Investment Rating - Buy (首次覆盖) [5] Core Views - Ma Yinglong is a leading brand in the anorectal health sector, with a comprehensive layout in the pharmaceutical industry, medical services, and pharmaceutical commerce [7] - The company's core anorectal products have a strong market position, with a 34% market share in retail pharmacies and 8% in hospitals [7] - The company is actively expanding its health and wellness business, which is expected to become a new growth engine [7] - The company's medical services segment has shown strong growth, with a 33% YoY increase in revenue in 2023 [7] Market Performance - Closing price: 24.55 yuan [3] - Total market capitalization: 10,582.37 million yuan [3] - Circulating market capitalization: 10,564.04 million yuan [3] - Total shares outstanding: 431.05 million shares [3] - Asset-liability ratio: 19.40% [3] - Net asset per share: 9.28 yuan/share [3] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 3,604 million yuan, 4,066 million yuan, and 4,581 million yuan, respectively, with YoY growth rates of 14.91%, 12.80%, and 12.67% [6] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 564 million yuan, 664 million yuan, and 788 million yuan, respectively, with YoY growth rates of 27.26%, 17.65%, and 18.75% [6] - EPS for 2024E, 2025E, and 2026E is projected to be 1.31 yuan/share, 1.54 yuan/share, and 1.83 yuan/share, respectively [6] - ROE for 2024E, 2025E, and 2026E is projected to be 13.73%, 14.60%, and 15.57%, respectively [6] Business Segments Pharmaceutical Industry - Revenue in 2023 was 18.3 billion yuan, accounting for 56% of total revenue, with a gross margin of 64.5% [7] - The anorectal product segment is the main revenue driver, contributing 70% of the pharmaceutical industry's revenue and 78% of its gross profit [47] - The health and wellness product segment achieved revenue of 3.9 billion yuan in 2023, accounting for 21% of the pharmaceutical industry's revenue [47] Medical Services - Revenue in 2023 was 3.45 billion yuan, a 33% YoY increase [7] - The company operates 6 directly-owned anorectal hospitals and over 90 Ma Yinglong Anorectal Diagnosis and Treatment Centers [68] - The "Xiao Ma Medical" cloud platform integrates pharmaceutical operations, medical technology, and health data to build an integrated anorectal health ecosystem [68] Pharmaceutical Commerce - Revenue in 2023 was 10.87 billion yuan, a 19.67% YoY decrease, mainly due to business structure optimization [75] - The segment includes pharmaceutical retail and medical logistics, with a focus on the Hubei market [75] - Ma Yinglong Pharmacy, a subsidiary, achieved a net profit of 3.27 million yuan in 2023 [75] Growth Drivers - Channel optimization and increased marketing efforts are expected to drive growth in the anorectal product segment [60] - The health and wellness business is expected to grow rapidly, with a focus on key products such as Ma Yinglong Babao Eye Cream and wet wipes [64] - The medical services segment is expected to maintain steady growth, supported by the expansion of anorectal hospitals and diagnosis centers [81] Valuation - The current stock price corresponds to a PE ratio of 19X, 16X, and 13X for 2024E, 2025E, and 2026E, respectively [85] - Compared to peers such as Yunnan Baiyao, Tongrentang, and Darentang, Ma Yinglong's valuation is relatively attractive [86]

Industry Investment Rating - The report maintains a "Positive" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Views - The report suggests focusing on undervalued industry leaders due to declining costs [3] - For the pig farming sector, the report highlights the growth in breeding sow inventory and cost advantages, recommending attention to undervalued leaders like Muyuan and Wens [4][5] - In the poultry sector, the report emphasizes the potential for ROE improvement in companies with high-quality imported breeding sources and integrated industry chains, such as Yisheng and Sunner Development [6] - The feed sector is expected to see a recovery in demand, with Haid Group recommended due to its cash flow turnaround and overseas growth [7] - The pet industry is identified as a long-term growth sector, with brands like Myfoodie and Friskies leading in market share [9][10] Sector Summaries Pig Farming - Breeding sow inventory increased by 0.86% month-on-month in December, with pig prices at 15.7 yuan/kg and a decrease in weight to 124kg [4] - Muyuan's farming cost has dropped to around 13 yuan/kg, indicating a strong cost advantage [4] - The sector is advised to shift from cyclical thinking to focusing on financial performance, with Muyuan and Wens highlighted as key players [5] Poultry - Chicken seedling prices in Yantai rose by 7.4% week-on-week, while broiler prices fell by 2.7% [6] - The industry is seeing a concentration of profits in the breeding source segment, with Yisheng and Sunner Development recommended for their ROE improvement potential [6] Feed - Aquaculture profits improved in 2024 due to rising fish prices and falling feed prices, with a recovery in feed demand expected in 2025 [7] - Haid Group is recommended for its cash flow improvement and overseas growth contributions [7] Pet Industry - Pet product sales on Douyin reached 750 million yuan in December, with a 6.2% year-on-year increase and a 9% rise in average transaction value [9] - Myfoodie and Friskies maintained their leading positions in cat and dog food sales, with Zhongchong and Peidi also showing stable performance [10]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the recent developments in the AI and technology sectors, particularly focusing on NVIDIA's announcements at the CES 2025, including the launch of the RTX 50 series GPUs and advancements in AI models and applications [3][15][16] - The report notes a decline in the Hong Kong and US technology stocks during the week of January 6 to January 10, 2025, with the Hang Seng Technology Index dropping by 3.2% and the Philadelphia Semiconductor Index down by 2.4% [8][9] - The report emphasizes the impact of strong non-farm payroll data on interest rate expectations, suggesting a cautious outlook for technology stocks [3][19] Summary by Sections 1. Overseas AI - The report discusses the performance of technology stocks, indicating a decline in major indices, with the Hang Seng Technology Index closing at 4260.8, down 3.2% [8] - Key events include NVIDIA's CES 2025 presentation, where they introduced new hardware and AI models, such as the RTX 50 series GPUs and the Cosmos AI model development platform [15][16] - The report also mentions the expansion of applications in autonomous driving and robotics, highlighting NVIDIA's partnerships with major automotive companies [16] 2. Web3 and Cryptocurrency Market - The cryptocurrency market experienced a slight decline, with the total market capitalization reaching $3.27 trillion, down from $3.42 trillion the previous week [19] - The report notes a mixed sentiment in the crypto market, with the Fear and Greed Index indicating a neutral stance at 43 [20] - It highlights the inflow of $313 million into cryptocurrency ETFs during the week, despite fluctuations in core asset prices [23][27]

Core Viewpoints - The Beijing Stock Exchange (BSE) has become the main force for IPO acceptance in 2024, accounting for 86% of the total market IPO acceptances, with 66 companies accepted [2][8] - The profitability of BSE IPO companies has significantly improved, with 70%+ of companies having a net profit of over 50 million yuan in 2023, and 14 companies exceeding 100 million yuan [12][13] - The number of new listings on the New Third Board in 2024 reached 350, a five-year high, providing a strong pipeline for the BSE [18][19] Market Performance - The overall PE ratio of BSE A-shares remained at 33.5X, with a slight decline in both BSE and ChiNext indices, while the STAR Market PE ratio increased [25][26] - The average daily turnover of BSE A-shares rose to 14.5 billion yuan, with a daily turnover rate of 5.71%, showing improved liquidity [26][29] - The BSE 50 index rose by 0.60% during the week, while the ChiNext and CSI 300 indices declined, and the STAR 50 index increased [27][31] IPO and Listing Trends - In 2024, 77 companies were accepted for IPO, with 66 from the BSE, indicating a strong preference for BSE listings [8][9] - The New Third Board saw 350 new listings in 2024, with 43 companies reporting revenues exceeding 1 billion yuan and over 50% having net profits above 50 million yuan [18][21] - Two companies, Jieli Technology and Mingtai Co., Ltd., reported net profits exceeding 500 million yuan, highlighting the quality of new listings [21][22] Company Highlights - Jieli Technology, a leading IC design company, reported a net profit of over 600 million yuan in 2023, showcasing strong performance in the semiconductor sector [13][14] - Jintai Co., Ltd., a pioneer in aerospace-grade sponge titanium production, achieved a net profit of 130 million yuan in 2023, reflecting its niche market strength [13][14] - Among the 66 BSE-accepted companies, over 60% are national-level "Little Giant" enterprises, indicating a focus on specialized and innovative firms [13][14]

AI Glasses Industry - AI glasses are a key focus at the 2025 CES, with numerous Chinese brands showcasing innovative products such as Ray-Ban Meta, Rokid, and LeiNiao Innovation [8][9] - Meta's Ray-Ban Meta smart glasses, launched in September 2023, have gained significant traction, with sales surpassing 1 million units by May 2024 [19] - LeiNiao Innovation's LeiNiao V3 AI shooting glasses, featuring advanced AI and AR technologies, were officially released at CES 2025 [20][22] - The AI glasses market is still in the exploration phase, with major players like Huawei, Baidu, and OPPO actively developing AI-integrated smart glasses [38][40] - The global AI smart glasses market is expected to grow significantly, with AI+AR technology reaching maturity by 2030, leading to rapid industry expansion [40][41] AI Glasses Technology and Development - AI smart glasses integrate traditional eyewear functions with advanced features like AI voice assistants, real-time translation, and AR displays [23][24] - The development of AI smart glasses has gone through four stages: initial exploration, market testing, technology maturity, and AI integration [24][26] - AI smart glasses are categorized into three types: no-camera, camera-equipped, and display-equipped, each with varying levels of functionality and cost [31][33][34] - The upstream supply chain for AI glasses includes hardware components like optical modules, display modules, and AI algorithms, while the downstream involves sales and after-sales services [35][37] Company Highlights: LeiShen Technology - LeiShen Technology, a high-performance computer hardware manufacturer, launched three innovative AI glasses at CES 2025, including the AURA AR Light Edition, which supports 0-600 degree myopia adjustment and connects to mainstream gaming consoles [44][46] - LeiShen Technology reported revenues of 2.007 billion yuan in the first three quarters of 2024, a 3.66% year-on-year increase, with a gross profit margin of 9.15% [48][49] - The company has a strong presence in the gaming and creative design markets, with products widely used in eSports, video creation, and digital office applications [47][48] Market Performance: Beijing Stock Exchange - The consumer services sector on the Beijing Stock Exchange saw a median stock price decline of -1.67% during the week of January 6-10, 2025, with 13 out of 35 companies experiencing price increases [54][55] - The median price-to-earnings (PE) ratio for the consumer services sector decreased from 32.2X to 31.9X, while the total market capitalization increased slightly from 71.943 billion yuan to 72.184 billion yuan [55][56] - Notable performers included Hongzhi Technology (+13.32%), Taihu Snow (+7.92%), and Jinbo Biotech (+5.49%) [54][60] Industry Valuation Trends - The consumer sector's median PE TTM increased from 35.9X to 36.0X, with Hongzhi Technology and Taihu Snow leading in market value growth [61][62] - The food and beverage and agriculture sector's median PE TTM rose from 28.5X to 28.8X, with Kangnong Seed and Lusi Co. showing positive performance [63][64] - The professional technical services sector's median PE TTM decreased from 20.3X to 19.6X, with Zhongshe Consulting and Qingju Technology leading in market value growth [65][66] Corporate Announcements - Taihu Snow announced a 2024 Q3 profit distribution plan, proposing a cash dividend of 2.50 yuan per 10 shares, totaling 13.29 million yuan [68][69] - Zhongcao Spice's subsidiary, Anhui Zhongcao New Materials, completed the trial production phase of its first-phase project in October 2024, which is expected to contribute significantly to future performance growth [68][69]

Investment Rating - The report maintains a "Positive" rating for the construction and decoration industry [2] Core Views - Perovskite batteries are emerging as a potential solution for satellite power systems due to their flexible manufacturing, high energy-to-mass ratio, and radiation resistance [4][9][10] - The construction sector has historically performed well in the first quarter, with positive excess returns in 6 out of the past 10 years [4][14] - The construction sector shows a monthly pattern of performance improvement after holidays, particularly around the Spring Festival and Lantern Festival [4][18] Market Performance - The construction and decoration index fell by 2.55% this week, with only the garden engineering sub-sector recording a positive return of 1.86% [4] - 48 stocks in the construction sector rose this week, with the top gainers being Huwei Design (+31.60%), Zhengzhong Design (+27.66%), and Shikong Technology (+26.48%) [4] Industry Trends - China's low-orbit satellite internet projects, such as the "GW Constellation" and "G60 Constellation," are expected to launch thousands of satellites, providing a potential market for perovskite batteries [4][13] - The construction sector's performance is influenced by government infrastructure policies and the resumption of construction projects after holidays [4][18] Financial Data - Special bond issuance in 2024 reached 7710.499 billion yuan, a year-on-year increase of 28.96% [24] - Urban investment bond issuance this week was 111.08 billion yuan, with a net financing of 7.207 billion yuan [24] Company Updates - Chongqing Construction signed a contract for the first phase of Chongqing Metro Line 7, worth approximately 931 million yuan [31][33] - Guangdong Construction signed a contract for the Guilin Lijiang Hot Spring Health and Lingqu Historical Tourism Project, worth 2 billion yuan [31][33] - Hongrun Construction won bids for a 170MW photovoltaic power generation project and Shanghai Metro Line 19, totaling 1.017 billion yuan [31][33] - Zhejiang Communications won bids for highway reconstruction projects totaling 5.154 billion yuan [31][33] - Shaanxi Construction won 7 major projects in December, totaling 5.335 billion yuan [31][33] Industry News - The National Development and Reform Commission issued guidelines for national data infrastructure construction, aiming to establish a basic framework by 2029 [25] - The Ministry of Finance emphasized the direction of fiscal policy for 2025, focusing on high-quality economic development and increasing counter-cyclical adjustments [26] - The Ministry of Finance is promoting the use of existing commercial housing for affordable housing and expanding the implementation of green building materials in government procurement [29][30]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][10]. Core Viewpoints - The company, Wanto Hydraulic, is recognized as a leading enterprise in oil-gas springs and has shown significant growth potential through its electric cylinder products and planetary roller screw technology [5][7]. - In 2023, the company achieved a revenue of 669 million yuan, representing a year-on-year increase of 32%, and a net profit of 79.35 million yuan, up 25% year-on-year [5][34]. - The company has successfully expanded its overseas revenue, which reached 32.64 million yuan in the first half of 2024, marking a 62% year-on-year increase [5][37]. Summary by Sections 1. Hydraulic Cylinder "Small Giant" - Wanto Hydraulic specializes in hydraulic cylinders for dump trucks, mechanical equipment, oil-gas springs, and electric cylinders, serving various industries including automotive and engineering machinery [22][26]. - The company has established a comprehensive operational model integrating R&D, production, sales, and service [32]. 2. Oil-Gas Springs vs. Air Springs - Oil-gas springs provide better safety and damping performance compared to air springs, despite being approximately twice the cost [40]. - The market for oil-gas springs in China was around 10.4 billion yuan in 2023, with increasing demand expected due to cost reduction and market penetration [40][51]. 3. Electric Cylinders - The electric cylinder market in China was approximately 1.156 billion yuan in 2022, with significant growth potential in various sectors including industrial automation and robotics [6][40]. - The company has developed a 10T electric steering cylinder and control system, enhancing its product offerings [40]. 4. Planetary Roller Screws - Compared to ball screws, planetary roller screws offer higher load capacity and longer lifespan, with the global market expected to exceed 1.6 billion USD by 2028 [7][40]. - The domestic market share for planetary roller screw manufacturers was only 19% in 2022, indicating significant growth opportunities for the company [7][40]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 105 million, 141 million, and 186 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.5, 13.8, and 10.4 [7][10]. - The report highlights the company's competitive edge through cost reduction and efficiency improvements, particularly in its oil-gas spring business [7][11].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][7]. Core Views - The company is positioned to benefit from the transition in traditional energy and the growth of new energy sectors, which are expected to drive new vitality [5][7]. - The coal circulation business is under pressure in the short term, but the combined heat and power (CHP) segment remains relatively stable, providing a solid foundation for overall performance [6][9]. - The company has a strong customer base in the coal circulation sector, and if coal prices stabilize, performance in this area is expected to improve [6][9]. Summary by Sections 1. Company Overview - The company is a state-owned enterprise in Zhejiang, primarily engaged in coal circulation and CHP, with a gradual expansion into new energy sectors since its spin-off from a larger group in 2021 [6][15]. 2. Traditional Energy Development 2.1 Coal Circulation - The company has a stable customer base and has been recognized as a key supplier of electricity coal by the National Development and Reform Commission [26]. - In 2023, the company sold 27.95 million tons of coal, a year-on-year increase of 12.53% [26]. 2.2 Combined Heat and Power - The company operates six CHP plants with a total capacity of 407 MW, primarily serving industrial parks in Zhejiang [31]. - The current utilization rate of the CHP capacity is below 50%, indicating potential for future growth [31]. 3. New Energy Development - The company is focusing on three main areas: new energy storage, distributed energy, and green logistics, with significant growth potential [35][36]. - In the first half of 2024, the new energy segment generated revenue of 0.21 billion yuan, a year-on-year increase of 398% [36]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 7.82 billion yuan, 9.12 billion yuan, and 9.42 billion yuan for the years 2024 to 2026, with respective growth rates of -26.13%, 16.56%, and 3.29% [39]. - The current price-to-earnings (P/E) ratios are projected to be 9, 8, and 7 for the years 2024 to 2026, compared to an average of 12 for comparable companies [39].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for long-term investment opportunities [5][7]. Core Insights - The company is positioned as a leader in the domestic MOBA market with its flagship product "Dream Three Kingdoms," which has contributed approximately 65% to its revenue in recent years [6][32]. - The company is expanding its product lineup with new titles such as "Barbarian Battle 2" and "Cultivation Era," which are expected to drive significant revenue growth [6][9]. - The esports industry is experiencing steady growth, with the company's comprehensive esports ecosystem enhancing its competitive edge [39][44]. Summary by Sections Company Overview - Founded in September 2008, the company focuses on developing and operating high-quality online games, with a diverse portfolio that includes PC games, mobile games, esports, and more [18][19]. Financial Analysis - The company's revenue is projected to recover significantly, with expected net profits of RMB 0.9 billion, RMB 3.0 billion, and RMB 4.2 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 61.4%, 229.3%, and 38.3% [5][7]. - The overall gross margin for 2023 is reported at 78.75%, with stable margins across different business segments [34]. Industry Insights - The esports market in China is projected to reach RMB 27.568 billion in 2024, with a year-on-year growth of 4.6% [39]. - The report highlights the increasing international influence of self-developed esports games from China, with significant viewership numbers for major events [43][44]. Product Development - The company is focusing on innovative gameplay and cultural integration in its new products, which are expected to enhance user engagement and market competitiveness [6][9].

行业评级：看好（维持） 证券研究报告|行业专题报告 公用事业 2025年01月08日 在收益率大分化中寻找长期alpha ----2025年公用事业行业投资策略 证券分析师： 刘晓宁 S1350523120003 查浩 S1350524060004 邹佩轩 S1350524070004 戴映炘 S1350524080002 邓思平 S1350524070003 蔡思 S1350524070005 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 | 1. | 迎接收益率分化时代：壁垒强度与级差地租 | | | --- | --- | --- | | 2. | 绿电：行业迎来正向拐点 | 风电运营更有投资潜力 | | 3. | 水核：折现率叙事极致演绎 | 优质资产具备长期价值 | | 4. | 火电：久期叙事有望接力 | 竞争格局影响供需格局 | | 5. | 并购重组：国改大幅提速 | 资产整合具备潜力 | 1.1 电力能源收益率进入大分化时代 底线思维精选个股 ◼ 预计未来几年电力供需转向宽松，电力行业收益率进入大分化时代，借用级差地租思路，优选各板块中的少数低成本供给 资料来源：电规总院，华源证券研 ...