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Investment Rating - The report maintains a "Buy" investment rating for the company, with an expected EPS of 2.86, 3.17, and 3.62 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 16, 14, and 12 [9][12]. Core Insights - The company has a clear product strategy focusing on core products such as Guoyuan V3, Si Kai, and Dui Kai, while also nurturing products like Guoyuan V9/V6 and Jin Si Yuan Collection. The marketing strategy emphasizes a "Big Marketing Control" system to optimize policies and enhance channel profitability [8][21]. - The controlling shareholder, Jin Si Yuan Group, plans to increase its stake in the company by investing between 270 million to 540 million yuan, indicating strong confidence in the company's future [9]. - The company aims to achieve significant growth in revenue and profit, with projected main business income of 11,656 million yuan in 2024, growing to 15,160 million yuan by 2026, reflecting a growth rate of 15.4% and 15.0% respectively [12]. Summary by Sections Company Overview - Total shares outstanding are 1,255 million, with a total market value of 56.2 billion yuan [6][4]. Financial Performance - The company forecasts a main business income of 10,100 million yuan for 2023, increasing to 11,656 million yuan in 2024, with a net profit of 3,136 million yuan in 2023, expected to rise to 3,583 million yuan in 2024 [12][36]. Market Strategy - The company plans to deepen its market presence in the province through a grid-based approach and aims for a structured expansion in external markets, categorizing them into 59 "four-level markets" [22]. Shareholder Confidence - The controlling shareholder's planned increase in stake is a strong signal of confidence in the company's growth trajectory and market position [9].

Investment Rating - The report maintains a "Buy" investment rating for Jianghuai Automobile (600418.SH) due to its growth potential and collaboration with Huawei [20]. Core Viewpoints - Jianghuai Automobile's Q3 2024 performance met expectations, with total revenue of 10.931 billion yuan, a year-on-year decrease of 5.5% but a quarter-on-quarter increase of 8.7%. The net profit attributable to shareholders was 324 million yuan, a significant year-on-year increase of 1028.4% and a quarter-on-quarter increase of 66.0%, primarily driven by increased asset disposal gains [1]. - The first model from the collaboration with Huawei, the Zun Jie S800, was officially unveiled and is expected to launch in the first half of 2025. This model features advanced technology and design elements aimed at the luxury market [2][17]. - The company is focusing on optimizing its product and debt structure, with a notable increase in asset disposal gains contributing to its financial performance [16]. Financial Forecast - The forecast for Jianghuai Automobile's revenue for 2024, 2025, and 2026 is 48.489 billion yuan, 63.454 billion yuan, and 87.609 billion yuan, respectively. The expected EPS for the same years is 0.12 yuan, 0.25 yuan, and 0.47 yuan [33][20]. - The report indicates a projected revenue growth rate of 7.7% for 2024, 30.9% for 2025, and 38.1% for 2026, with a net profit growth rate of 70.0% for 2024 and 116.1% for 2025 [33][20].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for the stock over the next 12 months [10][13]. Core Insights - The company is a pioneer in the massage device segment, with a strong focus on product innovation and channel development. It has a significant number of patents and has established its own brands, "breo" and "倍轻松," which are marketed internationally [11]. - Despite facing short-term revenue pressure, the company is expected to recover as it enhances its product offerings and expands its online and offline sales channels. The introduction of award-winning products is anticipated to boost market share, especially during peak seasons [12]. - Revenue projections for 2024-2026 are estimated at 11.5 billion, 14.3 billion, and 17.2 billion respectively, with corresponding EPS of 0.14, 0.29, and 0.52. The current stock price reflects a PE ratio of 227, 106, and 59 for the respective years [13]. Financial Summary - The company's revenue for 2024 is projected to be 1,147 million, reflecting a decrease of 10% from the previous year. However, net profit is expected to recover to 12 million, showing a significant increase from a loss of 51 million in 2023 [15]. - Key financial metrics indicate a gross margin of 61.2% for 2024, with a projected net profit margin of 1.0% [15]. - The company has a total market capitalization of 26 billion, with a current stock price of 30.59 yuan, and a 52-week price range between 25 and 45.1 yuan [10].

券 研 告 行 研 究 2024 年 12 月 30 日 究 报 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Industry Investment Rating - The report maintains a "Recommended" rating for the automotive industry [13] Core Views - Embodied intelligence has broad prospects, with the market size expected to reach $9.4 billion by 2030, growing at a CAGR of 15.2% [11][12] - Leading automakers like BYD and Li Auto are intensifying their research and development in embodied intelligence, with significant investments and strategic hires [11] - The screw is identified as the most promising segment in the embodied intelligence industry chain, with the dexterous hand showing the most marginal changes [1] Industry Overview - The embodied intelligence market was valued at $3.5 billion in 2023 and is projected to grow to $9.4 billion by 2030 [11] - Huawei predicts that by 2030, there will be a significant number of general-purpose service and household robots, with shipments of 30-50 million units [12] - BYD has developed various robotic products, including industrial robots, collaborative robots, and humanoid robots, and has partnered with companies like Ubtech [11] Key Companies and Recommendations - **Automakers**: Focus on companies with deep collaborations with Huawei, such as Seres and Jianghuai Automobile [13] - **Auto Parts**: The domestic auto parts sector is entering a golden period of development, with opportunities in lightweighting, interior and exterior parts, and smart vehicles [13] - **Lightweighting**: Companies like Wencan Group, Meilixin, and IKD are expected to benefit from the increasing adoption of integrated die-casting [13] - **Interior and Exterior Parts**: Companies such as Xinquan, Daimei, and Mopar are recommended [13] - **Smart Vehicles**: Companies like China Automotive Engineering Research Institute, Zhongqi, and Huayang Group are highlighted for their focus on intelligent driving technologies [13] - **Humanoid Robots**: Companies like Shuanglin, Shuanghuan, and Jingfei are recommended for their dual focus on automotive and robotics [13] - **Beijing Stock Exchange**: Companies like Junchuang, Kaite, and Yishi Precision are suggested for attention [13] Market Performance - The automotive sector (Shenwan) has shown strong performance, with a 3.9% increase over 1 month, 6.1% over 3 months, and 18.8% over 12 months, outperforming the CSI 300 index [11]

Investment Rating - The report assigns a "Buy" rating to SMIC (688981 SH) for the first time [17] Core Views - SMIC is a leader in China's integrated circuit manufacturing industry and one of the world's leading pure-play foundries, ranking 4th globally and 1st in China by 2023 sales [17] - The company benefits from its platform-based ecosystem model, providing one-stop services including design services, IP support, and photomask manufacturing [17] - Smartization and high-speed computing performance demands are key market drivers, with new smart terminal product upgrades catalyzing replacement cycles [17] - In Q3 2023, SMIC achieved record quarterly revenue of $2 17 billion, up 14% QoQ, with capacity utilization reaching 90 4% and gross margin improving to 20 5% [17] Financial Performance - Revenue is forecasted to grow from 57 477 billion yuan in 2024 to 74 245 billion yuan in 2026, with EPS increasing from 0 49 yuan to 0 81 yuan [17][19] - Net profit attributable to parent company is projected to rise from 3 905 billion yuan in 2024 to 6 437 billion yuan in 2026 [6][17] - Revenue growth rates are estimated at 27% for 2024, 14 1% for 2025, and 13 2% for 2026 [20] - Net profit growth rates are forecasted at -19% for 2024, 34 5% for 2025, and 22 5% for 2026 [21] Market Position - SMIC operates 8-inch and 12-inch wafer foundry services globally [17] - The company added 21k 12-inch wafer monthly capacity in Q3 2023, optimizing product structure and increasing average selling prices [17] - SMIC's current market capitalization stands at 777 7 billion yuan with a share price of 97 51 yuan as of December 27, 2024 [17] Valuation Metrics - The stock trades at 199x, 148x, and 121x projected 2024-2026 earnings respectively [17] - Price-to-sales ratios are estimated at 13 5x for 2024, 11 9x for 2025, and 10 5x for 2026 [23] - Price-to-book ratios are forecasted at 5 3x for 2024, 5 2x for 2025, and 5 0x for 2026 [23] Industry Outlook - The semiconductor industry is experiencing explosive growth driven by smart terminal upgrades and high-performance computing demands [17] - Replacement cycles for smartphones, PCs, wearables, and consumer electronics are showing gradual growth momentum [17]

证 业 究 报 究 预计将达到 1.5 万亿 元，到 2035 年有望达到 3.5 万亿 元，市场空间广阔，低空经济有望迎来快速发展期。 行 2024 年 12 月 29 日 告 证券研究报告 ▌ 投资建议 ▌ 风险提示 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------|--------------------|-------|-------|-------|---------------------------------------------|-------|-------|----------| | 公司代码 名称 | | 2024-12-29 \n股价 | | | | EPS PE \n2023 2024E 2025E 2023 2024E 2025E | | | 投资评级 | | 000801.SZ | 四川九洲 | 15.30 | 0.20 | 0.25 | 0.33 | 76.50 | 61.20 | 46.36 | 买入 | | 001696.SZ | 宗申动力 ...

1.行情跟踪-行业月度涨跌幅 资料来源：WIND，华鑫证券研究所 最近一周跌幅最小的子板块为医疗器械，跌幅0.63%（相对沪深300：-1.99%）；跌幅最大的为医疗服务，跌幅3.70%（相 对沪深300：-5.06%）。 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 近一周（2024/12/22-2024/12/28），涨幅最大的是和铂医药-B、东阳光、景峰医药；跌幅最大的是莱美药业、悦 康药业、创新医疗。 1.行情跟踪-子行业相对估值 资料来源：WIND，华鑫证券研究所 医药生物行业最近1月跌幅为2.74% ，跑输沪深300指数4.63个百分点 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 医药生物行业估值低于历史五年平均 20 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 用户到道 资料来源：政府文件，华鑫证券研究所 5 . 近 期 行 业 要 闻 梳 理 12月27日 近日，专注于开发靶向蛋白质降解（TPD）疗法的生物技术公司Ubix Therapeutics宣布，其已通过Pre-IPO轮吸引了价值 257亿韩元的投资。 12月25日，中国国家药监局药品审评中心（CDE）官网公示，勃 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, highlighting potential growth opportunities in the sector [6]. Core Insights - The domestic passenger car industry is expected to evolve towards higher levels of intelligence, with advanced driving penetration rates anticipated to rise rapidly. As of November 2024, the penetration rate for L2 and above reached 54.5%, with L3 level intelligent driving expected to be implemented quickly [4][18]. - The report emphasizes the positive impact of the "old-for-new" policy combined with the year-end automotive consumption peak, suggesting that the high prosperity of the automotive market will continue [5]. - The report identifies key companies to watch, particularly those with deep collaborations with Huawei, such as Seres, JAC Motors, and BAIC Blue Valley [5][6]. Summary by Sections Market Performance - The automotive sector has shown strong performance with a 1-month increase of 3.9%, a 3-month increase of 15.5%, and a 12-month increase of 18.8%, outperforming the CSI 300 index [2]. Investment Recommendations - Recommended stocks include: 1. Complete vehicles: Focus on Seres, JAC Motors, and BAIC Blue Valley, which have strong ties with Huawei [6]. 2. Auto parts: The report highlights growth opportunities in various segments, including lightweight materials, interior and exterior parts, and smart vehicles [8]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies, with a focus on their expected performance in the coming years. For instance, Seres is projected to have significant growth potential [10][20].