Investment Rating - Industry rating: Overweight (maintained) [2] Core Insights - The beauty and personal care industry has shown strong growth during the "Double 11" shopping festival, with an estimated GMV of 123.78 billion yuan, representing a year-on-year increase of 27% [2] - Tmall platform accounted for 50.1% of the overall market GMV, with a year-on-year growth of 29.3% [2] - The skincare category on Tmall saw a year-on-year growth of 27%, while the makeup category experienced a growth of 38.6% [2] Summary by Sections Industry Performance - The beauty industry has experienced relative returns of 3.55% over the past month, 1.3% over the past three months, and a decline of 20.04% over the past year [1] - Absolute returns were 8.66% for the past month, 24.15% for the past three months, and a decline of 6.12% for the past year [1] Key Data Points - Tmall's investment of 30 billion yuan in consumer coupons and red packets has significantly boosted traffic and sales [2] - Brands such as Proya and Giant Bio reported substantial growth, with Proya's main brand and sub-brands achieving over 10% and 60% year-on-year growth respectively [2] - The top three brands on Tmall during the "Double 11" were Proya, L'Oreal, and Lancôme, while on Douyin, they were Proya, Han Shu, and L'Oreal [2] Investment Recommendations - The report suggests focusing on domestic skincare leader Proya, as well as other listed companies such as Aimeike, Huaxi Biological, Marubi, Betaine, and Furuida [2]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights significant orders for aircraft, including 130 aircraft orders signed by COMAC with China National Airlines, Hainan Airlines, and Colorful Guizhou Airlines during the 15th China International Aviation and Aerospace Exhibition [1] - The C929 wide-body aircraft is expected to have a design capacity of 280 seats and a range of 12,000 kilometers, currently in the preliminary design stage [1] - The report emphasizes the steady progress in the delivery of the C919 aircraft, with expectations for increased delivery pace and more confirmed orders in the future [1] Summary by Sections Recent Industry Performance - In the past twelve months, the industry has shown a relative return of 14.64% over one month, 11.57% over three months, and 4.9% over twelve months compared to the CSI 300 index [1] - Absolute returns were reported at 18.56% over one month, 32.72% over three months, and 17.76% over twelve months [1] Investment Highlights - COMAC signed a confirmation order for 60 aircraft with Hainan Airlines and a contract for four full-motion flight simulators with CAE for C919 and C909 pilot training [1] - The report anticipates that the delivery pace of the C919 will further improve as the supply chain matures and production capacity increases, potentially attracting more confirmed orders [1] Market Outlook - The report cites a forecast from COMAC indicating that the global fleet of passenger aircraft will grow to 48,931 by 2043, with a significant demand for new aircraft in China [1] - It is projected that China will receive 9,323 jet aircraft, including 8,681 single-aisle and 1,621 twin-aisle aircraft, contributing to the growth of the domestic aviation market [1]

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - The report highlights the potential for significant development in the related equipment market due to the high-quality development policies for the forage industry, as outlined in the recent government opinion [1] - The opinion emphasizes expanding forage planting areas and improving production efficiency, with a target of reaching 135 million mu of quality forage by 2030, covering 85% of the domestic demand for quality forage for cattle and sheep [1] - Infrastructure construction related to forage planting is expected to drive the market for construction machinery, including excavators and road construction equipment [1] - The report suggests that the development of research and production equipment for the forage industry will be a key focus, with an aim to achieve a self-sufficiency rate of 75% for forage seeds by 2030 [1] Summary by Sections Forage Industry Development - The government opinion aims to enhance the modern forage industry system by promoting the planting of forage on arable land without changing land categories and utilizing underused land resources [1] - The report notes that the total arable land area in China reached 1.91 billion mu in 2021, with grassland area at 5.89 billion mu, indicating substantial agricultural potential [1] Infrastructure and Machinery - The report indicates that the construction of infrastructure for forage planting, such as land leveling and irrigation systems, will create new growth opportunities for the machinery market [1] - It highlights the need for improved storage facilities for forage, which will further stimulate demand for related machinery [1] Research and Development - The report emphasizes the importance of supporting research in forage quality and breeding, with a focus on developing key technologies and establishing domestic laboratories [1] - It suggests that the machinery for forage production and processing will see increased mechanization, enhancing efficiency in various production stages [1]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has a leading market share in the vehicle power supply sector, with a market share of 18.6% in the domestic vehicle charging power market as of September 2024, ranking second [2] - The company reported a revenue of 4.36 billion yuan for the first three quarters of 2024, a year-on-year increase of 21.35%, and a net profit attributable to the parent company of 296 million yuan, up 2.81% year-on-year [2] - The company is expanding its product system through equity acquisitions, having acquired 38.5% of Weidis for 144 million yuan, which has improved profitability due to increased production capacity [2] - The company has established long-term strategic partnerships with several well-known automotive manufacturers, including SAIC Audi and Great Wall Motors, and aims to maintain its market share while exploring new customer opportunities [2] - The company is actively pursuing an overseas expansion strategy, having invested 50,000 euros to establish a subsidiary in France and is planning a production base in Thailand with an estimated capacity of 300,000 units per year [2] - The company received the "Global Supplier Quality Award" from Stellantis in September 2024, indicating strong performance in the overseas market [2] Financial Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.92 billion yuan, 8.30 billion yuan, and 9.86 billion yuan, respectively, with year-on-year growth rates of 25.36%, 19.90%, and 18.78% [4] - The net profit attributable to the parent company is expected to be 527 million yuan, 647 million yuan, and 840 million yuan for the years 2024, 2025, and 2026, with growth rates of 4.96%, 22.78%, and 29.80% respectively [4] - The report estimates the company's EPS for 2024, 2025, and 2026 to be 1.25 yuan, 1.54 yuan, and 2.00 yuan, with corresponding P/E ratios of 21.23X, 17.29X, and 13.32X [4]

Investment Rating - The industry rating is maintained at "Overweight" [1] Core Insights - The global new ship market remains robust, with the shipping composite index from Clarkson showing an average value of $25,584 per day in 2024, which is significantly higher than the average since 1990 [1] - New ship orders are projected to reach approximately 2,200 vessels with a total tonnage of 11 million tons in 2024, representing a 26% increase compared to 2023 [1] - China's shipbuilding industry has shown strong growth in the first three quarters, with completed shipbuilding volume increasing by 18.2% year-on-year [1] - The share of new orders for green ships from China exceeds 70%, indicating a leading position in the global market for green ship orders [1] Summary by Sections Industry Performance - The shipping composite index averaged 47% in the first nine months of 2024, indicating strong market performance [1] - The new ship price index has remained relatively stable, with slight increases in medium-sized container ship prices and minor decreases in roll-on/roll-off ship prices [1] Investment Highlights - The Ministry of Industry and Information Technology reported that China's new orders for ships increased by 44.3% year-on-year, with a total of 8,711 vessels and 19.33 million tons [1] - The aging of the global merchant fleet is expected to become a new norm, with a significant portion of vessels over 20 years old by 2030 [1] - China's shipbuilding industry is entering a phase of capacity expansion, with plans announced by several shipyards to increase production capacity by 80% by 2027 [1] Investment Recommendations - The report suggests that the shipbuilding industry in China will maintain a high level of prosperity in the medium to long term due to global demand growth and ongoing capacity expansion [1]

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The introduction of the first monetary policy tool supporting the capital market, SFISF, is a significant step towards enhancing the stability of the capital market [2] - The first operation quota for SFISF is set at 500 billion yuan, with the potential for future expansion based on market conditions [2] - The recent reduction in the Loan Prime Rate (LPR) to 3.1% for one year and 3.6% for five years is expected to lower financing costs and stimulate economic growth [2] - The non-bank financial sector is anticipated to benefit from improved economic fundamentals and liquidity in the capital market, leading to a recovery in business activity and investment returns [2] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 15.65% over one month, 29.78% over three months, and 11.71% over twelve months [1] - Absolute returns were 38.27% over one month, 40.69% over three months, and 23.53% over twelve months [1] Relevant Research Reports - Multiple reports highlight ongoing mergers and acquisitions in the securities industry, indicating a trend towards industry consolidation [1] - Recent government initiatives aim to promote high-quality development in the insurance sector, providing a strong impetus for industry reform [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of its stock [3]. Core Insights - The company is recognized as the first transformer stock on the Beijing Stock Exchange and is classified as a specialized and innovative "little giant" enterprise, primarily engaged in the research, manufacturing, and sales of core power distribution equipment [1][8]. - The company has shown rapid revenue growth from 2019 to the first half of 2024, with a compound annual growth rate of 16.15% [21]. - The domestic and international investment climate for power grids is favorable, driven by increasing electricity demand and a higher proportion of renewable energy, which is expected to boost investment in power grid infrastructure [1][26]. - The company has made significant strides in expanding its market presence both domestically and internationally, securing multiple contracts and orders from various regions [1][3]. Summary by Sections Company Overview - The company specializes in power distribution equipment, including transformers and high/low voltage switchgear, with a focus on quality improvement and brand development [8][11]. - The company has a stable shareholding structure, with the controlling shareholder holding 21.92% of the total shares [20]. Financial Analysis - The company's revenue reached 1.12 billion CNY in 2024, with a year-on-year growth rate of 11.68% [4]. - The net profit attributable to shareholders is projected to be 75 million CNY in 2024, reflecting a growth rate of 2.06% [4]. - The company's gross margin has been declining, primarily due to an increase in the proportion of lower-margin other business revenues [21][24]. Market Investment Climate - The demand for electricity has been steadily increasing, with industrial electricity consumption rising from 3,865.7 billion kWh in 2013 to 5,977.9 billion kWh in 2023, indicating a compound annual growth rate of 4.46% [26]. - The investment in power grid infrastructure is expected to exceed 600 billion CNY in 2024, driven by the need for modernization and expansion of the grid [30][31]. - Globally, there is a significant need for investment in power grid infrastructure, with estimates suggesting that Europe will require approximately 375 to 425 billion EUR by 2030 [32][33]. Competitive Landscape - The domestic market for power distribution equipment is characterized by a low concentration of manufacturers, particularly in the low-end equipment sector, but is expected to consolidate as technical barriers increase [34].

执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | --- | --- | |----------------|--------|----------------------------------|--------------------| | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1.78 | 6.83 | 13.51 | | 绝对收益 | 19.5 | 16.36 | 19.17 | | | | | | | 数据来源：聚源 | 注： | 注：相对收益与沪深 2024 年 10 月 | 300 相比 16 日数据 | 相关研究报告 1. 行业点评报告-家用电器行业：9 月白电 排产数据出炉，多地推出以旧换新细则 – 2024.09.03 2. 行业点评报告-家用电器行业：8 月白电 排产数据出炉，格力发布第三期员工持股 计划 – 2024.08.08 3. 行业点评报告-家用电器行业：家电以 旧换新措施发布，有望拉动家电更新需求 – 2024.07.26 4. 行业点评报告 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Viewpoints - The recent approval of a new product by Aimeike, which is a medical-grade hyaluronic acid gel, addresses aging issues caused by bone tissue defects, marking a significant innovation in the market [2] - The re-submission of the prospectus by Maogeping for its Hong Kong IPO indicates ongoing growth and interest in the beauty sector [2] - The beauty and personal care industry has shown mixed performance, with a notable decline in absolute returns over the past year, but recent sales data from platforms like Tmall and Douyin indicate growth in specific categories [2] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has experienced a relative return of 3.8% over one month, -3.2% over three months, and -26.02% over twelve months compared to the CSI 300 index [2] - Absolute returns were 25.85% over one month, 7.72% over three months, and -20.76% over twelve months [2] Company Developments - Aimeike's new product is the second hyaluronic acid facial filler approved, utilizing innovative patented technology to effectively address skin aging due to bone tissue loss [2] - Maogeping's revenue has shown significant growth from 15.77 billion yuan in 2021 to 28.85 billion yuan in 2023, with a compound annual growth rate (CAGR) of 35.26% [2] - The skincare segment of Maogeping has increased its revenue share from 29.7% in 2021 to 40.0% in 2023 [2] Market Insights - In September, Tmall's skincare and makeup categories generated sales of 5.901 billion yuan and 2.15 billion yuan, respectively, with year-on-year growth of 0.6% and 1.3% [2] - Douyin's beauty category GMV exceeded 15.83 billion yuan in September, reflecting a year-on-year growth of 18.42% [2] - The top three brands in Tmall's skincare category were Proya, L'Oreal, and Olay, while the makeup category was led by Carlsan, Yves Saint Laurent, and Maogeping [2]

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Viewpoints - The integration of industrial internet with the power sector is expected to benefit related mechanical equipment, indicating significant development potential in the industry [1] - The industrial internet has become a crucial infrastructure for the new industrial revolution, with its value added reaching 4.69 trillion yuan in 2023, accounting for 3.72% of GDP [1] - The report highlights the potential for robots and sensors in the power sector, particularly in equipment manufacturing and substation inspection, which can enhance efficiency and reduce costs [1] Summary by Sections Industry Performance - Over the past 12 months, the relative return compared to the CSI 300 index has been -10.96% [1] - Absolute returns for the past month, three months, and twelve months are 21.92%, 13.31%, and -5.7% respectively [1] Investment Recommendations - The report suggests focusing on mechanical equipment related to sensors and robots, as the industrial internet continues to develop in the power sector [1]