华源证券：华源晨会精粹-20250226

Group 1: Key Points on Company Research - The report covers the first coverage of Beikang Instrument (830879.BJ), which specializes in intelligent monitoring sensors and has a solid performance with a focus on shareholder returns [2][9] - The company operates in the intelligent monitoring terminal sector, with revenue distribution of 80% from precision sensors and 20% from smart data collection devices [9] - Beikang Instrument has a strong order backlog and is expected to see significant growth in operating cash flow in 2024, alongside a stable dividend distribution history [9][10] Group 2: Industry Insights - The national investment in water conservancy construction is projected to reach a historical high of 1.35 trillion yuan in 2024, driving demand for safety monitoring sensors [10] - The report highlights the growth opportunities in the transportation sector, particularly in real-time monitoring projects for highways and bridges, supported by government initiatives [11] - The construction and building materials industry is expected to benefit from the significant investment needs for Ukraine's reconstruction, estimated at 486.2 billion USD over the next decade, with Chinese companies poised to participate due to their experience and cost control capabilities [21][19] Group 3: Key Points on Xiamen Guomao (600755.SH) - Xiamen Guomao is recognized as a leading player in the bulk supply chain industry, with a core focus on supply chain management, achieving a gross profit margin of 93.3% in the first half of 2024 [14][15] - The company is diversifying its business by expanding into health technology and related services, which contributed to 6.3% of its gross profit in the same period [14] - The bulk commodity supply chain market in China is experiencing consolidation, with the top four companies increasing their market share from 2.19% in 2018 to 4.18% in 2022, indicating a shift towards deeper service capabilities [15][16] Group 4: Future Outlook - The report anticipates that if global economic recovery aligns with the demand for new energy, Xiamen Guomao could enter a new growth cycle due to its resource network, technological capabilities, and financial stability [16] - The construction industry is expected to see renewed opportunities with the upcoming Belt and Road Forum, which may enhance market confidence and create new development spaces for related enterprises [20]