[Table_Title] 研究报告 Research Report 14 Jan 2025 中国半导体 China (A-share) Semiconductor 半导体设备板块观点：2025 长鑫产业链占优，重点关注 HBM 产业链设备公司 A-share Semiconductor Equipment: 2025 Top Pick Changxin + HBM/Advanced Packaging Value -chain 陈昊飞 Haofei Chen, PhD 张晓飞 Xiaofei Zhang haofei.chen@htisec.com xf.zhang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 事件 半导体设备板块的观点 我们近期对中国大陆晶圆厂/封测厂的产能利用率、2025E 需求展望、资本开支等情况进行了调研更新，我们认为 2025E 最具成长的确定性机会将来自长鑫产业链+HBM/先进封装产业链，其次是先进存储产业链和先进逻辑产业链。 我们建议关注 DRAM/HBM 产业链的设备股投资机会，比如精智达；建议关 ...

Investment Rating - The report does not explicitly mention the investment rating for Gushengtang (2273 HK) [1][5] Core Views Centralized Procurement of TCM Decoctions - The centralized procurement of TCM decoctions may negatively impact the gross profit margin of Gushengtang's decoction business by approximately 2% [2][6] - Factors offsetting this impact include: 1) Influence of non-centralized procurement varieties [2][6] 2) Cost reduction through group scale effect [2][6] 3) Increased proportion of self-paid service items like nurse treatments [2][6] 4) Reduced doctor costs [2][6] - The overall impact on the group's gross profit margin is expected to be minimal [2][6] 2025 Business Strategy - Gushengtang plans to implement three key strategies in 2025: 1) Upgrade the membership system to health insurance products by acquiring an insurance brokerage company to enter the commercial insurance market [2][7] 2) Fully implement the partner plan after the start of the year [2][7] 3) Establish a certain scale of operations in some overseas countries [2][7] Shenzhen Area Development Plan - In October 2023, Gushengtang's Shenzhen stores voluntarily exited the Shenzhen unified medical insurance due to policy adjustments, yet the Shenzhen area still achieved positive growth in 2024 [2][8] - The company plans to re-enter the unified medical insurance in 2025 by setting up secondary hospitals [2][8] - The revenue plan for the Shenzhen area in 2025 is to grow by 25%, primarily through new user growth plans [2][8]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Viewpoints - The company is a leader in China's packaged drinking water market, with a strong brand presence and a multi-category strategy that enhances profitability [2][19]. - The company has shown robust revenue and profit growth, outperforming industry averages, with a focus on expanding its product matrix and sales network [2][29]. - The report highlights the company's strategic expansion into various beverage categories, leveraging its core brand "Yibao" to capture market share [19][58]. Summary by Sections 1. Company Overview - The company is recognized as the second-largest packaged drinking water enterprise in China and the largest in the pure drinking water segment, with "Yibao" being one of the most popular brands [2][13]. - The company has established a comprehensive sales and distribution network across China, maintaining around 1,000 distributors and over 8,700 sales personnel [2][25]. 2. Financial Performance - The company’s total revenue is projected to grow from 135.64 billion CNY in 2023 to 167.31 billion CNY by 2026, with a compound annual growth rate (CAGR) of 7.5% [2][4]. - Net profit is expected to increase from 1.33 billion CNY in 2023 to 2.31 billion CNY in 2026, reflecting a CAGR of 18.5% [2][4]. - The gross margin is anticipated to improve from 44.66% in 2023 to 50.84% by 2026, indicating enhanced operational efficiency [2][4]. 3. Market Dynamics - The packaged drinking water market in China is projected to reach 314.3 billion CNY by 2028, with a CAGR of 7.9% from 2023 to 2028 [48]. - The company holds a significant market share in the chrysanthemum tea beverage segment, ranking first with a market share of 38.5% in 2023 [2][54]. 4. Strategic Initiatives - The company employs a "1+N" model for national factory layout, with plans to increase self-built production capacity to enhance operational efficiency [3][26]. - The company is actively expanding its product offerings beyond packaged water, including herbal tea and juice products, which have shown substantial growth potential [20][58]. 5. Competitive Positioning - The company benefits from synergies with its parent group, enhancing its operational efficiency and market presence [15][19]. - The report notes that the concentration of the packaged drinking water market is increasing, with the top five companies holding a market share of 58.6% in 2023 [52].

[Table_Title] 研究报告 Research Report 13 Jan 2025 中国电子消费电子 China (Overseas) Technology Consumer Electronics CES 2025：差强人意的 AI 应用之年，各类 AI 软硬件产品加速落地 CES 2025 Takeaway 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) AI 应用之年，AI PC、智能家具和机器人潜力巨大，但小型端侧 AI 产品成熟度不及预期。AI PC 各大芯片硬件厂商联 合软件公司提供软硬件一体化的解决方案和展示，产品完成度显著好于去年。以高通为例发布了从云到端完整的产 品体系以及开发工具链：1）推出全新 AI 芯片处理速度相较于上一代芯片提高了 60%，该 AI 芯片可搭载到机器人， 其图像识别精度提高了 40%，语音交互响应速度提升了 30%；2）推出边缘侧本地 AI ...

[Table_Title] 研究报告 Research Report 10 Jan 2025 乐通股份 Letong Chemical (002319 CH) 国内凹性油墨龙头，积极布局新能源业务 Domestic concave ink leader, the company actively layouts new energy business 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translatio ...

Investment Rating - The report maintains an "Outperform" rating for Anta Sports, with a target price of HKD 104.11 per share based on a 2024 PE valuation of 20X [9] Core Views - Anta Sports is positioned as a leading multi-brand sports group with competitive advantages in scarce quality multi-brand assets and a strong operational system [9] - The company's 24Q4 performance showed strong growth, with the main brand and FILA achieving high single-digit YoY growth, while other brands grew by 50-55% YoY [2][6] - Anta Sports is expected to achieve net profits of RMB 13.55 billion and RMB 13.7 billion in 2024 and 2025, respectively [9] Financial Performance - Revenue is projected to grow from RMB 62.36 billion in 2023 to RMB 83.92 billion in 2026, with a CAGR of 10.0%-10.7% [2] - Net profit is expected to increase from RMB 10.24 billion in 2023 to RMB 14.70 billion in 2026, with a CAGR of 1.1%-32.4% [2] - Gross margin is forecasted to remain stable at 62.7% from 2024 to 2026 [2] Brand Performance - Main brand turnover grew by high single digits YoY in 24Q4, accelerating from Q1-Q3, driven by new store formats [2][6] - FILA's turnover grew by high single digits YoY in 24Q4, showing significant improvement from previous quarters [2][6] - Other brands grew by 50-55% YoY in 24Q4, continuing the acceleration trend since Q1 [2][6] Strategic Initiatives - Anta Sports optimized store layouts and enriched its product matrix, launching the PG7 running shoe priced at RMB 399, which offers strong value for money [7] - The company opened over 300 new stores during National Day, including Olympic-themed stores and specialized formats [7] - FILA upgraded its store image and introduced new store types, such as the "Shoe Creation Space" and "Hall of Kings" [7] Financial Management - Anta Sports redeemed EUR 1 billion in convertible bonds and issued EUR 1.5 billion in zero-coupon convertible bonds, ensuring sufficient cash flow [8] - The company announced a HKD 10 billion share buyback plan, repurchasing 18.406 million shares at an average price of HKD 77.43, using HKD 1.43 billion [8] Industry Comparison - Anta Sports' PE ratio is projected to be 15.71X in 2024, lower than competitors like Nike (26.3X) and Lululemon (26.2X) [3] - The company's revenue growth is expected to outpace competitors, with a 10.0% YoY increase in 2024, compared to Nike's 7.4% and Adidas's 7.4% [3]

[Table_MainInfo] 公司研究/信息服务 证券研究报告 通行宝（301339）公司跟踪报告 2025 年 01 月 08 日 首次覆盖：与天津高速成立合资公司，智 慧交通业务有望提速 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 597 | 742 | 876 | 1097 | 1394 | | (+/-)YoY(%) | 0.6% | 24.2% | 18.1% | 25.3% | 27.0% | | 净利润(百万元) | 151 | 191 | 220 | 275 | 347 | | (+/-)YoY(%) | -19.7% | 26.7% | 15.1% | 25.2% | 26.2% | | 全面摊薄 EPS(元) | 0.36 | 0.46 | 0.53 | 0.66 | 0.84 | | 毛利率(%) | 48.4% | 47.0% | 47. ...

[Table_Title] 研究报告 Research Report 8 Jan 2025 杭华股份 Hangzhou Toka Ink (688571 CH) 节能环保型油墨产品龙头，新产品研发助力持续增长 Energy-Saving and Environmentally Friendly Ink Products Leader, New Product R&D Helps Sustainable Growth 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please se ...

[Table_Title] 研究报告 Research Report 7 Jan 2025 伊戈尔矿业 Agnico Eagle Mine (AEM US) 老牌黄金开采商，底蕴实力深厚 业绩表现：2023 年公司黄金产量为 3,439,654 盎司，每盎司生产成本为 853 美元，每盎司总现金成本为 865 美元，每 盎司 AISC 为 1,179 美元。2023 年的产量处于公司 2023 年指导范围 324 万盎司至 344 万盎司的最高水平。每盎司总现 金成本处于公司 2023 年指导范围的中间值，每盎司 AISC 在公司 2023 年指导范围内。2023 年全年自由现金流为 9.474 亿美元。公司预计 2024 年黄金产量约为 335 万至 355 万盎司，2025 年约为 340 万至 360 万盎司（与 2023 年 2 月 16 日发布的三年期指引一致），公司预计 2026 年黄金产量将保持稳定，约为 340 万至 360 万盎司。公司预计 2024 年资 本支出约为 16.5 亿美元，主因于全年 100% 拥有 Canadian Malartic、通货膨胀以及 Detour Lake 的额 ...