5][6] Core Views - The current price of the stock is 12.11 CNY, with a reasonable value estimated at 16.13 CNY, indicating significant upside potential [5][6] - The company is actively advancing its UHMWPE business applications in the robotics sector, which presents substantial future growth potential [6] - The company is a leading domestic fine woolen fabric enterprise, focusing on creating a "second growth curve" through its new materials business [6] Financial Summary - Revenue projections show a decline from 1,634 million CNY in 2022 to 1,600 million CNY in 2023, followed by a recovery to 1,676 million CNY in 2024, and significant growth to 2,631 million CNY in 2025 and 3,453 million CNY in 2026, reflecting a growth rate of 56.9% in 2025 and 31.3% in 2026 [5][6] - EBITDA is expected to increase from 256 million CNY in 2022 to 459 million CNY in 2025 and 581 million CNY in 2026 [5] - The net profit attributable to the parent company is projected to rise from 187 million CNY in 2022 to 295 million CNY in 2025 and 397 million CNY in 2026, with a growth rate of 48.9% in 2025 and 34.5% in 2026 [5][6] - Earnings per share (EPS) is forecasted to be 0.54 CNY in 2024, 0.81 CNY in 2025, and 1.09 CNY in 2026 [5][6] Business Development - The company has a production capacity of 3,600 tons of UHMWPE new materials, ranking it among the top tier in the industry, and is operating at full capacity [6] - The company is also steadily advancing a project for an annual production of 80,000 tons of high-performance differentiated nylon filament [6] - In Q1-Q3 2024, despite significant pressure in traditional industries, the company maintained a stable growth trend, achieving revenue of 1.163 billion CNY, a year-on-year increase of 3.52%, and a net profit of 125 million CNY, up 3.83% year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - Key sub-sectors such as steel structures and housing construction have seen an increase in public fund holdings, while international engineering and landscaping sectors have experienced a decrease [15][19]. - The report emphasizes the potential for recovery in valuations and earnings per share (EPS) due to improved corporate balance sheets and order volumes, driven by stable growth and debt resolution funds [40]. Summary by Sections 1. Public Fund Holdings in Construction Industry - Public funds' holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a year-on-year decrease of 8.1% in fund holdings [3][11]. 2. Sub-sector Performance - The housing construction sector's public fund holding ratio rose to 0.217%, primarily due to an increase in shares of China State Construction [15][19]. - The steel structure sector's holding ratio increased to 0.142%, driven by a rise in shares of Honglu Steel Construction [19]. - Conversely, the international engineering sector saw a decline in its holding ratio to 0.018% [19]. 3. Key Companies and Their Holdings - The top five companies by heavy holdings include China State Construction, Honglu Steel Construction, China Railway, Tunnel Corporation, and China Chemical, with respective heavy holding market values of 35.10, 23.55, 6.82, 5.04, and 4.33 billion CNY [38]. - Notable increases in heavy holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [38]. 4. Investment Recommendations - The report suggests focusing on four main investment themes: valuation recovery, growth in domestic demand, technology growth, and international engineering opportunities [40]. - Specific companies recommended for investment include Shandong Road and Bridge, Zhejiang Communications, and China Nuclear Engineering, among others [40].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - The report identifies a shift in public fund allocations towards cyclical stocks, power engineering, and low-altitude economy sectors, indicating a positive outlook for these areas [41]. - Investment recommendations focus on sectors expected to benefit from stable growth, including effective investments in water conservancy, mining, and communication [43]. Summary by Sections Section 1: Public Fund Holdings - Public fund holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a total fund holding value of 9.613 billion CNY, reflecting a year-on-year decrease of 8.1% [3][11]. Section 2: Subsector Performance - The report notes an increase in public fund holdings in the housing construction sector to 0.217%, up 0.048 percentage points, primarily due to increased holdings in China State Construction [15][19]. - The steel structure sector saw a rise in public fund holdings to 0.142%, up 0.057 percentage points, driven by increased shares in Honglu Steel Structure [19][41]. - Conversely, the international engineering sector experienced a decline in holdings to 0.018%, down 0.010 percentage points [19][22]. Section 3: Company Performance - Key companies such as China State Construction, Honglu Steel Structure, and China Railway saw significant increases in their public fund holdings, with respective market values of 3.510 billion CNY, 2.355 billion CNY, and 0.682 billion CNY [41][42]. - Notable increases in holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [41][42]. Section 4: Investment Recommendations - The report suggests focusing on companies with strong balance sheets and improving order volumes, recommending firms like Shandong Road and Bridge, Zhejiang Communications, and Anhui Construction [43]. - It emphasizes the potential for stable growth in infrastructure investment in 2025, particularly in effective investment areas [43].

[Table_Page] 跟踪分析|国防军工 证券研究报告 [Table_Title] 国防军工行业 Palantir 24Q4 收入较快增长，关注 AI 在国防领域应用潜力 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-02-05 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]孟祥杰 SAC 执证号：S0260521040002 SFC CE No. BRF275 010-59136693 mengxiangjie@gf.com.cn 分析师： 吴坤其 SAC 执证号：S0260522120001 SFC CE No. BRT139 010-59133689 wukunqi@gf.com.cn 分析师： 邱净博 SAC 执证号：S0260522120005 010-59136685 qiujingbo@gf.com.cn 请注意，邱净博并非香港证券及期货事务监察委员会的注 -4% 12% 27% 43% 58% 74% 02/2 ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of CNY 31.29 and HKD 22.35, and a fair value of CNY 41.92 and HKD 31.59 [4]. Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of CNY 422-463 billion, representing a year-on-year increase of 55%-70%. This growth is driven by a rising equity market and a low profit base from 2023 [8]. - The report anticipates stable growth in intrinsic value, with an expected increase of 6.9% in 2024, despite potential downward adjustments in investment return assumptions due to declining long-term interest rates [8]. - The company is expected to maintain a robust performance in its insurance services, with stable growth in premium income across various channels, including individual insurance and group insurance [9][10]. Financial Forecasts - The report provides detailed financial forecasts for the company from 2022 to 2026, including: - Intrinsic value (CNY million): 519,621 in 2022, projected to grow to 681,436 by 2026, with a CAGR of 9.84% [2]. - New business value (CNY million): Expected to increase from 9,205 in 2022 to 15,825 by 2026 [2]. - Net profit attributable to shareholders (CNY million): Forecasted to rise from 37,481 in 2022 to 48,827 by 2026, with a notable increase of 66.36% in 2024 [2]. - EPS (CNY): Expected to grow from 2.56 in 2022 to 5.08 by 2026 [2]. Premium Income Projections - The report outlines premium income projections, indicating: - New individual insurance premiums are expected to grow at rates of +11.4% in 2024, +7.8% in 2025, and +11.9% in 2026 [9]. - The total premium income growth is projected at +1.3% in 2024, +7.1% in 2025, and +7.7% in 2026 [9][14]. Profitability and Valuation - The report highlights profitability metrics, including: - The company's net profit growth rates are projected at +66.4% in 2024, +1.2% in 2025, and +6.4% in 2026 [10]. - The report assigns a PEV valuation of 0.65X for A-shares and 0.45X for H-shares, with a fair value of CNY 41.92 per share and HKD 31.59 per share [12].

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The global aerospace industry is experiencing high prosperity, and attention should be paid to the progress of domestic commercial aerospace construction [2] - The report highlights the rapid development of the global aerospace industry in 2024, with several overseas commercial rocket companies planning test flights of new rocket models in 2025. SpaceX is expected to launch 175-180 Falcon rockets and expand Starship testing [7] - Domestic private rocket companies are also expected to conduct test flights of key rocket models in 2025, with the Long March 8 rocket anticipated to launch soon [7] - The report suggests focusing on leading companies in the domestic satellite and launch vehicle industry chain, including Shanghai Hanxun, Guangwei Composites, and others [7] Summary by Sections Industry Overview - The report indicates that the global commercial aerospace industry is in a high-growth phase, with significant advancements expected in 2025 for China's commercial aerospace sector [7] Key Companies and Financial Analysis - The report includes a valuation and financial analysis of key companies in the defense and aerospace sector, highlighting their stock performance, earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) [8]