Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 5.41 and a sector rating of "Outperform" [1][3]. Core Insights - The company has secured significant contracts, including an order for smart express cabinets in Central Asia and a procurement project with China Construction Bank for instant card issuing equipment. This indicates a strong position in the smart equipment industry [3]. - The company is expanding its business into new areas such as robotics and automation, leveraging its technological expertise in optics, mechanics, electricity, and software to explore "unmanned" and "less manpower" scenarios [4]. - The overseas market is being further developed, with a notable contract exceeding USD 10 million for smart express cabinets, contributing to 36% of total revenue in 2023, amounting to RMB 800 million [4]. - The company reported a revenue of RMB 2.19 billion in 2023, a decrease of 3.8%, but a significant increase in net profit by 175.1% to RMB 20 million. The gross margin improved to 30.8%, up by 3.1 percentage points [4][16]. Financial Summary - The company’s revenue projections for 2024 to 2026 are RMB 2.38 billion, RMB 2.67 billion, and RMB 3.06 billion, respectively, with expected growth rates of 8.8%, 12.0%, and 14.5% [16]. - The projected net profit for 2024 to 2026 is RMB 26 million, RMB 31 million, and RMB 38 million, with corresponding EPS of RMB 0.04, RMB 0.05, and RMB 0.06 [16]. - The company’s PE ratios are projected to decrease from 136X in 2023 to 93X in 2026, indicating an improving valuation outlook [4][16].

Economic Overview - In Q1 2024, the current account surplus narrowed by 49% year-on-year to $39.2 billion, the lowest since Q2 2020, accounting for 0.9% of GDP[7] - The service trade deficit contributed 54% to the decline in the current account surplus, increasing by 49% year-on-year to $61.2 billion, the highest since Q4 2019[7] - The goods trade surplus decreased by 4% year-on-year to $121.3 billion, marking a new low since 2021[2] Investment and Capital Flows - The primary income deficit accounted for a 27% reduction in the current account surplus, growing by 73% year-on-year to $24.3 billion[2] - Foreign direct investment, securities investment, and other investments all recorded net inflows for the first time since 2022, with other investments turning from a net outflow of $18.7 billion to a net inflow of $19.4 billion[15] - The annualized return on foreign investments fell to a record low of 2.2%, while the return on foreign investments remained stable at 5.6%[2] Trade and Export Performance - The total goods and services trade surplus decreased by 30% year-on-year to $60.1 billion, the lowest since 2021, despite a 13.0% year-on-year increase in goods export volume[2] - China's export market share rose to 13.6%, up 0.3 percentage points year-on-year, indicating a stable position in global supply chains[2] Financial Resilience - The increase in reserve assets was significant, with a rise of $43.4 billion in Q1 2024, the second-highest since the "8.11" exchange rate reform[11] - The private sector's net foreign liabilities decreased to $507.6 billion, down $33.9 billion from the end of 2023, with a reduction in the ratio to annualized nominal GDP from 3.0% to 2.8%[18] Risk Factors - Risks include unexpected overseas financial risks, central bank policy adjustments, and domestic economic recovery not meeting expectations[23]

Industry Performance - The food and beverage sector showed a positive increase of 1.74%, while the home appliances sector declined by 1.79% [1] - The banking sector increased by 1.60%, whereas the machinery equipment sector decreased by 1.55% [1] - The overall composite index rose by 1.45%, with the electronics sector down by 1.46% [1] - The computer sector saw a modest increase of 0.68%, while the automotive sector fell by 1.40% [1] - The steel sector increased by 0.66%, and the non-ferrous metals sector decreased by 1.36% [1] Key Focus Areas - The report highlights a selection of stocks for July, including China Petroleum (601857.SH) and Bilibili (9626.HK) among others [2] - The chemical pharmaceutical raw material manufacturing PPI index has been stabilizing at a low level since its peak in 2022, indicating a bottoming out trend [3][11] - Prices of various pharmaceutical raw materials have shown fluctuations, with antibiotics remaining at high price levels while other categories like steroids and non-steroidal drugs have seen minor fluctuations [3][11] Price Trends in Raw Materials - Antibiotic prices, particularly for penicillin, have experienced a significant price increase from 290 RMB/kg in April 2024 to 365 RMB/kg in May 2024, marking a rise of 25.86% [4] - The price of dexamethasone phosphate has also increased from 8,000 RMB/kg in September 2023 to 9,750 RMB/kg in October 2023, reflecting a 21.88% increase [4] - Vitamin B1 prices have shown a stable growth trend, rising from 116.50 RMB/kg in January 2023 to 185 RMB/kg in June 2024, a total increase of 58.80% [12] Market Dynamics - The report emphasizes the importance of monitoring the competitive landscape of raw materials, suggesting potential price rebounds for certain products like VD3 and steroids in the next 2-3 quarters due to low inventory levels among downstream customers [4] - The overall market for raw materials is expected to stabilize, with some products potentially experiencing a rise in both volume and price due to China's competitive advantages in production scale and cost [4]

医药生物 | 证券研究报告 — 行业点评 2024 年 7 月 2 日 强于大市 | 中银国际证券股份有限公司 | | |----------------------------|----------------| | 具备证券投资咨询业务资格 | | | 医药生物 | | | 证券分析师:刘恩阳 | | | enyang.liu@bocichina.com | | | 证券投资咨询业务证书编号: | S1300523090004 | 部分产品价格企稳,关注后续价格走势 化学药品原料药制造 PPI 指数自 2022 年高点后持续下滑,至 2024 年中期稳定在 较低水平,呈现底部企稳态势。抗生素类、甾体类、非甾体类、兽药类、维生素 类价格各有波动。其中,抗生素类产品价格处于高位区间,甾体类和非甾体类波 动幅度较小,兽药类波动下行,维生素类经历剧烈波动后趋于稳定。特色原料药 如沙坦类呈现低位波动,我们预计他汀类未来增长可能性不大。整体而言,原材 料行业部分产品目前价格企稳,板块估值处于相对低位,叠加去库存逐步缓解、 原研药专利即将集中到期因素等影响,板块业绩有望复苏,建议继续关注后续价 格边际变化和新品种放量情 ...

Investment Rating - The report rates the communication industry as "Outperform" relative to the market [1]. Core Insights - The communication sector has shown slight adjustments but is viewed positively for future development. The overall performance of the communication sector was average during the 26th week of 2024, with the communication operations segment increasing by 4.99%, while terminal equipment, communication support services, and communication transmission equipment experienced declines of 4.29%, 3.51%, and 2.82% respectively [1][11][12]. Summary by Sections 2.1 Operators - The report highlights the performance of various operators, noting that the communication operations segment saw a rise of 4.99% during the specified week, while other sub-segments faced declines [11][13]. 2.2 5G - The report discusses the ongoing advancements in 5G technology, including the launch of new initiatives and partnerships aimed at enhancing the 5G ecosystem [26][32]. 2.3 Optical Communication - The optical communication segment faced a decline of 3.76% during the week, indicating challenges within this sub-sector [13]. 2.4 Internet of Things (IoT) - The report mentions the IoT sector's performance but does not provide specific numerical data for this segment [7]. 2.5 IDC - The IDC segment's performance is not detailed in the report, indicating a lack of significant movement or news during the specified period [7]. 3. Recommended Stocks - The report suggests focusing on specific stocks within the communication sector, including satellite internet companies (Creative Information, Shanghai Hantong, and Huali Chuantong), optical modules (Zhongji Xuchuang, New Yisheng, and Huagong Technology), and 5G companies (Canqin Technology and Shuo Beid) [1].

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食品饮料 | 证券研究报告 — 行业周报 2024 年 7 月 2 日 强于大市 食品饮料行业周报 茅台批价企稳,龙头酒企股东大会定调良性发展 上周食品饮料板块涨跌幅-1.7%,在各板块中排名第 11。酒企出台稳价措施,茅台批 价回稳,上周整箱及散飞批价基本稳定至 2500、2200 元以上。上周五粮液及泸州老 窖召开股东大会,龙头酒企均展现出较强的战略定力,客观看待行业周期,坚持稳健、 良性发展。在行业调整期龙头酒企具备一定的防御能力。当前,食品饮料行业估值已 为 2016 年以来最底部位置,建议关注底部布局机会。 市场回顾 上周食品饮料板块涨跌幅-1.7%,在各板块中排名第 11。食品饮料子板块中,乳 品、啤酒涨跌幅排名靠前,分别为-0.3%、-1.0%,零食、其他酒类涨跌幅排名靠 后,分别为-3.9%、-6.3%。截至 6 月 28 日,白酒板块估值(PE-TTM)为 20.0X, 食品加工板块估值(PE-TTM)为 17.6X。 行业数据 根据今日酒价、百荣酒价及同花顺数据,6.21-6.28 整箱飞天批价 2437-2572 元, 散瓶飞天批价 2120-2295 元。普五批价 930 元,国窖 1 ...

强于大市 板块近期回调明显,免签利好仍在持续 相关研究报告 《社服与消费视角点评 5 月国内宏观数据》 20240620 《社会服务行业双周报》20240617 《2024 年端午假期旅游数据点评》20240612 前两交易周(2024.06.17-2024.06.28)社会服务板块下跌 7.23%,在申万一级 31 个行业排名中位列第 29。社会服务板块跑输沪深 300 指数 4.97pct。近期 板块指数回调明显,6 月社会服务板块共回调 12.61%。此外,免签等入出境 政策持续加码,入境旅游市场有望再迎增长,我们维持行业强于大市评级。 市场回顾&行业动态数据 前两交易周社会服务板块下跌 7.23%,社会服务子板块及旅游零售 5 个板 块均表现为下跌,涨跌幅由高到低分别为:旅游及景区(-5.40%)、教育 (-6.81%)、专业服务(-7.98%)、酒店餐饮(-9.69%)、旅游零售(-9.80%)。 北上资金方面,前两交易周北上资金减持首旅酒店 0.10pct 至 1.07%,增 持中青旅 0.01pct 至 0.47%,增持中国中免 0.01pct 至 4.58%,减持宋城演 艺 0.17pct 至 ...

强于大市 交通运输 | 证券研究报告 — 行业周报 2024 年 7 月 1 日 交通运输行业周报 集运现货运价持续上涨,国航加大暑运国际线 运力投放 航运方面,航次取消增加叠加港口罢工威胁,集运现货运价持续上升。航空 方面,出入境客流增加,国航暑运大幅增班国际航线。快递物流方面,极兔 快递响应国家政策加速进村,喀什地区进村的快递件量已实现超十倍增长。 核心观点: ①航次取消增加叠加港口罢工威胁,集运运价持续上涨。根据德路里报 道,未来五周里,主要的东西向主航线 已经宣布了 61 个航次取消,约 有 93%船舶将如期航行。为规避因船只延误和运输成本的急剧上升导致 的费率上涨和延误,货主和贸易商正提前运输季节性商品。美国东部和 墨西哥湾港口潜在的 10 月劳工罢工风险,进一步加剧了这一紧迫性。 此外,亚洲至欧洲的贸易路线也因德国和法国的港口罢工以及红海地区 的胡塞武装持续攻击而面临重重挑战。集装箱船租船成本上升,现货运 价持续增长。本周集运现货运价继续温和上涨。随着班轮公司再次提升 欧线旺季附加费,现货运价在 7 月份有望恢复两位数增长。②出入境客 流增加,国航国际航线暑运大幅增班。作为国内每年三个最重要的民航 ...

宏观和大类资产配置周报 大类资产配置顺序：股票>大宗>债券>货币。 ◼ 经济数据：1-5 月，全国一般公共预算收入同比下降 2.8%，扣除特殊因素 影响后可比增长 2%左右；5 月规模以上工业企业利润同比增长 0.7%；5 月制造业 PMI 指数 49.5，非制造业 PMI 指数 50.5。 ◼ 要闻：中共中央政治局召开会议，决定中国共产党第二十届中央委员会第 三次全体会议于 7 月 15 日至 18 日在北京召开；住建部、金融监管总局联 合召开保交房政策培训视频会议；央行货币政策委员会召开 2024 年第二 季度例会。 ◼ A 股大宗价格下跌，债券上涨。本周沪深 300 指数下跌 0.97%，沪深 300 股指期货下跌 0.79%；焦煤期货本周下跌 1.3%，铁矿石主力合约本周下跌 0.18%；股份制银行理财预期收益率收于 2.2%，余额宝 7 天年化收益率下 跌 4BP 至 1.49%；十年国债收益率下行 5BP 至 2.21%，活跃十年国债期货 本周上涨 0.44%。 资产配置建议 | --- | --- | --- | --- | |----------|-------|--------------- ...