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Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [6][146]. Core Insights - Fengmao Co., Ltd. is a leading domestic manufacturer of rubber transmission belts, with approximately 90.15% of its revenue coming from the automotive sector in 2023 [4][39]. - The company achieved a revenue of approximately 439 million yuan in the first half of 2023, representing a year-on-year growth of 10.64% [4]. - The rubber components industry has a large market capacity, with the non-tire rubber market expected to grow from 28.7 billion USD in 2023 to 42.7 billion USD by 2030, at a CAGR of about 5.88% from 2024 to 2030 [4][75]. Company Overview - Fengmao Co., Ltd. specializes in precision rubber components, including transmission system parts, fluid pipeline system parts, and sealing system parts [4][39]. - The company ranks third in the transmission belt and rubber track sub-industry according to the China Rubber Industry Association [39]. Financial Analysis - The company’s revenue for 2023 is approximately 802 million yuan, with a year-on-year growth of 31.83% [53]. - The gross profit margin has remained stable between 27.10% and 31.01% from 2019 to 2023, with a gross margin of approximately 38.80% for overseas sales in 2023 [63]. - The net profit attributable to the parent company for 2023 is approximately 138 million yuan, reflecting a year-on-year increase of 35.14% [64]. Growth Logic - The company is expanding its overseas market presence, with overseas customer revenue increasing from approximately 5.28% in 2020 to about 27.15% in 2023 [5][100]. - The company is also focusing on import substitution, gradually replacing foreign brands in the domestic automotive supply chain [5][109]. - New product developments are being targeted at commercial vehicles and new energy vehicles, with several projects already underway [5][120]. Industry Overview - The automotive rubber parts market is characterized by a wide range of applications, with the non-tire rubber components accounting for about 2% of the total vehicle cost [75]. - The global automotive parts rubber molding market is projected to reach 292.9 billion yuan by 2030, with a CAGR of approximately 3.5% from 2024 to 2030 [75]. - The aftermarket for automotive parts is expected to grow significantly due to the aging vehicle population, with the average age of passenger cars in China projected to increase to 8.7 years by 2030 [79]. Profit Forecast and Valuation - The company is expected to achieve revenues of approximately 921 million yuan, 1.059 billion yuan, and 1.218 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of about 14.9% [6][141]. - The estimated price-to-earnings (PE) ratios for 2024, 2025, and 2026 are approximately 21.53, 18.34, and 15.58, respectively [6][146].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the coming months [7][113][126]. Core Insights - The company is a leading player in the domestic high-precision satellite navigation industry, focusing on core technologies and solutions since its establishment in 2003 [4][18]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 27.78% in revenue and 34.58% in net profit from 2014 to 2023 [4][33]. - The overseas business has been growing significantly, with a revenue increase of 34.98% in the first half of 2024, contributing over 30% to total revenue [4][92]. - The high-precision navigation market in China is expected to reach a scale of 126.34 billion yuan by 2028, indicating substantial growth potential [4][66]. Summary by Sections Company Overview - The company focuses on high-precision navigation positioning technology and has developed a comprehensive range of products and solutions across four main sectors: construction and infrastructure, geographic spatial information, resources and public utilities, and robotics and autonomous driving [4][18][24]. Financial Performance - In the first half of 2024, the company achieved revenue of 1.484 billion yuan and a net profit of 251 million yuan, representing year-on-year growth rates of 22.86% and 42.96%, respectively [4][33]. - The resource and public utility sector is the largest revenue contributor, accounting for 45.89% of total revenue in the first half of 2024, with a growth rate of 48.06% [4][36][104]. Market Trends - The overall market for satellite navigation and positioning services in China reached 536.2 billion yuan in 2023, with a growth rate of 7.09% compared to 2022 [58]. - The high-precision satellite navigation market has seen significant growth, with the market value increasing from 2.3 billion yuan in 2012 to 21.4 billion yuan in 2023 [66]. Growth Drivers - The agricultural machinery autonomous driving system market is expected to grow rapidly, with projected sales of 164,300 units and 190,600 units in 2024 and 2025, respectively [4][77]. - The company has a strong position in the domestic agricultural machinery autonomous driving market, ranking second with a market share of 13.98% in 2023 [6][96]. Technological Leadership - The company maintains a high research and development expense ratio, consistently above 16% over the past three years, which has led to the development of proprietary technologies and algorithms [4][87]. - The company has developed a new generation of GNSS chips, which are expected to significantly enhance its self-sufficiency and potentially create new business models [4][86]. Future Outlook - The company is expected to benefit from the growth of the high-precision navigation industry and its expansion into overseas markets, with projected net profits of 585 million yuan, 740 million yuan, and 935 million yuan for 2024, 2025, and 2026, respectively [7][113].

宏观研究/宏观点评 证 券 研 究 报 告 宏 观 研 究 宏 观 点 评 消费继续加速，房价开始修复 ——10 月经济数据分析 ◼ 核心观点 一、社会消费品零售额同比增速进一步上升。10 月社会消费品零售额 同比 4.8 %（前值 3.2 %），其中餐饮收入当月同比 3.2 %（前值 3.1 %）， 商品零售当月同比 5.0 %（前值 3.3 %）。尤其 10 月限额以上企业商品 零售额当月同比 6.8 %（前值 2.8 %），明显加速。其中结构性亮点有 五项：一是食品饮料领域中，烟酒类收窄降幅。二是可选消费领域中， 10 月化妆品类当月同比转正且增速达到了 40.1%，服装鞋帽针纺织品 类也在 10 月实现转正，体育娱乐用品类当月同比加速至 26.7%。三是 居住消费领域中，家具类当月同比自 9 月实现转正之后进一步加速， 建筑及装潢材料类收窄降幅。四是家用电器和音像器材类在 9 月当月 同比 20.5%的基础上 10 月进一步加速至 39.2%，通讯器材类当月同比 加速至 14.4%，连续 4 个月两位数增长。五是汽车类当月同比增速在 9 月转正 10 月进一步加速至 3.7%。总体上，10 月当月同比 ...

策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 新发股票型基金提速，融资买入额显著增加 ——流动性 11 月第 1 期 ◼ 核心观点 上周（11.4-11.8）2 年期、10 年期国债收益率均下行；美国 10 年国债 收益率回落，美元指数上升，中美 10 年国债利差边际收窄；上周融资 买入额回升，南下累计净流入走高。 ◼ 宏观流动性 国内：上周（11.4-11.8），2 年期、10 年期国债收益率均下行，10 年期 与 2 年期国债利差缩小。上周央行公开市场净回笼 13158 亿元，11 月 MLF 净回笼量为 14500 亿元。 国外：上周（11.4-11.8）10 年期美债收益率回落，美元指数上升，中 美 10 年期国债利差边际收窄。上周 10 年期美债收益率回落至 4.30%， 美元指数升至 104.95。截至 11 月 8 日，中美 10 年期国债利差小幅收 窄至-2.19%。 ◼ 市场流动性 公募基金：2024 年 11 月新成立 27 只基金，其中 14 只为股票型基金。 截至 11 月 8 日，2024 年 1-11 月新成立基金 953 只，2023 年前 11 月 ...

固定收益/固收点评 证 券 研 究 报 告 固 定 收 益 固 收 点 评 推进货币政策转型 改善利率传导效率 ——央行三季度货币政策执行报告点评 ◼ 核心观点 事件：2024 年 11 月 8 日，中国人民银行发布《2024 年第三季度中国 货币政策执行报告》。 海外：主要发达经济体通胀水平总体回落，货币政策进入降息周期。 央行三季度货币政策执行报告表明：全球价值链重构背景下，世界经 济复苏进程仍偏弱并呈现出复杂多变的态势：欧美等部分发达经济体 受益于通胀形势的回落，开始步入降息周期，英国、新西兰等多国央 行跟随美联储降息以提振经济；但地缘政治形势更趋复杂，国际大宗 商品价格面临上行压力，物价进一步下行面临约束，日本、巴西等国 央行在三季度选择加息以应对通胀压力，新兴经济体货币政策分化。 此外，受三季度美元指数走强等因素影响，非美货币贬值压力或增加， 并且在单边主义、地缘政治、产业链重构、大选等多重因素的影响下， 国际贸易和国际投资增速大幅放缓。 国内: 周期性矛盾和结构性矛盾相互交织。央行关注了国内经济稳定 运行面临的一些挑战：国内外环境复杂多变，外部环境不确定性上升、 风险挑战增多，世界经济增长动能放缓 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][7]. Core Views - The company accelerates its upstream gas source layout, establishing an integrated natural gas industry chain. By investing in leading coalbed methane developer Yamei Energy and continuously expanding upstream projects, the company has become a rare private enterprise in China with its own gas sources, achieving a nearly integrated structure of "resources above, pipelines in the middle, and customers below." In 2023, the proportion of coalbed methane extraction and sales significantly increased to around 68% [3][4]. - The growth potential of unconventional gas is substantial, with long-term demand for natural gas remaining strong. Natural gas is the only clean low-carbon energy among the three major primary energy sources globally and is crucial during the energy transition. However, its consumption in China was only 9% in 2023, significantly lower than the global average of about 23%, indicating considerable growth potential under the "dual carbon" strategy [3][31]. - Resource advantages continue to strengthen, with multiple blocks accelerating growth. The acquisition of Yamei Energy has provided the company with coalbed methane development resources, including the Pan Zhuang and Ma Bi projects. In the first half of 2024, the Ma Bi block's production increased by approximately 59.90%, with an average selling price rising by about 12.04% [3][4]. Summary by Sections 1. Accelerating Upstream Gas Source Layout - The company is one of the few private gas enterprises in China with its own gas sources, primarily engaged in coalbed methane exploration and development, as well as urban natural gas distribution and sales [14]. - The company has maintained a high growth rate in performance, with a CAGR of approximately 11.25% from 2019 to 2023, despite a decline in 2020 due to the pandemic [20][28]. 2. Growth Potential of Unconventional Gas - Natural gas is a key transitional energy source in the "dual carbon" strategy, with significant room for growth in domestic consumption [31]. - The domestic coalbed methane geological resource is approximately 36.8 trillion cubic meters, with Shanxi Province being a major contributor [42]. 3. Resource Advantages and Growth Acceleration - The company has fully controlled Yamei Energy, enhancing its coalbed methane extraction and sales capabilities, and has established a comprehensive energy supply and service provider [65]. - The Pan Zhuang block has shown a consistent increase in production, with a CAGR of approximately 15.62% from 2017 to 2022, supported by breakthroughs in thin coal seam development technology [70].

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 业界聚焦地理信息数据要素潜力，关注数据要素投资机会 ——计算机行业周报（2024.11.04-2024.11.08） ◼ 本周核心观点及要闻回顾 数据要素：业界聚焦地理信息数据要素潜力，关注数据要素投资机会 据人民网，11 月 5 日至 6 日"2024 地理信息技术创新大会"在北京 召开。会上，中国信息协会副会长兼秘书长李红表示，数字经济、数 据要素市场与低空经济发展，其核心都在于数据的有效利用和管理。 数据的收集、处理、分析和利用，对推动这些领域的创新和发展具有 决定性作用，地理信息技术在这个过程中，发挥了重要作用。 智能驾驶：网约车公司 Lyft 将与 Mobileye 等合作，2025 年推出更 多自动驾驶汽车，关注智能驾驶产业链机会 据 IT 之家，美国网约车公司 Lyft 宣布计划与自动驾驶汽车领域的三 家公司（Mobileye、May Mobility 和 Nexar）合作，并从 2025 年开 始逐步将他们的技术引入其网络。Lyft 与 Mobileye 的合作将使配备 Mobileye 技术的车辆能够 ...

家用电器 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 10 月终端继续向好，出货将迎改善 ◼ 核心观点 政策驱动，10 月终端需求继续向好 在消费品以旧换新政策带动下，10 月家电终端需求继续向好，其中线 下表现好于线上；具体来看，线上渠道，根据奥维云网，大家电方面 10 月空调、冰箱、洗衣机、彩电线上零售额同比分别增长 48.1%、51.7%、 25.2%、54.9%，厨电方面油烟机、燃气灶、燃气热水器同比分别增长 40.6%、43.3%、13.7%；线下渠道，根据奥维云网，大家电方面 10 月 空调、冰箱、洗衣机、彩电线下零售额同比分别增长 113.9%、85.7%、 78.8%、82.1%，厨电方面油烟机、燃气灶、燃气热水器同比分别增长 116.9%、105.0%、83.1%； 产品结构持续改善，其中空冰洗中冰箱均价提升较为明显；具体来看， 线上渠道，根据奥维云网，10 月空调、冰箱、洗衣机、彩电线上均价 同比分别增长 5.7%、14.0%、4.0%、12.5%，油烟机、燃气灶、燃气热 水器均价同比分别为 10.4%、-8.4%、-0.5%；线下渠道，根据奥维云 网，10 ...