Investment Rating - The report initiates coverage on Bohui Paper with a "Buy" rating [4][5]. Core Views - Bohui Paper is a leading domestic white card paper enterprise, benefiting from the integration with APP, which enhances its scale and operational efficiency [15][22]. - The white card paper market in China is highly concentrated, with the top four companies holding nearly 80% of the market share, indicating a potential for price stabilization and recovery in profitability [2][37]. - The company is focusing on differentiation and high value-added products, actively developing specialty white card products to enhance its competitive edge [3][62]. Summary by Sections Company Overview - Bohui Paper, established in 1994, specializes in the integrated research, production, and sales of various paper products, including white card paper, cultural paper, and box board paper [15][19]. - The company reported revenues of 13.967 billion yuan in Q1-Q3 2024, a year-on-year increase of 2.12%, and a net profit of 149 million yuan, marking a turnaround from losses [15][19]. Supply and Demand Dynamics - The white card paper market is experiencing a supply-demand optimization, with a significant increase in production capacity expected in 2024-2025, primarily concentrated among large manufacturers [2][37]. - Recent announcements of production halts by major players like Chenming Paper indicate a reduction in supply, which may lead to price stabilization in the near term [2][55]. Competitive Advantages - Bohui Paper aims to achieve cost leadership and efficiency through technological advancements and product differentiation, focusing on high-value specialty products [3][62]. - The company has successfully launched new products, such as sterile liquid packaging paper, which opens up new market opportunities [3][62]. Financial Forecast and Investment Recommendations - The report forecasts revenue growth rates of 1.1%, 7.9%, and 5.9% for 2024-2026, with net profit growth rates of 31%, 100%, and 45% respectively [4]. - The estimated earnings per share (EPS) for the same period are projected to be 0.18 yuan, 0.36 yuan, and 0.52 yuan [4]. - The report emphasizes the long-term benefits of the company's strategic focus on product differentiation and efficiency, alongside short-term recovery in profitability due to supply-demand improvements [4][61].

Investment Rating - The report initiates coverage on the company with a "Hold" rating and sets a target price of 12.25 CNY per share [6][84]. Core Views - The company is a comprehensive water service provider with a focus on water supply, sewage treatment, and water resource recycling, boasting a processing capacity of approximately 2.7 million cubic meters per day as of June 2024 [1][15]. - The company is actively expanding into international markets, with a notable investment in a water supply operation in Dhaka, Bangladesh, which has a designed capacity of 340,000 cubic meters per day [2][43]. - There is an expectation for price increases in water services, alongside a reduction in leakage rates, indicating further growth potential in the sector [3][50]. Summary by Sections 1. Comprehensive Water Service Platform - The company has developed a complete water service industry chain from source to tap, with a focus on municipal engineering and ecological restoration [1][18]. - The company has maintained a compound annual growth rate (CAGR) of 15.49% in revenue from 2018 to 2023, despite challenges in net profit growth during 2020-2022 due to a decline in new construction in the real estate sector [20][28]. 2. Expansion into Overseas Markets - The company has established 26 operational companies across various provinces in China and has invested in a water supply operation in Dhaka, Bangladesh, which will serve a population of 2 million [35][43]. - The annual water sales volume from 2020 to 2023 has shown consistent growth, with 2023 seeing a year-on-year increase of 7.88% [2][37]. 3. Price Increase Expectations and Leakage Rate Reduction - Water pricing in key cities has increased from 1.91 CNY per ton in March 2013 to 2.35 CNY per ton by March 2024, reflecting a CAGR of approximately 1.90% [3][68]. - The company has successfully maintained a sewage treatment gross margin of 41.43% in the first half of 2024, indicating stable profitability [2][47]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024 to 2026 are projected at 1.14 billion CNY, 1.25 billion CNY, and 1.37 billion CNY, with corresponding net profits of 177 million CNY, 207 million CNY, and 239 million CNY [84]. - The report employs a price-to-earnings (P/E) valuation method, predicting a P/E of 26 times for 2025, leading to a market capitalization estimate of 5.39 billion CNY [84].

Investment Rating - The report initiates coverage on Yongxing Co Ltd (601033 SH) with a "Buy" rating and a target price of RMB 17 85 per share [3][5] Core Views - Yongxing Co Ltd is a regional leader in solid waste management with strong growth potential and high dividend payouts The company benefits from its backing by Guangzhou State-owned Assets and its dominant position in the Guangzhou waste-to-energy market [1][3] - The company has a stable business structure with 14 operational waste-to-energy projects and 4 biomass treatment projects primarily located in advantageous regions of Guangzhou [1][16] - Yongxing Co Ltd is expected to see steady growth in revenue and net profit driven by increased capacity utilization and the disposal of aged landfill waste The company is projected to achieve revenues of RMB 3 688 billion RMB 4 165 billion and RMB 4 572 billion in 2024 2025 and 2026 respectively with net profits of RMB 803 million RMB 959 million and RMB 1 126 billion [3][99] Business Overview - Yongxing Co Ltd is the sole investment and operator of waste-to-energy projects in Guangzhou with a total daily capacity of 32 090 tons for waste incineration and 2 590 tons for biomass treatment [1][16] - The company has a strong focus on R&D with 426 patents including 22 invention patents and has developed advanced incineration technologies such as the ACC automatic incineration control system which has an automation rate of over 95% [36][38] - The company is expected to reach a waste incineration capacity utilization rate of 91% by 2026 with further potential increases through the co-incineration of industrial solid waste [2][64] Financial Performance - Yongxing Co Ltd has demonstrated consistent revenue and profit growth with a CAGR of 24 87% for revenue and 55 51% for net profit from 2019 to 2023 In 2023 the company reported revenues of RMB 3 536 billion and a net profit of RMB 735 million [21][24] - The company's operating cash flow is robust with RMB 1 721 billion in 2023 which is more than double its net profit ensuring strong dividend payout capabilities [87][91] - Yongxing Co Ltd has committed to a high dividend policy with a minimum payout ratio of 60% of distributable profits for the years 2023-2025 [3][91] Industry Context - The waste-to-energy industry in China has transitioned from a growth phase to a mature phase with declining new project awards and capital expenditures The industry is now focused on improving operational efficiency and profitability [79][80] - Yongxing Co Ltd is well-positioned to benefit from the industry's shift towards operational excellence and cost efficiency given its advanced technologies and strong regional presence [2][79] Valuation and Projections - The report values Yongxing Co Ltd at a 2024 PE multiple of 20x resulting in a target market capitalization of RMB 16 1 billion and a target price of RMB 17 85 per share [3][105] - The company's valuation is supported by its strong growth prospects high dividend yield and favorable industry position [3][105]

华福证券 美容研究 2024 年 12 月 16 日 2024 中国干细胞行业市场空间跟踪——产业经 济医疗周观点（2024.12.9—2024.12.13） 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业收益有正有负，表现一般。 相关报告 1、Z 世代投资理财行为深度解析——2024.12.9 2、国家医保局：36 个项目纳入《综合诊查类医 疗服务价格项目立项指南（试行）》——2024.11.18 3、抗衰产业链之美护专题——2024.11.16 2、根据前瞻产业研究院数据，2024 年中国中国干细胞市场规模预 计约为 265 亿元，但中国整体干细胞行业仍与发达国家存在巨大差距。 目前市场渗透率较低，从干细胞的采集、制备、储存等全套产业链均 值得关注。 风险提示 技术和质量控制风险；监管政策不确定性；市场竞争压力大 证 券 研 究 报 告 诚信专业 发现价值 1 请务必阅读报告末页的声明 1 医疗新观察………………………………………………………………………………………………………………………………… ...

epyTtropeR_elbaT|tsriF_elbaT Tabl e_First|Tabl e_Summar y 华福证券 宏 观 研 究 经济数据点评 \工业生产小幅加快 行业名 、地产回稳势头增强 事件： 12月16日，统计局公布2024年11月经济增长数据。 投资要点： 制造业增加值增长持续提速。11月份，规模以上工业增加值同比实际增长 5.4%，相比上月回升0.1个百分点。分三大门类看，制造业增加值同比增 速持续提速，采矿业及电热水增加值同比增长均出现不同程度的放缓。具 体来看，装备制造业增加值增长提速，11月份同比增长7.6%，比上月加快 1.0个百分点；高科技制造业增加值同比增长7.8%，继续维持快速发展。 餐饮收入增长加快。11月份，社会消费品零售总额43763亿元，同比增长 3.0%，增速比上月放缓1.8个百分点，11月环比增长0.16%。分类别来看， 社消增速回落主要是因为商品零售增长放缓，餐饮收入增长则小幅加快。 消费品以旧换新政策持续显效。11月限额以上单位家用电器和音像器材 类、家具类、汽车类、建筑及装潢材料类商品零售额分别增长22.2%、 10.5%、6.6%、2.9%。 投资增长 ...

华福证券 房地产 政策宽松促进需求释放，单月销售同比转正 投资要点： 事件：12 月 16 日，国家统计局公布 2024 年 1-11 月行业数据，前 11 个月房地产开发投资同比下降 10.4%；商品房销售面积和销售额分别同比 下降 14.3%和 19.2%，到位资金同比下降 18.0%。 开发投资降幅扩大，单月同比降幅缩窄 1-11 月全国房地产累计开发投资 93634 亿，同比下降 10.4%，同比降幅较 前值扩大 0.1pct。11 月房地产开发投资 7325 亿，环比降低 4.0%，同比降 低 11.6%，同比降幅较前值缩窄 0.8pct。 我们认为，随着"白名单"制度扩围增效，城中村与危旧房改造持续推进， 开发投资将持续修复。 团队成员 分析师： 陈立(S0210523080003) cl30270@hfzq.com.cn 联系人： 于怡然(S0210124060064) yyr30611@hfzq.com.cn 相关报告 1、房地产行业周报：大会涉房表述积极，稳楼市 政策加力执行——2024.12.15 2、房地产行业动态跟踪：落实地产政策组合拳， 持续推进止跌回稳——2024.12.13 3、 ...

华福证券 汽车 2024 年 12 月 16 日 汽车 周观点（1209-1213）：低空板块技术面调整充分， 静待下一个催化 投资要点： 汽车板块：短期看布局机器人的汽零标的，长期看整车龙头 1、近期行情： 本周申万汽车指数上涨 0.7%，申万一级行业排名 12/31 位。 2、行业变化： 1）据乘联会，12 月 1-8 日，乘用车零售 50.2 万辆，同比增长 32%，较上 月同期增长 11%；乘用车批发 56.5 万辆，同比增长 55%，较上月同期增长 6%。 2）12 月 9 日，小米 YU7、深蓝 S09、方程豹钛 3、尊界 S800、零跑 B10、 阿维塔 06 等车型亮相工信部新车公告。 3）12 月 11 日，特斯拉 Cybertruck 完成工信部能源消耗量申报。 4）截至 12 月 13 日零时，汽车以旧换新申请量超 520 万辆，其中报废更新 超 251 万辆，置换更新超 272 万辆。 3、行情复盘： 以旧换新政策持续超预期，根据中汽中心预测，政策将拉动乘用车今年国 内销量增加约 200-230 万辆，约占全年销量的 8%-10%，汽车行业β较强， 我们预计以旧换新政策明年有望加力扩围 ...

华福证券 東路 研 投资要点： 近期观点 1、未来一段时间政策空窗期，但是已有政策对经济的影响有望持 续。 2、中国的信用扩张依赖政府和居民部门，企业部门相对稳定，这 种信用扩张结构或将推动企业盈利持续改善。 3、金融数据或反映货币的活化，是经济脱离债务周期步入正向循 环的重要观察指标。 4、美国新总统就职前，美国经济政策不确定性强，目前经济韧性 较强。 5、小盘高波动的极化，伴随市场调整，或意味着风格切换即将到 来。 6、中期看好顺周期核心资产和央国企，关注 AI 应用。长期看好 央国企，一带一路，新消费及港股恒生科技 O2O,半导体设备，军工， 传统制造业龙头。 风险提示 2024 年 12 月 16 日 中国信用结构性扩张有望延续，看好顺周期核心 资产和央国企——产业经济周观点 3、降息预期的微妙变化——2024.12.15 | --- | --- | |--------------------------------------------------------------------------------------------------|------------------| | | | | ...

华福证券 行业研 国防军工 军工本周观点：挑战中充满机遇 投资要点： 本周核心观点： 本周，国防军工指数下跌 0.66% ，同期沪深 300 指数下跌 1.01%，相对超 额 0.34pct，近一个月期间，指数层面已回调至珠海航展之前，下一阶段军 工板块投资逻辑将回归基本面驱动，符合我们前期观点，后续应静待行业 需求传导落地，因此近期表现和大盘相比区分度较小。 展望后续，考虑到四季度或多为行业密集完成交付的阶段，也多是向中上 游传递需求的时期，展望 2025 年，军工行业基本面有望在需求理顺背景下 迎来逐季度好转。 资金层面，本周融资买入额及融资余额相较上周明显提升，同时各军工 ETF 基金规模明显提升，被动资金也重回净流入趋势，无论是杠杆资金还是被 动资金层面，都呈现边际变化明显，表明资金端对军工板块信心持续，考 虑到军工行业 2024Q4-2025 的强需求恢复预期，看好融资买入额持续上升 及被动资金持续净流入趋势。 估值层面，截至 12 月 13 日，申万军工指数五年维度看，当前市盈率 TTM （剔除负值）60.81 倍，分位数 78.74%，和珠海航展前因主题热度上涨带 动的估值提升相比已有所回落，考 ...

华福证券 基础化工 2024 年 12 月 15 日 北 基础化工 新材料周报：鼎龙股份 ArF/KrF 晶圆光刻胶签单 两大厂，上海用好 100 亿元集成电路设计产业并 购基金 投资要点： 本周行情回顾。本周，Wind 新材料指数收报 3677.43 点，环比下跌 1.89%。 其中，涨幅前五的有金丹科技(13.35%)、晨光新材(13.19%)、宏柏新材(12.66%)、 八亿时空(8.26%)、沃特股份(7.8%)；跌幅前五的有博迁新材(-5.59%)、长阳科 技(-5.29%)、飞凯材料(-5.01%)、中环股份(-4.81%)、皇马科技(-4.8%)。六个子 行业中，申万三级行业半导体材料指数收报 6519.48 点，环比下跌 2.55%；申 万三级行业显示器件材料指数收报 1174.15 点，环比上涨 2.63%；中信三级行 业有机硅材料指数收报 6429.49 点，环比上涨 0.3%；中信三级行业碳纤维指数 收报 1225.22 点，环比下跌 1.67%；中信三级行业锂电指数收报 2065.01 点， 环比下跌 4.86%；Wind 概念可降解塑料指数收报 1862.17 点，环比上涨 1.13 ...