Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][12]. Core Insights - The company is set to benefit from the revival of the Jinbei brand and the integration of resources under Shenyang Automotive, enhancing its competitive edge in the automotive parts industry [1][2]. - The company has seen a revenue decline of 13.21% year-on-year in the first three quarters of 2024, but its net profit attributable to shareholders increased by 52.84% due to the recovery of debts from the Brilliance Group [2]. - BMW's increased investment in China, amounting to 20 billion RMB, is expected to drive demand for automotive parts, with the company positioned as a core supplier for BMW's new generation models [2][7]. Summary by Sections Company Overview - Jinbei Automotive is focusing on the revival of its brand and the launch of new energy products, with plans to introduce various models in early 2025 [1]. - The company is enhancing its market competitiveness by extending its focus on core automotive parts and collaborating with major suppliers [1]. Financial Performance - For the first three quarters of 2024, the company reported revenues of 3.427 billion RMB, a decrease of 13.21%, while net profit reached 292 million RMB, an increase of 52.84% [2]. - The company is projected to achieve revenues of 4.699 billion RMB, 5.158 billion RMB, and 5.835 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 304 million RMB, 324 million RMB, and 351 million RMB [7]. Market Position and Outlook - The company is expected to benefit from BMW's local production plans, which include launching over 20 new models in 2024 and the first new generation model in 2025 [2]. - The integration of resources under Shenyang Automotive is anticipated to support the company's transformation and structural adjustments in the automotive industry [1].

2025年01月04日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2025年第一期）： 券商 24 年股权承销成绩出炉 行业马太效应加剧 市场表现: 本期（2024.12.30-2025.1.3）非银（申万）指数-9.89%、行业排 28/31，券商 II 指数-11.33%，保险Ⅱ指数-6.37%; 上证综指-5.55%，深证成指-7.16%，创业板指-8.57%。 个股涨跌幅排名前五位：江苏金租（-0.77%）、中国平安（-5.58%） (-7.18%）、国泰君安（-7.28%）、中国人寿（-7.53%）； 个股涨跌幅排名后五位：天茂集团（-21.27%）、国联证券（-18.70%）、哈投股 份（-17.44%）、第一创业（-16.10%）、华林证券（-15.66%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 行业走势图 50% 40% 30% 20% 10% 0% -10% -20% 作者 薄晓旭 分析师 SAC 执业证书: S0640513070004 联系电话:0755-33061704 邮箱：boxx@avicsec.com 相关研究报告 非银行业周报 (2024年第四 ...

行业报告：先进制造行业周报 2025年1月4日 豆包"蒸熟"，国内AI产业迈入快速落地+商业变现新周期 行业评级：增持 分析师：卢正羽 证券执业证书号：S0640521060001 分析师：闫智 证券执业证书号：S0640524070001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造——投资观点 ◼ 重点推荐：北特科技、纽威股份、三花智控、双林股份、鸣志电器、莱斯信息、纳睿雷达、万集科技、万马科技、软通动力 ◼ 重点跟踪行业： ◼ 核心个股组合：北特科技、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、中信海直、软通动力、航锦科技、华伍 股份、华阳集团、万集科技、万马科技、绿的谐波、埃斯顿 ◼ 本周专题研究：截至 2024年12 月中旬，豆包通用模型的日均 tokens 使用量超过 4 万亿，较七个月前首次发布时增长了 33 倍。豆包大模型出圈 的背后，源于AI应用规模化落地后的低廉普及成本。据悉，豆包更新后的视觉理解模型可实现千tokens（token是文本中的最小单元）输入价格仅 3厘的价格，一元钱可处理284张720P的图 ...

2025年01月05日 证券研究报告|行业研究|行业点评 资料来源:iFind,中航证券研究所整理 ◆ 简要回顾观点 行业周观点:《年末猪价偏弱运行,粮食安全偏好抬升》《农村工作会议 强调粮食安全,关注种业》、《猪价景气延续,鸡苗涨势显著》。 ◆ 本周核心观点 【核心观点】近期，24 年 11 月官方能繁母猪存栏数据披露，行业 产能上涨幅度再度减缓。随着周期运行，产能去化周期有望逐步打开。 生猪板块整体估值较低，具备中长期配置价值。 农林牧渔 农业周观点:母猪存栏涨幅减缓,关注板块配置价值 报告摘要 ◆ 本期行情（2024.12.28-2025.01.03） 申万农林牧渔行业 (-6.74%)，申万行业排名 (17/31); 上证指数 (-5.55%)，沪深 300（-5.17%） 中小 100（-6.79%）; | 涨幅前五 | 平潭发展 | 华资实业 | 乖宝宠物 | 中宠股份 | 路斯股份 | | --- | --- | --- | --- | --- | --- | | | 9.0% | 8. 7% | 6. 7% | 4. 8% | 4. 0% | | 跌幅前五 | 福成股份 | 粤海饲料 | 仙坛 ...

2025年01月04日 证券研究报告|行业研究|行业点评 社会服务行业·周观点 临近春节假期,旅游&电影市场景气度持续提升 随着春节临近,旅游市场火热。12月31日,携程发布《2025春节旅 游市场预测报告》,报告显示相较于去年春节,今年消费者出游意 愿空前高涨,国内游、出入境游全面开花,均呈现增势,国内游出 行半径进一步扩大。携程数据显示,12月31日春运火车票开售首日, 从广州、上海、深圳、北京、杭州等一线和新一线城市出发的旅客 最多,哈尔滨、重庆、成都等地为热门目的地。航旅纵横大数据显 示、截至12月24日、2025年春节假期（2025年1月28日至2月4日） 国内航线机票预订量超244万张；出入境航线机票预订量超112万 张,比去年春节同期增长约37%。我们判断,春节期间的客流将呈 现"双峰"态势,首个高峰为除夕前一周陆续开启的返乡游人潮, 而第二个高峰则是由节后度假出行的旅客和春节返程旅客共同组 成，"双峰"有望带动年底送礼、出行等消费需求加速释放。 投资主线一：春节旅游市场热度攀升,优质活动及政策推动冬季旅 游消费升级。我们预计年底会有更多的刺激消费政策落地,各地 将推出诸多优惠活动,有望助力消费 ...

2025年01月05日 证券研究报告|宏观研究|宏观点评 制造业景气度仍在恢复通道 2024 年 12 月 30 日-2025 年 1 月 5 日周报 2024年 12月官方制造业 PMI 略有回落 2024 年 12 月官方制造业 PMI 录得 50.1%,较上月-0.2PCTS, 10 月以来第 3 次 位于荣枯线之上。 在总体上仍处在修复通道中外,2024年12月制造业 PMI 还表现出四个特征：其 一,12月制造业需求端修复速度加快,生产端修复速度有所放缓。12月PMI 新订单指 数和生产指数分别较上月+0.2PCTS 和-0.3PCTS, 分别带动 12 月制造业 PMI 上行 0.06PCTS 和下行 0.08PCTS,显示增量稳增长政策继 11月之后,继续通过对制造业实 际需求产生一定拉动作用,进而带动制造业整体景气程度的修复。其二,与 11 月小型 企业景气度修复速度明显更快不同,12 月大、中、小型制造业企业 PMI 分别较上月- 0.4PCTS、+0.7PCTS 和-0.6PCTS，且大型和中型制造业企业 PMI 位于荣枯线之上, 小型制造业企业 PMI 位于荣枯线之下,显示稳增长政策效果 ...

2025年 01月 05 证券研究报告|行业研究|军工行业点评 国防军工 军工行业周报:开年大跌后的思考 报告摘要 全年观点请关注 2025 年军工投资策略《今朝更好看》。 国防军工（申万）周跌幅 10.48%,开年 2 个交易日跌幅-7.85%, 均在申万 31 个行业中排名倒数第二,周成交量 1543.97 亿元,为 2024 年 10月以来最低。 2024年,军工行业已迈入小周期逾一年时间,期间人事调整频繁、 需求节奏尚不明晰、军品降价压力持续存在等多重因素交织,导致军工 行业遭遇了近十年来最差三季报,收入与归母净利润增速的中位数均首 次出现负增长,企业经营压力显著加剧。然而,观察国防军工(申万) 指数的表现,年涨幅达 7.08%,在 31 个行业排名第 10,年内最大涨幅 超过 50%, 指数周成交额一度刷新历史新高, 市场对军工板块展现出了 强烈的预期特征。因此,2024年军工行业整体表现为"拉估值"。相应, 近期的下跌也表现出短期市场风险偏好降低之下的"杀估值"。 普遍性去看,业绩见底即将回暖,而估值因市场风险偏好降低而 下杀之际,或是配置良机,而军工行业当前即如此。 以下为 2025年军工投资策 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit from the new international trade reform plan in Yiwu, which highlights its unique position as the only pilot enterprise in the region. This reform is anticipated to enhance the company's main business performance through policy support and market recovery [1][4]. - The company's net profit for the first half of 2024 is projected to grow significantly, with estimates for net profit reaching 2.935 billion yuan in 2024, 3.541 billion yuan in 2025, and 4.535 billion yuan in 2026, reflecting a strong growth trajectory [4][20]. - The integration of AI into the company's operations is expected to drive digital transformation and innovation in trade models, further enhancing performance and creating new growth curves [4][14]. Summary by Sections Company Overview - The company operates in Yiwu, known as the "World Capital of Small Commodities," and is positioned as a key international trade platform. It is expected to lead business expansion under the new reform pilot [4]. Financial Performance - The company's revenue for 2023 is reported at 11,299.69 million yuan, with a growth rate of 48.30%. The projected revenue for 2024 is 14,275.25 million yuan, reflecting a growth rate of 26.33% [20]. - The net profit attributable to the parent company for 2023 is 2,676.18 million yuan, with a significant increase of 142.25% compared to the previous year. The expected net profit for 2024 is 2,935.30 million yuan, indicating a growth rate of 9.68% [20]. Market Trends - The Yiwu market's import and export value reached 613.99 billion yuan from January to November 2024, showing a year-on-year increase of 17.6%. This growth is notable despite the high base in 2023 [1]. - The company has successfully integrated AI into its operations, launching multiple digital service products and enhancing its platform capabilities, which is expected to improve order fulfillment rates and customer engagement [1][15]. Future Outlook - The company is projected to continue its robust growth trajectory, with earnings per share (EPS) expected to rise to 0.54 yuan in 2024, 0.65 yuan in 2025, and 0.83 yuan in 2026, corresponding to price-to-earnings (PE) ratios of 25, 21, and 16 respectively [4][20]. - The ongoing development of the global digital trade center and the company's focus on AI-driven market transformation are anticipated to further enhance its performance and valuation [14].

Investment Rating - The report maintains the investment rating for the non-bank financial sector [1]. Core Insights - The non-bank financial index increased by 0.85%, ranking 6th out of 31 industries, while the brokerage index rose by 0.76% and the insurance index by 1.78% [1]. - The insurance sector's original premium income for the first 11 months of the year reached 5.36 trillion yuan, reflecting a year-on-year growth of 6.2% [5]. - The report highlights that the insurance industry's premium income is under pressure, particularly in life insurance, where the amount of insurance coverage has decreased by 13% [35]. - The report suggests that mergers and acquisitions in the brokerage sector are expected to accelerate, with a focus on companies like Guotai Junan and Guolian Securities [4][11]. Summary by Sections Securities - The brokerage sector's PB valuation is currently at 1.51 times, near the 50th percentile of 2020 [11]. - The China Securities Regulatory Commission approved the merger of Guolian Securities and Minsheng Securities, marking a significant step in industry consolidation [11][70]. - The report indicates that ongoing mergers and acquisitions will enhance industry competitiveness and resource allocation [4]. Insurance - The original premium income for property insurance companies was 1.56 trillion yuan, with a year-on-year growth of 5.89% [16]. - The report notes that the insurance industry's total assets reached 35.19 trillion yuan, with net assets of 3.13 trillion yuan as of November 2024 [15]. - The report emphasizes the need to monitor the performance of the bond market, equity market, and real estate market to assess future valuation recovery in the insurance sector [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 39.46 CNY per share [10][13]. Core Views - The company is positioned as a platform-type state-owned enterprise focusing on the integration of complete vehicles and core components, advancing into the smart vehicle sector with collaborations with major tech firms like Huawei [10][13]. - The company has launched its first model, the Zun Jie S800, in collaboration with Huawei, indicating a strong push towards smart vehicle technology [10][13]. - The company aims to enhance its brand image and establish itself as a benchmark for domestic luxury vehicles through the sales of its Zun Jie products [4][10]. Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 32.27 billion CNY, a year-on-year decrease of 5.0%, while net profit attributable to the parent company was 625 million CNY, a significant increase of 239.86% year-on-year [10][13]. - The company's gross margin improved to 11.36%, benefiting from optimized product structure and enhanced resource allocation efficiency [10][13]. - Revenue projections for 2024-2026 are 49.71 billion CNY, 63.24 billion CNY, and 78.30 billion CNY, respectively, with corresponding net profits of 656 million CNY, 842 million CNY, and 1.14 billion CNY [13][14]. Product Revenue Forecast - The revenue forecast for different product segments includes: - Passenger vehicles: Revenue of 15.91 billion CNY in 2023, with a growth rate of 57.48% [6]. - Commercial vehicles: Revenue of 2.10 billion CNY in 2023, with a growth rate of 30.5% [6]. - Buses: Revenue of 196.30 million CNY in 2023, with a growth rate of 32.98% [6]. - Chassis: Revenue of 260.34 million CNY in 2023, with a growth rate of 70.81% [6]. - Other main businesses: Revenue of 2.60 billion CNY in 2023, with a growth rate of 12.13% [6]. Strategic Initiatives - The company is expanding its overseas business, having launched a European strategic plan at the Hannover International Transport Fair, focusing on localized operations and green logistics solutions [10][13]. - The collaboration with Huawei is expected to empower the company's passenger vehicle business, enhancing its technological capabilities in smart and electric vehicles [4][10].