Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 13.87 CNY [1]. Core Insights - The company is a leading player in the tin and indium market, with a comprehensive supply chain that includes exploration, mining, smelting, and deep processing of non-ferrous metals [4][5]. - The company has the largest tin production and processing base in China and holds the world's longest and most complete tin industry chain [4][5]. - The company’s tin resources amount to 646,400 tons, with a smelting capacity of 80,000 tons per year, capturing 47.92% of the domestic market and 22.92% of the global market [4][5]. - The company is expected to benefit from a strong upward trend in tin prices due to improving demand in the semiconductor sector and supply constraints from major producing countries [4][5][26]. Financial Performance and Forecast - The company’s revenue for 2023 is projected at 42.36 billion CNY, a decrease of 19% year-on-year, with net profit expected to be 1.408 billion CNY, a 5% increase [1][19]. - Forecasted net profits for 2024, 2025, and 2026 are 2.165 billion CNY, 2.317 billion CNY, and 2.413 billion CNY respectively, reflecting growth rates of 54%, 7%, and 4% [1][6]. - The estimated P/E ratios for 2024, 2025, and 2026 are 10.5, 9.9, and 9.5 respectively, indicating a favorable valuation compared to peers [6][19]. Industry Overview - The tin market is experiencing a recovery driven by improved macroeconomic conditions and a rebound in consumer electronics demand [4][26]. - Supply-side challenges include mining halts in Myanmar and regulatory delays in Indonesia, leading to a significant reduction in tin exports from these regions [26][35]. - The long-term outlook for tin prices is positive, with expectations of a gradual increase in price levels due to supply rigidity and rising demand from sectors such as photovoltaics and semiconductors [4][5][26].

[Table_Industry] [Table_ 评级：买入 Invest] (首次) 市场价格：20.77 [Table_Profit] 基本状况 总股本(百万股) 919 流通股本(百万股) 685 市价(元) 20.77 市值(百万元) 19,097 流通市值(百万元) 14,228 康弘药业(002773.SZ)/医药 生物 证券研究报告/公司深度报告 2024 年 08 月 12 日 [Table_ 分析师：Authors 祝嘉琦 ] 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师： 曹泽运 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师： 孙宇瑶 执业证书编号：S0740522060002 Email：sunyy03@zts.com.cn 分析师： 穆奕杉 执业证书编号：S0740524070001 Email：muys@zts.com.cn [Table_QuotePic] 股价与行业-市场走势对比 -40% -20% 0% 20% 40% 60% 23-0823-1023-1224-0224 ...

[Table_Title] 评级：增持（ 维持 ） 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 电话：021-20315733 Email：fanjs@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 123 | | 行业总市值(亿元) | 44,256.19 | | 行业流通市值(亿元) | 19,334.20 | [Table_QuotePic] 行业-市场走势对比 、 解码小零食的大单品之路——从奥利奥说起 ——休闲零食行业深度报告 食品饮料 证券研究报告/行业深度报告 2024 年 8 月 12 日 [Table_Finance] 重点公司基本状况 报告摘要 ◼ 核心观点：休闲零食是文化和风味的生意，中式零食具备"资源禀赋"，农业的突 破和供应链 ...

房地产 评级： 荐诗（ 维持 ） 分析师： 由于冲 执业证书编予：S0740523020005 Email: youzp@zts.com.cn 分析师：丰真 执业证书编予：S0740520110003 Email: liyao01@zts.com.cn 分析师： 快本得 枕业证书编予：S0740523080001 Email: houxd@zts.com.cn 来太死 107 10,845.04 4,979.85 上市公司教 行业总市值(亿元) 行业流通市值(亿元) 行业-市场表 参对比 20.00 中方 东北, 广 (20.00) (40.00) (60.00) 未視关讓各 ■ 各地政策持续落地优化，二手房成支改革 -行业研究周根 证券研究报告/行业研究周报 2024 年 8 月 12 日 查点公司法本状况 EPS简称践价PE if 级 20232024E2025E2026E20232024E2025E2026E(元) 保利发展8.551.01.131.211.278.57.67.16.7天入 0.710.1 港 市 $ $9.070.91.071.1514.08.57.9买入 स्टी 积余9.700.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.24 HKD [1]. Core Views - The report highlights that the automotive aftermarket is currently under pressure due to a trend of consumer downtrading, but there is optimism for long-term growth driven by the expansion of proprietary product categories and improved profitability [2][3]. - The company is expected to benefit from changes in the automotive market structure, particularly as traditional dealership supply shrinks and third-party service providers gain market share [3]. - Revenue forecasts for the company are projected at 14.558 billion, 16.013 billion, and 17.934 billion RMB for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 7%, 10%, and 12% [1][3]. Financial Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 11,563 million RMB, Net Profit of -2,136 million RMB - 2023A: Revenue of 13,606 million RMB, Net Profit of 6,703 million RMB - 2024E: Revenue of 14,558 million RMB, Net Profit of 716 million RMB - 2025E: Revenue of 16,013 million RMB, Net Profit of 1,068 million RMB - 2026E: Revenue of 17,934 million RMB, Net Profit of 1,370 million RMB [1][5]. - Earnings Per Share (EPS) is projected to be 8.26, 0.88, 1.31, and 1.69 RMB for 2023, 2024E, 2025E, and 2026E respectively [1][5]. - The Price-to-Earnings (P/E) ratio is expected to be 16.7, 11.2, and 8.7 for 2024E, 2025E, and 2026E respectively [1][3]. Market Dynamics - The automotive aftermarket is experiencing a decline in service visits, with a 1% year-on-year drop in the second quarter, indicating a challenging macro environment [2]. - The company is expanding its store presence in lower-tier cities, which is anticipated to drive steady business growth [2]. - The report emphasizes the potential for improved profitability through the continuous increase in proprietary product offerings and enhanced supply chain negotiation capabilities [2][3].

Group 1: Automotive Industry Insights - The year 2024 is projected to be the "Year of Intelligent Driving," with affordable intelligent driving expected to create new investment trends [3][4] - The core capabilities of automotive manufacturers are ranked as: intelligent capabilities = market demand control capabilities > electrification pace [3] - Key catalysts for the intelligent driving market include increased policy support, accelerated technological advancements, and the launch of urban L3 models [3][4] Group 2: Coal Industry Opportunities - The coal power sector is expected to strengthen its role as a "ballast" and "peak regulation" source, with policies encouraging the integration of coal and electricity [5][6] - The installed capacity of thermal power has shown a compound annual growth rate (CAGR) of 4.8% from 2014 to 2023, while the generation capacity has grown at a CAGR of 8.3% [5] - The "coal-electricity joint operation" model is gaining traction, with significant growth in the installed capacity of coal enterprises participating in power generation [6] Group 3: Banking Sector Performance - The banking sector's net interest margin stabilized at 1.54% in Q2 2024, with net profit showing a year-on-year increase of 0.36% [6] - The overall non-performing loan ratio decreased to 1.56%, indicating improvements in asset quality [6] - The capital adequacy ratio for commercial banks continues to rise, with core Tier 1 capital adequacy ratio at 10.74% as of Q2 2024 [6] Group 4: Macro Economic Trends - The Consumer Price Index (CPI) showed a month-on-month increase of 0.5% in July 2024, driven primarily by rising food prices due to extreme weather conditions [7] - The Producer Price Index (PPI) remained stable at -0.2%, reflecting ongoing issues with domestic demand and international commodity price fluctuations [7] - The tourism sector significantly contributed to the CPI increase, with travel-related services seeing a month-on-month rise of 9.4% [7] Group 5: New Energy and Power Systems - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" emphasizes the integration of smart scheduling and virtual power plants [8] - The plan outlines nine key actions focusing on upgrading the energy supply chain and enhancing the management of power loads [8] - The cumulative installed capacity of new energy storage is expected to grow at a CAGR of over 30% from 2024 to 2030 [8]

[Table_Main] 评级：增持（ 维持 ） 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |--------------------|---------| | 上市公司数 | 42 | | 行业总市值(亿元) | 115,463 | | 行业流通市值(亿元) | 78,469 | 行业-市场走势对比 [Table_Report] 相关报告 、 银行角度看央行 2 季度货币报告: 稳增长持续发力，加强需求挖掘和储备转化 行业名称 银行 证券研究报告/行业点评报告 2024 年 8 月 12 日 [Table_Finance] 重点公司基本状况 [投资要点 Table_Summary ] ◼ 核心观点：信贷节奏与结构：稳增长或持续发力，强调加强有效需求挖掘和储备转 化。利率政策方面，健全市场利率调控；降息预期提 ...

中芯国际 Q2 业绩超预期，旺宏 Q3 展望乐观 电子 证券研究报告/行业周报 2024 年 8 月 11 日 评级：增持（维持） 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：李雪峰 执业证书编号：S0740522080004 Email：lixf05@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 分析师：张琼 执业证书编号：S0740523070004 Email：zhangqiong@zts.com.cn 基本状况 | --- | --- | |-----------------------|-----------| | 上市公司数 | 463 | | 行业总市值(百万元) | 6,175,560 | | 行业流通市值 (百万元) | 3,097,142 | [Table_QuotePic] 行业-市场走势对比 沪深300 电子（中信） - ...

[Table_Main] 评级：增持（ 维持 ） 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |--------------------|---------| | 上市公司数 | 42 | | 行业总市值(亿元) | 115,463 | | 行业流通市值(亿元) | 78,469 | 行业-市场走势对比 [Table_Report] 相关报告 、 银行角度看央行 2 季度货币报告: 稳增长持续发力，加强需求挖掘和储备转化 行业名称 银行 证券研究报告/行业点评报告 2024 年 8 月 12 日 [Table_Finance] 重点公司基本状况 [投资要点 Table_Summary ] ◼ 核心观点：信贷节奏与结构：稳增长或持续发力，强调加强有效需求挖掘和储备转 化。利率政策方面，健全市场利率调控；降息预期提 ...

、 各地政策持续落地优化，二手房成交改善 [Table_Main] 评级：增持（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn [Table_Profit] 基本状况 行业流通市值(亿元) 4,979.85 上市公司数 107 行业总市值(亿元) 10,845.04 [Table_QuotePic] 行业-市场走势对比 (60.00) (40.00) (20.00) - 20.00 沪深300 申万房地产 23-0523-0723-0923-1124-0124-0324-0524-07 公司持有该股票比例 [Table_Report] 相关报告 -行业研究周报 房地产 证券研究报告/行业研究周报 2024 年 8 月 12 日 [Table_Finance] 重点公司基本状况 | --- | --- | --- | --- | --- ...