Investment Rating - The report assigns a reasonable value of 3.28 yuan to the company, with a current price of 2.72 yuan, indicating potential upside [44]. Core Insights - The company is positioned to benefit from accelerated investments in water conservancy and urban renewal projects, particularly in the Yangtze River Delta region, which has a lower fiscal pressure and greater potential for investment expansion [48]. - The company has secured significant contracts in water conservancy projects, with a total bid amount of 3.59 billion yuan in the first half of 2024, representing 1.7% of all new contracts signed [24][28]. - The company is actively expanding its renewable energy initiatives, focusing on photovoltaic and energy storage projects, with a notable increase in installed capacity in Shanghai [17][29]. Summary by Sections Water Conservancy and Management - The company is expanding its water conservancy and management business, focusing on various projects such as flood control, sewage treatment, and smart water management [3][4]. - In 2023, the total investment in water conservancy reached 1.1996 trillion yuan, a year-on-year increase of 10.1%, while water supply fixed asset investment was 281.7 billion yuan, up 4.3% [19][20]. Renewable Energy - The photovoltaic sector is experiencing robust growth, with a nationwide increase in installed capacity of 206.3 GW in 2024, a year-on-year increase of 25.88% [14][15]. - The company has invested in multiple distributed photovoltaic projects, achieving a total installed capacity of approximately 18 MW and generating over 10,861 MWh of electricity, which has led to significant carbon emissions reductions [17][18]. Nuclear Power - The company is entering the advanced nuclear power sector, focusing on thorium molten salt reactor technology, with a projected global market size of 4.155 billion USD by 2030 [6][11]. - The company has signed agreements for the installation and operation of thorium molten salt reactors, indicating a strategic move into this emerging energy sector [11][12]. Financial Performance - The company's revenue for 2023 was 30.4628 billion yuan, with a projected decline of 5.1% in 2024, followed by a recovery in subsequent years [45]. - The net profit attributable to shareholders is expected to grow steadily, reaching 1.793 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 7.1% [45].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 11.85 CNY per share based on a 16x PE valuation for 2025 [32][133]. Core Insights - The company has a strong foothold in the high-end natural cowhide leather market, having been established for 32 years and focusing on R&D, production, and sales [210]. - The company has expanded its product lines to include automotive interior leather and second-layer leather products, enhancing its growth potential [211]. - The automotive interior leather market is experiencing robust demand, driven by the increasing penetration of new energy vehicles and the company's entry into the supply chains of major automotive brands [78][91]. Summary by Sections Company Overview - The company is recognized as a leader in the domestic cowhide leather industry, with a comprehensive product range that includes leather for shoes, bags, automotive interiors, and furniture [210]. - It has established partnerships with numerous well-known brands, enhancing its market position [210]. Industry Analysis - The leather and footwear industry has faced challenges in recent years, but there are signs of recovery in 2024, particularly in the automotive interior leather segment [29][171]. - The automotive interior leather market is projected to grow significantly, with increasing demand from both traditional and new energy vehicle manufacturers [73][78]. Financial Performance - The company reported revenues of 2.7 billion CNY in 2023, with a year-on-year growth of 35.8% [30]. - The forecast for 2024-2026 indicates continued revenue growth, with expected revenues of 2.8 billion CNY in 2024 and 3.2 billion CNY in 2025 [30][127]. Growth Strategy - The company is actively expanding its overseas production capacity, particularly in Indonesia, to meet the demands of international brands and enhance supply chain stability [116]. - It emphasizes innovation and sustainability in its operations, aiming to lead in green leather production [119][121]. Investment Outlook - The company is expected to maintain a strong growth trajectory, with projected EPS of 0.54 CNY in 2024 and 0.74 CNY in 2025 [30][133]. - The strategic focus on high-end products and expanding into new markets positions the company favorably for future growth [88][124].

4% 数据来源：Bloomberg，广发证券发展研究中心 数据来源：Bloomberg，广发证券发展研究中心 [本报告联系人： Table_Cont act er] [Table_Page] 行业专题研究|纺织服饰 2024 年 12 月 30 日 证券研究报告 | --- | --- | --- | --- | --- | |----------------|-------------------------------------|----------|------------------------------|--------------------------------------------| | [Table_Title] | 纺织服饰行业全球观察之耐克 \nFY25Q2 | | | ：北美、大中华区动销承压，库存水平保持平稳 | | [Tabl 分析师： | 糜韩杰 | 分析师： | 李咏红 | | | e_Author] | SAC 执证号： S0260516020001 | | SAC 执证号： S0260523100001 | | | | SFC CE.no: BPH764 | | | ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The reasonable value of the company is estimated at 21.57 CNY per share [3] - The company is expected to achieve significant revenue growth driven by its domestic formulation business and the expansion of its product lines in both raw materials and overseas formulations [11][14][76] Summary by Sections Domestic Formulations - The domestic formulation business has seen rapid growth, with revenue reaching 3.476 billion CNY in 2023, supported by improved approval efficiency and market share gains through centralized procurement [20][36] - The company has successfully participated in multiple rounds of national centralized procurement, which has allowed it to quickly capture market share and expand its retail market presence [20][42] - The company aims to continue focusing on high-demand, competitive formulation products, with a projected revenue of 4.171 billion CNY in 2024, growing to 5.232 billion CNY by 2026 [99] Raw Materials - The raw material business is a cornerstone of the company's development, with a revenue of 3.16 billion CNY in 2023 and a gross margin of 47.8% [60] - The company has strategically positioned itself in high-volume, patent-expiring products, which are expected to enter a rapid growth phase as generics become available [55][62] - Revenue from raw materials is projected to grow from 3.476 billion CNY in 2024 to 4.718 billion CNY by 2026, with improving gross margins [99] Overseas Formulations - The overseas formulation business has rebounded significantly, achieving revenue of 1.46 billion CNY in 2023, a 49.6% increase year-on-year [76] - The company has rapidly accumulated ANDA approvals, with 24 approvals in 2022 and a return to pre-ban levels of around 10 approvals per year in 2023 [69][81] - The overseas formulation revenue is expected to grow from 1.528 billion CNY in 2024 to 1.685 billion CNY by 2026, maintaining a gross margin of around 43% [100] Biopharmaceutical Layout - The company is actively expanding into biopharmaceuticals, with 15 products in development across various therapeutic areas, including autoimmune diseases and oncology [85][94] - The biopharmaceutical segment is anticipated to provide a second growth curve for the company, complementing its existing product lines [85] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.265 billion CNY, 1.498 billion CNY, and 1.777 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.44, 18.11, and 15.27 [107][135] - The investment recommendation is to buy, with a target price of 21.57 CNY per share based on a 25x PE valuation for 2024 [135]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The report indicates that the price of raw materials for pharmaceuticals is stabilizing and showing signs of recovery, with the PPI for chemical drug raw materials manufacturing reaching 100.3 in November 2024, marking the first time it has exceeded 100 since January 2023 [10][27]. - Downstream formulation clients are nearing the end of inventory destocking, with many returning to normal stocking levels and some beginning to replenish inventories, which is expected to support price recovery in the sector [11][14]. Summary by Sections Raw Material Prices Stabilization - The PPI for chemical drug raw materials manufacturing fell below 100 in January 2023 and remained there throughout the year, reaching a low of 94.4 in May-June 2023. However, it rebounded to 100.3 in November 2024, showing a significant increase from the average of 95.47 in the first half of 2024 [27][10]. Specialty Raw Materials - Prices for hypertension products like Valsartan have stabilized around 710-720 CNY/kg since June 2023, while the export price for Atorvastatin has remained stable at 1300 CNY/kg since mid-2023 [2][18]. - Antibiotic product prices are experiencing slight fluctuations, with prices for upstream components like 6-APA and 7-ACA showing minor changes [2][63]. Investment Recommendations - The report suggests focusing on companies such as Xianju Pharmaceutical, Puluo Pharmaceutical, Huahai Pharmaceutical, Tianyu Co., Aorite, and Aoxiang Pharmaceutical, as they are expected to benefit from the anticipated recovery in raw material prices and market conditions [11][14].

Investment Rating - The industry investment rating is "Buy" [2][17]. Core Insights - The year-end TAC peak season elasticity has been realized, and the air freight market remains at a high level of prosperity. The air freight spot market continues to thrive due to the ongoing cross-border e-commerce boom, with the Shanghai (BAI80) freight index at 5327, down 7% week-on-week but up 11% year-on-year, equivalent to 193% of the same period in 2019. The Hong Kong (BAI30) freight index stands at 4411, down 3.2% week-on-week but up 5% year-on-year, also close to last year's peak [5]. - The recent listing of China Cargo Airlines is expected to increase attention on the sector. As the only flag carrier cargo airline in China, it holds the largest market share on major routes to North America and Europe. Eastern Air Logistics, as a leading cargo airline, benefits from the sustained release of cross-border e-commerce dividends [6]. - The government's policies to stabilize foreign trade remain strong, with measures approved to support financial backing, cross-border trade settlements, and overseas smart logistics platform construction. It is expected that foreign trade will maintain stable growth in 2025, highlighting structural growth opportunities [6]. - Investment recommendations suggest that new long-term contracts are likely to see price increases, and the domestic air cargo industry is expected to capitalize on this momentum. Eastern Air Logistics is recommended, with a focus on China Cargo Airlines. The average freight index for Hong Kong and Shanghai is projected to increase by 6.2% and 10.9% year-on-year, respectively, setting a higher price baseline for new long-term contract negotiations [6]. - Eastern Air Logistics plans to distribute cash dividends of 618 million yuan, with a payout ratio of 48% based on the first half of 2024's net profit, indicating a strong performance outlook for the coming year [6]. Summary by Sections - **Market Performance**: The air freight market is experiencing high demand, with significant year-on-year increases in freight indices for major ports [5]. - **Company Developments**: The listing of China Cargo Airlines is anticipated to enhance sector visibility, while Eastern Air Logistics continues to lead in operational quality and market share [6]. - **Policy Environment**: Government measures to support foreign trade are expected to foster a stable growth environment for the industry [6]. - **Investment Outlook**: The recommendation to invest in Eastern Air Logistics and monitor China Cargo Airlines reflects confidence in the sector's growth potential [6].

Quantitative Models and Construction Methods - **Model Name**: AI Look Chart Factor **Construction Idea**: Utilizes image recognition technology to predict future stock price trends based on standardized price-volume data charts, replacing traditional human-based technical analysis[17][21][25] **Construction Process**: 1. Input standardized price-volume data charts, which include 60 trading days' data consisting of K-line charts (open, high, low, close prices), daily trading volume, and MACD information[17][18] 2. Use a convolutional neural network (CNN) based on ResNet residual structure to process the input data[21] 3. Train the model using Adam optimizer and validate with external datasets to determine the optimal early stopping point[21] **Evaluation**: Demonstrates strong differentiation and monotonicity in factor performance, with significant long-short returns[52][55] - **Model Name**: Large-Cap Select 30 Strategy **Construction Idea**: Constructs a portfolio based on AI Look Chart Factor to achieve superior returns while controlling turnover[55][57] **Construction Process**: 1. Select stocks from the top 1000 market-cap stocks in the market[55][56] 2. Exclude delisted, ST/*ST stocks, and stocks with price limits[56] 3. Limit annual turnover to below 5 times[56] **Evaluation**: Achieved high cumulative and annualized returns with controlled risk metrics[69][73] Model Backtesting Results - **AI Look Chart Factor**: - Factor performance shows clear differentiation across 50 partitions, with significant long-short returns[52][54] - **Large-Cap Select 30 Strategy**: - **2020-2024**: Cumulative return 244.56%, annualized return 29.42%, max drawdown 19.80%, annualized volatility 18.24%, IR 1.61[69][70] - **2024**: Annualized return 40.88%, max drawdown 8.82%, annualized volatility 20.47%, IR 2.00[69][70] - **2020**: Annualized return 33.20%, max drawdown 13.95%, annualized volatility 21.84%, IR 1.52[70] - **2021**: Annualized return 40.13%, max drawdown 8.54%, annualized volatility 13.53%, IR 2.97[70] - **2022**: Annualized return 15.16%, max drawdown 19.80%, annualized volatility 21.36%, IR 0.71[70] - **2023**: Annualized return 20.40%, max drawdown 8.30%, annualized volatility 11.59%, IR 1.76[70] Quantitative Factors and Construction Methods - **Factor Name**: AI Look Chart Factor **Construction Idea**: Predicts future stock price trends using image recognition technology applied to standardized price-volume data charts[17][21][25] **Construction Process**: 1. Standardized price-volume data charts include K-line charts, trading volume, and MACD information[17][18] 2. Processed using ResNet-based CNN structure[21] 3. Optimized with Adam optimizer and validated with external datasets[21] **Evaluation**: Exhibits strong differentiation and monotonicity in factor performance, with significant long-short returns[52][55] Factor Backtesting Results - **AI Look Chart Factor**: - Factor performance across 50 partitions shows clear differentiation and monotonicity, with significant long-short returns[52][54] Strategy Performance Metrics - **Large-Cap Select 30 Strategy**: - **2020-2024**: Cumulative return 244.56%, annualized return 29.42%, max drawdown 19.80%, annualized volatility 18.24%, IR 1.61[69][70] - **2024**: Annualized return 40.88%, max drawdown 8.82%, annualized volatility 20.47%, IR 2.00[69][70] - **2020**: Annualized return 33.20%, max drawdown 13.95%, annualized volatility 21.84%, IR 1.52[70] - **2021**: Annualized return 40.13%, max drawdown 8.54%, annualized volatility 13.53%, IR 2.97[70] - **2022**: Annualized return 15.16%, max drawdown 19.80%, annualized volatility 21.36%, IR 0.71[70] - **2023**: Annualized return 20.40%, max drawdown 8.30%, annualized volatility 11.59%, IR 1.76[70]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 14.89 CNY per share, indicating an expected upside from the current price of 13.98 CNY [41][251]. Core Insights - The macroeconomic environment is shifting positively, which is expected to support a recovery in the company's performance. The company has maintained a high dividend payout ratio of 70% over the past eight years, reflecting its strong cash flow and commitment to shareholder returns [53][97]. - The company is well-positioned within the Guangdong transportation network, benefiting from the ongoing expansion and improvement of highway infrastructure in the region. The completion of expansion projects for key highways is anticipated to enhance traffic flow and revenue generation [40][51]. - The company has a significant competitive advantage due to its strategic location and the high traffic volume on its toll roads, with average toll revenue per kilometer exceeding 13 million CNY annually [34][274]. Summary by Sections Macroeconomic Outlook - The report highlights an expected improvement in the macroeconomic environment, which is anticipated to boost the company's performance. The infrastructure sector is set to benefit from increased government spending and supportive policies [5][243]. Company Overview - The company operates as the only publicly listed highway platform under the Guangdong Transportation Group, focusing on toll road operations. It has undergone two major asset restructurings, enhancing its profitability and market position [40][71]. - As of the end of 2023, the company controls approximately 295.88 kilometers of highways, with significant revenue contributions from its key toll roads [40][111]. Financial Performance - The company reported a toll revenue of 48.11 billion CNY in 2023, with a projected decline in revenue for 2024 due to the impact of the newly opened Shen-Zhong Channel, which is expected to gradually stabilize [11][92]. - Profit forecasts for the company indicate a net profit of 16.10 billion CNY in 2024, with slight growth expected in subsequent years [251][248]. Highway Expansion Projects - The ongoing expansion of the Jingzhu Expressway and Guanghui Expressway is expected to significantly increase capacity and toll revenue. The Jingzhu Expressway is projected to complete its expansion by 2027, with toll rates expected to rise by approximately 30% post-expansion [11][187]. - The Guanghui Expressway is also undergoing preparatory work for expansion, with completion expected by the end of 2028 [239][242]. Competitive Position - The company benefits from a strong market position within the Guangdong province, where it holds a significant share of the toll road market. The competitive landscape is characterized by stable pricing and a mature network of highways [34][126]. - The report notes that the company's toll revenue per kilometer is among the highest in the industry, reflecting its operational efficiency and strategic asset management [34][179].

-10% -5% 0% 5% 10% 15% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% M2同比 社融存量同比 PPI当月同比（右） 数据来源：国家统计局，广发证券发展研究中心 数据来源：国家统计局，央行，广发证券发展研究中心 [Table_Contacts] [Table_Page] 深度分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 11 月地产销售同比增速转正，基建增速环比小幅下行 [Table_Summary] 核心观点： ⚫ 11 月地产销售同比增速转正，基建增速环比小幅下行。据国家统计 局，2024 年 11 月单月开发投资/新开工面积/销售面积/竣工面积分别同 比-11.6%/-26.8%/+3.2%/-38.8%，增速环比+0.8/-0.1/+4.8/-18.7pct， 地产进一步企稳，销售面积增速去年 5 月以来首次同比转正，地产投 资/开工增速环比变动不大，地产竣工降幅环比扩大；中央持续表态推 动房地产市场止跌回稳，当前处于政策窗口期，未来仍有加力空间。 2024 年 11 月狭义/广义基建投资单月增速分别为 3.3%/9.8%，增速环 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.84 CNY per share, compared to the current price of 6.51 CNY [5][38]. Core Views - The company is expected to see a significant rebound in performance in 2024, with a projected EPS of 0.48 CNY, followed by 0.52 CNY in 2025 and 0.63 CNY in 2026. The estimated revenue for 2024 is 212.35 billion CNY, with a slight decline of 1.4% year-on-year, but growth is expected to resume in subsequent years [38]. - The company is expanding its online business, with projected revenues of 42.36 billion CNY, 55.06 billion CNY, and 71.58 billion CNY for 2024 to 2026, respectively, reflecting a consistent growth rate of 30% [9]. - The company is also focusing on its franchise business, with expected revenues of 93.67 billion CNY in 2024, showing a decline of 12.31% due to market conditions, but a recovery is anticipated in the following years [24]. - The company is enhancing its retail operations through strategic partnerships, such as the collaboration with JD.com to open new discount retail stores, which is expected to be a new growth driver [20]. Financial Summary - The company's revenue for 2022 was 18,562 million CNY, with a projected increase to 21,528 million CNY in 2023, followed by a slight decrease to 21,235 million CNY in 2024, and then growth to 23,364 million CNY in 2025 and 26,259 million CNY in 2026 [2]. - The EBITDA for 2022 was 4,651 million CNY, expected to rise to 5,384 million CNY in 2023, but projected to decline to 4,436 million CNY in 2024 before recovering to 4,944 million CNY in 2025 and 5,733 million CNY in 2026 [2]. - The net profit attributable to shareholders for 2022 was 2,155 million CNY, with a forecast of 2,952 million CNY in 2023, a drop to 2,282 million CNY in 2024, and then growth to 2,510 million CNY in 2025 and 3,005 million CNY in 2026 [2]. Revenue Breakdown - The direct sales revenue is projected to be 48.06 billion CNY in 2024, increasing to 54.00 billion CNY in 2025 and 61.92 billion CNY in 2026, with a stable gross margin of 62.11% [42]. - The franchise business is expected to generate 93.67 billion CNY in 2024, with a gross margin of 37.86% [24]. - The group purchase business is anticipated to yield 20.53 billion CNY in 2024, with a gross margin of 44.00% [25].