大家好欢迎参加本次智商机械华通线南年报一级报道业绩电话会目前所有参会者均处于静音状态现在开始播报你的声明声明播报完毕后主持人可直接开始发言谢谢 浙商证券研究所提醒您一本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合 谢谢好的 各位领导 大家上午好我是浙商证券机械国防行业首席分析师王华钧 今天我们非常荣幸的邀请到了华通线缆的总经理张总华通线缆集团副总裁张总还有公司的财务总监董事会秘书罗总以及公司证券处代表曹总等领导来给我们介绍一下华通线缆年报和一季报的一些业绩的一些情况那么华通线缆的话是我们这张机械国防团队非常看好的一个重点标的我们核心看好是公司的 ...

Company Overview - The report focuses on Giant Biogene (2367 HK), a company specializing in recombinant collagen-based skincare products and rare ginsenoside-based health supplements [1] - The company is the first globally to achieve mass production of recombinant collagen skincare products and the first in China to obtain a medical device registration certificate for recombinant collagen products [3] - Giant Biogene has a portfolio of 8 major brands with over 100 product SKUs as of the end of 2023 [19] Industry Analysis Recombinant Collagen Market - The recombinant collagen market is expected to grow rapidly, with penetration increasing from 15 9% in 2017 to 62 3% by 2027 [2] - Recombinant collagen offers advantages over animal-derived collagen, including higher bioactivity, better biocompatibility, lower immunogenicity, and easier transportation and storage [13] - The market size for recombinant collagen in functional skincare, medical dressings, and skin rejuvenation is projected to reach 64 5 billion, 25 5 billion, and 12 1 billion yuan respectively by 2027, with a total market size of 108 3 billion yuan [17] Rare Ginsenoside Market - Rare ginsenosides, derived from ginseng, have stronger biological activity and are more easily absorbed by the human body compared to prototype ginsenosides [18] - The market size for rare ginsenoside-based health foods in China is expected to grow from 645 4 million yuan in 2021 to 1 56 billion yuan by 2027 [18] Business Performance - In 2023, the company achieved revenue of 3 52 billion yuan, a 49 05% year-on-year increase, and net profit of 1 45 billion yuan, a 44 59% increase [23] - The flagship brand Kefumei contributed 79 1% of total revenue, growing 72 9% year-on-year to 2 79 billion yuan [23] - The company's gross margin was 84 4% in 2023, with a net profit margin of 41 09% [23] Growth Drivers - The company is expected to obtain two new Class III medical device registrations in 2024 for recombinant collagen liquid and solid formulations, targeting anti-aging applications [4] - The company expanded its production capacity in 2023, adding 2 new recombinant collagen production lines, 4 cosmetic production lines, and 2 medical device production lines [22] - Online sales channels showed strong growth, with Kefumei and Kelijing achieving GMV growth rates exceeding 165% and 70% respectively during the 618 shopping festival [20] Financial Projections - Revenue is forecasted to grow from 4 83 billion yuan in 2024 to 8 07 billion yuan in 2026, representing a CAGR of 29 52% [35] - Net profit is projected to increase from 1 80 billion yuan in 2024 to 2 76 billion yuan in 2026 [35] - EPS is expected to grow from 1 81 yuan in 2024 to 2 78 yuan in 2026 [35] Valuation - The report gives a 6-month target price of 61 54 yuan per share, representing a 21 74% upside from the current price [43] - The company is valued at 24X-35X PE, corresponding to a reasonable valuation range of 43 44-63 35 yuan per share [37] - Using DCF valuation, the intrinsic value per share is estimated at 63 62 yuan [39]

Investment Rating - The report assigns a "Recommended (First)" investment rating to the company with a target price of 25.60 CNY per share within six months [13]. Core Insights - The company has demonstrated strong operational capabilities, successfully launching and maintaining profitable tourism projects, which indicates its ability to develop and operate tourism resources effectively [56]. - The tourism industry is experiencing a comprehensive recovery supported by "compensatory" demand following the lifting of travel restrictions, with significant growth in domestic tourism numbers and spending [11][45]. - The company is expected to see new growth points from upcoming projects, including the Nanshan Xiaozhai Phase II and Yushui Hot Spring renovation, which are projected to be operational by December 2025 and 2026 respectively [27][29]. Summary by Sections Company Investment Rating - The company is rated "Recommended (First)" with a target price of 25.60 CNY per share [13]. Company Performance Forecast and Valuation - Revenue projections for 2023-2025 are 6.56 billion, 7.41 billion, and 8.38 billion CNY, with year-over-year growth rates of 77.94%, 12.99%, and 13.04% respectively [73]. - Net profit attributable to shareholders is forecasted to be 1.49 billion, 1.82 billion, and 2.06 billion CNY for the same period, with corresponding EPS of 0.80, 0.97, and 1.11 CNY [73]. - The company’s P/E ratios are projected to be 182.91, 25.15, 20.74, and 18.13 for 2023E, 2024E, and 2025E respectively [2]. Industry Overview - The tourism industry is closely linked to economic cycles, with growth rates often exceeding overall economic growth during favorable economic conditions [8]. - The report highlights that the domestic tourism market is expected to exceed 60 billion trips and 6 trillion CNY in revenue by 2024, indicating a robust recovery trajectory [49]. Company Core Resources and Competitive Advantages - The company benefits from unique resources, including the Nanshan Bamboo Sea and Yushui Hot Spring, which are rare in the Yangtze River Delta region, enhancing its competitive edge [11][33]. - The diverse product offerings create synergistic effects, attracting a wider range of tourists and expanding the consumer base [35][66]. Operational Efficiency and Management - The company has shown improved operational efficiency, with a significant reduction in sales expenses and an increase in gross and net profit margins in 2023 [59]. - Compared to peers, the company maintains a strong position in inventory turnover and return on equity, indicating effective management practices [67][39].

A股研究报告|2024年3月19日 引入加盟特许经营模式，公司门店规模有望进一步提升 —海底捞（06862.HK）投资价值分析报告 ⚫ 群众基础良好，预计2024年火锅行业市场规模将超5500亿元 由于强社交属性、食材及口味的多样性，火锅是我国最受欢迎的外出就 公司投资评级 餐选择，在我国餐饮行业中占据较大比重。根据红餐大数据，火锅门店 推荐（首次） 在新一线城市分布最多，占比 23.1%，在二线及以上城市门店数占比达 到 49.1%，近几年随着三线及以下城市消费能力提升，三线及以下城市 火锅门店同步增长。据路过网络数据，2023年以来，受益于出行恢复， 公司深度报告 线下门店客流恢复，以及品牌推出外卖、自提、自热火锅等多种服务， 2023年火锅市场恢复增长，预计市场规模有望超过5000亿元，按5%增 华通证券国际有限公司研究部 幅计算，预计2024年火锅行业市场规模将超5500亿元。 ⚫ 海底捞品牌知名度高，创新产品和服务下公司翻台率有所提升 社会服务行业组 服务是海底捞能够在餐饮市场脱颖而出的关键，近几年，海底捞餐厅多 SFC:AAK004 次以创新服务及创新菜品进入消费者视野，带动餐厅翻台率提升。目前， ...

Investment Rating - The report assigns a "Recommended (First Time)" investment rating to the company, with a target price of 39.93 CNY per share over the next six months, indicating a potential upside of 30.79% from the current price of 30.53 CNY per share [9][88]. Core Insights - The company is expected to achieve revenue growth of 12.07%, 11.39%, and 11.42% for the years 2023, 2024, and 2025, respectively, with projected revenues of 1.65 billion, 1.84 billion, and 2.05 billion CNY [5][21]. - The net profit attributable to shareholders is forecasted to be 379 million, 466 million, and 524 million CNY for the same years, corresponding to EPS of 1.21, 1.49, and 1.67 CNY [5][21]. - The company is benefiting from a stable growth in its main business, China Manufacturing Network, and the introduction of AI-powered services is expected to contribute to new growth points [9][88]. Company Overview - The company operates in the cross-border e-commerce sector, primarily through its platform, China Manufacturing Network, which connects Chinese suppliers with international buyers [20][65]. - The company has over 27 years of experience in providing e-commerce services to export-oriented SMEs, accumulating a significant amount of quality B-class customer resources [20][44]. Financial Performance - The company reported a gross margin of 78.48% and a net margin of 26.25% for the first three quarters of 2023, with total revenue of 1.12 billion CNY, reflecting a year-on-year growth of 1.44% [39][69]. - The report highlights a continuous improvement in operational efficiency, with a decrease in various expense ratios, including sales, management, and financial expenses [69][100]. Industry Analysis - The cross-border e-commerce industry in China is projected to grow at a compound annual growth rate (CAGR) of 16.4% from 2023 to 2025, driven by economic recovery and increasing international trade [62][58]. - The report notes that China's export market share is expected to remain stable at around 14%, indicating a solid competitive advantage for the manufacturing sector [8][14].