Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.41 CNY per share, based on a 13x PE valuation for 2024 [21][34]. Core Insights - The company has transitioned from a phase of capacity expansion to a focus on operations and international expansion, achieving positive free cash flow for the first time in 2023 [30][58]. - The quality of the company's waste incineration assets is high, with a strong cash generation capability, and it has a leading position in the industry [32][61]. - The report highlights the company's strategic focus on shareholder returns, including a stock buyback plan using both self-funding and special loans [53][50]. Revenue and Profitability Forecast - Revenue from the kitchen waste treatment segment is projected to grow from 430 million CNY in 2024 to 508 million CNY in 2026, with corresponding gross profits of 121 million CNY to 142 million CNY [13]. - The company expects EPS to be 1.49 CNY, 1.62 CNY, and 1.71 CNY for 2024, 2025, and 2026, respectively, with PE ratios of 10.60, 9.77, and 9.27 [21][22]. Business Segmentation - The company's revenue is primarily derived from waste incineration operations, which accounted for 70% of total revenue in 2023, with a gross margin of 89% [71][73]. - Other segments, including kitchen waste treatment and lithium battery recycling, contribute less significantly to overall revenue, with respective shares of 11% and 3% [71]. Financial Performance - The company reported a total revenue of 3.178 billion CNY in 2023, a decrease of 5.1% from the previous year, with a projected slight recovery in 2024 [22]. - The net profit attributable to shareholders for 2023 was 603 million CNY, reflecting a decline of 17.1% year-on-year [22].

[Table_PageText] 深度分析|汽车 根据中汽协，24年1-11月一汽集团、陕汽集团、东风集团重卡累计出口市占率 均同比上升，分别同比+4.6pct、+1.3pct、+2.9pct至19.7%、21.6%、8.9%；重汽 集团、福田汽车重卡出口市占率同比下降，分别同比-4.6pct、-3.3pct至40.4%、 4.0%。 图21：中国重卡出口市场中各家整车厂累计份额 47% 48% 48% 42% 36% 39% 59% 41% 39% 38% 34% 39% 37% 38% 37% 44% 13% 14% 15% 19% 19% 21% 12% 18% 21% 23% 24% 18% 19% 20% 21% 19% 22% 20% 21% 20% 23% 20% 16% 21% 20% 21% 22% 24% 22%26% 25% 22% 5% 7% 6% 6% 5% 9% 5% 10% 9% 10% 11% 11% 16% 6% 6% 6% 5% 5% 4% 8% 10% 6% 4% 5% 3% 3% 3% 3% 2% 6% 5% 5% 7% 6% 7% 5% 6% 6% 4% 6% 7% ...

Investment Rating - The industry rating for the textile and apparel sector is "Buy" [14]. Core Viewpoints - The textile and apparel industry is expected to show resilience in 2024, with companies like Semir Apparel, Weigao Medical, and Bosideng likely to lead the sector. Additionally, home textile leaders such as Mercury Home Textiles and Fuanna are anticipated to benefit from a stable real estate market and increasing wedding demand in 2025 [14]. - The report suggests focusing on companies that are actively exploring new product lines for growth, such as Nanshan Zhishang, and recommends accumulating shares of companies like Huali Group and Weixing Co. at lower prices in 2025, despite potential short-term disruptions from trade frictions [14]. - The report highlights that the industry has high entry barriers and strong competitiveness, with leading companies expected to maintain steady growth [14]. Summary by Sections Textile and Apparel Industry Review - The textile and apparel sector saw a decline of 3.45% from December 1 to December 27, ranking 23rd among 31 primary industries. The light industry manufacturing sector also declined by 4.10%, ranking 28th [14]. - Cotton spinning enterprises reported a cumulative yarn production increase of 0.3% year-on-year, while fabric production rose by 1.0% year-on-year from January to November 2024 [14]. Data Tracking - The report includes data on the import and export situation of wool and wool products, with a total import value of 14.95 billion yuan, showing a year-on-year decrease of 0.6% [14]. - The report also notes that the export value of Swiss watches to China decreased by 27.0% year-on-year in November 2024, with a cumulative export value decline of 26.3% from January to November 2024 [14]. Light Industry Manufacturing Review - The light industry manufacturing sector is experiencing a recovery, driven by improved real estate policies and consumer demand. The report suggests that the packaging industry is likely to benefit from domestic demand improvements [14].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 12.03 per share, based on a 35x PE valuation for 2025 [2][177] Core Views - The company's business is recovering from the bottom, with significant future growth potential. The issuance of stock options and high market capitalization targets demonstrate management's confidence [2] - The company has no direct comparable listed companies in Hong Kong. Historical valuations during high-growth periods (2020-2021) reached over 30x PE [2] - The company's reasonable value is estimated at HKD 12.03 per share based on a 35x PE valuation for 2025 [2] Market Overview - The global and US e-cigarette markets remain stable, with e-cigarettes accounting for approximately 7.8% of the US tobacco market. The US e-cigarette market is expected to grow at a CAGR of 16% from 2022 to 2031 [193] - The US disposable e-cigarette market share increased from 25% in 2020 to 52% in 2022, with non-tobacco and non-menthol flavors accounting for 80% of disposable e-cigarettes [194] - As of March 2024, only 34 FDA-authorized products accounted for 13.7% of total US retail store sales [195] Company Performance - The company's total share capital and market capitalization are 6,179.67 million shares and HKD 69,583 million, respectively [3] - The stock price has fluctuated between HKD 4.73 and HKD 15.18 over the past year, with a 30-day average trading volume of 11.66 million shares and turnover of HKD 128.81 million [3] - The stock price has declined by 12.71% over the past three months but increased by 27.51% over the past six months [3] Future Outlook - The company plans to grant 61 million stock options to the chairman at an exercise price of HKD 11.26, with market capitalization targets of HKD 300 billion, HKD 400 billion, and HKD 500 billion by 2025-2030 [2] - The company also plans to grant stock options or awards to core employees [2] - The company's revenue is expected to grow by 9.0%, 31.7%, and 28.9% in 2024-2026, with net profit growth of -18.0%, 44.9%, and 44.0% respectively [73] Industry Trends - The global HNB market continues to grow at a double-digit rate, with PMI, BAT, and Japan Tobacco accounting for 71.4%, 15.5%, and 4.3% of the global heated tobacco market share in 2022 [211] - PMI's heated tobacco unit sales increased by 13% YoY in Q1-Q3 2024, with strong growth in Europe and Japan [55] - BAT's new HNB product, glo Hilo, is expected to have significant growth potential with improved heating technology and taste experience [61]

0 5000 10000 15000 20000 25000 30000 35000 第1周第6周第11 周 第16 周 第21 周 第26 周 第31 周 第36 周 第41 周 第46 周 第51 周 第56 周 第61 周 第66 周 第71 周 第76 周 第81 周 第86 周 第91 周 第96 周 第101 周 第106 周 第111 周 第116 周 第121 周 第126 周 第131 周 第136 周 第141 周 第146 周 招标量（MW） 中标量（MW） 数据来源：北极星风力发电网，每日风电等，广发证券发展研究中心 注：数据为根据公开资料的不完全统计，仅供参考 图 12：22 年、23 年和 24 年陆上风电招标市占率（截止 24 年 12 月 27 日） 金风科技, 15% 远景能源, 13% 明阳智能, 15% 运达股份, 12% 三一重能, 10% 电气风电, 7% 东方电气, 5% 中国海装, 1% 中车株 洲所, 8% 联合动 力, 2%哈电风能, 0% 0% 1% 数据来源：北极星风力发电网，每日风电等，广发证券发展研究中心 注：数据为根据公开资料的不完全统计，仅供参考 ...

Investment Rating - The industry investment rating is "Buy" [2]. Core Insights - The new regulations on market value management are favoring state-owned enterprises (SOEs) with low valuations and stable operations. The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines to enhance the value of SOEs through mergers and acquisitions, dividends, and governance improvements. The full implementation of market value management by SASAC in 2024 and the conclusion of the three-year action plan for SOE reform in 2025 are expected to invigorate the M&A market [2][57]. - SOEs can enhance operational efficiency, profitability, and dividend levels through market value management tools, creating a virtuous cycle from fundamentals to valuation. The report emphasizes the potential of environmental SOEs to drive transformation and vitality through various strategies such as mergers, buybacks, equity incentives, business transformation, and asset securitization [2][31][57]. - The environmental sector includes 10 central SOEs and 38 local SOEs, with some companies having strong asset backing, making them candidates for asset injection and group asset integration due to industry competition issues [2][31]. Summary by Sections Section 1: Environmental Central SOEs - Rolling Debt and Active Transformation - The report highlights the role of environmental central SOEs as key players in rolling debt strategies and active transformation, focusing on companies with significant market value declines and strong reform demands [31][32]. - Specific companies such as Zhongyuan Environmental Protection and Yuanda Environmental are mentioned for their potential asset injection and integration opportunities due to overlapping business with their parent groups [32][50]. Section 2: Key Company Analysis - Zhongjie Energy Group reported a revenue of 557 billion CNY and a net profit of 25.24 billion CNY in 2023, with a total asset value of 2803 billion CNY. The group operates in three main business segments: ecological environment, energy conservation, and green engineering [18]. - The report provides detailed financial metrics for key companies in the environmental sector, including Hanlan Environment, Guangda Environment, and Hongcheng Environment, all rated as "Buy" with specific target prices and earnings projections [21][22]. Section 3: Market Dynamics and Competitive Landscape - The report discusses the competitive landscape among environmental SOEs, highlighting the overlapping business operations and potential for consolidation. For instance, the water treatment capabilities of various groups are compared, revealing significant operational overlaps [50][51]. - The report also addresses the market's concerns regarding historical receivables from local governments and future payment capabilities, suggesting that recent debt restructuring policies may alleviate these concerns [2][31].

Investment Rating - The investment rating for the construction materials industry is "Hold" [2]. Core Insights - The report maintains a positive outlook on the construction materials sector, anticipating opportunities in 2025 due to supportive monetary and fiscal policies, despite current industry challenges [25][24]. - The construction materials industry is currently experiencing a downturn, but leading companies have shown resilience and are expected to benefit from a recovery in demand, particularly in retail construction materials [25][24]. Summary by Sections 1. Industry Overview - The construction materials sector is entering a seasonal downturn, but there is optimism for 2025 as policies are expected to support recovery [25]. - The report highlights that the construction materials industry is still in a left-side phase of the economic cycle, with signs of stabilization expected [25]. 2. Consumer Construction Materials - Continuous policy support is leading to a recovery in retail construction materials, with strong operational resilience among leading companies [25]. - The report notes that the long-term demand for consumer construction materials remains stable, with significant growth potential for quality leaders in the sector [25]. 3. Cement Market - The national average price of cement has decreased by 1.0% week-on-week, with expectations for continued price weakness [25]. - The report indicates that the cement industry is currently at a historical low in terms of valuation, with a focus on companies like Conch Cement and Huaxin Cement [25]. 4. Glass Market - Float glass prices have declined, while photovoltaic glass transactions remain stable [25]. - The report identifies leading glass companies as undervalued and recommends companies such as Qibin Group and Shandong Yaobang [25]. 5. Fiberglass and Carbon-Based Composites - The report states that the prices of fiberglass yarns are stable, with a positive outlook for leading companies in the sector [25]. - It highlights the ongoing bottoming out of the fiberglass market and the leading position of companies like China Jushi and Changhai Co [25].

[Table_Grade] 行业评级 买入 [Table_Page] 投资策略周报|煤炭开采 [Table_Summary] 核心观点： ⚫ 重点公司：（1）盈利稳健高分红的动力煤公司：陕西煤业、中国神华 （A、H）；（2）估值较低且长期具备增量公司：兖矿能源（A、H）、新 集能源、中煤能源（A、H）；（3）受益于需求预期向好且 PB 较低的： 淮北矿业、平煤股份、山西焦煤、潞安环能、山煤国际、晋控煤业、华 阳股份、广汇能源、首钢资源等。 [分析师： Table_Author] 沈涛 分析师： 安鹏 anpeng@gf.com.cn 021-38003691 煤炭行业周报（2024 年第 50 期）:北港库存继续回落， 煤价趋势或改善，央企市值 管理工作要求加强 重点公司估值和财务分析表 投资策略周报|煤炭开采 识别风险，发现价值 投资策略周报|煤炭开采 图 4: 内蒙地区动力煤价格走势（元/吨）. 图 8: 秦皇岛港煤炭库存（万吨） 图 12: 重点电厂煤炭库存（万吨） 图 15: 秦港街地船舶数据（艘） 图 19: 山西地区焦精煤价格走势（元/吨） 图 23: 88 家样本炼焦演矿精煤库存(万吨) . 图 ...

布局领先 [Table_Contacts] [Table_Page] 投资策略周报|家用电器 [Table_Summary] 核心观点： ⚫ 复盘家电指数，绝大多数年份均跑赢沪深 300，一二四季度胜率较高。 根据 wind 数据，2005 年至今申万家电指数跑赢沪深 300 指数 15 次， 期间仅 2005、2006、2014、2018、2021 年跑输，对应二十年间跑赢 概率为 75%。季度特征来看，二十年间 Q1、Q2、Q3、Q4 申万家电 指数上涨次数分别为 12、11、10、14 次，跑赢沪深 300 指数次数分 别为 13、14、9、14 次，对应跑赢概率分别为 65%、70%、45%、 70%，即一二四季度均有较高历史胜率。 [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 曾婵 SFC CE No. BNV293 | --- | |---------------| | | | | | 陈尧 | | | | SAC 执证号： | | 021-38003786 | Xml | --- | --- | --- | |---------------------- ...

2024 年 12 月 29 日 ⚫ 新增和终止研发项目。根据礼来公司官网披露的 2024Q3 演示材料，2024Q3 公司有三款新药项目新进入 I 期 研究：MAPT siRNA(LY3954068)、SMARCA2 变构抑制剂 LY4050784、SNCA siRNA(LY3962681)；终止三 款新药项目的临床研究：LY3875383(APOC3 siRNA)、IL-17 小分子抑制剂 DC-806、PD-1 激动剂 PERESOL IMAB。 ⚫ 投资建议。礼来在代谢领域、肿瘤、风湿免疫、遗传性疾病基因治疗等领域布局了多款在研项目，建议关注国 内相关创新药企业和创新产业链企业：恒瑞医药、翰森制药、科伦药业、人福医药、恩华药业、信达生物、百 利天恒-U、科伦博泰生物-B、百济神州-U、石药集团、东诚药业、先声药业、海思科、和黄医药、康诺亚-B、 荣昌生物、君实生物-U、兴齐眼药、信立泰、亚盛医药-B、众生药业、泽璟制药-U、艾迪药业、金斯瑞生物科 技、一品红、百奥泰、中国生物制药，药明康德、药明生物、康龙化成、皓元医药、普洛药业、九洲药业等。 ⚫ 风险提示。研发失败风险，药品审评进度不及预期，销售不及 ...