Summary of the Conference Call on Geely Automobile Industry and Company Involved - The conference call focused on Geely Automobile, a prominent player in the automotive industry in China [1]. Core Points and Arguments - The call began with a welcome message and a statement indicating that all participants were muted, suggesting a formal structure to the meeting [1]. Other Important but Possibly Overlooked Content - No specific financial data, performance metrics, or strategic insights were provided in the excerpt [1]. This summary captures the essential elements of the conference call, highlighting the focus on Geely Automobile while noting the lack of detailed content in the provided text.

全流程布局持续加码，研发投入持续加强 华大九天（301269.SZ）/计 证券研究报告/公司点评 2024年05月28日 算机 [Table_Industry] [评Ta级ble：_T增itle持] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：78.20 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 798 1,010 1,328 1,723 2,186 分析师：闻学臣 增长率yoy% 37.8% 26.6% 31.5% 29.7% 26.9% 执业证书编号：S0740519090007 净利润（百万元） 186 201 60 152 327 Email：wenxc@zts.com.cn 增长率yoy% 33.2% 8.2% -70.3% 156.0% 114.3% 每股收益（元） 0.34 0.37 0.11 0.28 0.60 每股经营现金流（元） 0.82 0.46 0.13 0.33 0.68 研究助理：刘一哲 净资产收益率 4.0% 4.2% 1.3% 3.2% 6.5% Email：liuyz03@zts.com.cn P/E ...

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、 寒冬已逝，黎明将临，底部区域积极配置 -2023年报及2024一季报分析之CRO、CDMO 医药生物 证券研究报告/专题研究报告 2024年05月28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：祝嘉琦 简称 股价 EPS PE PEG 评级 (元) 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 执业证书编号：S0740519040001 药明康德 42.26 3.3 3.4 3.8 4.4 12.8 12.5 11.1 9.5 0.9 买入 电话：021-20315150 药明生物 11.74 0.8 0.8 1.0 1.2 12.2 14.2 11.6 9.4 0.6 买入 泰格医药 54.70 2.3 2.7 3.2 4.0 23.4 20.6 17.3 13.8 0.9 买入 Email：zhujq@zts.com.cn 康龙化成 20.70 0.9 1.0 1.1 1.3 23.1 21.4 18.8 16.0 1.4 买入 分析师：崔少煜 凯莱英 76.35 6.1 3.4 4.4 5.6 12.4 22.5 17 ...

【中泰研究丨晨会聚焦】汽车何俊艺：大β维度-汽车内需符合预期，淡化阶段性 证券研究报告 2024 年 5 月 29 日 [b_Suy 今日预览 【汽车】何俊艺：大β维度-汽车内需符合预期，淡化阶段性需求腾挪带 来的月度季度β——汽车观点更新 请务必阅读正文之后的重要声明部分 - 2 - 请务必阅读正文之后的重要声明部分 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨 询业务资格。 。本公司不会因接收人收到本报告而视其为客户。 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。 需求腾挪带来的月度季度β [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： 晨报内容回顾： 研究分享 ►【汽车】何俊艺：大β维度-汽车内需符合预期，淡化阶段性需求 ...

Investment Rating - The report assigns a "Buy" rating for Xiaopeng Motors (9868.HK) [2] Core Insights - Xiaopeng Motors has experienced both successes and failures in its product lineup, with the P7, G6, and G9 models showing initial strong sales but struggling with sustainability due to increased competition and internal management issues [6][14][16] - The company is undergoing comprehensive reforms in management, product definition, and marketing to address past shortcomings and enhance its competitive position [7][34] - Xiaopeng's autonomous driving capabilities are recognized as a core strength, with the company being a leader in the industry and expected to maintain this advantage [8][9] Summary by Sections Sales Review - The P7 model launched in May 2020 achieved monthly sales of 7,000-8,000 units initially but fell below 3,000 units by late 2022 due to increased competition [14] - The G6 model, launched in June 2023, peaked at 8,000-9,000 units but dropped below 2,000 units by January 2024 due to competition from models like the Model Y [14] - The G9 model saw initial success with monthly sales of 6,000-7,000 units after its October 2023 launch but also faced a decline to below 2,000 units by January 2024 [14][16] Shortcomings and Reforms - Xiaopeng identified issues in management, product definition, and marketing, leading to the recruitment of former Great Wall Motors president Wang Fengying for comprehensive reforms [7][34] - Key reforms include enhancing consumer attributes in product design, streamlining SKUs, and improving cost management through modular architecture and supply chain adjustments [7][39] Strengths and Future Outlook - The report highlights that from 2024, the usability of autonomous driving technology is expected to increase significantly, positioning it as a core capability for automotive companies [8] - Xiaopeng's autonomous driving technology is recognized as industry-leading, with the company being the first to release its own autonomous driving system and enter the full-stack self-research phase [8] - The company anticipates a recovery in sales, projecting revenues of 38.1 billion, 66.4 billion, and 75.5 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to improve from a loss of 6.1 billion yuan in 2024 to a profit of 1.2 billion yuan in 2026 [9][5]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][7] Core Views - The company benefits from a low-cost funding advantage due to its deep penetration in the Chongqing region, leading to a low deposit interest rate of 1.88% in 2023, the lowest among listed city commercial banks [5][41] - The company's low-cost liabilities contribute to a lower risk appetite in its operations, focusing on public clients primarily in government financing and industrial sectors, while retail clients are mainly small and micro enterprises with sufficient collateral [5][6] - The asset quality is expected to remain stable, supported by the improving economic conditions in Chongqing and the company's low-risk preference, which enhances its long-term high dividend yield characteristics [5][6] Summary by Sections 1. Low-Cost Funding Advantage - The company has a significantly low deposit interest rate of 1.88% as of the end of 2023, which is 32 basis points lower than the average of its peers [5][41] - The structure of deposits shows a high proportion of personal demand deposits, which helps in reducing interest costs [41][49] - The company is the first rural commercial bank in China to achieve A+H listing, with the largest asset scale among domestic rural commercial banks, benefiting from both scale and regional advantages [5][55] 2. Low-Risk Appetite on Asset Side - The company maintains a low loan yield of 4.38% in 2023, reflecting its conservative risk approach [5][6] - Public clients are primarily focused on government financing and industrial sectors, aligning with key strategic plans in Chongqing, which are expected to have stable development prospects [5][6] - Retail clients are mainly small and micro enterprises, with a collateral coverage ratio of 1.77 times, indicating a strong risk management framework [5][6] 3. Asset Quality Improvement - The company has been actively clearing historical non-performing assets, leading to a continuous decline in non-performing and attention rates [6] - The economic recovery in Chongqing is expected to alleviate pressure on asset quality, with significant government projects supporting growth [6][55] - The company's low-risk preference in client selection ensures a robust asset quality outlook, with a focus on high-quality retail loans [6][37] 4. High Dividend and Stable Earnings - The company is projected to have a price-to-book ratio (PB) of 0.46X, 0.43X, and 0.40X for 2024E, 2025E, and 2026E respectively, with a price-to-earnings ratio (PE) of 5.00X, 4.76X, and 4.55X [5][7] - The expected dividend yield is 6.13%, 6.44%, and 6.74% for the next three years, indicating a strong dividend-paying capability [5][7] - The company's profitability is stabilizing, supported by a high and stable historical dividend payout ratio [7]

定额水价制是以水龙头数和使用用途为基准，对相同用途的水龙头征收 相同的固定金额的水费，与水的使用量的多少无关，日本在明治年间以 定额水价制为主。 第一，1975 年的调价，处于扩建期。从外部因素来看，1975 年，石油 危机引发日本经济衰退、通胀高企，东京自来水公司此时一年的水费收 入仅为运营成本的一半，无法跟上外部因素造成的通货膨胀。与此同时， 人口的快速增长导致了对水需求的增加，因此资源开发和供水系统扩建 等项目被列为公司的优先事项。从内部因素来看，Factor Analysis of Water Rate Revisions（Y. Ichimura）一文提到在 1975 年以前，东京自 100 13 75 120 24 0 0 17000 60000 250 宏观策略专题报告 up to Aug. 1975 请务必阅读正文之后的重要声明部分 Industry with large diameter pipe (100 m³/month use) 第二,1994年的调价,处于过渡期。这一时期,自来水公司正从需求扩 展期向稳定供水期过渡。1978-1984年，东京曾三次调升水价,随着价 格上涨,此时东京自来 ...

中中 泰泰 证证 券券 研研 究究 所所 专专 业业 ｜｜ 领领 先先 ｜｜ 深深 度度 ｜｜ 诚诚 信信 | 证 券 研 究 报 告 | 玻纤曙光已现；地产链共盼春来 ——非金属建材行业23年报及24Q1季报总结及展望 2 0 2 4 . 5 . 1 7 ...

电子材料、合成生物学引领复苏，关注新品放量标的 ——新材料行业2023年年报及2024年一季报总结 新材料 2024年5月17日 评级：增持（维持） [重Ta点ble公_F司in基anc本e]状 况 分析师：孙颖 股价 EPS PE 简称 PB 评级 执业证书编号：S0740519070002 (元) 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 联瑞新材 49.16 0.9 1.3 1.7 - 52.5 37.2 29.3 - 6.5 买入 Email：sunying@zts.com.cn 圣泉集团 19.56 1.0 1.2 1.6 1.8 19.4 16.4 12.5 10.8 1.6 - 分析师：聂磊 国瓷材料 19.81 0.6 0.8 1.1 - 34.9 25.1 17.8 - 3.1 买入 执业证书编号：S0740521120003 蓝晓科技 48.49 1.4 2.0 2.6 3.3 34.2 24.2 18.7 14.9 7.1 买入 万润股份 11.55 0.8 1.0 1.3 - 14.1 11.3 9.1 - 1.5 买入 Email ...