EBSCN·2024-07-30 06:01Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 9.14 CNY and 6.91 HKD respectively [2]. Core Views - The company is expected to continue achieving good performance due to its integrated full-industry chain advantages, steady improvement in Q1 performance, and ongoing reforms aimed at modernizing governance and enhancing operational capabilities [4][24]. - The company’s net profit forecasts for 2024-2026 are projected at 1716 billion CNY, 1777 billion CNY, and 1820 billion CNY respectively, with corresponding EPS of 0.94 CNY, 0.97 CNY, and 0.99 CNY [4][11]. Summary by Sections Market Data - Total shares outstanding: 1830.21 million - Total market capitalization: 16728.12 billion CNY - 1-year price range: 6.52 CNY to 10.81 CNY - Recent 3-month turnover rate: 5.82% [2]. Business Development - The company is focusing on high-quality development of its main business, accelerating the layout of emerging and future industries, and enhancing management to achieve annual operational goals [10][24]. - The company is also emphasizing technology independence and innovation, as well as deepening the integration of production and finance to enhance service capabilities [10][24]. Financial Performance - The company’s revenue for 2024 is expected to be 29701 billion CNY, with a revenue growth rate of -1.36% [11]. - The company’s return on equity (ROE) is projected to be 10.89% in 2024, with a gradual decline to 9.85% by 2026 [11]. Strategic Goals - The company aims to achieve high-quality development and establish itself as a world-class enterprise by 2030, with a complete modernization of its governance system by 2035 [32][24]. - The company is committed to enhancing its governance capabilities and modernizing its operational framework to adapt to market changes and improve overall efficiency [9][38].