Investment Rating - Buy rating with a target price of HKD 11.30 [8] Core Views - The company is expected to achieve steady profit growth in 2024, driven by increased hospital coverage, market share expansion, and overseas revenue doubling [8] - Core products are accelerating their entry into hospitals, with new products enriching the product line [8] - The company's adjusted net profit CAGR from 2020 to 2024 is approximately 55% [8] Financial Projections - Revenue is projected to grow from RMB 547 million in 2022 to RMB 1,550 million in 2026, with a CAGR of 30.1% from 2024 to 2026 [3] - EBITDA is expected to increase from RMB 145 million in 2022 to RMB 596 million in 2026 [3] - Net profit attributable to shareholders is forecasted to rise from RMB -22 million in 2022 to RMB 447 million in 2026 [3] - EPS is projected to grow from RMB -0.04 in 2022 to RMB 0.76 in 2026 [3] Product Performance - The company's products supported 190,000 neurointerventional surgeries in the first half of 2024 [8] - NUMEN® coils entered 240 new hospitals, Tubridge® stents entered 80 new hospitals, and WILLIS® covered stents entered 30 new hospitals [8] - Bridge® vertebral artery drug stents entered 230 new hospitals, and APOLLO™ intracranial stents entered nearly 120 new hospitals [8] - Neurohawk® thrombectomy stents entered over 150 new hospitals [8] Valuation Metrics - The P/E ratio is expected to decrease from 18.4 in 2024 to 10.0 in 2026 [3] - The EV/EBITDA ratio is projected to decline from 10.2 in 2024 to 4.3 in 2026 [3] - ROE is forecasted to increase from -1.7% in 2022 to 16.7% in 2026 [3] Balance Sheet and Cash Flow - Total assets are expected to grow from RMB 1,817 million in 2022 to RMB 3,180 million in 2026 [9] - Cash and cash equivalents are projected to increase from RMB 828 million in 2022 to RMB 2,042 million in 2026 [9] - Operating cash flow is forecasted to rise from RMB 224 million in 2022 to RMB 555 million in 2026 [9] Key Financial Ratios - Gross margin is expected to remain stable, ranging from 73.0% to 75.0% from 2024 to 2026 [10] - Net margin is projected to increase from -4.5% in 2022 to 28.8% in 2026 [10] - The current ratio is forecasted to improve from 5.3 in 2022 to 8.7 in 2026 [10]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 39.85 CNY/39.90 HKD and a fair value of 55.63 CNY/55.70 HKD [3]. Core Insights - The report highlights that non-interest income growth and provisioning recovery are driving a rebound in Q4, with a year-on-year revenue growth of -0.47% for 2024, which is an improvement of 2.4 percentage points compared to the first three quarters of 2024 [8]. - The bank's total assets and loan amounts increased by 10.2% and 5.8% year-on-year, respectively, indicating accelerated scale expansion [8]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95%, unchanged from the previous year, and a provisioning coverage ratio of 411.98%, although it has decreased from previous quarters [8]. - The report forecasts a net profit growth of 5.56% and 6.43% for 2025 and 2026, respectively, with earnings per share (EPS) projected at 6.03 CNY and 6.43 CNY [8]. Summary by Sections Financial Performance - In Q4 2024, the bank's revenue and net profit grew by 7.59% and 7.63% year-on-year, respectively, with significant contributions from non-interest income, which rose by 16.6% [8]. - The total liabilities and deposits increased by 9.8% and 11.5% year-on-year, respectively, with deposits accounting for 83.3% of total liabilities [8]. Asset Quality - The NPL ratio remained stable at 0.95%, with a total NPL amount increasing by 1.9 billion CNY in Q4 2024, while the cumulative NPL amount for the year increased by 3.6 billion CNY [8]. - The provisioning coverage ratio decreased by 20.17 percentage points from the previous quarter but remains at a high level, indicating sufficient risk coverage [8]. Profitability and Valuation - The report projects a price-to-earnings (P/E) ratio of 6.61X for 2024 and 6.20X for 2025, with a price-to-book (P/B) ratio of 0.89X and 0.81X for the same years [8]. - The bank's return on equity (ROE) remains high, supporting its ability to generate internal capital [8].

Investment Rating - The report rates the leisure food industry as "Buy" for key companies such as 盐津铺子 (Yanjinpuzi) and 劲仔食品 (Jinzai Food) [4]. Core Insights - The report highlights that 2025 is expected to be a year of significant changes in the leisure food industry, driven by new channels and consumer behavior shifts. The performance of snack companies has outpaced the broader food and beverage sector over the past three years, with notable examples including 万辰集团 (Wancheng Group) and 三只松鼠 (Three Squirrels) achieving substantial returns [3][14]. - The report identifies three major new channel developments: the localization of Sam's Club, the expansion of WeChat's gifting feature, and the rise of discount retailing, all of which are expected to create new opportunities for growth in the leisure food sector [3][28][50]. Summary by Sections Introduction - The report discusses the strong performance of snack companies compared to the broader food and beverage sector, with significant returns from companies like 万辰集团 and 三只松鼠 in 2024 [3][14]. New Channel 1: Sam's Club Localization - Sam's Club has accelerated its localization strategy, with over 50 stores generating approximately 100 billion CNY in sales. The focus on high-quality, cost-effective products is expected to create new opportunities in lower-tier markets [3][28]. - The selection strategy at Sam's Club follows a "wide SPU, narrow SKU" principle, emphasizing differentiated, high-quality products [34]. New Channel 2: WeChat Gifting - WeChat's new gifting feature is set to expand social e-commerce, with snack products being prioritized in this new shopping scenario. The initial testing phase has shown positive engagement from companies like 来伊份 (Laiyifen) and 三只松鼠 [50][51]. New Channel 3: Discount Retailing - The report maintains a cautious outlook on the snack retail sector, suggesting that the competition among mid-tier brands is intensifying. However, the rise of discount retailing is expected to provide new growth opportunities [3][28]. Investment Recommendations - The report suggests focusing on companies that are responsive to new channels, such as 盐津铺子 and 三只松鼠, as well as smaller companies that are embracing these changes, like 甘源食品 (Ganyuan Food) and 劲仔食品 [3][4].

Investment Rating - Buy rating with a target price of 15.83 CNY [4] Core Views - The company has a rich pipeline of new products and strong IP capabilities, which are expected to drive future growth [2][9] - The company is expanding its game genres beyond its traditional MMO focus, which could help break through its growth ceiling [9] - The company's IP portfolio includes well-known titles such as "Dragon Nest," "Legend," "Digimon," and "Tomb Raider," which are expected to boost product launches [9] Financial Projections - Revenue is projected to grow from 3,726 million CNY in 2022 to 7,199 million CNY in 2026, with a CAGR of 17.8% [3] - Net profit attributable to shareholders is expected to increase from 1,025 million CNY in 2022 to 2,374 million CNY in 2026, with a CAGR of 18.3% [3] - EPS is forecasted to rise from 0.49 CNY in 2022 to 1.10 CNY in 2026 [3] - ROE is expected to remain strong, ranging from 22.9% in 2022 to 25.0% in 2026 [3] Product Pipeline - The company has announced 22 new products across four categories: "Classic Continuation," "Fantasy Adventure," "Chinese Martial Arts," and "Casual Games" [9][10] - Key IPs include "Dragon Nest: World," "Legend 2," "Digimon: Source Code," and "Tomb Raider: Journey" [9][10] - The company is diversifying its game genres, including ARPG, SLG, and casual games, which could enhance its market position [9] Financial Ratios - The company maintains a high gross margin, projected to be around 82% from 2024 to 2026 [13] - The net profit margin is expected to remain stable at around 31-33% from 2024 to 2026 [13] - The P/E ratio is forecasted to decline from 13.39 in 2022 to 11.64 in 2026, indicating potential undervaluation [3][13] Market Performance - The company's stock has shown strong relative performance compared to the CSI 300 index, with significant outperformance in recent periods [6]

Investment Rating - The industry investment rating is "Buy" [7]. Core Viewpoints - The report indicates that social financing (社融) has bottomed out and is showing signs of recovery, with growth rates exceeding expectations, primarily driven by government bonds and bill discounts. As of December 2024, M1, M2, and social financing growth rates have all rebounded, with M1 increasing by 2.3 percentage points to -1.4%, M2 rising by 0.2 percentage points to 7.3%, and social financing growth up by 0.2 percentage points to 8%, surpassing the expected 7.9% [7][19]. - The report highlights significant fiscal support, with government bond issuance and fiscal spending accelerating. In December, the net financing from government bonds reached 1.76 trillion yuan, an increase of 830 billion yuan year-on-year, indicating a substantial boost to support the real economy [7][19]. - The demand for medium- and long-term loans from households continues to improve, likely due to the ongoing recovery in the real estate market. It is expected that fiscal policies will expand support for demand, further enhancing household credit demand [7][19]. - Corporate cash flow is improving due to fiscal spending, which is also replacing some corporate financing needs. The report notes that the increase in corporate deposits is mainly driven by fiscal expenditure, while short-term corporate credit demand is being substituted [7][19]. Summary by Sections Overall Situation - Social financing growth has seen a bottoming out and recovery, with December 2024 showing an 8.0% growth rate, up from 7.8% in November [19]. Government Sector - The government has significantly increased fiscal efforts, with December's net financing from government bonds at 1.76 trillion yuan, a year-on-year increase of 830 billion yuan. This indicates a strong fiscal push to support the economy [7][19]. Household Sector - There is a continued improvement in medium- and long-term loan demand from households, with December showing an increase of 150 billion yuan year-on-year, attributed to the recovery in the real estate market [7][19]. Corporate Sector - Corporate cash flow is improving due to fiscal spending, which is replacing some financing needs. The report notes that corporate deposits have increased significantly, primarily due to fiscal expenditure [7][19]. Non-Banking Sector - There has been a significant reduction in deposits, as the arbitrage space between interbank deposits and general deposits has been compressed, leading to a further decline in non-bank deposits [7][19].

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The offshore wind power sector is expected to exceed expectations, with significant growth in domestic and international orders for wind turbine manufacturers [7][18] - The high bidding environment indicates a strong certainty for installation in 2025, with domestic wind turbine bidding reaching 119.1GW in the first three quarters of 2024, a year-on-year increase of 93% [7][46] - The industry is entering a phase of profit recovery due to high installation volumes, which is anticipated to improve asset return rates [7][18] Summary by Sections 1. Domestic Wind Power - The bidding volume for wind power in 2024 is expected to exceed expectations, with a total of 119.1GW bid, including 111.5GW for onshore and 7.6GW for offshore, marking increases of 101% and 25% respectively [7][46] - The average bidding price for onshore wind turbines has stabilized after a decline, indicating a potential easing of competition within the industry [7][49] 2. Offshore Wind Power - The offshore wind power market is projected to continue its growth trajectory, with significant projects in Jiangsu and Shandong provinces [7][18] - In 2024, seven turbine manufacturers secured a total of 13.66GW in offshore wind orders, with the leading companies being Envision Energy and Goldwind [7][62] 3. Market Dynamics - The global wind power market is expected to grow significantly, with an estimated CAGR of 7.69% from 2023 to 2028, driven by energy transition and decarbonization goals [18][22] - China remains the largest contributor to global wind power installations, accounting for 65.38% of new onshore installations in 2023 [22][37] 4. Key Companies and Financial Analysis - Sany Heavy Energy and Zhongji United are highlighted as key players with strong market positions and growth potential, with both companies rated as "Buy" [8] - The report provides detailed financial metrics for these companies, including projected EPS and PE ratios for 2024 and 2025 [8]

Investment Rating - The report assigns a "Buy" rating for the companies mentioned, indicating an expectation that their stock prices will outperform the market by more than 10% over the next 12 months [28]. Core Insights - The report highlights the significant growth potential in the NV AI server PCB market, projecting an increase from $330 million in 2023 to $1.72 billion by 2025, representing a year-on-year growth rate of 117% [3][19]. - The GB300 PCB is expected to enhance the value of single GPU PCBs, with value estimates ranging from $382 to $501, which is an increase of 17% to 39% compared to the GB200 PCB [3][18]. - Domestic companies like Shenghong Technology and Huidian Co. are positioned as key players in the AI PCB market, actively developing high-performance PCBs for AI servers [3][22]. Summary by Sections 1. GB200/GB300 PCB Comparison - The GB300 PCB is anticipated to have a larger area usage and increased value compared to the GB200 PCB, with single GPU PCB value expected to rise significantly [3][12][16]. 2. NV AI Server PCB Supply and Demand Landscape - The NV AI server PCB market is projected to grow substantially, with the GB200 and GB300 PCBs expected to account for a significant portion of the market size by 2025 [3][21]. - The report outlines the supply chain dynamics, indicating that domestic manufacturers are gearing up to meet the increasing demand for AI PCBs [3][19]. 3. Investment Recommendations - The report suggests focusing on core beneficiaries within the industry, specifically Shenghong Technology and Huidian Co., as they are well-positioned to capitalize on the growth in the AI server PCB market [3][22].

Group 1 - Industry Investment Rating: Buy [2] - Core Viewpoint: The recent U.S. policy upgrade on AI computing power and model export restrictions is favorable for domestic AI chip manufacturers [7][10][15] Group 2 - Summary of Relevant Events: On January 13, 2025, the U.S. announced new rules limiting the export of high-end AI chips, allowing sales only to 18 allied countries, which significantly restricts the global sales of companies like NVIDIA [10][15] - Impact on Domestic Industry: The new policy is expected to accelerate the domestic AI chip replacement process, as the limited availability of high-end AI computing power from the U.S. will drive local manufacturers to adapt and adopt domestic solutions [16][17] Group 3 - Key Company Analysis: The report highlights the competitive positioning of domestic AI chip companies like Cambricon, which has seen increased demand for its products in various applications, including natural language processing [17][18] - Financial Metrics: Cambricon's stock is rated as "Buy" with a closing price of 719.00 CNY and a reasonable value estimated at 671.98 CNY per share [8]

[Table_Page] 行业专题研究|计算机 2025 年 1 月 14 日 证券研究报告 识别风险，发现价值 请务必阅读末页的免责声明 [本报告联系人： Table_C ontacter] 王钰翔 021-38003529 wangyuxiang@gf.com.cn 1 / 11 [Table_Title] 计算机行业 M365 大幅提价：检验应用成功的标准是商业化 | 分析师： [Tabl | 刘雪峰 | 分析师： | 吴祖鹏 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260521040003 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | wuzupeng@gf.com.cn | | | 请注意，吴祖鹏并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 6.38 CNY and a fair value of 7.25 CNY [3]. Core Views - The company has signed a strategic cooperation framework agreement with Zhanglv Group, aiming to integrate resources and develop cultural tourism projects, enhancing its business landscape [7]. - The partnership is expected to leverage Zhangjiajie's unique tourism resources and the company's operational capabilities to create a world-class tourism destination [7]. - Revenue forecasts for 2024 and 2025 are projected at 34.88 billion CNY and 38.38 billion CNY, respectively, with net profits of 1.63 billion CNY and 2.57 billion CNY [7]. Financial Summary - **Revenue**: The company reported revenues of 3,726 million CNY in 2022, with a projected increase to 3,920 million CNY in 2023, followed by a decline to 3,488 million CNY in 2024, and then growth to 3,838 million CNY in 2025 and 4,228 million CNY in 2026 [2]. - **Net Profit**: The net profit for 2022 was 209 million CNY, expected to decrease to 176 million CNY in 2023, and further to 163 million CNY in 2024, before rebounding to 257 million CNY in 2025 and 343 million CNY in 2026 [2]. - **EBITDA**: EBITDA figures are projected to be 308 million CNY in 2022, increasing to 322 million CNY in 2023, but declining to 277 million CNY in 2024, with a recovery to 400 million CNY in 2025 and 508 million CNY in 2026 [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to decrease from 0.15 CNY in 2022 to 0.12 CNY in 2023 and 0.11 CNY in 2024, before increasing to 0.18 CNY in 2025 and 0.24 CNY in 2026 [2]. - **Price-to-Earnings Ratio (P/E)**: The P/E ratio is expected to rise from 34.53 in 2022 to 45.67 in 2023, peaking at 55.54 in 2024, then decreasing to 35.19 in 2025 and 26.40 in 2026 [2]. Strategic Developments - The company is actively pursuing mergers and acquisitions in the cultural tourism sector, aiming to expand its business footprint and enhance its operational capabilities [7]. - The strategic cooperation with Zhanglv Group is seen as a significant step towards creating a new benchmark in cultural tourism, combining strengths from both entities [7].