Investment Rating - The report initiates coverage with an "OUTPERFORM" rating, indicating an expectation of performance exceeding the market average [3][14]. Core Insights - The company is a leading domestic enterprise in electronic components, high-end aluminum foil, and energy materials, with core products including electrode foil for aluminum electrolytic capacitors, laminated foil, and battery aluminum foil [6][14]. - The company benefits from rising refrigerant prices, with a projected increase in third-generation refrigerant quotas, positioning it as a market leader [6][14]. - The production capacity and technology for electrode foil are globally leading, making the company the largest chemical foil factory in China [6][14]. - The company has the largest electronic optical foil processing base in China, with advanced production technology for air conditioning foil and hydrophilic foil [6][14]. - The company operates the largest chlor alkali chemical production base in Guangdong Province, serving multiple industries [6][14]. - The performance of energy material products, particularly lithium iron phosphate and ternary materials, shows significant advantages in various performance metrics [6][14]. - Profit forecasts indicate net profits of 1.126 billion, 1.559 billion, and 2.019 billion RMB for 2024 to 2026, respectively, with a target price of 9.71 RMB based on a 26x PE ratio for 2024 [6][14]. Financial Summary - The company's market capitalization is 25.98 billion RMB (approximately 3.59 billion USD) with a current share price of 8.62 RMB and a target price of 9.71 RMB [3][14]. - Expected revenue growth from 10.85 billion RMB in 2023 to 17.37 billion RMB in 2024, representing a 60% increase [5][11]. - The projected gross margin is expected to improve from 11.1% in 2023 to 15.1% in 2024 [11][13].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 15.05 [2][4]. Core Views - The company turned profitable post-2Q23, reporting a revenue of RMB 325.11 billion in 2023, a year-on-year increase of 12.46%, and a net profit attributable to shareholders of RMB 1.16 billion, down 65.33% year-on-year [3][14]. - The main profit contributor in 2023 was Zhejiang Petrochemical, processing approximately 44 million tons of crude oil and generating a net profit of RMB 1.37 billion, contributing about RMB 0.70 billion to the company's net profit [3][14]. - The company is accelerating its new materials layout, leveraging its 40 million tons/year refining and chemical integration project, and targeting new energy and high-end materials [9][16]. - Saudi Aramco was introduced as a strategic investor, holding about 10% of the company's equity, enhancing cooperation in various areas including crude oil procurement and technology sharing [10][17]. Financial Summary - In 2023, the company achieved a revenue of RMB 325.11 billion, with a net profit of RMB 1.16 billion, and proposed a cash dividend of RMB 1.0 per 10 shares [3][6]. - For 1Q24, the company reported a revenue of RMB 81.09 billion, up 16.30% year-on-year, with a significant turnaround in net profit to RMB 0.55 billion [6][14]. - The earnings per share (EPS) forecast for 2024-2026 is RMB 0.43, RMB 0.63, and RMB 0.82 respectively, with a book value per share (BPS) of RMB 4.59 in 2024 [4][17]. Business Segments - The chemical fiber sector's profits rebounded in 2023, while the PTA sector faced pressure, with four PTA plants collectively incurring a loss of RMB 0.30 billion [8][15]. - The company is focusing on five major industry chains: polyester, engineering plastics, new energy, high-end polyolefins, and special rubber, becoming a key producer in Asia [9][16]. Strategic Developments - The partnership with Saudi Aramco includes discussions on equity cooperation and capacity expansion at the Jubail refinery and CICC Petrochemical [10][17]. - The company is expanding its product line in new energy materials and high-end synthetic materials, with ongoing projects to enhance production capacity [9][16].

Investment Rating - The report maintains an "Outperform" rating for the company [3][6][10]. Core Insights - In Q1 2024, the company recorded revenue of RMB 2.378 billion, representing a year-on-year increase of 15.2%, and a non-HKFRS net profit of RMB 209 million, which is a significant increase of 173.9% compared to the previous year [4][10]. - The gross margin improved to 16.1% in Q1 2024, up from 10.4% in Q1 2023, indicating a notable enhancement in profitability [4][10]. - The company is expected to see steady growth in gross margin from 2024 to 2026, driven by strategies such as optimizing freight weight structure, cost pricing mechanisms, and efficiency improvements [6][10]. Financial Performance Summary - Revenue projections for the company are as follows: RMB 11.398 billion in 2024, RMB 12.754 billion in 2025, and RMB 13.974 billion in 2026 [6][9]. - Adjusted net profit forecasts are RMB 686 million for 2024, RMB 810 million for 2025, and RMB 934 million for 2026 [6][9]. - The company’s earnings per share (EPS) are projected to be RMB 0.59 in 2024, RMB 0.70 in 2025, and RMB 0.81 in 2026 [6][9]. Operational Metrics - In Q1 2024, the total freight volume reached 2.875 million tons, an increase of 21.7% year-on-year, with the total number of shipments rising by 25.3% to 31.568 million [5][10]. - The average freight price was RMB 827 per ton, reflecting a decline of 5.4% year-on-year, attributed to competitive pricing strategies and cost reductions [5][10]. - The company achieved a reduction in unit operating costs by 11.3% year-on-year, with significant decreases in costs associated with trunk transportation and distribution centers [5][10].

[Table_MainInfo] 行业研究/煤炭 证券研究报告 行业周报 2024年05月26日 [ Table_InvestInfo] 港口煤价年内同比首次转正，煤焦短期或 稳中偏强 [Table_Summary] 投资要点：  联合国上调世界经济增长预期，国网能源研究院预计24年火电增速1.5%。（1） 新华网：联合国《2024 年世界经济形势与展望》年中更新报告上调今年经济增 长预期 0.3pct 至 2.7%，2025年为 2.8%（高于此前预测的 2.7%）。（2）sxcoal： 国网能源研究院发布《中国电力供需分析报告2024》，预测今年全国电力供需偏 紧，全社会用电量将增长6.5%至9.8万亿千瓦时，火电发电量将增长1.5%至6.2 万亿千瓦时，占全国发电量比重为62.6%。（3）国家发改委：5月新闻发布会指 出，在扩大有效投资方面，落实超长期特别国债支持国家重大战略实施和重点 领域安全能力建设，加快中央预算内投资下达和地方政府专项债券发行使用进 度。我们认为，考虑到全球经济的恢复和国内电力需求的韧性，煤炭需求亦表 现出较强韧性，全年有望稳健增长。而供给端，由于安监趋严，山西等主产地 减产显著 ...

[Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业周报 [ Table_InvestInfo] 《北京市加快医药健康协同创新行动 计划（2024-2026 年）》印发， 支持创新药械发展 [Table_Summary] 投资要点：  上周（0520-0524）上证综指下降2.1%，SW医药生物下降3.7%，涨跌幅在申万 一级行业中排名第 19。生物医药板块表现前三的分别是医药商业(-2.7%)、中药 (-3.1%)、医疗器械(-3.2%)。个股涨幅前三为ST南卫(+20.6%)、漱玉平民(+14.2%)、 哈三联(+12.9%)；个股跌幅前三为长江健康(-22.8%)、龙津药业(-17.2%)、浩宸医 疗(-13.8%)。  《北京市加快医药健康协同创新行动计划（2024-2026年）》印发，支持创新药 械发展。5月23日，北京市人民政府办公厅印发《北京市加快医药健康协同创 新行动计划（2024-2026年）》，要求到2026年，医药健康产业总规模达到1.25 万亿元（医药工业营业收入达到2400亿元），固定资产投资每年100亿元以上。 实现引领全球的科学发现和技术突破5-8项 ...

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业周报 [ Table_InvestInfo] CME 预估 5 月挖机国内销量同增近 19%， 国铁集团发布动车组招标 [Table_Summary] 投资要点：  板块表现：从各行业横向比较来看， 2024年第21周（2024年5月20日至2024 年 5 月 24 日），机械设备行业相对沪综指周累计超额收益为负，在所有行业中 排名第10，周累计超额收益为-1.17ct。2024年至今机械设备行业年累计超额收 益为-10.24pct。  锂电设备：特斯拉上海储能超级工厂正式开工；Blue Solutions公司拟173亿元 建固态电池厂。1）根据上海临港和中国工业报微信公众号，5月23日下午，特 斯拉位于上海临港新片区的特斯拉上海储能超级工厂正式开工。特斯拉上海储 能超级工厂的总投资约14.5亿元，占地面积约20万平方米。工厂预计2025年 第一季度投产，投产后超大型电化学商用储能系统Megapack产量将高达1万台， 储能规模近40GWh。2）根据动力电池网微信公众号，Blue Solutions公司计划在 法国阿尔萨斯地区建立一 ...

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 第 21 周新房成交同比增速回落，供销比回升 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024 年第 21 周 30 大中城市新房成交面积为 200 万平方米，环比前一周 -5.4%，同比 2023 年-36%。其中一线城市销售面积 49 万平方米，环比前 一周-8%，同比2023年-27%。二线城市销售面积107万平方米，环比前一 周-6%，同比2023年-40%。三线城市销售面积 44万平方米，环比前一周 0.2%，同比2023年-31%。  2024年5月1日-23日30城累计成交面积550万平方米，环比2024年4 月同期1.5%，同比-39%。一线城市累计成交面积137万平方米，环比2024 年4月同期-6%，同比-34%。二线城市累计成交面积 287万平方米，环比 2024年4月同期2%，同比-45%。三线城市累计成交面积126万平方米， 环比2024年4月同期8%，同比-29%。  上周18城二手房成交量情况：  18城2024年第21周二手房成交量为185万平方米，环比前 ...

Investment Rating - The report initiates coverage on Tingyi Holdings Corp (322 HK) with an "Outperform" rating, setting a target price of HKD 12.1, implying a 27% upside potential [4][45] Core Investment Thesis - Tingyi is a dual industry leader in instant noodles and soft drinks in China, with strong channel control and market penetration [3] - The company benefits from stable growth in beverage demand, particularly in sugar-free and value-for-money products [3] - Tingyi has maintained a 100%+ dividend payout ratio historically, offering an attractive 6.2% dividend yield [4] Business Overview - Tingyi operates in two main segments: beverages (63% of revenue) and instant noodles (36% of revenue) [34] - The beverage portfolio includes tea drinks (39%), carbonated drinks (36%), juice (14%), and packaged water (11%) [35] - Instant noodles are categorized into container noodles (47%), premium bagged noodles (41%), mid-priced bagged noodles (10%), and crispy noodles (2%) [36] Financial Performance - Revenue is expected to grow at 4.8%/4.5%/4.2% from 2024-2026, reaching RMB 84.3/88.1/91.8 billion [45] - Net profit is forecasted to increase by 7.0%/6.5%/5.2% during 2024-2026, reaching RMB 3.34/3.55/3.74 billion [45] - Gross margin is projected to improve by 0.6 percentage points in 2024, driven by price increases in beverage products [4] Industry Analysis Soft Drinks - China's soft drink market reached RMB 637.2 billion in 2023, with 5-year CAGR of 2.9% [15] - Key growth categories include carbonated drinks (7.9% CAGR), energy drinks (6.9%), and sports drinks (6.7%) [15] - Sugar-free beverages are growing rapidly, with 21.7% CAGR from 2018-2023 [19] Instant Noodles - The instant noodle market experienced 5.5% CAGR from 2015-2022, driven by pandemic demand [30] - Post-pandemic, the market faces challenges from food delivery services and changing consumer preferences [32] - Premiumization remains a key strategy, with high-end products driving growth [30] Competitive Advantages - Strong channel control with extensive coverage in small cities and rural markets [3] - Strategic partnerships with PepsiCo, Starbucks, and Ovaltine enhance product portfolio [7] - Experienced management team with long-term equity incentives aligning interests [8][12] Valuation - The report values Tingyi at 19x 2024 PE, below the sector average of 27.1x [47] - The valuation reflects the company's stable growth profile and attractive dividend yield [45] Growth Drivers - Continued expansion in sugar-free beverage products [3] - Premiumization of both beverage and instant noodle product lines [35][36] - Channel optimization and cost control measures [4]

Investment Rating - The report does not explicitly state the investment rating for Innovent Biologics (1801 HK) Core Insights - Innovent Biologics showcased multiple clinical data at the 2024 ASCO Annual Meeting, highlighting its R&D capabilities with various monoclonal antibodies, bispecific antibodies, and ADCs [3][8] - IBI363 demonstrated promising safety and efficacy in treating cold tumors and IO-resistant tumors, particularly in advanced colorectal cancer patients with a median of ≥3 prior treatment lines [4][9] - IBI389 and IBI343 are positioned well in the market, with IBI389 showing lower treatment-related adverse events compared to standard chemotherapy in pancreatic cancer [4][10] - New data from IBI310 combined with sintilimab indicates significant improvements in pathological complete response rates in MSI-H/dMMR CRC patients [10] Summary by Sections Clinical Data Highlights - In May 2024, Innovent Biologics released clinical data for IBI363, IBI389, IBI343, and IBI310 at ASCO 2024 [3][8] - IBI363 showed good response rates and disease control rates in advanced colorectal cancer, particularly in patients with PD-L1 CPS≥1 [4][9] - IBI389 demonstrated a lower incidence of grade 3 and above treatment-related adverse events compared to standard chemotherapy in advanced pancreatic ductal adenocarcinoma [10] Efficacy and Safety - IBI363 exhibited overall acceptable tolerability and manageable safety, with a lower incidence of grade 3 and above treatment-related adverse events compared to PD-1/PD-L1 therapies [4][9] - IBI343 achieved a notable overall response rate of 40% in a subgroup of pancreatic cancer patients with CLDN18.2 expression ≥60% [5][10] - The combination of IBI310 with sintilimab significantly increased the pathological complete response rate compared to sintilimab monotherapy in CRC patients [10]

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 成都银行（601838）公司季报点评 2024年05月24日 成都银行 2023 年&24Q1 业绩点评：营收利 润增速保持强劲，不良率持续下降 [Table_Summary] 投资要点：成都银行发布 2023 年度报告及 2024 年一季报，公司 24Q1 仍保持双位数增长，资产质量各项指标表现优异，不良率持续下降至 0.66%，资产负债平稳增长，维持公司“优于大市”评级。  24Q1仍保持双位数增长。成都银行23Q4营收同比+0.1%，归母净利润同比+6.8%； 24Q1 营收同比+6.3%，归母净利润同比+12.8%。2023 年分红比率为 30.05%，与 2022 年相比略有提升，一直保持在 30%以上。24Q1 的 CET1 比率环比上升 23bp 至8.45%，我们预计可能得益于新版的《商业银行资本管理办法》实施。  资产质量各项指标表现优异。2023 年和 24Q1 不良率环比分别下降 3bp、2bp 至 0.68%、0.66%。2023 年关注率环比下降 2bp 至 0.41%。尽管拨备覆盖率在 2023 年（504. ...