Retail Performance - In May, the total retail sales of consumer goods reached approximately 3.9 trillion yuan, with a year-on-year growth of 3.7% compared to the previous month's 2.3%[4] - Retail sales of goods generated 3.5 trillion yuan, growing 3.6% year-on-year, while catering services increased by 5%[4] - Online retail sales amounted to 1.4 trillion yuan, up 5.9% year-on-year, accounting for 34.6% of total retail sales, a 3.7 percentage point increase from the previous month[4] Consumer Trends - The holiday economy and e-commerce promotions significantly supported retail growth, with cosmetics and textile clothing retail sales increasing by 19% and 4% year-on-year, respectively[40] - Durable goods consumption, particularly in home appliances and furniture, showed improvement due to the "old-for-new" policy, although automotive retail sales remained negative due to price wars[40] - The average ticket price for movies slightly decreased from 40.4 yuan to 39.8 yuan, with total box office revenue in May at 2.95 billion yuan, a 2% year-on-year decline[10][76] Inflation and Price Trends - The Consumer Price Index (CPI) rose by 0.3% year-on-year in May, with core CPI increasing by 0.6%[79] - Pork prices were the main support for CPI, with a year-on-year increase of 4.6%, while fuel prices saw a decrease, leading to a 6.3% increase in fuel CPI[65][66] - The Producer Price Index (PPI) fell by 1.4% year-on-year, with a narrowing decline compared to the previous month[79] Market Outlook - Despite the support from holiday promotions and e-commerce events, May's retail data fell short of expectations, indicating a moderate recovery in consumer demand[87] - The performance of the consumer sector has been lackluster, with significant declines in key segments like the liquor market, particularly affecting stocks like Moutai[100][102]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 120 RMB [6][13][12]. Core Insights - The company has been approved for inclusion in the SSE 50 Index and has committed to maintaining a high dividend strategy, aiming for a payout ratio of over 75% by 2026, which is expected to yield a dividend rate of 4.7% for the current year [4][19][13]. - The company is focusing on increasing its capital expenditure in AI and computing power, with a projected capital expenditure of 173 billion RMB for 2024, a decrease of 4% year-on-year, while computing power capital expenditure is expected to grow by 21.5% to 47.5 billion RMB [5]. - The company has shown strong growth in its Q1 2024 performance, achieving a revenue of 263.7 billion RMB, a year-on-year increase of 5.17%, and a net profit of 29.6 billion RMB, up 5.49% year-on-year [18]. Summary by Sections Financial Performance - The company forecasts net profits of 144.4 billion RMB, 154.9 billion RMB, and 166.5 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.60%, 7.24%, and 7.53% [6][7]. - Earnings per share (EPS) are projected to be 6.75 RMB, 7.24 RMB, and 7.78 RMB for the same years, with corresponding P/E ratios for A shares of 16, 15, and 14, and for H shares of 11 for all three years [6][7]. Business Segments - The company's revenue breakdown shows significant contributions from various segments: wireless internet services (39.12%), application and information services (21.96%), and broadband services (11.77%) [1]. Market Position - The company is recognized as a leading operator in the domestic market, leveraging its advantages to deepen its involvement in the computing power industry and AI service business, which is expected to provide new growth opportunities amid digital transformation [5].

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年5月30日 澜起科技(688008.SH) Buy 买进 朱吉翔 C0044@capitalcom.tw 目标价(元) 63 存储价格短期波动不改中长期向好趋势，继续看好行业龙头 结论与建议： 公司基本资讯 产业别 电子 尽管短期渠道存储价格出现波动（5月下旬部分硬盘内存现货产品价格出 A股价(2024/5/29) 52.79 现个位数幅度降价），但我们认为仅反应渠道端近期因涨价预期所产生较多 上证指数(2024/5/29) 3111.02 囤货的去化，就中期来看，受惠于AI需求高速增长，推理通用服务器以及AI 股价12个月高/低 64.83/42.2 手机、笔电等终端产品对于DDR5需求拉动，预计2H24行业需求将继续走高， 总发行股数(百万) 1141.46 A股数(百万) 1141.46 同时从供给端来看，一线大厂持续加码HBM产能，并且受制于良率等问题， A市值(亿元) 602.58 预计存储行业供给面将继续偏紧。 主要股东 中国电子投资 控股有限公司 展望未来，存储领域去库存基本完成，伴随DDR5渗 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 165 RMB, indicating a potential upside of over 35% [5][8]. Core Insights - The establishment of the third phase of China's semiconductor big fund, which has a registered capital of 344 billion RMB, is expected to enhance the domestic semiconductor industry's competitiveness. The company, as a leading semiconductor etching equipment manufacturer, is well-positioned to benefit from this investment [6]. - The company has recently expanded its product line to include advanced deposition equipment, which is expected to contribute to future revenue growth. The first quarter of 2024 saw record high revenues of 1.61 billion RMB, a year-on-year increase of 31.2% [6]. - The company is set to be included in the SSE 50 Index on June 14, which is anticipated to further boost its stock price [6]. Company Overview - The company operates in the machinery and equipment sector, with a market capitalization of approximately 80.46 billion RMB. The stock price has seen a decline of 25.1% over the past year [1]. - The product mix consists of 79% sales of specialized equipment, 19% sales of spare parts, and 1% from equipment maintenance [3]. Financial Performance - The company reported a net profit of 1.17 billion RMB in 2022, with projections of 1.97 billion RMB for 2024, reflecting a year-on-year growth of 10.3% [3]. - Earnings per share (EPS) are expected to grow from 2.89 RMB in 2023 to 3.19 RMB in 2024, with a projected price-to-earnings (P/E) ratio of 40.7 for 2024 [3]. Market Position - The company has a significant market presence, with institutional investors holding 54% of the circulating A-shares, including 22.4% by funds and 31.6% by general corporations [4].

Compa n y U pda te Ch in a Re sea rch Dep t . m 2 024年6月3日 比亚迪(002594.SZ/01211.HK) Buy 买进 沈嘉婕 H70455@capital.com.tw 公司5月销量保持高增，有望加快抢占燃油车市场，建议“买进” 目标价(元/港元) 275RMB/270HKD 结论与建议： 公司基本资讯 产业别 汽车 公司 5 月销售汽车 33.2 万辆，MOM+6%，YOY+38%。销量明显高于行业整 A股价(2024/5/31) 229.02 体水平，其中插电混乘用车月销 18.4 万辆，MOM+3.7%，YOY+54%，“电比油 深证成指(2024/5/31) 9364.38 低”的价格策略效果显着。5月28日公司发布了第五代DM插混技术，能耗指 股价12个月高/低 276.58/162.77 标显着优于燃油车，有望加速抢占燃油车市场份额。 总发行股数(百万) 2909.27 公司在20万以下市场具备强大的市场竞争力，通过新一代电混技术和积 A股数(百万) 1162.47 极的定价策略，我们认为公司今年能够更多地抢占燃油车市场份额。并且随 A ...

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% [2]. Core Views - The company plans to acquire partial stakes in 52 medical institutions for a total consideration of approximately 1.34 billion RMB, which will enhance its tiered chain system and expand its market presence [2]. - The acquisition is expected to generate approximately 1.66 billion RMB in revenue and a net profit of around 15.36 million RMB from the acquired entities, although many of these entities currently report negative net profits [2]. - The report forecasts steady growth in the company's net profit, projecting figures of 4.18 billion RMB, 4.99 billion RMB, and 5.85 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 24.4%, 19.4%, and 17.2% [2][4]. Summary by Sections Company Information - The company operates in the pharmaceutical and biotechnology sector, with a current A-share price of 12.12 RMB as of May 31, 2024, and a market capitalization of approximately 95.81 billion RMB [1]. - Major shareholders include Aier Medical Investment Group Co., Ltd., holding 34.33% of shares [1]. Financial Performance - The company reported a net profit of 2.52 billion RMB in 2022, with projections of 3.36 billion RMB for 2023 and 4.18 billion RMB for 2024, reflecting a growth trend [4][8]. - Earnings per share (EPS) are expected to increase from 0.36 RMB in 2023 to 0.45 RMB in 2024, with a projected price-to-earnings (P/E) ratio of 27 times for 2024 [4][8]. Acquisition Details - The acquisition involves various hospitals, with the largest being Chongqing Eye Vision Hospital, which has a projected revenue of approximately 1.33 billion RMB and a net profit of around 217.55 million RMB [6][7]. - The report highlights that the acquisition will result in an estimated goodwill of about 1.2 billion RMB, which will impact the company's financials [2]. Market Position - The company has established a significant presence in both domestic and international markets, with 256 hospitals and 183 outpatient clinics in China, and 131 eye centers and clinics abroad [2]. - The report emphasizes the company's strategy of combining organic growth with external expansion to enhance its market share and operational efficiency [2].

Investment Rating - The investment rating for the company is "Trading Buy" [5][6][9] Core Views - The company has launched a 2024 employee stock incentive plan aimed at enhancing employee motivation and aligning interests [6] - Domestic demand is under short-term pressure, while overseas market expansion continues to progress [6] - The company aims for a revenue growth of 15.4% and a net profit growth of 7.8% for the year 2024 [7] Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry [2] - As of May 31, 2024, the company's stock price is 30.58, with a market capitalization of 26.48 billion [2] - The major shareholder is Hubei Angel Yeast Group Co., Ltd., holding 38.07% of shares [2] Recent Performance - In Q1 2024, the company achieved a revenue of 3.48 billion, a year-on-year increase of 2.5%, but net profit decreased by 9.5% to 320 million [6] - Domestic revenue was 2.1 billion, down 4.5% year-on-year, while overseas revenue grew by 16.7% to 1.37 billion [6] Financial Projections - Expected net profits for 2024, 2025, and 2026 are 1.37 billion, 1.56 billion, and 1.77 billion respectively, with year-on-year growth rates of 7.8%, 14%, and 13.2% [7][8] - Earnings per share (EPS) for the same years are projected to be 1.58, 1.80, and 2.04, with corresponding price-to-earnings (P/E) ratios of 19, 17, and 15 [7][8] Product Composition - The product mix includes 70.52% yeast and deep processing, 11.46% sugar production, 2.87% packaging products, and 15.15% other products [4]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 17.7 RMB per share [6]. Core Insights - The company is a leading player in the domestic industrial robot market, having improved its market share from sixth to second place in 2023, just behind Fanuc [6]. - The demand for industrial robots in traditional industries is recovering, and the company plans to expand its business in electronics and steel sectors [6]. - The report anticipates continued growth in the company's industrial robot business, supported by a recovery in the market and an increase in production [6]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to grow from 4,652 million RMB in 2023 to 7,590 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 16.5% [3]. - **Net Profit**: The net profit is expected to increase from 135 million RMB in 2023 to 408 million RMB in 2026, with a year-on-year growth of 77.13% in 2025 [12]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.16 RMB in 2023 to 0.47 RMB in 2026, indicating strong profitability growth [12]. - **Price-to-Earnings Ratio (P/E)**: The P/E ratio is projected to decrease from 94.63 in 2023 to 32.23 by 2026, suggesting improved valuation as earnings grow [12]. Market Position and Strategy - The company is actively expanding its market presence in traditional industries, which is expected to enhance its market share further [6]. - The report highlights the company's strategic focus on automation in traditional sectors, which is anticipated to drive growth in the industrial robot market [6]. Production and Market Trends - In the first four months of 2024, the cumulative production of industrial robots reached 171,000 units, representing a year-on-year increase of 9.9% [6]. - The report notes that the recovery in the industrial robot market is becoming more evident, with significant contributions from traditional industries [6]. Investment Recommendations - Given the expected growth in the industrial robot sector and the company's strategic initiatives, the report maintains a positive outlook and recommends a "Buy" rating for investors [6].

Compa n y U pda te Ch in a Re sea rch Dep t . 2024年05月31日 宝信软件 (600845.SH) BUY 买进 何利超 H70529@capital.com.tw 目标价(元) 50 持续加大高科技产业投入，未来关注工业机器人、IDC等产业布局 公司基本信息 事件： 产业别 计算机 公司钢铁信息化相关主要业务正伴随工业复苏而逐步回暖，后续有望带 A股价(2024/5/31) 39.55 动公司盈利能力逐步提升；此外公司近些年持续加大研发投入，近期拟在张 上证指数(2024/5/31) 3091.68 股价12个月高/低 55.4/35.28 江软件园投资5.4亿元建设智慧制造研发中心，后续高科技产业如工业机器人、 总发行股数(百万) 2403.67 IDC、大型PLC等产品有望逐步放量，带动公司业绩增长。考虑到目前估值处 A股数(百万) 1745.28 于较低位置，给予“买进”建议。 A市值(亿元) 690.26 主要股东 宝山钢铁股份  持续加大高新技术领域研发投入，拟投入5.4亿元建造智能制造研发中心： 有限公司 公司近年来研发投入持续增长，2023年 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 100 CNY per share [1][3]. Core Insights - The storage chip market is expected to see a positive trend in the second half of 2024, with significant earnings elasticity for the company [3][4]. - The company is positioned as a leader in the domestic storage sector, benefiting from domestic import substitution and growth in semiconductor demand [4][5]. - The report anticipates a recovery in the storage industry, with expectations for both volume and price increases in products like NOR Flash in the latter half of 2024 [4][5]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 82.38 CNY as of May 30, 2024, and a market capitalization of 54.802 billion CNY [1][2]. - The major shareholders include Zhu Yiming, holding 6.86% of shares [1]. Product Composition - The company's product sales are primarily composed of storage chips (64%), microcontrollers (29%), sensors (6%), and others (1%) [2]. Financial Performance - In Q1 2024, the company reported revenue of 1.63 billion CNY, a year-over-year increase of 21.3%, and a net profit of 200 million CNY, up 36.5% year-over-year [4][5]. - The earnings per share (EPS) for 2024 is projected to be 1.77 CNY, with net profits expected to grow significantly over the next few years [5][6]. Earnings Forecast - The company is expected to achieve net profits of 1.18 billion CNY in 2024, 1.78 billion CNY in 2025, and 2.28 billion CNY in 2026, reflecting substantial growth rates [5][6]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 47, 31, and 25, respectively, indicating a recovery phase in the industry [5][6].