国金证券：国金晨讯-20241231

Group 1: Military Aviation Industry - The report highlights the development of the U.S. sixth-generation fighter jets and suggests that China's aviation industry follows a pattern of "exploring one generation, pre-researching one generation, developing one generation, and mass-producing one generation" [8] - It emphasizes that the current international situation is tense, with increasing great power competition, making sixth-generation aircraft a key equipment in future geopolitical contests [8] - The report anticipates that with the acceleration of new aircraft iterations, new technologies and materials will be applied on a larger scale, potentially increasing the unit value of aircraft and driving long-term growth in the aviation industry chain [8] - Key areas to focus on include main engine manufacturers, aviation engine and supporting enterprises, stealth materials, composite materials, and aviation infrastructure components [8] Group 2: Pharmaceutical Industry - The report on Lingrui Pharmaceutical indicates that the company is a leader in traditional Chinese medicine plasters, with significant revenue from orthopedic products, which account for over 60% of its total revenue [10] - It notes a robust growth trend in orthopedic revenue, with a CAGR of approximately 13% from 2018 to 2023, driven by an aging population [10] - The company has undergone two sales reforms, leading to an increase in dividend payout ratios, maintaining over 70% from 2021 to 2023, with a dividend yield of 4.68% in 2023, ranking among the top in the traditional Chinese medicine sector [10] - The report mentions a potential acquisition of 100% equity in Yingu Pharmaceutical, with a preliminary valuation not exceeding RMB 782.12 million [10] Group 3: Orthodontics Industry - The report on Times Angel highlights its dominant position in the invisible orthodontics market, capturing 42% of the market share, while its main competitor, Invisalign, holds 30% [11] - It indicates that the company has established a positive cycle in its domestic business, benefiting from its first-mover advantage [11] - The overseas market is also expanding, particularly in Europe, with significant growth potential in both developed and emerging economies [11] - The report suggests that the company can learn from Invisalign's development strategies and adapt them to local market conditions for further breakthroughs [11]