Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The international flight routes are continuously recovering, and the demand for inbound and outbound travel is expected to increase. In April 2024, the total passenger transport volume reached 55.95 million, a year-on-year increase of 10.6%, and a 5.3% increase compared to the same period in 2019. Domestic passenger transport grew by 8.1% compared to 2019, while international passenger transport exceeded 5 million, reaching 5.096 million, recovering to 83.8% of the 2019 level [1][12] - The report suggests that the industry recovery trend is positive, with improving supply-demand dynamics and increasing aircraft utilization rates for airlines. The performance of airlines is expected to improve, and investment opportunities at lower levels are recommended [1][12] - The report highlights the attractiveness of low valuations and high dividends in the road, rail, and port sectors, with a focus on companies like Shandong Expressway and Qingdao Port [1][12] - The easing of real estate policies is expected to lead to a strong outlook for the bulk supply chain, with significant opportunities arising from infrastructure investments [1][12][13] Summary by Sections 1. Core Views and Investment Recommendations - The report emphasizes the recovery of international routes and the expected increase in travel demand, with specific recommendations for airlines and airports [1][12] - It highlights the strong appeal of low valuations and high dividends in the road, rail, and port sectors, recommending specific companies for investment [1][12] 2. Key Targets - Recommended companies include: - **Hua Xia Airlines**: Expected P/E ratios of 22.33X/9.53X/8.07X for 2024-2026, with a focus on regional aviation growth [14] - **Spring Airlines**: Expected P/E ratios of 16.49X/13.04X/12.24X, benefiting from cost control and market leadership [14] - **Shanghai Airport**: Expected P/E ratios of 32.20X/22.33X/20.56X, with stable investment returns anticipated [14] - **Qingdao Port**: Expected P/E ratios of 10.01X/9.02X/8.23X, with strong operational performance [15] 3. Aviation and Airport Data Tracking - The report provides detailed data on passenger transport volumes and flight operations, indicating a positive trend in domestic and international travel [17] 4. Shipping and Port Data Tracking - The report tracks shipping indices, indicating fluctuations in container shipping rates and oil transportation indices, with a focus on market dynamics [3] 5. Railway and Highway Data Tracking - The report discusses the performance of railway and highway sectors, highlighting the potential for growth in passenger and freight transport [11]

、 地产放松进一步提振非电用煤需求，供需结构性矛盾凸显煤价预期乐观 证券研究报告/行业周报 煤炭 2024年5月18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 10.80 1.19 1.E2 1 1.31 1.39 9.1 8.9 8.2 7.8 1.58 买入 电话： 潞安环能 21.79 2.65 2.54 2.75 2.93 8.2 8.6 7.9 7.4 1.31 买入 Email：duchong@zts.com.cn 平煤股份 13.28 1.71 1.90 2.04 2.19 7.8 7.0 6.5 6.1 1.29 买入 联系人：鲁昊 兖矿能源 23.99 2.71 2.92 3.39 3.81 8.9 8.2 7.1 6.3 3.00 买入 中国神华 39.89 3.00 3.20 3.28 3.37 13.3 12.5 12.2 11.8 1. ...

投资要点 [Table_Industry] [Table_Title] 分析师：徐驰 执业证书编号：S0740519080003 [Table_Report] 相关报告 社融方面，在一季度天量社融数据发布之时，我们明确指出其高点性质。4 月社融 数据低于预期，体现了政策诉求下的"透支效应"。考虑到当前政策主线旨在为 三中全会召开创造良好条件，预计未来 1-2 个月社融环比改善力度或超市场预期。 在全球地缘动荡加剧的背景下，军工板块领涨市场，反映出制造业扩展周期的中 期趋势。军工需求的增长基于制造业，而欧美制造业的"空心化"导致其军品产 能扩张面临基础设施和产业链配套的挑战。预计从今年起，欧美各国将大力扩张 本国制造业，这一趋势将推动中游产能扩张，增加上游资源品需求，同时机械设 备、挖掘机、重卡等出口细分将保持强势。然而，下游需求有限，中游制造业产 能扩张可能加剧供大于求的格局，加大下游企业压力。此外，为扶持本国制造 业，全球贸易保护主义和科技限制可能激增，进一步影响下游企业。政府财政压 力增加，公用事业市场化定价和央企股权财政等改革将加速推进。 n 风险提示：宏观政策调控不及预期，产业政策落地不及预期，考虑到 ...

利润端表现靓丽，内外销逐步修复，沙发销量增长靓丽 敏华控股（1999.HK）/轻工 证券研究报告/公司点评 2024年05月17日 [T[评aTba级lbel_e：I_nT买diutles入]tr y（] 维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.37港元 指标 2023A 2024 2025E 2026E 2027E 分析师：张潇 营业收入（百万港元） 17,351 18A,4 11 20,927 23,824 26,674 增长率yoy% -19.3% 6.1% 13.7% 13.8% 12.0% 执业证书编号：S0740523030001 净利润（百万港元） 1,915 2,302 2,598 2,839 3,087 Email：zhangxiao06@zts.com.cn 增长率yoy% -14.8% 20.2% 12.9% 9.2% 8.8% 每股收益（港元） 0.49 0.59 0.67 0.73 0.80 分析师：邹文婕 每股现金流量 1.05 0.65 0.88 0.88 0.92 执业证书编号：S0740523070001 净资产收益率 16.5% 19.5% ...

Investment Rating - The report assigns a "Buy" rating for Geely Automobile (0175.HK) with a market price of HKD 10.22 [1]. Core Insights - Geely is expected to enter a new growth cycle in 2024, focusing on brand repositioning, channel innovation, and an increase in electrification rate, with a projected 45%+ penetration rate for new energy vehicles in 2024 [4][5]. - The company forecasts significant revenue growth, with projected revenues of HKD 214.63 billion, HKD 248.15 billion, and HKD 266.74 billion for 2024, 2025, and 2026 respectively, alongside net profits of HKD 7.45 billion, HKD 8.73 billion, and HKD 10.08 billion for the same years [6][41]. Summary by Sections Growth Review - The company experienced a growth cycle from 2015 to 2017, benefitting from the SUV boom and successful models like Emgrand and Boyue. However, from 2017 to 2020, it faced challenges due to tax reductions and management complexities. The period from 2021 to 2023 was marked by attempts at transformation, with slow progress in hybrid transitions [4][15]. New Energy Vehicles - Geely's new energy brands, including Galaxy, Zeekr, and Lynk & Co, have clear positioning. The Galaxy brand targets the 100,000 to 200,000 RMB price range, while Zeekr aims for the high-end market. The expected sales for Zeekr in 2024 are projected to reach 230,000 units, with significant growth anticipated for the Galaxy brand as well [5][33][38]. Fuel Vehicles - The company maintains a solid foundation in fuel vehicles, focusing on the 50,000 to 150,000 RMB market. Models like Emgrand and Bin Yue continue to perform well, with stable monthly sales above 10,000 units despite industry challenges [6][39]. Financial Forecast and Valuation - The report predicts overall revenue growth for Geely, with expected revenues of HKD 214.63 billion, HKD 248.15 billion, and HKD 266.74 billion for 2024, 2025, and 2026 respectively. The corresponding net profits are projected to be HKD 7.45 billion, HKD 8.73 billion, and HKD 10.08 billion [6][41]. The report also highlights a favorable P/E ratio compared to industry averages, supporting the "Buy" rating [44].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating issued [2]. Core Insights - The company focuses on a cost-performance strategy, targeting the mainstream electric vehicle market priced between 100,000 to 300,000 yuan, with a strong emphasis on both pure electric and range-extended vehicles [10][11]. - The partnership with Stellantis is expected to accelerate overseas growth, enhancing the company's market presence and profitability [12][14]. - The company has a robust product lineup, with plans to introduce 2-3 new models annually over the next three years, ensuring comprehensive coverage across various price segments [14][32]. Summary by Sections Company Overview - The company is positioned as a value-for-money player in the electric vehicle market, focusing on the 100,000 to 300,000 yuan price range [10]. - It has transitioned from pure electric vehicles to include range-extended models, with a strategic partnership with Stellantis initiated in 2023 to enhance growth [11][12]. - The company has established a solid foundation for self-research and development, with a significant portion of its components produced in-house [12][17]. Overall Recognition - The company benefits from vertical integration and a high degree of commonality in vehicle architecture, leading to significant cost advantages [15][20]. - The founder's technical background and collaboration with Dahua Technology provide a strong technological foundation for the company's self-research capabilities [15][17]. Growth Logic - Domestic Demand - The company targets a market with low electric vehicle penetration, particularly in the 100,000 to 200,000 yuan segment, where there is substantial potential for growth [26]. - The range-extended vehicles are positioned to alleviate consumer concerns about electric vehicle range anxiety, providing a competitive edge [29][30]. - The company plans to expand its dealership network significantly, with an expected increase of 200 stores in 2024, enhancing its market reach [13][32]. Growth Logic - Export - The partnership with Stellantis is expected to facilitate entry into international markets, leveraging Stellantis's established distribution channels [12][19]. - The company anticipates significant export potential, with projections indicating a long-term export volume of 10 million units [19][20]. - The higher profit margins associated with exporting vehicles compared to domestic sales present a lucrative opportunity for the company [19][20]. Financial Projections - Revenue forecasts indicate substantial growth, with expected revenues of 32.54 billion yuan in 2024 and 64.61 billion yuan in 2025, reflecting a year-on-year growth rate of 94.3% and 98.6% respectively [2][3]. - The company is projected to achieve profitability by 2025, with net profits expected to reach 2.09 billion yuan [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - In Q1 2024, the company adjusted its strategy to focus more on profitability and service quality, resulting in a slight decline in market share but a profit growth that slightly exceeded expectations [3][5]. - The company completed a business volume of 7.27 billion pieces in Q1, representing a year-on-year growth of 13.9%, with a market share of 19.3%, down by 1.9 percentage points [5]. - The adjusted net profit for Q1 was 22.2 billion yuan, a year-on-year increase of 15.8%, despite a reported net profit of 14.5 billion yuan, which was a 13% decline due to a 4.8 billion yuan impairment from Alibaba's acquisition of Cainiao shares [5]. Financial Performance Summary - Revenue projections for the company are as follows: - 2024E: 49.252 billion yuan - 2025E: 53.942 billion yuan - Revenue growth rates are expected to be 11% in 2024 and 15% in 2025 [3]. - The net profit forecast is: - 2024E: 12.228 billion yuan - 2025E: 13.384 billion yuan - Net profit growth rates are projected at 10.5% for 2024 and 26.5% for 2025 [3]. - The diluted earnings per share (EPS) are expected to be: - 2024E: 14.79 yuan - 2025E: 16.18 yuan [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 20.9 in 2022 to 10.6 in 2026, indicating an attractive valuation [3]. Strategic Initiatives - The company is focusing on enhancing its profitability and service quality while strategically relinquishing some loss-making business segments [5]. - The average daily volume of the company's parcel business reached 5 million pieces, with expectations for rapid growth in this segment due to improved service quality [5]. - The company is also increasing its dividend payout and share buyback amounts, which is expected to enhance shareholder returns [5].

评级：买入(维持) 市场价格：71.41 元 南微医学（688029.SH）/医 疗器械 证券研究报告/公司点评 2024 年 5 月 18 日 分析师：祝嘉琦 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 分析师：于佳喜 Email：yujx03@zts.com.cn -30% -20% -10% 0% 10% 20% 30% 2022-102022-112022-122023-012023-012023-022023-032023-032023-042023-052023-052023-062023-072023-072023-082023-092023-102023-10 南微医学 沪深300 -40% 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,980 2,411 2,939 3,603 4,450 增长率 yoy% 2% 22% 22% 23% 23% 净利润（百万元） 331 486 596 743 918 增长率 yoy% 2% 47% 23% 25% 24% 每股收益（元） 1.76 ...

长亮科技（300348.SZ）/计 算机 证券研究报告/公司点评 2024 年 5 月 17 日 备注：股价选取 5 月 17 日收盘价 | --- | --- | |---------------------------|-------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 732 | | 流通股本 ( 百万股 ) | 626 | | 市价 ( 元 ) | 7.27 | | 市值 ( 百万元 ) | 5,321 | | 流通市值 ( 百万元 ) | 4,549 | -50% -40% -30% -20% -10% 0% 10% 20% 2023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-03 长亮科技 沪深300 ◼ 投资事件：近期公司发布 2023 年报及 2024 年一季报：（1）2023 年，公司实现营业收 入 19.18 亿元，同比增长 1.62%；归母净利润 0.32 亿元，同比增长 42.98%。（2）2024 年 Q1，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][18]. Core Insights - The company reported a significant improvement in Q1 2024 revenue, with a year-on-year growth rate of 14.0%, following a decline of 3.04% in 2023 [2][18]. - The net profit for Q1 2024 was a loss of 0.12 billion, contrasting with a net profit of 0.42 billion in 2023, which saw a decline of 37.53% [18]. - The company has increased its investment in medical AI, with a year-on-year growth of 28.38% in this area, indicating a strong focus on research and development [18]. Financial Summary - Revenue projections for the company are as follows: 2023 at 695 million, 2024E at 903 million, 2025E at 1,148 million, and 2026E at 1,447 million [3][18]. - Net profit forecasts are 42 million for 2023, 95 million for 2024E, 120 million for 2025E, and 160 million for 2026E, showing a recovery trend after a dip in 2023 [3][18]. - The company's earnings per share (EPS) are projected to increase from 0.31 in 2023 to 1.15 by 2026 [3][18]. Investment Highlights - The company has faced temporary performance pressure in 2023 due to macroeconomic changes and regulatory impacts on hospital procurement processes, but it is expected to recover with improved revenue growth in 2024 [18]. - The company has completed the development and training of its medical AI model, which supports various medical tasks, indicating a strong commitment to innovation and product development [18]. - Collaboration with partners in the medical AI field is expected to enhance the company's market position and product offerings [18].