东兴证券：东兴晨报-20240925

Group 1: Core Views - Zhenyou Technology (688418.SH) has autonomous and controllable R&D capabilities in core network technology, continuously investing in 5G communication network system development [1] - The company is actively participating in the China Star Network low-orbit satellite project, which is a significant trend in the industry [1] - The domestic satellite internet project requires technology to be autonomous and controllable, providing Zhenyou Technology with opportunities for growth as competitors face restrictions [1] Group 2: Financial Projections - Revenue forecasts for Zhenyou Technology are projected to be 1.016 billion, 1.286 billion, and 1.562 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 9 million, 48 million, and 83 million yuan [1] - The corresponding price-to-earnings ratios (PE) are expected to be 303X, 58X, and 33X for the same years [1] Group 3: Industry Insights - The express delivery industry saw a business completion volume of 14.383 billion items in August, a year-on-year increase of 19.4%, although the growth rate decreased from 22.2% in July [2][5] - The price competition in the express delivery sector has eased, with the average single ticket price rising to 7.93 yuan, a decrease of 10.8% year-on-year [5] - YTO Express has increased its market share significantly, indicating a strong demand for market share despite a general decline in growth rates among competitors [5] Group 4: Important Company News - Miniso announced a 6.3 billion yuan acquisition of a 29.4% stake in Yonghui Supermarket, which will make it the largest shareholder [6] - Nantian Information is planning to issue A-shares to raise up to 650 million yuan, with a significant portion expected to be subscribed by Yunnan Industrial Investment Holding Group [6] - Enjie Co. plans to invest approximately 2 billion yuan in a lithium battery separator project in Malaysia, with an expected capacity of about 1 billion square meters per year [7]