Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company has established a solid Tier0.5 platform, optimized its customer structure, and is advancing its actuator business in an orderly manner [1]. - The company is expected to benefit from a continuous increase in revenue driven by the optimization of its client structure and the expansion of its product matrix [9]. - The company has a strong focus on capital efficiency, customer insight, and a forward-looking global layout, which positions it well in the automotive parts industry [20][31]. Summary by Sections Growth Review - The company has expanded its product matrix and optimized its customer structure, leading to sustained growth in both volume and price [3]. - The product matrix includes NVH products and electric intelligent automotive components, with the highest single vehicle ASP reaching 30,000 yuan [14]. - The company has successfully transitioned from relying on joint ventures to focusing on major clients like Tesla, Huawei, and Geely, enjoying scale benefits [16]. Overall Understanding - The company has effectively managed capital expenditures, achieving a positive cycle of "customer targeting - capacity expansion - customer consolidation - new orders" [20]. - The capital expenditure for 2023 is approximately 3.177 billion yuan, with a CAGR of 33.48% from 2013 to 2023 [20]. - The company has established a global presence with numerous R&D and manufacturing centers, increasing its overseas revenue share from 21% in 2019 to 29% in 2023 [31]. Growth Logic - The client structure is continuously optimized, with major contributions from leading independent and new force clients [33]. - The company anticipates significant revenue growth from clients like Huawei, BYD, and Geely, which are expected to launch new models in 2024 [35][37]. - The company is positioned to benefit from the rapid growth of thermal management and automotive electronics in the coming years [40].

Investment Rating - The report assigns a "Buy" rating for the company, with a market price of 63.00 CNY per share [2]. Core Insights - The company is a global leader in memory interface chips, benefiting from the AI wave and expanding its product offerings, particularly in DDR5 technology [3][4]. - The company has a strong historical performance, with significant revenue growth expected as new products enter the market [3][4]. - The report highlights the company's robust R&D capabilities and strategic partnerships with major industry players like Intel and Samsung [3][4]. Summary by Sections Company Overview - The company has focused on memory interface chips for over 20 years, establishing a strong platform capability [9]. - The ownership structure includes significant investments from industry giants, with Intel and Samsung as notable stakeholders [11]. - The main business revolves around memory interface chips, which are closely tied to DRAM iterations [14]. Product Development and Market Position - The company is positioned to benefit from the accelerated penetration of DDR5 technology, with new products like MRCD, MDB, CKD, and PCIe5.0 Retimer entering the harvest phase [3][4]. - The report indicates that the company has maintained a leading market share in memory interface chips, achieving a 44% share by 2020 [9][14]. - The introduction of new memory modules and the transition to DDR5 are expected to create new opportunities for growth [3][4]. Financial Performance - The company experienced a revenue decline in 2023 due to global inventory adjustments, but is projected to return to high growth in 2024 as DDR5 adoption increases [14][16]. - The report forecasts net profits of 1.5 billion CNY in 2024, 2.5 billion CNY in 2025, and 3.1 billion CNY in 2026, with corresponding P/E ratios of 51, 30, and 24 [3][4][16]. - The gross margin is expected to improve as new DDR5 products gain traction, with a projected gross margin of 61% in 2023 [16]. R&D and Competitive Advantage - The company invests heavily in R&D, with a budget of 680 million CNY in 2023, representing a 30% R&D expense ratio, which is among the highest in the industry [20][24]. - The management team has a strong technical background, contributing to the company's innovative capabilities and market leadership [20].

Investment Rating - The report initiates coverage with a "Buy" rating for Gyre Therapeutics, indicating an expected relative price increase of over 15% in the next 6 to 12 months [35]. Core Insights - Gyre Therapeutics focuses on organ fibrosis, with a comprehensive pipeline targeting lung, liver, and kidney fibrosis-related diseases. The flagship product, Aisrui (pirfenidone), has shown consistent sales growth, contributing to stable cash flow and supporting ongoing R&D and expansion efforts [8][49]. - The organ fibrosis market is characterized by high mortality rates and a lack of effective treatment options, with significant patient populations for liver fibrosis (145.5 million), chronic kidney disease-related fibrosis (22.8 million), and lung fibrosis (3.5 million) projected by 2023 [11][12]. - The company is well-positioned in the market, with Aisrui maintaining a leading market share in the idiopathic pulmonary fibrosis (IPF) segment, accounting for 55.4% of the market in 2023 [24][32]. Summary by Sections Section 1: Company Overview - Gyre Therapeutics, formerly known as Beijing Kanti Pharmaceutical, was established in 2002 and specializes in organ fibrosis, integrating R&D, production, and sales [53]. - The company has successfully developed and commercialized Aisrui, the first approved drug for IPF in China, and is advancing F351 (hydroxyne) for chronic hepatitis B-related liver fibrosis, which has received breakthrough therapy designation [49][54]. Section 2: Market Potential - The organ fibrosis market presents a significant opportunity due to the high mortality associated with these diseases and the limited treatment options available. The report highlights the urgent need for effective therapies in this area [11][12]. - Aisrui's sales reached 790.3 million yuan in 2023, reflecting its strong market position and the potential for continued growth as the company expands its product offerings [23][24]. Section 3: Financial Projections - Revenue projections for Gyre Therapeutics are optimistic, with expected revenues of 1.012 billion yuan in 2024, 1.143 billion yuan in 2025, and 1.484 billion yuan in 2026. Net profits are projected to reach 214 million yuan, 301 million yuan, and 452 million yuan for the same years, respectively [35][62]. - The company is anticipated to achieve breakeven through the continued growth of Aisrui, with a strong pipeline of products that have high sales ceilings [49][50].

[投资要点 Table_Summary] ◼ 风险提示：国内外政策变动，经济恢复不及预期。 ◼ 第三，全会认为教育、科技和人才，是中国式现代化的基础性、战略性支撑。 相比于十八届三中全会，本次全会对教育、科技和人才的定位，是有明显提高 的。其实近年政策已经开始向上述领域倾斜了，比如 2024 年《政府工作报 告》里，把深入实施科教兴国战略放入了 2024 年各项工作的第二位。可能原 因是在外部环境日益复杂的情况下，加快现代化产业体系建设和经济高质量 发展，需要高质量的教育体系和人才队伍，以及高水平的自立自强。 市场有风险，投资需谨慎。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负 任何责任。 执业证书编号：S0740523040001 ◼ 第一，公告里明确了进一步全面深化改革的目标、关键节点、落脚点等重点 内容。总目标是继续完善和发展中国特色社会主义制度，推进国家治理体系 和治理能力现代化。2029 年完成《决定》提出的改革任务。2035 年要全面建 成高水平社会主义市场经济体制，中国特色社会主义制度更加完善，基本实 现国家治理体系和治理能力现代化，基本实现社会主义现代化。以经济体制 ...

信创、AI 双轮驱动,CPU+GPU 国产替代领航者 海光信息(688041.SH)/计 算机 证券研究报告/公司深度报告 2024 年 07 月 18 日 [Table_Title] 评级:买入(首次) 市场价格:75.36 分析师:孙行臻 执业证书编号:S0740524030002 Email:sunxz@zts.com.cn 分析师:王芳 执业证书编号:S0740521120002 Email:wangfang02@zts.com.cn [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | |------------------|-------|-------|-------|--------|--------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | 5,125 | 6,012 | 8,605 | 11,873 | 15,793 | | 增长率 yoy% | 122% | 17% | 43% | 38% | 33% | | 净利润(百万元) | 8 ...

证券研究报告 2024年7月18日 【中泰电子】台积电24Q2业绩解读 分析师:王芳 S0740521120002,杨旭 S0740521120001,游凡 S0740522120002 1 目 录 一、台积电24Q2业绩超预期,上修24年度指引 二、先进制程&先进封装需求强劲,AI依然是关注焦点 三、风险提示 2 台积电24Q2业绩超预期,上修24年度指引中值 ◼ 24Q2业绩实现高增。台积电24Q2营收208.2亿美元,超出此前指引196-204亿美元的上限,YoY+33%,QoQ+10%,公司业绩 高增主要由AI服务器强劲需求及3nm大量出货推动。台积电24Q2实现毛利率53.2%,超出此前指引51%-53%的上限。 ◼ 24Q3业绩指引同比高增。台积电24Q3指引营收224-232亿美元,中值为228亿美元,YoY+32%,QoQ+9%;指引毛利率为 53.5%-55.5%,中值为54.5%,YoY+0.2pcts,QoQ+1.3pcts。主要系受到智能手机和人工智能相关需求的带动。 ◼ 24年业绩指引中值上修。台积电将今年营收增速指引上调至20%区间中段(24%~26%)(上季度指引营收增长21%- ...

Investment Rating - The report assigns a "Buy" rating for the company, with a market price of HKD 18.32 [2]. Core Insights - The company is a leading player in the automotive aftermarket IAM sector, with a strong focus on market expansion and business structure optimization, leading to simultaneous growth in volume and profit [4][29]. - The automotive aftermarket is a trillion-yuan market with a fragmented structure that is gradually consolidating, providing opportunities for IAM players to increase their market share [4][18]. - The company is expected to achieve revenues of 15.88 billion, 18.73 billion, and 22.11 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 16.7%, 18.0%, and 18.02% [2][4]. Company Overview - The company has been deeply engaged in the automotive aftermarket for over 10 years, focusing on tire and chassis components, automotive maintenance, and other automotive parts and services [4][8]. - It has established an integrated online and offline business model, leveraging its brand, management, and financial strengths to create a competitive moat [4][29]. Industry Analysis - The automotive aftermarket is projected to grow at a CAGR of approximately 9% from 2023 to 2027, driven by increasing vehicle ownership and average vehicle age [18][19]. - The market has historically been dominated by dealers, but the share of independent third-party players (IAM) is expected to rise as traditional dealers face challenges [21][24]. Competitive Landscape - The IAM sector currently has a low concentration, with the top five players holding only about 3% of the market share, indicating significant room for growth and consolidation [26][28]. - The company is well-positioned to capture market share from traditional dealers due to its competitive pricing and rapid store expansion [24][26]. Financial Performance - The company has shown steady revenue growth, with a CAGR of approximately 18% from 2019 to 2023, and has recently turned profitable for the first time in 2023 [15][17]. - The gross margin has improved significantly, rising from 7% in 2019 to 25% in 2023, reflecting effective cost control and a shift towards higher-margin automotive maintenance services [17][29]. Growth Strategy - The company plans to expand its presence in second-tier cities and optimize its business structure to enhance profitability [4][15]. - Key growth drivers include increasing registered users and transaction conversion rates, supported by the expansion of online orders [4][14].

Investment Rating - The investment rating for Dong'e Ejiao is "Buy" and is maintained [2][5]. Core Views - The report emphasizes that the demand for traditional Chinese medicine (TCM) health supplements remains resilient, particularly in the blood-nourishing category, which accounted for 63% of the market share in 2023 [6][11][13]. - The report indicates that the sales of the compound Ejiao syrup are expected to grow significantly due to the lifting of certain medical insurance restrictions, although these restrictions are not the sole factor influencing sales [7][20]. - The impact of pharmacy price comparisons on sales is expected to be minimal, with the price difference being within a reasonable range [8][39]. Financial Forecasts - The company is projected to achieve revenues of 57.76 billion, 68.74 billion, and 80.85 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.50%, 19.01%, and 17.61% [2][6][40]. - The net profit is expected to reach 14.51 billion, 17.46 billion, and 20.98 billion yuan for the same years, with growth rates of 26.10%, 20.32%, and 20.14% [2][6][40]. - Earnings per share (EPS) are forecasted to be 2.25 yuan in 2024, 2.71 yuan in 2025, and 3.26 yuan in 2026 [2][40]. Market Analysis - The TCM health supplement market is recovering post-pandemic, with a market size of 25.5 billion yuan in 2023, surpassing pre-pandemic levels [6][11]. - The report highlights that the sales of Ejiao products are maintaining a high growth trend, with a projected net profit increase of 31%-43% year-on-year for the first half of 2024 [18][19]. Competitive Landscape - The report notes that competing products in the blood-nourishing category, such as Huangqi essence and Qixue Kang oral liquid, have also shown impressive growth rates of 52% and 12% from 2019 to 2023, respectively [6][15]. Conclusion - The overall outlook for Dong'e Ejiao is positive, driven by strong demand in the TCM sector, effective brand strategies, and favorable market conditions, justifying the "Buy" rating [2][6][40].

【中泰研究丨晨会聚焦】 地产由子沛：房地产泡沫成因与全球房价运行周期 [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] Email： 电话： 今日重点>> 【宏观】张德礼：从份额变迁看中国出口趋势 晨报内容回顾： 晨会聚焦 ►【地产】由子沛：房地产泡沫成因与全球房价运行周期 ►【宏观】张德礼：从份额变迁看中国出口趋势 - 2 - 请务必阅读正文之后的重要声明部分 一是从出口区域视角来分析。中国对东盟出口份额的提升主要在 2022-2023 年，驱动因素包括 2022 年 RCEP 生效后中国-东盟的经济合作加快、部分中国产业外迁到东盟、后疫情时代东盟承担了一 部分转口贸易的职能，以及东盟的经济景气度高于全球平均等，这些推动因素短期仍在。俄乌冲突 后，俄罗斯加大了从中国的进口替代，目前来看这一趋势年内大概率会延续。过去 30 年美国经历 了八次完整的库存周期，其中有七次当美国进入到主动去库尾声时，美国从中国的进口增速将回升。 今年一季度美国开始补库，尽管由于两国经贸关系发生重大变化，历史经验的参考意义下降，但中 国化工产品以及服装等消费品的出口，年内仍有望受益于 ...

2019 年到 2021 年，中国对东盟出口的比例小幅下降 0.01 个百分点，基 本保持稳定。2020 年和 2021 年，东盟连续两年是中国的第一大贸易伙伴，也 成为共建"一带一路"的重要参与者。根据《中国"一带一路"贸易投资发展报告 （2022）》，2021 年中国与东盟货物贸易额，占中国与"一带一路"沿线国家货物 贸易总额的 48.9%，占与共建"一带一路"国家货物贸易总额的 34.8%6。 其他新兴市场经济体中，2019 年到 2021 年，中国对俄罗斯的出口占比小 幅提高 0.02 个百分点。机电产品是中国对俄罗斯出口的主要产品，2021 年中 国对俄罗斯出口机电产品 2685 亿元，同比增长 32.5%，占当年中国对俄罗斯 出口总额的 61.5%7。 宏观策略专题报告 虽然总量层面看，2019 年到 2021 年，中国向东盟、墨西哥的出口占比变 化不大，但分产品看，和转口贸易、产业链转移相关的产品，中国向它们的出 口增长较快。 - 16 - 请务必阅读正文之后的重要声明部分 （一）产品视角：电机电气、防疫物资和宅经济消费明显拖累 来源：Wind，中泰证券研究所(注：受篇幅限制，只列举 2022 ...