Group 1: Core Insights - The report emphasizes that eVTOL (electric Vertical Take-Off and Landing) vehicles are the best carriers for the low-altitude economy, representing a new form of productive force [2] - The global eVTOL market is projected to grow to $23.4 billion by 2030, indicating significant market potential [2] - The commercialization process of the eVTOL industry is accelerating, with several companies, including EHang, obtaining necessary certifications for commercial operation [2] Group 2: eVTOL Characteristics - eVTOL vehicles are characterized by their electric power source, which offers advantages such as environmental friendliness and low noise [2] - They require minimal space for takeoff and landing, making them suitable for urban deployment [2] - eVTOL can carry passengers, expanding the application scenarios beyond traditional unmanned aerial vehicles [2] Group 3: Market Dynamics - The report notes that the first-mover advantage in eVTOL technology will provide a 2-3 year exclusive window for leading manufacturers like EHang [2] - The operational ecosystem for eVTOL will be shaped around the capabilities of the vehicles, with a focus on short-distance passenger transport as a key application [2] - The report highlights that the eVTOL industry is expected to benefit from the existing supply chain of the new energy vehicle industry, which can help reduce costs and accelerate development [2] Group 4: Investment Recommendations - The report suggests focusing on the entire ecosystem surrounding eVTOL, including the manufacturing of complete vehicles and components, airspace management, and related infrastructure development [2] - It indicates that the low-altitude economy is transitioning from a policy-driven phase to a bidding and implementation phase, creating new investment opportunities [2]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Zhongtai Securities, focusing on a private communication event for signed clients [1] Core Points and Arguments - The content of the meeting is strictly confidential and should not be disseminated without authorization from Zhongtai Securities [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the importance of confidentiality regarding the information shared during the call [1]

Investment Rating - The report assigns an "Accumulate" rating to the company [2] Core Insights - The company has demonstrated robust revenue growth with a CAGR of 21.49% from 2018 to 2023, and a net profit CAGR of 28.39% during the same period, driven by the increasing demand for tunnel equipment automation [1][26] - The company maintains a strong financial position with a debt-to-asset ratio around 30% and no interest-bearing debt, ensuring ample operating cash flow [1] - The mechanical replacement trend is gaining momentum, with rising demand for intelligent tunneling and mining solutions, supported by significant capital expenditure in the mining sector [7][10] Summary by Sections Revenue and Profitability - The company achieved a revenue of 9.54 billion in 2023, reflecting a year-on-year increase of 76%, and a net profit of 1.64 billion, up 111% year-on-year [26] - The gross profit margin has remained stable above 30%, while the net profit margin has gradually increased from 13.01% to 18.71% [41] Market Position and Product Competitiveness - The company holds a leading market share in wet spraying machines and ranks among the top tier in technology for rock drilling machines and lining cars, with a strong focus on R&D [7][19] - The company has developed a comprehensive product line that includes tunnel arch construction vehicles and intelligent drilling machines, enhancing its competitive edge in the market [34] Industry Trends and Growth Drivers - The tunnel construction machinery market in China reached 252.66 billion in 2022, with a CAGR of 9.26% over the past five years, driven by increasing infrastructure investments [10][68] - The government is actively promoting infrastructure development, with railway investments expected to recover to pre-pandemic levels, further boosting demand for tunneling equipment [61][67] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 12.15 billion, 15.51 billion, and 20.01 billion respectively, with net profits expected to be 1.85 billion, 2.35 billion, and 3.05 billion [29] - The company is positioned to benefit from the ongoing mechanization of tunnel construction, which is anticipated to drive sustained growth in the tunneling equipment sector [29][44]

Investment Rating - The report assigns a "Buy" rating for the industry, expecting a relative increase of over 15% in stock prices within the next 6 to 12 months [55]. Core Insights - eVTOL (Electric Vertical Takeoff and Landing) is identified as the best vehicle for the low-altitude economy, representing a new form of productive force [3][4]. - The eVTOL market is projected to grow from USD 1.2 billion in 2023 to USD 23.4 billion by 2030, with a CAGR of 52% [19][20]. - The commercialization process of eVTOL is accelerating, with several companies obtaining necessary certifications and moving towards operational deployment [23][25]. Summary by Sections eVTOL Industry Overview - eVTOL is characterized by electric power, vertical takeoff and landing capabilities, and the ability to carry passengers, making it suitable for urban air mobility [3][4][18]. - The eVTOL market is expected to reach USD 23.4 billion by 2030, indicating significant growth potential [19][20]. eVTOL Industry Development - The commercialization of eVTOL is gaining momentum, with companies like EHang and others achieving certification milestones [4][23]. - The integration of the new energy vehicle supply chain is expected to reduce costs and accelerate the development of eVTOL technology [32]. Vehicle Determines Ecosystem - The eVTOL ecosystem is structured around four main components: low-altitude infrastructure, eVTOL manufacturing, operational services, and flight safety [37]. - EHang's EH216-S is currently the only certified passenger eVTOL in the market, providing a competitive advantage for the next 2-3 years [5][42]. - The operational certification (OC) is crucial for commercial deployment, and EHang is positioned to influence the regulatory framework significantly [45]. Investment Recommendations - The report suggests focusing on companies involved in eVTOL manufacturing, airspace management, and related infrastructure development, highlighting EHang as a leading player in the eVTOL market [51]. - Other companies of interest include Vantone Digital, Xiyu Tourism, and Nanjing Julong, which are strategically positioned within the low-altitude economy ecosystem [51].

-行业研究周报 房地产/公募 REITs 证券研究报告/行业研究周报 2024 年 6 月 23 日 | 评级:增持(维持) | [ 公募 Table_Summary] REITs 行业周报 -20240623 | |----------------------------|-----------------------------------------------------| | 分析师:由子沛 | | | 执业证书编号: | 一周行情回顾 | | Email : youzp@zts.com.cn | | | 联系人:陈希瑞 | | | Email : chenxr@zts.com.cn | | | 基本状况 | | | 上市 REITs 数 | | | 行业总市值 ( 亿元 ) | | | 行业流通市值 ( 亿元 ) | | | 元 ) 行业 - 市场走势对比 | | 本周 REITs 指数下跌 0.39%,沪深 300 累计下跌 1.30%,中证 500 指数下跌 | 2.12% ,中证全债指数上涨 0.24% ,中债 1 年期国债指数下跌 | |-------------------------- ...

分析师:郭中伟 执业证书编号:S0740521110004 Email:guozw@zts.com.cn 分析师:安永超 执业证书编号:S0740522090002 Email:anyc@zts.com.cn 分析师:谢鸿鹤 执业证书编号:S0740517080003 Email:xiehh@zts.com.cn 基本状况 | 上市公司数 | 131 | |-----------------------|-----------| | 行业总市值 ( 亿元 ) | 27,027.00 | | 行业流通市值 ( 亿元 ) | 23,811.74 | 行业-市场走势对比 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 有色金属(申万) 沪深300 2023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-05 公司持有该股票比例 图表:从缅甸进口锡精矿月度数量(实物 吨) 2020 2021 2022 2023 2024 0 5000 10000 15000 20000 25 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [2][18]. Core Insights - The company has a strong focus on tunnel engineering equipment manufacturing, with rapid growth in revenue and profit. It has been dedicated to the production and research of tunnel intelligent equipment since its establishment in 2010, covering various critical processes in outdoor tunnel construction [3]. - The demand for mechanization in tunnel and mining operations is increasing, driven by infrastructure investment and a shortage of labor. The tunnel machinery industry has seen continuous growth, with a market size reaching 25.266 billion yuan in 2022 [4]. - The company aims to achieve a sales scale of over 10 billion yuan in the next ten years, with a balanced focus on domestic and international markets, as well as infrastructure and mining sectors [12]. Summary by Sections 1. Company Overview - The company specializes in tunnel intelligent equipment and has expanded into the mining equipment sector. Its revenue has shown a compound annual growth rate (CAGR) of 21.49% from 2018 to 2023, while net profit has grown at a CAGR of 28.39% during the same period [3][43]. - The company maintains a stable shareholding structure and has actively repurchased shares to implement employee incentives, reflecting confidence in long-term development [3]. 2. Industry Trends - The trend towards mechanization in construction is expected to continue, with significant infrastructure investments driving growth in tunnel construction. The demand for tunnel machinery is projected to grow due to increased safety regulations and labor shortages [4]. - The mining machinery industry is also experiencing a resurgence, with the domestic market size reaching 488 billion yuan in 2022, supported by rising prices of non-ferrous and precious metals [9]. 3. Product Competitiveness - The company’s products, including wet spray machines and rock drilling machines, are recognized for their high market share and advanced technology. The company is committed to increasing its research and development expenditure to enhance its product offerings and market competitiveness [10][19]. - The management has set a strategic goal to reach a sales scale of 10 billion yuan within ten years, with a focus on expanding its presence in the mining sector and international markets [12]. 4. Financial Forecast and Investment Advice - The company is projected to achieve revenues of 12.15 billion yuan, 15.51 billion yuan, and 20.01 billion yuan from 2024 to 2026, with corresponding net profits of 1.85 billion yuan, 2.35 billion yuan, and 3.05 billion yuan. The current price-to-earnings (P/E) ratios are estimated to be 8.8, 6.9, and 5.4 for the same period [18].

推测只提供给客户作参考之用，不构成任何投资、法律、会计或税务的最终操作建议，本公司不就报告中的内 容对最终操作建议做出任何担保。本报告中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。 ◼ 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。 ◼ 投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司所发行的证 券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。本公 司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解其中的信息。 重 要 声 明 数据来源：Wind，Bloomberg，中泰证券研究所 数据来源：Wind，Bloomberg，中泰证券研究所 21 美国通胀：5月核心通胀数据进一步走低 ➢ 美国4月核心PCE同比读数下降0.06个百分点至2.75%；5月核心CPI同比读数下降0.2个百分点至3.4% ➢ 通胀数据环比变化与ISM非制造业PMI物价指数所体现的扩张趋势收窄一致 -1.0 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 ...

-行业研究周报 房地产/公募 REITs 证券研究报告/行业研究周报 2024 年 6 月 23 日 | 评级:增持(维持) | [ 公募 Table_Summary] REITs 行业周报 -20240623 | |----------------------------|-----------------------------------------------------| | 分析师:由子沛 | | | 执业证书编号: | 一周行情回顾 | | Email : youzp@zts.com.cn | | | 联系人:陈希瑞 | | | Email : chenxr@zts.com.cn | | | 基本状况 | | | 上市 REITs 数 | | | 行业总市值 ( 亿元 ) | | | 行业流通市值 ( 亿元 ) | | | 元 ) 行业 - 市场走势对比 | | 本周 REITs 指数下跌 0.39%,沪深 300 累计下跌 1.30%,中证 500 指数下跌 | 2.12% ,中证全债指数上涨 0.24% ,中债 1 年期国债指数下跌 | |-------------------------- ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 2 0 2 4 . 0 6 . 2 2 投资要点 风险提示：历史数据不代表未来；政策及经济超预期波动；流动性冲击影响市场。 4 一、本周市场涨跌 本周行业主题表现 ◼ 本周涨幅最高的五个概念为车路云、智能交通、先进封装、车联网、最小市值，其中车路云的 涨幅达到10.37%。跌幅最高的五个概念为光热发电、中文语料库、房地产精选、网红经济、短 剧游戏，其中光热发电的跌幅达到-5.89%。 热度上升前五 热度下降前五 ●● 本周概念指数涨跌前五 ◼ 本周交易热度最高的五个概念为国企综合、基金重仓、核心资产、专精特新小巨人主题、业绩 爆雷，其中国企综合的日均交易量达到235.4亿股。相比于上周，热度上升前五的概念为磷酸 铁锂电池、车路云、拼多多合作商、智能交通、射频及天线；热度下降前五的概念为陆股通周 增仓前二十、职业教育、航运精选、中船系、水电。 7 来源：Wind，中泰证券研究所 来源：Wind，中泰证券研究所 8 ● ● ◼ 从板块上看，本周基金板块和A股市场同频涨跌。TMT板块略有上涨，而消费板块基金下跌 2.53%。医药板块基金下跌1. ...