Investment Rating - The report maintains a "Buy" rating for Baiya Co Ltd (003006 SZ) [9] Core Views - The company's "6 18" performance exceeded expectations, with Free Point brand sales on Douyin and Tmall increasing by 290%+ and 120%+ respectively [2] - The company's product strength, brand power, and sales capabilities are resonating upwards [2] - The company's strategy is clear, e-commerce continues to exceed expectations, and the online-to-offline business model is gradually forming [2] - The company is expected to expand from regional to national markets and achieve high-speed growth [2] Financial Performance - Revenue is expected to grow from 2,144 million yuan in 2023 to 4,366 million yuan in 2026, with a CAGR of 26 7% [2] - Net profit is expected to grow from 238 million yuan in 2023 to 529 million yuan in 2026, with a CAGR of 30 4% [2] - EPS is expected to increase from 0 55 yuan in 2023 to 1 23 yuan in 2026 [2] - ROE is expected to increase from 17 2% in 2023 to 24 9% in 2026 [2] Product and Brand Development - The company launched the Pro+ series of probiotic sanitary napkins in Q2 2024, which has higher pricing and enhanced product strength compared to the basic probiotic series [2] - The Free Point brand achieved a gross margin of 57 7% for sanitary napkin products in Q1 2024, an increase of 5 8 percentage points year-on-year [2] - The company's brand exposure reached 1 5 billion+ during the "6 18" period, with a 330%+ increase in brand search volume [2] Market Expansion - The company achieved breakthroughs in potential platforms such as JD com, Tmall Supermarket, and Pinduoduo during the "6 18" period [2] - The Free Point brand ranked first in the new brand list on Tmall Supermarket, with a year-on-year growth of 270%+ [2] - The brand ranked second in the sales of sanitary napkins on Pinduoduo, with a year-on-year growth of 380%+ [2] Valuation - The company's P/E ratio is expected to decrease from 42 4 in 2023 to 19 1 in 2026 [2] - The company's P/B ratio is expected to decrease from 7 3 in 2023 to 4 8 in 2026 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 76.90 [1]. Core Insights - The company is expected to maintain a high growth trajectory, particularly in the peptide sector, with significant revenue and profit increases projected for the upcoming years [6][24]. - The company anticipates achieving a net profit of 2.15 billion yuan in the first half of 2024, representing a year-on-year growth of approximately 413.71% [6][23]. - The growth is attributed to the commercialization of key peptide products and a recovering demand in the global peptide supply chain [6][24]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 15.67 billion yuan, 22.53 billion yuan, and 32.11 billion yuan, with growth rates of 51.62%, 43.77%, and 42.53% respectively [2][24]. - Net profit forecasts for the same period are 3.52 billion yuan, 4.63 billion yuan, and 6.05 billion yuan, with growth rates of 116.07%, 31.39%, and 30.85% respectively [2][24]. - The company’s P/E ratio is expected to decrease from 100.62 in 2023 to 27.08 in 2026, indicating improved valuation over time [2][24]. Company Overview - The total share capital of the company is 213.18 million shares, with a market capitalization of 16,393.54 million yuan [5]. - The company has a strong focus on peptide and small molecule CDMO (Contract Development and Manufacturing Organization) services, which are expected to drive future growth [6][24].

底部已现，科技重估 证券研究报告/策略周刊 2024 年 6 月 22 日 [Table_Industry] [分Ta析bl师e_：Ti徐tle驰] 执业证书编号：S0740519080003 投资要点 Email:xuchi@zts.com.cn 伴随本周陆家嘴论坛召开，市场将正式进入三中全会预期发酵阶段。当前时点我 们坚定看多，结构方面半导体设备、AI 消费电子、核心军工等板块或将是本轮反 弹中弹性最大的方向。除此之外，券商整合或将出现一定的主题投资机会。 分析师：张文宇 执业证书编号：S0740520120003 Email:zhangwy01@zts.com.cn 海外方面，当前需要重点关注中欧有关新能源等领域贸易摩擦的节奏演绎。6 月 12 日，欧盟委员会宣布，在经过近 10 个月的"调查"后，从今年 7 月起对来自 中国的进口电动汽车在目前 10%的关税基础上，拟征收 17.4%-38.1%不等的临时 反补贴税。我们认为，本轮中美、中欧元首密集外交往来是新一轮摩擦升级周期 的开启。在此基础上，接下来需重点关注两个关键性问题：一，中方是否会进行 反制，这种反制是否又将带来欧盟关税的进一步加征？第二， ...

1 、 免签政策持续加码，助力国际航线复苏 证券研究报告/行业周报 2024年06月22日 交运 评级：增持（维持） ≈[投T a资ble要_S点um mary] 分析师：杜冲 n 投资建议：一、航空机场：免签政策持续加码，助力国际航线复苏。6 月 17 日，中国 执业证书编号： S0740522040001 宣布把澳大利亚纳入单方面免签国家范围，持有澳洲普通护照的人员赴华经商、旅游 电话： 和过境可免签入境逗留15天。6月21日起，中澳两国互为对方国家符合条件的商务、 Email：duchong@zts.com.cn 旅游、探亲人员颁发有效期最长为5年、可多次入境、每次停留不超过90日的签证。 据携程数据，今年以来，澳大利亚位列中国入境游第 5 大客源国，入境旅游订单同比 联系人：李鼎莹 增长 155%，澳大利亚到中国的航班数量同比增幅超过 220%。免签政策有效推动了入 电话： 境游需求增长。根据携程数据，今年一季度，可免签入境中国的新加坡游客同比增长 Email：lidy@zts.com.cn 10倍，马来西亚游客同比增长 9倍，法国、西班牙、泰国游客均同比增长约 4倍。在 中国对澳大利亚免签的消息发布 ...

、 电厂日耗提升延续，煤炭价格支撑较强 煤炭 证券研究报告/行业周报 2024年6月22日 评级：增持（ 维持 ） [重Ta点bl公e_司Fi基na本nc状e]况 分析师：杜冲 股价 EPS PE 简称 PB 评级 分执析业师证：书杜编冲号： S0740522040001 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 山西焦煤 10.73 1.19 1.E2 1 1.31 1.39 9.0 8.9 8.2 7.7 1.57 买入 电话： 潞安环能 20.05 2.65 2.54 2.75 2.93 7.6 7.9 7.3 6.8 1.33 买入 Email：duchong@zts.com.cn 平煤股份 11.76 1.71 1.90 2.04 2.19 6.9 6.2 5.8 5.4 1.27 买入 联系人：鲁昊 兖矿能源 23.36 2.71 2.92 3.39 3.81 8.6 8.0 6.9 6.1 3.04 买入 中国神华 44.11 3.00 3.20 3.28 3.37 14.7 13.8 13.4 13.1 2.06 买入 电话： 陕西煤业 ...

Investment Rating - The report gives a "Buy" rating for the company based on its competitive advantages in the display detection and semiconductor storage testing equipment sectors, as well as the expected growth from downstream capacity expansion and product development [9][17][21]. Core Viewpoints - The company is a domestic manufacturer of display detection equipment, expanding into the semiconductor storage testing equipment field. It has established a dual growth model by leveraging its expertise in display detection while gradually increasing its presence in semiconductor storage testing [9][21]. - The semiconductor storage testing equipment market is expected to grow significantly, with the company positioned to benefit from the domestic demand for DRAM and the ongoing trend of localization in the industry [51][55]. - The company has a strong R&D focus, with a significant increase in R&D investment, which is expected to drive future growth and product innovation [48][49]. Summary by Sections Company Overview - Founded in May 2011, the company specializes in the R&D, production, and sales of new display device detection equipment, with products widely used in the manufacturing of AMOLED and other advanced display technologies [9][21]. - The company has established a comprehensive product line in semiconductor storage testing, including wafer testing systems, aging repair systems, and packaging testing systems [9][21]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 901 million yuan in 2024, representing a year-on-year growth of 38.9% [9]. - The net profit is expected to reach 149 million yuan in 2024, with a growth rate of 29.1% [9]. - The company’s gross margin was 40.37% in 2023, indicating stable profitability despite increased R&D expenses [28]. Market Position and Strategy - The company is actively expanding its product matrix in the semiconductor storage testing equipment sector, targeting high-end products such as HBM testing devices, which are crucial for AI applications [9][51]. - The domestic DRAM market is characterized by low self-sufficiency, presenting significant opportunities for local manufacturers to capture market share as demand for localization increases [51][55]. - The company has established itself as one of the few domestic manufacturers with a comprehensive range of semiconductor storage testing equipment, enhancing its competitive edge in the market [56].

、 支线航空新纪元，补贴政策焕新机 交通运输/航空 证券研究报告/行业深度报告 2024年6月21日 [评Ta级ble：_T增itle持] （维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：杜冲 股价 EPS PE 简称 评级 执业证书编号：S0740522040001 (元) 2022 2023 2024E 2025E 2022 2023 2024E 2025E 华夏航空 6.41 -1.54 -0.75 0.32 0.75 -4.99 / 20.16 8.60 增持 电话： 备 注：股价为2024年6月21日收盘价 Email：duchong@zts.com.cn 联系人：李鼎莹 报告摘要 n 支线航空是我国综合立体交通的重要一环，在国家航空运输网络中发挥关键作用。支线 电话： 市场“小流量、高离散”的需求特征决定了其发展离不开政策的支持。因而，支线航空 Email：lidy@zts.com.cn 补贴作为行业发展的助推石，无论是基于下沉市场的出行需求，还是政府自身发展经济 的意愿，亦或参考发达国家支线航空发展的经验，都有其长期存在的合理性和必要性。 n 支线航空发展方兴未艾，市场空间广 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target market price of HKD 35.5 and a total valuation of HKD 377 billion [3][4]. Core Insights - The company is positioned as a leading player in the dual antibody market, with significant advancements in internationalization and product commercialization, particularly with its innovative therapies targeting various cancers [5][6]. - The company has successfully launched multiple products, including AK105, AK104, and AK112, and is actively pursuing global market opportunities, especially for AK112 [5][6]. - The report highlights the company's strong growth trajectory, with projected revenues of CNY 24.73 billion, CNY 37.43 billion, and CNY 55.81 billion for 2024, 2025, and 2026, respectively [6]. Summary by Sections Company Overview - The company, established in 2012, focuses on developing innovative antibody drugs for major diseases, including cancer and autoimmune disorders. It has launched several products in the domestic market and is expanding its pipeline into non-cancer areas [13][14]. Product Pipeline - AK105 is the first commercialized product, approved for multiple indications, including first-line NSCLC and relapsed cervical cancer. The company has established partnerships for its overseas sales [22][25]. - AK104 is the world's first PD-1/CTLA-4 dual-specific antibody, recently approved for treating recurrent cervical cancer, with ongoing studies for additional indications [28][30]. - AK112 targets non-small cell lung cancer (NSCLC) and has received approval for its first indication, with further studies underway to expand its application [5][6]. Financial Projections - The company anticipates significant revenue growth driven by its product launches and international collaborations, with a total valuation of HKD 377 billion based on a segmented valuation approach [6][4].

| --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------------------|-----------------------|---------------------|-------------------------------| | 图表 20: 公司轻量化业务在建产能 \n在建产能工厂名称 | 计划投资金额（万 元） | 累积投资金额（万 元） | | 预计投产日期 预计产能（万台） | | 铝合金轻量化业务 ——铝合金锻造（ 2500T ）扩能项目 | 1,781 | 1,506 | 2023 年 10 月 | 100 | | 铝合金轻量化业务 ——铝合金锻造三线项目 | 4,185 | 3,832 | 2024 年 6 月 | 90 | | 铝合金轻量化业务 ——控制臂总成项目（一期） | 1,903 | 387 | 2024 年 8 月 | 75 | 4 人形机器人用丝杠：壁垒高、空间大，下一成长曲线 4.1 人形机器人量产在即，丝杠环节壁垒高，国 ...

大家好欢迎参加中泰汽车六月看多准推系列汇报时宜小鹏汽车莫娜助理销量拐点机械电话会议目前所有参会者均处于静音状态下面开始播报面子声明声明播报完毕后主讲老师 本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频、音频、文字记录内容等信息感谢您的理解与配合 中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险 投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任好的 各位领导 大家下午好今天会报向小鹏汽车 小鹏车车的话我们最近撰写了他的一个报告然后给大家简单汇报一下就总体从他的这个销量复盘来看的话嗯整个他的这个过去几年其实阶段性还是多次的成功但是每次的持续性都还是比较的弱的其中的原因的话我们觉得就是 表观上持续性不足是因为他竞品都在增多比如他P7G6G9后期的话竞品的都增加了嗯两三个非常有利的竞品同时像他对标的这个摩托三摩托丸都降价都对他产生比较大的影响但我们认为深层次来看的话嗯其实还是主要得益 主要是因为小鹏在场景定义方面还是存在着比较多的一些问题在当时机者视力的时候其实已经暴露的比较充分 ...