Investment Rating - The investment rating for the company is "Accumulate," indicating a projected increase in stock price between 5% to 15% over the next 6-12 months [43]. Core Insights - The company, Huitong Technology, specializes in the manufacturing of equipment for polymer materials and hydrogen peroxide production, along with design consulting and engineering contracting services [19][66]. - The company has shown significant revenue growth from 2021 to 2023, with revenues of 498 million, 813 million, and 592 million yuan respectively, reflecting year-over-year growth rates of 157.17%, 63.20%, and -27.16% [28][13]. - For the first nine months of 2024, the company reported revenues of 507 million yuan, a year-over-year increase of 31.47%, and a net profit of 89 million yuan, up 26.97% [28]. - The company is expected to achieve a revenue growth of 36.40% and a net profit growth of 9.28% in 2024 based on management's preliminary forecasts [28]. Summary by Sections Financial Performance - The company achieved a net profit of 85.1 million, 130.9 million, and 98.7 million yuan from 2021 to 2023, with corresponding year-over-year growth rates of 177.78%, 53.70%, and -24.58% [13][28]. - The average revenue of comparable companies in the industry for 2023 was 1.853 billion yuan, with an average PE-TTM of 18.39X and an average gross profit margin of 24.72% [33]. Business Highlights - Huitong Technology has established itself as a leading provider of specialized equipment and engineering solutions in the chemical engineering sector, focusing on polyester, nylon, hydrogen peroxide, and biodegradable materials [24][66]. - The company has formed strategic partnerships with industry leaders such as Yangnong Chemical and Air Liquide, enhancing its competitive edge [24][17]. - The company is extending its business into the downstream biodegradable materials sector, which is expected to benefit from favorable market conditions due to policies promoting biodegradable materials [64]. Industry Context - The domestic market for metal pressure vessels has been growing steadily, with a compound annual growth rate of 7.09% since 2002, indicating a robust demand for the company's products [71][72]. - The engineering design consulting industry is characterized by a fragmented market with numerous participants, suggesting opportunities for growth and consolidation [74].

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Investment Rating - The industry investment rating is "Leading the Market," indicating an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [5][13]. Core Insights - The report highlights the significant advancements in domestic AI models, particularly with the release of DeepSeek-V3, which has shown a threefold increase in generation speed compared to its predecessor and outperformed several leading models in various assessments [5]. - The collaboration between Lenovo and Volcano Engine to enhance AI desktop assistants is noted as a key development, aiming to improve user experience through integrated AI functionalities [5]. - The report suggests a focus on companies such as Tencent Holdings, NetEase, and others as potential investment opportunities due to their involvement in the evolving AI landscape [5]. Summary by Sections Industry Performance - The report discusses the impressive performance of DeepSeek-V3 across multiple domains, achieving a score of 75.9 in encyclopedic knowledge, significantly higher than its predecessor [5]. - In long-text processing and coding scenarios, DeepSeek-V3 has outperformed other models, showcasing its capabilities in various applications [5]. Investment Recommendations - The report recommends attention to companies that are actively exploring AI applications, including Tencent Holdings, NetEase-S, and several others, as they are expected to benefit from the ongoing advancements in AI technology [5].

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。 基准指数说明：A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的） 或三板做市指数（针对做市转让 标的）为基准；香港市场以恒生指数为基准，美股市场以标普 500 指数为基准。 分析师声明 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，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。 http://www.huajinsc.cn/ 2 / 3 请务必阅读正文之后的免责条款部分 行业快报 本公司具备证券投资咨询业务资格的说明 华金证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司及其投资咨 询人员可以为证券投资人或客户提供证券投资分析、预测或者建议等直接或间接的有偿咨询服务。发布证券研究报告，是证券投资咨询 业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投 资分析意见，制作证券研 ...

华 发 集 团 旗 下 企 业 公司投资评级： 分析师声明 华金证券股份有限公司（以下简称"本公司"）经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司及其投资咨 询人员可以为证券投资人或客户提供证券投资分析、预测或者建议等直接或间接的有偿咨询服务。发布证券研究报告，是证券投资咨询 业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投 资分析意见，制作证券研究报告，并向本公司的客户发布。 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。 华金证券股份有限公司 ...

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [25][26] Core Views - The company is expected to benefit from strong demand in the IoT chip terminal market, with projected revenue growth rates of 25%, 23%, and 20% for 2024-2026, respectively [9] - The IoT application processor chip business is anticipated to see significant growth, with revenue growth rates of 40%, 50%, and 50% for 2024-2026, driven by the expansion of smart city, smart home, and industrial IoT applications [9] - Other business segments are expected to grow at a steady rate of 20% annually from 2024 to 2026 [9] Financial Projections - Total revenue is projected to increase from CNY 729.29 million in 2024 to CNY 1,178.85 million in 2026, with a compound annual growth rate (CAGR) of 27.38% [10] - Gross margins for the IoT series chips are expected to improve from 15% in 2024 to 23% in 2026, reflecting better competitive positioning and product upgrades [9][10] - The company's PS (Price-to-Sales) ratio is forecasted to be 6.31x, 4.93x, and 3.90x for 2024-2026, respectively, which is below the average of comparable companies [10][11] Industry and Company Overview - The company specializes in IoT smart hardware SoC chips, with products widely used in smart home, security, office, and industrial IoT applications [25] - It has a significant market share in the global home camera market, exceeding 20% in both 2022 and 2023 [25] - The company is advancing its IoT camera chip technology towards higher resolution (up to 8K), enhanced AI capabilities, and improved power efficiency [23] Valuation and Peer Comparison - The company's valuation metrics (PS ratio) are lower than those of peers such as Allwinner Technology, Beken Corporation, and Telink Semiconductor, indicating potential undervaluation [11] - The report highlights the company's strong R&D capabilities, with over 75% of its IP being self-developed, which supports continuous innovation and product iteration [25]

Investment Rating - The industry investment rating is "Outperform" with a maintained outlook for leading the market [2][12]. Core Insights - In 2024, the Steam platform released a record 18,825 new games, surpassing the previous year's 14,311, indicating a thriving gaming ecosystem [4]. - The game "Black Myth: Wukong" was awarded the "Game of the Year" at the NYX Game Awards, highlighting the impact of quality content and IP on market growth [4]. - The online user count on Steam reached a peak of over 39.2 million, an increase of approximately 8 million from the previous year, reflecting strong user engagement [4]. - Classic games and high-quality IP continue to dominate player engagement, with 47% of Steam users' time spent on games released in the last 1-7 years and 37% on games over 8 years old [4]. Summary by Sections Industry Performance - The gaming industry is experiencing steady growth, driven by high-quality content and IP, with a significant increase in both game releases and user engagement [4]. - The performance of new games, such as "Black Myth: Wukong" and "Jedi Survivor," has been notably strong, contributing to the industry's positive outlook for 2025 [4]. Investment Recommendations - The report suggests focusing on leading companies in the gaming sector, including Tencent, NetEase, Bilibili, and others, as they are expected to benefit from the ongoing industry expansion [4].

Investment Rating - The industry investment rating is "Buy" for the stock of Shunling Environment, indicating an expected increase of over 15% in the next 6-12 months compared to the relevant market index [7][10]. Core Insights - The acquisition of core assets and technology from Bixin Energy by Weidi enhances its product strength in chillers and heat pumps, which is crucial for the cooling solutions market [2]. - The liquid cooling market is projected to reach a scale of $12.6 billion in China by the first half of 2024, with a year-on-year growth of 98.3%. The compound annual growth rate (CAGR) from 2023 to 2028 is expected to be 47.6%, reaching $10.2 billion by 2028 [7]. - The increasing power consumption of chips, alongside PUE energy efficiency requirements, is driving the demand for liquid cooling solutions, making it a preferred option for high-density computing centers [7]. Summary by Sections Company Developments - Weidi's acquisition of Bixin Energy's core assets focuses on the development and manufacturing of chillers, heat pumps, waste heat recovery, and air treatment equipment [2]. - Shunling Environment launched a modular liquid cooling system at the Asia Data Center Expo, designed to meet the needs of advanced computing centers [2]. Market Trends - The liquid cooling technology is expected to significantly improve data center cooling efficiency, with PUE values potentially dropping below 1.2, compared to traditional air cooling systems [7]. - The IDC report indicates that the liquid cooling server market in China is rapidly expanding, driven by the need for energy-efficient solutions in data centers [7]. Future Outlook - The report suggests a strong focus on companies like Yinvike, Shunling Environment, and others as potential investment opportunities in the growing liquid cooling market [2].

Investment Rating - The report assigns an investment rating of AA+/AA+ to the company and its convertible bond issuance [6][32]. Core Insights - The company, Nanjing Pharmaceutical, is positioned as a regional group enterprise in the pharmaceutical distribution industry, ranking sixth in the national pharmaceutical distribution sector as of 2022 [36][42]. - The company has a strong market presence in Jiangsu, Anhui, Fujian, Hubei, and parts of Yunnan, covering nearly 70 cities and demonstrating significant operational experience and brand recognition [36][42]. - The issuance of the convertible bond amounts to 1.081 billion yuan with a maturity of six years, a conversion price of 5.29 yuan, and a compensation interest rate of 6% [32][36]. - The company has shown resilience with a year-to-date stock price increase of 9.81% as of December 23, 2024, outperforming the industry index which declined by 12.37% [71]. Summary by Sections 1. Convertible Bond Analysis - The bond issuance is 10.81 billion yuan with a six-year term and an AA+/AA+ credit rating [6][32]. - The conversion price is set at 5.29 yuan, with a total dilution rate of 13.51% and a circulation dilution rate of 16.33% [32][36]. - The pure bond value is calculated at 98.99 yuan, with a yield to maturity (YTM) of 2.01%, indicating sufficient debt protection [32][36]. 2. Stock Analysis Company Overview - Nanjing Pharmaceutical focuses on the health industry, leveraging digital transformation and modern supply chain systems to enhance its pharmaceutical distribution business [36][42]. - The core business is pharmaceutical wholesale, accounting for over 94% of total revenue, with a sales increase of 6.35% in 2023 compared to 2022 [36][42]. Industry Analysis - The pharmaceutical distribution industry in China is experiencing stable growth, with a total sales scale of 27,516 billion yuan in 2022, reflecting a 6.0% year-on-year increase [41][42]. - The competitive landscape is intensifying, with major players expanding their logistics networks and capabilities [41][42]. 3. Financial Analysis - As of the first nine months of 2024, the company reported a revenue of 40.938 billion yuan, a 0.97% increase year-on-year, and a net profit of 442 million yuan, up 0.36% [45][46]. - The company's asset-liability ratio stands at 76.75%, indicating a high level of leverage typical in the pharmaceutical distribution sector [47]. 4. Valuation Performance - The company's price-to-earnings (PE) ratio is 11.57, lower than the industry average, suggesting potential valuation upside [49][73]. - The company’s market capitalization accounts for 79.99% of its total market value, with a significant portion of shares subject to lock-up until January 24, 2025 [71][73]. 5. Fundraising Project Analysis - The funds raised will be allocated to various projects, including digital transformation and logistics center expansion, aimed at enhancing operational efficiency and capacity [34][76].

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， ...