Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4][8]. Core Insights - The company, Runben Co., Ltd., focuses on a dual strategy of mosquito repellent and baby care products, achieving a revenue of 1.033 billion yuan in 2023, a year-on-year growth of 20.66%, and a net profit of 226 million yuan, with a year-on-year growth of 41.23% [4][58]. - The revenue breakdown for 2023 shows that mosquito repellent products accounted for 31.49% of total revenue, baby care products for 50.48%, and essential oils for 14.15% [58]. - The company benefits from the growing outdoor activities and changing consumer attitudes towards mosquito control, with the mosquito repellent market expected to reach 12.006 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 7.28% from 2020 to 2024 [5][41]. Summary by Sections Company Overview - Runben Co., Ltd. specializes in the research, production, and sales of mosquito repellent and personal care products, with three core product lines: mosquito repellent, baby care, and essential oils [4][55]. - The company has established a strong brand presence since its inception in 2006, transitioning from offline distribution to a robust online sales model [55][31]. Financial Performance - In 2023, the company reported a revenue of 1.033 billion yuan and a net profit of 226 million yuan, with respective year-on-year growth rates of 20.66% and 41.23% [4][58]. - Forecasts for 2024-2026 predict revenues of 1.352 billion yuan, 1.714 billion yuan, and 2.033 billion yuan, with growth rates of 30.84%, 26.85%, and 18.60% respectively [7][10]. Market Analysis - The mosquito repellent market in China has shown steady growth, with retail sales increasing from 6.209 billion yuan in 2015 to an expected 12.006 billion yuan in 2024 [5][41]. - The baby care market is also expanding, driven by the demand for quality products from younger parents, with expectations for the market size to exceed 30 billion yuan in 2021 [5][68]. Competitive Advantages - The company offers high cost-performance products, with flagship items priced between 20-50 yuan, ensuring quality and effectiveness [6][100]. - Runben maintains a strong supply chain and operational capabilities, with significant investments in production automation and smart supply chain management [6][104]. - The company has a robust online presence, ranking first in sales on platforms like Tmall and actively expanding its offline distribution channels [6][84].

最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 电子 沪深300 -30% -25% -21% -16% -12% -7% -3% 2% 6% | [ 行业 Table_Industry] : | 电子 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年07月01日 | | 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号 : | S0870523090001 | | 联系人 : | 陈凯 | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号 : | S0870123070004 | | 联系人 : | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | ...

Market Performance - The Chinese stock index fell by 2.12%, while the mixed fund index decreased by 1.75%[7] - The bond index rose by 0.12%, underperforming the bond market by 0.15% compared to the China Bond Composite Wealth Index[9] - The Shanghai Composite Index dropped by 1.03%, and the Shenzhen Component Index fell by 2.38%[39] Fund Indexes - The annuity index decreased by 0.23%, outperforming the Shanghai and Shenzhen markets but underperforming the bond market[24] - Lifecycle fund indexes generally declined, with the 20-35 year index down by 1.36% and the 0-5 year index up by 0.22%[47] - The lifecycle (0-5) index performed similarly to the bond market, while the 20-35 index was lower than the Shanghai Composite Index by 0.34% but higher than the Shenzhen Component Index by 1.02%[14] Performance Metrics - The annualized return for the annuity index since inception is 6.49% with a volatility of 6.45%[27] - The lifecycle (20-35) fund index has an annualized return of 8.96% since inception, with a volatility of 20.56%[52] - The active management fund index serves as a benchmark for performance comparison and investment decision-making for fund of funds (FOF) strategies[9]

绿证核发交易系统正式启用,引导绿色 电力消费 ——公用事业周报(20240624-20240628) 增持(维持) [◼Table_Summary] 核心观点 国家绿证核发交易系统 6月 30 日正式启用,引导绿色电力消费。2024 年 6 月 26 日,国家能源局发布通知,定于 2024 年 6 月 30 日正式启用 国家绿证核发交易系统,以提升绿证核发效率,推动绿证核发全覆 盖。通知中提到,国家绿证核发交易系统每月以电网企业、电力交易 机构提供的数据为基础,对已建档立卡的项目上月电量核发绿证。从 我国绿证制度的发展来看,2017 年我国已经开始试行绿证制度,2023 年 7 月对绿证制度进行了修订完善,标志我国绿证核发进入新阶段。 根据中国电力企业联合会数据显示,2024 年 1-5 月我国绿证交易 3907 万张,对应电量 390.7 亿千瓦时。随着绿证交易的进一步推广,有望 引导绿色电力消费和可再生能源的开发和消纳。 1-5月累计发电装机容量同比增长 14.1%,核电累计同比增速扩大。国 家统计局数据显示,2024 年 1-5 月全国发电装机容量累计值约为 30.4 亿千瓦时,同比增长 14.1%。其 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating [3] Core Views - The company is a leader in intelligent manufacturing and industrial internet solutions, with a global presence across 12 countries and regions [3] - The company is well-positioned to benefit from the AI development wave, particularly through its deep collaboration with North American clients [3] - The industrial internet sector is expected to continue growing, driven by policy support and the company's differentiated service strategies [3] - The communication market is under short-term pressure, but the company has made significant progress in high-speed switch production, with 100G, 200G, and 400G switches already in mass production and 800G switches entering the NPI phase [3] Business Overview Intelligent Manufacturing and Industrial Internet - The company is a global leader in intelligent manufacturing and industrial internet solutions, with a "2+2" strategy focusing on intelligent manufacturing, industrial internet, big data, and robotics [8] - The company has a cross-regional production layout and serves over 50 major clients with industrial internet and smart production solutions [9] - The company's revenue has grown from CNY 272.8 billion in 2015 to CNY 476.34 billion in 2023, with a CAGR of 7.22% [12] - The company's industrial internet business, although small in revenue share (0.35% in 2023), has the highest gross margin, close to 50% [14] Cloud Computing - The company's cloud computing business is expected to be a key driver of growth, with revenue projected to grow from CNY 264.26 billion in 2024 to CNY 416.34 billion in 2026 [41] - The company has a strong partnership with NVIDIA, being the exclusive supplier for A100 and H100 boards and the latest GPU HPC platform [19] - The company's modular server development capabilities are highlighted, with the launch of the world's first modular server in 2022 [18] Communication and Mobile Network Equipment - The communication and mobile network equipment business is expected to stabilize, with revenue projected to remain flat at CNY 298.5 billion from 2024 to 2026 [41] - The company has achieved mass production of 100G, 200G, and 400G high-speed switches, with 800G switches entering the NPI phase [39] Financial Projections - Revenue is projected to grow from CNY 565.82 billion in 2024 to CNY 717.95 billion in 2026, with net profit attributable to shareholders expected to increase from CNY 27.42 billion in 2024 to CNY 35.67 billion in 2026 [3] - The company's EPS is expected to grow from CNY 1.38 in 2024 to CNY 1.80 in 2026 [3] - The company's P/E ratio is expected to decrease from 19.85x in 2024 to 15.26x in 2026, below the industry average [45] Valuation - The company's valuation is considered attractive, with a P/E ratio lower than the industry average for 2025 and 2026 [45] - The company's P/B ratio is expected to decrease from 3.53x in 2024 to 2.94x in 2026 [3]

证 券 研 究 报 告 行 业 周 报 | [ 行业 Table_Industry] : | 医药生物 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年06月29日 | | 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号 : | S0870122080015 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 医药生物 沪深300 -23% -20% -16% -13% -9% -6% -2% 1% 5% 相关报告: | | 《重视中药板块投资价值;夏季关注清热 | |-------------- ...

证 券 研 究 报 告 行 业 周 报 | [ 行业 Table_Industry] : | 医药生物 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年06月29日 | | 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@shzq.com | | SAC 编号 : | S0870122080015 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 医药生物 沪深300 -23% -20% -16% -13% -9% -6% -2% 1% 5% 相关报告: | | 《重视中药板块投资价值;夏季关注清热 | |-------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is positioned at a critical node in the silicon carbide (SiC) industry chain, leveraging its core competencies to achieve significant growth. SiC is recognized as a third-generation semiconductor material, with applications in electric vehicles, photovoltaics, and power grids, among others. The company has successfully transitioned to the production of conductive SiC substrates, achieving a year-on-year sales increase of 254.70% in 2023, with total sales reaching approximately 230,000 pieces [6][19][24]. - The company has established long-term partnerships with leading power manufacturers, enhancing its market presence. It is projected that the global market for SiC power devices will reach $7.741 billion by 2028, with a compound annual growth rate of 33.25% from 2022 to 2028 [6][19][30]. Summary by Sections 1. Company Overview - The company has been focusing on technology upgrades and capacity expansion, becoming a globally influential player in the SiC substrate market. It has successfully completed the certification of both semi-insulating and conductive SiC substrates [15][19]. - The company has a stable shareholding structure, with the actual controller holding 30.09% of the shares, ensuring a concentrated and stable ownership [17]. 2. Market Position and Performance - The company achieved a revenue of 1.251 billion yuan in 2023, representing a year-on-year growth of 199.90%. The core business of SiC substrates contributed approximately 1.086 billion yuan, with a year-on-year growth of 233.05% [19][22]. - The gross margin improved to 15.81% in 2023, reflecting a year-on-year increase of 21.56 percentage points [19][22]. 3. Industry Dynamics - The SiC industry is experiencing rapid growth, driven by the increasing demand for high-quality conductive SiC substrates. The company has positioned itself to capitalize on this trend, achieving a global market share of 2nd in conductive SiC substrates in 2023 [30][49]. - The report highlights the importance of substrate preparation as a core aspect of the SiC industry, with the company focusing on enhancing its production capabilities and technological advancements [37][42]. 4. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 156 million yuan, 344 million yuan, and 556 million yuan for 2024, 2025, and 2026, respectively [8][9]. - The ongoing expansion of production capacity and the focus on cost reduction are seen as key drivers for the company's future success in the SiC market [44][49].

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年06月29日 | 分析师 : | 梁瑞 | |--------------|-------------------| | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 美容护理 沪深300 -34% -29% -24% -19% -14% -10% -5% 0% 5% 相关报告: 《国货龙头表现亮眼,医美新品持续发 布》 ——2024 年 06 月 23 日 《持续高温天气,关注防晒旺季催化》 ——2024 年 06 月 16 日 《5 月淘系美妆同比+69%,国货龙头发力 头皮洗护赛道》 ——2024 年 06 月 10 日 美妆龙头积极推新,拓展美白、祛痘新 功效 ——美容护理行业周报(20240624-0628) 增持(维持) [➢Table ...

自港澳进境免税额度提高,关注旺季文 旅消费 ——社服行业周报(2024.06.24-06.28) 最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 社会服务 沪深300 -36% -31% -26% -20% -15% -10% -5% 0% 5% 相关报告: 《海底捞领导层人事变动,出入境政策红 利持续释放》 ——2024 年 06 月 23 日 《旅企积极布局"618",消费市场购销两 旺》 ——2024 年 06 月 16 日 《景气延续,布局旺季》 ——2024 年 06 月 10 日 增持(维持) [◼Table_Summary] 主要观点 暑期国内旅游市场保持稳步增长,长线游及入出境游订单大增。根据 携程发布的《2024 暑期旅游市场预测报告》显示,暑期国内旅游市场 保持稳步增长,境内酒店、机票搜索热度均同比上涨 20%以上。入出 境旅游受政策红利影响,增长迅猛,赴欧洲、拉丁美洲等部分国家旅 游订单增长八成以上,入境游整体订单同比增长 1 倍。6 月底至 7 月 初、7 月中旬、8 月中旬是暑期三个出游高峰。长线游是暑期主力,以 目前数据 ...