天风证券：晨会集萃-20241231

Group 1 - The report highlights the strong growth potential of Beibu Gulf Port, with an expected annual cargo throughput growth rate of 10% and container throughput growth rate of 23% from 2014 to 2024, surpassing national averages [6] - The opening of the Pinglu Canal is anticipated to boost the port's throughput by 20%, further enhancing its strategic position as a key outlet for the western land-sea corridor [6] - The report provides a target price of 10.91 CNY for Beibu Gulf Port, with a "Buy" rating based on a combination of valuation methods [6] Group 2 - Yutong Technology is positioned to benefit from the recent push for 3C electronic product trade-in programs, which are expected to drive demand for packaging solutions [10] - The company is the largest premium paper packaging manufacturer globally, with a strong presence in the consumer electronics and smart hardware sectors [10] - The report maintains a "Buy" rating for Yutong Technology, forecasting EPS of 1.75, 2.03, and 2.33 CNY for 2024-2026, with corresponding PE ratios of 16, 13, and 12 [10] Group 3 - Ailuo Energy is expanding its product offerings from household storage to commercial storage and large-scale storage systems, aiming to tap into new application scenarios [17] - The company is expected to see significant growth in the European large-scale storage market, with projections indicating a breakthrough of 10GWh in installed capacity in 2024 [17] - The report assigns a target price of 78.29 CNY for Ailuo Energy, with a "Buy" rating based on a PEG valuation method [17] Group 4 - Yanghe is implementing a "12355 Development Outline" to enhance market share and focus on quality and innovation [25] - The company aims to optimize its operations and strengthen its brand presence to achieve growth in the competitive liquor market [25] - The report emphasizes the importance of consumer-centric strategies to drive sales and market expansion [25] Group 5 - The report indicates a positive outlook for the construction materials sector, particularly in light of recent approvals for key projects in Tibet and the ongoing recovery in the real estate market [20] - It highlights the potential for significant growth in cement and explosive materials companies in the region, with specific recommendations for leading firms [20] - The report suggests that the construction materials industry may see improved demand as government policies support infrastructure development [20]