(来源：招股说明书) 营收对比(亿元) 300 250 200 150 100 50 0 2020年 2022年 2019年 2021年 2023年 2024Q1-Q3 ■ 东航物流 ■ 国货航 ■ 南航物流 归母净利润对比(亿元) 60 50 40 30 20 10 0 2019年 2020年 2021年 2022年 2023年 2024Q1-Q3 ■ 东航物流 ■ 国货航 ■ 南航物流 拿国货航来说，2019-2021 年，公司营收与利润双双大涨，收入从 122.7 亿增 长至 243.1 亿，翻了整整一倍，利润则从 4.7 亿增长至 43.4 亿，翻了近乎 10 倍，这样的业绩增速相当惊人，东航物流、南航物流的情况也大致如此。 而东航物流则集中在全货机运输和客机腹舱运输这两种模式，自然不受影响。 2024 年，随着航空货运市场恢复常态化，以及跨境电商对航空货运的旺盛需求， 航空货运运价及货邮周转量开始从 23 年年初的行业低点逐步回升，国货航及东 航物流的业绩都呈现回暖。 根据公司编制的业绩预告，预计 2024 年全年将实现营收 204.2 亿元、归母净利 润 14.6 亿元，虽然相较往年高位还有不小差 ...

导语：能否成为下一个社交裂变场景？ 2024 年 12 月 19 日，微信小店正式开启"送礼物"功能的灰度测试。 微信小店是微信电商生态的主要载体，年初以来微信小商店、视频号小店等微信生 态内的电商载体统一升级为微信小店，微信通过、视频号、小程序、搜一搜等为微 信小店接入微信全域流量，助力微信电商业务的整合和发展。 同时，也对阿里的电商护城河将带来一定的冲击，这两天腾讯股价上涨 5%左右， 阿里股价下跌 5%左右。 新时间 12-20 15:16:55 阿里巴巴－W 09988 C Q < 更新时间 12-20 15:17:17 80.100 -2.850 -3.44% 100 今开 81.800 换手率 0.57% 每手数 市盈 (TTM) 16.41 > 最高 82.250 成交量 1.09亿 成交额 87.88亿 总市值 1.53万亿 最低 79.350 5日 日K 月 K 更多 · | {} 分时 圈K 纯K线 ▼ 前复权 ▼ -107.800 85.066 79.350 2024-10-10 12-02 12-20 (截至下午 3 点 17 分的股价) 右。 （截至下午 3 点 20 分的股价） 阿 ...

Investment Rating - The report does not explicitly state an investment rating for 恒瑞医药 (Hengrui Medicine) Core Viewpoints - 恒瑞医药 plans to list on the Hong Kong Stock Exchange to raise funds for innovation, commercialization, and operations, despite having a strong cash reserve of approximately 22.132 billion [5][10] - The company aims to deepen relationships with foreign pharmaceutical companies and investment institutions through this listing, promoting a "product + equity" strategy [23] - The report highlights the company's successful business development (BD) collaborations, with six deals completed in 2023 totaling nearly 10 billion USD, indicating a return to growth in performance [24][26] Summary by Sections Financial Position - As of Q3 2024, 恒瑞医药 has cash reserves of 22.132 billion and no bank loans, with a net cash inflow exceeding 20 billion since 2017 [5][7][10] - The company reported a revenue growth of 18.7% and a net profit growth of 33.0% in 2024, recovering from previous challenges [26][27] Internationalization Strategy - The report outlines three models for international expansion: direct market entry, licensing out, and NewCo formation, with 恒瑞医药 actively engaging in these strategies [13][16][19] - A notable transaction involved granting rights for three GLP-1 drugs to Hercules, resulting in over 6 billion USD in upfront and milestone payments, along with a 19.9% equity stake in Hercules [19][22] Business Development Collaborations - 恒瑞医药 has expanded its BD team to over 30 members, focusing on sustainable profit drivers through collaborations [32] - The company has engaged in multiple high-value BD deals, indicating a strategic shift towards leveraging partnerships for growth [24][26] Market Dynamics - The report notes that 恒瑞医药 has faced limited impact from drug price negotiations, with only three key products remaining vulnerable to price cuts, suggesting a diminishing risk from this factor [33][34]

Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The market has shown indifference to significant announcements from major companies like Ningde Times, as evidenced by its recent special dividend announcement of 5.4 billion, which did not positively impact its stock price [2][19] - Despite a decline in revenue by 12.09% year-on-year, Ningde Times reported a net profit increase of 15.59%, indicating strong profit growth amidst revenue challenges [2][6] - The company aims to distribute 15% of its net profit for the first three quarters of 2024 to shareholders, reflecting a commitment to shareholder returns [2][15] Summary by Sections Financial Performance - For the first three quarters of 2023, Ningde Times achieved a revenue of 259.045 billion, down 12.09% year-on-year, while net profit reached 36.001 billion, up 15.59% [2][10] - The company's gross profit margin improved by 6.27 basis points year-on-year, indicating stable profitability despite revenue declines [7] Market Position - Ningde Times maintained a 37.1% share of the global power battery market in the first eight months of 2024, an increase of 1.6 percentage points year-on-year, and a 45.9% share in the domestic market, up 3.1 percentage points [7][8] - The company is projected to exceed a net profit of 44.121 billion in 2024, marking a new historical high [8] Strategic Moves - The special dividend is part of a broader strategy to enhance market value management, aligning with regulatory expectations [15][16] - The company has significant cash reserves of 264.676 billion, with a net cash inflow of 67.444 billion in the first three quarters, indicating strong liquidity [8]

Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16] Core Viewpoints - GF Securities is actively participating in and promoting the development of the M&A market through strategic initiatives and comprehensive service offerings [4][8][12][13][14] - The company is leveraging its full business chain service advantages to support high-quality development in the real economy and the capital market [12][13][14] - GF Securities is focusing on integrating new quality productivity elements into listed companies to enhance their competitiveness and profitability [12][13] - The company is emphasizing the importance of value discovery, long-term capital cultivation, and service quality improvement [12][13] - GF Securities is increasing its resource investment in M&A business and targeting key industries and clients, particularly in the Greater Bay Area [13][14] Regional Economic Development and Industrial Innovation - Guangdong Province has completed 110 M&A transactions with a total value of 214.7 billion yuan as of November 29, 2024 [5] - The most active industries in M&A transactions in Guangdong are technology hardware and equipment, followed by durable consumer goods and apparel, and basic chemicals [5] - The "M&A Six Articles" policy issued by the CSRC in September 2024 aims to stimulate M&A market activity and support the transformation and upgrading of listed companies [5] - The Guangdong government and regulatory authorities have emphasized the importance of M&A in improving the quality of listed companies and cultivating leading enterprises [5] - The Shenzhen government has set a target to complete over 100 M&A transactions with a total value exceeding 30 billion yuan by the end of 2027 [6] M&A Market Activity and Policy Environment - Guangdong accounts for over 25% of the 83 A-share listed companies that disclosed major asset restructuring in 2024, with 14 of these disclosures occurring after the "9.24 Financial New Policy" [7] - The retail sector has seen significant changes in major shareholders and M&A activities, with companies like Hongqi Chain, Huakai Yibai, and Bubugao undergoing strategic shifts [7] - The implementation of M&A policies is expected to drive the transformation and upgrading of listed companies in Guangdong towards new quality productivity, enhancing industrial upgrading and economic structure optimization [7] Strategic Initiatives and Market Opportunities - GF Securities is leveraging the favorable policy environment to expand its M&A business, focusing on strategic layout and long-term planning [9][10][11] - The company is addressing challenges such as resource accumulation, client base expansion, and matching capabilities in the M&A business [10] - GF Securities is enhancing its service quality, professional standards, and risk control capabilities to adapt to the new requirements of high-quality development in the real economy and capital markets [12][13] - The company has organized multiple forums, salons, and training sessions focused on M&A and capital management, reflecting its commitment to client needs and long-term value growth [14]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Akoli (603722.SH), has initiated mass production of COC (Cyclic Olefin Copolymer) materials, which are expected to be a significant growth point for the company. The COC market is projected to reach a global value of $4.035 billion by 2025, with a compound annual growth rate (CAGR) of 32% [4][5][58] - The company has faced significant financial challenges, reporting a loss in the first three quarters of the year, with revenue declining by 11.9% year-on-year [6][16][21] - Akoli's main products include polyether amines and optical-grade polymer materials, with COC materials being a new focus area for profit growth [8][19] Summary by Sections Company Overview - Akoli was established in 1999 and transitioned from the New Third Board to A-shares in 2017. The company is controlled by Zhu Xuejun, who holds a 24.92% stake [6][8] - The company is recognized as a national-level specialized and innovative small giant enterprise [8] Financial Performance - The company has experienced a rollercoaster in revenue, with a peak in 2021 followed by a decline in 2022 and 2023. Revenue for 2023 is reported at 540 million yuan, down from 710 million yuan in 2022 [18][21] - The gross margin has significantly decreased, dropping to 8.8% in the first three quarters of 2023 from 30.3% in 2022 [19][21] Product Segments - **COC Materials**: The COC materials are primarily used in mobile phone lenses and are expanding into new applications such as virtual reality and automotive optics. The company has begun trial production of a thousand-ton COC production line [4][5][56] - **Polyether Amines**: This segment has seen a decline in revenue due to increased supply and insufficient demand, with a significant drop in sales price [24][31] - **Optical Materials**: The optical-grade polymer materials have stable sales, but the revenue has decreased by 16.7% in 2023 due to a drop in sales price [49][50] Market Position - The COC/COP market is currently dominated by Japanese manufacturers, with Akoli being one of the few domestic producers making strides in localizing production [5][58] - The company exports over 40% of its products, with significant sales to the US, Europe, and Southeast Asia [12][13] Future Outlook - The company is actively pursuing the development of new COC products and has entered various projects aimed at expanding its product offerings in the medical and electronic sectors [56][57] - Despite current challenges, the company is positioned to benefit from the growing demand for COC materials as the industry moves towards domestic production [58]

Investment Rating - The report indicates a strong investment opportunity for Kema Technology, highlighting its unique position as a domestic supplier in the semiconductor ceramic materials sector [7][11]. Core Insights - Kema Technology has demonstrated impressive financial performance, with a 95.1% year-on-year revenue increase in Q3, reaching 230 million yuan, and a 275.6% increase in net profit to 86.66 million yuan [1][2]. - The company is a leading domestic supplier of advanced ceramic materials, particularly in the semiconductor sector, which accounted for nearly half of its revenue in 2023 [7][11]. - Kema Technology's gross margin has significantly improved, increasing by nearly 20 percentage points, indicating high-quality growth [3][11]. - The company has established itself as a key player in the domestic market for ceramic heaters, with a market share of 72% among domestic suppliers of advanced structural ceramics [10][11]. - The report emphasizes the company's commitment to R&D, with a focus on developing new products such as electrostatic chucks and ultra-pure silicon carbide kits, which are expected to contribute to future growth [12][19]. Summary by Sections Financial Performance - In the first three quarters of 2023, Kema Technology's cumulative revenue reached 620 million yuan, a 74.6% increase year-on-year, with net profit growth of 295.4% to nearly 230 million yuan [1][2][39]. - The company announced a dividend of 43.6 million yuan for Q3, representing nearly 20% of its net profit for the first three quarters, reflecting its commitment to shareholder returns [37][40]. Market Position - Kema Technology is the exclusive domestic supplier of ceramic heaters, which are critical components in semiconductor manufacturing, addressing a significant market need [11][15]. - The domestic market for ceramic heaters is estimated to be between 1 to 1.3 billion yuan, with global market potential ranging from 4.2 to 5.7 billion yuan, indicating substantial growth opportunities [12][15]. R&D and Innovation - The company has invested heavily in R&D, with a focus on advanced ceramic powder processing and precision machining technologies, holding 78 domestic patents [17][19]. - Kema Technology's products have reached international mainstream levels in performance, with some indicators approaching global leading standards [28][30]. Product Development - The company is actively developing new products, including electrostatic chucks and ultra-pure silicon carbide kits, which are expected to enhance its market offerings and competitive edge [12][19]. - Kema Technology has successfully transitioned several products to mass production, including various models of ceramic heaters and electrostatic chucks, further solidifying its market position [11][15].

国内市场掉队，傍上韩国现代，天有为：汽车仪表高增长何 以为继？ 导语：现代汽车集团销售占比高达 60%。 作者：市值风云 App：白猫 根据赛迪智库数据，乘用车汽车电子成本在整车成本中占比由上世纪 70 年代的 3%已增至 2015 年的 40%左右，预计 2025 年有望达到 60%。 这个数据让风云君感到震惊，汽车电子对整车的影响和作用如此强，而且是越来 越强，正逐渐被看作是衡量现代汽车水平的重要标准。 汽车电子是车身电子控制系统和车载电子系统的总称，是一个很大的市场。根据 前瞻产业研究院数据，2021 年我国汽车电子市场规模就已达到 1104 亿美元。 但这个市场约有 70%左右的份额被外国企业所占有，本土企业市场份额只能占 30%。 近日，风云君发现国内一家冲击上交所主板上市的汽车电子企业——天有为， 已更新提交 IPO 财务资料，保荐人是中信建投，而公司的核心业务是汽车电子 的细分市场之一——汽车仪表。 （注：如果文章提到报告期，指的是 2021-23 年以及 2024 年上半年。） 一、傍上现代汽车集团，销售占比高达 60% 公司是一家"夫妻店"，实控人王文博、吕冬芳夫妇分别直接持有公司 53.6 ...

高端钛合金领域第三家上市公司！金天钛业：年复合增长率 超 20%，性能不输国际巨头！ 导语：产能有望再翻一番！ 作者：市值风云 App：观韬 钛被称为"全能金属"，具有密度低、强度高、耐高温低温性能好、耐腐蚀能力 强及成形性能优良等突出特性，被广泛应用于航空、航天、舰船及兵器及生物医 疗等领域，也被誉为"空间金属"和"战略金属"。 钛加入铝、锡、钒、钼、铌等其他元素后形成钛合金，由于钛及钛合金涉及的熔 炼及加工技术复杂、技术含量高，目前世界上仅中、美、日、俄四个国家掌握完 整的钛工业生产技术。 近日，金天钛业（688750.SH）正式登陆科创板，成为 A 股高端钛合金领域第 三家上市公司，风云君也趁此机会跟大家一起揭开它的神秘面纱。 一、高瞻远瞩，高端钛合金第三家上市公司 金天钛业成立于 2004 年，起初主要从事空气及水处理净化消毒设备的生产和销 售，但并不及预期。2006 年，全面停止该类业务后，金天钛业决定响应国家号 召，瞄准高端钛及钛合金材料的研发、生产与销售。 其背后是控股股东湖南湘投金天科技集团有限责任公司 (以下简称"金天集团" ) 战略转型布局新材料行业的高瞻远瞩。除了金天钛业，金天集团还控制 ...

连续 4 个一字板！南京化纤上演腾笼换鸟：收购丝杠龙头， 涉足"船新"市场 导语：虽然成长性一般，盈利能力不突出，但对国内还停留在概念阶段的上市公 司完全是碾压式领先。 作者：市值风云 App：观韬 11 月 18 日，连续停牌半个月后，南京化纤（600889.SH）迎来复盘，当天开 盘一字涨停，换手率更是只有 0.2%，超 8 亿资金在涨停板抢筹。此后的 3 个交 易日，更是连续收获 3 个一字板，换手率也极低。 市场情绪被南京化纤"腾笼换鸟式"的重组彻底引燃。 根据南京化纤最新发布的重组预案，上市公司计划将现有业务的资产及负债作为 交易对价全部置出，再加上发行股份及支付现金的方式拿下南京工艺装备制造股 份有限公司（以下简称"南京工艺"）100%股权。 重组前，南京化纤主要从事粘胶短纤、PET 结构芯材的生产和销售，及城市生态 补水供应，重组之后，南京工艺的主营业务也顺理成章成为上市公司的唯一主业。 南京化纤主要从事以滚珠丝杠副、滚动导轨副等为代表的滚动功能部件的研发、 生产和销售，其中滚珠丝杠副和滚动导轨副共同组成一套完成的机械传动装置。 估计看到这里很多老铁还是有点云里雾里，那咱们接下来就从滚珠丝杠副开 ...