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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [2][5]. Core Insights - The company is a global leader in communication technology solutions, with a focus on emerging businesses such as 5G-A and computing power, which are expected to drive revenue growth [3][4]. - The company has increased its investment in high-margin, high-technology businesses, leading to improved profitability [3]. - The company’s gross margin for 2023 rose to 41.53%, a year-on-year increase of 4.34 percentage points, while the net profit margin reached 7.44%, up 1.1 percentage points year-on-year [3]. Summary by Sections Company Overview - The company operates in the telecommunications industry, with a current A-share price of 26.85 yuan as of May 30, 2024, and a target price of 35 yuan [1]. - The company has a market capitalization of 108.126 billion yuan and a total share count of 4,783.25 million [1]. Financial Performance - In 2023, the company’s revenue from operator services was 82.759 billion yuan, a year-on-year increase of 3.40%, with a gross margin of 49.11% [3]. - Consumer business revenue was 27.909 billion yuan, slightly down by 1.33%, with a gross margin of 22.26% [3]. - Government enterprise business revenue was 13.584 billion yuan, down 7.14%, but with a gross margin of 34.94%, up 9.6 percentage points year-on-year [3]. Future Outlook - The company is expected to achieve net profits of 10.493 billion yuan, 11.954 billion yuan, and 13.537 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 12.51%, 13.93%, and 13.24% [5]. - The company plans to focus on growth in 2024, particularly in the 5G-A and AI sectors, which are anticipated to serve as new growth engines for performance [4].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [4][5]. Core Insights - The company is positioned as a leading player in the coal-to-olefins sector in China, benefiting from a strong cost advantage and industry-leading energy efficiency. The recent government initiatives aimed at energy conservation and carbon reduction are expected to accelerate the exit of high-energy-consuming enterprises, which will favor the company [5][6]. - The company is actively expanding its production capacity, with significant projects coming online in the near term, which will double its olefin production capacity from 2.1 million tons to 5.1 million tons [5][6]. - The company is also investing in green hydrogen production, which is expected to enhance its sustainability profile and contribute to carbon neutrality goals [6]. Company Overview - Industry: Chemical [2] - A-share price as of May 29, 2024: 16.63 CNY [2] - Market capitalization: 121.95 billion CNY [2] - Major shareholder: Ningxia Baofeng Group Co., Ltd. (35.57%) [2] - Earnings per share (EPS) forecast for 2024: 1.07 CNY, with a projected year-on-year growth of 39% [7][9]. Financial Performance - Projected net profit for 2024: 7.88 billion CNY, with a year-on-year increase of 39% [7][9]. - Revenue forecast for 2024: 38.65 billion CNY, reflecting a significant growth trajectory [9]. - The company’s P/E ratio is projected to be 15 for 2024, indicating a reasonable valuation [6][7]. Production and Capacity Expansion - The company is set to launch several key projects, including a 900,000-ton polyolefin facility in Ningdong and a 2.6 million-ton coal-to-olefins project in Inner Mongolia, which will significantly enhance its production capabilities [5][6]. - The company’s integrated supply chain, from coal to coke to olefins, positions it favorably in terms of energy price stability and supply security [6]. Green Hydrogen Initiatives - The company is developing the world's largest coal-to-olefins project that incorporates green hydrogen, aiming to replace fossil fuels in olefin production [6]. - The project is expected to be operational in 2024, with a total investment of 47.81 billion CNY [6].

2024 年 05 月 30 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 | --- | --- | --- | --- | |-----------------------|----------|--------|---------------| | | | | | | | | | | | 公司基本资讯 | | | | | 产业别 | | | 化工 | | A 股价 (2024/5/29) | | | 20.98 | | 上证指数 (2024/5/29) | | | 3111.02 | | 股价 12 个月高/低 | | | 21.08/13.44 | | 总发行股数(百万 ) | | | 1834.33 | | A 股数(百万 ) | | | 1834.33 | | A 市值(亿元) | | | 384.84 | | | | | | | 主要股东 | | | 云天化集团有 | | | | | 限责任公司 | | | | | | | | | | (38.12%) | | 每股净值 (元) | | | 10.04 | | | | | | | 股价/账面净值 | | | 2. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][7]. Core Views - The company has successfully turned a profit in Q1 2024, with a net profit of 550 million RMB, marking a significant recovery from a net loss of 4.21 billion RMB in 2023 [4][5]. - The recovery of international routes is expected to enhance the company's profitability, with international route ASK and RPK showing year-on-year growth of 226% and 261%, respectively [5][4]. - The company is projected to achieve net profits of 5.3 billion RMB, 8.8 billion RMB, and 10.5 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 65% and 18% [5][6]. Summary by Sections Company Overview - The company operates in the transportation industry, specifically in air travel, with a focus on passenger and cargo services [2]. - As of May 29, 2024, the A-share price was 5.92 RMB, with a target price of 7.0 RMB, indicating a potential upside [2][4]. Financial Performance - In 2023, the company reported a net loss of 4.21 billion RMB, primarily due to low international route recovery and high oil prices [4][5]. - The company’s unit cost per ton-kilometer increased by 11.1% compared to 2019, while gross profit per ton-kilometer was only 62.5% of the 2019 level [4]. Future Outlook - The report anticipates that the international route recovery will continue, with expectations for the company to restore 80% of its international routes by the summer and autumn of 2024 [5]. - The company’s earnings per share (EPS) are projected to be 0.29 RMB, 0.48 RMB, and 0.58 RMB for 2024, 2025, and 2026, respectively [6][5].

Compa n y Up da te Ch in aRes ea rch Dep t . 2024年5月28日 北方华创 (002371.SZ) BUY 买进 朱吉翔 C0044@capital.com.tw 目标价 370元 大基金3期成立，板块估值提升，利好龙头。 结论与建议： 公司基本资讯 产业别 电子 中国半导体大基金三期成立，规模为前两期的总和，幷且我们预计大基 A股价(2024/5/27) 304.00 深证成指(2024/5/27) 9507.75 金三期将针对半导体领域高端产品、设备、材料进行投资，以进一步增强中 股价12个月高/低 327.5/213.42 国本土半导体产业的话语权。从过往经验看，大基金一期、二期成立后，半 总发行股数(百万) 530.94 导体板块信心有所提振，短期内板块都跑赢市场。对于龙头公司股价形成利 A股数(百万) 530.44 A市值(亿元) 1612.55 好。 主要股东 北京七星华电 科技集团有限 展望未来，公司作为国内设备平台企业，在刻蚀、沉积、热处理、清洗 责任公司 设备等半导体设备领域均有大量积累，在承载国产化重任的同时自身市场空 (33.56%) 每股净 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][5]. Core Insights - The company maintains a leading market share in the domestic express delivery sector, with a competitive landscape that is favorable compared to peers [4]. - In the first four months of 2024, the company's express delivery revenue grew by 19.2% year-over-year, outperforming competitors in terms of growth rate [4]. - The company has a higher average price per parcel at 2.39 RMB, which is less affected by the price war compared to its competitors [4]. - The overall demand in the express delivery industry remains strong, driven by increased online consumption and lower package values [4]. - The company is enhancing its service quality and pricing power through digitalization and the introduction of premium services [4]. Financial Summary - The company is projected to achieve net profits of 41.1 billion RMB, 47.6 billion RMB, and 55.3 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 10%, 16%, and 16% [5][6]. - Earnings per share (EPS) are expected to be 1.2 RMB, 1.4 RMB, and 1.6 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 14x, 12x, and 11x [5][6]. - The company's revenue is forecasted to grow from 65.1 billion RMB in 2024 to 78.65 billion RMB in 2026 [6][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [14][8]. Core Views - The reopening of Tiandu Peak on May 20, 2024, is expected to boost visitor traffic during the peak season, enhancing revenue potential [6][7]. - Despite a slight year-over-year decline in visitor numbers in Q1 2024, the figures remain significantly better than pre-pandemic levels, suggesting a recovery trend [7]. - The company is projected to achieve net profits of RMB 4.7 billion, RMB 5.4 billion, and RMB 5.8 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 11.8%, 14.4%, and 6.5% [8]. Company Overview - The company operates in the leisure services industry, with a current stock price of RMB 11.98 and a market capitalization of RMB 61.49 billion [2]. - Major shareholders include Huangshan Tourism Group Co., Ltd., holding 40.66% of shares [2]. - The company's product mix includes hotel services (23.8%), tourism services (24.4%), cableway services (36.3%), and landscape development (13.7%) [3]. Financial Performance - In Q1 2024, the company reported revenue of RMB 340 million, a slight decrease of 0.4% year-over-year, and a net profit of RMB 30 million, down 60.5% year-over-year [7]. - The decline in revenue is attributed to a reduction in effective ticket purchases due to a free ticket policy, while profit was impacted by increased depreciation from rapid expansion in the Huizhou cuisine business [7]. - The company anticipates gradual improvement in profit performance as the Huizhou cuisine business matures and tax base discrepancies are resolved [8]. Future Outlook - The company is positioned to benefit from the Anhui provincial government's initiative to develop the Greater Huangshan area into a world-class leisure and wellness tourism destination by 2033, targeting a GDP of RMB 1.4 trillion and over 670 million domestic tourists [8]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be RMB 0.65, RMB 0.74, and RMB 0.79, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 15 [8].

Investment Rating - The report indicates a cautious outlook on the consumer sector, particularly highlighting the need to monitor the impact of real estate policies on consumer demand [4][42]. Core Insights - April's retail sales data fell short of expectations, with total retail sales reaching approximately 3.6 trillion yuan, a year-on-year increase of 2.3%, down from 3.1% in the previous month [7][42]. - The report emphasizes the resilience of daily consumption, with travel continuing to support strong performance in dining and entertainment sectors [4][42]. - The report suggests that the recent favorable real estate policies may lead to marginal improvements in durable goods consumption, particularly in home appliances and furniture [9][42]. Summary by Sections Macroeconomic Overview - Social retail sales were below expectations, with travel data remaining high and cross-border travel continuing to recover [4]. - The consumer price index (CPI) saw a slight increase, primarily supported by rising oil prices [4][25]. Consumer Sector Overview - The local consumption market showed mixed results, with the film market underperforming while live performances thrived [4][21]. - The white liquor industry is currently in a low season, with Moutai prices weakening [22]. - Online retail sales experienced a decline of 1.9% year-on-year, although the drop was less severe than in the previous month [7]. Retail Performance - Retail sales for enterprises above designated size reached 1.3 trillion yuan in April, a year-on-year increase of 0.9% [9]. - Durable goods consumption remains weak, but there is some strength in home appliance and furniture sales driven by replacement demand [9]. Travel and Entertainment - Travel data remains robust, with significant increases in passenger numbers during the May Day holiday, indicating a strong recovery in domestic travel [17][19]. - The film box office for April was 2.24 billion yuan, a year-on-year decrease of 22%, while live performance revenues increased significantly during the same period [21]. Price Trends - The CPI rose by 0.3% year-on-year in April, with core CPI increasing by 0.7% [25]. - The report notes that food prices, particularly pork, are beginning to recover, while transportation costs are rising due to higher oil prices [27][28]. Investment Opportunities - The report suggests monitoring leading domestic cosmetic brands, such as Pechoin and Huaxi Biological, for potential strong sales performance during the upcoming promotional events [42].

Group 1: Tariff Impact Overview - The overall impact of the U.S. tariffs on Chinese exports is considered limited[1] - Semiconductor tariffs increased from 25% to 50%, with only 1.7% of China's semiconductor exports directly going to the U.S.[4] - Electric vehicle tariffs rose from 25% to 100%, affecting only 0.38% of China's total vehicle exports to the U.S.[4] Group 2: Specific Product Analysis - Power battery tariffs increased from 7.5% to 25%, with expected direct exports to the U.S. from CATL projected at 3-5 GWh, representing 2% of the company's total battery shipments[4] - Energy storage battery tariffs also increased from 7.5% to 25%, effective in 2026, with no immediate impact[4] - Photovoltaic tariffs rose from 25% to 50%, with exports to the U.S. accounting for only 0.2% of total exports in Q1 2024[4]