Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - Ctrip has established significant competitive advantages through supply lock-in and a comprehensive service system, positioning it favorably against both domestic and international competitors [4][5]. - The company is expected to achieve revenue growth rates of 14.8%, 13.8%, and 12.9% for the years 2025 to 2027, with projected revenues of 612.6 billion, 697.3 billion, and 787.0 billion yuan respectively [5]. - Ctrip's long-term growth potential is enhanced by changes in domestic consumer demand and accelerated international expansion, making its growth trajectory more favorable compared to many trading platforms [4][5]. Summary by Sections Company Overview - Ctrip has a total share capital of 684 million shares, with a market price of 518 HKD, resulting in a market capitalization of 354,067 million HKD [2]. Financial Projections - Revenue projections for Ctrip are as follows: 44,562 million yuan in 2023, 53,377 million yuan in 2024, and expected growth to 61,260 million yuan in 2025, with a year-on-year growth rate of 122% in 2023 and 20% in 2024 [3]. - The net profit attributable to shareholders is projected to be 9,918 million yuan in 2023, increasing to 17,067 million yuan in 2024, but expected to decline slightly to 16,145 million yuan in 2025 [3]. Competitive Positioning - Ctrip's competitive edge is attributed to three main factors: supply lock-in, a differentiated user profile, and high infrastructure barriers due to the nature of travel services [4][5]. - The report highlights that the impact of hotel concentration on OTA market share and take rate is limited, suggesting that Ctrip's market position remains strong despite these changes [4][5]. Market Dynamics - The report notes that Ctrip's ecosystem is better positioned than that of international leaders like Booking and Expedia, primarily due to the differences in internet user behavior and the absence of a dominant traffic distributor like Google in China [4][5]. - Ctrip's international business is expected to contribute significantly to its revenue, with outbound tourism and international OTA operations projected to account for one-third of the group's income [12]. Conclusion - Overall, Ctrip's robust competitive advantages, favorable market positioning, and strong financial projections support the "Buy" rating, indicating a positive outlook for investors [5].

电视广播Ⅱ 电视频道覆盖龙头服务商，微波组件打造第二成长曲线 流金科技（834021.BJ） 证券研究报告/公司深度报告 2025 年 03 月 17 日 | 评级： 增持（首次） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：冯胜 | 营业收入（百万元） | | 804 | 760 | 647 | 703 | 775 | | | 增长率 yoy% | | -5% | -5% | -15% | 9% | 10% | | 执业证书编号：S0740519050004 | 归母净利润（百万元） | | 21 | 20 | -22 | 30 | 58 | | Email：fengsheng@zts.com.cn | 增长率 yoy% | | -72% | -4% | -209% | 237% | 92% | | | 每股收益（元） | | 0.07 | 0.07 | -0.07 | 0.10 | 0. ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [2][3]. Core Insights - The company has a stable market share in the regional market, with a high dividend yield that highlights a safety margin for investors [2][3]. - The company's revenue for 2024 is projected to be 4,278 million yuan, reflecting a year-on-year decline of 23%. However, a recovery in profitability is anticipated in subsequent years [2][3]. - The company is expected to maintain a strong position in a relatively closed market, supported by a reasonable capacity layout and resource endowment [3]. Financial Performance Summary - **Revenue and Profitability**: The company reported a revenue of 4,278 million yuan for 2024, down 22.7% year-on-year, with a net profit of 538 million yuan, a decrease of 27.5% [3]. - **Sales Volume**: In 2024, the company's cement sales volume was 15.859 million tons, down 10.1% year-on-year, but the market share remained stable [3]. - **Cement Price**: The average cement price for 2024 was 238 yuan per ton, a decrease of 45.8 yuan compared to the previous year, influenced by weak demand and external competition [3]. - **Cost and Margin**: The cement cost per ton was 189.0 yuan, down 19.5% year-on-year, while the gross profit per ton was 49.2 yuan, down 26.4% [3]. - **Dividends**: The company plans to distribute a total cash dividend of 5.9 billion yuan for 2024, resulting in a dividend yield of 6.2%, which supports stock price stability [3]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 613 million yuan, 667 million yuan, and 701 million yuan, respectively, with corresponding P/E ratios of 15.6, 14.3, and 13.6 [2][3].

【中泰研究丨晨会聚焦】策略徐驰：民营科技突破与特朗普 2.0 下 资本市场或如 何演绎？ [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [Table_Industry] | | 证券研究报告 | 2025 年 3 月 18 日 | | --- | --- | --- | | [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] | [b_Suy 今日预览 | | | 执业证书编号：S0740517030004 | | | | 电话： | | | | Email： | | | | | 今日重点>> | | | |  【策略】徐驰：民营科技突破与特朗普 | 2.0 下 资本市场或如何演绎？ | 研究分享>> 【政策】杨畅：投资发力——2025 年 1-2 月经济数据点评 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 今日重点 【策略】徐驰：民营科技突破与特朗普 2.0 下 资本市场或如何演绎？ 两会后，市场开始关注"现实"时，特朗普关税政策、国内政策定力、经济基本面 ...

美国降息预期抬升，金属价格整体上涨 有色金属 证券研究报告/行业定期报告 2025 年 03 月 18 日 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：任恒 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq07@zts.com.cn | 上市公司数 | 141 | | --- | --- | | 行业总市值(亿元) | 30,692.52 | | 行业流通市值(亿元) | 28,838.08 | 1、《Alphamin Resources 锡矿暂停 生产，供应进一步趋紧》2025-03-17 2、《【中泰金属观察-全球制造业 PMI 跟踪】全球制造业 PMI 跟踪：2 月延 续扩张，需关注抢出口后的持续性 20250312》2025-03-15 属价格整体上涨》2025-03-10 1）贵金属：美国 2 月 CPI 和 PPI 数据均低于预期，通胀增长相对温和，美联储降息 预期抬升，利多短期黄金价格。中长期看，美国 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading global garment manufacturer with a diversified product range, including casual wear, denim, intimate apparel, knitwear, sportswear, and outdoor clothing. It has established a strong customer base and is expanding into the sports sector, which is expected to enhance growth potential [3][5][36]. - The company has a stable revenue and profit trajectory, with a projected increase in net profit from 1.41 billion RMB in 2024 to 1.95 billion RMB in 2026, reflecting a compound annual growth rate (CAGR) of 19% [1][15]. - The global apparel market is expected to grow steadily, with the sportswear segment projected to reach a retail market size of $407.42 billion by 2024, growing at a CAGR of 6.2% from 2014 to 2024 [26][28]. Company Overview - The company was founded in 1970 and is headquartered in Hong Kong, operating approximately 20 factories across Vietnam, China, Cambodia, Bangladesh, and Sri Lanka, with an annual production capacity exceeding 470 million pieces [5][6]. - The company has a concentrated ownership structure, with the founders holding 76.5% of the shares, ensuring stable control [12]. Financial Performance - In 2023, the company reported revenues of $2.177 billion, a decrease of 12.6% year-on-year, with a net profit of $164 million, down 5.3% year-on-year. However, the company is entering a recovery phase, with a projected revenue growth of 8.4% in the first half of 2024 [15][26]. - The company maintains a stable gross margin of around 19-20% since 2018, with net profit margins expected to improve due to operational efficiencies and cost control measures [16][20]. Industry Analysis - The global apparel industry is projected to reach a retail market size of $1.45 trillion by 2024, with a CAGR of 3.0% from 2014 to 2024. The sportswear segment is expected to grow significantly, indicating a favorable market environment for the company [26][28]. - The concentration of brands in the sportswear segment is significantly higher than in other categories, with the top 10 brands expected to account for 42.3% of the market by 2024 [28][31]. Strategic Focus - The company emphasizes a diversified product portfolio and a collaborative model with clients, enhancing customer loyalty and operational efficiency. It serves over 50 brands, including Uniqlo, H&M, and Gap, with a focus on expanding its sportswear client base [36][41]. - The company is actively pursuing vertical integration by acquiring upstream suppliers, which is expected to improve delivery capabilities and profitability [36][7].

｜ 证 券 研 究 报 告 ｜ 民营科技突破与特朗普2.0下 资本市场或如何演绎？ ——2025年春季策略 2 0 2 5 . 0 3 . 1 8 徐驰 S0740519080003 xuchi@zts.com.cn 王永健 S0740522050001 wangyj09@zts.com.cn 张文宇 S0740520120003 zhangwy01@zts.com.cn 目 录 C O N T E N T S DeepSeek等科技密集突破 1 或带来哪些影响？ 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 4 海外：特朗普2.0或带来哪些影响？ 5 投资建议 2 更加重视科技： 政策维度有何新变化？ 3 高质量发展路线下， 我国经济与企业盈利演绎 6 风险提示 核心结论："预期与现实"间的反差 CONTENTS 目录 NTS 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 1 DeepSeek等突破带来中国科技"价值重估" 图表：春节至2月27日阶段高点AH指数表现（%） 0 5 10 15 20 25 30 港股指数涨跌幅（%） A股指数涨跌幅（%） A股行业指数涨跌幅（%） | ...

Investment Rating - The investment rating for China Resources Sanjiu (华润三九) is "Buy" (maintained) [1][6] Core Views - The company reported a revenue of 27.617 billion yuan for 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [3] - The CHC (Consumer Health Care) business maintained its leading position with a revenue of 12.482 billion yuan in 2024, growing 14.13% year-on-year, while the prescription drug segment achieved a revenue of 6.006 billion yuan, up 15.04% year-on-year [3] - The company is expected to continue its steady growth, with projected revenues of 30.986 billion yuan, 34.549 billion yuan, and 38.004 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 12%, 12%, and 10% [1][3] Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 24.739 billion yuan and a net profit of 2.853 billion yuan, with respective growth rates of 37% and 17% [1] - The projected earnings per share (EPS) for 2025 is 2.98 yuan, with a net profit forecast of 3.821 billion yuan [1][4] Business Segments - The CHC business segment is focusing on enhancing its product mix, particularly in cold, skin, and gastrointestinal categories, while the prescription drug segment is seeing a recovery in its formula granule business [3] - The company is also advancing its merger with Kunming Pharmaceutical Group and the acquisition of Tianjin Tasly Pharmaceutical, which is expected to enhance its competitive edge in the traditional Chinese medicine sector [3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 19.0 in 2023 to 14.1 in 2025, indicating an improving valuation as earnings grow [1][4] - The price-to-book (P/B) ratio is expected to decline from 2.9 in 2023 to 2.3 in 2025, reflecting a strengthening financial position [1][4]

旅游及景区 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 2024.03.12 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 549.49 | | 流通股本(百万股) | 549.48 | | 市价(元) | 9.95 | | 市值(百万元) | 5,467.43 | | 流通市值(百万元) | 5,467.33 | 覆盖 年有望延续》丽江股份 23 年半年 报点评 3《23 年业绩符合预期，景气度 持续验证》丽江股份 23 年年报点 评 丽江股份（002033.SZ） 证券研究报告/公司点评报告 2025 年 03 月 18 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师 ...

【中泰研究丨晨会聚焦】通信陈宁玉：英伟达 GTC 前瞻：关注 CPO、液冷与电源产 业链变化 证券研究报告 2025 年 3 月 17 日 [Tab[ble__SMuyain] 今日预览 今日重点>> 【通信】陈宁玉：英伟达 GTC 前瞻：关注 CPO、液冷与电源产业链变 化 研究分享>> [分[TTa析balb师e_l：eT_i戴tlIen志]d锋ustry] 执业证书编号： S0740517030004 电话： Email： 欢迎关注中泰研究所订阅号 晨报内容回顾： 【政策】杨畅：政府债券融资拉动明显——2025 年 2 月金融数据点评 【传媒】康雅雯：呼市发布育儿补贴细则，把握出版、AI+教育投资机 会 今日重点 【通信】陈宁玉：英伟达 GTC 前瞻：关注 CPO、液冷与电源产业链变化 GTC2025 召开在即，关注 GB300 四大预期变化，以及人形机器人、边缘计算/推理方向等。 预期一：英伟达有望在 GTC 2025 上公布 GB300 更具体细节方案，且 NVL288 或被提及。相较 GB200，GB300 单卡 FP4(4 位浮点数)性能有望提升 1.5 倍；内存容量提升至 288GB, 采用 ...