Investment Rating - The report maintains a "Buy" rating for ZTO Express (2057.HK) [1][5] Core Views - ZTO Express is a leading player in the express delivery industry with a market share of 22.9%, significantly ahead of its closest competitor by 6.8 percentage points, indicating a strong market position [5] - The company is expected to achieve stable earnings growth, with a projected PE ratio of only 12 times for 2024, suggesting good investment value [5] - The inclusion of ZTO in the Hong Kong Stock Connect is anticipated to improve stock liquidity and catalyze a revaluation of its stock price [5] Financial Summary - Total shares outstanding: 824 million [2] - Circulating shares: 617 million [2] - Market price: HKD 165.4 [2] - Market capitalization: HKD 136.2 billion [2] - Revenue projections for 2023E to 2025E are HKD 41.19 billion, HKD 46.57 billion, and HKD 52.81 billion respectively, with growth rates of 16%, 13%, and 13% [4] - Net profit forecasts for the same period are HKD 9.16 billion, HKD 10.43 billion, and HKD 12.23 billion, with growth rates of 34%, 14%, and 17% respectively [4] - The diluted earnings per share (EPS) are projected to be HKD 11.07, HKD 12.61, and HKD 14.79 for 2023E, 2024E, and 2025E respectively [4] Competitive Advantages - ZTO Express benefits from significant economies of scale, which reduce average unit costs and allow for competitive pricing [5] - The company has maintained a strong management capability, which has been crucial in stabilizing its franchise network and facilitating expansion [5] - ZTO's capital expenditures from 2016 to 2022 totaled HKD 40.7 billion, with substantial investments in infrastructure, ensuring it remains competitive in the industry [5]

| --- | --- | |-----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for the company [6][8][9]. Core Insights - The company is positioned as a leader in military information technology, focusing on wireless communication and BeiDou navigation, with significant growth potential driven by the modernization of military equipment and the expansion of satellite internet applications [4][5][6]. - The company has a comprehensive layout across four major sectors: wireless communication, BeiDou navigation, aerospace, and intelligent ecology, which supports its growth strategy [30][31]. - The report highlights the expected revenue and profit growth, projecting net profits of 712 million, 892 million, and 1.145 billion yuan for 2023, 2024, and 2025 respectively, with corresponding EPS of 0.29, 0.36, and 0.46 yuan [6][9]. Summary by Sections Company Overview - The company, established in 2000, is a key high-tech enterprise under the national torch program, originating from a state-owned factory established in 1960. It has a strong focus on integrating industry and capital to drive growth [4][30]. - The company has undergone several rounds of mergers and acquisitions to expand its business scope and has a clear layout in four major sectors [30][31]. Financial Performance - Revenue and net profit have shown steady growth, with a CAGR of 15.8% and 8.9% from 2010 to 2022 respectively. The company is expected to continue this trend with projected revenues of 6.484 billion, 8.060 billion, and 10.195 billion yuan for 2023, 2024, and 2025 [4][6][9]. Market Position and Competitive Advantage - The company is recognized for its comprehensive capabilities in satellite communication and BeiDou navigation, with a full industry chain layout that includes chip development, terminal production, and system integration [5][6][30]. - The report emphasizes the company's strong position in the military communication sector, benefiting from the acceleration of defense information construction and the upgrade of military communication equipment [5][6]. Growth Drivers - The company is expected to benefit from the new cycle of BeiDou navigation equipment and the rapid development of satellite internet, with significant growth opportunities in both military and civilian applications [4][5][8]. - The report outlines that the BeiDou navigation system has entered a new upgrade cycle, which is anticipated to drive demand for high-precision positioning applications in various sectors, including smart driving and precision agriculture [4][5][6].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 优质资源为王，价值重估开启 炼焦煤专题报告 2 0 2 4 . 0 3 . 0 3 ...

、 戴尔 AI 服务器需求强劲，持续看好 AI 赛道机遇 电子 证券研究报告/行业周报 2024 年 3 月 3 日 评级：增持（维持） 重点公司基本状况 分析师：王芳 股价 EPS PE PEG 简称 评级 执业证书编号：S0740521120002 (元) 2021 2022A 2023E 2024E 2021 2022A 2023E 2024E （2024E） 寒武纪-U 170 -2.1 -3.1 -2.0 -1.3 -82 -54 -85 -127 - NA Email：wangfang02@zts.com.cn 工业富联 20 1.0 1.0 1.2 1.6 20 20 17 13 0.6 买入 分析师：杨旭 华勤技术 73 2.9 3.9 3.7 4.1 25 19 20 18 1.8 买入 执业证书编号：S0740521120001 德明利 88 1.6 0.8 0.2 2.7 54 105 397 33 0.4 NA 香农芯创 34 0.5 0.7 0.7 0.8 65 46 47 41 3.0 NA Email：yangxu01@zts.com.cn 备注：股价为2024年3月1日收盘价， ...

[Table_Industry] 【中泰传媒】 K12阶段学生入学率再创新高，看好教育资源拓展变现路径 出版 传媒 证券研究报告/行业点评报告 2024年3月4日 [评Ta级ble：_I增nve持st（] 维持 ） [重Ta点ble公_F司in基anc本e]状 况 股价 EPS PE 评级 [分Ta析b师le：_A康u雅th雯or s] 简称 PEG (元) 2021 2022 2023E 2024E 2025E 2021 2022 2023E 2024E 2025E 执业证书编号： S0740515080001 山东出版 10.60 0.73 0.81 0.90 1.01 1.12 14.52 13.09 11.78 10.50 9.46 0.92 买入 E E E 电话：021-20315097 南方传媒 13.82 0.90 1.05 1.27 1.45 1.71 15.36 13.16 10.88 9.53 8.08 0.54 无 城市传媒 7.65 0.41 0.50 0.55 0.63 0.72 18.66 15.30 13.91 12.14 10.63 0.94 增持 Email： kangyw ...

[Table_Industry] 常熟银行2023 业绩快报：业绩高增长韧性强，资产质量保持稳健 常熟银行(601128)/银行 证券研究报告/公司点评报告 2024年3月4日 [Table_Industry] [评Ta级ble：_I增nve持st（] 维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：6.92元 指标 2021 2022 2023E 2024E 2025E 营业收入（百万元） 7,656 8,808 9,870 10,553 11,660 [ 分T 析ab 师le _ 戴A 志u 锋th ors] 增长率yoy% 16.3% 15.0% 12.1% 6.9% 10.5% 执业证书编号：S0740517030004 净利润（百万元） 2,188 2,742 3,281 3,612 3,946 增长率yoy% 21.3% 25.3% 19.7% 10.1% 9.2% Email：daizf@zts.com.cn 每股收益（元） 0.80 1.00 1.20 1.32 1.44 分析师 邓美君 净资产收益率 11.59% 12.94% 13.93% 13.86% 13.48% ...

、 从ZARA、优衣库到SHEIN：存量时代的服装模式进化图鉴 纺织服饰 证券研究报告/专题研究报告 2024年3月3日 评级：增持（维持） 重点公司盈利预测 分析师：张潇 简称 股价 EPS PE PEG 评级 执业证书编号：S0740523030001 (元) 2022 2023E 2024E 2025E 2022 2023E 2024E 2025E 海澜之家 8.55 0.50 0.64 0.73 0.82 17.13 13.36 11.71 10.43 0.47 买入 Email：zhangxiao06@zts.com.cn 备注：股价取自2024年3月1日收盘 基本状况 纺服公司数（申万分类） 109 投资要点 纺服行业总市值（亿元） 5,894 纺服行业流通市值（亿元） 2,240  本文通过服装需求的维度解构，及供给模式的剖析，进入存量竞争时代后，品牌巨 行业-市场走势对比 头ZARA、SHEIN与优衣库如何以供应链全维度的模式的创新，更高效满足消费者 上证指数 的细分服装需求。 纺织服饰(申万) 0%  服装需求的一大诉求是时尚。在满足千人亿面且不断变化的时尚需求方面，核心变 -5% 量是 ...

、 本周四单 REITs 正式申报，多单 REITs 因涨幅过快停牌 -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3月3日 [T评ab级le_：M增ain持] （维持） [公Ta募bleR_ESIuTmsm行ar业y] 周报-20240302 分析师：由子沛  一周行情回顾 执业证书编号：S0740523020005 本周REITs指数上涨3.06%，其中经营权类上涨2.08%，产权类持平3.42%。沪深3 00累计上涨1.38%，中证500指数上涨3.49%，中证全债指数上涨0.21%，中债1年 Email：youzp@zts.com.cn 期国债指数下跌 0.06%，中债 10 年期国债指数下跌 0.14%，中证转债指数下跌 0.2 2%。上市以来 REITs 与十年期国债、一年期国债、中证转债相关性分别为-0.55、- [基Ta本ble状_P况ro fit] 0.55、0.64，与沪深300、中证500相关性分别为0.44、0.50。 上市REITs数 30  行业基本情况 行业总市值(亿元) 880.9 行业政策：3 月 1 日，广东省政府在《关于加快推进科技金融 ...

| --- | --- | |-----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...