http://www.huajinsc.cn/ 1 / 10 请务必阅读正文之后的免责条款部分 下 下 = | --- | --- | |------------------------------------------------------------------------------|----------------------------------------------------------------------------------------| | 2024 年 12 月 13 日 \n积极的政策进一步确认， A 股慢牛延续 | 策略类●证券研究报告 \n事件点评 | | 投资要点 | 邓利军 | | 事件： 12 月 11 日至 12 日，中央经济工作会议在北京举行。 | 分析师 SAC 执业证书编号： S0910523080001 denglijun@huajinsc.cn | | 会议定调积极，重点细化政治局会议定调的方向。（1）本次中央经济工作会议主 | 报告联系人 张欣诺 | | 要细化政治局会议上定调的财政发力、货币适度宽松等政策方向，明确 9 大重点任 | zhangx ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |--------|--------------------------------------------------------------------------------------|-----------------------------|--------------------------------------| | 2024 | 年 12 月 13 日 \n天和磁材（ 603072.SH ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（12 月 17 日）有一家主板上市公司"天和磁材"询价。 | 交易数据 | | | | 天和磁材（ 603072 ）：公司专注于高性能稀土永磁材料领域，重点围绕下游新能 | 总市值（百万元） | | | | 源汽车及汽车零部件、风力发电、节能家电、3C 消费电子等终端领域。公司 | 流通市值（百万元） | | | | 2021-2023 年分别实现营业收入 18.25 亿元 /28.85 亿元 /26.51 亿元， YOY 依次为 | 总股本（百万股 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|------------------------------------|-------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 13 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | 《黑神话：悟空》获重磅奖项，优质 IP 赋能游 | 投资评级 | 领先大市 | | (维持) | | 戏扬帆出海 | 首选股票 | | | 评级 | | 投资要点 | 一年行业表现 | | | | | 事件：北京时间 12 月 13 日上午， 2024 游戏大选（ The Game Awards ，简称 | | | | | | " TGA "）颁奖典礼正在举行。由杭州游戏公 ...

Core Viewpoints - The report suggests that A-shares are expected to recover from a bottoming phase in 2024, with a potential slow bull market in 2025 driven by credit recovery and stable earnings [2][3] Market Outlook for 2025 - The macro environment is influenced by Trump's election, which may affect overseas interest rates, domestic liquidity, and economic growth. Fiscal stimulus is expected to support investment and consumption [3][15] - Earnings are anticipated to be in a topping cycle in 2025, with policy support potentially maintaining high earnings levels. Credit is expected to enter a recovery phase driven by policy initiatives [3][4] - The market is likely to experience a slow upward trend in 2025, with stronger performance expected in the first and third quarters [3][4] Factors Influencing A-share Trends in 2025 - Key factors include earnings recovery, capital inflows, and the dynamics of US-China relations [4][87] Industry Allocation for 2025 - Focus on large technology and core assets is recommended. Small and mid-cap growth stocks are expected to outperform during the bull market [4][5] - Key sectors to watch include TMT (Technology, Media, Telecommunications), electric power, machinery, automotive, pharmaceuticals, and consumer goods. These sectors are expected to have high valuation elasticity and strong earnings growth potential [4][5][6] Economic and Fiscal Environment - Infrastructure and manufacturing investment growth is expected to remain high, while real estate investment may stabilize [39][40] - The report anticipates that consumer spending will recover in 2025 due to low base effects and inventory replenishment needs [42][45] Credit Recovery - The credit cycle is expected to recover in 2025, with both corporate and residential medium to long-term loans likely to stabilize [58][59] Valuation and Market Sentiment - Current market sentiment is neutral, with room for valuation increases. The report notes that the PE ratio for the Shanghai Composite Index is at 14.8, indicating potential for upward movement [103][104] Investment Opportunities - The report highlights that high dividend sectors such as insurance, shipping, and electric power may present long-term investment opportunities due to their low valuations and stable earnings [351][352] - Core assets in sectors like electric power, pharmaceuticals, and consumer goods are also recommended for investment in 2025 [346][347]

Investment Rating - The investment rating for the company is "Buy" with a target price of 71.56 yuan as of December 12, 2024 [2]. Core Insights - The semiconductor market is entering an upward cycle, and the ongoing domestic production process is expected to significantly boost the company's revenue and performance in the first three quarters of 2024, with a projected revenue of 869 million yuan, representing a year-on-year increase of 133.12%, and a net profit of 175 million yuan, up 249.03% [9][10]. - The company specializes in precision manufacturing of key components for semiconductor etching and thin film deposition equipment, which are critical for the semiconductor manufacturing process [9][10]. - The company is one of the few domestic suppliers capable of mass-producing key components for etching equipment used in 7nm and below processes, directly competing with international manufacturers [9][10][25]. Financial Performance - The company expects to achieve revenue between 1 billion to 1.1 billion yuan in 2024, reflecting a year-on-year growth of 79.30% to 97.23%, with a net profit forecast of 205 million to 215 million yuan, indicating a growth of 156.94% to 169.47% [9][10]. - The revenue from etching and thin film deposition equipment accounted for approximately 80% of total revenue, with significant contributions from core products such as reaction chambers and gas distribution plates [10][11]. - The domestic market for precision metal components in semiconductor equipment is estimated to be around 16.01 billion yuan, with the company holding a market share of over 15% in the etching equipment segment [11][13]. Revenue Projections - Revenue projections for the company from 2024 to 2026 are as follows: 1.048 billion yuan in 2024, 1.346 billion yuan in 2025, and 1.578 billion yuan in 2026, with growth rates of 88.0%, 28.4%, and 17.3% respectively [15][19]. - The expected net profit for the same period is projected to be 219 million yuan in 2024, 254 million yuan in 2025, and 321 million yuan in 2026, with growth rates of 173.0%, 15.7%, and 26.7% respectively [15][19]. Market Position - The company is positioned as a key player in the domestic semiconductor equipment market, focusing on critical components for etching and thin film deposition, which are essential for advanced semiconductor manufacturing processes [24][25]. - The company has established long-term strategic partnerships with leading firms in the industry, enhancing its competitive edge and market presence [25].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 44.06 yuan [2]. Core Insights - The company, Guoneng Rixin (301162.SZ), is focused on the new energy sector, particularly in power forecasting, distributed energy, and market-oriented electricity services. It has shown steady revenue growth and increased R&D investment [2][5]. - For the first three quarters of 2024, the company achieved operating revenue of 364.8 million yuan, a year-on-year increase of 18.15%, and a net profit attributable to shareholders of 53.21 million yuan, up 2.69% year-on-year [2][5]. - The company has a solid market position in power forecasting, with a customer base that includes new energy power stations and grid companies. The renewal rate for power forecasting services remains above 95% [2][5]. Financial Performance - The total market capitalization is approximately 4.41 billion yuan, with a circulating market capitalization of about 2.71 billion yuan [2]. - The company reported a gross margin of 67.28%, slightly down by 0.48 percentage points year-on-year [2]. - R&D expenses for the first three quarters of 2024 reached 64.77 million yuan, representing a year-on-year increase of 3.06%, with an R&D expense ratio of 17.75% [2]. Revenue Forecast - The company is expected to achieve revenues of 567 million yuan in 2024, 716 million yuan in 2025, and 917 million yuan in 2026, with year-on-year growth rates of 24.2%, 26.3%, and 28.1% respectively [5][11]. - The net profit attributable to shareholders is projected to be 105 million yuan in 2024, 145 million yuan in 2025, and 184 million yuan in 2026, with corresponding growth rates of 24.7%, 38.0%, and 27.2% [5][11]. Market Position and Growth Potential - The company is positioned as a leader in the new energy power forecasting market and is actively expanding into electricity trading, smart energy storage, and virtual power plants [5][16]. - The report highlights the potential for growth driven by the ongoing reforms in the electricity market and the increasing demand for innovative energy solutions [4][5].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------------------------------|------------------------------------------|----------------------------------|----------------| | 2024 年 12 月 12 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | Apple Intelligence 接入 ChatGPT ，端侧 AI | 投资评级 | | 领先大市(维持) | | | 稳步推进 | 首选股票 | | | 评级 | | | | | | | | 投资要点 | | | | | | | 一年行业表现 | | | | | 事件： 继 Google 发布 Gemini 2.0 后，北京时间 12 月 12 日 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index over the next 6-12 months [53]. Core Viewpoints - The company, Guohang (001391.SZ), is a comprehensive aviation logistics service provider, with its main business segments including air freight services, air cargo station services, and integrated logistics solutions. The company has shown significant revenue growth in the latest reporting period, with a projected revenue increase of 35.40% and a net profit increase of 55.70% for 2024 [15][27]. Summary by Sections Basic Financial Status - The company achieved revenues of 243.05 billion yuan, 230.76 billion yuan, and 149.19 billion yuan for the years 2021, 2022, and 2023 respectively, with year-over-year growth rates of 33.17%, -5.06%, and -35.35%. The net profit for the same years was 43.42 billion yuan, 31.08 billion yuan, and 11.53 billion yuan, with corresponding year-over-year changes of 32.01%, -28.42%, and -62.89%. For the first nine months of 2024, the company reported revenues of 142.29 billion yuan, a 44.81% increase year-over-year, and a net profit of 11.05 billion yuan, up 71.07% year-over-year [15][27]. Industry Situation - The aviation logistics industry in China has significant growth potential, with the country's air freight volume accounting for 10.7% of the global total in 2020, ranking second worldwide. The industry is expected to continue its steady growth, supported by increasing trade volumes and government initiatives [27][29]. Company Highlights - Guohang is a key player in the aviation logistics sector, leveraging resources from its parent company, AVIC Group. The company operates 21 freighters and has a network covering 24 routes across major global markets. It has established a strong market position with a 17.32% share of China's air logistics market [42][43]. Investment Projects - The company plans to invest in three main projects through its IPO proceeds: acquiring five B777-200F freighters, enhancing logistics capabilities through new hub constructions, and upgrading information technology systems to improve operational efficiency. The total investment is estimated at 850.66 million yuan, with 350 million yuan allocated from the IPO funds [44][45]. Comparison with Industry Peers - In 2023, Guohang's revenue was 149.19 billion yuan, a decline of 35.35%, and its net profit was 11.53 billion yuan, down 62.89%. Comparatively, peer companies like Eastern Airlines Logistics and Southern Airlines Logistics had average revenues of 186.13 billion yuan and a PE-TTM of 9.07X, indicating that Guohang's performance in terms of revenue and profit margins has not met industry standards [48][49].

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------|----------------------------------|----------------| | 2024 年 12 月 12 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | Gemini 2.0 发布，多模态 +AI Agent 持续迭代 | 投资评级 | 领先大市 | | (维持) | | 投资要点 | 首选股票 | | | 评级 | | 事件：北京时间 12 月 12 日， Google 重磅发布其迄今最强大的 AI 大模型 Gemini | | | | | | 2.0 ，新功能包括原生图像生成和音频输出的多模态输出，并 ...

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