Investment Rating - The report maintains a positive outlook on the charging pole sector, particularly in the overseas expansion of charging infrastructure [5][17]. Core Insights - The charging pole market in the USA and Europe is experiencing significant growth, with the USA adding 37,000 public charging poles in the first 11 months of 2024, a 23.3% year-on-year increase [2][5]. - The charging utilization rates are improving, especially for DC fast chargers, with utilization rates in the USA rising from 12.9% to 17.1% from July 2023 to June 2024 [3][14]. - The European market also shows growth, with 163,000 public charging poles added in the first three quarters of 2024, a 12.2% year-on-year increase [4][15]. - The report highlights a significant gap in charging resources in the USA and Europe, indicating a strong potential for future growth in the sector [5][16]. Summary by Sections USA Charging Infrastructure - As of November 30, 2024, the USA had a total of 205,000 public charging poles, with 20,000 being private [2][13]. - The number of DC fast chargers added in 2024 reached 12,000, marking a 30.8% year-on-year increase [2][13]. - The charging utilization rates for L2 and DC fast chargers have shown regional disparities, with New Jersey and Nevada achieving utilization rates of 27% [3][14]. European Charging Infrastructure - The EU's total public charging pole count reached 795,000 by Q3 2024, with 676,000 being AC and 120,000 DC [4][15]. - In Q3 2024, the EU added 27,000 new public charging poles, although this represented a 41.9% year-on-year decrease [4][15]. - The growth in DC charging poles in Europe is notable, with a 43.7% year-on-year increase in the first three quarters of 2024 [4][15]. Market Potential and Investment Opportunities - The report emphasizes the high growth potential of the charging pole sector, driven by increasing electric vehicle adoption and infrastructure development [5][16]. - Companies with a focus on overseas expansion and high DC charging share are recommended for investment, including Autel Intelligent Technology and Shenzhen Sinexcel Electric [5][17].

Investment Rating - The report suggests a positive outlook for China's innovative drug industry, indicating a potential for significant growth and investment opportunities by 2025 [5][6]. Core Insights - The pharmaceutical industry is experiencing a transformation driven by aging populations, urbanization, and changing disease patterns, making it a perpetual sunrise industry [2]. - The demand for pharmaceuticals is influenced by innovation cycles and policy regulations, with a notable shift from generic to innovative drugs in China's pharmaceutical landscape [2][5]. - The report emphasizes the importance of analyzing supply and demand structures alongside national competitiveness to derive investment strategies for the pharmaceutical sector by 2025 [3]. Summary by Sections Global Landscape - The global pharmaceutical market is projected to reach $1.61 trillion, with significant contributions from the U.S. and Europe, while China is emerging as a major player [20]. - The report highlights that China has become one of the top three countries in terms of the number of innovative drugs developed and is expected to continue its upward trajectory [6][20]. Supply and Demand Dynamics - The report identifies a positive shift in domestic supply and demand, driven by new product launches and stable procurement expectations, which are expected to enhance the performance of the pharmaceutical sector [6][24]. - The domestic market is anticipated to see an increase in the number of innovative drugs entering the National Medical Insurance system, further boosting demand [6][24]. Investment Opportunities - The report suggests focusing on companies involved in ADC (Antibody-Drug Conjugates) and dual antibodies, which are expected to become mainstream in oncology and autoimmune disease treatments [24][27]. - It also points out that the next generation of GLP-1 drugs for diabetes and weight loss will see intensified competition, with several domestic companies poised to enter the market by 2025 [24][36]. Key Companies to Watch - The report recommends monitoring companies such as 康方生物 (Kangfang Biotech), 百利天恒 (Baili Tianheng), and 科伦博泰 (Kelong Botai) for their innovative drug developments and potential market impact [6][24][27]. - It highlights the importance of companies that have successfully navigated the global market, such as 恒瑞医药 (Hengrui Medicine) and 百济神州 (BeiGene), which are making strides in international sales [20][21].

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 Xiaorui Hu amber.xr.hu@htisec.com [Table_InvestInfo] 多地接力家纺国补政策，Dick's Sporting Goods 上调全年业绩指引 [Table_Summary] 投资要点： 多地接力家纺国补政策，京东国补范围涵盖母婴服饰用品。本周多地接力家纺 产品焕新国家补贴政策，11 月 25 日，江苏省南京市宣布新增家纺类产品参与家 装家居改造补贴活动，按照产品成交价的 15%给予补贴，每户不超过 30000 元； 11 月 26 日，吉林省辽源市启动家装家居产品换新补贴活动，产品范围包含家纺 用品，按照产品成交价的 15%给予补贴，每类产品补贴不超过 2000 元，每位消 费者不超过 15000 元。近期，湖州、南通等多地查处羽绒服、羽绒被"以次充好" 情况。当前羽绒价格持续高位运行，我们认为在政府补贴覆盖面逐步扩大、市 场进一步规范之下，具备品牌与规模优势的优质家纺、羽绒服龙头企业有望受 益。此外，本周京东平台国家补贴品类已拓宽至婴童睡袋、婴童连体衣、月子 服等服饰产品，英氏婴童 ...

Investment Rating - The report indicates a positive investment outlook for the LED industry, with the sector outperforming the broader electronics sector and the CSI 300 index [12][16]. Core Insights - The LED industry index rose by 3.01% last week, outperforming the electronics sector by 0.64% and the CSI 300 by 1.7% [12]. - Key gainers in the LED sector included Shenzhen Sea Star Technology Co., Ltd. (15.97%), Shenzhen Mason Technologies (14.38%), and Shenzhen Exc-Led Technology Co., Ltd. (11.76%) [13]. - Notable declines were observed in Jiangxi Lianchuang Opto-Electronic Science & Technology (-4.29%), Shenzhen Baoming Technology Co., Ltd. (-0.77%), and Jufei Optoelectronics (-0.44%) [13]. Industry News - A collaboration between Innolux and Fantronics resulted in the development of a 130-inch MiniLED foldable TV featuring seamless splicing technology and a 99.85% screen-to-body ratio, designed to reduce eye strain and energy consumption [14]. - Gudong Technology launched the Xingcai 1S, a full-color dual-eye waveguide AI+AR glasses, which utilizes the Ravine AI platform for real-time intelligent perception [15]. - HKC showcased a new MiniLED display with a contrast ratio of 5 million:1, featuring advanced dimming technology and high color gamut coverage [15]. Suggested Companies to Watch - The report recommends monitoring companies such as Leyard Optoelectronic, Unilumin Group, and Sanan Optoelectronics for potential investment opportunities in the LED industry [16].

Investment Rating - The report maintains an "Outperform" rating for JD com Inc with a target price of HKD 195 per share, implying a 28% upside [9][89] Core Views - JD com reported strong 3Q24 results with revenue of RMB 260 4 billion, up 5 1% YoY, and Non GAAP net profit of RMB 13 2 billion, up 23 9% YoY [2][4] - The company's gross profit margin improved to 17 3%, up 1 7 percentage points YoY, driven by supply chain optimization and operational efficiency [4][8] - JD com's 3P ecosystem showed significant improvement, with third party merchant users growing over 20% YoY and order volume increasing over 30% YoY [4][18] Financial Performance - 3Q24 revenue breakdown: Direct sales revenue was RMB 204 6 billion, with household appliances and 3C up 2 7% YoY, and fast moving consumer goods up 8 0% YoY [5][19] - Service revenue grew 6 5% YoY to RMB 55 8 billion, with platform and advertising revenue up 6 3% YoY and logistics and other services up 6 5% YoY [5][20] - The company's Non GAAP net profit margin improved to 5 1%, up 0 8 percentage points YoY [8] Share Repurchase - JD com repurchased 31 0 million Class A shares totaling USD 390 million between June 30 and September 30, 2024, representing 1 1% of outstanding shares [3][17] - A new share repurchase program was adopted in September 2024, allowing the company to repurchase up to USD 5 billion worth of shares over the next 36 months [3][17] Business Segments - JD Retail's operating profit margin remained stable at 5 2% YoY, while JD Logistics' operating profit margin improved significantly to 4 7%, up 4 0 percentage points YoY [8] - The company's core categories, including 3C and household appliances, showed improved YoY growth, while supermarket and apparel categories achieved double digit growth [4][18] Valuation and Forecast - The report estimates JD com's 2024 2026 Non GAAP net profit at RMB 45 1 billion, RMB 46 6 billion, and RMB 50 4 billion, respectively [9][20] - A sum of the parts valuation approach was used, assigning a 14x PE multiple to the retail business for 2025 and valuing subsidiaries based on their latest post investment valuations [9][20] - The target price of HKD 195 per share implies a 2025E market capitalization of HKD 620 1 billion [9]

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 Xiaorui Hu amber.xr.hu@htisec.com [Table_InvestInfo] 多地接力家纺国补政策，Dick's Sporting Goods 上调全年业绩指引 [Table_Summary] 投资要点： 多地接力家纺国补政策，京东国补范围涵盖母婴服饰用品。本周多地接力家纺 产品焕新国家补贴政策，11 月 25 日，江苏省南京市宣布新增家纺类产品参与家 装家居改造补贴活动，按照产品成交价的 15%给予补贴，每户不超过 30000 元； 11 月 26 日，吉林省辽源市启动家装家居产品换新补贴活动，产品范围包含家纺 用品，按照产品成交价的 15%给予补贴，每类产品补贴不超过 2000 元，每位消 费者不超过 15000 元。近期，湖州、南通等多地查处羽绒服、羽绒被"以次充好" 情况。当前羽绒价格持续高位运行，我们认为在政府补贴覆盖面逐步扩大、市 场进一步规范之下，具备品牌与规模优势的优质家纺、羽绒服龙头企业有望受 益。此外，本周京东平台国家补贴品类已拓宽至婴童睡袋、婴童连体衣、月子 服等服饰产品，英氏婴童 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 23.86 per share and a reasonable market capitalization of RMB 213 billion [4][16][24]. Core Insights - The company is reallocating RMB 150 million from its convertible bond funds to the "High-end Casting Base Project," terminating the "NEV Construction Project" and "Smart Factory Phase II Project" [2][21]. - The acquisition of 65.15% of "Good Luck Machinery" and 51% of "Anxin Forks" is expected to enhance the company's competitiveness and revenue, reducing related transactions and optimizing governance [3][22][23]. - The high-end casting project aims for an annual production capacity of 200,000 tons, supporting the company's growth during the 14th and 15th Five-Year Plans [3][22]. Financial Forecast - The company is projected to achieve revenues of RMB 178.50 billion, RMB 201.84 billion, and RMB 226.25 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.17%, 13.08%, and 12.09% [4][19]. - Net profit is expected to reach RMB 14.17 billion, RMB 16.62 billion, and RMB 19.32 billion for the same years, reflecting growth rates of 10.85%, 17.33%, and 16.21% [4][19]. - The company's gross margin is projected to improve to 22.3% by 2024, maintaining this level through 2026 [5][19]. Business Segmentation - The forklift and parts business is expected to generate revenues of RMB 176.52 billion, RMB 199.47 billion, and RMB 223.41 billion from 2024 to 2026, with a stable gross margin of 22% [13][15]. - Other business segments are anticipated to grow at a rate of 20% annually, maintaining a gross margin of 45% [14][15]. Market Trends - The forklift industry is expected to maintain a growth trend, with domestic sales projected to show resilience despite external pressures, while exports are anticipated to grow significantly [8][10]. - The shift towards automation in manufacturing is expected to drive demand for forklifts, particularly in the context of smart logistics and warehousing [12][10].

Investment Rating - The report does not explicitly state an investment rating for the company [4]. Core Viewpoints - The company specializes in fluorine-containing fine chemicals and has established a complete product chain for chlorotoluene and trifluoromethylbenzene series products, positioning itself as a high-tech enterprise and a national specialized "small giant" [1][5]. - The company has successfully developed a complete process synthesis chain using toluene as the starting raw material, achieving self-sufficiency in key intermediates and ensuring large-scale production [2][6]. - The overall market demand in the first half of 2024 was weaker compared to the same period in 2023, with sales of trifluoromethylbenzene series products decreasing by 14.34% year-on-year, while chlorotoluene series products saw an increase in sales by 18.15% [2][7]. - New production capacities are being released progressively, with several projects nearing completion, including an annual output of 22,200 tons of fluorine-containing new materials and new functional chemicals [3][8]. Summary by Sections Company Overview - The company focuses on the field of fluorine-containing fine chemicals and has developed a complete product chain for chlorotoluene and trifluoromethylbenzene series products [1][5]. Production and Cost Efficiency - The company has innovatively adopted continuous production processes, which have replaced traditional batch production methods, leading to reduced costs per unit of product [2][6]. Market Demand and Sales Performance - In the first half of 2024, the company sold 17,210.19 tons of trifluoromethylbenzene series products, a decrease of 14.34% year-on-year, while chlorotoluene series products sold 17,035.88 tons, an increase of 18.15% [2][7]. Capacity Expansion - The company has completed several fundraising projects, including the construction of workshops that will significantly increase production capacity for various chemical products [3][8].

Investment Rating - Maintain OUTPERFORM rating with a target price of USD 25.20 [1] - Current price is USD 20.01 as of November 29, 2024 [1] - Market capitalization stands at USD 6.25 billion [1] Core Views - The company has passed its trough, and the positive guidance reflects management's confidence [1] - Domestic revenue for the Miniso brand grew by 6% YoY, reaching RMB 2.44 billion [1] - Overseas revenue surged by 40% YoY to RMB 1.81 billion, with 183 net new stores added QoQ [1] - The company expects Q4 revenue growth of 25%-30%, driven by strong performance in both domestic and international markets [1] Financial Performance - Q3 revenue reached RMB 4.52 billion, up 19% YoY [1] - Adjusted net profit was RMB 686 million, a 7% YoY increase, with an adjusted net profit margin of 15.2% [1] - Gross profit margin hit a record high of 44.9%, up 3.1 percentage points YoY [1] - Sales and distribution expense ratio increased to 22%, primarily due to higher costs associated with directly operated stores [1] Domestic Operations - Domestic revenue grew by 9% YoY to RMB 2.71 billion [1] - The company added 135 net new stores in Q3, bringing the total to 4,250 stores in China [1] - O2O business grew nearly 80% YoY, contributing 7%-8% of domestic revenue [1] - TOPTOY, the company's sub-brand, achieved a 50% YoY revenue growth and has been profitable for four consecutive quarters [1] International Expansion - Overseas revenue grew by 40% YoY, with 183 net new stores added in Q3 [1] - The company raised its 2024 store opening guidance to 650-700 stores, up from the previous 550-650 [1] - North American operations have stabilized, with cost structure optimization underway [1] - Local sourcing in the US has reached 30%, with further room for improvement [1] Valuation and Forecast - Revenue for 2024-26 is projected to be RMB 17.2/21.6/25.6 billion, with adjusted net profit of RMB 2.80/3.53/4.23 billion [1] - The company is valued at 20x 2024 PE, with a target price of USD 25.2 [1] - Q4 revenue is expected to grow by 29% YoY to RMB 4.94 billion, with adjusted net profit of RMB 880 million [1] Strategic Initiatives - The company is focusing on O2O, IP-driven products, and precise marketing to boost same-store sales [1] - A new store matrix strategy, including MINISO Land and flagship stores, has been introduced to cater to different customer segments [1] - The acquisition of a 29.4% stake in Yonghui Superstores is progressing as expected, with the deal set to close in Q1 2025 [3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The ASEAN region is the fifth largest retail market globally, with a retail scale of $648.2 billion in 2023, growing at a CAGR of 3.8% from 2015 to 2023, surpassing the global average of 3.3% [18][19] - The e-commerce retail scale in ASEAN reached $124 billion in 2023, ranking sixth globally, with a remarkable CAGR of 40% from 2015 to 2023, significantly higher than the global average of 16% [18][19] - The e-commerce penetration rate in ASEAN increased by 15 percentage points from 2018 to 2023, indicating substantial growth potential [25][29] Summary by Sections 1. Overview: Rapid Growth of E-commerce Channels - ASEAN's retail market is the fifth largest globally, with a retail scale of $648.2 billion in 2023, accounting for 4% of the global total [18] - The e-commerce retail scale in ASEAN is $124 billion, representing 3% of the global total, with a CAGR of 40% from 2015 to 2023 [18][19] - The major six countries in ASEAN account for 97% of the total retail scale, with Indonesia being the largest contributor [19][20] 2. E-commerce Competitive Factors: Supply Chain as a Core Barrier - The e-commerce scale in the major six ASEAN countries grew from $12.5 billion in 2016 to $38.4 billion in 2019, with a CAGR of 45.37% [34] - Shopee maintains the largest market share in the major six ASEAN countries, with a 32% market share in 2023 [44] - The competition in e-commerce is driven by supply chain capabilities, which are essential for increasing market share [34][44] 3. Major Platform Analysis - Shopee's total revenue in 2023 was $13.1 billion, with e-commerce accounting for 70% of this revenue [4] - Lazada's market share decreased from 19% in 2018 to 15% in 2023, despite maintaining positive order growth [4] - TikTok Shop achieved a remarkable CAGR of 203% from 2021 to 2023, reaching a business scale of $5.2 billion in the major six ASEAN countries [4][44]