研究报告Research Report 13 Mar 2024 中国食品 China Foods (506 HK) 首次覆盖：碳酸龙头稳定增长，低估值高股息值得关注 Carbonated grows steadily, low valuation and high dividends are worth paying attention to [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab首le次_In覆fo盖] 优于大市Initiate with OUTPERFORM (Please see APPENDIX 1 for English summary) 平台专业化，国企资源与国际先进经验结合。作为中粮集团子公 评级 优于大市OUTPERFORM 司，公司自2007 年以来业务逐渐精简，2017年后成为专业化软饮 现价 HK$2.95 料业务运营平台，专注运营可口可乐公司在华装瓶、配送及分销 目标价 HK$3.54 业务。公司一方面背靠中粮集团在食品饮料领域多年运营经验和 HTI ESG 2.4-3.5-4.0 业务网络，同时与国际软饮料龙头可口可乐深度合作，吸取先进 E ...

[ 研Ta 究bl 报e_ 告Titl Re] e search Report 11 Mar 2024 巴拉德动力 Ballard Power Systems (BLDP US) 前景乐观，有望实现盈亏平衡 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [热Ta点bl速e_评yemFleais1h] Analysis [本Ta报bl告e_为sum 3m月a r1y1] 日发布的英文报告的翻译版。 事件 我们预计市场将对巴拉德动力第四季度的业绩反应为负面，该公司报告调整后净亏损为4,890万美元，主要受成本 增加，特别是研发支出增加的影响，支出方面比市场预期更多。该公司预计运营费用为1.45亿至1.65亿美元，资 本支出为5,000万至7,000万美元，略高于该公司此前的预期。扣除非现金库存拨备，第四季度毛利率实现盈亏平 衡，这是公司实现2025财年盈亏平衡目标的一个积极信号。 点评 2024财年指引有限: 公司大致符合其2023财年运营费用指引(1.35亿 - 1.55亿美元)和资本支出指引(4,000万 – 6 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][8]. Core Views - The online music business is experiencing healthy growth, with cost control and operational efficiency driving continuous improvement in profitability. The company achieved its first annual profit in 2023, despite a 12.5% year-on-year decrease in total revenue to 7.867 billion yuan, primarily due to a cautious operational strategy that reduced live streaming displays and lowered revenue sharing ratios, leading to a 33.6% decline in social entertainment services revenue to 3.516 billion yuan. Conversely, online music service revenue grew by 17.6% to 4.351 billion yuan, supported by strong commercialization performance and improved cost structure [5][6][10]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.867 billion yuan, a decrease of 12.5% year-on-year. The online music service revenue increased by 17.6% to 4.351 billion yuan, while social entertainment services revenue decreased by 33.6% to 3.516 billion yuan. The company achieved a gross profit of 2.103 billion yuan, up 62.6% year-on-year, with a gross margin increase from 14.4% in 2022 to 26.7% in 2023. The adjusted net profit attributable to the parent company was 819 million yuan, marking the first annual profit [5][6][7][10]. User Metrics - The online music segment saw a significant increase in monthly active users (MAU), growing by 16.5 million to 206 million. The subscription revenue rose by 20.2%, and the average revenue per paying user (ARPPU) increased by 4.2% to 6.9 yuan per month. The paid user rate improved by 1.2 percentage points to 21.4% [6][10]. Future Projections - The company is expected to switch to a price-to-earnings (PE) valuation method, forecasting adjusted net profits of 1.065 billion yuan, 1.234 billion yuan, and 1.511 billion yuan for 2024, 2025, and 2026, respectively. The estimated revenue for 2024 is projected to be 8.460 billion yuan, with a year-on-year growth of 7.5% [6][7][10]. Valuation - Based on comparable companies, the company is assigned a dynamic PE range of 20-23 times for 2024, resulting in a fair value range of 109.22 to 125.61 Hong Kong dollars per share [8][10].

Investment Rating - The report initiates coverage with an OUTPERFORM rating for Ningbo Runhe High-tech Materials, indicating a positive outlook compared to the market [19][24]. Core Viewpoints - Ningbo Runhe is recognized as a leading enterprise in the silicone segment, with applications in electronic information, release agents, new energy, and daily chemicals [19][24]. - The company has a strong market position due to its differentiated high-value product system and a robust international R&D team [23][24]. - The report projects a compound annual growth rate (CAGR) of 29.10% for the company's net profit from 2020 to 2022 [21]. Financial Summary - As of March 12, 2024, the current price is Rmb25.98, with a target price set at Rmb31.20, reflecting a potential upside [23]. - The company’s market capitalization is Rmb3.32 billion (approximately US$0.46 billion) [23]. - The average daily trading volume over the past three months is US$9.62 million [23]. - The company reported a revenue of Rmb854 million for the first three quarters of 2023, a year-on-year decrease of 7.85% [23]. - The projected revenues for 2023, 2024, and 2025 are Rmb1.09 billion, Rmb1.39 billion, and Rmb1.71 billion, respectively [28]. - The report anticipates earnings per share (EPS) of Rmb0.59, Rmb0.78, and Rmb0.98 for the years 2023, 2024, and 2025, respectively [28]. Business Structure - The actual controllers of the company are Ye Jianping and Yu Caijuan, who hold a combined 65.41% of the shares [20]. - The company is focused on expanding its business along the silicone industry chain, particularly in high-value applications [23][28].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company specializes in the development, sales, and related services of EDA tools for integrated circuit design, manufacturing, and packaging, with a strong focus on launching comprehensive tools for specific downstream applications [3][4] - The company holds the largest market share in the domestic EDA market, with over 50% market share as of 2020, and reported a revenue of 798 million yuan in 2022, reflecting a year-on-year growth of 37.76% [4][7] - The company has introduced a stock incentive plan aimed at achieving high revenue growth targets, with specific revenue growth rate triggers set for 2024-2026 [4][6] Financial Summary - The company reported revenues of 798 million yuan in 2022, with projections of 1,030 million yuan in 2023, 1,355 million yuan in 2024, and 1,811 million yuan in 2025, indicating a compound annual growth rate of approximately 33.6% from 2023 to 2025 [5][10] - The net profit for 2022 was 186 million yuan, with projections of 206 million yuan in 2023, a decrease to 102 million yuan in 2024, and a recovery to 314 million yuan in 2025 [5][10] - The company maintains a stable gross margin, with a gross margin of 90.3% in 2022, projected to be 88.1% in 2023, and gradually decreasing to 87.1% by 2025 [5][10] Market Position and Competitive Advantage - The company has established a strong customer base with approximately 600 domestic and international clients, and has been involved in several national-level major scientific research projects [4][7] - The company is recognized for its leading products in various EDA tool categories, including the world's leading solutions for analog circuit design and the only domestic solution for RF circuit design [4][6] - The company is well-positioned in the market with strong technical capabilities, rich customer resources, and a comprehensive industry ecosystem [7][9]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market [15]. Core Insights - The company is expanding its product line and revenue through horizontal market expansion and vertical market penetration, focusing on audio-visual products and solutions [1]. - The company has launched a share repurchase plan to enhance investor confidence and support long-term development [2]. - The company has developed two XR digital products, X-shadow and Pandora, showcased at the Second World Metaverse Ecological Expo [1]. - The company achieved a revenue of 337 million yuan in the first three quarters of 2023, representing a year-on-year growth of 24.56% [1]. Financial Performance - The company reported a revenue of 381 million yuan in 2022, a decrease of 18.65% year-on-year, with a net profit of 29 million yuan, down 64.72% [27]. - For 2023, the company expects revenues of 533 million yuan, with a projected net profit of 42 million yuan, reflecting a significant recovery [18][33]. - The company’s revenue growth rates for 2023-2025 are projected at 39.94%, 43.16%, and 31.06%, respectively [29]. Product and Market Development - The company is focusing on self-developed ASIC chips to enhance its competitive edge and reduce procurement costs [1][29]. - The company’s display control products dominate its revenue, with expected growth rates of 42%, 45%, and 32% for 2023-2025 [29][32]. - The company is actively expanding its sales network and product lines to improve revenue scale and operational quality [1][29]. Valuation and Future Projections - The report estimates the company’s earnings per share (EPS) to be 0.23 yuan in 2023, 0.48 yuan in 2024, and 0.68 yuan in 2025 [18][33]. - The company is expected to achieve a dynamic price-to-earnings (PE) ratio of 65-70 times for 2024, with a reasonable value range of 31.26-33.67 yuan over the next six months [18].

[Table_MainInfo] 行业研究/交通运输 证券研究报告 行业周报 2024年03月11日 [Table_InvestInfo] 周报： 2024 年春运全社会跨区域人员流 投资评级 优于大市 维持 动量预计超 84 亿人次 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 交通运输 海通综指 10.40% 5.70% 一周市场回顾：上证综指上涨，交运跑输大盘，下跌0.1%。2024.3.4-2024.3.8，  1.00% 交通运输指数(-0.1%)，同期上证综指（+0.6%）。子板块绝对周涨跌幅中，公 -3.70% 交（+3.0%）、高速公路（+2.8%）、航运（+2.1%）、跨境物流（+1.5%）、 -8.40% 港口（+0.8%）、铁路运输（+0.2%）、快递（-1.8%）、航空运输（-2.2%）、 -13.09% 公路货运（-2.9%）、仓储物流（-5.8%）。 2023/1 2023/4 2023/7 2023/10 资料来源：海通证券研究所 交运一周专题推荐：油运价格跟踪，蒙煤运输情况跟踪，疫后全国公路货运车  流量跟踪。 相关研究 [《Ta ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has launched a "Quality Return Dual Improvement" plan, demonstrating confidence in long-term development. This plan includes several initiatives such as solidifying its core business in biopharmaceuticals and traditional Chinese medicine, focusing on innovation-driven growth, enhancing information disclosure quality, improving governance, prioritizing shareholder returns, and emphasizing social responsibility through ESG initiatives [6][7] Financial Performance - For the first three quarters of 2023, the company achieved revenue of 8.118 billion yuan, a 4% increase year-on-year, and a net profit attributable to shareholders of 3.524 billion yuan, a 2% increase year-on-year. The sales of long-acting growth hormone products increased by 30%, accounting for 29% of the overall growth hormone revenue [6][7] - The company expects net profits for 2023, 2024, and 2025 to be 4.646 billion yuan, 5.353 billion yuan, and 6.387 billion yuan, representing year-on-year growth of 12.2%, 15.2%, and 19.3% respectively [7][11] Product Development - The company has multiple products in various clinical stages, including long-acting follicle-stimulating hormone and monoclonal antibodies, with several products in Phase III clinical trials as of the end of Q3 2023 [6][7] - The company reported that Baike Bio achieved revenue of 1.824 billion yuan in 2023, a 70.3% increase, and a net profit of 501 million yuan, a 175.98% increase, driven by the approval and sales of the herpes zoster vaccine [6][7] Valuation - The company is expected to maintain stable growth in its core product, with a projected price-to-earnings ratio (P/E) of 12-15x for 2024, corresponding to a reasonable value range of 158.78 to 198.48 yuan [7][10]

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 新产业（300832）公司跟踪报告 2024年03月09日 新产业：国内外共振的发光领先企业 [Table_Summary] 投资要点： 我们认为新产业是少有的实现国内外共振的医药公司，国内市场集采预计带  来2-3年国产替代加速，海外市场新产业已成为国产发光龙头企业。 深耕海外业务超 10年，海外业务收入复合增速约 39%。新产业于1995年成  立，主要从事研发、生产及销售系列全自动化学发光免疫分析仪器及配套试 剂。公司已深耕海外10余年，2012年公司海外收入超3600万元，2014年海 外收入1.02亿元，2022年公司海外收入9.69亿元，2012年-2022年海外收入 CAGR约39%。截至2023年上半年，公司海外收入占比35%。 全球空间：全球免疫诊断市场规模22年约707.0亿美元，我们判断新产业仍  有较大收入空间。根据艾瑞咨询数据，2022年全球体外诊断市场规模预计达 970 亿美元。其中免疫诊断市场约占 30%，对应市场规模约 291 亿美元，新 产业市占率仅1.5%。同时，对比全球IV ...

[Table_MainInfo] 行业研究/旅游服务业 证券研究报告 行业信息点评 2024年03月11日 2023 年教育事业发展大数据速览 [Table_Summary] 投资要点： 2024年 3月5日，国务院总理作政府工作报告，强调了对加强高质量教育体系建 设，加快推动高水平科技自立自强和全方位培养用好人才的重视，深化教育科技 人才综合改革。本次政府工作报告一方面重视基础教育扩优提质，着力在“双减” 中推动科学教育加法；另一方面继续重视职业教育，以及对人工智能等数字经济 领域战略新兴人才的培养，利好新兴行业相关职业教育培训机构。 我们持续看好教育板块，为更好研究板块发展趋势，我们对 2023 年我国教育改 革发展各项工作作出梳理： 2023 年各级各类学校数量达 49.58 万所，2018-2023 年 CAGR 为-0.47%，小学学 校数量和高中学校数量有所下降。①学前教育：全国幼儿园数量自2008年来实 现平稳增长，2022年开始略有下降，2023年达27.44万所（-5.12%）；②小学： 全国普通小学数量呈下滑态势，2023年达 14.35万所（-3.76%）；③初中：全国 初中数量自201 ...