华源证券：华源晨会精粹-20250220

Group 1: Sichuan Road and Bridge (600039.SH) - The company has achieved a cumulative stock price increase of 267.43% from January 2, 2020, to January 3, 2025, outperforming the CSI 300 and the Shenwan Construction Decoration Index by 275.42% and 277.34% respectively, driven by three key phases: significant growth in revenue and net profit from 2020 to 2021, continuous share buybacks and increased dividend payouts from 2021 to April 2023, and new leadership since July 2024 [2][6][8] - The infrastructure investment demand in Sichuan remains strong, with public road investment growing from 1239.8 billion in 2016 to 2555.7 billion in 2023, reflecting a CAGR of 10.89%, supported by a healthy fiscal structure and strong debt repayment capacity [7][8] - The company has optimized its shareholding structure, increasing the stake in its profitable road and bridge mining segment from 60% to 64%, which is expected to enhance operational efficiency and reduce pressure from non-core businesses [8][6] Group 2: Zhongwei Company (688012.SH) - Zhongwei Company is a leading domestic integrated circuit equipment manufacturer, focusing on high-end semiconductor and general semiconductor equipment, with a product portfolio that includes CCP and ICP etching equipment [11][12] - The company has seen significant growth in its etching equipment, with over 700 units shipped in the first half of 2024, surpassing the total shipments for 2023, and is expected to achieve 72.76 billion in sales for etching equipment in 2024, a year-on-year increase of 54.71% [12][14] - The company has maintained a high level of R&D investment, with a projected 2024 R&D expenditure of 24.50 billion, representing 27.03% of expected revenue, which supports its continuous growth in the semiconductor equipment market [14][16]