公司投资评级： 分析师声明 http://www.huajinsc.cn/ 2 / 3 请务必阅读正文之后的免责条款部分 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 买入 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅大于 15%； 增持 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在 5%至 15%之间； 倪爽声明，本人具有中国证券业协会授予的证券投资咨询执业资格， ...

Group 1 - The implementation of the new "National Nine Articles" starting January 1, 2025, will significantly reduce the number of companies at risk of being classified as ST (Special Treatment) or facing delisting, as many companies have already responded to the new regulations by enhancing their self-management and increasing shareholder returns [1][16][42] - The number of companies potentially classified as ST due to insufficient dividends has decreased significantly, with 210 companies on the main board and 105 on the ChiNext and Sci-Tech Innovation boards identified as at risk, a reduction of 16 and 95 companies respectively compared to previous assessments [16][19][20] - The new regulations impose strict constraints on companies that fail to meet dividend standards, with specific thresholds set for different boards, which is expected to lead to an increase in actual dividend distributions in 2024 [16][19] Group 2 - Short-term and long-term perspectives indicate that small-cap growth stocks remain worthy of allocation, supported by favorable policies, external events, and liquidity conditions [2][37] - In the short term, the market is likely to see further positive policy implementations, including expanded equipment renewal and consumption stimulus measures, which will benefit small-cap growth stocks [2][37] - Long-term projections suggest that 2025 will likely be a phase of profit peak and credit stabilization, where high-performing small-cap stocks may outperform [2][37] Group 3 - The number of companies facing mandatory delisting due to major violations has decreased from 29 to 19, indicating improved compliance among listed companies [20][21] - The number of companies at risk of delisting due to regulatory compliance issues has slightly increased, with 19 companies identified that received negative or unqualified audit opinions [20][21] - Financially distressed companies have seen a significant reduction in potential delisting risks, with 76 new companies identified as at risk based on the latest financial data, down from 99 [20][21]

Investment Rating - The report assigns an investment rating of A+/A+ to the company and its convertible bonds [49]. Core Viewpoints - The company, Huakang Medical, is a modern comprehensive service provider for medical purification systems, focusing on creating clean, safe, and intelligent medical environments [51]. - The medical purification system market in China is substantial, with a market size of approximately 31.268 billion yuan annually, and the company holds a market share of about 4.32% as of 2023 [64]. - The company has experienced a decline in revenue and net profit in 2024, primarily due to delayed project timelines and increased accounts receivable [66]. Company Overview - Huakang Medical specializes in the research, design, implementation, and operation of medical purification systems, as well as the sale of medical equipment and consumables [51][87]. - The company serves various hospitals, including major public health institutions, and has a significant focus on the central region of China [62]. Industry Analysis - The medical purification system industry is characterized by a low level of market concentration, with many small players and few leading companies [9][42]. - The public healthcare system in China is rapidly developing, with a significant increase in the number of medical institutions, which is expected to drive demand for medical purification systems [54]. Financial Analysis - As of 2024, the company's liquidity ratios are relatively stable, with a current ratio of 1.97 and a quick ratio of 1.63, indicating good solvency compared to industry peers [69]. - The company's asset-liability ratio has increased to 44.17% in 2024, reflecting a rise in bank borrowings to support operational needs [67]. Valuation Performance - The company's price-to-earnings (P/E) ratio is 34.23, which is lower than the average of comparable companies, indicating potential for valuation improvement [71]. - The report anticipates a first-day conversion premium of approximately 28% for the convertible bonds, suggesting a favorable market reception [49]. Fundraising Project Analysis - The company plans to invest in several projects, including a smart medical IoT cloud platform upgrade and a logistics center for medical consumables, with total investments amounting to 84.032 billion yuan [4][74]. - The expected internal rate of return for the logistics center projects is estimated at 18.52% and 20.28%, indicating strong financial viability [75].

Investment Rating - The investment rating for the semiconductor industry is maintained as "Leading the Market" [1]. Core Insights - SEMI has raised its global semiconductor equipment sales forecast, expecting a 6.5% growth in 2024, reaching $113 billion, surpassing the previous forecast of $109 billion and exceeding the 2022 figure of $107.4 billion, marking a historical high [1]. - In 2024, semiconductor equipment sales in mainland China are projected to reach $49 billion, setting a new record [1]. - The growth in global semiconductor equipment sales is expected to continue, with a forecasted increase of 7% to $121 billion in 2025 and a further 15% to $139 billion in 2026 [1]. Summary by Sections Sales Forecast - Global semiconductor front-end manufacturing equipment (WFE) sales are expected to grow by 5.4% year-on-year to $101 billion in 2024, driven by increased investments in DRAM and HBM related to AI and large-scale investments in mainland China [1]. Regional Insights - By 2026, mainland China, Taiwan, and South Korea are expected to remain the top three regions for semiconductor equipment procurement. In 2024, mainland China's equipment sales are anticipated to reach a historical high of $49 billion [1]. Domestic Market Dynamics - Due to various factors including new U.S. sanctions, overseas semiconductor equipment manufacturers are expected to see a decline in revenue share in mainland China by 2025. The revenue shares for ASML, KLA, TEL, and LAM are projected to drop significantly [1]. - Domestic semiconductor equipment manufacturers are expected to experience rapid growth by continuously launching new products and establishing funds for external investments [1]. Company Developments - Notable advancements include the delivery of the 1000th integrated circuit quality control device by a domestic company, showcasing its competitive advantages in core technology and product coverage [10]. - Another company has successfully delivered ultra-low temperature ion implantation machines, marking significant progress in the localization and industrialization of integrated circuit major equipment [10].

Investment Rating - The industry investment rating is "In line with the market" [15] Core Viewpoints - The launch of the first AI glasses by Shanjing Technology, priced at 999 yuan, significantly undercuts competitors like Ray-Ban Meta, which starts at 299 USD [15] - The AI glasses feature a 16 million pixel camera, low power consumption ARM processor from Ziguang Zhanrui, and high-fidelity audio technology, indicating a strong focus on performance and user experience [15][6] - The core components of the AI glasses are over 90% domestically sourced, showcasing a high level of localization in the supply chain [15] Summary by Sections Product Features - The AI glasses support 16 million full-resolution photos and low-power video stabilization, enhancing daily photography needs [15] - The device includes a 450mAh battery with a unique Pogo-Pin magnetic charging interface, allowing for convenient usage [15] - An innovative AI memory system, Loomo OS, enables efficient recording and synchronization of multimodal data [15] Market Potential - The demand for smart wearable devices is increasing, driven by the rise of generative AI models, which is expected to expand the market for AI audio glasses [15] - The report suggests focusing on companies involved in the supply chain or possessing relevant technological reserves, including optical, storage, and camera component manufacturers [15] Competitive Landscape - The AI glasses are positioned as a next-generation mobile terminal, potentially replacing smartphones in certain use cases [15] - The report highlights the importance of collaboration with various domestic AI model providers to enhance the functionality and responsiveness of the product [15]

Investment Rating - The investment rating for Junwei Electronics (301458.SZ) is not explicitly stated in the provided content, but it is implied that the company is positioned favorably within its industry, with potential for growth in emerging markets [75]. Core Insights - Junwei Electronics specializes in the design, research and development, manufacturing, and sales of precision resistors and fuses, focusing on the consumer electronics and home appliance sectors [29][51]. - The company achieved revenues of 563 million CNY, 546 million CNY, and 564 million CNY for the years 2021, 2022, and 2023 respectively, with year-over-year growth rates of 37.90%, -3.00%, and 3.33% [62]. - For the first nine months of 2024, the company reported revenues of 486 million CNY, a year-over-year increase of 19.00%, and a net profit of 91 million CNY, reflecting a year-over-year growth of 43.11% [62]. - The company is the third largest global player in the precision resistor market, holding a market share of 7.86% [66]. - Junwei Electronics is actively expanding into emerging applications such as new energy vehicles, photovoltaic energy storage, and 5G communications, with expected mass production in 2024 [56]. Financial Performance - In 2023, the company's main revenue sources were precision resistors (340 million CNY, 60.82%), fuses (130 million CNY, 23.17%), and other products (89 million CNY, 16.01%) [9]. - The gross profit margin for the latest reporting period was 48.27% [70]. - The company forecasts a revenue range of 600 million to 680 million CNY for 2024, representing a year-over-year growth of 6.39% to 20.57% [73]. Industry Overview - The global market for precision current sensing resistors grew from 3.631 billion CNY in 2019 to 4.325 billion CNY in 2023, with an expected growth to 4.719 billion CNY in 2024 and a projected compound annual growth rate of 15.49% from 2024 to 2030 [14]. - The fuse market in China has significant demand, with import values indicating a gap between supply and demand [28]. - The company competes with peers such as Fenghua Advanced Technology, Zhongrong Electric, and Haoli Technology, with an average revenue of 1.850 billion CNY and an average gross profit margin of 29.19% among comparable companies [31].

Investment Rating - The report does not explicitly state an investment rating for the companies mentioned, but it discusses the performance and potential of new stocks in the market [9][32]. Core Insights - The new stock market is experiencing structural activity driven by external forces, with a warning about increasing polarization among stocks [41]. - Recent new stock performance shows a decline in average weekly gains, with approximately 28% of new stocks achieving positive returns, down from 44.6% in the previous week [24][49]. - The average issuance price-to-earnings ratio for new stocks remains stable, with December's new stocks averaging 24.7X for the Sci-Tech Innovation Board and 20.9X for the Growth Enterprise Market [24][44]. Summary by Sections New Stock Performance - The average weekly gain for new stocks was approximately -1.0%, indicating a downward trend compared to the previous week [24]. - The top-performing new stocks included YunTian LiFei (31.66%) and HuiHan Co. (31.09%), while the worst performers included Plad (−14.62%) and BoYuan Co. (−13.93%) [49]. Upcoming New Stocks - There are two new stocks set to open for subscription this week, one on the Sci-Tech Innovation Board and one on the Growth Enterprise Market, with recommendations to pay attention to their pricing [32][52]. - The report highlights specific companies such as DingTai GaoKe and ZhiShang KeJi as potential investment opportunities for mid-term investors [58]. Financial Performance - Company 001391.SZ (GuoHuoHang) reported revenues of 149.19 billion yuan in 2023, with a projected increase of 55.70% in net profit for 2024 [54][55]. - Company 603072.SH (TianHe Magnetic Materials) achieved revenues of 26.51 billion yuan in 2023, with a forecasted net profit growth of 2.22% to 16.72% for 2024 [54].

华 发 集 团 旗 下 企 业 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 投资评级说明 增持 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在 5%至 15%之间； 中性 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在-5%至 5%之间； 减持 — 未来 6-12 个月内相对同期相关证券市场代表性指数跌幅在 5%至 15%之间； 领先大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数领先 10%以上； 同步大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨跌幅介于-10%至 10%； 落后大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数落后 10%以上。 张文臣、周涛、申文雯声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽责、诚实守信。本人对本报告的内容 和观点负责，保证信息来源合法合规、研究方法专业审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 本公司具备证券投资咨询业务资格的说明 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何 ...

Economic Outlook - The cross-year market trend is expected to continue, driven by positive policies and limited external risks, with liquidity remaining loose[32] - Short-term economic recovery expectations are sustained, with high sales growth in automobiles and home appliances, recording 6.6% and 22.2% respectively in November[33] Market Trends - Historical data indicates that high-prosperity industries lead the market during cross-year trends, with technology and consumer sectors showing strong performance[26] - The Shanghai Composite Index's PE ratio is at approximately 51%, indicating a neutral to low sentiment in the market[32] Investment Strategy - Focus on technology growth and core assets, as sectors like retail, machinery, and media have shown significant gains of 12.1%, 10.8%, and 10.4% respectively from November 27 to December 10[46] - Industries such as food and beverage, and construction materials are highlighted for their valuation attractiveness, with expected profit growth in 2025[50] Policy Impact - The central bank is likely to implement further monetary easing, with recent operations exceeding 200 billion CNY to maintain liquidity[35] - Government policies aimed at stabilizing the real estate and stock markets are anticipated to be reinforced, promoting long-term investments[32]

Group 1: Monetary Policy Decisions - The Bank of England decided to maintain the policy rate at 4.75%, despite a slight increase in the overall CPI to 2.6% in November, reflecting concerns over economic downturn[77] - The Bank of Japan also kept its policy rate unchanged, with an 8:1 vote, amidst uncertainty regarding the economic outlook and inflation trends[78] Group 2: Currency and Economic Impact - The Japanese yen depreciated significantly, nearing the 160 JPY/USD mark, indicating potential failure of previous currency interventions by the Bank of Japan[11] - The USD index surpassed 108, driven by the Federal Reserve's hawkish stance and cautious outlooks from the Bank of England and Bank of Japan[32] Group 3: Economic Indicators - The UK manufacturing PMI fell to 47.3, marking the fourth consecutive month of decline, highlighting weaknesses in both domestic and global economic factors[77] - Japan's core inflation remains uncertain, with officials expressing concerns over the volatility of the yen and its impact on prices[78] Group 4: Future Projections - The USD index is projected to rise to 110-115 by the end of 2025, potentially exerting downward pressure on non-USD currencies, including the RMB[32] - The monetary policy for the upcoming year is expected to remain "moderately loose," with anticipated reductions in LPR and reserve requirements to ensure adequate liquidity[32]