[Table_Page] 投资策略周报|有色金属 证券研究报告 | [Table_Title] 金属及金属新材料行业 | | --- | 黄金配置价值凸显 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2025-01-05 [Table_PicQuote] 相对市场表现 重点公司估值和财务分析表 -20% -10% 0% 10% 20% 30% 01/24 03/24 05/24 08/24 10/24 01/25 有色金属 沪深300 | [分析师： Table_Author]宫帅 | | | --- | --- | | | SAC 执证号：S0260518070003 | | | SFC CE No. BOB672 | | | 010-59136627 | | | gongshuai@gf.com.cn | | 分析师： | 王乐 | | | SAC 执证号：S0260523050004 | | | 021-38003617 | | | wangle@gf.com.cn | | 分析师： | 陈琪玮 | | | SAC 执证号：S026 ...

[Table_Page] 投资策略周报|通信 证券研究报告 [Table_Title] 通信行业 微软数据中心资本开支同比大幅提升，继续看好算力基建产业链 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]韩东 -20% -7% 6% 18% 31% 44% 01/24 03/24 05/24 08/24 10/24 01/25 通信 沪深300 | SAC 执证号：S0260523050005 | | | --- | --- | | 021-38003776 | | | gfhandong@gf.com.cn | | | 分析师： | 戎志强 | | SAC 执证号：S0260523090001 | | | 021-38003535 | | | rongzhiqiang@gf.com.cn | | | 分析师： | 王亮 | | SAC 执证号：S0260519060001 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 58.02 CNY and a fair value of 69.64 CNY [3]. Core Views - The company is a high-tech enterprise focused on providing testing equipment for semiconductor, display, and new energy sectors, leveraging vertical integration capabilities to break overseas technology monopolies and maintain industry leadership in panel display testing [10][17]. - The semiconductor measurement equipment segment is experiencing continuous breakthroughs, with significant orders in advanced processes and a total order backlog of approximately 1.767 billion CNY [10][17]. - The display sector is expected to benefit from the construction of AMOLED 8.6 generation lines and the innovation cycle in consumer electronics, with major projects from companies like BOE and Visionox [10][17]. - The company forecasts revenue growth from 29.25 billion CNY in 2024 to 43.80 billion CNY in 2026, with net profit expected to rise from 2.13 billion CNY to 5.77 billion CNY during the same period [10][17]. Summary by Sections Company Overview - The company has established a comprehensive service provider role in the semiconductor, display, and new energy industries, focusing on testing equipment [10][17]. - It has expanded its product matrix significantly, with a revenue share of 71.9% from display testing, 16.3% from semiconductors, and 9.9% from new energy in 2023 [19][20][31]. Semiconductor Sector - The semiconductor testing market is divided into front-end and back-end categories, with front-end measurement holding a larger value share [41]. - The company is a leading player in the domestic semiconductor testing equipment market, with a focus on both front-end and back-end testing solutions [63]. Display Sector - The company’s display testing equipment includes systems for LCD, OLED, and Mini/Micro-LED technologies, benefiting from the growth in consumer electronics [19][20]. - The construction of new AMOLED production lines is expected to drive demand for the company's products [10][17]. New Energy Sector - The company is involved in the production and testing of lithium battery equipment, with strategic partnerships to enhance its competitive edge in this sector [20][21]. Financial Forecasts - Revenue is projected to recover from 24.29 billion CNY in 2023 to 29.25 billion CNY in 2024, with net profit expected to increase significantly from 150 million CNY to 213 million CNY in the same period [2][10]. - The company anticipates a steady increase in EPS from 0.54 CNY in 2023 to 2.10 CNY by 2026 [2][10].

[Table_Page] 跟踪研究|酒店餐饮 证券研究报告 [Table_Title] 君亭酒店（301073.SZ） 宣布进军加盟，向规模化目标迈进 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 342 | 534 | 665 | 810 | 974 | | 增长率（ % ） | 23.2% | 56.2% | 24.6% | 21.8% | 20.3% | | EBITDA（百万元） | 157 | 250 | 230 | 302 | 362 | | 归母净利润（百万元） | 30 | 31 | 29 | 85 | 131 | | 增长率（ ） % | -19.4% | 2.6% | -5.1% | 193.9% | 54.0% | | EPS（元/股） | 0.18 | 0.16 | 0.15 | 0.44 | 0.67 | | 市盈率（P/E） | 389.44 | 14 ...

[Table_Page] 公司深度研究|有色金属 证券研究报告 | [Table_Title] 玉龙股份（601028.SH） | | --- | 黄金新秀，乘风起航 [Table_Summary] 核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 11.35 元 | | 合理价值 | 15.51 元 | | 报告日期 | 2025-01-03 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 783.03/783.03 | | --- | --- | | 总市值/流通市值（百万元） | 8887.34/8887.34 | | 一年内最高/最低（元） | 15.88/7.11 | | 30 日日均成交量/成交额（百万） | 31.16/398.90 | | 近 3 个月/6 个月涨跌幅（%） | -21.56/-11.74 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]宫帅 SAC 执证号：S0260518070003 SFC CE No. BOB672 010-59 ...

[Table_Page] 公告点评|白酒Ⅱ 证券研究报告 [Table_Title] 贵州茅台（600519.SH） 2024 圆满收官，经营韧性显现 [Table_Summary] 核心观点： 请注意，符蓉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。 识别风险，发现价值 请务必阅读末页的免责声明 | DocReport] [Table_ 相关研究： | | | --- | --- | | 贵州茅台（600519.SH）:业 | 2024-10-27 | | 绩符合预期，稳步实现增长 | | | 目标 | | | 贵州茅台（600519.SH）:营 | 2024-08-09 | | 收略超预期，三年分红提信 | | | 心 | | | 贵州茅台（600519.SH）:营 | 2024-04-28 | | 收开门红，销售投入谋长远 | | | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收 ...

[Table_Title] 非银金融行业 550 亿元互换便利完成招标，持续优化维稳市场 [Table_Summary] 核心观点： [Table_Page] 跟踪分析|非银金融 证券研究报告 跟踪分析|非银金融 重点公司估值和财务分析表 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-02 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-88286912 yanyilan@gf.com.cn 请注意，严漪澜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。 -14% 0% 13% 27% 40% 54% 01/24 03/24 05/24 08/24 10/24 01/25 非银金融 沪深300 | DocReport] [T ...

证券研究报告 [Table_Title] 山东药玻（600529.SH） 控股股东或变更，有望协同赋能 [Table_Summary] 核心观点： ⚫ 事件描述：2024 年 12 月 31 日，公司发布关于控股股东筹划重组事宜 的提示性公告，沂源县人民政府与国药国际正在筹划鲁中投资重组事 宜，可能涉及鲁中投资控股股东变更，从而导致公司间接控股股东变 更。目前上述重组方案尚未最终确定，方案确定后各方尚需取得相关主 管部门审批，审批结果尚具有不确定性，目前公司控股股东及间接控股 股东未发生变化。 ⚫ 事件点评：目前山东药玻第一大股东为鲁中投资（根据公司三季报，截 至 24Q3 末持股 19.5%），是沂源县财政局下属的投资平台，山东药玻 实控人为沂源县财政局。若鲁中投资重组完成，山东药玻实控人可能出 现变更。国药国际为国药集团（央企，中国规模最大、产业链最全、综 合实力最强的医药健康产业集团）的全资子公司，是国药集团医药健康 国际化经营战略平台。国药集团作为医药央企，有望在产业链、品牌力 等方面对公司进行赋能；同时国药国际在海外业务布局广、与国际知名 医药/健康品供应商密切合作关系，亦可能有利于公司产品出海全球 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company announced that the NDA for the combination therapy of Savolitinib and Osimertinib for treating MET-amplified EGFR-mutant NSCLC has been accepted by the National Medical Products Administration and is under priority review [5] - The company plans to use the proceeds from the sale of its 45% stake in Shanghai Henlius Biotech for further development of its internal product pipeline, including a new generation ADC platform [5] - The estimated reasonable value of the company is HKD 41.35 per share, with projected net profits of USD 0.05 million, USD 0.20 million, and USD 0.74 million for the years 2024 to 2026 respectively [5] Financial Summary - Main revenue is projected to grow from USD 426 million in 2022 to USD 838 million in 2023, followed by a decline to USD 641 million in 2024 [3] - EBITDA is expected to improve from a loss of USD 361 million in 2022 to a profit of USD 78 million in 2023, with a forecasted loss of USD 7 million in 2024 [3] - The net profit attributable to shareholders is projected to turn from a loss of USD 361 million in 2022 to a profit of USD 101 million in 2023, and further to USD 5 million in 2024 [3] - The company’s EPS is expected to rise from -0.42 in 2022 to 0.12 in 2023, and reach 0.08 by 2026 [3] - The company’s ROE is projected to improve from -56.6% in 2022 to 13.6% in 2023, and reach 8.7% by 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.36 CNY per share, corresponding to a PE of approximately 14x for 2025 [1][3][13]. Core Views - The company demonstrates strong confidence in its growth potential, as evidenced by its high performance targets for stock incentives, despite the pressure on new housing completion demand. The confidence stems from the comprehensive implementation of the "One Body, Two Wings, Global Layout" strategy and the potential for more external acquisitions encouraged by policy support [1][2][3]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 38.9 billion CNY, 45.8 billion CNY, and 54.8 billion CNY, respectively, with corresponding PE ratios of 13.2, 11.2, and 9.3 [1][3]. - The company expects stable growth in its gypsum board business, with significant contributions from the waterproofing and coating segments following successful acquisitions and market expansion [2][3]. Business Strategy - The company is focusing on enhancing its core gypsum board business while expanding into complementary products such as light steel keel, powder mortar, mineral wool board, and other gypsum board-related products, which have shown significant growth in recent years [2]. - The waterproofing business has achieved high-quality growth since 2023, with revenue growth rates of 24% and 20% for 2023 and the first half of 2024, respectively [2]. - The coating business, bolstered by the integration of Jia Baoli, is expected to see substantial growth through both organic development and external acquisitions [2]. Stock Incentive Plan - The company announced a new stock incentive plan on January 1, 2025, proposing to grant up to 12.9 million shares, with performance targets set for net profit growth rates of no less than 14.22%, 16.12%, and 17.08% for 2025, 2026, and 2027, respectively [12][16].