Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 33.70 per share [17] Core Views - The company is at a critical inflection point, aiming to achieve profitability by the end of 2025 [1] - Commercial sales are rapidly expanding, with product sales reaching USD 289 million in the first three quarters of 2024, a 44% YoY increase [2] - The company's revenue CAGR from 2023 to 2028 is expected to be around 50% [2] - The company has three global rights pipelines in clinical stages, with ZL-1310 showing potential as a best-in-class DLL3 ADC [3] Revenue and Profit Forecast - Revenue is expected to grow from USD 387 million in 2024 to USD 856 million in 2026, with a CAGR of 45% [3][17] - EBITDA is projected to improve from a loss of USD 297 million in 2024 to a near break-even of USD -8 million in 2026 [3] - Net profit is expected to turn positive by 2026, reaching USD 41 million [3] Product Pipeline and Commercialization - The company has a differentiated global pipeline with products like ZL-1310 (DLL3 ADC), ZL-1102 (IL-17A), and ZL-1218 (CCR8) in clinical stages [3] - Key products such as Niraparib, Tumor Treating Fields, and Repotrectinib have been approved and are contributing to revenue growth [42][73] - The company is focusing on global rights pipelines, with ZL-1310 showing promising Phase Ia data [3] Key Products and Market Potential - **Efgartigimod (FcRn antagonist)**: Rapid sales growth post-approval, with Q1-Q3 2024 sales reaching USD 63.6 million in China [78] - **KarXT (M1/M4 receptor agonist)**: Expected to revolutionize schizophrenia treatment, with potential for approval in China by 2026 [60][122] - **Bemarituzumab (FGFR2b monoclonal antibody)**: Shows promise in gastric cancer, with Phase III trials expected to read out in 2025 [97][103] - **Tumor Treating Fields**: Positive results in pancreatic cancer Phase III trials, with potential for new indications [106][107] Financial Efficiency - R&D expenses in Q1-Q3 2024 were USD 182 million, a 1% YoY decrease, with an R&D expense ratio of 63% [46] - SG&A expenses were USD 216 million, a 9% YoY increase, with an expense ratio of 75% [46] - Net loss in Q1-Q3 2024 was USD 175 million, a reduction of USD 64 million compared to the previous year [46] Strategic Partnerships and Licensing - The company has secured strategic partnerships with global biopharma companies, including Argenx for Efgartigimod and Karuna Therapeutics for KarXT [40][89] - Licensing agreements have been instrumental in building a differentiated product pipeline, with products like Niraparib and Tumor Treating Fields contributing significantly to revenue [40][71] Market and Industry Context - The company operates in the biopharmaceutical sector, focusing on oncology, autoimmune diseases, CNS disorders, and infectious diseases [38][42] - The global rights pipeline and strategic partnerships position the company for long-term growth in both domestic and international markets [3][71]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 485.21 per share [24][18] Core Views - WeChat Mini Stores are leveraging Tencent's social ecosystem to drive supply and demand, creating a unique lightweight social e-commerce model [17] - The "Gift Sending" feature in WeChat Mini Stores is expected to enhance user engagement and drive incremental growth for merchants [34] - WeChat Mini Stores have established a solid foundation with over RMB 2 trillion in GMV from mini-programs in Q3 2024, primarily driven by e-commerce transactions [21][17] - The integration of public and private domain traffic in WeChat Mini Stores is expected to enhance user conversion and repeat purchases [29] Financial Projections - Revenue is projected to grow by 8.0% in 2024 to RMB 657.9 billion and by 8.4% in 2025 to RMB 713.0 billion [18][19] - Non-GAAP net profit is expected to increase by 45.0% in 2024 to RMB 221.8 billion and by 10.2% in 2025 to RMB 244.4 billion [18][19] - Non-GAAP EPS is forecasted to rise from RMB 16.13 in 2023 to RMB 23.93 in 2024 and RMB 26.38 in 2025 [19] WeChat Mini Stores and Social E-commerce - WeChat Mini Stores are positioned as the core e-commerce component within WeChat, integrating public and private domain traffic to drive transactions [27][29] - The "Gift Sending" feature is expected to create new demand scenarios, especially during festive seasons like Chinese New Year, potentially replacing traditional red packet gifting [34] - Merchants with WeChat Mini Stores will receive priority in search results, enhancing visibility and driving traffic [64] Market Performance and Valuation - Tencent's stock is expected to outperform the market by more than 15% over the next 12 months [56] - The company's Non-GAAP PE ratio is projected to decrease from 16.7x in 2023 to 14.6x in 2025, indicating potential undervaluation [19]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 87.69 HKD per share, reflecting a strong growth potential in the market [68][198]. Core Insights - The company is positioned as a pizza delivery expert, with a clear path for profitability improvement and significant store expansion potential. The target for new store openings is set at 300-350 per year for the next two years, with a projected total of around 3,000 stores by 2030, nearly three times the current number [54][191][198]. - The company has demonstrated strong brand momentum, achieving continuous same-store sales growth for 29 consecutive quarters, even in a challenging market environment [68][145]. - The delivery model is a key differentiator, with a commitment to delivering within 30 minutes, which enhances customer satisfaction and brand loyalty [96][232]. Summary by Sections Industry Overview - The pizza market in China is expected to grow from 45.8 billion RMB in 2023 to 77.1 billion RMB by 2027, with a CAGR of 13.9% [39][171]. - The chain penetration rate for the pizza industry is significantly higher than other dining sectors, with a current rate of 90.1% expected to rise to 93.1% by 2027 [18][39]. Company Profile - The company is the exclusive master franchisee for Domino's Pizza in mainland China, Hong Kong, and Macau, having opened 1,000 stores across 33 cities as of November 2024 [68][80]. - The management team is experienced, with a focus on local market strategies and a commitment to enhancing operational efficiency [81][106]. Competitive Advantages - The company has a robust supply chain and a diverse menu, offering 33 different pizza options with customizable toppings, which enhances customer appeal [124][154]. - The brand has a strong global presence, being the leading pizza brand worldwide, which supports its growth in the Chinese market [157]. Future Outlook - Revenue is projected to grow significantly, with estimates of 42.9 billion RMB in 2024, 53.0 billion RMB in 2025, and 63.8 billion RMB in 2026, reflecting a strong growth trajectory [171][173]. - The company is expected to improve its operating profit margin (OPM) due to increased sales and optimized cost structures, with a target OPM of 14.5% by 2024 [164][171].

Investment Rating - The report assigns a "Buy" rating, indicating an expected stock performance that exceeds the market by more than 15% within the next 12 months [31]. Core Insights - The outdoor sports market is experiencing significant growth, driven by increased consumer interest in outdoor activities post-pandemic, with participation rates in the U.S. rising from 48.2% in 2013 to 57.3% in 2023 [16][20]. - The company has a strong research and development capability, which is crucial for maintaining its competitive edge in the rapidly evolving outdoor product market [56][57]. - The vertical integration of the company's supply chain enhances product quality and profitability, allowing for better control over production processes [64]. Summary by Sections Investment Projects - The company has planned several investment projects totaling 992.04 million yuan, with significant allocations for the construction of smart production bases and R&D centers [1]. Financial Performance - The company's revenue is projected to grow significantly, with expected revenues of 1.034 billion yuan in 2024, 1.229 billion yuan in 2025, and 1.408 billion yuan in 2026, reflecting year-on-year growth rates of 25.6%, 18.9%, and 14.6% respectively [2]. Product Performance - The gross margin for outdoor bags has improved from 14.44% to 26.44% over recent years, indicating a positive trend in profitability [2]. - The average selling price of inflatable mattresses has steadily increased, with prices rising from 150.15 yuan in 2021 to 167.21 yuan in 2023 [10]. Market Trends - The global outdoor sports market is expected to grow from 723.2 billion yuan in 2022 to 1,093.5 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10% [17]. - The domestic outdoor products market is also on an upward trajectory, with retail sales expected to reach 27.44 billion yuan in 2024, following a CAGR of 23.54% from 2002 to 2024 [22]. R&D and Innovation - The company has invested significantly in R&D, with expenses increasing from 29.62 million yuan in 2021 to 35.68 million yuan in 2023, reflecting a commitment to innovation [57][60]. - The company has developed several new products, including a 3D edge inflatable bed, which contributed significantly to revenue in its launch year [57]. Customer Base - The company has established long-term relationships with major clients such as Decathlon and REI, ensuring a stable revenue stream and market presence [66].

[Table_Page] 跟踪分析|保险Ⅱ 识别风险，发现价值 请务必阅读末页的免责声明 1 / 5 [Table_impcom] 重点公司估值和财务分析表 数据来源：Wind、广发证券发展研究中心 识别风险，发现价值 请务必阅读末页的免责声明 2 / 5 证券发展研究中心 数据来源：国家金融监督管理总局，广发证券发展研究中心 图5：财产险公司车险与非车险原保费累计同比增速 图6：财产险公司市场份额变化情况 -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 202001202004202007202010202101202104202107202110202201202204202207202210202301202304202307202310202401202404202407202410 财产险 平安 太保 人保 识别风险，发现价值 请务必阅读末页的免责声明 3 / 5 陈 福 ：首席分析师，经济学硕士，2017 年进入广发证券研究发展中心。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-10%～+10%。 | --- | --- ...

数据来源：ifind，各公司定期财报，广发证券发展研究中心 以环卫服务业务为主的公司（侨银股份、玉禾田）更是彰显了稳健增长属性。特别 是侨银股份、玉禾田两家以环卫服务为主的公司，除2020年因疫情期间的税收优惠 政策导致公司利润增厚外，两家公司均保持稳健的收入、业绩增长，2018-2023年的 数据来源：ifind，各公司定期财报，广发证券发展研究中心 数据来源：ifind，各公司定期财报，广发证券发展研究中心 识别风险，发现价值 请务必阅读末页的免责声明 16 / 22 1% 2% 2% 3% 3% 4% 6% 8% 8% 13% 0% 4% 8% 12% 16% 20%渗透率 识别风险，发现价值 请务必阅读末页的免责声明 17 / 22 （二）无人环卫车频落地，潜在市场或可达千亿 无人环卫车为无人驾驶中较为广泛的应用场景。根据公开招投标结果公告，新战略 低速无人驾驶产业研究所不完全统计，2023年国内自动驾驶领域发布相关中标结果 公告超470个，项目总额超70亿元；其中无人环卫招投标项目近60个，总金额23亿 图 32：2024年上半年我国自动驾驶中标项目中，无人环卫占20个 盈峰环境、宇通重工、福龙马等 ...

Investment Rating - The industry investment rating is "Hold" [43] Core Viewpoints - The glass fiber industry is expected to stabilize in 2025, with demand supported while new capacity pressures the performance [39][42] - The pricing strategy is anticipated to remain stable, waiting for marginal improvements in supply and demand to create opportunities for price increases [4][42] - The leading companies in the glass fiber sector, such as China Jushi, Changhai Co., and China National Materials, are expected to maintain a competitive edge [11][42] Summary by Sections Production Capacity Changes - New production lines and restarts are expected to contribute significantly to effective production capacity in 2024 and 2025, with various companies planning to increase their output [1][3] - The total production capacity changes during the period are calculated as new starts plus restarts minus cold repairs, indicating a dynamic adjustment in the market [1][3] Price Expectations - The industry is expected to see price stability in 2025, with potential for price increases if supply and demand conditions improve [4][42] - The electronic yarn sector has not seen new production capacity, which may lead to better price dynamics compared to coarse yarn [4][42] Investment Recommendations - The report recommends focusing on leading companies in the glass fiber and carbon-based composite materials sectors, highlighting their strong competitive positions [11][42] - Companies such as Jushi, Changhai, and China National Materials are identified as key players to watch [11][42]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 17.78 per share based on a 5x PS valuation for 2025 [1][20] Core Views - The company's future blockbuster products are expected to become new growth engines [1] - The company has achieved significant cost reduction measures, with sales expense ratio dropping to 21.9% (YoY -10.7pp), management expense ratio to 11.9% (YoY -10.0pp), and R&D expense ratio to 28.2% (YoY -28.7pp) [1][20] - The company's neurovascular and peripheral vascular interventional products are expected to drive rapid revenue growth, with projected revenues of RMB 782 million, RMB 1.092 billion, and RMB 1.529 billion for 2024-2026, representing growth rates of 48%, 40%, and 40% respectively [20][107][110] Company Overview - The company is a leader in neurovascular and peripheral vascular interventional devices, with a rich product portfolio and continuous new product launches [59][64] - The company has 44 products in the domestic market, covering over 3,000 hospitals, with more than 600,000 devices used clinically [64] - The company has strategically positioned 63 products and candidates, gradually enriching its interventional product portfolio [64] Neurovascular Interventional Products - The company has 23 approved neurovascular interventional products in China, covering five major clinical areas [65] - Key products include the JiaoLong Intracranial Thrombectomy Stent, YinShe Intracranial Support Catheter, and DaYu Balloon Guide Catheter, which provide a complete three-piece solution [172] - The company is promoting the BADDASS thrombectomy technique and R-DAS transradial access technology to enhance the clinical application of its products [196][198] Peripheral Vascular Interventional Products - The company has 21 approved peripheral vascular interventional products in China, covering arterial, venous, dialysis access, and peripheral embolization [66] - Key products include the UltraFree® Drug-Eluting PTA Balloon Catheter and ZENFLOW® PTA Balloon Catheter, which have achieved significant market penetration [20] - The company has partnered with Avinger to develop OCT-guided peripheral vascular plaque excision products, expected to launch in 2025 [66][105] Financial Performance - The company achieved revenue of RMB 366.0 million in H1 2024, a YoY increase of 58.2%, with net profit of RMB 68.9 million, turning profitable [20] - Neurovascular interventional products contributed RMB 243.5 million in revenue (YoY +46.7%), while peripheral vascular interventional products contributed RMB 120.6 million (YoY +88.2%) [20] - The company's gross margin was 71.3% in H1 2024, slightly down by 2.9pp YoY due to product price reductions from centralized procurement [143] Market Outlook - The number of neurointerventional procedures in China is expected to grow from 161,400 in 2020 to 740,500 in 2026, with a CAGR of 28.9% [166] - The market size for acute ischemic stroke neurointerventional devices in China is projected to grow from RMB 4.75 billion in 2020 to RMB 34.61 billion in 2026, with a CAGR of 39.2% [168][195] - The intracranial aneurysm market in China is expected to reach RMB 8.4 billion by 2026, with a CAGR of 14.2% from 2020 [172] Competitive Landscape - The company has participated in multiple centralized procurement programs, rapidly expanding its hospital coverage [178] - In the Guangdong neurointerventional coil procurement, the company's market share increased to 4.1%, up from 1.9% in previous rounds [178][179] - The company's coil products accounted for approximately 10% of the domestic market in 2023 [178]

事件：公司于 2024 年 12 月 26 日审议通过了《关于申请综合授信额 度的议案》，为满足日常经营和业务发展的资金需求，公司及控股子公 司拟向银行申请不超过 25 亿元的综合授信额度。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|-------|-------|--------|--------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 729 | 709 | 1,182 | 3,507 | 5,942 | | 增长率 （ % ） | 1.1 | -2.7 | 66.6 | 196.7 | 69.5 | | EBITDA （百万元） | -1,096 | -652 | -118 | 398 | 1,084 | | 归母净利润（百万元） | -1,256 | -848 | -300 | 187 | 826 | | 增长率 （ % ） | - | - | - ...

Industry Investment Rating - The industry is rated as **Buy**, indicating an expectation that the stock performance will outperform the market by more than 15% over the next 12 months [5][19] Core Viewpoints - **AIDC Capital Expenditure Acceleration**: Data center capital expenditure is accelerating, leading to a widening supply-demand gap for diesel generator sets Diesel generator sets are crucial for power security in data centers, accounting for 5%-10% of construction costs With major cloud providers like ByteDance planning aggressive capital expenditure expansions and increasing power density per rack, domestic demand for diesel generator sets is expected to grow significantly over the next 3-5 years [19] - **Higher Power Requirements for AIDC**: AIDC (Artificial Intelligence Data Center) demands higher power compared to traditional IDC (Internet Data Center), pushing diesel generator sets into a supply shortage The core component of generator sets, the engine, is dominated by foreign brands like Cummins, MTU, Caterpillar, and Mitsubishi Domestic brands such as Weichai and Yuchai are gaining traction due to the supply gap, as foreign manufacturers are not expanding production [19] - **Foreign Brand Dominance and Potential Shift**: Foreign brands currently dominate the market, but the supply-demand gap is creating opportunities for domestic manufacturers to break into the AIDC market Domestic OEMs like Weichai Heavy Machinery, Kotech Power, Tellhow Tech, and Sumec are expected to fill the gap, driving a 0-1 breakthrough for domestic players [19] - **Investment Recommendations**: Focus on companies benefiting from domestic substitution and industry capital expenditure expansion Key players include Weichai Heavy Machinery, Kotech Power, and Tellhow Tech [19] Sector Performance and Market Trends - **Market Performance**: The machinery equipment sector has shown mixed performance, with relative market performance ranging from -24% to 19% over different periods [19] - **Foreign Manufacturer Growth**: Mitsubishi Heavy Industries reported a 71% YoY increase in energy system revenue and a 225.6% YoY increase in orders for H1 2024, reflecting strong demand for diesel generator sets [19]